NewzIntel.com

Category: Economy

  • MIL-OSI Australia: Western Sydney gets its first truck rest stop

    Source: Australian Ministers 1

    Truck drivers travelling across Sydney will soon be able to stop at the city’s first dedicated heavy vehicle rest area, with the Australian and NSW governments identifying a six-hectare piece of land located close to a key junction of the motorway network.

    The Albanese and Minns Labor Governments will each contribute $40 million as a first step towards transforming the greenfield site at Eastern Creek into a purpose-built rest stop where truckies can shower and take a break from the road.

    Developing the first dedicated truck stop in Western Sydney was an election commitment by NSW Labor, and the Eastern Creek site will deliver a much-needed rest area for truck drivers between Pheasants Nest to the south of Sydney and Wyong to the north – a distance of 180 kilometres and nearly two hours driving.

    The site is located five minutes from the M7 and ten minutes from the M4 and will be of particular benefit to drivers hauling freight through Sydney between Victoria and Queensland.

    A survey of 800 truckies – overwhelmingly long-haul drivers of B-doubles and semi-trailers – found safety and security was their highest priority for a rest area, as well as the provision of separate toilet and shower facilities for female drivers.

    Based on driver feedback and industry consultation, the rest area will provide flushing toilets, clean drinking water, hot showers, ample available parking including secluded bays for sleeping, and shaded areas for time outside the truck cabin.

    The new rest stop will provide space for a range of heavy vehicles, including oversize overmass, and it will give truckies a safe and accessible area to rest and mange fatigue as part of their journey.

    For more information click here Heavy Vehicle Rest Stopping Improvements | Transport for NSW

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

    “The safety of our truckies is a priority of our government and improving the number and quality of heavy vehicle rest areas is critical for that.

    “We’ve listened to our truck drivers, and will deliver what they’ve asked for – shelter, toilets, hot showers, drinking water, shade and bays to sleep.

    “These are things that we often take for granted at our own workplace but are not easily accessible for our truckies while they are working on the road.

    “Availability of adequate rest areas helps truckies to better manage fatigue and avoid incidents on the road, ultimately saving lives.”

    Quotes attributable to NSW Minister for Transport and Roads John Graham:

    “Sydney has a reputation for being Australia’s least friendly city for truck drivers. We are changing that.

    “Truckies are the backbone of our economy and they deserve a place in Sydney to rest and recharge. It was our promise to deliver a dedicated truck rest area in Western Sydney and identifying this six-hectare site is the critical step.

    “This land is close by the heart of the motorway network where the M7 and the M4 meet at Eastern Creek making it the ideal site.

    “At the moment there is a 180-kilometre gap from the southern outskirts of Sydney to the Central Coast in which truck drivers must make do with service stations and local roads to get a break. This is not fair.

    “By ensuring our truck drivers are well-rested we are also ensuring the safest possible motorway network for all drivers.”

    Quotes attributable to Federal Member for McMahon Chris Bowen:

    “We know that Western Sydney is the beating heart of Australia’s economy.

    “The Eastern Creek industrial complex is the largest in the Southern Hemisphere.

    “That requires measures to ensure that local truckies stay safe when delivering for our community.

    “This is what the community wanted, and we’re delivering”.

    Quotes attributable to the Steering Committee Chair Senator Glenn Sterle:

    “The Australian Government’s Heavy Vehicle Rest Area initiative aims to increase heavy vehicle user safety and productivity through vital new and upgraded rest areas across their journey.

    “We want to keep our truck drivers and communities safe and these new and upgraded rest stops will help drivers reduce their fatigue as they keep goods moving across the country.”

    MIL OSI News –

  • MIL-OSI: BlackRock® Canada Announces Final February Cash Distributions for the iShares® Premium Money Market ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 24, 2025 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the final February 2025 cash distributions for the iShares Premium Money Market ETF. Unitholders of record on February 25, 2025 will receive cash distributions payable on February 28, 2025.

    Details regarding the final “per unit” distribution amounts are as follows:

    Fund Name Fund
    Ticker    		 Cash
    Distribution
    Per Unit
    iShares Premium Money Market ETF CMR $0.123

    Further information on the iShares ETFs can be found at http://www.blackrock.com/ca.

    About BlackRock
    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @BlackRockCA

    About iShares ETFs
    iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.2 trillion in assets under management as of December 31, 2024, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

    iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

    Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.  

    Contact for Media:
    Sydney Punchard
    Email: Sydney.Punchard@blackrock.com

    The MIL Network –

  • MIL-OSI USA: Hickenlooper, Bennet, Colleagues Reintroduce Bill to Combat Wildfires, Drought Across the West

    US Senate News:

    Source: United States Senator for Colorado John Hickenlooper
    Protect the West Act would invest $60 billion to reduce wildfire risks, restore watersheds, and protect communities
    WASHINGTON – Today, U.S. Senators John Hickenlooper, Michael Bennet, Ron Wyden, Ruben Gallego, and Jacky Rosen reintroduced the Protect the West Act, which invests $60 billion in forests across the West to reduce wildfire risk, restore watersheds, protect communities, and decrease the cost of fighting wildfires.
    “Colorado’s forests, grasslands, and waterways are the bedrock of our outdoor economy,” said Hickenlooper. “Every effort we make to prevent wildfires and mitigate the impact of climate change is an investment in Colorado’s future.”
    “In the West, our forests, grasslands, and watersheds are essential to our economy and way of life. But they are under threat from the worsening effects of climate change and consistent underinvestment from the federal government,” said Bennet. “As we face a 1,200-year megadrought and wildfire season that never seems to end, we need to break from the status quo and invest in the restoration of our forests and public lands to meet this challenge. We have no time to waste.”
    “Climate change is threatening our way of life in Colorado. We must act,” said Crow. “The Protect the West Act would help combat intensifying wildfires and help better protect Colorado communities.”
    “With summers getting dryer and hotter, the West and Oregon’s treasured lands are a tinderbox waiting to light ablaze,” said Wyden. “In my town halls, I’ve heard countless Oregonians fearing for their health and safety while struggling to maintain their economic livelihood as severe drought and wildfires wreak more havoc on their communities every year. More investments are needed to protect our forests and watersheds so local communities across the West are healthy and can have the opportunity to explore its beautiful natural treasures for generations.”
    “In Arizona and across the West, we face a rapidly growing backlog of projects for wildfire mitigation, drought resilience, and land restoration,” said Gallego. “I’m proud to help introduce the Protect the West Act which will finally give states and tribes the tools they need to take on these projects, all while creating good-paying jobs and boosting rural economies.”
    “Nevada’s forests and public lands are increasingly susceptible to wildfires, drought, and other extreme weather events. We need to do everything we can to protect our communities from the damage caused by these disasters and bolster our ability to recover,” said Rosen. “This critical legislation will support Nevada’s wildfire mitigation and restoration efforts, helping to keep Nevadans safe. I’ll always work to ensure Nevada has the resources it needs to fight wildfires and other weather-related events.”
    In the West, our strong outdoor rec industry and our agricultural communities depend on healthy lands, forests, and waterways. Increasingly frequent wildfires threaten those communities and our economy.
    Currently, the federal government spends approximately $2.9 billion to fight wildfires every year, with costs expected to increase by a billion by 2050. Already, the U.S. spent nearly $48 billion fighting wildfires over the last five years.
    Preventing wildfires before they even start is thirty times more cost-effective. Investing in fire mitigation and making our communities more resilient will save taxpayers money by reducing response and recovery costs.
    Specifically, the Protect the West Act would:
    Establish an Outdoor Restoration & Watershed Fund to better support local efforts to restore forests and watersheds, reduce wildfire risk, clean up public lands, enhance wildlife habitat, remove invasive species, and expand outdoor access
    Establish an advisory council of local, industry, conservation, Tribal, and national experts to advise funding priorities, coordinate with existing regional efforts, and provide oversight
    Empower local leaders by making $20 billion directly available to state and local governments, Tribes, special districts, and nonprofits to support restoration, drought resilience, and fire mitigation projects
    Partner with states and Tribes to invest $40 billion to tackle the backlog of restoration, fire mitigation, and resilience projects
    Create or sustain over two million good-paying jobs, primarily in rural areas, to support existing industries like forest product, agriculture, and outdoor recreation
    Save landowners and local governments money by investing in wildfire prevention and natural hazard mitigation.
    “The Protect the West Act is a significant investment in Colorado’s natural resources and Colorado is proud to support its reintroduction in the US Senate,” said Dan Gibbs, Executive Director, Colorado State Department of Natural Resources. “As Colorado experiences drought and continued threats from devastating wildfires, now is the time to invest in Colorado’s forests, watersheds, and landscapes that drive economic activity across the west, employ thousands of Americans, and provide environmental and ecological benefits to our communities and wildlife.”
    “One of the greatest threats to our Tribal lands are the devastating wildfires caused by the extreme drought conditions in the western United States,”said the Southern Ute Indian Tribe. “Sen. Bennet’s Protect the West Act will provide much needed investment in conservation, restoration and wildfire mitigation. A key component of this legislation is Sen. Bennet’s recognition of the importance that Tribes have in land use and regulation, assuring that funds will be made available directly to Tribes for maintenance of our forests, watersheds and rangeland. Moreover, he assures that Tribes will have a seat at the table in determining the distribution of funds, ensuring that there will be a tribal representative working alongside our state and federal partners on the Restoration Fund Advisory Council. We thank Sen. Bennet for introduction of this important legislation and look forward to its swift passage in Congress.”
    “Healthy watersheds face numerous challenges, including increasing drought, longer and hotter fire seasons, disconnected watersheds and degraded streams that no longer support healthy fisheries. The most effective way to tackle this challenge is through partnerships and collaborative conservation at the landscape scale,” said Chris Wood, President and CEO of Trout Unlimited. “The Protect the West Act would foster collaboration and provide resources for public-private partnerships to restore lands and waters across multiple jurisdictions, creating jobs and better fishing along the way. We thank Senator Bennet for his leadership and vision to restore our lands and waters at the scope and scale that will make a difference for future generations.”
    “The Colorado River District’s highest priority is to protect the water security of Western Colorado. Water security starts with our forests,” said Andy Mueller, General Manager, Colorado River District. “Our largest source of water is the snowpack that develops in our forests above 9,000 feet in elevation, mostly on federal lands. Sen. Michael Bennet’s $60 billion Protect the West Act proposal is a direct water security initiative through the funding of proactive watershed protection actions. These actions would help prevent catastrophic fires and start restoration work where warming temperatures and fires have already done harm. It’s noteworthy that $20 billion will be available to fund projects generated at the state and local levels. We applaud Senator Bennet for advocating for important western priorities in the Senate.”
     “I support the Senator’s Protect the West Act. This is a great first step in recognizing and acknowledging the problem that was created over 30 years ago,” said Merrit Linke, Grand County Commissioner. “The lack of proactive management and the ‘hands-off’ approach is now clearly having devastating effects on our communities, forest health and sustainable watersheds. This bill addresses this problem, provides much needed funding, and hopefully is the beginning of a new era in resource management. Now it is time to get to work.”
     “As Western communities continue to face the threats and the impacts of the climate crisis, now is the time to pursue initiatives that will help us become more resilient,” said Jon Goldin-Dubois, President of Western Resource Advocates. “The Protect the West Act will provide critical resources to help Western states mitigate wildfire, restore forests, improve air and water quality, and advance equity, all while pumping billions of dollars into local economies and supporting millions of good-paying jobs; it’s a true win-win. We applaud Senator Bennet for his leadership and look forward to supporting this legislation to build a more resilient West.”
    “Healthy forests support fish and wildlife habitat and outdoor access important to hunters, anglers, and recreationists in Colorado and across the nation,” said Joel Pedersen, CEO, Theodore Roosevelt Conservation Partnership. “However, decades of inadequate funding for forest management have placed a strain on the National Forest System that will require active management and sustained funding to increase workforce capacity. Further, these investments will help to ensure we’re better prepared to address the growing risks associated with wildfire.  The TRCP applauds the proactive investments in our forests and watersheds and the additional resources for growing the forest management workforce provided through the Protect the West Act.”
    The bill is supported by: The National Wildlife Federation, the Southern Ute Indian Tribe, National Association of State Foresters, The Freshwater Trust, American Forests, National Wild Turkey Federation, National Audubon Society, Family Farm Alliance, Theodore Roosevelt Conservation Partnership, Western Landowners Alliance, Western Resource Advocates, Trout Unlimited, and Conservation Legacy.
    U.S. Representative Jason Crow introduced companion legislation in the House.
    The full text of the bill is available HERE.

    MIL OSI USA News –

  • MIL-OSI: Xtract One Announces Fiscal 2025 Second Quarter Conference Call

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 24, 2025 (GLOBE NEWSWIRE) — Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) (“Xtract One” or the “Company”), a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, today announced that it will release fiscal 2025 second quarter results after the close of trading on March 12, 2025. Peter Evans, Xtract One CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will host a webcast and conference call at 10:00 a.m. Eastern Time the following day, March 13, 2025, to review the three months ended January 31, 2025.

    The webcast and presentation will be accessible on the company’s website, and the telephone number for the conference call is 844-481-3016 (412-317-1881 for international callers). Management will provide an overview of the interim financial results along with management’s outlook for the business, followed by a question-and-answer period.

    About Xtract One Technologies
    Xtract One Technologies is a leading technology-driven threat detection and security solution leveraging AI to provide seamless and secure patron access control experiences. The Company makes unobtrusive weapons and threat detection systems that are designed to assist facility operators in prioritizing- and delivering improved “Walk-right-In” experiences while enhancing safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, Twitter, and LinkedIn. 

    About Threat Detection and Security Solutions
    Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today’s world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security.

    For further information, please contact:
    Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com    
    Media Contact: Kristen Aikey, JMG Public Relations, 212-206-1645, kristen@jmgpr.com
    Investor Relations: Chris Witty, Darrow Associates, 646-438-9385, cwitty@darrowir.com

    The MIL Network –

  • MIL-OSI Video: EU reaffirms unwavering support to Ukraine on anniversary of invasion

    Source: European Commission (video statements)

    Press Conference of the International Summit on the Support of Ukraine in Kyiv: The EU has provided almost €135 billion in support to Ukraine, including economic, military, financial, and humanitarian aid. It continues to work with international partners to ensure sustained support and hold Russia accountable.

    Hard-hitting sanctions have significantly weakened Russia’s economy and war capabilities. The EU is also working to ensure those responsible for war crimes face justice through the International Centre for the Prosecution of the Crime of Aggression against Ukraine in The Hague.
    Peace, reconstruction, and Ukraine’s European future

    Watch on the Audiovisual Portal of the European Commission: https://audiovisual.ec.europa.eu/en/video/I-268157
    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Check our website: http://ec.europa.eu/

    https://www.youtube.com/watch?v=ROExnWR2Re4

    MIL OSI Video –

  • MIL-OSI: Spartan Capital Securities Names Brian Duddy as Head of Capital Markets

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, Feb. 24, 2025 (GLOBE NEWSWIRE) — Spartan Capital Securities, LLC is pleased to announce that Brian Duddy has been promoted from Director of Equities to Head of Capital Markets. With over 30 years of experience in Capital Markets, Equity Sales, and Trading, Brian has played a key role in driving institutional engagement and executing complex transactions.

    Prior to joining Spartan Capital, Mr. Duddy held senior positions at leading financial institutions, including William Blair, where he opened the firm’s first New York office and became a partner in the Equity Sales & Trading Group. His extensive background includes roles at DLJ, Cowen, and Soleil Securities, where he worked closely with major hedge funds and institutional investors, facilitating large block trades, overnight transactions, and placing IPOs and Secondary Offerings with his clients.

    Spartan Capital Securities’ Founder and CEO, John Lowry, commented: “Brian Duddy’s expertise and leadership continue to strengthen Spartan’s presence in Capital Markets. His deep institutional relationships and ability to execute complex transactions make him a tremendous asset to our firm and clients. We look forward to his continued contributions.”

    About Spartan Capital Securities, LLC (SCS):

    Spartan Capital Securities, LLC is a full-service, integrated financial services firm that provides sound investment guidance for high-net-worth individuals and institutions. Their in-depth market knowledge, calculated risk management strategy, and investment acumen have earned them a strong reputation as trusted financial advisors. Spartan Capital’s experienced investment professionals provide highly customized personal service, tailoring an asset allocation program to enable each client to meet their financial goals. Spartan Capital also offers advisory and insurance services through its affiliates, Spartan Capital Private Wealth Management, LLC, and Spartan Capital Insurance Services, LLC.

    For inquiries, contact: info@spartancapital.com

    John D. Lowry
    Spartan Capital Securities
    +1 (212) 293-0123

    The MIL Network –

  • MIL-OSI: Alaris Equity Partners Provides Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN THE UNITED STATES.
    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

    CALGARY, Alberta, Feb. 24, 2025 (GLOBE NEWSWIRE) — (all numbers in this release are in US dollars (US$) unless otherwise noted) Alaris Equity Partners Income Trust (the “Trust“) (TSX: AD.UN) is pleased to announce that its subsidiary, Alaris Equity Partners USA Inc. (collectively, with the Trust and its other subsidiaries, “Alaris“) has made an investment of $21.0 million into Berg Demo Holdings, LLC (“Berg“) (the “Berg Investment”) and $61.1 million into Professional Electric Contractors of Connecticut, Inc. (“PEC“) (the “PEC Investment“). Alaris is also pleased to announce the redemption of Alaris’ investment in Unify Consulting LLC (“Unify“), which closed in December, and resulted in gross proceeds of $12.3 million to Alaris (the “Unify Redemption“).

    “A productive start to 2025 with the closing of two new partnerships and the successful exit of another. Berg and PEC both signify the forming of partnerships with very strong entrepreneurs. David Berg and Jim Bisson from Berg and PEC respectively are exactly what we look for in partners. Long track records of success and a strong passion to continue to grow their businesses. Both partners have the capacity and desire to grow through acquisitions in addition to continued organic growth.

    I’d like to thank Darren Alger and his team at Unify for a wonderful eight years as our partner. Alaris originally funded a management buyout for Darren and we are proud of how well he has done as majority owner. Crystallizing another investment with an IRR of 20% is also an excellent result for our management team,” said Steve King, Chief Executive Officer, Alaris.

    Berg Investment

    The Berg Investment consists of: (i) $17.15 million (the “Berg Preferred Contribution“) of preferred equity, entitling Alaris to an initial annualized distribution of $2.40 million (the “Berg Distribution“); and (ii) $3.85 million (the “Berg Common Equity“) for a minority common equity ownership in Berg. The Berg Distribution will reset annually based on the percentage change in gross profit, subject to a collar of +/- 7%.

    Berg has an earnings coverage ratio between 1.5x and 2.0x based on Berg’s trailing twelve-month financial results and giving effect to certain other changes to Berg’s capital structure. The Berg Investment will be used for capital investment and to provide partial liquidity to equity holders.

    “We are thrilled to partner with Alaris, a partnership that strengthens our leadership team’s ability to drive future growth. As a third-generation demolition, scrap, and hazardous materials company, Berg has built a legacy of excellence. With Alaris’s strategic support and expertise, we are confident that Berg will continue to thrive as an industry leader for generations to come,” said David Berg, Founder, Berg.

    Berg is a leading demolition solutions provider serving public, commercial and industrial end markets in the Baltimore and DC, Maryland & Virginia (“DMV”) metropolitan area in the United States. Founded in 1998 by David Berg and headquartered in Baltimore, MD, Berg has become the preeminent hazardous material abatement, selective structural and building razing operation in the region.

