NewzIntel.com

Category: Economy

  • MIL-Evening Report: PNG govt’s latest ID plan unlikely to be achieved, says academic

    RNZ Pacific

    The Papua New Guinea government wants to have everyone on their National Identity (NID) card system by the country’s 50th anniversary on 16 September 2025.

    While the government has been struggling to set up the NID programme for more than 10 years, in January the Prime Minister, James Marape, announced they aimed to have 100 percent of Papua New Guineans signed up by September 16.

    However, an academic with the University of PNG, working in conjunction with the Australian National University, Andrew Anton Mako, said there was no chance the government could achieve this goal.

    Anton Mako spoke with RNZ Pacific senior journalist Don Wiseman:

    ANDREW ANTON MAKO: The NID programme was established in November 2014, so it’s 10 years now. I wouldn’t know the mechanics of the delay, why it has taken this long for the project to not deliver on the outcomes, but I can say a lot of money has been invested into the programme.

    By the end of this year, the national government would have spent about 500 million kina (over NZ$211 million). That’s a lot of money to be spent on a particular project, and then it would have only registered about 30 to 40 percent of the total population. So there’s a serious issue there. The project has failed to deliver.

    DON WISEMAN: Come back to that in a moment. But why does the government think that a national ID card is so important?

    AAM: It’s got some usefulness to achieve. If it was well established and well implemented, it would address a number of issues. For example, on doing business and a form of identity that will help people to do business, to apply for jobs in Papua New Guinea or elsewhere, and all that. I believe it has got merit towards it, but I think just that it has not been implemented properly.

    DW: Does the population like the idea?

    AAM: I think generally when it started, people were on board. But when it got delayed, you see a lot of people venting frustration on the NID Facebook page. I think [it’s] popularity has actually fallen over the years.

    DW: It’s money that could go into a whole lot of other, perhaps, more important things?

    AAM: Exactly, there’s pressing issues for the country, in terms of law and order, health and education. Those important sectors have actually fallen over the years. So that 500 million kina would have been better spent.

    DW: So now the government wants the entire country within this system by September 16, and they’re not going to get anywhere near it. They must have realised they wouldn’t get anywhere near it when the Prime Minister made that statement. Surely?

    AAM: It’s not possible. The numbers do not add up. They’ve spent more than 460 million kina over the last 10 years or so, and they’ve only registered 36 percent of the total — 3.3 million people. And then of the 3.3 million people, they’ve only issued an ID card to about 30 to 40 perCent of them . . .

    DW: 30 to 40 percent of those who have already signed up. So it’s what, 10 percent of the country?

    AAM: That’s right, about 1.2 million people have been issued an ID card, including a duplicate card. It is not possible to register the entire country, the rest of the country, in just six, seven or eight months.

    DW: It’s not the first time that the government has come out with what is effectively like a wish list without fully backing it, financially?

    AAM: That’s right. The ambitions that the government and the Prime Minister, their intentions are good, but there is no effective strategy how to get there.

    The resources that are needed to be allocated. It’s just not possible to realise the the end results. For example, the Prime Minister and his government promised that by this year, we would stop importing rice. That was a promise that was made in 2019, so the thing is that the government has not clearly laid out a plan as to how the country will realise that outcome by this year.

    If you are going to promise something, then you have to deliver on it. You have to deliver on the ambitions. Then you have to set up a proper game plan and proper indicators and things like this.

    I think that’s the issue, that you have promised something [and] you must deliver. But you must chart out a proper pathway to deliver that.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Capito, Warner Reintroduce the Rural Historic Tax Credit Improvement Act

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    WASHINGTON, D.C. – Last week, U.S. Senators Shelley Moore Capito (R-W.Va.) and Mark Warner (D-Va.) reintroduced the Rural Historic Tax Credit Improvement Act. This bill aims to streamline processes, reduce cost-burdens to rural home owners and small developers, and provide affordable housing incentives.

    “Being a rural state shouldn’t mean losing out on private investment incentives like tax credits to help us preserve our communities’ history and revitalize local economies,” Senator Capito said. “I have enjoyed working with the dedicated group of West Virginians who brought this issue to my attention and who provided important perspectives during the creation of this legislation. The Rural Historic Tax Credit Improvement Act will help level the playing field for communities in West Virginia by attracting investment for economic expansion and additional housing supply.”

    “By expanding access to historic tax credits, we can preserve our nation’s rich heritage while also incentivizing the construction of more affordable housing. I’m proud to join Senator Capito in introducing this legislation to bring new life to abandoned buildings and grow the housing stock in in rural communities,” Senator Warner said.

    “Senators Capito and Warner recognize the need to improve the Historic Tax Credit so it can continue to be a cornerstone of redevelopment across the country,” Albert Rex, Chair of the Historic Tax Credit Coalition (HTCC), said. “We appreciate their leadership on this issue and look forward to working with them to ensure that communities in West Virginia and Virginia can have better access to the HTC and more impactful projects can happen there and across the country, especially in rural communities.”

    Companion legislation in the House of Representatives is being led by U.S. Rep. Mike Carey (R-Ohio-15).

    BACKGROUND:

    Currently, many historic tax projects are not economically viable in small and rural areas, giving a disproportionate advantage of the credit to large urban developments. The costs associated with the credit as-is severely limits rural areas, and especially largely rural states like West Virginia, from being able to use the credit to rehabilitate and revitalize historic properties.

    Through improvements to the credit included in the Rural Historic Tax Credit Improvement Act, rural Historic Tax Credit projects will be more financially feasible and will result in a higher number of these projects being completed in rural areas and states.

    The Rural Historic Tax Credit Improvement Act:

    • Makes historic tax credit projects in rural areas eligible for an increased credit from the current 20% to 30%.
    • Includes an additional increase in the credit to 40% for affordable housing creation.

    Allows the credit be used in addition to the Low-Income Housing Tax Credit (LIHTC).

    • Allows small rural projects to claim the credit in the first year of use.
    • Allows transferability of the credit to a third-party.
    • Eliminates basis adjustment to simplify credit transaction. 

    This bill is supported by the Preservation Alliance of West Virginia, The Historic Tax Credit Coalition, Main Street America, and The National Trust for Historic Preservation.

    Click here to view a one-pager on the bill.

    Click here for full bill text.

    MIL OSI USA News –

  • MIL-OSI United Nations: Noting Ukraine’s People Have Endured Three Years of Relentless Death, Destruction, Displacement, Senior Official Tells Security Council ‘It Is High Time for Peace’

    Source: United Nations MIL OSI b

    ‘We Cannot Have the Aggressor Impose a Deal on the Victim,’ Stresses Special Envoy

    “It is high time for peace in Ukraine,” a senior United Nations official told the Security Council today, as Member States echoed that call and outlined contrasting visions of ending the three-year conflict.

    “For three long years, the people of Ukraine have endured relentless death, destruction and displacement,” said Rosemary DiCarlo, Under-Secretary-General for Political and Peacebuilding Affairs, adding that the resolution the Council adopted earlier on 24 February urges a swift end to the conflict.  The Office of the High Commissioner of Human Rights (OHCHR) has verified that, since 24 February 2022, at least 12,654 Ukrainian civilians — including 673 children — have been killed and 29,392 — including 1,865 children — have been injured.

    The war has created the largest displacement crisis in Europe since the Second World War, she observed, adding that over 10 million Ukrainians remain uprooted — 3.6 million displaced within Ukraine and 6.9 million seeking refuge abroad.  Furthermore, the massive destruction of civilian infrastructure impacts millions. For three consecutive winters, repeated strikes on the energy grid have left communities without power, heating or other essential services.  At least 790 attacks have damaged or destroyed medical facilities, putting the lives of countless patients at risk.  In 2024 alone, attacks on medical facilities tripled compared to 2023.  The education system has also been decimated, preventing 600,000 children from attending in-person classes.

    Over the past three years, the conflict has expanded into parts of the Russian Federation, she said, pointing to reports of increased civilian casualties and damage to civilian infrastructure in the Kursk, Belgorod and Bryansk regions due to alleged Ukrainian attacks.  The war’s impact is also felt globally, destabilizing economies, disrupting food security and threatening international peace.  The further internationalization of the conflict is deeply alarming, particularly with the reported deployment of troops from the Democratic People’s Republic of Korea into the conflict zone.  Moreover, she cautioned that the risk of a nuclear incident remains “unacceptably high”.

    Detailing the systematic and widespread use of torture — including sexual violence — by Russian Federation authorities against Ukrainian prisoners of war, as documented by OHCHR, she said 95 per cent of them and three quarters of Ukrainian civilian detainees interviewed have suffered torture or ill-treatment in captivity. Additionally, at least 71 Ukrainian prisoners were executed since February 2022, with an alarming spike in executions since August 2024.  Meanwhile, about half of the 469 Russian Federation’s prisoners of war interviewed by OHCHR described torture and ill-treatment, and 26 of those interviewed reported having been subjected to sexual violence.  The human rights monitoring mission in Ukraine has also verified the execution of 26 Russian Federation prisoners of war.  “These crimes must not go unpunished,” she asserted, underscoring that “accountability is not optional — it is an obligation under international law”.

    “We recognize it will be challenging to get an agreement, but the time for Moscow to make difficult choices and end fighting is now,” stated the representative of the United States, underscoring her country’s commitment to ending the war.  Washington, D.C., has been in close contact with Ukrainian counterparts throughout the conflict and will continue to do so.  It has also opened a direct dialogue with the Russian Federation in the past week. Following discussions in Riyadh, the United States and the Russian Federation have committed to negotiating towards an end of the conflict, which is enduring and acceptable to all engaged parties.  She called on all Member States to push for a durable peace “to bring stability to Europe and deter further aggression”.

    The Russian Federation’s delegate noted significant dissonance in European support for Ukraine, with ministers reading out “cookie-cutter statements”.  Calling the meeting an “open attempt to thwart the positive progress that has been made which will soon help result” in a lasting settlement to the Ukrainian crisis, he emphasized that the “Kyiv regime and its European sponsors are interested not in peace, but in pursuing war until the last Ukrainian”.  Welcoming the new positive policy of the Administration of United States President Donald J. Trump, he pointed to emerging details about what “took place and continues to take place under the [Ukraine President Volodymyr] Zelenskyy regime” despite Moscow’s persistent efforts to prevent this.

    Condemning Ukraine’s “anti-Russian project”, financed from the beginning by the West, he noted that, from 2021 to 2024, the United States Agency for International Development spent $30.6 billion in Ukraine, without which Ukrainian gross domestic product (GDP) “independently did not exist”.  He stated that up to 90 per cent of Ukrainian media outlets were financed by the Agency, with payments for public opinion leaders to appear on social networks, compelling “everybody to believe in the universal popularity of the erstwhile comic”, which “turned out to be a lie”, but was shaping Ukraine’s political landscape.  He noted that Volodymyr Zelenskyy, upon election, immediately abandoned his promises regarding the East and for the defence of the Russian language.

    Meanwhile, Mariana Betsa, Deputy Minister for Foreign Affairs of Ukraine, said the Council resolution just adopted “lacks the qualification” of the war as an aggression of one Member State against another.  Despite the disparity in military strength — with over 600,000 Russian Federation troops deployed on Ukraine’s territory today — Ukraine’s defence forces continue to stand firm.

    “We gave up the world’s third-largest nuclear arsenal in the hope of making the world a safer place,” she said, citing the Budapest Memorandum as “a deal without viable security guarantees”.  Meanwhile, Moscow has significantly expanded Soviet-era stockpiles, and today, it is capable of striking Ukrainian front-line positions and residential areas, with thousands of guided aerial bombs every month.  In 2024 alone, its aviation launched 40,000 such bombs.  Moreover, the Russian Federation engaged Tehran and Pyongyang in its war of aggression.

    Nonetheless, she said the Russian Federation has failed to break Ukraine on the battlefield.  “There is nothing about Ukraine without Ukraine, and there is nothing about Europe without Europe,” she asserted.  And while Ukraine wants peace “more than anyone”, that doesn’t mean just any peace, she emphasized, calling for clear security guarantees.  She added that the North Atlantic Treaty Organization (NATO) and the European Union are indispensable elements of regional security, and “Ukraine is eager to be part of them”.

    Many speakers highlighted the devastating and long-lasting consequences of Moscow’s aggression on food security, the environment and nuclear security, calling for a comprehensive, just and lasting peace — not an agreement imposed under duress on the victim.

    “We cannot have the aggressor impose a deal on the victim, an aggressor who continues to intensify its attacks on civilian population and infrastructure,” underscored Erica Schouten, the representative of the Netherlands and Special Envoy for Ukraine.  She called for “nothing about Ukraine without Ukraine” and for Europe — whose security is directly impacted — to be involved, too.  This war must end, not just for the sake of Ukraine and Europe but for the sake of the world, she stressed.

    In the same vein, France’s delegate stressed that Europe — whose security is at stake — must participate in any negotiations and affirmed that any resolution to the conflict without Ukraine will be a dead letter and “lay the groundwork for future wars”.  He recalled that the Russian Federation alone decided on 24 February 2022 to bring war back to European soil — carrying out deliberate strikes against the Ukrainian civilian population and energy infrastructure, using sexual violence as a weapon of war and forcing deportations of Ukrainian children.

    A war Russian Federation President Vladimir V. Putin said would take three days is now three years on, concurred his counterpart from the United Kingdom.  Ukraine is more than ready for the war to end, but its voice must be at the heart of any talks towards a peace that “shows aggression does not pay, and ends forever Putin’s imperialist ambitions”, she stressed.  By contrast, President Putin “only wants capitulation”.  The strength and courage shown by Ukraine must be underpinned by robust security agreements from the outset, she stated, adding that President Putin has repeatedly demonstrated that he will break a weak deal and has long denied Ukraine’s right to exist as a free State.

    Georgios Gerapetritis, Minister for Foreign Affairs of Greece, affirmed that his Government’s stance on Ukraine “has been crystal clear from the very beginning of the war, which now enters its fourth year”. All Member States must work towards an end to the suffering and destruction in Ukraine; however, it is incumbent to explicitly refer to international law and the Charter of the United Nations in the resolution.  He stated it was not easy to understand why amendments proposed by European Council members were not upheld — including that the Council would employ a swift end to the conflict, urging a just, lasting and comprehensive peace between Ukraine and the Russian Federation.

    Radosław Sikorski, Minister for Foreign Affairs of Poland, also speaking for the High Representative of the European Union, urged Moscow to “stop the killing and leave territories it illegally occupies”. Calling on Member States to never forget the crimes committed by Russian Federation troops in Bucha, Mariupol and many other places across Ukraine, he also acknowledged the far-reaching repercussions beyond Ukraine.

    “We will never recognize the illegal annexation of Crimea, Donetsk, Luhansk or any other region of Ukraine,” echoed Baiba Braže, Minister for Foreign Affairs of Latvia, also speaking for Estonia and Lithuania.  Underlining that borders must not be altered by force, she recalled that, three years ago, the International Court of Justice ordered the Russian Federation to stop its military activities in Ukraine.  “Three years on, Ukraine has stopped a nuclear-armed State of 140 million from realizing its imperialist goals,” she added.

    Pasi Rajala, State Secretary for Foreign Affairs of Finland, also speaking for Denmark, Iceland, Norway and Sweden, demanded the immediate return of thousands of children who have been unlawfully deported or transferred by the Russian Federation, which violates the laws of war at every turn.  Hailing the General Assembly’s decision earlier today to support just and fair peace in Ukraine, he affirmed that Ukrainians want peace and love freedom, and the Council must advance these goals.  Any solution for lasting peace will necessitate a strong European involvement as Member States have “a collective interest to prevent a resurgence of violence and destruction”.

    MIL OSI United Nations News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Addresses the Threat to National Security from Imports of Copper

    Source: The White House

    SECURING AMERICA’S COPPER SUPPLY: Today, President Donald J. Trump signed an Executive Order launching an investigation into how copper imports threaten America’s national security and economic stability.

    • The Order directs the Secretary of Commerce to initiate a Section 232 investigation under the Trade Expansion Act of 1962.
    • This investigation will assess the national security risks arising from the United States’ increasing dependence on imported copper, in all its forms, and the potential need for trade remedies to safeguard domestic industry.
    • The investigation will culminate in a report identifying vulnerabilities in the copper supply chain and providing recommendations to enhance the resilience of America’s domestic copper industry.

     
    ADDRESSING THE THREAT TO NATIONAL SECURITY: President Trump recognizes that an overreliance on foreign copper, in all its forms, could jeopardize U.S. defense capabilities, infrastructure development, and technological innovation.

    • Copper is an essential material for national security, economic strength, and industrial resilience.
      • Copper plays a vital role in defense applications, infrastructure, and emerging technologies like clean energy, electric vehicles, and advanced electronics.
      • Copper is the Defense Department’s second-most utilized material.
    • Despite possessing ample copper reserves, America’s smelting and refining capacity lags behind global competitors like China, which controls over 50% of global smelting.
      • The United States isn’t even in the top five nations in copper smelting capacity.
    • America’s reliance on copper imports has surged from virtually 0% in 1991 to 45% of consumption in 2024, heightening risks to supply chain security.
    • Foreign overcapacity in smelting and refining, coupled with potential export restrictions from other nations, threaten to disrupt copper availability for U.S. defense and industry needs.

     
    STRENGTHENING AMERICAN INDUSTRY: This Executive Order builds on previous actions taken by the Trump Administration to ensure U.S. trade policy serves the nation’s long-term interests.

    • On Day One, President Trump initiated his America First Trade Policy to make America’s economy great again.
    • President Trump signed proclamations to close existing loopholes and exemptions to restore a true 25% tariff on steel and elevate the tariff to 25% on aluminum.
    • President Trump implemented a 10% additional tariff on imports from China in response to China’s role in the border crisis.  
    • President Trump unveiled the “Fair and Reciprocal Plan” on trade to restore fairness in U.S. trade relationships and counter non-reciprocal trade agreements.   

    President Trump signed a memorandum to safeguard American innovation, including the consideration of tariffs to combat digital service taxes (DSTs), fines, practices, and policies that foreign governments levy on American companies.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Northland News – $6.2M Northland exotic Caulerpa funding welcomed

    Source: Northland Regional Council

    News the Northland Regional Council will receive more than $6M in government funding for groundbreaking work to tackle invasive exotic Caulerpa seaweed is being welcomed even as news comes it has spread to nearby Urupukapuka, Motukiekie and Moturua Islands.
    Biosecurity Minister Andrew Hoggard announced yesterday (subs: Tues 25 Feb) the council had been awarded $6.2 million to progress its large-scale mechanical suction dredging technique centred on Omakiwi Cove, Te Rāwhiti in the Bay of Islands, about 3km from Urupukapuka.
    The funding news comes as authorities reveal exotic Caulerpa has been found recently at Paradise Bay, on the western side of Urupukapuka, at Army/Waiwhapuku Bay (off Moturua Island) as well as at the southern end of Motukiekie Island (west of Urupukapuka.)
    Council chair Geoff Crawford says the exotic Caulerpa was discovered after a member of the public reported what they thought was the seaweed on an anchor at Paradise Bay earlier this month.
    Since then, the council had been diving around the island and working hard with Biosecurity New Zealand to try to determine the extent of the seaweed’s spread and ensure the most effective response. (Previous dives of the area – as recently as April last year – had not revealed any exotic Caulerpa.)
    Chair Crawford says it is still not clear how the exotic Caulerpa had spread there, but likely possibilities included hitching a ride with an unsuspecting yachtie or boatie, or natural dispersal from another site.
    “While this latest development is very concerning, our focus is on ensuring we continue to develop the tools that can fight exotic Caulerpa – without these we haven’t any effective response.”
    He says ongoing government investment in new technologies is critical and with that in mind the council is grateful to Government for the funding announced yesterday.
    “It gives us a chance to remove exotic Caulerpa at scale and prevent the further spread – and the devastating effects – of it.”
    The Minister’s announcement details projects that are financed by a $10 million funding injection last year aimed at driving improvements to technology and getting new tools in the water.
    Chair Crawford says the funding will enable the council to continue an existing relationship with Ōpua-based marine contractor Johnson Bros, which has been working with the council and local mana whenua partners Ngāti Kuta and Patukeha hapū to remove exotic Caulerpa in Omakiwi Cove.
    The relationship saw Andrew Johnson last year develop a world-first large-scale suction dredge technology system, essentially vacuuming the seaweed from the sea floor, using a digger on a barge sporting a custom-built dredge head. (That technology was used to treat approximately two hectares of exotic Caulerpa – discovered there in May 2023 – over six months last year.)
    The latest funding will allow development of a new tool called a ‘submersible dredge planer’ (SDP) which will operate remotely on the seafloor and aims to remove exotic Caulerpa in a single pass.
    The new system will include a remotely operated SDP, dredge head, pumping arrangement, GPS position system, dredge spoil processing plant, and disposal system.
    Chair Crawford says the advantage of an SDP over the current barge system is it has the ability to move more quickly, accurately and easily across the sea floor under its own power. Additionally, it is less likely to be affected by poor weather conditions.
    “While work on the concept is still in the development phase, it’s expected that the tool will be operationally tested at Omakiwi from September.”
    Chair Crawford says the council appreciated the ongoing and tireless efforts of Ngāti Kuta and Patukeha hapū who had worked closely with authorities since exotic Caulerpa’s original discovery in Northland.
    “Our mana whenua partners have been informed of the latest discovery, and we look forward to continuing these relationships as we collectively work to deal with the latest find.”
    He says it is too soon to say what management approach will be taken as a result of the find at Urupukapuka Island, which is about 7km from Paihia and a popular destination for yachties and other holidaymakers.
    “The council is liaising with Biosecurity New Zealand on the appropriate measures to take.”
    In the meantime, boaties and fishers are urged to be cautious when using the affected areas as they have a key role in avoiding the spread of this pest.
    Chair Crawford says exotic Caulerpa can get snagged on anchors, chains and dive and fishing gear and be accidentally moved to new locations.
    He says there are a few simple actions people can take to avoid this.
    “When out at sea – before leaving a location, check your vessel’s anchor and anchor chain, and any equipment you’ve used in the water for any tangled seaweed.” “If you have an automatic retrieval system, still look out for any attached pieces of seaweed.”
    He says if any type of seaweed is found, it should be removed, bagged or contained securely so it can’t get back into the water and taken ashore for disposal in a rubbish bin.
    “If you can’t securely contain it so it can’t get back into the water – put it back into the water it came from.”
    If someone finds they’ve picked up seaweed when they arrived back at shore, they should remove it and put it in the rubbish.
    Chair Crawford says suspected sightings of exotic Caulerpa – including any washed up on beaches – should be reported to Biosecurity New Zealand.
    “Take a photo, if possible, and note the location then either call them on freephone (0800) 809 966 or complete the online form at: report.mpi.govt.nz “
    He says full information about exotic Caulerpa and the legal controls is at: www.biosecurity.govt.nz/caulerpa

    MIL OSI New Zealand News –

  • MIL-OSI USA: SEC Extends Compliance Dates and Provides Temporary Exemption for Rule Related to Clearing of U.S. Treasury Securities

    Source: Securities and Exchange Commission

    The Securities and Exchange Commission today extended the compliance dates for Rule 17ad-22(e)(18)(iv)(A) and (B) under the Securities Exchange Act by one year to Dec. 31, 2026, for eligible cash market transactions, and June 30, 2027, for eligible repo market transactions. Under the rule, a covered clearing agency that provides central counterparty services for U.S. Treasury securities must establish, implement, maintain, and enforce written policies and procedures reasonably designed to require that every direct participant of the covered clearing agency submit for clearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which it is a counterparty. The rule also requires a covered clearing agency to identify and monitor its direct participants’ submissions of transactions for clearing, including how the covered clearing agency would address a failure to submit transactions.