    PEC Investment

    The PEC Investment of $61.1 million consists of a $37.0 million investment in debt and preferred equity (the “PEC Contribution“) as well as an investment of $24.1 million in exchange for a minority common equity ownership in PEC (the “PEC Common Equity“). Included within the $37.0 million PEC Contribution is $10.0 million of preferred equity redeemable at par. The PEC Contribution will result in an annualized cash distribution to Alaris of $5.18 million (the “PEC Distribution“), an initial combined annual yield of 14% and will reset annually +/- 7% based on changes in PEC’s revenue. The proceeds from the PEC Investment were used for partial liquidity to existing PEC shareholders.

    PEC has an earnings coverage ratio between 1.5x and 2.0x, based on PEC’s trailing twelve-month financial results and giving effect to changes to PEC’s capital structure following the Alaris investment.

    “When we first met Alaris, we liked their people and their unique model immediately; Alaris’ combination of financial strength and M&A acumen will allow us to focus on growth, while their approach recognizes our desire to protect and preserve PEC’s culture, which has always been a competitive advantage and our defining attribute,” said Jim Bisson, Jr., President and Chief Executive Officer, PEC.

    PEC is a full-service electrical contracting firm with a broad range of capabilities ranging from commercial installations, historical structural retrofits and large scale Photovoltaic (PV) projects. In addition, through its subsidiary North American Renewables, Inc, PEC is a leading solar engineering, procurement and construction (“EPC”) contractor. PEC serves the Greater New England and New York area.

    Unify Redemption

    Alaris successfully exited its partnership with Unify after eight years resulting in total gross proceeds over the life of the investment of CAD$51.6 million. Alaris’ total return on the Unify investment is CAD$38.6 million, equating to an unlevered IRR of 20% and MOIC of 1.9x.

    Following the Berg and PEC Investment, and the Unify Redemption, Alaris will have approximately CA$412.9 million drawn on its senior credit facility (the “Facility“) and $87.1 million available for investment purposes while the total senior debt to EBITDA on a proforma basis is approximately 2.43x. Alaris estimates its run rate payout ratio to be approximately 57.6% following today’s announcement.

    About Alaris:

    The Trust, through its subsidiaries, invests in a diversified group of private businesses (“Private Company Partners“) primarily through structured equity. The primary goal of our structured equity investments is to deliver stable and predictable returns to our unitholders through both cash distributions and capital appreciation. This strategy is enhanced by common equity positions, which allow us to generate returns in alignment with the founders of our Private Company Partners.

    NON-IFRS MEASURES:

    Earnings Coverage Ratio refers to the Normalized EBITDA of a Partner divided by such Partner’s sum of debt servicing (interest and principal), unfunded capital expenditures and distributions to Alaris. Management believes the earnings coverage ratio is a useful metric in assessing our partners continued ability to make their contracted distributions.

    Normalized EBITDA refers to EBITDA excluding items that are non-recurring in nature and is calculated by adjusting for non-recurring expenses and gains to EBITDA. Management deems non-recurring charges to be unusual and/or infrequent charges that our Partners incur outside of its common day-to-day operations.

    EBITDA refers to earnings determined in accordance with IFRS, before depreciation and amortization, net of gain or loss on disposal of capital assets, interest expense and income tax expense. EBITDA is used by management and many investors to determine the ability of an issuer to generate cash from operations.

    IRR is a supplementary financial measure and refers to internal rate of return, which is a metric used to determine the discount rate that derives a net present value of cash flows to zero. Management uses IRR to analyze partner returns. The Trust’s method of calculating this supplementary financial measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures by other issuers.

    MOIC is a supplementary financial measure and refers to multiple of capital invested, which is a financial metric used to evaluate the value of an investment relative to the initial capital. Management uses MOIC to analyze partner returns. The Trust’s method of calculating this supplementary financial measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures by other issuers.

    The terms Earnings Coverage Ratio, Normalized EBITDA, EBITDA, IRR and MOIC (the “Non-IFRS Measures“) are not standard measures under IFRS. Alaris’ calculation of the Non-IFRS Measures may differ from those of other issuers and, therefore, should only be used in conjunction with the Trust’s annual audited and unaudited interim financial statements, which are available under the Trust’s (and its predecessor’s) profile on SEDAR+ at www.sedarplus.ca.

    FORWARD LOOKING STATEMENTS

    This news release contains forward-looking statements, including forward-looking statements within the meaning of “safe harbor” provisions under applicable securities laws (“forward-looking statements”). Statements other than statements of historical fact contained in this news release may be forward-looking statements, including, without limitation, management’s expectations, intentions and beliefs concerning the Berg and PEC Investments and the Unify redemption. Many of these statements can be identified by words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. Forward looking statements in this news release include, without limitation, statements regarding: the annualized distributions for the Berg and PEC Investments; the earnings coverage ratios for Berg and PEC; and Alaris’ outstanding indebtedness and use of the balance of the Facility. Any forward-looking statements herein which constitute a financial outlook or future-oriented financial information (including the impact on Run Rate Payout Ratio) were approved by management as of the date hereof and have been included to provide an understanding of Alaris’ financial performance and are subject to the same risks and assumptions disclosed herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.

    By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of the Canadian and U.S. economies over the next 24 months and how that will affect Alaris’ business and that of its Partners are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: interest rates will not rise in a matter materially different from the prevailing market expectations over the next 12 to 24 months; no widespread global health crisis will impact the economy or any Partners’ operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; the businesses of new Partners and those of existing partners will perform in line with Alaris’ expectations and diligence; more private companies will require access to alternative sources of capital and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms. Management of Alaris has also assumed that the Canadian and U.S. dollar trading pair will remain in a range of approximately plus or minus 15% of the current rate expectations over the next 6 months. In determining expectations for economic growth, management of Alaris primarily considers historical economic data provided by the Canadian and U.S. governments and their agencies as well as prevailing economic conditions at the time of such determinations.

    Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to: the ability of our Partners and, correspondingly, Alaris to meet performance expectations for 2025 and beyond; any change in the senior lenders’ outlook for Alaris’ business; management’s ability to assess and mitigate the impacts of any local, regional, national or international health crises like COVID-19 or its variants; the dependence of Alaris on the Partners; reliance on key personnel; general economic conditions in Canada, North America and globally; failure to complete or realize the anticipated benefit of Alaris’ financing arrangements with the Partners; a failure of the Trust or any Partners to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions in a timely fashion, or at all; a change in the ability of the Partners to continue to pay Alaris’ distributions; a material change in the unaudited information provided to Alaris by the Partners; a failure of a Partner (or Partners) to realize on their anticipated growth strategies; a failure to achieve the expected benefits of the third-party asset management strategy or similar new investment structures and strategies; conflicts of interest that may arise under the asset management strategy or otherwise; a failure to achieve resolutions for outstanding issues with Partners on terms materially in line with management’s expectations or at all; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading “Risk Factors” and “Forward Looking Statements” in the Trust’s Management Discussion and Analysis for the year ended December 31, 2023, which is filed under the Trust’s profile at www.sedar.com and on its website at www.alarisequitypartners.com.

    This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about increases to the Trust’s net operating cash from activities and revenues, each of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI and forward-looking statements. Alaris’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and FOFI, or if any of them do so, what benefits the Trust will derive therefrom. The Trust has included the forward-looking statements and FOFI in order to provide readers with a more complete perspective on Alaris’ future operations and such information may not be appropriate for other purposes. Alaris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Readers are cautioned not to place undue reliance on any forward-looking information contained in this news release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Statements containing forward-looking information reflect management’s current beliefs and assumptions based on information in its possession on the date of this news release. Although management believes that the assumptions reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations will prove to be correct.

    The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release and Alaris does not undertake or assume any obligation to update or revise such statements to reflect new events or circumstances except as expressly required by applicable securities legislation.

    Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

    For further information please contact:

    ir@alarisequity.com
    P: (403) 260-1457
    Alaris Equity Partners Income Trust
    Suite 250, 333 24th Avenue S.W.
    Calgary, Alberta T2S 3E6

    www.alarisequitypartners.com

    The MIL Network –

  • MIL-OSI Global: Francis − a pope who has cared deeply for the poor and opened up the Catholic Church

    Source: The Conversation – USA – By Mathew Schmalz, Professor of Religious Studies, College of the Holy Cross

    Pope Francis during the Palm Sunday Mass at St. Peter’s Square on April 2, 2023, in Vatican City. Antonio Masiello/Getty Images

    Pope Francis, who remains in critical condition and hospitalized as he battles pneumonia in both lungs, was elected pope on March 13, 2013, after the surprise resignation of Benedict XVI.

    Prior to becoming pope, he was Jorge Mario Bergoglio, archbishop of Buenos Aires, and was the first person from the Americas to be elected to the papacy. He was also the first pope to choose Francis as his name, thus honoring St. Francis of Assisi, a 13th-century mystic whose love for nature and the poor have inspired Catholics and non-Catholics alike.

    Pope Francis chose not to wear the elaborate clothing, like red shoes or silk vestments, associated with other popes. As a scholar of global Catholicism, however, I would argue that the changes Francis brought to the papacy were more than skin deep. He opened the church to the outside world in ways none of his predecessors had done before.

    Care for the marginalized

    Pope Francis reached out personally to the poor. For example, he turned a Vatican plaza into a refuge for the homeless, whom he called “nobles of the street.”

    The Argentinian Jorge Mario Bergoglio, ordained for the Jesuits in 1969 at the Theological Faculty of San Miguel.
    Jesuit General Curia via Getty Images

    He washed the feet of migrants and prisoners during the traditional foot-washing ceremony on the Thursday before Easter. In an unprecedented act for a pope, he also washed the feet of non-Christians.

    He encouraged a more welcoming attitude toward gay and lesbian Catholics and invited transgender people to meet with him at the Vatican.

    On other contentious issues, Francis reaffirmed official Catholic positions. He labeled homosexual behavior a “sin,” although he also stated that it should not be considered a crime. Francis criticized gender theory for “blurring” differences between men and women.

    While he maintained the church’s position that all priests should be male, he made far-reaching changes that opened various leadership roles to women. Francis was the first pope to appoint a woman to head an administrative office at the Vatican. Also for the first time, women were included in the 70-member body that selects bishops and the 15-member council that oversees Vatican finances. Shortly before his death, he appointed an Italian nun, Sister Raffaella Petrini, as President of the Vatican City.

    Pope Francis in St. Peter’s Square on April 18, 2022.
    Stefano Spaziani/Mondadori Portfolio via Getty Images

    Not shy of controversy

    Some of Francis’ positions led to opposition in some Catholic circles.

    One such issue was related to Francis’ embrace of religious diversity. Delivering an address at the Seventh Congress of Leaders of World and Traditional Religions in Kazakhstan in 2022, he said that members of the world’s different religions were “children of the same heaven.”

    While in Morocco, he spoke out against conversion as a mission, saying to the Catholic community that they should live “in brotherhood with other faiths.” To some of his critics, however, such statements undermined the unique truth of Christianity.

    During his tenure, the pope called for “synodality,” a more democratic approach to decision making. For example, synod meetings in November 2023 included laypeople and women as voting members. But the synod was resisted by some bishops who feared it would lessen the importance of priests as teachers and leaders.

    In a significant move that will influence the choosing of his successor, Pope Francis appointed more cardinals from the Global South. But not all Catholic leaders in the Global South followed his lead on doctrine. For example, African bishops publicly criticized Pope Francis’ December 2023 ruling that allowed blessings of individuals in same sex couples.

    His most controversial move was limiting the celebration of the Mass in the older form that uses Latin. This reversed a decision made by Benedict XVI that allowed the Latin Mass to be more widely practiced.

    Traditionalists argued that the Latin Mass was an important – and beautiful – part of the Catholic tradition. But Francis believed that it had divided Catholics into separate groups who worshiped differently.

    This concern for Catholic unity also led him to discipline two American critics of his reforms, Bishop Joseph Strickland of Tyler, Texas, and Cardinal Raymond Burke. Most significantly, Carlo Maria Viganò, the former Vatican ambassador, or nuncio, to the United States was excommunicated during Francis’ tenure for promoting “schism.”

    In the last days of his pontificate, Pope Francis also criticized the Trump administration’s efforts to deport migrants. In a letter to US Bishops, he recalled that Jesus, Mary and Joseph had been emigrants and refugees in Egypt. Pope Francis also argued that migrants who enter a country illegally should not be treated as criminals because they are in need and have dignity as human beings.

    Writings on ‘the common good’

    In his official papal letters, called encyclicals, Francis echoed his public actions by emphasizing the “common good,” or the rights and responsibilities necessary for human flourishing.

    Pope Francis washes the foot of a man during the foot-washing ritual at a refugee center outside of Rome on March 24, 2016.
    L’Osservatore Romano/Pool Photo via AP

    His first encyclical in 2013, Lumen Fidei, or “The Light of Faith,” sets out to show how faith can unite people everywhere.

    In his next encyclical, Laudato Si’, or “Praise Be to You,” Francis addressed the environmental crisis, including pollution and climate change. He also called attention to unequal distribution of wealth and called for an “integral ecology” that respects both human beings and the environment.

    His third encyclical in 2020, Fratelli Tutti, or “Brothers All,” criticized a “throwaway culture” that discards human beings, especially the poor, the unborn and the elderly. In a significant act for the head of the Catholic Church, Francis concluded by speaking of non-Catholics who have inspired him: Martin Luther King Jr., Desmond Tutu and Mahatma Gandhi.

    In his last encyclical, Dilexit Nos, or “He Loved Us,” he reflected on God’s Love through meditating on the symbol of the Sacred Heart that depicts flames of love coming from Jesus’ wounded heart that was pierced during the crucifixion.

    Francis also proclaimed a special “year of mercy” in 2015-16. The pope consistently argued for a culture of mercy that reflects the love of Jesus Christ, calling him “the face of God’s mercy.”

    A historic papacy

    Francis’ papacy has been historic. He embraced the marginalized in ways that no pope had done before. He not only deepened the Catholic Church’s commitment to the poor in its religious life but also expanded who is included in its decision making.

    The pope did have his critics who thought he went too far, too fast. And whether his reforms take root depends on his successor. Among many things, Francis will be remembered for how his pontificate represented a shift in power in the Catholic Church away from Western Europe to the Global South, where the majority of Catholics now live.

    Mathew Schmalz is Roman Catholic and a political independent.

    – ref. Francis − a pope who has cared deeply for the poor and opened up the Catholic Church – https://theconversation.com/francis-a-pope-who-has-cared-deeply-for-the-poor-and-opened-up-the-catholic-church-164362

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Council agrees extra funding for vital care services in 2025/26 budget

    Source: City of Plymouth

    An annual budget that injects more than £30 million of additional funding to meet ongoing cost and demand pressures in essential social care and homelessness services has been agreed by Plymouth City Council. 

    The additional funds have been included in the £253.4 million revenue budget for 2025/26 approved by at the Full Council meeting on Monday (24 February). 

    Council Leader Tudor Evans said: “Despite the huge financial challenges we continue to face, we have not only managed to balance the books but also delivered a budget that remains hugely ambitious for growing Plymouth’s prosperity and delivering what Plymouth residents say matters most – creating jobs, more affordable housing, improving health, increasing safety and most importantly, supporting the elderly and protecting the most vulnerable children in Plymouth. 

    “It is also a budget that protects and enhances valued services such as libraries, grass cutting, street cleansing and repairing our roads and pavements.  

    “This is a budget that allow Plymouth to continue to do remarkable things in difficult circumstances.” 

    The additional funding includes £16 million additional funding for protecting vulnerable children, £2 million for school transport for children with a Special Education Needs and Disability (SEND), £12 million for adult social care and £724,000 to support the homeless. 

    An extra £770,000 has also been allocated to help reduce the Education Health and Care Plan (EHCP) waiting list. 

    The additional funding means that 83 per centof the Council’s total revenue budget is now spent on social care services. 

    The 2025/26 budget also maintains a £300,000 uplift in the grass cutting budget and an additional £425,000 to increase the staff resource in the Street Services team, which manages grass cutting, street cleansing and waste collection services. 

    It also includes an additional £250,000 to support funding the Council’s Net Zero commitment, an extra £141,000 to support the Council’s leisure provider Plymouth Active Leisure and £226,000 to support foster carers with an additional allowance. 

    To deliver a balanced budget the Council needs to continue to transform how it operates to increase efficiency and reduce cost. The agreed budget requires that a total of £9.6 million savings need to be delivered by all Council departments.  

    They include £3.1 million of savings plans through the ongoing transformation of Children’s Services and £2.7 million of savings in the Adults, Health and Communities directorate through its modernisation plans and contract savings.  

    To support the budget a Council Tax increase of 2.99 per cent and a two per cent precept to support adult social care services was agreed.  

    The full council also agreed a capital programme of £395.8 million for 2024/25 to 2028/29. 

    This includes funding for the transport improvement schemes, such as the Woolwell to The George scheme; the rail station regeneration scheme; investment in housing projects and tackling homelessness; projects delivering the city’s net zero ambitions; introducing zero emission buses; delivering Plymouth and South Devon Freeport, the Armada Way regeneration scheme; highway maintenance, drainage and essential engineering projects; and the regeneration of key waterfront assets such as Tinside Lido through the Plymouth Sound National Marine Park. 

    MIL OSI United Kingdom –

  • MIL-OSI: Tailrow Reciprocal Exchange, an HCI Group Sponsored Insurer, Assumes Just Under 14,000 Policies from Citizens, Representing Approximately $35 Million in Premium

    Source: GlobeNewswire (MIL-OSI)

    TAMPA, Fla., Feb. 24, 2025 (GLOBE NEWSWIRE) — HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that Tailrow Insurance Exchange, an HCI-sponsored reciprocal insurer with plans to write personal residential policies, has successfully assumed just under 14,000 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurance company. The policies assumed represent approximately $35 million of in-force premium.

    “We are excited to complete this assumption and officially commence operations at Tailrow. The technology we’ve built and our management expertise enabled us to identify attractive policies at Citizens for assumption and achieve a high adoption rate by policyholders,” said Paresh Patel, HCI’s chairman and chief executive officer.

    Tailrow was approved for 20,000 policies, made approximately 18,000 offers and assumed just under 14,000 policies – a 76% acceptance rate. The assumption of policies is effective as of February 18, 2025.

    A “reciprocal insurer” is an unincorporated aggregation of at least 25 policyholders operating through an attorney in fact to provide insurance among themselves. A reciprocal insurer is essentially owned by its policyholders, but its operations such as underwriting, claims and management services are provided by an attorney in fact for a predetermined management fee.

    About HCI Group, Inc.
    HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI’s leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. TypTap’s operations are powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners insurance primarily in Florida. HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.

    The company’s common shares trade on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.

    Company Contact:
    Bill Broomall, CFA
    Investor Relations
    HCI Group, Inc.
    Tel (813) 776-1012
    wbroomall@typtap.com

    Investor Relations Contact:
    Matt Glover
    Gateway Group, Inc.
    Tel 949-574-3860
    HCI@gateway-grp.com

    The MIL Network –

  • MIL-OSI: Ready Capital Corporation Announces Closing of $220.0 Million of Senior Secured Notes

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) today announced that on February 21, 2025, ReadyCap Holdings, LLC (“ReadyCap”), an indirect subsidiary of the Company closed a private placement of $220.0 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028 (the “Notes”). The Notes are senior secured obligations of ReadyCap. Payments of the amounts due on the Notes are fully and unconditionally guaranteed (the “Guarantees”), at issuance, by the Company, Ready Capital Partners I, LLC, Ready Capital Subsidiary REIT II, LLC (“SubREIT II”), RCSR I Investments, LLC (“RCSR I”), RCSR II Investments, LLC (“RCSR II”) and RCSR I Intermediate Holdings, LLC (collectively, the “Guarantors”). ReadyCap’s and the Guarantors’ respective obligations under the Notes and the Guarantees are secured by a first-priority lien on the assets of RCSR I and RCSR II and the capital stock of RCSR I, RCSR II, SubREIT II and certain other subsidiaries of the Company.

    The Company intends to use the net proceeds from the private placement to repay its indebtedness and for general corporate purposes.

    Piper Sandler & Co. acted as the placement agent for the offering. Alston & Bird LLP served as counsel for the Company, and Ropes & Gray LLP served as counsel for the placement agent.

    The Notes and the Guarantees will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, or any state securities laws.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any sale of the Company’s securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

    About Ready Capital Corporation

    Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide. The Company is externally managed and advised by Waterfall Asset Management, LLC.

    Forward-Looking Statements

    This press release contains certain forward-looking statements. Words such as “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “could,” “would,” “may,” “potential” or the negative of those terms or other comparable terminology are intended to identify forward-looking statements. These forward-looking statements include statements relating to, among other things, the expected use of the net proceeds from the private placement. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond the control of the Company, including, without limitation, the risk factors and other matters set forth in the Company’s Annual Report on Form 10–K for the year ended December 31, 2023 filed with the SEC and in its other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    Contacts:
    Investor Relations
    Ready Capital Corporation
    212-257-4666
    InvestorRelations@readycapital.com

    The MIL Network –

  • MIL-OSI USA: Eric Kruger Named as UConn’s New VP of Facility Services and University Planning

    Source: US State of Connecticut

    A seasoned facilities operations professional with extensive experience at UConn and in the private sector has been selected as the University’s new vice president of facility services and University planning.

    Eric Kruger, currently UConn Health’s vice president for facilities development and operations, will oversee the comprehensive planning and management of all facilities operations and the physical infrastructure of all UConn campuses.

    He starts in his new role on March 21, leading a team that provides a wide range of essential services that touch the daily lives of all who work, learn, and visit UConn.

    They include the design and operations of campus buildings, infrastructure maintenance, space planning, sustainability and energy management, landscape design and grounds maintenance, logistics management, parking and transportation operations, custodial services, and skilled trades services.

    “Eric’s extensive knowledge of the University and its myriad operations will enable him to quickly and smoothly transition into his new role, which will greatly benefit our campus communities,” says Jeffrey Geoghegan, UConn’s executive vice president for finance and chief financial officer.

    “We are fortunate to have someone in this position with Eric’s expertise, vision, and proven track record of dedication to UConn,” he says.

    Eric Kruger, UConn Health vice president of facilities, development, and operations speaks about the innovative pilot project to be deployed on the Farmington campus to bolster the state’s efforts for delivering energy cost savings on August 28, 2024. (Tina Encarnacion/UConn Health Photo)

    Kruger came to UConn in 2014 as executive director of facilities and operations and was promoted in 2022 to his current role at UConn Health. He previously was as an operations and engineering manager at Eversource and had a 20-year career with the U.S. Naval Submarine Force, from which he retired as a Senior Chief Petty Officer / Submarine Senior Chief Electrician’s Mate.

    His wide range of experience gives him insight into all aspects of UConn’s operations, including the financial management and strategic vision required for his new position and the synergistic operations of the teams in facilities management and university planning.

    “I am thrilled to be selected to lead the Facilities Services and University Planning team,” Kruger says. “This exciting opportunity to combine the experience and knowledge shared by the dedicated staff on these two teams will improve our ability to provide consistent, customer-focused support to the UConn community.”

    He also has demonstrated his commitment to responsiveness, transparency, and communications in his roles at UConn since he joined the University, and has established strong and trusting relationships with fellow employees, administrators, and other stakeholders.

    Kruger holds an MBA from UConn with a management concentration; a master’s degree in history from Southern New Hampshire University; a B.S.A.S.T in nuclear engineering technology from Thomas Edison State University; and an associate’s degree in general studies from Columbia College.

    He also holds a transmission system operator certification from the North American Electrical Reliability Corp. (NERC), a credential signifying an advanced skill set in running power systems connected to the national electrical grid.

    Those skills were key to his previous roles that included overseeing the safe and reliable operation of UConn’s on-campus power generation at Storrs, which distributes electrical service and additional utilities such as steam, chilled water, domestic water, fire main, storm water, and sewage throughout campus.

    He also oversaw facilities operations at the regional campuses in Hartford, Avery Point, Stamford, Waterbury, and the School of Law, giving him a holistic view of the full scope of services at each location and establishing connections with those campus and community leaders.

    “I look forward to identifying opportunities to control costs and leveraging shared services to improve efficiency while still providing high quality services to our world-class faculty, staff, and students,” Kruger says.

    MIL OSI USA News –

  • MIL-OSI: Rigetti Computing to Report Fourth Quarter 2024 Financial Results and Host Conference Call on March 5, 2025

    Source: GlobeNewswire (MIL-OSI)

    BERKELEY, Calif., Feb. 24, 2025 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (“Rigetti” or the “Company”) (Nasdaq: RGTI), a pioneer in hybrid quantum-classical computing, announced today that it will release fourth quarter 2024 results on March 5, 2025 after market close. The Company will host a conference call to discuss its financial results and provide an update on its business operations at 5:00 p.m. ET the same day.

    Key details regarding the call are as follows:

    Call Date: Wednesday, March 5, 2025
    Call Time: 5:00 p.m. ET / 2:00 p.m. PT
    Webcast Link: https://edge.media-server.com/mmc/p/5jaikwa8/
    Live Call Participant Link: https://register.vevent.com/register/BIc3642ee5e70e4bea9d3311a88c4e128a

    Webcast Instructions
    You can listen to a live audio webcast of the conference call by visiting the “Webcast Link” above or the “Events & Presentations” section of the Company’s Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.

    Live Call Participant Instructions
    To participate in the live call, you must register using the “Live Call Participant Link” above. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.

    About Rigetti
    Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera™ QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.

    Rigetti Computing Media Contact:
    press@rigetti.com
    Rigetti Computing Investor Relations Contact:
    IR@Rigetti.com

    The MIL Network –

  • MIL-OSI: Zoom Communications Reports Fourth Quarter and Fiscal Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Fourth quarter total revenue of $1,184.1 million, up 3.3% year over year as reported and 3.6% in constant currency; full fiscal year total revenue of $4,665.4 million, up 3.1% year over year as reported and 3.3% in constant currency
    • Fourth quarter Enterprise revenue of $706.8 million, up 5.9% year over year; full fiscal year Enterprise revenue of $2,754.2 million, up 5.2% year over year
    • Fourth quarter operating cash flow of $424.6 million, up 20.9% year over year; full fiscal year operating cash flow of $1,945.3 million, up 21.7% year over year; full fiscal year operating cash flow margin of 41.7%
    • Fourth quarter GAAP operating margin of 19.0%, up 430 bps year over year, and non-GAAP operating margin of 39.5%, up 80 bps year over year; full fiscal year GAAP operating margin of 17.4%, up 580 bps year over year, and non-GAAP operating margin of 39.4%, up 20 bps year over year
    • Number of customers contributing more than $100,000 in trailing 12 months revenue up 7.3% year over year
    • Repurchased approximately 4.3 million shares of common stock in fourth quarter and approximately 15.9 million shares of common stock during full fiscal year

    SAN JOSE, Calif., Feb. 24, 2025 (GLOBE NEWSWIRE) — Zoom Communications, Inc. (NASDAQ: ZM), an AI-first work platform for human connection, today announced financial results for the fourth quarter and fiscal year ended January 31, 2025.

    “In FY25, Zoom AI Companion emerged as the driving force behind our transformation into an AI-first company, enabling our customers to discover enhanced productivity opportunities. As Zoom AI Companion becomes increasingly agentic, we look forward to continuing to help our customers fully realize the benefits of AI and discover what’s possible with AI agents,” said Eric S. Yuan, Zoom’s founder and CEO. “Both Contact Center and Workvivo had incredible years capped by excellent Q4s in terms of strategic logo wins, upmarket momentum and broader customer growth. As we rapidly innovated for our customers, we delivered a robust 5.8-point expansion in FY25 GAAP operating margin driven by increased focus on prioritizing investments and controlling share-based compensation, and grew FY25 operating cash flow 21.7% year over year to nearly $2 billion, representing an operating cash flow margin of 41.7%.”

    Fourth Quarter Fiscal Year 2025 Financial Highlights:

    • Revenue: Total revenue for the fourth quarter was $1,184.1 million, up 3.3% year over year. After adjusting for foreign currency impact, revenue in constant currency was $1,188.0 million, up 3.6% year over year. Enterprise revenue was $706.8 million, up 5.9% year over year, and Online revenue was $477.3 million, down 0.4% year over year.
    • Income from Operations and Operating Margin: GAAP income from operations for the fourth quarter was $225.1 million, compared to GAAP income from operations of $168.5 million in the fourth quarter of fiscal year 2024. Non-GAAP income from operations, which adjusts for stock-based compensation expense and related payroll taxes, and acquisition-related expenses, was $468.0 million for the fourth quarter, compared to non-GAAP income from operations of $443.7 million in the fourth quarter of fiscal year 2024. For the fourth quarter, GAAP and non-GAAP operating margin was 19.0% and 39.5%, respectively, up from 14.7% and 38.7%, respectively, in the fourth quarter of fiscal year 2024.
    • Net Income and Diluted Net Income Per Share: GAAP net income for the fourth quarter was $367.9 million, or $1.16 per share, compared to GAAP net income of $298.8 million, or $0.95 per share in the fourth quarter of fiscal year 2024.

      Non-GAAP net income, which adjusts for stock-based compensation expense and related payroll taxes, gains on strategic investments, net, acquisition-related expenses, and the tax effects on non-GAAP adjustments, was $446.9 million for the fourth quarter. Non-GAAP net income per share was $1.41 in the fourth quarter. In the fourth quarter of fiscal year 2024, non-GAAP net income was $444.0 million, or $1.42 per share.

    • Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of January 31, 2025 was $7.8 billion.
    • Cash Flow: Net cash provided by operating activities was $424.6 million for the fourth quarter, compared to $351.2 million in the fourth quarter of fiscal year 2024, up 20.9% year over year. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $416.2 million in the fourth quarter, compared to $332.7 million in the fourth quarter of fiscal year 2024, up 25.1% year over year.

    Full Fiscal Year 2025 Financial Highlights:

    • Revenue: Total revenue for the fiscal year was $4,665.4 million, up 3.1% year over year. After adjusting for foreign currency impact, revenue in constant currency was $4,675.0 million, up 3.3% year over year. Enterprise revenue was $2,754.2 million, up 5.2% year over year, and Online revenue was $1,911.2 million, up 0.2% year over year.
    • Income from Operations and Operating Margin: GAAP income from operations for the fiscal year was $813.3 million, compared to GAAP income from operations of $525.3 million for fiscal year 2024. Non-GAAP income from operations, which adjusts for stock-based compensation expense and related payroll taxes, litigation settlements, net, and acquisition-related expenses, was $1,837.9 million for the fiscal year, compared to non-GAAP income from operations of $1,774.9 million for fiscal year 2024. For the fiscal year, GAAP and non-GAAP operating margin was 17.4% and 39.4% respectively, up from 11.6% and 39.2%, respectively, in the fourth quarter of fiscal year 2024.
    • Net Income and Diluted Net Income Per Share: GAAP net income for the fiscal year was $1,010.2 million, or $3.21 per share, compared to GAAP net income of $637.5 million, or $2.07 per share for fiscal year 2024.

      Non-GAAP net income, which adjusts for stock-based compensation expense and related payroll taxes, litigation settlements, net, gains on strategic investments, net, acquisition-related expenses, and the tax effects on non-GAAP adjustments, was $1,744.8 million for the fiscal year. Non-GAAP net income per share was $5.54. In fiscal year 2024, non-GAAP net income was $1,608.0 million, or $5.21 per share.

    • Cash Flow: Net cash provided by operating activities was $1,945.3 million for the fiscal year, compared to $1,598.8 million for fiscal year 2024 up 21.7% year over year. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $1,808.7 million, compared to $1,471.9 million for fiscal year 2024, up 22.9% year over year.

    Customer Metrics: Drivers of revenue included acquiring new customers and expanding across existing customers. At the end of the fourth quarter of fiscal year 2025, Zoom had:

    • Approximately 192,600 Enterprise customers.
    • A trailing 12-month net dollar expansion rate for Enterprise customers of 98%.
    • 4,088 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 7.3% from the same quarter last fiscal year.
    • Online average monthly churn of 2.8% for the fourth quarter, down 20 bps from the same quarter last fiscal year.
    • At the end of the fourth quarter, the percentage of total Online MRR from Online customers with a continual term of service of at least 16 months was 75.1%, up 90 bps year over year.

    As Zoom continues to expand and evolve, we have seen an increasing overlap between our Enterprise and Online customer categories. Over time, customers with lower MRR are expected to move from Enterprise to Online as we optimize our sales strategies. While these moves do not have a material impact on other customer metrics, the number of customers between these two groups has become less meaningful as a customer metric. Therefore, beginning in the first quarter of fiscal year 2026, we will no longer report the number of Enterprise customers as a customer metric. However, we will continue to provide this metric in the appendix of our investor deck through the end of fiscal year 2026, which will be accessible on our investor relations website (investors.zoom.us).

    Financial Outlook: Zoom is providing the following guidance for its first quarter of fiscal year 2026 and its full fiscal year 2026.

    • First Quarter Fiscal Year 2026: Total revenue is expected to be between $1.162 billion and $1.167 billion and revenue in constant currency is expected to be between $1.168 billion and $1.173 billion. Non-GAAP income from operations is expected to be between $440.0 million and $445.0 million. First quarter non-GAAP diluted EPS is expected to be between $1.29 and $1.31 with approximately 316 million non-GAAP weighted average shares outstanding.
    • Full Fiscal Year 2026: Total revenue is expected to be between $4.785 billion and $4.795 billion and revenue in constant currency is expected to be between $4.803 billion and $4.813 billion. Non-GAAP income from operations is expected to be between $1.850 billion and $1.860 billion. Full fiscal year non-GAAP diluted EPS is expected to be between $5.34 and $5.37 with approximately 318 million non-GAAP weighted average shares outstanding. Full fiscal year free cash flow is expected to be between $1.680 billion and $1.720 billion.

    The EPS and share count figures do not include any impact from $1.6 billion of authorized share repurchase remaining as of January 31, 2025.

    Additional information on Zoom’s reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom’s results computed in accordance with GAAP.

    A supplemental financial presentation and other information can be accessed through Zoom’s investor relations website at investors.zoom.us.

    Zoom Video Earnings Call

    Zoom will host a Zoom Video Webinar for investors on February 24, 2025 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company’s financial results, business highlights and financial outlook. Investors are invited to join the Zoom Video Webinar by visiting: https://investors.zoom.us/ 

    About Zoom

    Zoom’s mission is to provide an AI-first platform for human connection. Reimagine teamwork with Zoom Workplace — Zoom’s open collaboration platform with AI Companion empowers teams to be more productive. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer care teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more information at zoom.com.

    Forward-Looking Statements

    This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom’s financial outlook for the first quarter of fiscal year 2026 and full fiscal year 2026, Zoom’s market position, opportunities, and growth strategy, product initiatives, including future product and feature releases and the potential of agentic AI, and go-to-market motions and the expected benefits resulting from the same, market trends, and Zoom’s stock repurchase program. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: declines in new customers, renewals or upgrades, or decline in demand for our platform, difficulties in evaluating our prospects and future results of operations given our limited operating history, competition from other providers of communications platforms, the effect of macroeconomic conditions on our business, including tariffs and trade tensions, inflationary pressures and market volatility, lengthened sales cycles with large organizations, delays or outages in services from our co-located data centers, failures in internet infrastructure or interference with broadband access, compromised security measures, including ours and those of the third parties upon which we rely, and global security concerns and their potential impact on regional and global economies and supply chains. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission (the “SEC”), including our quarterly report on Form 10-Q for the fiscal quarter ended October 31, 2024. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Non-GAAP Financial Measures

    Zoom has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Zoom uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Zoom’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.

    Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Zoom’s condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Zoom’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

    Non-GAAP Income from Operations and Non-GAAP Operating Margin. Zoom defines non-GAAP income from operations as income from operations excluding stock-based compensation expense and related payroll taxes, acquisition-related expenses, restructuring expenses, and litigation settlements, net. Zoom excludes stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding Zoom’s operational performance and allows investors the ability to make more meaningful comparisons between Zoom’s operating results and those of other companies. Zoom excludes the amount of employer payroll taxes related to employee stock plans, which is a cash expense, in order for investors to see the full effect that excluding stock-based compensation expense had on Zoom’s operating results. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of the business. Zoom views acquisition-related expenses when applicable, such as amortization of acquired intangible assets, transaction costs, and acquisition-related retention payments that are directly related to business combinations as events that are not necessarily reflective of operational performance during a period. Restructuring expenses are expenses associated with a formal restructuring plan and may include employee notice period costs, severance payments, and other related expenses. Zoom excludes these restructuring expenses because they are distinct from ongoing operational costs and Zoom does not believe they are reflective of current and expected future business performance and operating results. Zoom excludes significant litigation settlements, net of amounts covered by insurance, that we deem not to be in the ordinary course of our business. In fact, Zoom believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods that may or may not include such expenses and assist in the comparison with the results of other companies in the industry. Zoom defines non-GAAP operating margin as non-GAAP income from operations divided by GAAP revenue.

    Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted. Zoom defines non-GAAP net income as GAAP net income adjusted to exclude stock-based compensation expense and related payroll taxes, acquisition-related expenses, restructuring expenses, gains on strategic investments, net, litigation settlements, net, income tax benefits from discrete activities, and the tax effects of all non-GAAP adjustments. Zoom excludes these items because they are considered by management to be outside of Zoom’s core operating results. These adjustments are intended to provide investors and management with greater visibility to the underlying performance of Zoom’s business operations, facilitate comparison of its results with other periods, and may also facilitate comparison with the results of other companies in the industry. Zoom defines non-GAAP net income per share, basic and diluted, as non-GAAP net income divided by the number of shares outstanding, basic and diluted, calculated in accordance with GAAP.

    Free Cash Flow and Free Cash Flow Margin. Zoom defines free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment. Zoom considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business. Zoom defines free cash flow margin as free cash flow divided by GAAP revenue.

    Revenue in Constant Currency. Zoom defines revenue in constant currency as GAAP revenue adjusted for revenue reported in currencies other than United States dollars as if they were converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. Zoom provides revenue in constant currency information as a framework for assessing how Zoom’s underlying businesses performed period to period, excluding the effects of foreign currency fluctuations.

    Customer Metrics

    Zoom defines a customer as a separate and distinct buying entity, which can be a single paid user or an organization of any size (including a distinct unit of an organization) that has multiple users. Zoom defines Enterprise customers as distinct business units that have been engaged by either our direct sales team, resellers, or strategic partners. All other customers that subscribe to our services directly through our website are referred to as Online customers.

    Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue (“ARR”) from Enterprise customers as of 12 months prior (“Prior Period ARR”). Zoom defines ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. Zoom calculates ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR is defined as the recurring revenue run-rate of subscription agreements from all Enterprise customers for the last month of the period, including revenue from monthly subscribers who have not provided any indication that they intend to cancel their subscriptions. Zoom then calculates the ARR from these Enterprise customers as of the current period end (“Current Period ARR”), which includes any upsells, contraction, and attrition. Zoom divides the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, Zoom takes an average of the net dollar expansion rate over the trailing 12 months.