    The Commission also issued a temporary exemption regarding Exchange Act Rule 17ad-22(e)(6)(i). This rule requires that covered clearing agencies have written policies and procedures reasonably designed to calculate, collect, and hold margin amounts from a direct participant for its proprietary positions in U.S. Treasury securities separately and independently from margin calculated and collected from that direct participant in connection with U.S. Treasury securities transactions by an indirect participant that relies on the services provided by the direct participant to access the U.S. Treasury securities covered clearing agency’s payment, clearing, or settlement facilities. Under this temporary exemption, a U.S. Treasury securities covered clearing agency is not required to enforce its written policies and procedures regarding Rule 17ad-22(e)(6)(i) until Sept. 30, 2025, instead of the original March 31, 2025, compliance date.

    “The U.S. Treasury market is a critical piece of the global financial system. New rules must be implemented properly, and any operational issues must be addressed,” said SEC Acting Chairman Mark T. Uyeda. “This one-year extension provides additional time to implement and validate operational changes. Direct participants will also have more time to implement important risk management changes to comply with U.S. Treasury covered clearing agency rules. The Commission stands ready to engage with market participants on issues associated with implementation.”

    The extension will provide additional time for further engagement on compliance, operational, and interpretive questions, and facilitate an orderly implementation of the rules. The temporary exemption allows covered clearing agencies not to enforce policies and procedures established pursuant to Rule 17ad-22(e)(6)(i) against any market participants currently clearing indirect participant activity that are not ready to comply with such policies and procedures, but it does not affect the ability of a covered clearing agency to implement such policies and procedures for those that are prepared to comply. If a direct participant of a U.S. Treasury covered clearing agency determines to offer certain access models or segregated margin accounts, the covered clearing agency would be obligated to enforce those rules regarding such models or accounts against the relevant participant, and the direct participant must comply with those rules.

    MIL OSI USA News –

  • MIL-OSI China: Chinese premier stresses advancing sci-tech innovation in frontier, emerging areas

    Source: People’s Republic of China – State Council News

    Chinese premier stresses advancing sci-tech innovation in frontier, emerging areas

    BEIJING, Feb. 25 — Chinese Premier Li Qiang on Tuesday called for advancing scientific and technological innovation in frontier and emerging areas, better cultivating new quality productive forces and promoting the country’s high-quality development.

    Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks during his inspection tour to companies owned by China Telecom, China Unicom and China Mobile — the country’s three leading telecom operators.

    Efforts should be made to steadily advance independent innovation, accelerate the research and development in key areas and strive to achieve original technological breakthroughs in a bid to inject new impetus into industrial transformation and upgrading, Li said.

    He called for promoting the deep integration of digital economy and real economy as well as enhancing the construction of new-type infrastructure.

    Efforts should be made to quicken the technological research and standards development on 6G in the meantime of accelerating the large-scale application of 5G, Li said, calling for providing better services for private firms and medium and small-sized enterprises.

    The premier urged the three leading telecom operators to enhance their sense of responsibility, stick to innovation-driven development, and strive to provide powerful support for the country’s development of emerging and future industries.

    MIL OSI China News –

  • MIL-OSI USA: Baldwin Demands Answers from Social Security Administration on Musk and DOGE’s Access to Personal Information

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) and a group of her colleagues demanded answers from the Social Security Administration regarding the recent turmoil at the agency as Elon Musk and his so-called Department of Government Efficiency (DOGE) embed themselves and gain access to Wisconsinites most sensitive personal information.

    “Providing access to personally identifiable information on hundreds of millions of Americans stored by SSA to DOGE employees without a legitimate reason, and in apparent disregard for privacy laws, regulations, and procedures, raises serious concerns about the security of that data and what DOGE plans to do with it,” wrote Baldwin and the lawmakers.

    The letter seeks answers from Acting Commissioner Leland Dudek about DOGE’s activities at SSA, including:

    • Whether the Acting Commissioner has disclosed any sensitive personal or financial information to any unauthorized persons outside SSA.
    • Whether DOGE has requested or received access to any SSA system that is used in determining eligibility or benefit amount of Social Security or SSI benefits.
    • Whether DOGE has gained access to SSA databases that include personally identifiable information, wage or tax information, or personal health information.
    • Whether any private or commercial servers been connected or integrated into SSA data systems to review, edit, modify, access, delete, move or otherwise change data.
    • What steps are being taken to prevent DOGE from stopping lawful benefit payments or utilizing personally identifiable information for political purposes.

    Earlier this month, Senator Baldwin called on Veterans Affairs (VA) Secretary Doug Collins to take immediate actions to secure veterans’ personal information provided by the VA or other agencies from Elon Musk and DOGE.

    A full version of this letter is available here and below.

    Acting Commissioner Dudek: 

    We write to express deep concern regarding disturbing reports that the President replaced Social Security Administration (SSA) Acting Commissioner Michelle King for refusing to provide Elon Musk and the so-called “Department of Government Efficiency” (DOGE) access to the agency’s most sensitive data without proper documentation, and that you have provided DOGE unfettered access.

    As the central hub for Americans’ most sensitive personal and financial information, and the nation’s largest benefit-paying agency, DOGE’s actions–in seeking access to this information-represent a two-front invasion on Americans’ financial security and privacy.  In response to earlier media reports detailing DOGE’s efforts to access SSA systems, Senator Wyden demanded information from then-Acting Commissioner King to verify these reports and to understand what steps she has taken to protect Americans’ privacy.  In her February 11 response, she wrote that no one affiliated with DOGE had “requested nor received access to the agency’s programmatic systems.”  Further, she stressed that employee access to SSA’s systems is limited to the least privileges necessary to complete job duties, and its systems are continuously monitored to identify suspicious behaviors.

    Stringent privacy laws, regulations, and administrative procedures are in place to protect American’s data, including personally identifiable information, stored and used for legitimate purposes by government agencies. Maybe nowhere is that more important than SSA. For example, the Privacy Act of 1974, as amended (5 U.S.C. 552a, Public Law 93-579), protects Americans against an unwarranted invasion of their privacy related to the disclosure of their personal information. And, in so doing, it requires each federal agency to publish in the Federal Register information related to how and why it is accessing a specific system of records—data that are collected, maintained, used, or disseminated that contain personally identifiable information. To date, no justification has been published related to DOGE actions at SSA or otherwise.  Providing access to personally identifiable information on hundreds of millions of Americans stored by SSA to DOGE employees without a legitimate reason, and in apparent disregard for privacy laws, regulations, and procedures, raises serious concerns about the security of that data and what DOGE plans to do with it.

    We are also concerned that DOGE’s access to these systems has been provided under false pretenses claiming rampant fraud to cut benefits to Americans.  Over the past weekend, Elon Musk repeatedly posted and reposted a false claim that millions of individuals over age 150 are receiving Social Security benefits.  These claims are so easily disproven, and have been repeatedly, that this cannot be a justifiable reason to need complete access to all data housed at SSA.  A simple internet search would show U.S. Census data estimating approximately 80,000 Americans over age 100 living in the United States today, and SSA’s own data shows that roughly 53,000 Americans over age 100 receive Social Security benefits in December 2023. As you know, SSA’s Office of Inspector General (OIG) published an audit in 2023 which found that of the 18.9 million individuals over age 100 that did not have death information reported to SSA, almost none currently receive benefit payments or have reported earnings in the past 50 years.  In the same audit, SSA noted that combing through the agency’s records to update the information of these individuals would cost up to $9.7 million, with little benefit to SSA’s administration of the programs. 

    As you know, the information collected and housed at the agency could have significant commercial value, as well as competitive advantage for individuals seeking to use it for financial gain. Likewise, it could be misappropriated to target American citizens and businesses for political or exploitative means. This includes Americans’ Social Security Numbers; bank and credit card information; birth and marriage certificates; pension information; home and work addresses; school records; citizenship status; immigration or naturalization records; IRS earnings records; health care providers’ contact information; family court records; employment and employer records; psychological or psychiatric health records; hospitalization records; addiction treatment; and test for or records of HIV/AIDS. These records are handled by career civil servants under stringent federal and state privacy laws and regulations to protect Americans’ health and financial information.

    As you well know, SSA employs sophisticated systems, processes, and controls to ensure that benefits are paid the correct amount to the correct person. SSA has made great strides in improving its program integrity systems to reduce improper payments and to prevent instances of waste, fraud, or abuse.  While we agree that more can always be done to improve SSA’s process, Musk and DOGE do not appear to be interested in improving the system for Americans.  Rather than working collaboratively with the agency to understand and improve its existing systems, Musk and DOGE have been keener on publicizing misleading or blatantly inaccurate information about Social Security. This raises questions on whether their pursuit of combatting waste, fraud, and abuse is purely performative rather than sincere.

    Moreover, the President’s decision to replace a career SSA official with over three decades of agency experience with an employee with no executive experience will likely trigger a cascade of departures of experienced agency personnel, as former Commissioner O’Malley warned. At a time when the agency’s workforce is at a 50-year low, the potential loss of centuries’ worth of agency experience will risk worsening backlogs, longer wait times, and interruption of benefit payments.  When combined with SSA providing inexperienced individuals unfettered access to the agency’s sensitive systems, there is a profound risk of causing irreparable harm to the agency’s systems and Americans’ financial security.

    Finally, we are also concerned of reports that prior to your appointment as Acting Commissioner, you were placed on administrative leave pending an investigation into you sharing sensitive documents with individuals not authorized to access such information, and for harassing and threatening fellow SSA employees to work with DOGE. If accurate, your actions demonstrate a betrayal of trust and your oath of office and may violate federal privacy laws.

    For this reason, we request that you respond to the following questions no later than February 25, 2025:

    1. Have you disclosed any personally identifiable information (PII), protected health information (PHI), federal tax information (FTI), or other sensitive personal and financial information in any SSA data systems to:
      1. Any SSA personnel or SSA contractors who lacked the appropriate statutory authority to access such information;
      2. Non-SSA federal employees;
      3. Non-SSA federal contractors;
      4. Special Government Employees (SGEs); or
      5. Any other unauthorized persons?
    1. Has DOGE, or any individuals or entities operating under the guise of or direction of DOGE (including such individuals who may have been onboarded to the Agency and received an Agency or Departmental email address) requested or received access to any SSA system that is used in determining eligibility or benefit amount of Social Security or SSI benefits?
      1. If so, who granted such access, to which systems, and for what specific purposes? Please name each system and provide the names of individuals who have been given access to such system.
      2. Under what legal authority did SSA grant such access? Please provide a detailed description of this authority and copies of all communication between individuals associated with the “Department of Government Efficiency” and SSA systems.
      3. For each individual who has been given access to SSA data systems since January 20, 2025, please provide information on:
        1. The agency to which each such individual has been onboarded (or working as a contractor for) and whether an individual who may have been onboarded to a different agency has been given an SSA email address;
        2. Which federal forms each such individual completed relating to background checks (i.e. SF-85, SF-85P, SF 85PS, SF-86);
        3. Whether the Federal Bureau of Investigation (FBI) completed a background check for each such individual;
        4. Whether the individuals have used their data access privileges consistent with any restrictions based on their respective security clearance levels;
        5. What trainings on security, health information privacy, cybersecurity, financial, fraud, or other trainings required of SSA or their contractors these individuals have undertaken and when.
      4. Please provide a list of queries run on each such system by each user, since January 20, 2025, including dates and usernames.
      5. Please provide a thorough accounting of the information each individual reviewed, modified, accessed, deleted, or otherwise edited under such system.
      6. For any information that has been modified, edited, or deleted, please provide an accounting of the variables, entries, and the exact changes made, as well as for what purpose.
      7. Please provide details on any information from any such systems that were downloaded, copied, transferred, or otherwise removed from the Agency. Please specify which data, by what means they were downloaded or transferred, and to whom or what entity.
    1. Has DOGE, or any individuals or entities operating under the direction of DOGE gained access to SSA databases that include personally identifiable information, wage or tax information, or personal health information?
      1. If so, which data have been reviewed, modified, deleted, or otherwise edited or removed, copied, or downloaded or otherwise transferred by these individuals?
      2. Under what legal authority did SSA grant such access? Please provide a detailed description of this authority and copies of all communication between individuals or entities operating under the direction of DOGE and SSA officials related to the granting of this access.
      3. How many individuals does this affect? Have these individuals been notified that their information has been accessed and for what purposes in accordance with the requirements of the Privacy Act of 1974, as amended, and Section 1106 of the Social Security Act (42 U.S.C. 1306)? Please provide documentation.
      4. To the extent personally identifiable information were accessed since January 20, 2025, please provide the System of Record Notice included in the Federal Register reflective of this access.
    1. Have any private or commercial servers been connected or integrated into SSA data systems to review, edit, modify, access, delete, move or otherwise change data?
      1. If so, please explain the origin of such servers and provide documentation related to testing and validating controls to ensure no new vulnerabilities were introduced into SSA data systems upon use.
      2. For any data that were moved to a private or commercial server, please show how that system has been reviewed and is abiding by the National Institute of Standards and Technology (NIST) special publication 800-171, Protecting Controlled Unclassified Information in Nonfederal Systems and Organizations.
      3.  For any data that were moved to a private or commercial server, please provide detailed information related to whether any safe storage standards are being employed.
    1. Attempts to suspend federal payments have been reportedly attempted by individuals or entities operating under the direction of DOGE. We are deeply concerned that DOGE may attempt to stop lawful payments for Social Security and SSI benefit payments, deny benefits to individuals who are perceived to not support President Trump, or otherwise inflict financial harm on individuals.
      1. What steps have been taken to ensure that the data of individuals, beneficiaries, and health care providers are protected from unlawful payment suspensions or data leaks?
      2. What specific steps have been taken to ensure compliance with current laws, guidance, and regulations to ensure that the use of these data will not interfere with timely payments of Social Security and SSI benefits?
      3. What specific steps have been taken to ensure compliance with current laws, guidance, and regulations to ensure that personally identifiable information that is held on SSA systems is not being utilized for politically motivated purposes?

    Thank you for your attention to this urgent matter. We look forward to your prompt response.

    Sincerely,

    An online version of this release is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Warren Questions Private Equity Executive Who Helped Bankrupt Steward Hospitals, Feinberg Squirms Without Answers

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 25, 2025

    Trump Nominee Seeks A Top Pentagon Leadership Role

    Video of Exchange (YouTube)

    Washington, D.C. – At a hearing of the Senate Armed Services Committee, U.S. Senator Elizabeth Warren (D-Mass.) questioned Mr. Stephen A. Feinberg, President of Cerberus Capital Management and nominee for Deputy Secretary of Defense, about his troubled private equity history and his qualifications for the job of second-in-command at the Pentagon. 

    Senator Warren called out Mr. Feinberg’s involvement in Steward Health Care, a now-bankrupt hospital system, which once owned 31 hospitals nationwide. In Massachusetts specifically, Mr. Feinberg enriched himself and his investors at the expense of the hospitals, sucking out over $700 million while leaving the hospitals understaffed, underresourced, and severely indebted. In part due to his corporate extraction, the system went bankrupt and, two Massachusetts hospitals shut down for good, leaving Massachusetts communities without access to the care they need. 

    Mr. Feinberg claimed Steward hospitals were doing “well” at the time Cerberus sold the company. However, “[m]any Steward hospitals were financially struggling as Cerberus began to make its exit in 2020,” according to the Private Equity Stakeholder Project. More importantly, before he left, Mr. Feinberg sold the hospitals’ real estate, cashing out the profits but leaving the hospitals with massive liabilities in the form of years of increasing lease payments for the land they used – a key factor in the hospitals’ 2024 bankruptcy.

    Mr. Feinberg claimed he “turned [Steward] around, fixed them, grew them, [and] had a tremendous amount of success.” However, he slashed a full medical center, a primary and specialty care unit, a surgery department, an urgent care department, and a VA Clinic at a Quincy Medical Center, leaving nothing but an emergency room. Additionally, just two years after Cerberus took over Steward, nurses in Massachusetts filed more than 1,000 “unsafe staffing” complaints, a significant increase from previous years.

    Transcript: Hearing to Consider the Nomination of Mr. Stephen A. Feinberg to be Deputy Secretary of Defense
    U.S. Senate Armed Services Committee 
    February 25, 2025 

    Senator Elizabeth Warren: So, Mr. Feinberg, you’ve been nominated to be Deputy Secretary of Defense, in charge of DOD’s $850 billion budget. Your main qualification is that you have built one of the world’s largest private equity companies. You’ve spent your entire career honing the private equity tools used to hollow out businesses, from department stores to veterinary practices. And, presumably, those are the skills that you would bring to the Department of Defense. So, I just want to look at how that’s worked.

    Let’s start with how you treat people. In Massachusetts, in 2010, your private equity firm bought six non-profit hospitals, turned them into for-profit hospitals called Steward. Ten years later you cashed out, having made a profit a little shy of a billion dollars, and leaving behind a hospital system that was staggered under a load of debt and, four years later, collapsed into bankruptcy.

    Now, Mr. Feinberg, when we met in my office, you told me that your private equity outfit made an average 23% annual return each year that you owned our hospitals. If Steward nurses had gotten the same 23% salary increases that your investors effectively got every year, do you know how much they would be paid at the time you sold off your hospitals?  

    Mr. Stephen A. Feinberg, nominee for Deputy Secretary of Defense: Well, I do know that in 2010, the hospitals were going under, and we were asked – 

    Senator Warren: I’m sorry, Mr. Feinberg, we’re going to have very limited time here and I actually want to spend it on your qualifications to do this job. And it’s about how you treat people. The average nurse in the Steward hospitals at the time you bought them made $85,120. 

    At a 23% annual raise, how much money would they be making right now? 

    Mr. Feinberg: I’m not going to do the math, but what I could tell you – 

    Senator Warren: Okay, I’ll do the math for you. $829,828. Now, of course, the nurses didn’t do that well. During that same period of time, Carney Hospital, one of the hospitals you bought in Massachusetts, raised nurse salaries about 1.5% a year – and that was the best increase across the Steward hospitals that you were running. 

    Mr. Feinberg: That’s incorrect. 

    Senator Warren: In other words, you seem to think that when it is time to reorganize a business, that equity should get about fifteen times as much return on their investment as the people who actually do the work.

    So, let’s take a look at the second issue, and that is maintaining critical functions – 

    Mr. Feinberg: Senator, would you like me to respond to Steward? Because a lot of inaccurate statements. 

    Senator Warren: We need to make cuts at the Department of Defense, but we also need to maintain our national security.  

    Chair Wicker: Mr. Feinberg, she’s entitled to make a speech. 

    Mr. Feinberg: I apologize. 

    Chair Wicker: She’s entitled to go on and on. 

    Senator Warren: So let’s go back to Steward Hospitals. Did you cut fat or cut vital functions?  

    Now, Mr. Feinberg, the town of Quincy used to have a full medical center, with primary and specialty care, a surgery department, an urgent care department, and a VA Clinic. That was its basic function. After your private equity company finished with it, what was left?

    Mr. Feinberg: Well, when we exited the investment in 2020, the company was doing well –

    Senator Warren: I’m asking what was left of the Quincy hospital. When you took it over – 

    Chair Wicker: Now, Senator, he’s trying to answer a question. You finally stopped for a breath. 

    Senator Warren: Well, that’s what I’m asking – 

    Chair Wicker: Do you intend to let him at least have maybe 20, 30 seconds to answer a question? 

    Senator Warren: Well, can I have my time back? 

    Chair Wicker: Yes, I said you’re entitled to make a speech, but you stopped for – you stopped with a question mark and he started to try to answer the question. 

    Senator Warren: All right, what’s the answer to the question? What was left of the Quincy hospital? That was my question. 

    Mr. Feinberg: Lots happened after we exited. And there has been mismanagement. We did save – 

    Senator Warren: My clarifying question: what was left when you exited? 

    Mr. Feinberg: I’m not certain about that – 

    Senator Warren: It was an emergency room, and nothing more.  

    Mr. Feinberg: But, but, we took those hospitals from collapse in 2010 – we were going to shut it down as the tenth largest employer in Massachusetts, turned them around, fixed them, grew them, had a tremendous amount of success, worked closely with the governor, and the problems with Steward happened after we exited the investment. 

    Senator Warren: I am asking about questions as you exited and during the period of time you ran it. Now, of course, a hospital is supposed to provide good quality care—and that takes qualified nurses and other staffers. Mr. Feinberg, for the hospitals that didn’t close down, during the time you ran it, do you know how many “unsafe staffing” complaints were filed?

    Mr. Feinberg: I do know the vast majority of problems happened after we left. And by the way, our nurses were among the highest paid in the country.

    Senator Warren: Is that a no, that you don’t know how much? How many “unsafe staffing” complaints were filed? 

    Mr. Feinberg: I don’t know. 

    Senator Warren: Well, let me tell you. There were over a thousand filed, that is five times the normal rate in Massachusetts. 

    Mr. Feinberg: What year was that? 

    Senator Warren: These are the years that you were in control. For the two hospitals – 

    Chair Wicker: Senator Warren, perhaps you would like to take another round?

    Senator Warren: No, I’d like to just finish. I just have a quote. 

    Chair Wicker: Your time is expired, Senator. Your time is expired. 

    Senator Warren: I spent a great deal of that time listening to the Chairman telling me how I have to conduct my questions. 

    Chair Wicker: The senator’s time is expired. 

    Senator Warren: Could I just close? 

    Chair Wicker: Senator Sullivan. 

    Senator Warren: Could I just close, Mr. Chairman? I’d just like to say why I care about this issue. 

    Chair Wicker: The senator’s time has expired. She can have another round.

    MIL OSI USA News –

  • MIL-OSI Australia: Helping First Nations women and children leave violent relationships in Broome

    Source: Ministers for Social Services

    Joint with:

    The Hon Amanda Rishworth MP
    Minister for Social Services 
    Minister for the National Disability Insurance Scheme
    Member for Kingston

    Senator Glenn Sterle
    Senator for Western Australia

    The Albanese Labor Government is supporting First Nations women and children living in Broome, Western Australia to leave violent intimate partner relationships.

    Broome Regional Aboriginal Medical Service has received $7 million in funding to deliver the West Kimberley Leaving Violence Network, significantly expanding the immediate supports available for Aboriginal and Torres Strait Islander victim-survivors.

    This is one of three regional place-based trials commencing from 1 July – complementing the next stage of the $925 million Leaving Violence Program.

    The Government is investing $22.35 million in trials in Broome, Dubbo in NSW and Darwin in the Northern Territory, to provide tailored, trauma-informed support to Aboriginal and Torres Strait Islander peoples.

    Broome Regional Aboriginal Medical Service will also provide victim-survivors with an option to access the Leaving Violence Program through their service as an Aboriginal and Torres Strait Islander Community Organisation.

    Under the Leaving Violence Program, eligible victim-survivors receive financial support of up to $5,000, including up to $1,500 in cash and the remainder in goods and services. Supports include safety planning, risk assessment and referrals to other essential services for up to 12 weeks. The program is expected to support over 36,000 victim-survivors a year.

    Minister for Social Services, Amanda Rishworth, said the regional trials will provide eligible victim-survivors with greater access to practical and financial support to leave family violence.

    “By providing culturally safe, trauma-informed support, we can empower victim-survivors within our Indigenous communities to regain safety, stability, and control over their lives and wellbeing,” Minister Rishworth said.

    “No person in our country should be forced to live in an environment that compromises their safety or their agency, and this expansion of the program will allow hundreds of vulnerable Australians to take that first step into a brighter future.”

    Senator for Western Australia, Glenn Sterle, said the Government understands no two victim-survivors’ experiences are the same, and neither is the support they need.

    “It is imperative that victim-survivors seeking help are given a range of supports so they can get the help they need depending on their individual situations,” Senator Sterle said.

    “If there are any barriers to an individual looking after their own wellbeing and safety, we must do what we can to remove those barriers before things get any worse.”

    Intimate partner violence is a problem of epidemic proportions in Australia, with a quarter of all Australian women having experienced it in their lifetime.

    The Leaving Violence Program helps support the aims of the National Plan to End Violence against Women and Children 2022-32 to end violence in one generation, and forms part of the Albanese Government’s $4 billion investment in women’s safety since 2022.

    It also makes permanent the Escaping Violence Program trial. More than 78,000 victim-survivors have accessed the EVP payment since 2021. Over 70 per cent of those accessing the support were self-referrals meaning without this program they may have fallen through the cracks of the support system.

    More information on the Leaving Violence Program is available on the Department of Social Services website.

    If you or someone you know is experiencing, or at risk of experiencing, domestic, family or sexual violence, call 1800RESPECT on 1800 737 732, chat online via www.1800RESPECT.org.au, or text 0458 737 732.

    If you are concerned about your behaviour or use of violence, you can contact the Men’s Referral Service on 1300 766 491 or visit  http://www.ntv.org.au

    Feeling worried or no good? No shame, no judgement, safe place to yarn. Speak to a 13YARN Crisis Supporter, call 13 92 76. This service is available 24 hours a day, 7 days a week.

    MIL OSI News –

  • MIL-OSI Economics: Media release: Boosting gas supply a priority for Australia’s economic and energy security – Australian Energy Producers

    Source: Australian Petroleum Production & Exploration Association

    Headline: Media release: Boosting gas supply a priority for Australia’s economic and energy security – Australian Energy Producers

    Australian Energy Producers today released its priorities to restore Australia’s competitiveness and ensure reliable and affordable gas for Australians ahead of the federal election. The industry’s plan for Australia’s economic and energy security comes as new polling in key Western Australian seats confirms strong support for the natural gas industry and its role in WA’s long-term energy mix.

    Australian Energy Producers Chief Executive Samantha McCulloch said the industry’s federal election platform outlines key actions for the next Australian Government to unlock the economic, energy security and emissions reduction potential of Australia’s abundant gas resources.

    “Natural gas will play an essential role in Australia’s energy mix to 2050 and beyond, but regulatory uncertainty, approval delays and policy interventions have delayed critical projects and damaged Australia’s reputation as a safe place to invest,” Ms McCulloch said.

    “Australia has abundant gas resources and yet we are facing forecast gas shortfalls on the east coast from 2027 and from 2030 in Western Australia.

    “Without new gas projects, Australian households and businesses face higher energy prices, uncertain energy supply, and increased risk of blackouts that will hit every part of the economy. Addressing these risks should be a national priority.”

    Australian Energy Producers is urging the major parties to commit to working with industry on the following priority actions:

    • Boost Australian gas supply to ease cost of living pressures
    • Restore Australia’s global competitiveness for investment
    • Deliver real emissions reductions with gas and carbon capture, utilisation and storage (CCUS)
    • Remain a reliable energy partner in our region

    “Australia and our region’s economic growth and energy security needs reliable and affordable gas supply, and this requires continued investment in new gas exploration and development,” Ms McCulloch said.

    “The Australian gas industry contributes $105 billion a year to the Australian economy and supports 215,000 jobs. Natural gas provides around 40 per cent of the energy used by Australia’s manufacturing sector, and in WA gas provides more than half the energy used in mining and minerals processing.

    “Polling confirms that Western Australians understand the importance of natural gas to the state’s economy. The next Australian Government should take note and prioritise actions to boost new gas supply, address approval delays, and ensure reliable and affordable energy for Australian households and businesses.”

    Read Australian Energy Producers’ policy platform for the 2025 Federal Election: https://energyproducers.au/2025election    

    Key findings from JWS Research polling in the electorates of Curtin, Tangney and Bullwinkel are summarised below.

    JWS Research polling results relating to the natural gas sector 

    JWS conducted online polling on 11-12 February on behalf of Australian Energy Producers, with around 830 respondents in each electorate. Key results of voters’ views on the role of natural gas in WA’s energy mix and its importance to the WA economy are summarised below. 

    Curtin

    • 73% support WA’s natural gas industry
    • 64% believe natural gas has a long-term role in WA’s energy mix
    • 78% believe the natural gas industry is important to WA’s economy
    • 69% oppose the Greens’ policy to ban all new gas projects
    • 65% oppose Labor forming a minority government with the Greens at the election
    • 69% believe a Labor-Greens minority government would have a negative impact on the WA economy
    • 47% are more likely to vote for a candidate that supports WA’s natural gas industry, while only 15% said they were more likely to vote against a candidate that supported the gas industry (36% said it would not influence their vote).

    Tangney

    • 72% support WA’s natural gas industry
    • 68% believe natural gas has a long-term role in WA’s energy mix, including 54% of Greens voters
    • 80% believe the natural gas industry is important to WA’s economy, including 61% of Greens voters
    • 60% oppose the Greens’ policy to ban all new gas projects, only 12% support it
    • 57% oppose Labor forming a minority government with the Greens at the election
    • 63% believe a Labor-Greens minority government would have a negative impact on the WA economy
    • 48% are more likely to vote for a candidate that supports WA’s natural gas industry, while only 6% said they were more likely to vote against a candidate that supported the gas industry (45% said it would not influence their vote).

    Bullwinkel

    • 77% support WA’s natural gas industry
    • 75% believe natural gas has a long-term role in WA’s energy mix, including 69% of Greens voters
    • 80% believe the natural gas industry is important to WA’s economy, including 85% of Greens voters
    • 74% oppose the Greens’ policy to ban all new gas projects
    • 70% oppose Labor forming a minority government with the Greens at the election
    • 71% believe a Labor-Greens minority government would have a negative impact on the WA economy
    • 46% are more likely to vote for a candidate that supports WA’s natural gas industry, while only 6% said they were more likely to vote against a candidate that supported the gas industry (45% said it would not influence their vote).

    Contact: 0434 631 511

    MIL OSI Economics –

  • MIL-OSI USA: ICYMI: “President Trump is making America expensive again,” Senator Coons warns Fox News readers in new op-ed

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – In case you missed it, U.S. Senator Chris Coons (D-Del.) wrote an op-ed for Fox News today telling readers how President Trump’s harmful economic policies are increasing inflation and raising the price of everyday goods.
    Despite claiming repeatedly last year that he’d address inflation “on day one,” inflation is rising on Trump’s watch, back over 3% for the first time in over half a year and expected to continue going up. Nearly two-thirds of voters say Trump isn’t doing enough to reduce costs.
    President Trump’s coming policies certainly won’t help matters. As Senator Coons writes, Trump’s tariffs on all imports from Mexico and Canada will make groceries and housing more expensive. His mass deportation efforts will also wipe out huge chunks of the workforce in sensitive industries. President Trump is already one of the least popular presidents after one month in office in modern history, Senator Coons tells Fox News readers, and his economic ideas seem unlikely to help matters.
    Fox News: Sen. Chris Coons: Trump’s inflationary policies making America expensive again
    One month into his term, President Trump is making America expensive again, and everyone is feeling the pain.
    Last year, President Donald Trump ran against inflation, saying when he accepted the Republican presidential nomination last July and throughout his campaign that “starting on day one, we will drive down prices and make America affordable again.” 
    …
    After one month, we’re beginning to see the direction Trump is taking our economy, and it’s not pretty. Groceries are more expensive than ever. The price of eggs is setting new records every day. Inflation is back over 3% for the first time in eight months. The nonpartisan experts at the Federal Reserve expect inflation to keep rising. 
    It’s no wonder that there’s only been one president in modern history who has been less popular with the American people after one month in office than Donald Trump is right now: Trump again, back in 2017. 
    …
    Over the coming months, Trump’s policies will continue to push prices higher, none more than his aggressive tariff proposals. He has already imposed an additional 10% tariff on everything we import from China – one of our three largest trading partners. In less than two weeks, he has promised to implement additional 25% tariffs on Mexico and Canada – our other two largest trading partners – followed soon after by 25% tariffs on steel, aluminum, automobiles, pharmaceuticals and microchips. 
    Tariffs are simply a tax that gets passed down to consumers. If a retailer pays an additional 10% or 25% to import a refrigerator or a car, the company is simply going to increase the sticker price at the store. As more of Trump’s tariffs go into effect, costs will rise on everything from the Canadian lumber we use to build our houses to Mexican tomatoes and lemons we buy at the supermarket. 
    READ MORE HERE

    MIL OSI USA News –

  • MIL-OSI USA: Crapo Joins Risch to Introduce Bill to End Taxpayer Funded Handouts to Illegal Immigrants

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho) joined Senator Jim Risch (R-Idaho) in introducing the No Bailout for Sanctuary Cities Act, which would block federal funding to sanctuary cities intended to benefit illegal immigrants.
    The bill aligns with President Trump’s Executive Order “Ending Taxpayer Subsidization of Open Borders,” which blocks federal agencies and programs from providing taxpayer-funded services to illegal immigrants.
    “Not a single taxpayer dollar should be used to provide unwarranted hand-outs to non-citizen migrants or to cities giving them any unearned financial advantages,” said Crapo.  “Federal resources should be used to secure the borders, not invite and encourage illegal immigration.”
    “Sanctuary cities abuse taxpayer dollars and fuel the illegal immigration crisis,” said Risch.  “My No Bailout for Sanctuary Cities Act stops these jurisdictions from using federal funding to directly give handouts to illegal immigrants.” 
    Additional co-sponsors of the legislation include Senators Steve Daines (R-Montana), Tim Sheehy (R-Montana), Eric Schmitt (R-Missouri), Pete Ricketts (R-Nebraska), Mike Lee (R-Utah), Jim Banks (R-Indiana) and Cindy Hyde-Smith (R-Mississippi).  Representative Nick LaLota (R-New York) introduced companion legislation in the U.S. House of Representatives.
    The No Bailout for Sanctuary Cities Act would:
    Define “sanctuary jurisdiction” as any local or state government entity that withholds information regarding an individual’s citizenship status from federal, state or other local authorities; and
    Prevent sanctuary jurisdictions from receiving federal funds for the specific benefit of illegal immigrants.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Stats NZ information release: Tourism satellite account: Year ended March 2024

    Source: Statistics New Zealand

    Tourism satellite account: Year ended March 2024 – 26 February 2025 – Tourism satellite account (TSA) provides an overview of tourism’s role in New Zealand, highlighting the changing levels and impact of tourism activity. It presents information on tourism’s contribution to the economy in terms of expenditure and employment.

    This release covers provisional figures for the year ended March 2024 and detailed results for 2023.

    Key provisional estimates

    For the year ended March 2024 (expressed in nominal terms):

    • total tourism expenditure was $44.4 billion, up 14.6 percent ($5.6 billion) from 2023
    • international tourism expenditure was up 59.9 percent ($6.3 billion) to $16.9 billion, returning to levels similar to 2019 ($17.2 billion)
      • international student expenditure (studying less than 12 months) was $3.8 billion, up 76.2 percent ($1.6 billion)
      • GST from international tourists totalled $1.7 billion, up $689 million
      • international tourism’s contribution to total exports of goods and services was 17.2 percent, up 6.0 percentage points
    • overseas visitor arrivals to New Zealand increased 44.8 percent to 3,183,376
    • domestic tourism expenditure decreased 2.5 percent ($697 million) to $27.5 billion
      • household tourism expenditure decreased 5.8 percent ($1.3 billion)
      • business and government expenditure increased 8.4 percent ($559 million)
    • tourism’s direct contribution to GDP was $17.0 billion (4.4 percent of GDP), up 16.0 percent ($2.3 billion)
    • indirect value added of industries supporting tourism was $11.7 billion (3.1 percent of GDP)
    • the number of people directly employed in tourism was 182,727, up 13.5 percent (21,729 people)
      • the number of tourism employees was 159,030, up 13.3 percent (18,624 people)
      • the number of tourism working proprietors was 23,697, up 15.1 percent (3,102 people)
      • direct tourism employment as a share of the total number of people employed in New Zealand was 6.4 percent.

    More details:

    MIL OSI New Zealand News –

  • MIL-OSI Australia: New heights for Queensland’s sustainable aviation fuel industry

    Source: Australian Executive Government Ministers

    A Bundaberg biorefinery that will convert sugar mill waste into sustainable aviation fuel (SAF) and a second project to supply SAF at the Brisbane Airport, are taking off with new funding from the Albanese Labor Government.

    The Australian Renewable Energy Agency (ARENA) is providing $8 million to Australian technology developer Licella to assess the viability of establishing a biorefinery facility in the rum city region.

    It would be co-located with the Isis Central Sugar Mill, which would provide the agricultural residue feedstock.

    If studies prove successful, the biorefinery would be a huge boost for the regional economy and create about 300 construction jobs and 100 ongoing operational roles.

    Meanwhile, Viva Energy will receive $2.4 million to demonstrate the storage and use of SAF within the Brisbane Airport.

    The funding will help recondition a fuel tank at the Pinkenba Terminal to enable blended SAF supply into the airport for commercial use.

    Viva Energy will share its insights with airports across the country, helping ensure airport infrastructure is ready when domestic SAF is available.

    Australia is in a unique position to capitalise on a local industry with readily available biomass feedstock, willing offtake interest and existing expertise with liquid fuels that could combine to address domestic jet fuel demand in the 2020s.

    This renewable fuel could reduce domestic aviation emissions by up to 80% compared to conventional fossil-based fuel, providing a practical and real pathway to net zero for aviation.

    Quotes attributable to Minister for Climate Change and Energy Chris Bowen:

    “This ARENA funding is another demonstration of our government’s commitment for a Future Made in Australia – using our natural resources to build industry, cut emissions from planes, and create real jobs right now.

    “By making more fuel on Australian shores, from Australian renewable energy and feedstock, we can make our fuel supply stronger, cleaner and more secure.”

    Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

    “The size of our nation means that aviation is often the only option for Australians to get where they need to go.

    “The development of a local sustainable aviation fuel industry is a necessity, but also a huge opportunity for job creation in the regions.” 

    MIL OSI News –

  • MIL-OSI: First Commerce Bancorp, Inc. Announces Additions to Its Board and Management

    Source: GlobeNewswire (MIL-OSI)

    LAKEWOOD, N.J., Feb. 25, 2025 (GLOBE NEWSWIRE) — First Commerce Bancorp, Inc., (the “Company”) (OTC: CMRB), the holding company for First Commerce Bank, (the “Bank”), proudly announces the addition of several individuals to the Bank’s Board of Directors and Management Team. The Bank has added two new members to its Board of Directors: Mr. Aaron Bookman and Mr. Stanley Koreyva.

    Commenting on their attributes and experience, Chairman Thomas P. Bovino remarked, “Mr. Bookman, a seasoned corporate finance executive and CPA, brings over 25 years of experience leading large public companies. With deep roots in the Lakewood community, he has demonstrated a strong commitment to both shareholder value and corporate governance. His expertise in financial strategy and operational leadership will enhance the Board’s ability to navigate today’s dynamic financial landscape. Mr. Koreyva, a former senior banking executive, brings many years of successful and disciplined banking and regulatory experience to the Board with a fresh and independent perspective regarding relationship building and value creation. His extensive familiarity of industry challenges will assist the independent Board members in understanding the intricate aspects of today’s banking environment. We welcome both gentlemen to our Board of Directors and look forward to their contributions in the many diverse facets of the complex industry and communities that we endeavor to serve.”

    Additionally, the Bank has recently bolstered its Business Development and Risk Management teams by hiring several successful senior level Business Development Officers, Community Banking Specialists and Risk Professionals. With respect to Business Development and Relationship Management, the Bank has hired: Mr. Leonard Allen, VP/Business Banking Officer; Mr. Daniel Dunn, VP/Treasury Management Officer; Mr. Matteo DiGrigoli, Retail Sales & Service Officer; Ms. Wendy Glatz-Akmentins, AVP/Branch Manager and Mr. Logan Cheow, AVP/Relationship Manager. The hiring of these experienced bankers demonstrates the Bank’s continued commitment to a superior customer experience by offering quality personalized service to our business and retail clients.

    Further, as the Bank continues its organic growth by providing a more diverse menu of products and services for its clients, it is imperative that the Bank maintain robust risk management protocols. To that effect, the Bank acquired the services of Daniel Beagle, SVP/Chief Risk Officer to oversee the Risk Management function of the Bank. Mr. Beagle has a proven track record in effectively managing risk over his 30+ years in the banking and insurance industries.  

    On the acquisition of their talents, President & CEO Donald Mindiak commented, “through the disruption created by recent merger and acquisition activity within our industry, the Bank was able to secure the services of these exceptionally talented and experienced banking professionals. Each brings a distinctly unique and comprehensive skill set to our Bank, with a dedication to professionalism and service to customer and community alike. We are extremely proud of these hires and look forward to their positive contribution of creating an enhanced customer service experience as well as a heightened level of value creation for our shareholder base.”

    About First Commerce Bancorp, Inc.

    First Commerce Bancorp, Inc, is a financial services organization headquartered in Lakewood, New Jersey. The Bank, the Company’s wholly owned subsidiary, provides businesses and individuals a wide range of loans, deposit products and retail and commercial banking services through its branch network located in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Jackson, Lakewood, Robbinsville and Teaneck, New Jersey. For more information, please go to www.firstcommercebk.com.

    Forward-Looking Statements

    This release, like many written and oral communications presented by First Commerce Bancorp Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

    In addition to the factors previously disclosed in prior Bank communications and those identified elsewhere, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the impact of changes in interest rates and in the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Commerce Bank’s investment securities portfolio; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Commerce Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; the effects of the recent turmoil in the banking industry (including the failures of two financial institutions); inflation; customer acceptance of the Bank’s products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with certain corporate initiatives; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms and the impact of a potential shutdown of the federal government.        

    Media Contact:

    Donald Mindiak
    President and Chief Executive Officer 
    dmindiak@firscommercebk.com

    The MIL Network –

  • MIL-OSI: AMMO, Inc. Received Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Ariz., Feb. 25, 2025 (GLOBE NEWSWIRE) — AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO,” “we,” “us,” “our” or the “Company”), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, today announced that it received an expected additional deficiency notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) on February 19, 2025 (the “Notice”). The Notice indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended December 31, 2024 (the “Form 10-Q”), as described more fully in the Company’s Form 12b-25 Notification of Late Filing filed with the Securities and Exchange Commission (the “SEC”) on February 10, 2025 (the “Form 12b-25”). The Listing Rule requires Nasdaq-listed companies to timely file all required periodic financial reports with the SEC.

    As reported in the Form 12b-25, the Form 10-Q cannot be filed within the prescribed time period without unreasonable effort or expense because (i) the Audit Committee of the Board of Directors, in consultation with the Company’s management, has determined that the financial statements for certain historical periods must be restated and (ii) an independent investigation (the “Investigation”) conducted by a law firm retained by a Special Committee of the Board of Directors of the Company, while nearing its conclusion, is still ongoing.

    The Company has until March 6, 2025, to submit an updated plan to regain compliance with the Listing Rule (the “Updated Plan”). The Company intends to timely submit the Updated Plan. Pursuant to the Notice, if Nasdaq accepts the Updated Plan, Nasdaq has the discretion to grant the Company an exception of up to 180 calendar days (the “Compliance Period”) from the due date of the Company’s initial delinquent filing, or until May 19, 2025, to regain compliance with the Listing Rule. While the Company cannot provide specific timing regarding the filing of the Form 10-Q, the Company continues to work diligently to complete the Form 10-Q and intends to file the Form 10-Q as soon as practicable to regain compliance with the Listing Rule within the Compliance Period.

    No assurance can be given that the Company will be able to regain compliance with the Listing Rule or maintain compliance with the other continued listing requirements set forth in the Nasdaq Listing Rules. If the Company does not regain compliance with the Listing Rule within the Compliance Period, Nasdaq could provide notice that the Company’s securities will become subject to delisting. If the Company receives notice that its securities are being delisted, Nasdaq rules permit the Company to appeal any delisting determination by Nasdaq staff to a hearings panel.

    The Notice has no immediate effect on the listing of the Company’s common stock or preferred stock on Nasdaq. 

    About AMMO, Inc.

    With its corporate offices headquartered in Scottsdale, Arizona, AMMO designs and manufactures products for a variety of aptitudes, including law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. AMMO promotes its own branded munitions, including its patented STREAK™ Visual Ammunition, /stelTH/™ subsonic munitions, and armor piercing rounds for military use. For more information, please visit: www.ammo-inc.com.