    Zoom calculates online average monthly churn by starting with the Online customer MRR as of the beginning of the applicable quarter (“Entry MRR”). Zoom defines Entry MRR as the recurring revenue run-rate of subscription agreements from all Online customers except for subscriptions that Zoom recorded as churn in a previous quarter based on the customers’ earlier indication to us of their intention to cancel that subscription. Zoom then determines the MRR related to customers who canceled or downgraded their subscription or notified us of that intention during the applicable quarter (“Applicable Quarter MRR Churn”) and divides the Applicable Quarter MRR Churn by the applicable quarter Entry MRR to arrive at the MRR churn rate for Online Customers for the applicable quarter. Zoom then divides that amount by three to calculate the online average monthly churn.

    Public Relations

    Colleen Rodriguez
    Head of Global Public Relations
    press@zoom.us 

    Investor Relations

    Charles Eveslage
    Head of Investor Relations
    investors@zoom.us 

    Zoom Communications, Inc.
    Consolidated Balance Sheets
    (In thousands)

        As of January 31,
          2025     2024
    Assets   (unaudited)    
    Current assets:        
    Cash and cash equivalents   $ 1,349,380   $ 1,558,252
    Marketable securities     6,442,329     5,404,233
    Accounts receivable, net     495,228     536,078
    Deferred contract acquisition costs, current     188,358     208,474
    Prepaid expenses and other current assets     200,679     219,182
    Total current assets     8,675,974     7,926,219
    Deferred contract acquisition costs, noncurrent     123,464     138,724
    Property and equipment, net     330,475     293,704
    Operating lease right-of-use assets     55,900     58,975
    Strategic investments     591,481     409,222
    Goodwill     307,295     307,295
    Deferred tax assets     749,759     662,177
    Other assets, noncurrent     154,073     133,477
    Total assets   $ 10,988,421   $ 9,929,793
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable   $ 8,345   $ 10,175
    Accrued expenses and other current liabilities     558,562     500,164
    Deferred revenue, current     1,336,387     1,251,848
    Total current liabilities     1,903,294     1,762,187
    Deferred revenue, noncurrent     17,274     18,514
    Operating lease liabilities, noncurrent     37,406     48,308
    Other liabilities, noncurrent     95,363     81,378
    Total liabilities     2,053,337     1,910,387
             
    Stockholders’ equity:        
    Common stock     305     307
    Additional paid-in capital     5,130,271     5,228,756
    Accumulated other comprehensive income     4,990     1,063
    Retained earnings     3,799,518     2,789,280
    Total stockholders’ equity     8,935,084     8,019,406
    Total liabilities and stockholders’ equity   $ 10,988,421   $ 9,929,793
                 

    Note: The amount of unbilled accounts receivable included within accounts receivable, net on the consolidated balance sheets was $118.5 million and $124.8 million as of January 31, 2025 and 2024, respectively.

    Zoom Communications, Inc.
    Consolidated Statements of Operations
    (Unaudited, in thousands, except share and per share amounts)

        Three Months Ended January 31,   Year Ended January 31,
          2025     2024     2025     2024
    Revenue   $ 1,184,138   $ 1,146,457   $ 4,665,433   $ 4,527,224
    Cost of revenue     287,355     276,307     1,129,627     1,077,801
    Gross profit     896,783     870,150     3,535,806     3,449,423
    Operating expenses:                
    Research and development     217,121     205,282     852,415     803,187
    Sales and marketing     358,903     371,052     1,427,384     1,541,307
    General and administrative     95,696     125,286     442,712     579,650
    Total operating expenses     671,720     701,620     2,722,511     2,924,144
    Income from operations     225,063     168,530     813,295     525,279
    Gains on strategic investments, net     150,357     101,296     177,142     109,770
    Other income, net     74,899     83,057     325,147     197,263
    Income before provision for income taxes     450,319     352,883     1,315,584     832,312
    Provision for income taxes     82,454     54,051     305,346     194,850
    Net income     367,865     298,832     1,010,238     637,462
                     
    Net income per share:                
    Basic   $ 1.20   $ 0.98   $ 3.28   $ 2.12
    Diluted   $ 1.16   $ 0.95   $ 3.21   $ 2.07
    Weighted-average shares used in computing net income per share:                
    Basic     306,553,952     305,822,936     307,981,971     300,748,162
    Diluted     316,693,346     313,467,303     315,069,582     308,519,897
                             

    Zoom Communications, Inc.
    Consolidated Statements of Cash Flows
    (Unaudited, in thousands)

        Three Months Ended January 31,   Year Ended January 31,
          2025       2024       2025       2024  
    Cash flows from operating activities:                
    Net income   $ 367,865     $ 298,832     $ 1,010,238     $ 637,462  
    Adjustments to reconcile net income to net cash provided by operating activities:                
    Stock-based compensation expense     222,939       254,373       931,309       1,057,161  
    Deferred income taxes     (18,416 )     (136,735 )     (90,551 )     (116,679 )
    Amortization of deferred contract acquisition costs     71,063       66,793       282,103       270,701  
    Gains on strategic investments, net     (150,357 )     (101,296 )     (177,142 )     (109,770 )
    Depreciation and amortization     34,591       27,272       122,632       104,451  
    Provision for accounts receivable allowances     2,983       6,182       20,022       35,244  
    Unrealized foreign exchange losses (gains)     12,364       (11,022 )     17,165       12,259  
    Non-cash operating lease cost     6,205       5,225       24,066       21,066  
    Amortization of discount/premium on marketable securities     (16,871 )     (17,463 )     (71,636 )     (50,770 )
    Other     630       (2,419 )     4,048       (7,670 )
    Changes in operating assets and liabilities:                
    Accounts receivable     (47,632 )     (18,723 )     26,640       53,270  
    Prepaid expenses and other assets     (11,360 )     53,208       (17,114 )     (71,247 )
    Deferred contract acquisition costs     (79,932 )     (68,303 )     (246,727 )     (214,657 )
    Accounts payable     (1,686 )     (2,158 )     (3,133 )     (4,416 )
    Accrued expenses and other liabilities     65,245       51,989       62,277       51,974  
    Deferred revenue     (26,253 )     (48,637 )     79,995       (46,719 )
    Operating lease liabilities, net     (6,812 )     (5,893 )     (28,884 )     (22,824 )
    Net cash provided by operating activities     424,566       351,225       1,945,308       1,598,836  
    Cash flows from investing activities:                
    Purchases of marketable securities     (919,938 )     (1,120,371 )     (4,622,104 )     (4,083,968 )
    Maturities of marketable securities     919,856       773,341       3,610,274       3,131,419  
    Sales of marketable securities     —       1,191       47,482       1,191  
    Purchases of property and equipment     (8,334 )     (18,540 )     (136,560 )     (126,953 )
    Purchases of strategic investments     (5,000 )     (17,727 )     (18,500 )     (70,527 )
    Proceeds from strategic investments     8,530       62,823       13,384       170,067  
    Cash paid for acquisition, net of cash acquired     —       —       —       (204,918 )
    Net cash used in investing activities     (4,886 )     (319,283 )     (1,106,024 )     (1,183,689 )
    Cash flows from financing activities:                
    Cash paid for repurchases of common stock     (354,567 )     —       (1,093,878 )     —  
    Proceeds from issuance of common stock for employee stock purchase plan     19,745       21,584       54,008       54,097  
    Proceeds from exercise of stock options     867       1,859       4,619       10,195  
    Proceeds from employee equity transactions to be remitted (remitted) to employees and tax authorities, net     4,984       791       7,174       (4,106 )
    Net cash (used in) provided by financing activities     (328,971 )     24,234       (1,028,077 )     60,186  
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash     (12,150 )     11,077       (15,170 )     (10,196 )
    Net increase (decrease) in cash, cash equivalents, and restricted cash     78,559       67,253       (203,963 )     465,137  
    Cash, cash equivalents, and restricted cash—beginning of year     1,282,858       1,498,127       1,565,380       1,100,243  
    Cash, cash equivalents, and restricted cash—end of year   $ 1,361,417     $ 1,565,380     $ 1,361,417     $ 1,565,380  
                                     

    Zoom Communications, Inc.
    Reconciliation of GAAP to Non-GAAP Measures
    (Unaudited, in thousands, except share and per share amounts)

        Three Months Ended January 31,   Year Ended January 31,
          2025       2024       2025       2024  
    GAAP income from operations   $ 225,063     $ 168,530     $ 813,295     $ 525,279  
    Add:                
    Stock-based compensation expense and related payroll taxes     232,983       262,754       966,732       1,076,212  
    Litigation settlements, net     —       —       16,250       52,500  
    Acquisition-related expenses     9,916       12,465       41,618       47,904  
    Restructuring expenses     —       —       —       72,993  
    Non-GAAP income from operations   $ 467,962     $ 443,749     $ 1,837,895     $ 1,774,888  
    GAAP operating margin     19.0 %     14.7 %     17.4 %     11.6 %
    Non-GAAP operating margin     39.5 %     38.7 %     39.4 %     39.2 %
                     
    GAAP net income   $ 367,865     $ 298,832     $ 1,010,238     $ 637,462  
    Add:                
    Stock-based compensation expense and related payroll taxes     232,983       262,754       966,732       1,076,212  
    Litigation settlements, net     —       —       16,250       52,500  
    Gains on strategic investments, net     (150,357 )     (101,296 )     (177,142 )     (109,770 )
    Acquisition-related expenses     9,916       12,465       41,618       47,904  
    Restructuring expenses     —       —       —       72,993  
    Income tax benefits from discrete activities     —       (8,272 )     —       (8,272 )
    Tax effects on non-GAAP adjustments     (13,461 )     (20,512 )     (112,945 )     (161,006 )
    Non-GAAP net income   $ 446,946     $ 443,971     $ 1,744,751     $ 1,608,023  
                     
    Net income per share – basic and diluted:                
    GAAP net income per share – basic   $ 1.20     $ 0.98     $ 3.28     $ 2.12  
    Non-GAAP net income per share – basic   $ 1.46     $ 1.45     $ 5.67     $ 5.35  
    GAAP net income per share – diluted   $ 1.16     $ 0.95     $ 3.21     $ 2.07  
    Non-GAAP net income per share – diluted   $ 1.41     $ 1.42     $ 5.54     $ 5.21  
                     
    GAAP and non-GAAP weighted-average shares used to compute net income per share – basic     306,553,952       305,822,936       307,981,971       300,748,162  
    GAAP and non-GAAP weighted-average shares used to compute net income per share – diluted     316,693,346       313,467,303       315,069,582       308,519,897  
                     
    Net cash provided by operating activities   $ 424,566     $ 351,225     $ 1,945,308     $ 1,598,836  
    Less: Purchases of property and equipment     (8,334 )     (18,540 )     (136,560 )     (126,953 )
    Free cash flow (non-GAAP)     416,232       332,685       1,808,748       1,471,883  
    Net cash used in investing activities   $ (4,886 )   $ (319,283 )   $ (1,106,024 )   $ (1,183,689 )
    Net cash provided by financing activities   $ (328,971 )   $ 24,234     $ (1,028,077 )   $ 60,186  
    Operating cash flow margin (GAAP)     35.9 %     30.6 %     41.7 %     35.3 %
    Free cash flow margin (non-GAAP)     35.2 %     29.0 %     38.8 %     32.5 %
                     
        Three Months Ended January 31,   Year Ended January 31,
          2025       2025  
        Revenue   YoY Revenue Growth (%)   Revenue   YoY Revenue Growth (%)
    GAAP revenue   $ 1,184,138       3.3 %   $ 4,665,433       3.1 %
    Add: Constant currency impact     3,835       0.3 %     9,545       0.2 %
    Revenue in constant currency (non-GAAP)   $ 1,187,973       3.6 %   $ 4,674,978       3.3 %

    The MIL Network –

  • MIL-OSI: EverCommerce Announces Date of Fourth Quarter 2024 Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Feb. 24, 2025 (GLOBE NEWSWIRE) — EverCommerce Inc. (NASDAQ: EVCM), a leading provider of SaaS solutions for service SMBs, will report its fourth quarter 2024 financial results after the U.S. financial markets close on Thursday, March 13, 2025.

    Management will host a conference call on Thursday, March 13 at 5:00 p.m. Eastern Time / 3:00 p.m. Mountain Time to discuss the Company’s financial results and provide a business update. Please visit the “Investor Relations” page of the Company’s website (https://investors.evercommerce.com/) for both telephonic and webcast access to this call; a replay will be archived on the website as well.

    About EverCommerce

    EverCommerce (Nasdaq: EVCM) is a leading service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 690,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. With its EverPro, EverHealth, and EverWell brands specializing in Home, Health, and Wellness service industries, EverCommerce provides end-to-end business management software, embedded payment acceptance, marketing technology, and customer experience applications. Learn more at EverCommerce.com.

    Investor Contact:
    Brad Korch
    SVP and Head of Investor Relations
    720-796-7664
    ir@evercommerce.com

    Press Contact:
    Jeanne Trogan
    VP of Corporate Communications
    512-705-1293
    press@evercommerce.com

    The MIL Network –

  • MIL-OSI: American National Completes Full Redemption of Outstanding Depositary Shares Representing Interests in its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 24, 2025 (GLOBE NEWSWIRE) — American National Group Inc. (the “Company”) (NYSE: ANG PRA) today announced that the Company has completed the previously announced redemption (the “Redemption”) of all the 16,000 outstanding shares of its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”) and the corresponding 16,000,000 depositary shares, each representing a 1/1,000th interest in one share of Series A Preferred Stock (the “Depositary Shares”). The redemption price for the Depositary Shares was $25.00 per Depositary Share (equivalent to $25,000 per share of Series A Preferred Stock) plus an amount equal to any declared but unpaid dividends and the portion of the quarterly dividend attributable to 1/1,000th of a share of Series A Preferred Stock to the then-current dividend period that has not been declared and paid to, but excluding, the redemption date (which was February 24, 2025) (the “Redemption Date”, and such redemption price, the “Redemption Price”). The Company funded the Redemption Price with the net proceeds from its previously announced sale of 12,000,000 depositary shares, each representing a 1/1,000th interest in a share of the Company’s Fixed-Rate Non-Cumulative Preferred Stock, Series D, together with cash on hand.

    None of the Series A Preferred Stock or Depositary Shares remain outstanding, and all rights with respect to such stock or depositary shares have ceased and terminated except only the right of the holders of the Depositary Shares to receive the Redemption Price, without interest. Investors in the Depositary Shares should contact the bank or broker through which they held a beneficial interest in the Depositary Shares for information about obtaining the Redemption Price for the Depositary Shares in which they had a beneficial interest.

    In connection with the Redemption, the New York Stock Exchange (“NYSE”) has suspended trading of the Depositary Shares effective prior to the opening of trading on the Redemption Date. NYSE has filed with the Securities and Exchange Commission (the “SEC”) a notification of removal from listing and registration on Form 25 to effect the delisting of all of the Depositary Shares from NYSE. In addition, the Company intends to file a certification on Form 15 with the SEC requesting the termination of registration of all of the Depositary Shares. Deregistration of the Depositary Shares is expected to become effective 90 days after the Form 15 is filed.

    ABOUT AMERICAN NATIONAL GROUP INC.

    American National Group Inc. offers a broad array of insurance products and services through its operating subsidiaries, American National and American Equity Life. Operating across 50 U.S. states, the group’s customer offering includes annuities, personal and commercial property and casualty insurance and life insurance. For more information, please visit AmericanNational.com/home/about-us/investor-relations.

    Forward-Looking Statements

    All statements contained in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They may relate to markets for our products, trends in our operations or financial results, strategic alternatives, future operations, strategies, plans, partnerships, investments, share buybacks and other financial developments. They use words and terms such as “anticipate,” “assume,” “believe,” “can,” “continue,” “could,” “enable,” “estimate,” “expect,” “foreseeable,” “goal,” “improve,” “intend,” “likely,” “may,” “model,” “objective,” “opportunity,” “outlook,” “plan,” “potential,” “project,” “remain,” “risk,” “seek,” “should,” “strategy,” “target,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all forms of speech and derivative forms, or similar words, as well as any projections of future events or results. Forward-looking statements, by their nature, are subject to a variety of assumptions, risks, and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by the Company. Factors that may cause our actual decisions or results to differ materially from those contemplated by these forward-looking statements include, among other things, the factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and any other documents we file with the SEC.

    Forward-looking statements speak only as of the date the statement was made and the Company undertakes no obligation to update such forward-looking statements except as required by law. There can be no assurance that other factors not currently disclosed or anticipated by the Company will not materially adversely affect our results of operations or plans. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.

    Contact: Steven Schwartz
    Treasurer, Head of Investor Relations
    888-221-1234 ext. 3763
    sschwartz@american-equity.com

    The MIL Network –

  • MIL-OSI: Kneat to Announce 2024 Fourth-Quarter and Full-Year Financial Results February 26, 2025

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Ireland, Feb. 24, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, announced today that the Company will release its financial results for the quarter ended December 31, 2024, after TSX market close on February 26, 2025.

    Eddie Ryan, Chief Executive Officer and Hugh Kavanagh, Chief Financial Officer, will host a conference call and Q&A for sell side analysts via webcast on February 27, 2025 at 09:00 ET (14:00 GMT).

    Interested parties can register for the live webcast via the following link:

    Register Here

    The fourth-quarter financial results will be available from the Financial Information section of the Investors page on the Kneat Solutions website, at: https://kneat.com/investors/ 

    About Kneat
    Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show a 40% or more reduction in validation cycle times, nearly 20% faster speed to market, and 80% reduced changeover time. For more information visit www.kneat.com.

    For further information:

    Katie Keita, Investor Relations Lead, +902-706-9074, katie.keita@kneat.com

    The MIL Network –

  • MIL-OSI New Zealand: Government to consider Special Economic Zones

    Source: New Zealand Government

    Marsden Point could become the heart of a bold vision to boost New Zealand’s fuel and energy security, and an attractive option for overseas investors seeking to be part of our economic growth story, Resources, Regional Development and Associate Energy Minister Shane Jones says.

    “New Zealand is a small and remote nation. Our reliance on petrol, diesel and jet fuel being imported from overseas following the shutdown of the Marsden Point refinery carries risks. Global and domestic supply chain disruptions, price shocks and ageing infrastructure could cost the New Zealand economy billions of dollars,” Mr Jones says.

    “Cabinet will consider a range of options to ensure we are better protected against these risks. Options could include creating energy precincts and special economic zones (SEZs), which are widely used overseas.

    “Channel Infrastructure NZ, formerly Refining NZ, is already working to turn the Marsden Point refinery site into an energy precinct. Creating an SEZ there would not only help ensure New Zealand’s fuel and energy resilience, it could provide an attractive option for overseas investors.”

    SEZs, which are expected to be considered by Cabinet in the first half of this year, could include business-friendly regulations, infrastructure and facilities, investment support, and customs and trade facilitation.

    SEZs would not be restricted to energy sites but could apply to any strategically important areas of the country where infrastructure, ease of doing business and investment are critical to the economic interests of New Zealand.

    A Fuel Security Study released by Minister Jones today details the risks of an insecure fuel supply and the negative impacts disruptions could have on Kiwis and the economy. Also detailed in the report are possible actions that could be taken to mitigate the risks and the impacts. A separate report released today details an investigation into reopening the Marsden Point refinery, which was agreed in coalition negotiations between New Zealand First and the National Party

    “The Government will have to carefully weigh up the costs and benefits of the actions suggested in the fuel study. These reports show there are going to have to be trade-offs if New Zealand is to have secure fuel supply. The reports will also be incredibly helpful in forming our Fuel Security Plan, being developed this year.