    About GunBroker.com

    GunBroker.com is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, GunBroker.com currently sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents. Launched in 1999, GunBroker.com is an informative, secure and safe way to buy and sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online. GunBroker.com promotes responsible ownership of guns and firearms. For more information, please visit: www.gunbroker.com.

    Cautionary Note Regarding Forward Looking Statements

    This press release contains express or implied “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “target,” “believe,” “expect,” “will,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, among others, statements regarding the Company’s intent to timely submit the Updated Plan and the Company’s plans and expectations about the completion and filing of the Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Company management’s current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Important factors that could cause actual results to differ materially from those described in forward-looking statements include, but are not limited to, the timing of completion of the Investigation; Nasdaq’s acceptance of the Updated Plan, and the duration of any extension that may be granted by Nasdaq; the potential inability to meet Nasdaq’s continued listing requirements; uncertainties associated with the Company’s preparation of the Form 10-Q and the related financial statements, including the possibility that accounting errors or corrections will be identified; and the possibility of additional delays in the filing of the Form 10-Q and the Company’s other SEC filings. Therefore, investors should not rely on any of these forward-looking statements and should review the risks and uncertainties described under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on June 13, 2024, and additional disclosures the Company makes in its other filings with the SEC, which are available on the SEC’s website at www.sec.gov. Forward-looking statements are made as of the date of this press release, and except as provided by law, the Company expressly disclaims any obligation or undertaking to any update forward-looking statements.

    Investor Contact:
    CoreIR
    Phone: (212) 655-0924
    IR@ammo-inc.com

    Source: AMMO, Inc.

    The MIL Network –

  • MIL-OSI: FHLBank San Francisco Names Michael S. Hennessy Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Feb. 25, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco announced today the promotion of Michael S. Hennessy to the position of executive vice president and chief financial officer, effective April 1, 2025. Hennessy will succeed Joseph E. Amato, the current CFO who is also serving as the interim president and CEO while the bank’s board of directors conducts a search for a permanent chief executive officer.

    Hennessy currently serves as senior vice president, finance and analytics officer, overseeing financial planning and budgeting, capital markets analysis, valuations and analytics, and liquidity management. He has been with the bank for nearly 20 years, holding roles of increasing responsibility. In his new position, he will oversee accounting and financial reporting, treasury and capital markets, strategic planning, and portfolio strategy, ensuring the bank’s continued financial strength and stability.

    “Mike’s deep understanding of the bank and the broader financial industry has been invaluable in advancing our mission of providing liquidity to our members and investing in communities,” said Joseph E. Amato, interim president and CEO. “His leadership and expertise will be important in shaping and executing the bank’s strategy. His deep expertise and knowledge of this Bank and the critical role the FHLBank System plays in our financial system will be a tremendous asset in his new role.”

    Hennessy remarked he is honored to step into the role and continue his work with the team to support the Bank’s goals. “I look forward to driving financial excellence and advancing our mission by supporting our members and continuing to deliver on our liquidity function,” said Hennessy.

    Hennessy joined the bank in 2005 and has played a key role in various financial and strategic initiatives. He represented the FHLBank System on the U.S. Commodity Futures Trading Commission’s Market Risk Advisory Committee from 2015 to 2018. Before joining the bank, he was a vice president in fixed income sales and trading at both Lehman Brothers and Bank of America.

    Hennessy received his bachelor’s degree in economics and molecular and cell biology from the University of California, Berkeley, and is a CFA charter holder.

    About the Federal Home Loan Bank of San Francisco
    The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.

    The MIL Network –

  • MIL-OSI Global: USAID’s apparent demise and the US withdrawal from WHO put millions of lives worldwide at risk and imperil US national security

    Source: The Conversation – USA – By Nicole Hassoun, Professor of Philosophy, Binghamton University, State University of New York

    USAID was established by President John F. Kennedy in 1961 as a way to consolidate existing foreign aid programs. JAM STA ROSA/AFP via Getty Images

    On his first day in office, Jan. 20, 2025, President Donald Trump began a drastic reshaping of the United States’ role in global health as part of the first 26 executive orders of his new term.

    He initiated the process of withdrawing the U.S. from the World Health Organization, which works to promote and advance global health, following through on his first attempt in 2020. He also ordered staff members of the Centers for Disease Control and Prevention to cut off all communications with WHO representatives.

    In his first week, Trump also issued a stop-work order pending a 90-day review on nearly all programs of the United States Agency for International Development, or USAID.

    Many experts view this as a first step in dismantling the organization, which facilitates global efforts to improve health and education and to alleviate poverty. The sweeping move left aid workers and the people who depend on them in a panic and interrupted dozens of clinical trials across the world.

    President Trump’s executive order sparked legal action from international health care organizations, resulting in a federal judge ordering a temporary halt to the Trump administration’s freeze on foreign aid. Ultimately, that legal action was unsuccessful.

    On Feb. 23, the Trump administration put nearly all of USAID’s 4,700 workers on paid administrative leave globally and stated that it would be terminating 1,600 of those positions.

    Most recently, on Feb. 25, a federal judge ordered the Trump administration to allow some USAID funding to resume and required that it pay all of its invoices for work completed before the foreign aid freeze went into effect.

    I am the executive director of the Global Health Impact project, an organization that aims to advance access to essential medicines in part by evaluating their health consequences around the world, and a researcher focusing on global health and development ethics and policy.

    In my view and that of many other public health scholars, closing down USAID will imperil our national security and put millions of lives at risk.

    Because of the USAID stop-work order, 500,000 metric tons of food are at risk of spoiling.

    20 million with HIV treated

    USAID works with both nongovernmental organizations and private companies to help distribute medicines and vaccines around the world. The agency also helps improve government policies and invest in research and development to contain and address epidemics and pandemics.

    Starting in the late 1960s, for instance, USAID helped lead the effort to eliminate smallpox and has also helped fight polio and other devastating diseases over the past six decades.

    The smallpox pandemic was one of the worst of all time – it killed one-third of the people infected, causing an estimated 300 million to 500 million deaths worldwide in the 20th century. By contrast, COVID-19 killed less than 1% of those infected.

    These efforts have brought immense financial as well as health benefits to the U.S. and the rest of the world. Some economists estimate that the Global Polio Eradication Initiative, created in 1988, alone saved the world more than US$27 billion as of 2017, and that it will save a total of $40 billion to $50 billion by 2035.

    USAID also plays an important role in promoting global health equity. The agency works to increase access to primary health care, combat hunger and strengthen health systems – ultimately saving lives. In addition, USAID has provided a great deal of funding to fight infectious diseases such as malaria, tuberculosis and HIV.

    For instance, the U.S. President’s Emergency Plan for AIDS Relief, or PEPFAR, provides treatment for 20 million people living with HIV in Africa. Trump’s federal aid freeze has halted funding for PEPFAR projects.

    While the limited waiver under which the agency must now operate means some PEPFAR activities may eventually resume, many are now left without federal funding indefinitely. Unless another organization fills the gap, millions will die without USAID assistance.

    A 2022 photo of men in Afghanistan lining up to receive a monthly food ration, largely supplied by USAID.
    Scott Peterson/Getty Images News via Getty Images

    Mistakes made

    This is not to deny that USAID has made some grave errors in its history.

    For instance, USAID provided significant funding to the Democratic Republic of Congo (formerly Zaire) during the murderous regime of Mobutu Sese Seko, who was in power from 1965 to 1997.

    But USAID also has done an immense amount of good. For instance, it has helped contain the Ebola epidemic in the Democratic Republic of Congo since 2018. USAID’s work in preventing epidemics from spreading helps people everywhere, including in the U.S.

    If anything, there is a strong argument for increasing USAID funding. China has invested heavily in Asia and Africa through its Belt and Road Initiative, which is an attempt to recreate ancient trade routes by investing in roads, trains and ports. Some researchers argue that this has shifted diplomatic relations in favor of China. They believe that if the U.S. does not make similar investments and instead cuts foreign aid, it will affect the United States’ ability to achieve its foreign policy objectives.

    Similarly, there is a strong argument for increasing U.S. support for the WHO rather than withdrawing from the organization.

    Trump’s withdrawal order cites what he sees as the organization’s failures in addressing the COVID-19 pandemic as the rationale. But the WHO helped lead efforts to accelerate vaccine development and distribution, and retrospective reports claim that even more deaths could have been avoided with greater international cooperation.

    While dismantling USAID will cause irreparable harm to global health, these actions taken together are likely to deal a devastating blow to efforts to protect Americans and everyone else in the world from sickness and death.

    Alyssa Figueroa, an undergraduate student at Binghamton University, contributed to this article.

    Nicole Hassoun has received funding for research from the World Health Organization and the United Nations. She is the executive director of Global Health Impact (global-health-impact.org) which participates in the Pandemic Action Network.

    – ref. USAID’s apparent demise and the US withdrawal from WHO put millions of lives worldwide at risk and imperil US national security – https://theconversation.com/usaids-apparent-demise-and-the-us-withdrawal-from-who-put-millions-of-lives-worldwide-at-risk-and-imperil-us-national-security-249260

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Updating regulation, licensing of addiction treatment

    [. The model is based on the fact that recovery is possible, and Albertans deserve the best care to support them on their path of recovery.

    The Mental Health Services Protection Act provides a foundation to ensure safe, quality mental health and addiction care, and the authority to establish licensing programs for mental health and addiction services. Services for bed-based addiction treatment, narcotic transition, drug consumption and psychedelic drug treatment are currently licensed under the act.

    Alberta’s government is proposing amendments to be more flexible and responsive to the evolving needs of Albertans. The proposed amendments position the act as a framework legislation to provide better oversight for mental health and addiction services and help ensure Albertans receive quality, standardized treatment and services.

    If passed, the amendments would come into effect in fall 2025.

    “We are committed to developing a recovery-oriented system of care that grows and evolves to meet the needs of every Albertan. These proposed amendments reflect our dedication to maintaining a system that is both effective and adaptable.”

    Dan Williams, Minister of Mental Health and Addiction

    Enhancing bed-based addiction treatment services

    Currently, all bed-based addiction treatment services are subject to the same licensing requirements, regardless of the type or intensity of services provided. The proposed amendments would create three types of bed-based addiction treatment services subject to separate licensing requirements:

    • Withdrawal management services: medically supervised services to manage or support an individual through the process of withdrawal from one or more substances;
    • Intensive treatment services: intensive and structured residential care services for individuals with addiction; and
    • Non-intensive recovery services: services in a recovery-oriented environment that provide less-intensive treatment compared to intensive treatment services.

    In addition, proposed amendments would add a provision for title protection. This would mean only licensed bed-based addiction treatment services providers would be able to use these service descriptions.

    The goal of these changes is to better support Albertans to find services, get the right support and know what to expect when accessing each type of service. Matching individuals with the appropriate level of care promotes better health outcomes and maximizes the effectiveness of resources. Service providers would also benefit from increased licensing clarity.

    Introducing exemptions

    Another proposed amendment includes authorizing the Minister of Mental Health and Addiction to exempt specific people or service providers on a unique case-by-case basis from the act’s framework.

    Exemptions would only be allowed in very specific instances, such as for medical reasons, scientific research, or when there’s a clear public benefit. Clear guidelines would be developed to ensure exemptions would only be granted in appropriate circumstances.

    The ability for the minister to grant exemptions would allow for flexibility and adaptability in rare circumstances or complex situations.

    Refining regulatory requirements

    The proposed legislation also includes administrative amendments to address regulatory inconsistencies, clarify requirements, and better align the act with the Alberta Recovery Model. As an example, references to residential addiction treatment services would be updated to bed-based treatment services.

    Alberta’s government is making record investments and removing barriers to recovery-oriented supports for all Albertans, regardless of where they live or their financial situation. Actions include adding more than 10,000 new publicly funded addiction treatment spaces; eliminating daily user fees for bed-based treatment services; and expanding access to the Virtual Opioid Dependency Program, which provides same-day access to life-saving treatment medication.

    Quick facts

    • Albertans can call 211 Alberta to find supports and services in their area.
    • Albertans struggling with opioid addiction can contact the Virtual Opioid Dependency Program (VODP) by calling 1-844-383-7688, seven days a week, from 6 a.m. to midnight. The VODP provides same-day access to addiction medicine specialists. There is no wait list.

    Related information

    • Modernizing addiction treatment licensing
    • Mental Health Services Protection Act
    • Residential addiction treatment service providers
    • Residential addiction treatment service provider licensing

    Multimedia

    • Watch the news conference
    • Listen to the news conference

    MIL OSI Canada News –

  • MIL-OSI: AIX Announces Receipt of Minimum Bid Price Notice from Nasdaq

    Source: GlobeNewswire (MIL-OSI)

    GUANGZHOU, China, Feb. 25, 2025 (GLOBE NEWSWIRE) — AIX Inc. (NASDAQ: AIFU) (“AIX” or the “Company”), today announced that it has received a written notification from the staff of the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”), dated February 24, 2025, indicating that for the last 30 consecutive business days, the closing bid price for the Company’s American depositary shares (the “ADSs”) was below the minimum bid price of US$1.00 per share requirement set forth in Nasdaq Listing Rules 5450(a)(1). The Nasdaq notification letter has no current effect on the listing or trading of the Company’s securities on the Nasdaq Global Market.

    Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until August 25, 2025, to regain compliance under the Nasdaq Listing Rules. If at any time during the 180-day compliance period, the closing bid price of the Company’s ADSs is US$1.00 per share or higher for a minimum of ten consecutive business days, the Nasdaq will provide the Company written confirmation of compliance and the matter will be closed.

    In the event that the Company does not regain compliance by August 25, 2025, subject to the determination by the staff of Nasdaq, the Company may be eligible for an additional 180-day compliance period if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the minimum bid price requirement. In this case, the Company will need to provide written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary.

    The Nasdaq notification letter will have no effect on the Company’s business operations, and the Company will take all reasonable measures to regain compliance.

    About AIX Inc.

    AIX, established in 1998, is a leading intelligent technology-driven independent financial services provider in China. It provides 400 million middle-class families with insurance protection, wealth management, and value-added services and provides independent financial advisors and various insurance/financial sales organizations with technical support and comprehensive solutions. Through AI-driven insights and cutting-edge digital tools, AIX has successfully established itself as a leader in intelligent transformation within the financial services industry.

    Forward-looking Statements

    This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will”, “expects”, “believes”, “anticipates”, “intends”, “estimates” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about AIX Inc. and the industry. Potential risks and uncertainties include, but are not limited to, those relating to its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused by factors beyond its control including macroeconomic conditions in China. Except as otherwise indicated, all information provided in this press release speaks as of the date hereof, and AIX Inc. undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although AIX Inc. believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by AIX Inc. is included in AIX Inc.’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.

    For more information, please contact:

    AIX Inc.

    Investor Relations

    Tel: +86 (20) 8388-3191

    Email: ir@aifugroup.com

    The MIL Network –

  • MIL-OSI: CPS Announces Fourth Quarter and Full Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    • Revenues of $105.3 million for the fourth quarter and $393.5 million for 2024
    • Net income of $19.2 million, or $0.79 per diluted share for 2024
    • Total portfolio balance of $3.491 billion, highest in company history
    • New contract purchases of $1.682 billion for the full year 2024

    LAS VEGAS, NV, Feb. 25, 2025 (GLOBE NEWSWIRE) — Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $5.1 million, or $0.21 per diluted share, for its fourth quarter ended December 31, 2024.

    Revenues for the fourth quarter of 2024 were $105.3 million, an increase of $13.3 million, or 14.5%, compared to $92.0 million for the fourth quarter of 2023. Total operating expenses for the fourth quarter of 2024 were $98.0 million compared to $82.1 million for the 2023 period.   Pretax income for the fourth quarter of 2024 was $7.4 million compared to pretax income of $9.8 million in the fourth quarter of 2023.

    For the twelve months ended December 31, 2024 total revenues were $393.5 million compared to $352.0 million for the twelve months ended December 31, 2023, an increase of approximately $41.5 million, or 11.8%. Total operating expenses for the twelve months ended December 31, 2024 were $366.1 million, compared to $290.9 million for the twelve months ended December 30, 2023. Pretax income for the twelve months ended December 31, 2024 was $27.4 million, compared to $61.1 million for the twelve months ended December 31, 2023. Net income for the twelve months ended December 31, 2024 was $19.2 million compared to $45.3 million for the twelve months ended December 31, 2023.

    During the fourth quarter of 2024, CPS purchased $457.8 million of new contracts compared to $445.9 million during the third quarter of 2024 and $301.8 million during the fourth quarter of 2023. The total number of contracts purchased for 2024 totaled $1.682 billion compared to $1.358 billion in 2023. The Company’s receivables totaled $3.491 billion as of December 31, 2024, an increase from $3.330 billion as of September 31, 2024 and an increase from $2.970 billion as of December 31, 2023.

    Annualized net charge-offs for the fourth quarter of 2024 were 8.02% of the average portfolio as compared to 7.74% for the fourth quarter of 2023. Delinquencies greater than 30 days (including repossession inventory) were 14.85% of the total portfolio as of December 31, 2024, compared to 14.55% as of December 31, 2023.

    “New loan originations grew by 24% in 2024 over the prior year, leading to solid top line revenue growth,” said Charles E. Bradley, Chief Executive Officer. “With positive trends in loan originations and operating efficiencies, we remain optimistic in all aspects of our business going into 2025.”

    Conference Call

    CPS announced that it will hold a conference call on February 26, 2025 at 1:00 p.m. ET to discuss its fourth quarter 2024 operating results.

    Those wishing to participate can pre-register for the conference call at the following link https://register.vevent.com/register/BI34e818cf84a24e118241657af74dd2d4. Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the schedule start time. A replay will be available beginning two hours after conclusion of the call for 12 months via the Company’s website at https://ir.consumerportfolio.com/investor-relations.

    About Consumer Portfolio Services, Inc.

    Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives.

    Forward-looking statements in this news release include the Company’s recorded figures representing allowances for remaining expected lifetime credit losses, its estimates of fair value (most significantly for its receivables accounted for at fair value), its provision for credit losses, its entries offsetting the preceding, and figures derived from any of the preceding. In each case, such figures are forward-looking statements because they are dependent on the Company’s estimates of losses to be incurred in the future. The accuracy of such estimates may be adversely affected by various factors, which include the following: possible increased delinquencies; repossessions and losses on retail installment contracts; incorrect prepayment speed and/or discount rate assumptions; possible unavailability of qualified personnel, which could adversely affect the Company’s ability to service its portfolio; possible increases in the rate of consumer bankruptcy filings, which could adversely affect the Company’s rights to collect payments from its portfolio; other changes in government regulations affecting consumer credit; possible declines in the market price for used vehicles, which could adversely affect the Company’s realization upon repossessed vehicles; and economic conditions in geographic areas in which the Company’s business is concentrated. Any or all of such factors also may affect the Company’s future financial results, as to which there can be no assurance. Any implication that the results of the most recently completed quarter are indicative of future results is disclaimed, and the reader should draw no such inference. Factors such as those identified above in relation to losses to be incurred in the future may affect future performance.

    Investor Relations Contact

    Danny Bharwani, Chief Financial Officer

    949-753-6811

    Consumer Portfolio Services, Inc. and Subsidiaries
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (Unaudited)
                   
      Three months ended   Twelve months ended
      December 31,   December 31,
        2024       2023       2024       2023  
    Revenues:              
    Interest income $ 98,150     $ 83,260     $ 363,962     $ 329,219  
    Mark to finance receivables measured at fair value   5,000       6,000       21,000       12,000  
    Other income   2,153       2,718       8,544       10,795  
        105,303       91,978       393,506       352,014  
    Expenses:              
    Employee costs   23,889       23,157       96,192       88,148  
    General and administrative   14,422       13,777       54,710       50,001  
    Interest   52,522       40,277       191,257       146,631  
    Provision for credit losses   (728 )     (1,600 )     (5,307 )     (22,300 )
    Other expenses   7,847       6,523       29,223       28,437  
        97,952       82,134       366,075       290,917  
    Income before income taxes   7,351       9,844       27,431       61,097  
    Income tax expense   2,206       2,657       8,228       15,754  
    Net income $ 5,145     $ 7,187     $ 19,203     $ 45,343  
                   
    Earnings per share:              
    Basic $ 0.24     $ 0.34     $ 0.90     $ 2.17  
    Diluted $ 0.21     $ 0.29     $ 0.79     $ 1.80  
                   
    Number of shares used in computing earnings per share:              
    Basic   21,412       21,136       21,292       20,896  
    Diluted   24,274       24,879       24,325       25,218  
                                   
    Condensed Consolidated Balance Sheets
    (In thousands)
    (Unaudited)
           
      December 31,   December 31,
        2024       2023  
    Assets:      
    Cash and cash equivalents $ 11,713     $ 6,174  
    Restricted cash and equivalents   125,684       119,257  
    Finance receivables measured at fair value   3,313,767       2,722,662  
           
    Finance receivables   5,420       27,553  
    Allowance for finance credit losses   (433 )     (2,869 )
    Finance receivables, net   4,987       24,684  
           
           
    Deferred tax assets, net   1,010       3,736  
    Other assets   36,707       27,233  
      $ 3,493,868     $ 2,903,746  
           
    Liabilities and Shareholders’ Equity:      
    Accounts payable and accrued expenses $ 70,151     $ 62,544  
    Warehouse lines of credit   410,898       234,025  
    Residual interest financing   99,176       49,875  
    Securitization trust debt   2,594,384       2,265,446  
    Subordinated renewable notes   26,489       17,188  
        3,201,098       2,629,078  
           
    Shareholders’ equity   292,770       274,668  
      $ 3,493,868     $ 2,903,746  
                   

    Operating and Performance Data ($ in millions)

        At and for the   At and for the
        Three months ended   Twelve months ended
        December 31,   December 31,
          2024       2023       2024       2023  
                     
    Contracts purchased   $ 457.81     $ 301.80     $ 1,681.94     $ 1,357.75  
    Contracts securitized   $ 298.42     $ 306.70       1,256.13       1,352.11  
                     
    Total portfolio balance (1)   $ 3,490.96     $ 2,970.07     $ 3,490.96     $ 2,970.07  
    Average portfolio balance (1)   $ 3,445.52     $ 2,958.95       3,209.99       2,913.57  
                     
                     
    Delinquencies (1)                
    31+ Days     12.11 %     12.29 %        
    Repossession Inventory     2.74 %     2.26 %        
    Total Delinquencies and Repo. Inventory     14.85 %     14.55 %        
                     
    Annualized Net Charge-offs as % of Average Portfolio (1)     8.02 %     7.74 %     7.62 %     6.53 %
                     
    Recovery rates (1), (2)     27.2 %     34.3 %     30.1 %     39.2 %
                     
      For the   For the
      Three months ended   Twelve months ended
      December 31,   December 31,
      2024   2023   2024   2023
        $ (3)     % (4)     $ (3)     % (4)     $ (3)     % (4)     $ (3)     % (4)
    Interest income $ 98.15     11.4 %   $ 83.26     11.3 %   $ 363.96     11.3 %   $ 329.22     11.3 %
    Mark to finance receivables measured at fair value   5.00     0.6 %     6.00     0.8 %     21.00     0.7 %     12.00     0.4 %
    Other income   2.15     0.2 %     2.72     0.4 %     8.54     0.3 %     10.80     0.4 %
    Interest expense   (52.52 )   -6.1 %     (40.28 )   -5.4 %     (191.26 )   -6.0 %     (146.63 )   -5.0 %
    Net interest margin   52.78     6.1 %     51.70     7.0 %     202.25     6.3 %     205.38     7.0 %
    Provision for credit losses   0.73     0.1 %     1.60     0.2 %     5.31     0.2 %     22.30     0.8 %
    Risk adjusted margin   53.51     6.2 %     53.30     7.2 %     207.56     6.5 %     227.68     7.8 %
    Other operating expenses (5)   (46.16 )   -5.4 %     (43.46 )   -5.9 %     (180.13 )   -5.6 %     (166.59 )   -5.7 %
    Pre-tax income $ 7.35     0.9 %   $ 9.84     1.3 %   $ 27.43     0.9 %   $ 61.10     2.1 %
                           
    (1) Excludes third party portfolios.
    (2) Wholesale auction liquidation amounts (net of expenses) as a percentage of the account balance at the time of sale.
    (3) Numbers may not add due to rounding.
    (4) Annualized percentage of the average portfolio balance. Percentages may not add due to rounding.
    (5) Total pre-tax expenses less provision for credit losses and interest expense.
     