    “Channel Infrastructure released its energy precinct concept in October last year which contained a number of exciting options, including a biofuel refinery. If SEZs can help smooth the path for prospective investors and tenants, the Government is willing to consider them, along with other options” Mr Jones says.

    MIL OSI New Zealand News –

  • MIL-OSI: HTXMining: Transforming Passive Income with Next-Generation Crypto Staking Solutions

    Source: GlobeNewswire (MIL-OSI)

    London, UK, Feb. 24, 2025 (GLOBE NEWSWIRE) — HTXMining, a leading Liquidity Staking Platform, is making waves in the cryptocurrency industry by providing one of the best ways to earn passive income. HTXMining can rock the world of cryptocurrencies with its appealing features. Htxmining impressed its investors by providing new ways to make the most of their digital assets, all while keeping things safe and profitable.

    HTXMining: The Future of Crypto Staking

    Cryptocurrency staking is a new way to earn passive income. HTXMining is the best crypto-staking platform to stake your digital assets and get high returns. Since staking won’t ask you to invest in expensive hardware or consume excess energy, it will be an eco-friendly and sustainable investment compared to traditional mining.

    HTXMining’s staking services allow you to lock your assets for a set period and earn staking rewards in return. HTXMining is the go-to platform for both beginners and experienced investors because of its high annual percentage yields (APYs), user-friendly interface, and low transaction fees.

    Liquidity Staking Platform: Profitability & Accessibility

    HTXMining is ahead of the curve with its Liquidity Staking Platform. Liquidity staking allows you to stake your assets while keeping liquidity, so you can still trade or use your funds while earning rewards. This is unique to HTXMining and investors have flexibility and financial freedom.

    HTXMining’s staking model guarantees stakers trading and staking rewards. You can maximize your profit potential by providing liquidity to decentralized exchanges (DEXs) and automated market makers (AMMs) without sacrificing asset availability.

    Liquidity Mining Platform: Maximizing Crypto Returns

    HTXMining’s Liquidity Mining Platform is designed to provide unparalleled earning opportunities to crypto enthusiasts. Liquidity mining involves providing assets to liquidity pools in decentralized finance (DeFi) protocols. As a reward for their contribution, liquidity providers can get extra tokens, a share of the transaction fees, or even voting rights within the platform.

    The platform offers diverse liquidity mining pools. Whether staking Ethereum (ETH), Bitcoin (BTC), or stablecoins like USDT and USDC, HTXMining ensures that users can diversify their investments while optimizing their earnings.

    Why HTXMining Serves the Best Crypto Staking Platform

    HTXMining is regarded as the leading platform for crypto staking due to its commitment to transparency, security, and profitability. Among the key distinguishing features of HTXMining are:

    • High-Yield Staking Plans: Users can select from flexible or fixed staking options, with competitive APYs.
    • Low Transaction Fees: Users can maximize their staking and liquidity mining rewards since Htxmining has minimal transaction fees.
    • User-Friendly Interface: The intuitive interface of HTXMining and it is easy to get in touch with a platform for both beginners and experienced users.
    • 24/7 Customer Support: HTXMining provides 24/7 assistance to help users with any inquiries.

    Best Ways to Earn Passive Income with HTXMining

    It was never so easy to earn passive income through cryptocurrency investments as is possible now with HTXMining’s comprehensive solutions for staking and liquidity mining. Whether you’re a beginner or a seasoned investor, here are the best ways to earn passive income on HTXMining:

    1. Traditional Staking

    By staking cryptocurrencies on HTXMining, users can earn attractive staking rewards with minimal risk. Traditional staking offers long-term stability and predictable returns, making it ideal for investors seeking a reliable income stream.

    2. Liquidity Staking

    Liquidity staking in HTXMining enables investors to stake their assets while still being able to access liquidity. HTXMining’s liquidity staking mechanism ensures that stakers benefit from both trading and staking rewards

    3. Liquidity Mining

    HTXMining’s liquidity mining pools are another lucrative way to earn passive income. Investors can boost their overall earnings when they contribute their assets to liquidity pools.

    4. Referral and Affiliate Programs

    HTXMining has an affiliate program where the users can earn commission by referral that helps to earn by referring new investors to the platform. This serves as a good income generator to earn passive income.  

    The Future of Crypto Staking and Liquidity Mining with HTXMining

    The user experience and profitability would be increased by introducing new features with the continuously evolving nature of Htxmining. Upcoming developments will include AI-powered staking optimization, advanced DeFi integration, and multi-chain functionality, which will allow users to stake tokens on various blockchain networks.

    HTXMining holds in high regard innovation, transparency, and financial independence. The platform’s Liquidity Staking Platform and Liquidity Mining Platform provide unparalleled opportunities for investors to generate sustainable passive income in the rapidly growing digital asset space.

    Join HTXMining Today!

    The robust security measures and liquidity mining solutions offer the best way to earn passive income with Htxmining. without considering whether you are a pro or a newcomer to the crypto world. HTXMining is the top choice for anyone looking to make the most out of their crypto. It offers high returns, top-notch security, and an incredibly smooth user experience.

    Get started with Htxmining today, the leading Liquidity Staking Platform and the best crypto staking platform for earning passive income.

    About HTXMining: HTXMining is a cutting-edge cryptocurrency staking and liquidity mining platform that provides users with innovative solutions to earn passive income. With its advanced staking options, secure infrastructure, and user-friendly interface, HTXMining is revolutionizing the way investors engage with digital assets.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI: Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports Fourth Quarter and Full Year 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc., (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the fourth quarter and full year ended December 31, 2024.

    FOURTH QUARTER HIGHLIGHTS

    • Q4 2024 average production of 29,859 bo/d (56,109 boe/d)
    • Q4 2024 consolidated net income (including non-controlling interest) of $272.8 million; net income attributable to Viper of $210.1 million, or $2.04 per Class A common share; includes a one-time tax benefit of $155.9 million from the reversal of the valuation allowance against the Company’s deferred tax assets
    • Q4 2024 cash available for distribution to Viper’s Class A common shares (as defined and reconciled below) of $89.0 million, or $0.86 per Class A common share
    • As previously announced, declared Q4 2024 base cash dividend of $0.30 per Class A common share; implies a 2.5% annualized yield based on the February 21, 2025, share closing price of $48.33
    • As previously announced, declared Q4 2024 variable cash dividend of $0.35 per Class A common share; total base-plus-variable dividend of $0.65 per Class A common share implies a 5.4% annualized yield based on the February 21, 2025, share closing price of $48.33
    • Total Q4 2024 return of capital of $66.7 million, or $0.65 per Class A common share, represents 75% of cash available for distribution
    • 381 total gross (8.1 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q4 2024 with an average lateral length of 10,818 feet

    FULL YEAR 2024 HIGHLIGHTS

    • Full year 2024 average production of 27,156 bo/d (49,784 boe/d)
    • Received $6.2 million in lease bonus income
    • Full year 2024 consolidated net income (including non-controlling interest) of $603.6 million; net income attributable to Viper of $359.2 million, or $3.82 per Class A common share
    • Declared dividends of $2.49 per Class A common share during the full year 2024
    • Generated full year 2024 consolidated adjusted EBITDA (as defined and reconciled below) of $782.2 million
    • Proved reserves as of December 31, 2024 of 195,873 Mboe (84% PDP, 93,563 Mbo), up 9% year over year with oil up 4% from year end 2023
    • 1,461 total gross (27.9 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during 2024 with an average lateral length of 11,381 feet

    2025 OUTLOOK

    • As previously announced, on January 30, 2025, entered into a definitive purchase and sale agreement to acquire all of the equity interests of certain mineral and royalty interest owning subsidiaries of Diamondback in exchange for $1.0 billion of cash and approximately 69.63 million limited liability company membership interests of Viper Energy Partners LLC (“OpCo units”), along with an accompanying equal amount of Class B common stock of the Company, subject to customary closing adjustments (the “Drop Down”); expected to close in the second quarter of 2025, subject to the approval by Viper’s stockholders and clearance of other typical closing conditions
    • On February 14, 2025, closed the acquisition of certain mineral and royalty interests from Morita Ranches Minerals LLC in exchange for approximately $211.0 million of cash and approximately 2.40 million OpCo units (along with an accompanying equal amount of Class B common stock of the Company), subject to customary post-closing adjustments (the “Quinn Ranch Acquisition”)
    • Initiating average daily production guidance for Q1 2025 of 30,000 to 31,000 bo/d (54,000 to 56,000 boe/d)
    • Upon the assumed closing of the Drop Down during Q2 2025, expect average daily production for the balance of 2025 in the range of 47,000 to 49,000 bo/d (85,000 to 88,000) boe/d
    • As of December 31, 2024, there were approximately 867 gross horizontal wells in the process of active development on Viper’s acreage in which Viper expects to own an average 1.6% net royalty interest (14.1 net 100% royalty interest wells)
    • Approximately 1,191 gross (23.9 net 100% royalty interest) line-of-sight wells on Viper’s acreage that are not currently in the process of active development, but for which Viper has visibility to the potential of future development in coming quarters, based on Diamondback’s current completion schedule and third-party operators’ permits

    “The fourth quarter concluded a landmark year for Viper. For the full year, we continued to deliver strong organic production growth on our legacy assets and successfully executed on our differentiated acquisition strategy. Looking ahead, we continue to be excited about the transformative Drop Down transaction between Viper and Diamondback that was previously announced. We look forward to working toward a timely closing of the transaction and the unmatched forward outlook Viper will be provided upon that closing,” stated Kaes Van’t Hof, Chief Executive Officer of Viper.

    FINANCIAL UPDATE

    Viper’s fourth quarter 2024 average unhedged realized prices were $69.91 per barrel of oil, $0.84 per Mcf of natural gas and $22.15 per barrel of natural gas liquids, resulting in a total equivalent realized price of $43.56/boe.

    Viper’s fourth quarter 2024 average hedged realized prices were $69.00 per barrel of oil, $1.05 per Mcf of natural gas and $22.15 per barrel of natural gas liquids, resulting in a total equivalent realized price of $43.38/boe.

    During the fourth quarter of 2024, the Company recorded total operating income of $228.7 million and consolidated net income (including non-controlling interest) of $272.8 million. During the quarter, the Company reversed the valuation allowance against its deferred tax assets as of the quarter and year ended December 31, 2024, with an accompanying $155.9 million deferred tax benefit recorded through continuing operations.

    As of December 31, 2024, the Company had a cash balance of $26.9 million and total long-term debt outstanding (excluding debt issuance costs, discounts and premiums) of $1.1 billion, resulting in net debt (as defined and reconciled below) of $1.1 billion. Viper’s outstanding long-term debt as of December 31, 2024 consisted of $430.4 million in aggregate principal amount of its 5.375% Senior Notes due 2027, $400.0 million in aggregate principal amount of its 7.375% Senior Notes due 2031 and $261.0 million in borrowings on its revolving credit facility, leaving $989.0 million available for future borrowings and $1.0 billion of total liquidity.

    FOURTH QUARTER 2024 CASH DIVIDEND & CAPITAL RETURN PROGRAM

    As previously announced, the Board of Directors (the “Board”) of Viper Energy, Inc., declared a base dividend of $0.30 per Class A common share for the fourth quarter of 2024 payable on March 13, 2025 to Class A common shareholders of record at the close of business on March 6, 2025.

    The Board also declared a variable cash dividend of $0.35 per Class A common share for the fourth quarter of 2024 payable on March 13, 2025 to Class A common shareholders of record at the close of business on March 6, 2025.

    OPERATIONS UPDATE

    During the fourth quarter of 2024, Viper estimates that 381 gross (8.1 net 100% royalty interest) horizontal wells with an average royalty interest of 2.1% were turned to production on its acreage position with an average lateral length of 10,818 feet. Of these 381 gross wells, Diamondback is the operator of 88 gross wells, with an average royalty interest of 6.4%, and the remaining 293 gross wells, with an average royalty interest of 0.9%, are operated by third parties.

    Viper’s footprint of mineral and royalty interests was 35,671 net royalty acres as of December 31, 2024.

    Our gross well information as of December 31, 2024 is as follows, unless otherwise specified:

      Diamondback Operated   Third-Party Operated   Total
    Horizontal wells turned to production (fourth quarter 2024)(1):          
    Gross wells 88   293   381
    Net 100% royalty interest wells 5.6   2.5   8.1
    Average percent net royalty interest 6.4%   0.9%   2.1%
               
    Horizontal wells turned to production (year ended December 31, 2024)(2):          
    Gross wells 285   1,176   1,461
    Net 100% royalty interest wells 16.0   11.9   27.9
    Average percent net royalty interest 5.6%   1.0%   1.9%
               
    Horizontal producing well count:          
    Gross wells 2,898   8,161   11,059
    Net 100% royalty interest wells 156.3   104.1   260.4
    Average percent net royalty interest 5.4%   1.3%   2.4%
               
    Horizontal active development well count:          
    Gross wells 146   721   867
    Net 100% royalty interest wells 6.0   8.1   14.1
    Average percent net royalty interest 4.1%   1.1%   1.6%
               
    Line of sight wells:          
    Gross wells 324   867   1,191
    Net 100% royalty interest wells 10.1   13.8   23.9
    Average percent net royalty interest 3.1%   1.6%   2.0%

    (1) Average lateral length of 10,818 feet.
    (2) Average lateral length of 11,381 feet.

    The 867 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months. Further in regard to the active development on Viper’s asset base, there are currently 54 gross rigs operating on Viper’s acreage, 10 of which are operated by Diamondback. The 1,191 line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to believe that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third-party operators or Diamondback’s current expected completion schedule. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production.

    YEAR END RESERVES UPDATE

    Viper’s proved oil and natural gas reserve estimates and their associated future net cash flows were prepared by Viper’s internal reservoir engineers, and audited by Ryder Scott Company, L.P., independent petroleum engineers, as of December 31, 2024. Reference prices of $75.48 per barrel of oil and natural gas liquids and $2.13 per MMbtu of natural gas were used in accordance with applicable rules of the Securities and Exchange Commission. Realized prices with applicable differentials were $75.61 per barrel of oil, $0.49 per Mcf of natural gas and $20.62 per barrel of natural gas liquids.

    Proved reserves at year-end 2024 of 195,873 Mboe (93,563 Mbo) represent a 9% increase over year-end 2023 reserves. The year-end 2024 proved reserves have a PV-10 value (as defined and reconciled below) of approximately $3.7 billion and a standardized measure of discounted future net cash flows of $3.3 billion.

    Proved developed reserves increased by 14% year over year to 163,865 Mboe (76,020 Mbo) as of December 31, 2024, reflecting continued horizontal development by the operators of Viper’s acreage.

    Net proved reserve additions of 34,845 Mboe resulted in a reserve replacement ratio of 191% (defined as the sum of extensions, discoveries, revisions, purchases and divestitures, divided by annual production). The organic reserve replacement ratio was 121% (defined as the sum of extensions, discoveries and revisions, divided by annual production).

    Extensions and discoveries of 24,936 Mboe are primarily attributable to the drilling of 1,170 new wells and from 447 new proved undeveloped locations added. The Company’s total downward revisions of previous estimated quantities of 2,894 Mboe consist of negative revisions of 6,539 Mboe associated with lower commodity prices and PUD downgrades of 2,936 Mboe offset by positive revisions of 6,580 Mboe primarily attributable to performance revisions. The purchase of reserves in place of 14,941 Mboe resulted primarily from the previously reported Tumbleweed acquisitions and other acquisitions of certain mineral and royalty interests.

      Oil (MBbls)   Gas (MMcf)   Liquids (MBbls)   Mboe
    As of December 31, 2023 89,903     263,578     45,416     179,249  
    Purchase of reserves in place 7,891     20,310     3,665     14,941  
    Extensions and discoveries 13,099     33,498     6,254     24,936  
    Revisions of previous estimates (6,472 )   4,449     2,837     (2,894 )
    Divestitures (919 )   (4,605 )   (451 )   (2,138 )
    Production (9,939 )   (24,606 )   (4,181 )   (18,221 )
    As of December 31, 2024 93,563     292,624     53,540     195,873  
                           

    As the owner of mineral and royalty interests, Viper incurred no exploration and development costs during the year ended December 31, 2024.

      December 31,
      2024
    		   2023
    		   2022
      (in thousands)
    Acquisition costs:          
    Proved properties $ 340,907     $ 402,659     $ 46,307  
    Unproved properties   830,450       758,342       16,624  
    Total $ 1,171,357     $ 1,161,001     $ 62,931  
                           

    GUIDANCE UPDATE

    Below is Viper’s guidance for Q1 2025. Guidance for full year 2025 will be provided pending the closing of the Drop Down.

       
      Viper Energy, Inc.
       
    Q1 2025 Net Production – Mbo/d 30.00 – 31.00
    Q1 2025 Net Production – Mboe/d 54.00 – 56.00
       
    Unit costs ($/boe)  
    Depletion $12.25 – $12.75
    Cash G&A $0.80 – $1.00
    Non-Cash Share-Based Compensation $0.10 – $0.20
    Net Interest Expense $2.50 – $3.00
       
    Production and Ad Valorem Taxes (% of Revenue) ~7%
    Cash Tax Rate (% of Pre-Tax Income Attributable to Viper Energy, Inc.)(1) 20% – 22%
    Q1 2025 Cash Taxes ($ – million)(2) $15.0 – $20.0

    (1)   Pre-tax income attributable to Viper Energy, Inc. is reconciled below.
    (2)   Attributable to Viper Energy, Inc.

    CONFERENCE CALL

    Viper will host a conference call and webcast for investors and analysts to discuss its results for the fourth quarter of 2024 on Tuesday, February 25, 2025 at 10:00 a.m. CT. Access to the live audio-only webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Viper’s website at www.viperenergy.com under the “Investor Relations” section of the site.

    About Viper Energy, Inc.

    Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin. For more information, please visit www.viperenergy.com.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper’s: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow, and financial position; production levels on properties in which Viper has mineral and royalty interests, developmental activity by other operators; reserve estimates and Viper’s ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the pending Drop Down and other acquisitions or divestitures); and plans and objectives (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and common stock repurchase program) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Viper are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Viper believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, forward-looking statements are not guarantees of Viper’s future performance and the actual outcomes could differ materially from what Viper expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases, and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial sector; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production on Viper’s mineral and royalty acreage, or governmental orders, rules or regulations that impose production limits on such acreage; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change and the risks and other factors disclosed in Viper’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov.

    In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this news release. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

     
    Viper Energy, Inc.
    Consolidated Balance Sheets
    (unaudited, in thousands, except share amounts)
           
      December 31,
      2024   2023
    Assets      
    Current assets:      
    Cash and cash equivalents $ 26,851     $ 25,869  
    Royalty income receivable (net of allowance for credit losses)   149,234       108,681  
    Royalty income receivable—related party   30,971       3,329  
    Income tax receivable   2,238       813  
    Derivative instruments   17,638       358  
    Prepaid expenses and other current assets   11,112       4,467  
    Total current assets   238,044       143,517  
    Property:      
    Oil and natural gas interests, full cost method of accounting ($2,179,837 and $1,769,341 excluded from depletion at December 31, 2024 and December 31, 2023, respectively)   5,712,671       4,628,983  
    Land   5,688       5,688  
    Accumulated depletion and impairment   (1,080,764 )     (866,352 )
    Property, net   4,637,595       3,768,319  
    Derivative instruments   —       92  
    Deferred income taxes (net of allowances)   185,235       56,656  
    Other assets   8,166       5,509  
    Total assets $ 5,069,040     $ 3,974,093  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 85     $ 19  
    Accounts payable—related party   1,980       1,330  
    Accrued liabilities   42,272       27,021  
    Derivative instruments   2,323       2,961  
    Income taxes payable   2,034       1,925  
    Total current liabilities   48,694       33,256  
    Long-term debt, net   1,082,979       1,083,082  
    Derivative instruments   —       201  
    Other long-term liabilities   30,148       —  
    Total liabilities   1,161,821       1,116,539  
    Stockholders’ equity:      
    Class A Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 102,977,142 and 86,144,273 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively   —       —  
    Class B Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 85,431,453 and 90,709,946 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively   —       —  
    Additional paid-in capital   1,568,560       1,031,078  
    Retained earnings (accumulated deficit)   118,444       (16,786 )
    Total Viper Energy, Inc. stockholders’ equity   1,687,004       1,014,292  
    Non-controlling interest   2,220,215       1,843,262  
    Total equity   3,907,219       2,857,554  
    Total liabilities and stockholders’ equity $ 5,069,040     $ 3,974,093  
                   
     
    Viper Energy, Inc.
    Consolidated Statements of Operations
    (unaudited, in thousands, except per share data)
                   
      Three Months Ended December 31,   Year Ended December 31,
      2024   2023   2024   2023
    Operating income:              
    Oil income $ 192,040     $ 175,254     $ 750,243     $ 619,181  
    Natural gas income   6,050       7,979       14,813       30,953  
    Natural gas liquids income   26,775       18,981       88,520       66,976  
    Royalty income   224,865       202,214       853,576       717,110  
    Lease bonus income—related party   —       2,238       227       107,823  
    Lease bonus income   3,655       125       5,944       1,855  
    Other operating income   179       135       640       909  
    Total operating income   228,699       204,712       860,387       827,697  
    Costs and expenses:              
    Production and ad valorem taxes   16,162       12,607       60,882       50,401  
    Depletion   64,591       44,787       214,412       146,118  
    General and administrative expenses—related party   3,150       924       10,541       3,696  
    General and administrative expenses   1,388       3,027       8,100       6,907  
    Other operating (income) expense   58       356       55       356  
    Total costs and expenses   85,349       61,701       293,990       207,478  
    Income (loss) from operations   143,350       143,011       566,397       620,219  
    Other income (expense):              
    Interest expense, net   (19,112 )     (15,756 )     (73,848 )     (47,392 )
    Gain (loss) on derivative instruments, net   6,122       4,892       11,386       (25,793 )
    Other income, net   —       1       —       259  
    Total other expense, net   (12,990 )     (10,863 )     (62,462 )     (72,926 )
    Income (loss) before income taxes   130,360       132,148       503,935       547,293  
    Provision for (benefit from) income taxes   (142,440 )     6,217       (99,711 )     45,952  
    Net income (loss)   272,800       125,931       603,646       501,341  
    Net income (loss) attributable to non-controlling interest   62,733       68,959       244,401       301,253  
    Net income (loss) attributable to Viper Energy, Inc. $ 210,067     $ 56,972     $ 359,245     $ 200,088  
                   
    Net income (loss) attributable to common shares:              
    Basic $ 2.04     $ 0.70     $ 3.82     $ 2.69  
    Diluted $ 2.04     $ 0.70     $ 3.82     $ 2.69  
    Weighted average number of common shares outstanding:              
    Basic   102,977       81,219       93,932       74,176  
    Diluted   102,977       81,219       93,932       74,176  
                                   
     
    Viper Energy, Inc.
    Consolidated Statements of Cash Flows
    (unaudited, in thousands)
                   
      Three Months Ended December 31,   Year Ended December 31,
      2024   2023   2024   2023
    Cash flows from operating activities:              
    Net income (loss) $ 272,800     $ 125,931     $ 603,646     $ 501,341  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
    Provision for (benefit from) deferred income taxes   (148,580 )     (7,887 )     (149,085 )     (7,000 )
    Depletion   64,591       44,787       214,412       146,118  
    (Gain) loss on derivative instruments, net   (6,122 )     (4,892 )     (11,386 )     25,793  
    Net cash receipts (payments) on derivatives   (940 )     (3,300 )     (2,978 )     (13,319 )
    Other   1,727       1,397       6,197       3,442  
    Changes in operating assets and liabilities:              
    Royalty income receivable   (16,135 )     (5,232 )     (13,249 )     (27,379 )
    Royalty income receivable—related party   5,025       4,102       (27,642 )     2,931  
    Accounts payable and accrued liabilities   (7,190 )     2,155       7,002       6,311  
    Accounts payable—related party   1,981       1,330       651       1,024  
    Income taxes payable   218       (11,397 )     109       1,014  
    Other   (9,467 )     (1,199 )     (8,069 )     (2,084 )
    Net cash provided by (used in) operating activities   157,908       145,795       619,608       638,192  
    Cash flows from investing activities:              
    Acquisitions of oil and natural gas interests—related party   —       —       —       (75,073 )
    Acquisitions of oil and natural gas interests   (425,190 )     (731,618 )     (696,242 )     (830,128 )
    Proceeds from sale of oil and natural gas interests   (5 )     2       87,669       (3,164 )
    Net cash provided by (used in) investing activities   (425,195 )     (731,616 )     (608,573 )     (908,365 )
    Cash flows from financing activities:              
    Proceeds from borrowings under credit facility   372,000       313,000       842,000       573,000  
    Repayment on credit facility   (111,000 )     (300,000 )     (844,000 )     (462,000 )
    Proceeds from Notes   —       400,000       —       400,000  
    Net proceeds from public offering   2       —       475,906       —  
    Proceeds from public offering to Diamondback   —       200,000       —       200,000  
    Repurchased shares/units under buyback program   —       (28,040 )     —       (95,221 )
    Dividends/distributions to stockholders   (62,912 )     (44,596 )     (219,465 )     (128,777 )
    Dividends/distributions to Diamondback   (62,386 )     (68,047 )     (254,216 )     (195,976 )
    Dividends to other non-controlling interest   (7,368 )     —       (7,368 )     —  
    Other   (2,847 )     (7,441 )     (2,910 )     (13,163 )
    Net cash provided by (used in) financing activities   125,489       464,876       (10,053 )     277,863  
    Net increase (decrease) in cash and cash equivalents   (141,798 )     (120,945 )     982       7,690  
    Cash, cash equivalents and restricted cash at beginning of period   168,649       146,814       25,869       18,179  
    Cash, cash equivalents and restricted cash at end of period $ 26,851     $ 25,869     $ 26,851     $ 25,869  
                                   
     
    Viper Energy, Inc.
    Selected Operating Data
    (unaudited)
                   
      Three Months Ended December 31,   Year Ended December 31,
      2024
    		   2023
    		   2024
    		   2023
    Production Data:              
    Oil (MBbls)   2,747       2,257       9,939       8,028  
    Natural gas (MMcf)   7,236       5,321       24,606       19,130  
    Natural gas liquids (MBbls)   1,209       884       4,181       3,108  
    Combined volumes (Mboe)(1)   5,162       4,028       18,221       14,324  
                   
    Average daily oil volumes (bo/d)   29,859       24,533       27,156       21,995  
    Average daily combined volumes (boe/d)   56,109       43,783       49,784       39,244  
                   
    Average sales prices:              
    Oil ($/Bbl) $ 69.91     $ 77.65     $ 75.48     $ 77.13  
    Natural gas ($/Mcf) $ 0.84     $ 1.50     $ 0.60     $ 1.62  
    Natural gas liquids ($/Bbl) $ 22.15     $ 21.47     $ 21.17     $ 21.55  
    Combined ($/boe)(2) $ 43.56     $ 50.20     $ 46.85     $ 50.06  
                   
    Oil, hedged ($/Bbl)(3) $ 69.00     $ 76.56     $ 74.57     $ 76.05  
    Natural gas, hedged ($/Mcf)(3) $ 1.05     $ 1.34     $ 0.85     $ 1.37  
    Natural gas liquids ($/Bbl)(3) $ 22.15     $ 21.47     $ 21.17     $ 21.55  
    Combined price, hedged ($/boe)(3) $ 43.38     $ 49.38     $ 46.68     $ 49.13  
                   
    Average Costs ($/boe):              
    Production and ad valorem taxes $ 3.13     $ 3.13     $ 3.34     $ 3.52  
    General and administrative – cash component   0.72       0.90       0.86       0.65  
    Total operating expense – cash $ 3.85     $ 4.03     $ 4.20     $ 4.17  
                   
    General and administrative – non-cash stock compensation expense $ 0.16     $ 0.08     $ 0.16     $ 0.09  
    Interest expense, net $ 3.70     $ 3.91     $ 4.05     $ 3.31  
    Depletion $ 12.51     $ 11.12     $ 11.77     $ 10.20  

    (1)   Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
    (2)   Realized price net of all deducts for gathering, transportation and processing.
    (3)   Hedged prices reflect the impact of cash settlements of our matured commodity derivative transactions on our average sales prices.

    NON-GAAP FINANCIAL MEASURES

    Adjusted EBITDA is a supplemental non-GAAP (as defined below) financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Viper defines Adjusted EBITDA as net income (loss) attributable to Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash share-based compensation expense, depletion, non-cash (gain) loss on derivative instruments, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, other non-recurring expenses and provision for (benefit from) income taxes. Adjusted EBITDA is not a measure of net income as determined by United States’ generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because it allows them to more effectively evaluate Viper’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income, royalty income, cash flow from operating activities or any other measure of financial performance or liquidity presented as determined in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA.

    Viper defines cash available for distribution to Viper Energy, Inc. shareholders generally as an amount equal to its Adjusted EBITDA for the applicable quarter less cash needed for income taxes payable for the current period, debt service, contractual obligations, fixed charges and reserves for future operating or capital needs that the Board may deem appropriate, lease bonus income, net of tax, distribution equivalent rights payments, preferred dividends, and an adjustment for changes in ownership interests that occurred subsequent to the quarter, if any. Management believes cash available for distribution is useful because it allows them to more effectively evaluate Viper’s operating performance excluding the impact of non-cash financial items and short-term changes in working capital. Viper’s computations of Adjusted EBITDA and cash available for distribution may not be comparable to other similarly titled measures of other companies or to such measure in its credit facility or any of its other contracts. Viper further defines cash available for variable dividends as at least 75 percent of cash available for distribution less base dividends declared and repurchased shares as part of its share buyback program for the applicable quarter.

    The following tables present a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measures of Adjusted EBITDA, cash available for distribution and cash available for variable dividends:

    Viper Energy, Inc.
    (unaudited, in thousands, except per share data)
           
      Three Months Ended December 31, 2024   Year Ended December 31, 2024
    Net income (loss) attributable to Viper Energy, Inc. $ 210,067     $ 359,245  
    Net income (loss) attributable to non-controlling interest   62,733       244,401  
    Net income (loss)   272,800       603,646  
    Interest expense, net   19,112       73,848  
    Non-cash share-based compensation expense   815       2,975  
    Depletion   64,591       214,412  
    Non-cash (gain) loss on derivative instruments   (7,062 )     (14,364 )
    Other non-cash operating expenses   58       55  
    Other non-recurring expenses   —       1,314  
    Provision for (benefit from) income taxes   (142,440 )     (99,711 )
    Consolidated Adjusted EBITDA   207,874       782,175  
    Less: Adjusted EBITDA attributable to non-controlling interest   100,035       371,813  
    Adjusted EBITDA attributable to Viper Energy, Inc. $ 107,839     $ 410,362  
           
    Adjustments to reconcile Adjusted EBITDA to cash available for distribution:      
    Income taxes payable for the current period $ (6,139 )   $ (49,372 )
    Debt service, contractual obligations, fixed charges and reserves   (11,118 )     (39,219 )
    Lease bonus income, net of tax   (1,502 )     (2,510 )
    Distribution equivalent rights payments   (98 )     (393 )
    Preferred distributions   (20 )     (80 )
    Cash available for distribution to Viper Energy, Inc. shareholders $ 88,962     $ 318,788  
      Three Months Ended December 31, 2024
      Amounts   Amounts Per Common Share
    Reconciliation to cash available for variable dividends:      
    Cash available for distribution to Viper Energy, Inc. shareholders $ 88,962     $ 0.86  
           
    Return of Capital $ 66,722     $ 0.65  
    Less:      
    Base dividend   30,893       0.30  
    Cash available for variable dividends $ 35,829     $ 0.35  
           
    Total approved base and variable dividend per share     $ 0.65  
           
    Class A common stock outstanding       102,977  
               

    The following table presents a reconciliation of the GAAP financial measure of income (loss) before income taxes to the non-GAAP financial measure of pre-tax income attributable to Viper Energy, Inc. Management believes this measure is useful to investors given it provides the basis for income taxes payable by Viper Energy, Inc, which is an adjustment to reconcile Adjusted EBITDA to cash available for distribution to holders of Viper Energy, Inc.’s Class A common stock.

     
    Viper Energy, Inc.
    Pre-tax income attributable to Viper Energy, Inc.
    (unaudited, in thousands)
       
      Three Months Ended December 31, 2024
    Income (loss) before income taxes $ 130,360  
    Less: Net income (loss) attributable to non-controlling interest   62,733  
    Pre-tax income attributable to Viper Energy, Inc. $ 67,627  
       
    Income taxes payable for the current period $ 6,139  
    Effective cash tax rate attributable to Viper Energy, Inc.   9.1 %
           

    Adjusted net income (loss) is a non-GAAP financial measure equal to net income (loss) attributable to Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, other non-recurring expenses and related income tax adjustments. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors.

    The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Viper Energy, Inc. to the non-GAAP financial measure of adjusted net income (loss):

    Viper Energy, Inc.
    Adjusted Net Income (Loss)
    (unaudited, in thousands, except per share data)
       
      Three Months Ended December 31, 2024
      Amounts   Amounts Per Diluted Share
    Net income (loss) attributable to Viper Energy, Inc.(1) $ 210,067     $ 2.04  
    Net income (loss) attributable to non-controlling interest   62,733       0.61  
    Net income (loss)(1)   272,800       2.65  
    Non-cash (gain) loss on derivative instruments, net   (7,062 )     (0.07 )
    Other non-cash operating expenses   58       —  
    Adjusted income excluding above items(1)   265,796       2.58  
    Income tax adjustment for above items   (7,653 )     (0.08 )
    Adjusted net income (loss)(1)   258,143       2.50  
    Less: Adjusted net income (loss) attributed to non-controlling interests   59,211       0.57  
    Adjusted net income (loss) attributable to Viper Energy, Inc.(1) $ 198,932     $ 1.93  
           
    Weighted average Class A common shares outstanding:      
    Basic   102,977  
    Diluted   102,977  

    (1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of Class A common shares and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Viper Energy, Inc., (ii) less the reallocation of $0.4 million in earnings attributable to participating securities, and (iii) divided by diluted weighted average Class A common shares outstanding.

    RECONCILIATION OF LONG-TERM DEBT TO NET DEBT

    The Company defines the non-GAAP measure of net debt as debt (excluding debt issuance costs, discounts and premiums) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

                           
      December 31, 2024   Net Q4 Principal Borrowings/ (Repayments)   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
      (in thousands)
    Total long-term debt(1) $ 1,091,350     $ 261,000     $ 830,350     $ 1,007,350     $ 1,103,350     $ 1,093,350  
    Cash and cash equivalents   (26,851 )         (168,649 )     (35,211 )     (20,005 )     (25,869 )
    Net debt $ 1,064,499         $ 661,701     $ 972,139     $ 1,083,345     $ 1,067,481  

    (1) Excludes debt issuance costs, discounts & premiums.

    PV-10

    PV-10 is the Company’s estimate of the present value of the future net revenues from proved oil and natural gas reserves after deducting estimated production and ad valorem taxes, future capital costs and operating expenses, but before deducting any estimates of future income taxes. The estimated future net revenues are discounted at an annual rate of 10% to determine their “present value.” The Company believes PV-10 to be an important measure for evaluating the relative significance of its oil and natural gas properties and that the presentation of the non-GAAP financial measure of PV-10 provides useful information to investors because it is widely used by professional analysts and investors in evaluating oil and natural gas companies. Because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid, the Company believes the use of a pre-tax measure is valuable for evaluating the Company. The Company believes that PV-10 is a financial measure routinely used and calculated similarly by other companies in the oil and natural gas industry.

    The following table reconciles the Company’s standardized measure of discounted future net cash flows, a GAAP financial measure to PV-10, a non-GAAP financial measure. PV-10 should not be considered as an alternative to the standardized measure as computed under GAAP.

       
    (in thousands) December 31, 2024
    Standardized measure of discounted future net cash flows after taxes $ 3,319,544  
    Add: Present value of future income tax discounted at 10%   364,976  
    PV-10 $ 3,684,520  
           

    Derivatives

    As of the filing date, the Company had the following outstanding derivative contracts. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent. When aggregating multiple contracts, the weighted average contract price is disclosed.

       
      Crude Oil (Bbls/day, $/Bbl)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027
    Deferred Premium Puts – WTI (Cushing)   20,000       20,000       18,000       —       —       —  
    Strike $ 55.00     $ 55.00     $ 55.00     $ —     $ —     $ —  
    Premium $ (1.62 )   $ (1.61 )   $ (1.60 )   $ —     $ —     $ —  
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027
    Costless Collars – Henry Hub   60,000       60,000       60,000       60,000       60,000       —  
    Floor $ 2.50     $ 2.50     $ 2.50     $ 2.50     $ 2.75     $ —  
    Ceiling $ 4.93     $ 4.93     $ 4.93     $ 4.93     $ 6.64     $ —  
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027
    Natural Gas Basis Swaps – Waha Hub   60,000       60,000       60,000       60,000       40,000       40,000  
    Swap Price $ (0.80 )   $ (0.80 )   $ (0.80 )   $ (0.80 )   $ (1.40 )   $ (1.40 )
                                                   

    Investor Contact:

    Chip Seale
    +1 432.247.6218
    cseale@viperenergy.com

    Source: Viper Energy, Inc.; Diamondback Energy, Inc.

    The MIL Network –

  • MIL-OSI: Goosehead Insurance, Inc. Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    – Total Revenue Increased 20% for the year to $314.5 million –
    – Core Revenue Grew 17% for the year to $273.7 million –
    – Total Written Premium in 2024 Increased 29% to $3.8 billion –
    – 2024 Net Income of $49.1 million versus $23.7 million in 2023 –
    – Adjusted EBITDA in 2024 up 43% to $99.9 million –

    WESTLAKE, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the fourth quarter and year ended December 31, 2024.

    Fourth Quarter 2024 Highlights

    • Total Revenues grew 49% over the prior-year period to $93.9 million in the fourth quarter of 2024
    • Fourth quarter Core Revenues* of $68.0 million increased 19% over the prior-year period
    • Fourth quarter net income of $23.8 million improved from net income of $5.4 million a year ago. EPS of $0.60 per share increased 300% and adjusted EPS* of $0.79 per share increased 182%, over the prior-year period
    • Net income margin for the fourth quarter was 25%
    • Adjusted EBITDA* of $37.4 million increased 164% from $14.1 million in the prior-year period
    • Adjusted EBITDA Margin* increased 17 percentage points over the prior-year period to 40%
    • Total written premiums placed for the fourth quarter increased 28% over the prior-year period to $965.6 million
    • Policies in force grew 13% from the prior-year period to approximately 1,674,000

    *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.