    The MIL Network –

  • MIL-OSI: Carlyle Secured Lending, Inc. Announces Financial Results For Fourth Quarter and Full Year Ended December 31, 2024, Declares First Quarter 2025 Dividends of $0.45 Per Common Share Inclusive of the Supplemental Dividend

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CGBD” or the “Company”) (NASDAQ: CGBD) today announced its financial results for its fourth quarter and full year ended December 31, 2024. Justin Plouffe, CGBD’s Chief Executive Officer said, “CGBD produced a strong finish to 2024 with portfolio growth driven by fourth quarter net investment activity. Net investment income remained comfortably above our base dividend and consistent with the prior quarter, despite tightening market spreads and continued repricing activity. We are very pleased with our performance throughout the fourth quarter and 2024 broadly, and we look forward to building on this performance throughout 2025.”

    Net investment income for the fourth quarter of 2024 was $0.47 per common share. Net asset value per common share decreased by 0.3% for the fourth quarter to $16.80 from $16.85 as of September 30, 2024. The total fair value of our investments increased to $1.8 billion as of December 31, 2024.

    Net investment income for 2024 was $2.00 per common share with Adjusted Net Investment Income Per Common Share(1) of $2.02 after adjusting for one-time income or expense events.

    Dividends

    On February 18, 2025, the Board of Directors declared a base quarterly common dividend of $0.40 per share plus a supplemental common dividend of $0.05 per share. The dividends are payable on April 17, 2025 to common stockholders of record on March 24, 2025.

    On December 11, 2024, the Company declared a cash dividend on the Preferred Stock for the period from October 1, 2024 to December 31, 2024 in the amount of $0.438 per Preferred Share to the holder of record on December 31, 2024.

    Conference Call

    The Company will host a conference call at 11:00 a.m. Eastern Time on Wednesday, February 26, 2025 to discuss these quarterly financial results. The conference call will be available via public webcast via a link on Carlyle Secured Lending’s website and will also be available on our website soon after the call’s completion.

    Non-GAAP Financial Measures

    On a supplemental basis, the Company is disclosing Adjusted Net Investment Income Per Common Share, which is calculated and presented on a basis other than in accordance with GAAP (“non-GAAP”). The Company’s management uses this non-GAAP financial measure internally to analyze and evaluate financial results and performance and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company’s performance without giving effect to one-time or non-recurring investment income and expense events, including the effect on incentive fees. The presentation of this non-GAAP measure is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

    The Company’s management uses the non-GAAP financial measure described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not had similar one-time or non-recurring events. The Company’s management believes “Adjusted Net Investment Income Per Common Share” is useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to one-time or non-recurring events and are used by management to evaluate the economic earnings of the Company.

    The following details the one-time or non-recurring events considered as part of the non-GAAP measure. The non-GAAP measure is reflected net of any incentive fee impacts, as applicable.

    • On July 2, 2024, Carlyle Direct Lending CLO 2015-1R LLC, a wholly-owned and consolidated subsidiary of the Company, completed the refinancing of its outstanding notes by redeeming the notes in full and issuing new notes and loans (the “2015-1R CLO Reset”). Refer to Note 8, Borrowings, in the Company’s Form 10-K for the Annual Period ended December 31, 2024 for more information on the refinancing. In connection with the refinancing, the debt issuance costs were accelerated in accordance with GAAP.

    Carlyle Secured Lending, Inc.

    CGBD is an externally managed specialty finance company focused on lending to middle-market companies. CGBD is managed by Carlyle Global Credit Investment Management L.L.C., an SEC-registered investment adviser and a wholly owned subsidiary of The Carlyle Group Inc. Since it commenced investment operations in May 2013 through December 31, 2024, CGBD has invested approximately $8.7 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. CGBD’s investment objective is to generate current income and capital appreciation primarily through debt investments in U.S. middle market companies. CGBD has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

    Web: carlylesecuredlending.com

    About Carlyle   

    Carlyle (“Carlyle,” or the “Adviser”) (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $441 billion of assets under management as of December 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 employees in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

    Contacts:

    Investors: Media:
    Nishil Mehta Kristen Greco Ashton
    +1-212-813-4928 +1-212-813-4763
    publicinvestor@carlylesecuredlending.com kristen.ashton@carlyle.com

    The MIL Network –

  • MIL-OSI Submissions: Stats NZ information release: Tourism satellite account: Year ended March 2024

    Source: Statistics New Zealand

    Tourism satellite account: Year ended March 2024 – 26 February 2025 – Tourism satellite account (TSA) provides an overview of tourism’s role in New Zealand, highlighting the changing levels and impact of tourism activity. It presents information on tourism’s contribution to the economy in terms of expenditure and employment.

    This release covers provisional figures for the year ended March 2024 and detailed results for 2023.

    Key provisional estimates

    For the year ended March 2024 (expressed in nominal terms):

    • total tourism expenditure was $44.4 billion, up 14.6 percent ($5.6 billion) from 2023
    • international tourism expenditure was up 59.9 percent ($6.3 billion) to $16.9 billion, returning to levels similar to 2019 ($17.2 billion)
      • international student expenditure (studying less than 12 months) was $3.8 billion, up 76.2 percent ($1.6 billion)
      • GST from international tourists totalled $1.7 billion, up $689 million
      • international tourism’s contribution to total exports of goods and services was 17.2 percent, up 6.0 percentage points
    • overseas visitor arrivals to New Zealand increased 44.8 percent to 3,183,376
    • domestic tourism expenditure decreased 2.5 percent ($697 million) to $27.5 billion
      • household tourism expenditure decreased 5.8 percent ($1.3 billion)
      • business and government expenditure increased 8.4 percent ($559 million)
    • tourism’s direct contribution to GDP was $17.0 billion (4.4 percent of GDP), up 16.0 percent ($2.3 billion)
    • indirect value added of industries supporting tourism was $11.7 billion (3.1 percent of GDP)
    • the number of people directly employed in tourism was 182,727, up 13.5 percent (21,729 people)
      • the number of tourism employees was 159,030, up 13.3 percent (18,624 people)
      • the number of tourism working proprietors was 23,697, up 15.1 percent (3,102 people)
      • direct tourism employment as a share of the total number of people employed in New Zealand was 6.4 percent.

    More details:

    MIL OSI –

  • MIL-OSI USA: Collins, Reed Lead Bipartisan Celebration of Public Schools Week

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – In an effort to strengthen public education and support students, teachers, families and communities nationwide, U.S. Senator Jack Reed joined U.S. Senator Susan Collins (R-ME) to officially recognize Public Schools Week this week, from February 24-28, 2025.  Public schools are open to every child and supporting public school systems strengthens our nation.

    To kick things off, Senators Collins and Reed offered a bipartisan resolution celebrating the achievements of our public schools and honoring the significant contributions and accomplishments of students, parents, educators, and education advocates.

    There are nearly 100,000 public schools in the U.S. that provide free instruction to the public, operated by a public school district. These public schools serve students in K-12, as well as provide career and technical education and adult education.  Overall, public schools make up about 85 percent of all American schools and 87 percent of all children attend a public school.

    “Public schools are the foundation of our democracy, where kids are put on a path towards reaching their full potential and are prepared to shape America’s future.  They are unifying places of opportunity where kids with different backgrounds, beliefs, and abilities come together for the common purpose of learning and getting a healthy start.  Every child deserves a great education.  That means we must invest in public schools and reject proposals to cut funding for our public schools.  We need to stand strong in support of public education that is for everyone and teaches everyone to think critically, engage in the world around them, and value their community and country,” said Senator Reed, whose father served as a custodian for the Cranston Public School system.

    Rolling out nationwide, Public Schools Week is an opportunity to honor the history and impact of publicly funded education.  Many national education groups representing teachers, principals, superintendents, parents, civil rights and disability advocates, and religious organizations join in highlighting the importance of U.S. public schools and the positive difference they make in shaping the future of our nation.

    There are a host of ways to join the celebration, such as:

    • Sharing your public school success story on social media.  #PublicSchoolsWeek
    • Wearing your local public school gear with pride.
    • Thanking a teacher, principal, or public school staff member. 

    The Collins-Reed Senate resolution states:

    Designating the week of February 24 through February 28, 2025, as ‘‘Public Schools Week’’.

    Whereas public education is a significant institution in a 21st-century democracy;

    Whereas public schools in the United States educate students about the values and beliefs that hold the individuals of the United States together as a nation;

    Whereas public schools prepare young individuals of the United States to contribute to the society, economy, and citizenry of the country;

    Whereas 87 percent of children in the United States attend public schools;

    Whereas Federal, State, and local lawmakers should—

    (1) prioritize support for strengthening the public schools of the United States;

    (2) empower superintendents, principals, and other school leaders to implement, manage, and lead school districts and schools in partnership with educators, parents, and other local education stakeholders; and

    (3) support services and programs that are critical to helping students engage in learning, including counseling, extracurricular activities, and mental health support;

    Whereas public schools should foster inclusive, safe, and high-quality environments in which children can learn to think critically, problem solve, and build relationships;

    Whereas public schools should provide environments in which all students have the opportunity to succeed beginning in their earliest years, regardless of who a student is or where a student lives;

    Whereas Congress should support—

    (1) efforts to advance equal opportunity and excellence in public education;

    (2) efforts to implement evidence-based practices in public education; and

    (3) continuous improvements to public education;

    Whereas every child should—

    (1) receive an education that helps the child reach the full potential of the child; and

    (2) attend a school that offers a high-quality educational experience;

    Whereas Federal funding, in addition to State and local funds, supports the access of students to inviting classrooms, well-prepared educators, and services to support healthy students, including nutrition and afterschool programs;

    Whereas teachers, paraprofessionals, and principals should provide students with a well-rounded education and strive to create joy in learning;

    Whereas superintendents, principals, other school leaders, teachers, paraprofessionals, and parents make public schools vital components of communities and are working hard to improve educational outcomes for children across the country; and

    Whereas the week of February 24 through February 28, 2025, is an appropriate period to designate as ‘‘Public Schools Week’’: Now, therefore, be it

    Resolved, That the Senate designates the week of February 24 through February 28, 2025 as ‘‘Public Schools Week’’.

    A companion Public Schools Week resolution is being introduced in the U.S. House of Representative by Reps. Mark Pocan (WI-02), Glenn “GT” Thompson (PA-15), Suzanne Bonamici (OR-01), and Brian Fitzpatrick (PA-01).

    MIL OSI USA News –

  • MIL-OSI: Flywire Reports Fourth Quarter and Fiscal-Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter Revenue Increased 17.0% Year-over-Year

    Fourth Quarter Revenue Less Ancillary Services Increased 17.4% Year-over-Year

    Company Provides First Quarter and Fiscal-Year 2025 Outlook

    BOSTON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Flywire Corporation (Nasdaq: FLYW) (“Flywire” or the “Company”) a global payments enablement and software company, today reported financial results for its fourth quarter and fiscal-year ended December 31, 2024.

    “Our fourth quarter results capped off another strong year for Flywire as we continued to grow the business while navigating a complex macro environment with significant headwinds,” said Mike Massaro, CEO of Flywire, “We continued to focus on business and bottom line growth and generated 17% revenue growth and 680 bps adjusted EBITDA margin growth in the quarter.”

    “Looking ahead, we’re focused on driving effectiveness and discipline throughout our global business. We will be undertaking an operational and business portfolio review. The operational review will help ensure we are efficient and effective, with a focus on driving productivity and optimizing investments across all areas. Our comprehensive business portfolio review will focus on Flywire’s core strengths – such as complex, large-value payment processing, our global payment network, and verticalized software.”

    “One of the efficiency measures we are undertaking is a restructuring, which impacts approximately 10% of our workforce. It is difficult to say goodbye to so many FlyMates, and I want to thank them for their hard work as we endeavor to support them throughout this transition.”

    “As we refocus our teams on areas that we believe will drive Flywire’s future growth, we are excited to announce the acquisition of Sertifi, which is expected to accelerate the expansion of our fast-growing Travel vertical. Sertifi augments our travel product offering with a leading dedicated hotel property management system integration and expands our footprint across more than 20,000 hotel locations worldwide.”

    Fourth Quarter 2024 Financial Highlights:

    GAAP Results

    • Revenue increased 17.0% to $117.6 million in the fourth quarter of 2024, compared to $100.5 million in the fourth quarter of 2023.
    • Gross Profit increased to $74.3 million, resulting in Gross Margin of 63.2%, for the fourth quarter of 2024, compared to Gross Profit of $61.8 million and Gross Margin of 61.5% in the fourth quarter of 2023.
    • Net loss was ($15.9) million in the fourth quarter of 2024, compared to net income of $1.3 million in the fourth quarter of 2023.

    Key Operating Metrics and Non-GAAP Results

    • Number of clients grew by 16%year-over-year, with over 180 new clients added in the fourth quarter of 2024.
    • Total Payment Volume increased 27.6% to $6.9 billion in the fourth quarter of 2024, compared to $5.4 billion in the fourth quarter of 2023.
    • Revenue Less Ancillary Services increased 17.4% to $112.8 million in the fourth quarter of 2024, compared to $96.1 million in the fourth quarter of 2023.
    • Adjusted Gross Profit increased to $75.6 million, up 19.1% compared to $63.5 million in the fourth quarter of 2023. Adjusted Gross Margin was 67.0% in the fourth quarter of 2024 compared to 66.1% in the fourth quarter of 2023.
    • Adjusted EBITDA increased to $16.7 million in the fourth quarter of 2024, compared to $7.7 million in the fourth quarter of 2023. Our adjusted EBITDA margins increased 680 bps year-over-year to 14.8% in the fourth quarter of 2024.

    2024 Business Highlights:

    • We signed more than 800 new clients in fiscal-year 2024 surpassing the 700 new clients signed in fiscal-year 2023.
    • Our transaction payment volume grew by 23.6% year-over-year to $29.7 billion
    • Our global education vertical, continued to strengthen in a number of core geographies, with U.K. region outperformance driven by new clients and net revenue retention; accompanied by growth in our network of international recruitment agents to further connect our ecosystem of clients, agents and payers
    • Our travel vertical grew into our second largest vertical in terms of revenue less ancillary services, and we generated strong growth most notably with EMEA and APAC based Tour Operators and DMC providers, particularly in our new sub vertical of ocean experiences.
    • Our business-to-business vertical continued its strong organic growth, enhanced by the acquisition of Invoiced.
    • We further optimized our global payment network to enable vertical growth with a focus on new acceptance rails, market localization and expanded network coverage. This included continued support of our strategic payer markets like India and China, enhancing our offerings to digitize the disbursement of student loans from India and strengthening partnerships with India’s three largest banks.
    • We repurchased 2.3 million shares for approximately $44 million, inclusive of commissions, under our share repurchase program announced on August 6th, 2024.

    First Quarter and Fiscal-Year 2025 Outlook:

    “Effective execution drove both revenue growth and margin expansion in 2024, in spite of significant macroeconomic challenges” said Flywire’s CFO, Cosmin Pitigoi. “For our 2025 financial outlook, we project revenue less ancillary services growth of 10-14% on an FX-neutral (constant currency) basis, and a 200-400 basis point increase in adjusted EBITDA margin. We expect approximately 3 percentage points of headwind from FX throughout the year.  This guidance excludes the contributions from the Sertifi acquisition, as well as any potential lessening of the macroeconomic headwinds. We are particularly encouraged by the anticipated performance of our combined travel vertical, as well as the emerging B2B vertical, both of which are expected to exceed our historical growth rate for the applicable vertical”

    Based on information available as of February 25, 2025, Flywire anticipates the following results for the first quarter and fiscal-year 2025 excluding Sertifi.

      Fiscal-Year 2025
    FX-Neutral GAAP Revenue Growth 9-13% YoY
    FX-Neutral Revenue Less Ancillary Services Growth 10-14% YoY
    Adjusted EBITDA* Margin Growth +200-400 bps YoY
       
      First Quarter 2025
    FX-Neutral GAAP Revenue Growth 10-13% YoY
    FX-Neutral Revenue Less Ancillary Services Growth 11-14% YoY
    Adjusted EBITDA* Margin Growth +300-600 bps YoY
       

    “Based on Sertifi’s historical financials, we currently expect the acquisition to provide incremental revenue of $3.0-4.0 million and $30.0-40.0 million in revenue  in the first quarter and fiscal year 2025, respectively.  In addition, we currently expect the Sertifi acquisition to have a flat to slightly positive effect on adjusted EBITDA and positive (low single–digit million) effect on adjusted EBITDA, in the first quarter and fiscal year 2025, respectively, as we plan to invest in the combined solution during 2025.”

    *Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA Margin growth to forecasted GAAP Net Income Margin growth within this earnings release because Flywire is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of Flywire’s stock and in foreign currency exchange rates.

    These statements are forward-looking and actual results may differ materially. Refer to the “Safe Harbor Statement” below for information on the factors that could cause Flywire’s actual results to differ materially from these forward-looking statements.

    Conference Call

    The Company will host a conference call to discuss fourth quarter and fiscal-year 2024 financial results today at 5:00 pm ET. Hosting the call will be Mike Massaro, CEO, Rob Orgel, President and COO, and Cosmin Pitigoi, CFO. The conference call can be accessed live via webcast from the Company’s investor relations website at https://ir.flywire.com/. A replay will be available on the investor relations website following the call.

    Note Regarding Share Repurchase Program

    Repurchases under the Company’s share repurchase program (the Repurchase Program) may be made from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions, including Rule 10b-18. The timing, value and number of shares repurchased will be determined by the Company in its discretion and will be based on various factors, including an evaluation of current and future capital needs, current and forecasted cash flows, the Company’s capital structure, cost of capital and prevailing stock prices, general market and economic conditions, applicable legal requirements, and compliance with covenants in the Company’s credit facility that may limit share repurchases based on defined leverage ratios. The Repurchase Program does not obligate the Company to purchase a specific number of, or any, shares.  The Repurchase Program does not expire and may be modified, suspended or terminated at any time without notice at the Company’s discretion.

    Key Operating Metrics and Non-GAAP Financial Measures

    Flywire uses non-GAAP financial measures to supplement financial information presented on a GAAP basis. The Company believes that excluding certain items from its GAAP results allows management to better understand its consolidated financial performance from period to period and better project its future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, Flywire believes these non-GAAP financial measures provide its stakeholders with useful information to help them evaluate the Company’s operating results by facilitating an enhanced understanding of the Company’s operating performance and enabling them to make more meaningful period to period comparisons. There are limitations to the use of the non-GAAP financial measures presented here. Flywire’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in Flywire’s industry, may calculate non-GAAP financial measures differently, limiting the usefulness of those measures for comparative purposes.

    Flywire uses supplemental measures of its performance which are derived from its consolidated financial information, but which are not presented in its consolidated financial statements prepared in accordance with GAAP. These non-GAAP financial measures include the following:

    • Revenue Less Ancillary Services.  Revenue Less Ancillary Services represents the Company’s consolidated revenue in accordance with GAAP after excluding (i) pass-through cost for printing and mailing services and (ii) marketing fees. The Company excludes these amounts to arrive at this supplemental non-GAAP financial measure as it views these services as ancillary to the primary services it provides to its clients.
    • Adjusted Gross Profit and Adjusted Gross Margin.  Adjusted gross profit represents Revenue Less Ancillary Services less cost of revenue adjusted to (i) exclude pass-through cost for printing services, (ii) offset marketing fees against costs incurred and (iii) exclude depreciation and amortization, including accelerated amortization on the impairment of customer set-up costs tied to technology integration. Adjusted Gross Margin represents Adjusted Gross Profit  divided by Revenue Less Ancillary Services. Management believes this presentation supplements the GAAP presentation of Gross Margin with a useful measure of the gross margin of the Company’s payment-related services, which are the primary services it provides to its clients.
    • Adjusted EBITDA.  Adjusted EBITDA represents EBITDA further adjusted by excluding (i) stock-based compensation expense and related payroll taxes, (ii) the impact from the change in fair value measurement for contingent consideration associated with acquisitions,(iii) gain (loss) from the remeasurement of foreign currency, (iv) indirect taxes related to intercompany activity, (v) acquisition related transaction costs, and (vi) employee retention costs, such as incentive compensation, associated with acquisition activities. Management believes that the exclusion of these amounts to calculate Adjusted EBITDA provides useful measures for period-to-period comparisons of the Company’s business. We calculate adjusted EBITDA margin by dividing adjusted EBITDA by Revenue Less Ancillary Services.
    • Revenue Less Ancillary Services at Constant Currency.  Revenue Less Ancillary Services at Constant Currency represents Revenue Less Ancillary Services adjusted to show presentation on a constant currency basis. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates.  Flywire  analyzes Revenue Less Ancillary Services on a constant currency basis to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations.
    • Non-GAAP Operating Expenses – Non-GAAP Operating Expenses represents GAAP Operating Expenses adjusted by excluding (i) stock-based compensation expense and related payroll taxes, (ii) depreciation and amortization, (iii) acquisition related transaction costs, if applicable, (iv) employee retention costs, such as incentive compensation, associated with acquisition activities and (v) the impact from the change in fair value measurement for contingent consideration associated with acquisitions.

    These non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the Company’s revenue, gross profit, gross margin or net income (loss), or operating expenses prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of Revenue Less Ancillary Services, Revenue Less Ancillary Services at Constant Currency, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA and non-GAAP Operating Expenses to the most directly comparable GAAP financial measure are presented below. Flywire encourages you to review these reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future fiscal periods, Flywire may exclude such items and may incur income and expenses similar to these excluded items. Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA Margin growth to forecasted GAAP Net Income growth within this earnings release because it is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of Flywire’s stock and in foreign exchange rates.  For figures in this press release reported on an “FX-Neutral basis,” Flywire calculates the year-over-year impact of foreign currency movements using prior period weighted average foreign currency rates.

    About Flywire

    Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.

    Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

    Flywire supports approximately 4,500** clients with diverse payment methods in more than 140 currencies across 240 countries and territories around the world. Flywire is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X (formerly known as Twitter), LinkedIn and Facebook.

    **Excludes clients from Flywire’s Invoiced and Sertifi acquisitions

    Safe Harbor Statement

    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s future operating results and financial position, Flywire’s business strategy and plans, market growth, and Flywire’s objectives for future operations. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire’s forward-looking statements include, among others, Flywire’s future financial performance, including its expectations regarding FX-Neutral GAAP Revenue Growth, FX-Neutral Revenue Less Ancillary Services Growth, and Adjusted EBITDA Margin Growth and foreign exchange rates.  Risks that may cause actual results to differ materially from these forward looking statements include, but are not limited to: Flywire’s  ability to execute its business plan and effectively manage its growth; Flywire’s cross-border expansion plans and ability to expand internationally; anticipated trends, growth rates, and challenges in Flywire’s business and in the markets in which Flywire operates; the  sufficiency of Flywire’s cash and cash equivalents to meet its liquidity needs;  political, economic, foreign currency exchange rate, inflation, legal, social and health risks, that may affect Flywire’s business or the global economy; Flywire’s beliefs and objectives for future operations; Flywire’s ability to develop and protect its brand; Flywire’s ability to maintain and grow the payment volume that it processes; Flywire’s ability to further attract, retain, and expand its client base; Flywire’s ability to develop new solutions and services and bring them to market in a timely manner; Flywire’s expectations concerning relationships with third parties, including financial institutions and strategic partners; the effects of increased competition in Flywire’s markets and its ability to compete effectively; recent and future acquisitions or investments in complementary companies, products, services, or technologies; Flywire’s ability to enter new client verticals, including its relatively new business-to-business  sector; Flywire’s expectations regarding anticipated technology needs and developments and its ability to address those needs and developments with its solutions; Flywire’s expectations regarding its ability to meet existing performance obligations and maintain the operability of its solutions; Flywire’s expectations regarding the effects of existing and developing laws and regulations, including with respect to payments and financial services, taxation, privacy and data protection; economic and industry trends, projected growth, or trend analysis; the effects of global events and geopolitical conflicts, including without limitation the continuing hostilities in Ukraine and involving Israel; Flywire’s ability to adapt to  changes in U.S. federal income or other tax laws or the interpretation of tax laws, including the Inflation Reduction Act of 2022;  Flywire’s ability to attract and retain qualified employees; Flywire’s ability to maintain, protect, and enhance its intellectual property; Flywire’s ability to maintain the security and availability of its solutions; the increased expenses associated with being a public company; the future market price of Flywire’s common stock; and other factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at https://www.sec.gov/. Additional factors may be described in those sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2024, expected to be filed in the first quarter of 2025. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

    Contacts

    Investor Relations:
    Masha Kahn
    ir@Flywire.com

    Media:
    Sarah King
    Media@Flywire.com

    Condensed Consolidated Statements of Operations and Comprehensive Loss
    (Unaudited) (Amounts in thousands, except share and per share amounts)
                   
      Three Months Ended December 31,   Twelve Months Ended December 31,
        2024       2023       2024       2023  
    Revenue $ 117,550     $ 100,545     $ 492,144     $ 403,094  
    Costs and operating expenses:              
    Payment processing services costs   41,384       36,780       177,490       147,339  
    Technology and development   17,370       16,898       66,636       62,028  
    Selling and marketing   33,353       28,830       129,435       107,621  
    General and administrative   31,218       28,065       125,838       107,624  
    Total costs and operating expenses   123,325       110,573       499,399       424,612  
    Loss from operations $ (5,775 )   $ (10,028 )   $ (7,255 )   $ (21,518 )
    Other income (expense):              
    Interest expense   (135 )     (92 )     (538 )     (372 )
    Interest income   4,872       5,638       21,440       13,349  
    Gain (loss) from remeasurement of foreign currency   (13,866 )     7,707       (11,787 )     4,189  
    Total other income (expense), net   (9,129 )     13,253       9,115       17,166  
    Income (loss) before provision for income taxes   (14,904 )     3,225       1,860       (4,352 )
    Provision (benefit) for income taxes   995       1,938       (1,040 )     4,214  
    Net Income (Loss) $ (15,899 )   $ 1,287     $ 2,900     $ (8,566 )
    Foreign currency translation adjustment   (7,330 )     3,731       (3,594 )     3,232  
    Unrealized losses on available-for-sale debt securities, net $ (441 )   $ —     $ 208     $ —  
    Total other comprehensive income (loss) $ (7,771 )   $ 3,731     $ (3,386 )   $ 3,232  
    Comprehensive income (loss) $ (23,670 )   $ 5,018     $ (486 )   $ (5,334 )
    Net loss attributable to common stockholders – basic and diluted $ (15,899 )   $ 1,287     $ 2,900     $ (8,566 )
    Net loss per share attributable to common stockholders – basic $ (0.13 )   $ 0.01     $ 0.02     $ (0.07 )
    Net loss per share attributable to common stockholders – diluted $ (0.12 )   $ 0.01     $ 0.02     $ (0.07 )
    Weighted average common shares outstanding – basic   124,463,252       121,690,938       124,269,820       114,828,494  
    Weighted average common shares outstanding – diluted   128,924,166       128,877,877       129,339,462       114,828,494  
                                   
    Condensed Consolidated Balance Sheets
    (Unaudited) (Amounts in thousands, except share amounts)
           
      December 31,   December 31,
        2024       2023  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 495,242     $ 654,608  
    Restricted cash   —       —  
    Short-term investments   115,848       —  
    Accounts receivable, net   23,703       18,215  
    Unbilled receivables, net   15,453       10,689  
    Funds receivable from payment partners   90,110       113,945  
    Prepaid expenses and other current assets   22,528       18,227  
    Total current assets   762,884       815,684  
    Long-term investments   50,125       —  
    Property and equipment, net   17,160       15,134  
    Intangible assets, net   118,684       108,178  
    Goodwill   149,558       121,646  
    Other assets   24,035       19,089  
    Total assets $ 1,122,446     $ 1,079,731  
           
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 15,353     $ 12,587  
    Funds payable to clients   217,788       210,922  
    Accrued expenses and other current liabilities   49,297       43,315  
    Deferred revenue   7,337       6,968  
    Total current liabilities   289,775       273,792  
    Deferred tax liabilities   12,643       15,391  
    Other liabilities   5,261       4,431  
    Total liabilities   307,679       293,614  
    Commitments and contingencies (Note 16)      
    Stockholders’ equity:      
    Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2024 and 2023; and no shares issued and outstanding as of December 31, 2024 and 2023   —       —  
    Voting common stock, $0.0001 par value; 2,000,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 126,853,852 shares issued and 122,182,878 shares outstanding as of December 31, 2024; 123,010,207 shares issued and 120,695,162 shares outstanding as of December 31, 2023   13       11  
    Non-voting common stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 1,873,320 shares issued and outstanding as of December 31, 2024 and December 31, 2023   —       1  
    Treasury voting common stock, 4,670,974 and 2,315,045 shares as of December 31, 2024 and December 31, 2023, respectively, held at cost   (46,268 )     (747 )
    Additional paid-in capital   1,033,958       959,302  
    Accumulated other comprehensive income   (2,066 )     1,320  
    Accumulated deficit   (170,870 )     (173,770 )
    Total stockholders’ equity   814,767       786,117  
    Total liabilities and stockholders’ equity $ 1,122,446     $ 1,079,731  
                   
    Condensed Consolidated Statement of Cash Flows
    (Unaudited) (Amounts in thousands)
           
      Twelve Months Ended December 31,
        2024       2023  
    Cash flows from operating activities:      
    Net income (loss) $ 2,900     $ (8,566 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization   17,363       15,764  
    Stock-based compensation expense   64,933       43,726  
    Amortization of deferred contract costs   972       1,789  
    Change in fair value of contingent consideration   (978 )     380  
    Deferred tax provision (benefit)   (8,794 )     72  
    Provision for uncollectible accounts   (83 )     326  
    Non-cash interest expense   230       298  
    Non-cash interest income   (1,435 )     —  
    Changes in operating assets and liabilities, net of acquisitions:      
    Accounts receivable   (5,292 )     (2,082 )
    Unbilled receivables   (4,764 )     (5,394 )
    Funds receivable from payment partners   23,835       (50,975 )
    Prepaid expenses, other current assets and other assets   (5,322 )     (4,279 )
    Funds payable to clients   6,867       86,616  
    Accounts payable, accrued expenses and other current liabilities   3,302       5,548  
    Contingent consideration   (93 )     (467 )
    Other liabilities   (1,543 )     (1,260 )
    Deferred revenue   (630 )     (871 )
    Net cash provided by operating activities   91,468       80,625  
           
    Cash flows from investing activities:      
    Acquisition of businesses, net of cash acquired   (45,230 )     (32,764 )
    Purchase of debt securities   (193,927 )     —  
    Sale of debt securities   29,598       —  
    Capitalization of internally developed software   (5,317 )     (5,004 )
    Purchases of property and equipment   (924 )     (1,009 )
    Net cash (used in) investing activities   (215,800 )     (38,777 )
    Cash flows from financing activities:      
    Proceeds from issuance of common stock under public offering, net of underwriter discounts and commissions   —       261,119  
    Payments of costs related to public offering   —       (1,062 )
    Payment of debt issuance costs   (783 )     —  
    Contingent consideration paid for acquisitions   (1,032 )     (1,207 )
    Payments of tax withholdings for net settled equity awards   (797 )     (8,483 )
    Purchases of treasury stock   (43,740 )     —  
    Proceeds from the issuance of stock under Employee Stock Purchase Plan   3,108       2,691  
    Proceeds from exercise of stock options   5,613       10,360  
    Net cash provided by (used in) financing activities   (37,631 )     263,418  
    Effect of exchange rates changes on cash and cash equivalents   2,597       (1,835 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (159,366 )     303,431  
    Cash, cash equivalents and restricted cash, beginning of year $ 654,608     $ 351,177  
    Cash, cash equivalents and restricted cash, end of year $ 495,242     $ 654,608  
                   
    Reconciliation of Non-GAAP Financial Measures
    (Unaudited) (Amounts in millions, except percentages)
                     
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
          2024       2023       2024       2023  
    Revenue   $ 117.6     $ 100.5     $ 492.1     $ 403.1  
    Adjusted to exclude gross up for:                
    Pass-through cost for printing and mailing     (4.5 )     (4.0 )     (15.9 )     (19.4 )
    Marketing fees     (0.3 )     (0.4 )     (2.0 )     (2.2 )
    Revenue Less Ancillary Services   $ 112.8     $ 96.1     $ 474.2     $ 381.5  
    Payment processing services costs     41.4       36.8       177.5       147.3  
    Hosting and amortization costs within technology and development expenses     1.9       1.9       7.7       8.4  
    Cost of Revenue   $ 43.3     $ 38.7     $ 185.2     $ 155.7  
    Adjusted to:                
    Exclude printing and mailing costs     (4.5 )     (4.0 )     (15.9 )     (19.4 )
    Offset marketing fees against related costs     (0.3 )     (0.4 )     (2.0 )     (2.2 )
    Exclude depreciation and amortization     (1.3 )     (1.7 )     (5.9 )     (6.7 )
    Adjusted Cost of Revenue   $ 37.2     $ 32.6     $ 161.4     $ 127.4  
    Gross Profit   $ 74.3     $ 61.8     $ 306.9     $ 247.4  
    Gross Margin     63.2 %     61.5 %     62.4 %     61.4 %
    Adjusted Gross Profit   $ 75.6     $ 63.5     $ 312.8     $ 254.1  
    Adjusted Gross Margin     67.0 %     66.1 %     66.0 %     66.6 %
                                     
        Three Months Ended
    December 31, 2024    		   Twelve Months Ended
    December 31, 2024
        Transaction   Platform and
    Other Revenues    		   Revenue   Transaction   Platform and
    Other Revenues    		   Revenue
    Revenue   $ 95.3     $ 22.3     $ 117.6     $ 410.2     $ 81.9     $ 492.1  
    Adjusted to exclude gross up for:                        
    Pass-through cost for printing and mailing     —       (4.5 )     (4.5 )     —       (15.9 )     (15.9 )
    Marketing fees     (0.3 )     —       (0.3 )     (2.0 )     —       (2.0 )
    Revenue Less Ancillary Services   $ 95.0     $ 17.8     $ 112.8     $ 408.2     $ 66.0     $ 474.2  
    Percentage of Revenue     81.0 %     19.0 %     100.0 %     83.4 %     16.6 %     100.0 %
    Percentage of Revenue Less Ancillary Services     84.2 %     15.8 %     100.0 %     86.1 %     13.9 %     100.0 %
                             
        Three Months Ended
    December 31, 2023    		   Twelve Months Ended
    December 31, 2023
        Transaction   Platform and
    Other Revenues    		   Revenue   Transaction   Platform and
    Other Revenues    		   Revenue
    Revenue   $ 81.9     $ 18.6     $ 100.5     $ 329.7     $ 73.4     $ 403.1  
    Adjusted to exclude gross up for:                        
    Pass-through cost for printing and mailing     —       (4.0 )     (4.0 )     —       (19.4 )     (19.4 )
    Marketing fees     (0.4 )     —       (0.4 )     (2.2 )     —       (2.2 )
    Revenue Less Ancillary Services   $ 81.5     $ 14.6     $ 96.1     $ 327.5     $ 54.0     $ 381.5  
    Percentage of Revenue     81.5 %     18.5 %     100.0 %     81.8 %     18.2 %     100.0 %
    Percentage of Revenue Less Ancillary Services     84.8 %     15.2 %     100.0 %     85.8 %     14.2 %     100.0 %
                                                     
    FX Neutral Revenue Less Ancillary Services                      
    (unaudited) (in millions)                            
        Three Months Ended
    December 31,    		       Twelve Months Ended
    December 31,    		    
          2024       2023     Growth Rate     2024       2023     Growth Rate
    Revenue   $ 117.6     $ 100.5       17 %   $ 492.1     $ 403.1       22 %
    Ancillary services     (4.8 )     (4.4 )         (17.9 )     (21.6 )    
    Revenue Less Ancillary Services     112.8       96.1       17 %     474.2       381.5       24 %
    Effects of foreign currency rate fluctuations     (1.1 )     —           (2.3 )     —      
    FX Neutral Revenue Less Ancillary Services   $ 111.7     $ 96.1       16 %   $ 471.9     $ 381.5       24 %
                                                     
    EBITDA and Adjusted EBITDA                
    (Unaudited) (in millions)                
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
          2024       2023       2024       2023  
    Net loss   $ (15.9 )   $ 1.3     $ 2.9     $ (8.6 )
    Interest expense     0.1       0.1       0.5       0.4  
    Interest income     (4.8 )     (5.6 )     (21.4 )     (13.3 )
    Provision for income taxes     1.0       1.9       (1.0 )     4.2  
    Depreciation and amortization     5.0       4.3       18.5       16.4  
    EBITDA     (14.6 )     2.0       (0.5 )     (0.9 )
    Stock-based compensation expense and related taxes     16.8       12.9       65.8       45.2  
    Change in fair value of contingent consideration     0.0       —       (1.0 )     0.4  
    (Gain) loss from remeasurement of foreign currency     13.9       (7.7 )     11.8       (4.2 )
    Indirect taxes related to intercompany activity     0.5       —       0.7       0.2  
    Acquisition related transaction costs     0.1       0.4       0.6       0.4  
    Acquisition related employee retention costs     —       0.1       0.5       0.9  
    Adjusted EBITDA   $ 16.7     $ 7.7     $ 77.9     $ 42.0  
                                     
    Reconciliation of Non-GAAP Operating Expenses            
    (Unaudited) (in millions)            
                             
        Three Months Ended December 31,   Twelve Months Ended December 31,
    (in millions)   2024   2023   2024   2023
    GAAP Technology and development   $ 17.4     $ 16.9     $ 66.6     $ 62.0  
    (-) Stock-based compensation expense and related taxes     (3.1 )     (2.5 )     (11.8 )     (9.2 )
    (-) Depreciation and amortization     (2.1 )     (2.3 )     (7.4 )     (8.4 )
    (-) Acquisition related employee retention costs     —       0.3       —       (0.5 )
    Non-GAAP Technology and development   $ 12.2     $ 12.4     $ 47.4     $ 43.9  
                   
    GAAP Selling and marketing   $ 33.4     $ 28.8     $ 129.5     $ 107.6  
    (-) Stock-based compensation expense and related taxes     (4.8 )     (3.2 )     (18.3 )     (12.4 )
    (-) Depreciation and amortization     (2.2 )     (1.3 )     (8.2 )     (5.2 )
    (-) Acquisition related employee retention costs     —       (0.2 )     (0.5 )     (0.4 )
    Non-GAAP Selling and marketing   $ 26.4     $ 24.1     $ 102.5     $ 89.6  
                   
    GAAP General and administrative   $ 31.2     $ 28.0     $ 125.8     $ 107.6  
    (-) Stock-based compensation expense and related taxes     (8.9 )     (7.2 )     (35.7 )     (23.6 )
    (-) Depreciation and amortization     (0.8 )     (0.7 )     (3.0 )     (2.8 )
    (-) Change in fair value of contingent consideration     —       —       1.0       (0.4 )
    (-) Acquisition related transaction costs     (0.1 )     (0.4 )     (0.6 )     (0.4 )
    Non-GAAP General and administrative   $ 21.4     $ 19.7     $ 87.5     $ 80.4  
                                     
    Net Margin, EBITDA Margin and Adjusted EBITDA Margin
    (Unaudited) (Amounts in millions, except percentages)
                             
        Three Months Ended
    December 31,    		       Twelve Months Ended
    December 31,    		    
          2024       2023     Change     2024       2023     Change
    Revenue (A)   $ 117.6     $ 100.5     $ 17.1     $ 492.1     $ 403.1     $ 89.0  
    Revenue less ancillary services (B)     112.8       96.1       16.7       474.2       381.5       92.7  
    Net loss (C)     (15.9 )     1.3       (17.2 )     2.9       (8.6 )     11.5  
    EBITDA (D)     (14.6 )     2.0       (16.6 )     (0.5 )     (0.9 )     0.4  
    Adjusted EBITDA (E)     16.7       7.7       9.0       77.9       42.0       35.9  
    Net margin (C/A)     -13.5 %     1.3 %     -14.8 %     0.6 %     -2.1 %     2.7 %
    Net margin using RLAS (C/B)     -14.1 %     1.3 %     -15.4 %     0.6 %     -2.3 %     2.9 %
    EBITDA Margin (D/A)     -12.4 %     2.0 %     -14.4 %     -0.1 %     -0.2 %     0.1 %
    Adjusted EBITDA Margin (E/A)     14.2 %     7.6 %     6.6 %     15.8 %     10.4 %     5.4 %
    EBITDA Margin using RLAS (D/B)     -12.9 %     2.1 %     -15.0 %     -0.1 %     -0.2 %     0.1 %
    Adjusted EBITDA Margin using RLAS (E/B)     14.8 %     8.0 %     6.8 %     16.4 %     11.0 %     5.4 %
                                                     
    Reconciliation of FX Neutral Revenue Growth Guidance to
    FX Neutral Revenue Less Ancillary Services Growth Guidance
                   
      Three Months Ended
    March 31, 2025    		   Year Ended
    December 31, 2025
      Low   High   Low   High
                   
    FX Neutral GAAP Revenue Growth   10 %     13 %     9 %     13 %
                   
    Adjustment for Ancillary Services   1 %     1 %     1 %     1 %
                   
    FX Neutral Revenue Less Ancillary Services Growth   11 %     14 %     10 %     14 %
                                   

    The MIL Network –

  • MIL-OSI: South Plains Financial, Inc. Announces Stock Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    LUBBOCK, Texas, Feb. 25, 2025 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), today announced that the board of directors of the Company (the “Board”) approved a new stock repurchase program for up to $15.0 million of the outstanding shares of the Company’s common stock (the “Stock Repurchase Program”). The Stock Repurchase Program will conclude on February 21, 2026, subject to the earlier termination or extension of the Stock Repurchase Program by the Board or the $15.0 million designated for the Stock Repurchase Program are depleted.

    Under the Stock Repurchase Program, the Company may repurchase shares of the Company’s common stock from time to time through various means, including open market purchases and privately negotiated transactions. Open market repurchases will be conducted in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other applicable legal requirements. Repurchases under the Stock Repurchase Program may also be made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The extent to which the Company repurchases its shares, and the manner, timing and amount of such repurchases, will depend upon a variety of factors, including the performance of the Company’s stock price, general market and economic conditions, regulatory requirements, availability of funds, and other relevant considerations, as determined by the Company. The Company may, in its discretion, begin, suspend or terminate repurchases at any time prior to the Stock Repurchase Program’s expiration, without any prior notice. The Stock Repurchase Program does not obligate the Company to repurchase any particular number or amount of shares of the Company’s common stock and there is no guarantee as to the exact number or value of shares that will be repurchased by the Company under the Stock Repurchase Program.

    About South Plains Financial, Inc.

    South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas.  City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

    Available Information

    The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

    The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; the impact of changes in U.S. presidential administrations or Congress, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

    Contact: Mikella Newsom, Chief Risk Officer and Secretary
      (866) 771-3347
       investors@city.bank

    Source: South Plains Financial, Inc.

    The MIL Network –

  • MIL-OSI: SiriusPoint Announces Secondary Offering of 4,106,631 Common Shares by Entities Associated with Daniel S. Loeb and Potential Repurchase of up to 2,000,000 Common Shares by SiriusPoint

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, Feb. 25, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd.  (“SiriusPoint” or the “Company”) (NYSE: SPNT) today announced that entities associated with Daniel S. Loeb (collectively, the “Loeb Entities”) are offering an aggregate of 4,106,631 common shares through a registered secondary offering.