    “We had an outstanding 2024 in the face of significant macro headwinds. For the full year premium growth was 29%, total revenue increased 20%, core revenue was up 17%, net income grew 107% to $49.1 million and Adjusted EBITDA grew 43% to $99.9 million, with net income margin of 16% up 700 basis points and Adjusted EBITDA Margin of 32% up 500 basis points,” stated Mark K Miller, President and CEO. “I am pleased we began to demonstrate growth re-acceleration in a number of key performance indicators including policies in force were up 13%. Our producer base is healthier than ever as franchise productivity was up 49%, coupled with franchise producer growth of 7%. Loss activity and insurance market challenges in 2024 and the start of 2025 have further highlighted the importance of appropriate personal lines coverage, as well as the value we bring to clients, agents and carriers. We are encouraged to be seeing signs of gradual improvement in the product market. I couldn’t be more excited for what lies ahead as we continue to invest in people and technology. This further expands our competitive moat as we progress on our journey to becoming the largest distributor of personal lines in the US.” 

    Fourth Quarter 2024 Results
    For the fourth quarter of 2024, revenues were $93.9 million, an increase of 49% compared to the corresponding period in 2023. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other income, were $68.0 million, a 19% increase from $56.9 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was primarily driven by strong client retention of 84% and rising premium rates as well as increases in both the number of corporate agents and productivity per agency. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 28% in the fourth quarter compared to the corresponding period in prior year.

    Total operating expenses, excluding equity-based compensation, depreciation and amortization and impairment expenses, for the fourth quarter of 2024 were $56.5 million, up 16% from $48.9 million in the prior-year period. The increase from the prior period was primarily due to increased employee compensation and benefits expenses related to investments in corporate producers, technology, and service functions. General and administrative expenses, excluding impairment, increased to $17.8 million from $14.1 million primarily due to investments in technology and systems to drive growth and continue to improve the client experience. Equity-based compensation increased to $6.9 million for the period, compared to $5.0 million a year ago. Bad debt expense of $0.6 million decreased from $1.0 million a year ago.

    Net income in the fourth quarter of 2024 was $23.8 million versus net income of $5.4 million a year ago, with the improvement primarily due to strong revenue growth and expense discipline. Earnings per share and Net Income Margin for the fourth quarter of 2024 were $0.60 and 25%, respectively. Adjusted EPS for the fourth quarter of 2024, which excludes equity-based compensation and impairment expense, was $0.79 per share. Total Adjusted EBITDA was $37.4 million for the fourth quarter of 2024 compared to $14.1 million in the prior-year period. Adjusted EBITDA Margin of 40% was up 17 percentage points in the quarter.

    Liquidity and Capital Resources
    As of December 31, 2024, the Company had cash and cash equivalents of $58.0 million. We had an unused line of credit of $74.8 million as of December 31, 2024. Total outstanding term note payable balance was $93.1 million as of December 31, 2024.

    On January 8, 2025, the Company entered into a credit agreement (the “2025 Credit Agreement”) providing for an aggregate $300 million term notes payable (the “2025 Initial Term Loan”) and $75 million revolving credit facility (the “2025 Revolving Credit Facility”). The 2025 Initial Term Loan matures on January 8, 2032 and the 2025 Revolving Credit Facility matures on January 8, 2030. This credit agreement replaces the existing Second Amended and Restated Credit Agreement, dated July 21, 2021, which was repaid with the proceeds of the 2025 Initial Term Loan and terminated.

    On January 9, 2025, Goosehead Financial, LLC (“GF”) declared a special distribution of $175 million, which was paid in cash on January 31, 2025 to holders of record of LLC Units, including to GSHD, as of the close of business on January 21, 2025. The special distribution resulted in a payment of $59 million to our non-controlling interest holders. On January 9, 2025, the board of directors of the Company declared a one-time special cash dividend of $5.91 to all holders of Class A common stock of GSHD as of the close of business on January 21, 2025, which was paid in cash on January 31, 2025 for a total of $146 million. $1.22 of the special cash dividend was funded by cash received by GSHD from prior tax distributions from GF that are in excess of the corporate income taxes payable by GSHD. The remaining $4.69 of the special dividend was funded by the cash received by the Company from the special distribution by GF.

    2025 Outlook
    Our guidance for the full year 2025 is as follows:

    • Total written premiums placed are expected to be between $4.65 billion and $4.88 billion representing 22% organic growth on the low end of the range, and 28% organic growth on the high end of the range.
    • Total revenues are expected to be between $350 million and $385 million representing 11% organic growth on the low end of the range and 22% organic growth on the high end of the range.

    Conference Call Information
    Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.

    To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.

    In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.goosehead.com.

    A webcast replay of the call will be available at http://ir.goosehead.com for one year following the call.

    About Goosehead

    Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

    Forward-Looking Statements

    This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

    Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2024 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

    Contacts
    Investor Contact:
    Dan Farrell
    Goosehead Insurance – VP Capital Markets
    Phone: (214) 838-5290
    Email: dan.farrell@goosehead.com; IR@goosehead.com 

    PR Contact:
    Mission North for Goosehead Insurance
    Email: goosehead@missionnorth.com; PR@goosehead.com

    Goosehead Insurance, Inc.
    Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)

        Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
          2024       2023       2024       2023  
    Revenues:                
    Commissions and agency fees   $ 50,277     $ 27,424     $ 139,059     $ 116,061  
    Franchise revenues     43,438       35,282       174,514       143,772  
    Interest income     207       308       932       1,443  
    Total revenues     93,922       63,014       314,505       261,276  
    Operating Expenses:                
    Employee compensation and benefits     45,044       38,803       172,942       152,604  
    General and administrative expenses     17,833       14,092       67,069       62,111  
    Bad debts     556       1,009       2,901       4,361  
    Depreciation and amortization     2,639       2,427       10,453       9,244  
    Total operating expenses     66,072       56,331       253,365       228,320  
    Income from operations     27,850       6,683       61,140       32,956  
    Other Income:                
    Interest expense     (1,810 )     (1,511 )     (7,339 )     (6,568 )
    Other income (expense)     (1,359 )     —       (7,101 )     —  
    Income before taxes     24,681       5,172       46,700       26,388  
    Tax expense (benefit)     859       (252 )     (2,413 )     2,692  
    Net Income     23,822       5,423       49,113       23,696  
    Less: net income attributable to non-controlling interests     8,968       1,803       18,688       9,556  
    Net Income attributable to Goosehead Insurance, Inc.   $ 14,855     $ 3,620     $ 30,425     $ 14,140  
    Earnings per share:                
    Basic   $ 0.60     $ 0.15     $ 1.23     $ 0.59  
    Diluted   $ 0.57     $ 0.14     $ 1.15     $ 0.55  
    Weighted average shares of Class A common stock outstanding:                
    Basic     24,562       24,688       24,657       23,929  
    Diluted     38,399       25,516       38,301       38,356  
                                     


    Goosehead Insurance, Inc.
    Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)

        Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
          2024       2023       2024       2023  
    Revenues:                
    Core Revenue:                
    Renewal Commissions(1)   $ 18,171     $ 17,335     $ 74,938     $ 70,730  
    Renewal Royalty Fees(2)     34,990       27,180       138,942       107,524  
    New Business Commissions(1)     5,997       5,512       24,608       23,411  
    New Business Royalty Fees(2)     6,725       5,349       27,122       23,168  
    Agency Fees(1)     2,091       1,532       8,127       8,174  
    Total Core Revenue     67,974       56,908       273,737       233,007  
    Cost Recovery Revenue:                
    Initial Franchise Fees(2)     1,332       2,458       6,620       11,238  
    Interest Income     207       308       932       1,443  
    Total Cost Recovery Revenue     1,539       2,766       7,552       12,681  
    Ancillary Revenue:                
    Contingent Commissions(1)     24,018       3,045       31,385       13,746  
    Other Franchise Revenues(2)     391       296       1,831       1,843  
    Total Ancillary Revenue     24,409       3,340       33,216       15,588  
    Total Revenues     93,922       63,014       314,505       261,276  
    Operating Expenses:                
    Employee compensation and benefits, excluding equity-based compensation     38,155       33,765       144,971       128,615  
    General and administrative expenses, excluding impairment     17,833       14,092       66,723       58,483  
    Bad debts     556       1,009       2,901       4,361  
    Total     56,544       48,866       214,594       191,459  
    Adjusted EBITDA     37,378       14,148       99,911       69,817  
    Adjusted EBITDA Margin     40 %     22 %     32 %     27 %
                     
    Interest expense     (1,810 )     (1,511 )     (7,339 )     (6,568 )
    Depreciation and amortization     (2,639 )     (2,427 )     (10,453 )     (9,244 )
    Tax (expense) benefit     (859 )     252       2,413       (2,692 )
    Equity-based compensation     (6,889 )     (5,038 )     (27,971 )     (23,989 )
    Impairment expense     —       —       (347 )     (3,628 )
    Other Income (expense)     (1,359 )     —       (7,101 )     —  
    Net Income   $ 23,822     $ 5,423     $ 49,113     $ 23,696  
    Net Income Margin     25 %     9 %     16 %     9 %

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated Statements of Operations within Goosehead’s Form 10-K for the twelve months ended December 31, 2024 and 2023.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Consolidated Statements of Operations within Goosehead’s Form 10-K for the twelve months ended December 31, 2024 and 2023.

    Goosehead Insurance, Inc.
    Consolidated Balance Sheets
    (Unaudited) 
    (In thousands, except par value amounts)

        December 31,
          2024     2023
    Assets        
    Current Assets:        
    Cash and cash equivalents   $ 54,280   $ 41,956
    Restricted cash     3,693     2,091
    Commissions and agency fees receivable, net     31,375     12,903
    Receivable from franchisees, net     11,077     9,720
    Prepaid expenses     8,139     7,889
    Total current assets     108,564     74,559
    Receivable from franchisees, net of current portion     3,469     9,269
    Property and equipment, net of accumulated depreciation     24,101     30,316
    Right-of-use asset     37,420     38,406
    Intangible assets, net of accumulated amortization     25,075     17,266
    Deferred income taxes, net     193,478     181,209
    Other assets     5,546     3,867
    Total assets   $ 397,653   $ 354,892
    Liabilities and Stockholders’ Equity        
    Current Liabilities:        
    Accounts payable and accrued expenses   $ 22,894   $ 16,398
    Premiums payable     3,693     2,091
    Lease liability     6,535     8,897
    Contract liabilities     3,275     4,129
    Note payable     10,063     9,375
    Total current liabilities     46,460     40,890
    Lease liability, net of current portion     54,536     57,382
    Note payable, net of current portion     82,251     67,562
    Contract liabilities, net of current portion     15,191     22,970
    Liabilities under tax receivable agreement     160,142     149,302
    Total liabilities     358,580     338,106
    Total equity     39,073     16,786
    Total liabilities and equity   $ 397,653   $ 354,892

    Goosehead Insurance, Inc.
    Reconciliation Non-GAAP Measures to GAAP

    This release includes Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted EPS for business planning purposes and in measuring its performance relative to that of its competitors.

    These non-GAAP financial measures are defined by the Company as follows:

    • “Core Revenue” is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies.
    • “Cost Recovery Revenue” is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms.
    • “Ancillary Revenue” is a supplemental measure of our performance and includes Contingent Commissions and Other Income. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business.
    • “Adjusted EBITDA” is a supplemental measure of the Company’s performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment expense, and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses.
    • “Adjusted EBITDA Margin” is Adjusted EBITDA as defined above, divided by total revenue. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.
    • “Adjusted EPS” is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.

    While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.

    The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and twelve months ended December 31, 2024 and 2023 (in thousands):

      Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
        2024     2023     2024     2023
    Total Revenues $ 93,922   $ 63,014   $ 314,505   $ 261,276
                   
    Core Revenue:              
    Renewal Commissions(1) $ 18,171   $ 17,335   $ 74,938   $ 70,730
    Renewal Royalty Fees(2)   34,990     27,180     138,942     107,524
    New Business Commissions(1)   5,997     5,512     24,608     23,411
    New Business Royalty Fees(2)   6,725     5,349     27,122     23,168
    Agency Fees(1)   2,091     1,532     8,127     8,174
    Total Core Revenue   67,974     56,908     273,737     233,007
    Cost Recovery Revenue:              
    Initial Franchise Fees(2)   1,332     2,458     6,620     11,238
    Interest Income   207     308     932     1,443
    Total Cost Recovery Revenue   1,539     2,766     7,552     12,681
    Ancillary Revenue:              
    Contingent Commissions(1)   24,018     3,045     31,385     13,746
    Other Franchise Revenues(2)   391     296     1,831     1,843
    Total Ancillary Revenue   24,409     3,340     33,216     15,588
    Total Revenues $ 93,922   $ 63,014   $ 314,505   $ 261,276

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated Statements of Operations.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Consolidated Statements of Operations.

    The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and twelve months ended December 31, 2024 and 2023 (in thousands):

        Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
          2024       2023       2024       2023  
    Net Income   $ 23,822     $ 5,423     $ 49,113     $ 23,696  
    Interest expense     1,810       1,511       7,339       6,568  
    Depreciation and amortization     2,639       2,427       10,453       9,244  
    Tax expense (benefit)     859       (252 )     (2,413 )     2,692  
    Equity-based compensation     6,889       5,038       27,971       23,989  
    Impairment expense     —       —       347       3,628  
    Other (income) expense     1,359       —       7,101       —  
    Adjusted EBITDA   $ 37,378     $ 14,148     $ 99,911     $ 69,817  
    Net Income Margin(1)     25 %     9 %     16 %     9 %
    Adjusted EBITDA Margin(2)     40 %     22 %     32 %     27 %

    (1) Net Income Margin is calculated as Net Income divided by Total Revenue ($23,822/$93,922) and ($5,423/$63,014) for the three months ended December 31, 2024 and 2023. Net Income Margin is calculated as Net Income divided by Total Revenue ($49,113/$314,505) and ($23,696/$261,276) for the twelve months ended December 31, 2024 and 2023
    (2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($37,378/$93,922), and ($14,148/$63,014) for the three months ended December 31, 2024 and 2023, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($99,911/$314,505), and ($69,817/$261,276) for the twelve months ended December 31, 2024 and 2023.

    The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and twelve months ended December 31, 2024 and 2023. Note that totals may not sum due to rounding:

        Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
          2024     2023     2024     2023
    Earnings per share – basic (GAAP)   $ 0.60   $ 0.15   $ 1.23   $ 0.59
    Add: equity-based compensation(1)     0.19     0.13     0.75     0.64
    Add: impairment expense(2)     —     —     0.01     0.10
    Adjusted EPS (non-GAAP)   $ 0.79   $ 0.28   $ 1.99   $ 1.33

    (1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$6.9 million/(24.6 million + 12.7 million)] for the three months ended December 31, 2024 and [$5.0 million/ (24.7 million + 13.2 million)] for the three months ended December 31, 2023. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$28.0 million/(24.7 million + 12.7 million)] for the twelve months ended December 31, 2024 and [$24.0 million/ (23.9 million + 13.8 million)] for the twelve months ended December 31, 2023.
    (2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$0.3 million/(24.7 million + 12.7 million)] for the twelve months ended December 31, 2024 and [$3.6 million/ (23.9 million + 13.8 million)] for the twelve months ended December 31, 2023. No impairment was recorded for the three months ended December 31, 2024 nor the three months ended December 31, 2023.


    Goosehead Insurance, Inc.
    Key Performance Indicators

        December 31, 2024   December 31, 2023
    Corporate sales agents < 1 year tenured     253       135  
    Corporate sales agents > 1 year tenured     164       165  
    Operating franchises < 1 year tenured     90       183  
    Operating franchises > 1 year tenured     1,013       1,043  
    Total Franchise Producers     2,092       1,957  
    QTD Corporate Agent Productivity < 1 Year (1)   $ 12,787     $ 13,789  
    QTD Corporate Agent Productivity > 1 Year (1)   $ 26,788     $ 25,738  
    QTD Franchise Productivity < 1 Year (2)   $ 17,861     $ 10,975  
    QTD Franchise Productivity > 1 Year (2)   $ 29,089     $ 21,103  
    Policies in Force     1,674,000       1,486,000  
    Client Retention     84 %     86 %
    Premium Retention     98 %     101 %
    QTD Written Premium (in thousands)   $ 965,596     $ 756,082  
    Net Promoter Score (“NPS”)     89       92  

    (1) – Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.
    (2) – Franchise Productivity is New Business Production per Agency: The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents, divided by the average number of franchises for the same period, prior to paying Royalty Fees to the Company.

    The MIL Network –

  • MIL-OSI: Diamondback Energy, Inc. Announces Fourth Quarter and Full Year 2024 Financial and Operating Results; Increases Base Dividend

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the fourth quarter and full year ended December 31, 2024.

    FOURTH QUARTER 2024 HIGHLIGHTS

    • Average production of 475.9 MBO/d (883.4 MBOE/d)
    • Net cash provided by operating activities of $2.3 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $2.3 billion
    • Cash capital expenditures of $933 million
    • Free Cash Flow (as defined and reconciled below) of $1.3 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $1.4 billion
    • Increased annual base dividend by 11% to $4.00 per share; declared Q4 2024 base cash dividend of $1.00 per share payable on March 13, 2025; implies a 2.6% annualized yield based on February 21, 2025 closing share price of $156.12
    • Repurchased 2,326,247 shares of common stock in Q4 2024 for $402 million, excluding excise tax (at a weighted average price of $172.91 per share); repurchased 1,254,600 shares of common stock to date in Q1 2025 for $210 million, excluding excise tax (at a weighted average price of $167.42 per share)
    • Total Q4 2024 return of capital of $694 million; represents ~51% of Adjusted Free Cash Flow (as defined and reconciled below) from stock repurchases and the declared Q4 2024 base dividend
    • Closed previously announced TRP Energy (“TRP”) transaction in December 2024

    FULL YEAR 2024 HIGHLIGHTS

    • Average production of 337.0 MBO/d (598.3 MBOE/d)
    • Net cash provided by operating activities of $6.4 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $6.5 billion
    • Cash capital expenditures of $2.9 billion
    • Free Cash Flow (as defined and reconciled below) of $3.6 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $4.0 billion
    • Declared total base-plus-variable dividends of $6.21 per share for the full year 2024
    • Repurchased 5,525,276 shares of common stock in 2024 for $959 million, excluding excise tax (at a weighted average price of $173.57 per share)
    • Total full year 2024 return of capital of $2.3 billion; represents ~57% of FY 2024 Adjusted Free Cash Flow (as defined and reconciled below)
    • As previously announced, closed merger with Endeavor Energy Resources, L.P. (“Endeavor”) on September 10, 2024
    • Proved reserves as of December 31, 2024 of 3,557 MMBOE (1,761 MMBO, 50% oil), up 63% year over year; proved developed producing (“PDP”) reserves of 2,385 MMBOE (1,121 MMBO, 47% oil, 67% of proved reserves), up 59% year over year

    2025 GUIDANCE HIGHLIGHTS

    Please note the guidance below gives effect to the pending acquisition of Double Eagle IV Midco, LLC (“Double Eagle”) from April 1, 2025 onward.

    • Full year 2025 oil production guidance of 485 – 498 MBO/d (883 – 909 MBOE/d)
    • Full year 2025 cash capital expenditures guidance of $3.8 – $4.2 billion
    • The Company expects to drill between 446 – 471 gross (406 – 428 net) wells and complete between 557 – 592 gross (526 – 560 net) wells with an average lateral length of approximately 11,500 feet in 2025
    • Q1 2025 oil production guidance of 470 – 475 MBO/d (860 – 875 MBOE/d)
    • Q1 2025 cash capital expenditures guidance of $900 million – $1.0 billion
    • Implies Q2 2025 – Q4 2025 run-rate oil production of 490 – 505 MBO/d (891 – 920 MBOE/d)
    • Full year 2025 Midland Basin well costs per lateral foot guidance of $555 – $605
    • Implies full year 2025 oil production per million dollars of cash capital expenditures (“MBO per $MM of CAPEX”) of 44.8, 10% better than the Company’s original pro forma 2025 outlook provided in February 2024

    OPERATIONS UPDATE

    The tables below provide a summary of operating activity for the fourth quarter of 2024.