    SiriusPoint has indicated its intent to repurchase an aggregate of up to 2,000,000 of the common shares being offered in the offering at the public offering price. SiriusPoint would cancel any common shares it repurchases in the offering.

    Immediately following the completion of the offering and our previously announced repurchase of all of common shares and warrants currently held by CM Bermuda, it is expected that the Loeb Entities will own approximately 9.67% of SiriusPoint’s issued and outstanding common shares, up from approximately 9.4% prior to the offering and the CM Bermuda repurchase.

    Under the terms of the transaction, the remaining shares owned by the Loeb Entities will be subject to a 90 day lock-up agreement with the sole bookrunning manager.

    Jefferies is acting as the sole bookrunning manager for the proposed offering.

    The offering will be made only by means of an effective registration statement and a prospectus. The Company has previously filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement (including a prospectus) on Form S-3 (File No. 333-283827), dated December 16, 2024, and a preliminary prospectus supplement for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the accompanying prospectus supplement, and other documents the Company has filed with the SEC for more complete information about the Company and this offering. When available, copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@jefferies.com. Electronic copies of the preliminary prospectus supplement and accompanying prospectus will also be available on the website of the SEC at http://www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Contacts
    Investor Relations
    Liam Blackledge, SiriusPoint
    Liam.Blackledge@siriuspt.com
    + 44 203 772 3082
    Media
    Sarah Hills, Rein4ce
    Sarah.Hills@rein4ce.co.uk
    + 44 7718 882011 

    About SiriusPoint

    SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators within our Insurance & Services segment. With over $2.6 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s.

    FORWARD-LOOKING STATEMENTS

    We make statements in this press release that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry; the adequacy of our reserves; fluctuation in the results of operations; pandemic or other catastrophic event; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations; trends in insured and paid losses; regulatory and legal uncertainties; and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the period ended December 31, 2024.

    Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events, or other circumstances after the date of this press release.

    The MIL Network –

  • MIL-OSI: Par Pacific Reports Fourth Quarter and 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the fourth quarter and twelve months ended December 31, 2024.

    • Fourth quarter Net Loss of $(55.7) million, or $(1.01) per diluted share; Adjusted Net Loss of $(43.4) million, or $(0.79) per diluted share; Adjusted EBITDA of $10.9 million
    • Full year net loss of $(33.3) million, or $(0.59) per diluted share; Adjusted Net Income of $21.2 million, or $0.37 per diluted share; Adjusted EBITDA of $238.7 million
    • Record annual Retail and Logistics segment Adjusted EBITDA
    • Repurchased 5 million common shares during 2024, or 9% of year end shares outstanding

    Par Pacific reported a net loss of $(33.3) million, or $(0.59) per diluted share, for the twelve months ended December 31, 2024, compared to net income of $728.6 million, or $11.94 per diluted share, for the twelve months ended December 31, 2023. Adjusted Net Income for 2024 was $21.2 million, compared to $501.2 million for 2023. 2024 Adjusted EBITDA was $238.7 million, compared to $696.2 million for 2023.

    Par Pacific reported a net loss of $(55.7) million, or $(1.01) per diluted share, for the quarter ended December 31, 2024, compared to net income of $289.3 million, or $4.77 per diluted share, for the same quarter in 2023. Fourth quarter 2024 Adjusted Net Loss was $(43.4) million, compared to Adjusted Net Income of $65.2 million in the fourth quarter of 2023. Fourth quarter 2024 Adjusted EBITDA was $10.9 million, compared to $122.0 million in the fourth quarter of 2023. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.

    “Our 2024 results underscore our strategic diversification with strong contribution from Hawaii Refining and record profitability in our Retail and Logistics segments,” said Will Monteleone, President and Chief Executive Officer. “Completing the Montana turnaround prior to the summer driving season and starting up our capital efficient Hawaii Sustainable Aviation Fuel project position us for earnings growth.”

    Refining

    The Refining segment generated operating income of $17.4 million for the year ended December 31, 2024, compared to $676.2 million for the year ended December 31, 2023. Adjusted Gross Margin for the Refining segment in the year ended December 31, 2024 was $618.3 million, compared to $995.0 million in the year ended December 31, 2023.

    Refining segment Adjusted EBITDA for the year ended December 31, 2024 was $139.2 million, compared to $621.5 million for the year ended December 31, 2023.

    The Refining segment reported an operating loss of $(65.4) million in the fourth quarter of 2024, compared to operating income of $174.0 million in the fourth quarter of 2023. Adjusted Gross Margin for the Refining segment was $92.4 million in the fourth quarter of 2024, compared to $227.2 million in the fourth quarter of 2023.

    Refining segment Adjusted EBITDA was $(22.3) million in the fourth quarter of 2024, compared to $106.5 million in the fourth quarter of 2023.

    Hawaii
    The Hawaii Index averaged $5.52 per barrel in the fourth quarter of 2024, compared to $12.48 per barrel in the fourth quarter of 2023. Throughput in the fourth quarter of 2024 was 83 thousand barrels per day (Mbpd), compared to 81 Mbpd for the same quarter in 2023. Production costs were $4.42 per throughput barrel in the fourth quarter of 2024, compared to $4.80 per throughput barrel in the same period of 2023.

    The Hawaii refinery’s Adjusted Gross Margin was $7.36 per barrel during the fourth quarter of 2024, including a net price lag impact of approximately $(5.4) million, or $(0.71) per barrel, compared to $16.73 per barrel during the fourth quarter of 2023.

    Montana
    The Montana Index averaged $5.75 per barrel in the fourth quarter of 2024, compared to $14.80 in the fourth quarter of 2023. The Montana refinery’s throughput in the fourth quarter of 2024 was 52 Mbpd, compared to 50 Mbpd for the same quarter in 2023. Production costs were $10.48 per throughput barrel in the fourth quarter of 2024, compared to $12.03 per throughput barrel in the same period of 2023.

    The Montana refinery’s Adjusted Gross Margin was $3.70 per barrel during the fourth quarter of 2024, compared to $11.55 per barrel during the fourth quarter of 2023.

    Washington
    The Washington Index averaged $(0.62) per barrel in the fourth quarter of 2024, compared to $5.23 per barrel in the fourth quarter of 2023. The Washington refinery’s throughput was 39 Mbpd in the fourth quarter of 2024, compared to 38 Mbpd in the fourth quarter of 2023. Production costs were $4.34 per throughput barrel in the fourth quarter of 2024, compared to $4.53 per throughput barrel in the same period of 2023.

    The Washington refinery’s Adjusted Gross Margin was $1.05 per barrel during the fourth quarter of 2024, compared to $7.87 per barrel during the fourth quarter of 2023.

    Wyoming

    The Wyoming Index averaged $13.36 per barrel in the fourth quarter of 2024, compared to $16.58 per barrel in the fourth quarter of 2023. The Wyoming refinery’s throughput was 14 Mbpd in the fourth quarter of 2024, compared to 17 Mbpd in the fourth quarter of 2023. Production costs were $11.49 per throughput barrel in the fourth quarter of 2024, compared to $8.03 per throughput barrel in the same period of 2023.

    The Wyoming refinery’s Adjusted Gross Margin was $11.11 per barrel during the fourth quarter of 2024, including a FIFO impact of approximately $(2.2) million, or $(1.75) per barrel, compared to $13.90 per barrel during the fourth quarter of 2023.

    Wyoming Refining Operational Update

    The Wyoming refinery experienced an operational incident on the evening of February 12, 2025, and has remained safely idled through the extreme winter weather conditions. We expect to restart the refinery in mid-April at reduced throughput and return to full operations by the end of May.

    Retail

    The Retail segment reported operating income of $64.8 million for the twelve months ended December 31, 2024, compared to $56.6 million in the twelve months ended December 31, 2023. Adjusted Gross Margin for the Retail segment was $164.7 million for the twelve months ended December 31, 2024, compared to $155.3 million in the twelve months ended December 31, 2023.

    For the twelve months ended December 31, 2024, Retail Adjusted EBITDA was $76.0 million, compared to $68.3 million for the twelve months ended December 31, 2023. For the twelve months ended December 31, 2024, the Retail segment reported fuel sales volumes of 121.5 million gallons, compared to 117.6 million gallons for the twelve months ended December 31, 2023. 2024 same store fuel volumes and inside sales revenue increased by 2.2% and 4.6%, respectively, compared to 2023.

    The Retail segment reported operating income of $19.5 million in the fourth quarter of 2024, compared to $14.6 million in the fourth quarter of 2023. Adjusted Gross Margin for the Retail segment was $43.4 million in the fourth quarter of 2024, compared to $40.5 million in the same quarter of 2023.

    Retail segment Adjusted EBITDA was $22.2 million in the fourth quarter of 2024, compared to $17.2 million in the fourth quarter of 2023. The Retail segment reported sales volumes of 30.3 million gallons in the fourth quarter of 2024, compared to 29.8 million gallons in the same quarter of 2023. Fourth quarter 2024 same store fuel volumes and inside sales revenue increased by 2.1% and 6.2%, respectively, compared to fourth quarter of 2023.

    Logistics

    The Logistics segment generated operating income of $89.4 million for the twelve months ended December 31, 2024, compared to $69.7 million for the twelve months ended December 31, 2023. Adjusted Gross Margin for the Logistics segment was $135.8 million for the twelve months ended December 31, 2024, compared to $121.2 million for the twelve months ended December 31, 2023.

    Adjusted EBITDA for the Logistics segment was $120.2 million for the twelve months ended December 31, 2024, compared to $96.7 million for the twelve months ended December 31, 2023.

    The Logistics segment reported operating income of $24.8 million in the fourth quarter of 2024, compared to $15.7 million in the fourth quarter of 2023. Adjusted Gross Margin for the Logistics segment was $36.8 million in the fourth quarter of 2024, compared to $35.3 million in the same quarter of 2023.

    Logistics segment Adjusted EBITDA was $33.0 million in the fourth quarter of 2024, compared to $24.0 million in the fourth quarter of 2023.

    Liquidity

    Net cash provided by operations totaled $83.8 million for the twelve months ended December 31, 2024, including working capital outflows of $(18.1) million and deferred turnaround expenditures of $(73.5) million. Excluding these items, net cash provided by operations totaled $175.3 million for the twelve months ended December 31, 2024. Net cash provided by operations totaled $579.2 million for the twelve months ended December 31, 2023.

    Net cash used in operations totaled $(15.5) million for the three months ended December 31, 2024, including working capital inflows of $19.9 million and deferred turnaround expenditures of $(15.7) million. Excluding these items, net cash used in operations totaled $(19.6) million for the three months ended December 31, 2024. Net cash used in operations totaled $(2.3) million for the three months ended December 31, 2023.

    Net cash used in investing activities totaled $(47.7) million and $(134.0) million for the three months and twelve months ended December 31, 2024, respectively, compared to $(27.3) million and $(659.0) million for the three months and twelve months ended December 31, 2023, respectively. Net cash used in investing activities for the three months and twelve months ended December 31, 2024, includes $(47.7) million and $(135.5) million in capital expenditures, respectively.

    Net cash provided by (used in) financing activities totaled $72.1 million and $(37.0) million for the three months and twelve months ended December 31, 2024, respectively, compared to net cash used in financing activities of $(56.6) million and $(135.6) million for the three months and twelve months ended December 31, 2023, respectively.

    At December 31, 2024, Par Pacific’s cash balance totaled $191.9 million, gross term debt was $644.2 million, and total liquidity was $613.7 million. Net term debt was $452.3 million at December 31, 2024. In February 2025, the Company’s Board of Directors authorized management to repurchase up to $250 million of common stock, with no specified end date. This replaces the prior authorization to repurchase up to $250 million of common stock.

    Laramie Energy

    In conjunction with Laramie Energy LLC’s (“Laramie’s”) refinancing and subsequent cash distribution to Par Pacific during the first quarter of 2023, we resumed the application of equity method accounting for our investment in Laramie effective February 21, 2023.

    During the three and twelve months ended December 31, 2024, we recorded $(3.2) million and $(0.3) million of equity losses. Laramie’s total net loss was $(11.3) million in the fourth quarter of 2024, including unrealized losses on derivatives of $(5.2) million, compared to net income of $42.5 million in the fourth quarter of 2023. Laramie’s total net loss was $(15.5) million during the twelve months ended December 31, 2024, including unrealized losses on derivatives of $(3.6) million, compared to net income of $96.6 million during the twelve months ended December 31, 2023.

    Laramie’s total Adjusted EBITDAX was $11.0 million and $45.8 million for the three and twelve months ended December 31, 2024, respectively, compared to $19.6 million and $89.7 million for the three and twelve months ended December 31, 2023, respectively.

    Laramie’s balance sheet position is strong with $68.6 million of cash and $160.0 million of debt at December 31, 2024. Laramie’s 2024 production was 96.6 million cubic feet of gas equivalent per day (MMcfe/d) and its management team plans to run a one-rig program throughout 2025. Approximately 79% of Laramie’s 2025 production is hedged at $3.20 per million British thermal unit (MMBtu).

    Conference Call Information

    A conference call is scheduled for Wednesday, February 26, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-833-974-2377 inside the U.S. or 1-412-317-5782 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until March 12, 2025, and may be accessed by calling 1-877-344-7529 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 2219355.

    About Par Pacific

    Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com. 

    Forward-Looking Statements

    This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; anticipated free cash flows; anticipated refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire, and develop energy, related retailing, and infrastructure businesses; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and sales; the anticipated synergies and other benefits of the Billings refinery and associated marketing and logistics assets (“Billings Acquisition”), including renewable growth opportunities, the anticipated financial and operating results of the Billings Acquisition and the effect on Par Pacific’s cash flows and profitability (including Adjusted EBITDA and Adjusted Net Income and Free Cash Flow per share); and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that we file with the Securities and Exchange Commission. Additionally, forward-looking statements are subject to certain risks, trends, and uncertainties, such as changes to our financial condition and liquidity; the volatility of crude oil and refined product prices; the Russia-Ukraine war, Israel-Palestine conflict, Houthi attacks in the Red Sea, Iranian activities in the Strait of Hormuz and their potential impacts on global crude oil markets and our business; operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; environmental risks; changes in the labor market; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should any of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events, or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.

    Contact:
    Ashimi Patel
    VP, Investor Relations & Sustainability
    (832) 916-3355
    apatel@parpacific.com

    Condensed Consolidated Statements of Operations
    (Unaudited)
    (in thousands, except per share data)

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Revenues $ 1,832,221     $ 2,183,511     $ 7,974,457     $ 8,231,955  
    Operating expenses              
    Cost of revenues (excluding depreciation)   1,678,273       1,799,898       7,101,148       6,838,109  
    Operating expense (excluding depreciation)   139,893       155,441       584,282       485,587  
    Depreciation and amortization   34,911       31,943       131,590       119,830  
    General and administrative expense (excluding depreciation)   21,522       25,299       108,844       91,447  
    Equity losses (earnings) from refining and logistics investments   941       (7,485 )     (11,905 )     (11,844 )
    Acquisition and integration costs   32       269       100       17,482  
    Par West redevelopment and other costs   3,500       2,907       12,548       11,397  
    Loss (gain) on sale of assets, net   108       (59 )     222       (59 )
    Total operating expenses   1,879,180       2,008,213       7,926,829       7,551,949  
    Operating income (loss)   (46,959 )     175,298       47,628       680,006  
    Other income (expense)              
    Interest expense and financing costs, net   (21,073 )     (20,476 )     (82,793 )     (72,450 )
    Debt extinguishment and commitment costs   (270 )     (1,500 )     (1,688 )     (19,182 )
    Other loss, net   (422 )     (354 )     (1,869 )     (53 )
    Equity earnings (losses) from Laramie Energy, LLC   (3,163 )     14,279       (296 )     24,985  
    Total other expense, net   (24,928 )     (8,051 )     (86,646 )     (66,700 )
    Income (loss) before income taxes   (71,887 )     167,247       (39,018 )     613,306  
    Income tax benefit (expense)   16,192       122,077       5,696       115,336  
    Net income (loss) $ (55,695 )   $ 289,324     $ (33,322 )   $ 728,642  
    Weighted-average shares outstanding              
    Basic   55,252       59,403       56,775       60,035  
    Diluted   55,252       60,609       56,775       61,014  
                   
    Income (loss) per share              
    Basic $ (1.01 )   $ 4.87     $ (0.59 )   $ 12.14  
    Diluted $ (1.01 )   $ 4.77     $ (0.59 )   $ 11.94  
                                   

    Balance Sheet Data
    (Unaudited)
    (in thousands)

      December 31, 2024   December 31, 2023
    Balance Sheet Data      
    Cash and cash equivalents $         191,921           $         279,107        
    Working capital (1)           488,940                     190,042        
    ABL Credit Facility           483,000                     115,000        
    Term debt (2)           644,233                     550,621        
    Total debt, including current portion           1,112,967                     650,858        
    Total stockholders’ equity           1,191,302                     1,335,424        
               

    _______________________________________

    (1) Working capital is calculated as (i) total current assets excluding cash and cash equivalents less (ii) total current liabilities excluding current portion of long-term debt. Total current assets include inventories stated at the lower of cost or net realizable value.
    (2) Term debt includes the Term Loan Credit Agreement and other long-term debt.
       

    Operating Statistics

    The following table summarizes key operational data:

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Total Refining Segment              
    Feedstocks throughput (Mbpd) (1)   187.8       186.0       186.7       170.3  
    Refined product sales volume (Mbpd) (1)   199.4       194.4       199.9       183.1  
                   
    Hawaii Refinery              
    Feedstocks throughput (Mbpd)   83.3       80.6       81.1       80.8  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   27.0 %     25.2 %     26.2 %     26.3 %
    Distillates   41.1 %     39.3 %     38.9 %     40.4 %
    Fuel oils   29.2 %     31.8 %     31.3 %     28.9 %
    Other products (0.2)%   (0.2)%     0.2 %     1.1 %
    Total yield   97.1 %     96.1 %     96.6 %     96.7 %
                   
    Refined product sales volume (Mbpd)   93.7       89.0       89.3       89.1  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 7.36     $ 16.73     $ 9.34     $ 15.25  
    Production costs per bbl ($/throughput bbl) (3)   4.42       4.80       4.58       4.57  
    D&A per bbl ($/throughput bbl)   0.32       0.54       0.43       0.65  
                   
    Montana Refinery              
    Feedstocks Throughput (Mbpd) (1)   51.9       49.8       49.9       54.4  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   43.9 %     45.1 %     48.0 %     48.1 %
    Distillates   32.7 %     38.8 %     31.9 %     32.0 %
    Asphalt   15.2 %     8.7 %     10.9 %     12.1 %
    Other products   2.7 %     2.5 %     3.9 %     3.2 %
    Total yield   94.5 %     95.1 %     94.7 %     95.4 %
                   
    Refined product sales volume (Mbpd) (1)   52.9       51.5       53.2       58.6  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 3.70     $ 11.55     $ 11.37     $ 21.14  
    Production costs per bbl ($/throughput bbl) (3)   10.48       12.03       12.42       10.78  
    D&A per bbl ($/throughput bbl)   2.26       1.10       1.83       1.45  
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Washington Refinery              
    Feedstocks throughput (Mbpd)   39.0       38.4       38.2       40.0  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   23.6 %     23.8 %     23.9 %     23.5 %
    Distillate   34.6 %     34.1 %     34.5 %     34.5 %
    Asphalt   19.4 %     20.6 %     18.8 %     19.7 %
    Other products   19.3 %     18.6 %     19.3 %     18.7 %
    Total yield   96.9 %     97.1 %     96.5 %     96.4 %
                   
    Refined product sales volume (Mbpd)   37.9       37.0       39.2       41.7  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 1.05     $ 7.87     $ 3.25     $ 9.41  
    Production costs per bbl ($/throughput bbl) (3)   4.34       4.53       4.28       4.12  
    D&A per bbl ($/throughput bbl)   1.91       2.22       1.97       1.91  
                   
    Wyoming Refinery              
    Feedstocks throughput (Mbpd)   13.6       17.2       17.5       17.6  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   51.5 %     50.3 %     46.9 %     47.1 %
    Distillate   43.1 %     45.0 %     47.1 %     46.7 %
    Fuel oils   1.7 %     2.3 %     2.4 %     2.5 %
    Other products   1.7 %     1.0 %     2.1 %     1.5 %
    Total yield   98.0 %     98.6 %     98.5 %     97.8 %
                   
    Refined product sales volume (Mbpd)   14.9       16.9       18.2       17.9  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 11.11     $ 13.90     $ 13.73     $ 25.15  
    Production costs per bbl ($/throughput bbl) (3)   11.49       8.03       8.10       7.50  
    D&A per bbl ($/throughput bbl)   3.55       2.71       2.71       2.69  
                   
                   
    Par Pacific Indices ($ per barrel)              
    Hawaii Index (4) $ 5.52     $ 12.48     $ 7.21     $ 13.06  
    Montana Index (5)   5.75       14.80       14.39       23.71  
    Washington Index (6)   (0.62 )     5.23       4.13       9.81  
    Wyoming Index (7)   13.36       16.58       16.47       24.48  
                   
    Market Cracks ($ per barrel)              
    Singapore 3.1.2 Product Crack (4) $ 11.69     $ 19.44     $ 13.36     $ 19.50  
    Montana 6.3.2.1 Product Crack (5)   15.31       23.56       21.59       30.15  
    Washington 3.1.1.1 Product Crack (6)   8.29       10.83       12.11       17.91  
    Wyoming 2.1.1 Product Crack (7)   16.00       18.70       18.48       27.52  
                   
    Crude Oil Prices ($ per barrel) (8)              
    Brent $ 74.01     $ 82.85     $ 79.86     $ 82.17  
    WTI   70.32       78.53       75.76       77.60  
    ANS (-) Brent   1.00       2.21       1.55       0.95  
    Bakken Guernsey (-) WTI   (1.22 )     (2.20 )     (1.26 )     (0.65 )
    Bakken Williston (-) WTI   (2.54 )     (2.50 )     (2.45 )     (0.09 )
    WCS Hardisty (-) WTI   (12.27 )     (22.78 )     (13.90 )     (17.92 )
    MSW (-) WTI   (3.68 )     (7.34 )     (4.03 )     (3.70 )
    Syncrude (-) WTI   (0.42 )     (4.12 )     0.18       1.32  
    Brent M1-M3   0.74       1.01       1.10       0.81  
                   
    Retail Segment              
    Retail sales volumes (thousands of gallons)   30,287       29,840       121,473       117,550  

    _______________________________________

    (1) Feedstocks throughput and sales volumes per day for the Montana refinery for the three months and year ended December 31, 2023 are calculated based on the 92 and 214-day periods for which we owned the Montana refinery during the three months and year ended December 31, 2023, respectively. As such, the amounts for the total refining segment represent the sum of the Hawaii, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three months and year ended December 31, 2023 plus the Montana refinery’s throughput or sales volumes averaged over the periods from October 1, 2023, to December 31, 2023 and June 1, 2023 to December 31, 2023, respectively. The 2024 amounts for the total refining segment represent the sum of the Hawaii, Montana, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three months and year ended December 31, 2024.
    (2) We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out (“LIFO”) inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out (“FIFO”) inventory costing method.
    (3) Management uses production costs per barrel to evaluate performance and compare efficiency to other companies in the industry. There are a variety of ways to calculate production costs per barrel; different companies within the industry calculate it in different ways. We calculate production costs per barrel by dividing all direct production costs, which include the costs to run the refineries, including personnel costs, repair and maintenance costs, insurance, utilities, and other miscellaneous costs, by total refining throughput. Our production costs are included in Operating expense (excluding depreciation) on our condensed consolidated statements of operations, which also includes costs related to our bulk marketing operations and severance costs.
    (4) Beginning in 2025, we established the Hawaii Index as a new benchmark for our Hawaii operations. We believe the Hawaii Index, which incorporates market cracks and landed crude differentials, better reflects the key drivers impacting our Hawaii refinery’s financial performance compared to prior reported market indices. The Hawaii Index is calculated as the Singapore 3.1.2 Product Crack, or one part gasoline (RON 92) and two parts distillates (Sing Jet & Sing gasoil) as created from a barrel of Brent crude oil, less the Par Hawaii Refining, LLC (“PHR”) crude differential.
    (5) Beginning in 2025, we established the Montana Index as a new benchmark for our Montana refinery. We believe the Montana Index, which incorporates local market cracks, regional crude oil prices, and management’s estimates for other costs of sales, better reflects the key drivers impacting our Montana refinery’s financial performance compared to prior reported market indices. Beginning in 2025, market cracks have been updated to reflect local market product pricing, which better reflects our Montana refinery’s refined product sales price compared to prior reported market indices. The Montana Index is calculated as the Montana 6.3.2.1 Product Crack less Montana crude costs, less other costs of sales, including inflation-adjusted product delivery costs, yield loss expense, taxes and tariffs, and product discounts. The Montana 6.3.2.1 Product Crack is calculated by taking three parts gasoline (Billings E10 and Spokane E10), two parts distillate (Billings ULSD and Spokane ULSD), and one part asphalt (Rocky Mountain Rail Asphalt) as created from a barrel of WTI crude oil, less 100% of the RVO cost for gasoline and ULSD. Asphalt pricing is lagged by one month. The Montana crude cost is calculated as 60% WCS differential to WTI, 20% MSW differential to WTI, and 20% Syncrude differential to WTI. The Montana crude cost is lagged by three months and includes an inflation-adjusted crude delivery cost. Other costs of sales and crude delivery costs are based on historical averages and management’s estimates.
    (6) Beginning in 2025, we established the Washington Index as a new benchmark for our Washington refinery. We believe the Washington Index, which incorporates local market cracks, regional crude oil prices, and management’s estimates for other costs of sales, better reflects the key drivers impacting our Washington refinery’s financial performance compared to prior reported market indices. Beginning in 2025, market cracks have been updated to reflect local market product pricing, which better reflects our Washington refinery’s refined product sales price compared to prior reported market indices. The Washington Index is calculated as the Washington 3.1.1.1 Product Crack, less Washington crude costs, less other costs of sales, including inflation-adjusted product delivery costs, yield loss expense and state and local taxes. The Washington 3.1.1.1 Product Crack is calculated by taking one part gasoline (Tacoma E10), one part distillate (Tacoma ULSD) and one part secondary products (USGC VGO and Rocky Mountain Rail Asphalt) as created from a barrel of WTI crude oil, less 100% of the RVO cost for gasoline and ULSD. Asphalt pricing is lagged by one month. The Washington crude cost is calculated as 67% Bakken Williston differential to WTI and 33% WCS Hardisty differential to WTI. The Washington crude cost is lagged by one month and includes an inflation-adjusted crude delivery cost. Other costs of sales and crude delivery costs are based on historical averages and management’s estimates.
    (7) Beginning in 2025, we established the Wyoming Index as a new benchmark for our Wyoming refinery. We believe the Wyoming Index, which incorporates local market cracks, regional crude oil prices, and management’s estimates for other costs of sales, better reflects the key drivers impacting our Wyoming refinery’s financial performance compared to prior reported market indices. Beginning in 2025, market cracks have also been updated to reflect local market product pricing, which better reflects our Wyoming refinery’s refined product sales price compared to prior reported market indices. The Wyoming Index is calculated as the Wyoming 2.1.1 Product Crack, less Wyoming crude costs, less other cost of sales, including inflation adjusted product delivery costs and yield loss expense, based on historical averages and management’s estimates. The Wyoming 2.1.1 Product Crack is calculated by taking one part gasoline (Rockies gasoline) and one part distillate (USGC ULSD and USGC Jet) as created from a barrel of WTI crude oil, less 100% of the RVO cost for gasoline and ULSD. The Wyoming crude cost is calculated as the Bakken Guernsey differential to WTI on a one-month lag.
    (8) Beginning in 2025, crude oil prices have been updated and expanded to reflect regional differentials to Brent and WTI, which better reflect our refineries’ feedstock costs compared to prior crude oil pricing.
       

    Non-GAAP Performance Measures

    Management uses certain financial measures to evaluate our operating performance that are considered non-GAAP financial measures. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently.

    We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost and net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation and amortization. Management uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) and Adjusted EBITDA (as defined below) are useful supplemental financial measures that allow investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure. We believe Adjusted EBITDA by segment (as defined below) is a useful supplemental financial measure to evaluate the economic performance of our segments without regard to financing methods, capital structure, or historical cost basis.

    Beginning with financial results reported for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA also exclude our portion of interest, taxes, and depreciation expense from our refining and logistics investments acquired on June 1, 2023, as part of the Billings Acquisition.

    Beginning with financial results reported for the fourth quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA excludes all hedge losses (gains) associated with our Washington ending inventory and LIFO layer increment impacts associated with our Washington inventory. In addition, we have modified our environmental obligation mark-to-market adjustment to include only the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington Climate Commitment Act (“Washington CCA”) and Clean Fuel Standard. This modification was made as part of our change in how we estimate our environmental obligation liabilities.

    Beginning with financial results reported for the fourth quarter of 2023, Adjusted Net Income (loss) excludes unrealized interest rate derivative losses (gains) and all Laramie Energy related impacts with the exception of cash distributions. We have recast Adjusted Net Income (Loss) for prior periods when reported to conform to the modified presentation.

    Beginning with financial results reported for the first quarter of 2024, Adjusted Net Income (loss) also excludes other non-operating income and expenses. This modification improves comparability between periods by excluding income and expenses resulting from non-operating activities.

    Effective as of the fourth quarter of 2024, we have modified our definition of Adjusted Gross Margin, Adjusted Net Income (Loss) and Adjusted EBITDA to align the accounting treatment for deferred turnaround costs from our refining and logistics investments with our accounting policy. Under this approach, we exclude our share of their turnaround expenses, which are recorded as period costs in their financial statements, and instead defer and amortize these costs on a straight-line basis over the period estimated until the next planned turnaround. This modification enhances consistency and comparability across reporting periods.

    Adjusted Gross Margin

    Adjusted Gross Margin is defined as Operating income (loss) excluding:

    •   operating expense (excluding depreciation);
    •   depreciation and amortization (“D&A”);
    •   Par’s portion of interest, taxes, and D&A expense from refining and logistics investments;
    •   impairment expense;
    •   loss (gain) on sale of assets, net;
    •   Par’s portion of accounting policy differences from refining and logistics investments;
    •   inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
    •   Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard); and
    •   unrealized loss (gain) on derivatives.
         

    The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands):

    Three months ended December 31, 2024 Refining   Logistics   Retail
    Operating income (loss) $ (65,399 )   $ 24,772   $ 19,477
    Operating expense (excluding depreciation)   114,706       3,829     21,358
    Depreciation and amortization   24,524       7,140     2,566
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   456       1,101     —
    Inventory valuation adjustment   5,929       —     —
    Environmental obligation mark-to-market adjustments   (937 )     —     —
    Unrealized loss on commodity derivatives   9,220       —     —
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —     —
    Loss on sale of assets, net   8       —     —
    Adjusted Gross Margin (1) $ 92,363     $ 36,842   $ 43,401
                       
    Three months ended December 31, 2023 Refining   Logistics   Retail
    Operating income $ 174,038     $ 15,709   $ 14,594  
    Operating expense (excluding depreciation)   120,810       11,272     23,359  
    Depreciation and amortization   21,190       7,321     2,885  
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   765       952     —  
    Inventory valuation adjustment   (24,089 )     —     —  
    Environmental obligation mark-to-market adjustments   (15,672 )     —     —  
    Unrealized gain on commodity derivatives   (50,024 )     —     —  
    Loss (gain) on sale of assets, net   219       —     (308 )
    Adjusted Gross Margin (1) (2) $ 227,237     $ 35,254   $ 40,530  
                         
    Year Ended December 31, 2024 Refining   Logistics   Retail
    Operating income $ 17,412     $ 89,351   $ 64,800  
    Operating expense (excluding depreciation)   479,737       15,676     88,869  
    Depreciation and amortization   91,108       27,033     11,037  
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   2,493       3,651     —  
    Inventory valuation adjustment   (490 )     —     —  
    Environmental obligation mark-to-market adjustments   (19,136 )     —     —  
    Unrealized loss on commodity derivatives   43,281       —     —  
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —     —  
    Loss (gain) on sale of assets, net   8       124     (10 )
    Adjusted Gross Margin (1) $ 618,269     $ 135,835   $ 164,696  
                         
    Year Ended December 31, 2023 Refining   Logistics   Retail
    Operating income $ 676,161     $ 69,744   $ 56,603  
    Operating expense (excluding depreciation)   373,612       24,450     87,525  
    Depreciation and amortization   81,017       25,122     11,462  
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   1,586       1,857     —  
    Inventory valuation adjustment   102,710       —     —  
    Environmental obligation mark-to-market adjustments   (189,783 )     —     —  
    Unrealized gain on commodity derivatives   (50,511 )     —     —  
    Loss (gain) on sale of assets, net   219       —     (308 )
    Adjusted Gross Margin (1) (2) $ 995,011     $ 121,173   $ 155,282  

    _______________________________________

    (1) For the three months and years ended December 31, 2024 and 2023, there was no impairment expense in Operating income.
    (2) For the three months and year ended December 31, 2023, there was no impact in Operating income from accounting policy differences at our refining and logistics investments.
       

    Adjusted Net Income (Loss) and Adjusted EBITDA

    Adjusted Net Income (Loss) is defined as Net income (loss) excluding:

    •   inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
    •   Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);
    •   unrealized (gain) loss on derivatives;
    •   acquisition and integration costs;
    •   redevelopment and other costs related to Par West;
    •   debt extinguishment and commitment costs;
    •   increase in (release of) tax valuation allowance and other deferred tax items;
    •   changes in the value of contingent consideration and common stock warrants;
    •   severance costs and other non-operating expense (income);
    •   (gain) loss on sale of assets;
    •   impairment expense;
    •   impairment expense associated with our investment in Laramie Energy;
    •   Par’s share of equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions; and
    •   Par’s portion of accounting policy differences from refining and logistics investments.

    Adjusted EBITDA is defined as Adjusted Net Income (Loss) excluding:

    •   D&A;
    •   interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain);
    •   cash distributions from Laramie Energy, LLC to Par;
    •   Par’s portion of interest, taxes, and D&A expense from refining and logistics investments; and
    •   income tax expense (benefit) excluding the increase in (release of) tax valuation allowance.
         

    The following table presents a reconciliation of Adjusted Net Income (Loss) and Adjusted EBITDA to the most directly comparable GAAP financial measure, net income (loss), on a historical basis for the periods indicated (in thousands):        

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Net income (loss) $ (55,695 )   $ 289,324     $ (33,322 )   $ 728,642  
    Inventory valuation adjustment   5,929       (24,089 )     (490 )     102,710  
    Environmental obligation mark-to-market adjustments   (937 )     (15,672 )     (19,136 )     (189,783 )
    Unrealized loss (gain) on derivatives   8,729       (48,539 )     42,485       (49,690 )
    Acquisition and integration costs   32       269       100       17,482  
    Par West redevelopment and other costs   3,500       2,907       12,548       11,397  
    Debt extinguishment and commitment costs   270       1,500       1,688       19,182  
    Changes in valuation allowance and other deferred tax items (1)   (12,553 )     (126,219 )     (3,315 )     (126,219 )
    Severance costs and other non-operating expense (2)   154       100       14,802       1,785  
    Loss (gain) on sale of assets, net   108       (59 )     222       (59 )
    Equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions   3,163       (14,279 )     1,781       (14,279 )
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —       3,856       —  
    Adjusted Net Income (Loss) (3) (4)   (43,444 )     65,243       21,219       501,168  
    Depreciation and amortization   34,911       31,943       131,590       119,830  
    Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain)   21,564       18,991       83,589       71,629  
    Laramie Energy, LLC cash distributions to Par   —       —       (1,485 )     (10,706 )
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   1,557       1,717       6,144       3,443  
    Income tax expense (benefit)   (3,639 )     4,142       (2,381 )     10,883  
    Adjusted EBITDA (3) $ 10,949     $ 122,036     $ 238,676     $ 696,247  

    _______________________________________

    (1) For the three months and year ended December 31, 2024, we recognized a non-cash deferred tax benefit of $12.6 million and $3.3 million, respectively. This tax benefit is included in Income tax expense (benefit) on our consolidated statements of operations. For the three months and year ended December 31, 2023, we recognized a non-cash deferred tax benefit of $126.2 million primarily related to the release of a majority of the valuation allowance against our federal net deferred tax assets.
    (2) For the year ended December 31, 2024, we incurred $13.1 million of stock-based compensation expenses associated with accelerated vesting of equity awards and modification of vested equity awards related to our CEO transition and $0.8 million for a legal settlement unrelated to current operating activities.
    (3) For the three months and years ended December 31, 2024 and 2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference. Please read the Non-GAAP Performance Measures discussion above for information regarding changes to the components of Adjusted Net Income (Loss) and Adjusted EBITDA made during the reporting periods.
    (4) For the three months and year ended December 31, 2023, there was no impact in Operating income from accounting policy differences at our refining and logistics investments.
       

     

    The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) per share (in thousands, except per share amounts):

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023     2024     2023
    Adjusted Net Income (Loss) $ (43,444 )   $ 65,243   $ 21,219   $ 501,168
    Plus: effect of convertible securities   —       —     —     —
    Numerator for diluted income (loss) per common share $ (43,444 )   $ 65,243   $ 21,219   $ 501,168
                   
    Basic weighted-average common stock shares outstanding   55,252       59,403     56,775     60,035
    Add dilutive effects of common stock equivalents (1)   —       1,206     657     979
    Diluted weighted-average common stock shares outstanding   55,252       60,609     57,432     61,014
                   
    Basic Adjusted Net Income (Loss) per common share $ (0.79 )   $ 1.10   $ 0.37   $ 8.35
    Diluted Adjusted Net Income (Loss) per common share $ (0.79 )   $ 1.08   $ 0.37   $ 8.21

    _______________________________________

    (1) Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. We have utilized the basic shares outstanding to calculate both basic and diluted Adjusted Net Loss per common share for the three months ended December 31, 2024.
       

    Adjusted EBITDA by Segment

    Adjusted EBITDA by segment is defined as Operating income (loss) excluding:

    •   D&A;
    •   inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
    •   Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);
    •   unrealized (gain) loss on derivatives;
    •   acquisition and integration costs;
    •   redevelopment and other costs related to Par West;
    •   severance costs and other non-operating expense (income);
    •   (gain) loss on sale of assets;
    •   impairment expense;
    •   Par’s portion of interest, taxes, and D&A expense from refining and logistics investments; and
    •   Par’s portion of accounting policy differences from refining and logistics investments.
         

    Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below operating income (loss) on our condensed consolidated statements of operations.

    The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, operating income (loss) by segment, on a historical basis, for selected segments, for the periods indicated (in thousands):

      Three Months Ended December 31, 2024
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $ (65,399 )   $ 24,772   $ 19,477   $ (25,809 )
    Depreciation and amortization   24,524       7,140     2,566     681  
    Inventory valuation adjustment   5,929       —     —     —  
    Environmental obligation mark-to-market adjustments   (937 )     —     —     —  
    Unrealized loss on commodity derivatives   9,220       —     —     —  
    Acquisition and integration costs   —       —     —     32  
    Par West redevelopment and other costs   —       —     —     3,500  
    Severance costs and other non-operating expense   —       —     154     —  
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —     —     —  
    Loss on sale of assets, net   8       —     —     100  
    Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments   456       1,101     —     —  
    Other loss, net   —       —     —     (422 )
    Adjusted EBITDA (1) $ (22,343 )   $ 33,013   $ 22,197   $ (21,918 )
                               
      Three Months Ended December 31, 2023
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $ 174,038     $ 15,709   $ 14,594     $ (29,043 )
    Depreciation and amortization   21,190       7,321     2,885       547  
    Inventory valuation adjustment   (24,089 )     —     —       —  
    Environmental obligation mark-to-market adjustments   (15,672 )     —     —       —  
    Unrealized gain on commodity derivatives   (50,024 )     —     —       —  
    Acquisition and integration costs   —       —     —       269  
    Par West redevelopment and other costs   —       —     —       2,907  
    Severance costs and other non-operating expenses   100       —     —       —  
    Loss (gain) on sale of assets, net   219       —     (308 )     30  
    Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments   765       952     —       —  
    Other loss, net   —       —     —       (354 )
    Adjusted EBITDA (1) (2) $ 106,527     $ 23,982   $ 17,171     $ (25,644 )
                                 
      Year Ended December 31, 2024
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $ 17,412     $ 89,351   $ 64,800     $ (123,935 )
    Depreciation and amortization   91,108       27,033     11,037       2,412  
    Inventory valuation adjustment   (490 )     —     —       —  
    Environmental obligation mark-to-market adjustments   (19,136 )     —     —       —  
    Unrealized loss on commodity derivatives   43,281       —     —       —  
    Acquisition and integration costs   —       —     —       100  
    Severance costs and other non-operating expenses   642       —     154       14,006  
    Par West redevelopment and other costs   —       —     —       12,548  
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —     —       —  
    Loss (gain) on sale of assets, net   8       124     (10 )     100  
    Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments   2,493       3,651     —       —  
    Other loss, net   —       —     —       (1,869 )
    Adjusted EBITDA (1) $ 139,174     $ 120,159   $ 75,981     $ (96,638 )
                                 
      Year Ended December 31, 2023
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $         676,161             $         69,744           $         56,603             $         (122,502 )
    Depreciation and amortization           81,017                       25,122                     11,462                       2,229          
    Inventory valuation adjustment           102,710                       —                     —                       —          
    Environmental obligation mark-to-market adjustments           (189,783 )             —                     —                       —          
    Unrealized gain on commodity derivatives           (50,511 )             —                     —                       —          
    Acquisition and integration costs           —                       —                     —                       17,482          
    Severance costs and other non-operating expenses           100                       —                     580                       1,105          
    Par West redevelopment and other costs           —                       —                     —                       11,397          
    Loss (gain) on sale of assets, net           219                       —                     (308 )             30          
    Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments           1,586                       1,857                     —                       —          
    Other loss, net           —                       —                     —                       (53 )
    Adjusted EBITDA (1) (2) $         621,499             $         96,723           $         68,337             $         (90,312 )

    _______________________________________

    (1) For the three months and years ended December 31, 2024 and 2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference.
    (2) For the three months and year ended December 31, 2023, there was no impact in Operating income (loss) from accounting policy differences at our refining and logistics investments.
       

    Laramie Energy Adjusted EBITDAX

    Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative loss (gain), loss (gain) on settled derivative instruments, interest expense, gain on extinguishment of debt, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, exploration and geological and geographical expense, bonus accrual, equity-based compensation expense, loss (gain) on disposal of assets, phantom units, and expired acreage (non-cash). We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy.

    The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Net income (loss) $ (11,250 )   $ 42,538     $ (15,546 )   $ 96,586  
    Commodity derivative (income) loss   4,766       (40,338 )     (11,055 )     (73,289 )
    Loss on settled derivative instruments   389       1,594       14,609       161  
    Interest expense and loan fees   4,845       5,366       20,628       20,108  
    Gain on extinguishment of debt   —       —       —       6,644  
    Non-cash preferred dividend   —       —       —       2,910  
    Depreciation, depletion, amortization, and accretion   8,158       7,714       32,841       30,179  
    Phantom units   3,328       2,325       2,825       5,496  
    Loss (gain) on sale of assets, net   —       —       (8 )     307  
    Expired acreage (non-cash)   770       441       1,492       553  
    Total Adjusted EBITDAX (1) $ 11,006     $ 19,640     $ 45,786     $ 89,655  

    _______________________________________

    (1) For the three months and years ended December 31, 2024 and 2023, there was no exploration and geological and geographical expense, bonus accrual, or equity-based compensation expense.

    The MIL Network –

  • MIL-OSI: BlackLine Announces Participation in Upcoming Investor Conferences

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 25, 2025 (GLOBE NEWSWIRE) — BlackLine, Inc. (Nasdaq: BL) today announced that BlackLine’s management team will participate in the following upcoming investor conferences:

    The Citizens JMP Technology Conference
    Tuesday, March 4, 2025
    Presentation time: 2:00 PM PT
    Location: San Francisco, CA

    Morgan Stanley Technology, Media & Telecom Conference
    Wednesday, March 5, 2025
    Presentation time: 1:50 PM PT
    Location: San Francisco, CA

    The webcasts will be available on BlackLine’s investor relations website at https://investors.blackline.com.

    About BlackLine

    BlackLine is the intelligent financial data platform that powers the modern Office of the CFO. As the central nervous system for financial data, BlackLine seamlessly connects systems, automates workflows, and orchestrates the complex flow of financial information across the enterprise. By transforming raw transactions into strategic insights, BlackLine empowers finance & accounting teams to achieve future-ready financial operations that are accurate, efficient, and intelligent.

    Investor Relations Contact:

    Matt Humphries, CFA
    matt.humphries@blackline.com

    The MIL Network –