    Total Activity (Gross Operated):          
      Number of Wells Drilled
    		   Number of Wells Completed
    Midland Basin 131     124  
    Delaware Basin 6     4  
    Total 137     128  
    Total Activity (Net Operated):          
      Number of Wells Drilled
    		   Number of Wells Completed
    Midland Basin 124     113  
    Delaware Basin 5     4  
    Total 129     117  

    During the fourth quarter of 2024, Diamondback drilled 131 gross wells in the Midland Basin and six gross wells in the Delaware Basin. The Company turned 124 operated wells to production in the Midland Basin and four gross wells in the Delaware Basin, with an average lateral length of 11,810 feet. Operated completions during the fourth quarter consisted of 26 Wolfcamp A wells, 26 Lower Spraberry wells, 24 Wolfcamp B wells, 19 Jo Mill wells, 15 Middle Spraberry wells, four Wolfcamp D wells, four Dean wells, three Upper Spraberry wells, three Barnett wells, two Second Bone Spring wells and two Third Bone Spring wells.

    For the year ended December 31, 2024, Diamondback drilled 342 gross wells in the Midland Basin and 30 gross wells in the Delaware Basin. The Company turned 391 operated wells to production in the Midland Basin and 19 operated wells to production in the Delaware Basin. The average lateral length for wells completed during the year ended December 31, 2024 was 11,719 feet, and consisted of 98 Lower Spraberry wells, 87 Wolfcamp A wells, 69 Wolfcamp B wells, 59 Jo Mill wells, 49 Middle Spraberry wells, 13 Wolfcamp D wells, 13 Dean wells, nine Upper Spraberry wells, six Third Bone Spring wells, four Barnett wells and three Second Bone Spring wells.

    FINANCIAL UPDATE

    Diamondback’s fourth quarter 2024 net income was $1.1 billion, or $3.67 per diluted share. Adjusted net income (as defined and reconciled below) for the fourth quarter was $1.1 billion, or $3.64 per diluted share. For the full year ended December 31, 2024, Diamondback’s net income was $3.3 billion, or $15.53 per diluted share. Adjusted net income for the full year was $3.6 billion, or $16.57 per diluted share.

    Fourth quarter 2024 net cash provided by operating activities was $2.3 billion. For the full year ended December 31, 2024, Diamondback’s net cash provided by operating activities was $6.4 billion.

    During the fourth quarter of 2024, Diamondback spent $834 million on operated and non-operated drilling and completions, $93 million on infrastructure and environmental and $6 million on midstream, for total cash capital expenditures of $933 million. For the full year ended 2024, Diamondback spent $2.6 billion on operated and non-operated drilling and completions, $221 million on infrastructure and environmental and $14 million on midstream, for total cash capital expenditures of $2.9 billion.

    Fourth quarter 2024 Consolidated Adjusted EBITDA (as defined and reconciled below) was $2.6 billion. Adjusted EBITDA net of non-controlling interest (as defined and reconciled below) for the fourth quarter was $2.5 billion. For the full year ended December 31, 2024, Consolidated Adjusted EBITDA was $7.7 billion. Adjusted EBITDA net of non-controlling interest for the full year was $7.3 billion.

    Diamondback’s fourth quarter 2024 Free Cash Flow (as defined and reconciled below) was $1.3 billion. Adjusted Free Cash Flow (as reconciled and defined below) for the fourth quarter was $1.4 billion. For the full year ended December 31, 2024, Diamondback’s Free Cash Flow was $3.6 billion, with $4.0 billion of Adjusted Free Cash Flow over the same period.

    Fourth quarter 2024 average unhedged realized prices were $69.48 per barrel of oil, $0.48 per Mcf of natural gas and $19.27 per barrel of natural gas liquids (“NGLs”), resulting in a total equivalent unhedged realized price of $42.71 per BOE.

    Diamondback’s cash operating costs for the fourth quarter of 2024 were $10.30 per BOE, including lease operating expenses (“LOE”) of $5.67 per BOE, cash general and administrative (“G&A”) expenses of $0.69 per BOE, production and ad valorem taxes of $2.77 per BOE and gathering, processing and transportation expenses of $1.17 per BOE.

    As of December 31, 2024, Diamondback had $134 million in standalone cash and no borrowings outstanding under its revolving credit facility, with approximately $2.5 billion available for future borrowings under the facility and approximately $2.6 billion of total liquidity. As of December 31, 2024, the Company had consolidated total debt of $13.2 billion and consolidated net debt (as defined and reconciled below) of $13.0 billion, up from consolidated total debt of $13.1 billion and consolidated net debt of $12.7 billion as of September 30, 2024.

    DIVIDEND DECLARATIONS

    Diamondback announced today that the Company’s Board of Directors declared a base cash dividend of $1.00 per common share for the fourth quarter of 2024 payable on March 13, 2025 to stockholders of record at the close of business on March 6, 2025.

    Future base and variable dividends remain subject to review and approval at the discretion of the Company’s Board of Directors.

    COMMON STOCK REPURCHASE PROGRAM

    During the fourth quarter of 2024, Diamondback repurchased ~2.3 million shares of common stock at an average share price of $172.91 for a total cost of approximately $402 million, excluding excise tax. To date, Diamondback has repurchased ~25.8 million shares of common stock at an average share price of $136.82 for a total cost of approximately $3.5 billion and has approximately $2.5 billion remaining on its current share buyback authorization. Subject to factors discussed below, Diamondback intends to continue to purchase common stock under the common stock repurchase program opportunistically with cash on hand, free cash flow from operations and proceeds from potential liquidity events such as the sale of assets. This repurchase program has no time limit and may be suspended from time to time, modified, extended or discontinued by the Board at any time. Purchases under the repurchase program may be made from time to time in privately negotiated transactions, or in open market transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors. Any common stock purchased as part of this program will be retired.

    RESERVES

    Estimates of Diamondback’s proved reserves as of December 31, 2024 were prepared by Diamondback’s internal reservoir engineers and audited by Ryder Scott Company, L.P., an independent petroleum engineering firm. Reference prices of $75.48 per barrel of oil and $2.13 per Mmbtu of natural gas were used in accordance with applicable rules of the Securities and Exchange Commission. Realized prices with applicable differentials were $76.15 per barrel of oil, $0.54 per Mcf of natural gas and $22.02 per barrel of natural gas liquids.

    Proved reserves at year-end 2024 of 3,557 MMBOE represent a 63% increase over year-end 2023 reserves. Proved developed reserves increased by 59% to 2,385 MMBOE (67% of total proved reserves) as of December 31, 2024, reflecting the continued development of the Company’s horizontal well inventory. Proved undeveloped reserves (“PUD” or “PUDs”) increased to 1,173 MMBOE, a 72% increase over year-end 2023, and are comprised of 1,381 horizontal locations in which we have a working interest, of which 1,310 are in the Midland Basin. Crude oil represents 50% of Diamondback’s total proved reserves.

    Net proved reserve additions of 1,599 MMBOE resulted in a reserve replacement ratio of 730% (defined as the sum of extensions and discoveries, revisions, purchases and divestitures, divided by annual production). The organic reserve replacement ratio was 68% (defined as the sum of extensions and discoveries and revisions, divided by annual production).

    Net purchases of reserves were the primary contributor to the increase in reserves totaling 1,449 MMBOE followed by Extensions and discoveries of reserves totaling 279 MMBOE, with downward revisions of 129 MMBOE. PDP extensions were the result of 1,172 new wells in which the Company has an interest, and PUD extensions were the result of 445 new locations in which the Company has a working interest. Net purchases of reserves of 1,449 MMBOE were the net result of acquisitions of 1,569 MMBOE and divestitures of 121 MMBOE. Downward revisions of 129 MMBOE were primarily the result of negative revisions of 89 MMBOE associated with lower commodity prices, 49 MMBOE due to PUD downgrades related to changes in the corporate development plan and 17 MMBOE due to a decline in well performance. These were partially offset by positive performance revisions of 26 MMBOE related to ownership and acquisition variance revisions.

    The SEC PUD guidelines allow a company to book PUD reserves associated with projects that are to occur within the next five years. With its current development plan, the Company expects to continue its strong PUD conversion ratio in 2025 by converting an estimated 33% of its PUDs to a Proved Developed category, and develop approximately 78% of the consolidated 2024 year-end PUD reserves by the end of 2027.

      Oil (MBbls)   Gas (MMcf)   Liquids (MBbls)   MBOE
    As of December 31, 2023 1,143,944     2,997,422     534,247     2,177,761  
    Extensions and discoveries 168,375     310,421     58,696     278,808  
    Revisions of previous estimates (78,142 )   (158,468 )   (24,518 )   (129,071 )
    Purchase of reserves in place 697,702     2,391,264     473,236     1,569,482  
    Divestitures (47,505 )   (240,044 )   (33,080 )   (120,592 )
    Production (123,325 )   (275,680 )   (49,700 )   (218,972 )
    As of December 31, 2024 1,761,049     5,024,915     958,881     3,557,416  

    Diamondback’s exploration and development costs in 2024 were $3.2 billion. PD F&D costs were $10.51/BOE. PD F&D costs are defined as exploration and development costs, excluding midstream, divided by the sum of reserves associated with transfers from proved undeveloped reserves at year-end 2023 including any associated revisions in 2024 and extensions and discoveries placed on production during 2024. Drill bit F&D costs were $19.12/BOE including the effects of all revisions including pricing revisions. Drill bit F&D costs are defined as the exploration and development costs, excluding midstream, divided by the sum of extensions, discoveries and revisions.

      Year Ended December 31,
        2024       2023       2022  
      (In millions)
    Acquisition costs:          
    Proved properties $ 21,275     $ 1,314     $ 778  
    Unproved properties   15,568       1,701       1,536  
    Development costs   2,992       1,962       566  
    Exploration costs   194       768       1,698  
    Total $ 40,029     $ 5,745     $ 4,578  


    FULL YEAR 2025 GUIDANCE

    Below is Diamondback’s guidance for the full year 2025, which includes first quarter production, cash tax and capital guidance. This guidance gives effect to the estimated contribution related to the pending Double Eagle acquisition, which is expected to close on April 1, 2025, subject to the satisfaction of customary closing conditions and regulatory approval.

      2025 Guidance 2025 Guidance
      Diamondback Energy, Inc. Viper Energy, Inc.
         
    2025 Net production – MBOE/d 883 – 909  
    2025 Oil production – MBO/d 485 – 498  
    Q1 2025 Oil production – MBO/d (total – MBOE/d) 470 – 475 (860 – 875) 30.0 – 31.0 (54.0 – 56.0)
         
    Unit costs ($/BOE)    
    Lease operating expenses, including workovers $5.90 – $6.30  
    G&A    
    Cash G&A $0.60 – $0.75  
    Non-cash equity-based compensation $0.25 – $0.35  
    DD&A $14.00 – $15.00  
    Interest expense (net of interest income) $0.25 – $0.50  
    Gathering, processing and transportation $1.20 – $1.40  
         
    Production and ad valorem taxes (% of revenue) ~7%  
    Corporate tax rate (% of pre-tax income) 23%  
    Cash tax rate (% of pre-tax income) 17% – 20%  
    Q1 2025 Cash taxes ($ – million) $280 – $340  
         
    Capital Budget ($ – million)    
    Operated drilling and completion $3,130 – $3,440  
    Capital workovers, non-operated properties and science $280 – $320  
    Infrastructure, environmental and midstream(1) $390 – $440  
    2025 Total capital expenditures $3,800 – $4,200  
    Q1 2025 Capital expenditures $900 – $1,000  
         
    Gross horizontal wells drilled (net) 446 – 471 (406 – 428)  
    Gross horizontal wells completed (net) 557 – 592 (526 – 560)  
    Average lateral length (Ft.) ~11,500′  
    FY 2025 Midland Basin well costs per lateral foot $555 – $605  
    FY 2025 Delaware Basin well costs per lateral foot $860 – $910  
    Midland Basin completed net lateral feet (%) ~95%  
    Delaware Basin completed net lateral feet (%) ~5%  

    (1) Includes approximately $60 million in estimated midstream capital expenditures for the full year 2025.

    CONFERENCE CALL

    Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the fourth quarter of 2024 on Tuesday, February 25, 2025 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the recently completed Endeavor merger, the pending Double Eagle acquisition and other acquisitions or divestitures); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial markets; inflationary pressures; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change; those risks described in Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 22, 2024, and those risks disclosed in its subsequent filings on Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

    In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this letter or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

     
    Diamondback Energy, Inc.
    Consolidated Balance Sheets
    (unaudited, in millions, except share amounts)
           
      December 31,   December 31,
        2024       2023  
    Assets      
    Current assets:      
    Cash and cash equivalents ($27 million and $26 million related to Viper) $ 161     $ 582  
    Restricted cash   3       3  
    Accounts receivable:      
    Joint interest and other, net   198       192  
    Oil and natural gas sales, net ($149 million and $109 million related to Viper)   1,387       654  
    Inventories   116       63  
    Derivative instruments   168       17  
    Prepaid expenses and other current assets   77       110  
    Total current assets   2,110       1,621  
    Property and equipment:      
    Oil and natural gas properties, full cost method of accounting ($22,666 million and $8,659 million excluded from amortization at December 31, 2024 and December 31, 2023, respectively) ($5,713 million and $4,629 million related to Viper and $2,180 million and $1,769 million excluded from amortization related to Viper)   82,240       42,430  
    Other property, equipment and land   1,440       673  
    Accumulated depletion, depreciation, amortization and impairment ($1,081 million and $866 million related to Viper)   (19,208 )     (16,429 )
    Property and equipment, net   64,472       26,674  
    Funds held in escrow   1       —  
    Equity method investments   375       529  
    Derivative instruments   2       1  
    Deferred income taxes, net ($185 million and $57 million related to Viper)   173       45  
    Other assets   159       131  
    Total assets $ 67,292     $ 29,001  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable – trade $ 253     $ 261  
    Accrued capital expenditures   690       493  
    Current maturities of debt   900       —  
    Other accrued liabilities   1,020       475  
    Revenues and royalties payable   1,491       764  
    Derivative instruments   43       86  
    Income taxes payable   414       29  
    Total current liabilities   4,811       2,108  
    Long-term debt ($1,083 million and $1,083 million related to Viper)   12,075       6,641  
    Derivative instruments   106       122  
    Asset retirement obligations   573       239  
    Deferred income taxes   9,826       2,449  
    Other long-term liabilities   39       12  
    Total liabilities   27,430       11,571  
    Stockholders’ equity:      
    Common stock, $0.01 par value; 800,000,000 shares authorized; 290,984,373 and 178,723,871 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively   3       2  
    Additional paid-in capital   33,501       14,142  
    Retained earnings (accumulated deficit)   4,238       2,489  
    Accumulated other comprehensive income (loss)   (6 )     (8 )
    Total Diamondback Energy, Inc. stockholders’ equity   37,736       16,625  
    Non-controlling interest   2,126       805  
    Total equity   39,862       17,430  
    Total liabilities and stockholders’ equity $ 67,292     $ 29,001  
     
    Diamondback Energy, Inc.
    Consolidated Statements of Operations
    (unaudited, $ in millions except per share data, shares in thousands)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Revenues:              
    Oil, natural gas and natural gas liquid sales $ 3,471     $ 2,165     $ 10,100     $ 8,228  
    Sales of purchased oil   225       52       923       111  
    Other operating income   15       11       43       73  
    Total revenues   3,711       2,228       11,066       8,412  
    Costs and expenses:              
    Lease operating expenses   461       254       1,286       872  
    Production and ad valorem taxes   225       104       638       525  
    Gathering, processing and transportation   95       78       356       287  
    Purchased oil expense   225       52       921       111  
    Depreciation, depletion, amortization and accretion   1,156       469       2,850       1,746  
    General and administrative expenses   72       39       213       150  
    Merger and integration expense   30       —       303       11  
    Other operating expenses   35       27       103       140  
    Total costs and expenses   2,299       1,023       6,670       3,842  
    Income (loss) from operations   1,412       1,205       4,396       4,570  
    Other income (expense):              
    Interest expense, net   (34 )     (29 )     (135 )     (159 )
    Other income (expense), net   (7 )     (9 )     80       52  
    Gain (loss) on derivative instruments, net   36       99       137       (259 )
    Gain (loss) on extinguishment of debt   —       —       2       (4 )
    Income (loss) from equity investments, net   (2 )     9       21       48  
    Total other income (expense), net   (7 )     70       105       (322 )
    Income (loss) before income taxes   1,405       1,275       4,501       4,248  
    Provision for (benefit from) income taxes   115       264       800       912  
    Net income (loss)   1,290       1,011       3,701       3,336  
    Net income (loss) attributable to non-controlling interest   216       51       363       193  
    Net income (loss) attributable to Diamondback Energy, Inc. $ 1,074     $ 960     $ 3,338     $ 3,143  
                   
    Earnings (loss) per common share:              
    Basic $ 3.67     $ 5.34     $ 15.53     $ 17.34  
    Diluted $ 3.67     $ 5.34     $ 15.53     $ 17.34  
    Weighted average common shares outstanding:              
    Basic   291,851       178,811       213,545       179,999  
    Diluted   291,851       178,811       213,545       179,999  
     
    Diamondback Energy, Inc.
    Consolidated Statements of Cash Flows
    (unaudited, in millions)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Cash flows from operating activities:              
    Net income (loss) $ 1,290     $ 1,011     $ 3,701     $ 3,336  
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
    Provision for (benefit from) deferred income taxes   (165 )     193       15       378  
    Depreciation, depletion, amortization and accretion   1,156       469       2,850       1,746  
    (Gain) loss on extinguishment of debt   —       —       (2 )     4  
    (Gain) loss on derivative instruments, net   (36 )     (99 )     (137 )     259  
    Cash received (paid) on settlement of derivative instruments   (15 )     (48 )     (51 )     (110 )
    (Income) loss from equity investment, net   2       (9 )     (21 )     (48 )
    Equity-based compensation expense   16       14       65       54  
    Other   12       28       89       5  
    Changes in operating assets and liabilities:              
    Accounts receivable   (103 )     147       (42 )     (71 )
    Income tax receivable   (3 )     16       9       283  
    Prepaid expenses and other current assets   (24 )     (94 )     54       (89 )
    Accounts payable and accrued liabilities   114       11       (376 )     57  
    Income taxes payable   138       (9 )     87       (5 )
    Revenues and royalties payable   59       (16 )     168       123  
    Other   (100 )     10       4       (2 )
    Net cash provided by (used in) operating activities   2,341       1,624       6,413       5,920  
    Cash flows from investing activities:              
    Drilling, completions, infrastructure and midstream additions to oil and natural gas properties   (933 )     (649 )     (2,867 )     (2,701 )
    Property acquisitions   (926 )     (820 )     (8,920 )     (2,013 )
    Proceeds from sale of assets   8       7       467       1,407  
    Other   (4 )     (2 )     99       (16 )
    Net cash provided by (used in) investing activities   (1,855 )     (1,464 )     (11,221 )     (3,323 )
    Cash flows from financing activities:              
    Proceeds under term loan agreement   —       —       1,000       —  
    Repayments under term loan agreement   (100 )     —       (100 )     —  
    Proceeds from borrowings under credit facilities   2,190       313       3,375       4,779  
    Repayments under credit facilities   (2,044 )     (300 )     (3,377 )     (4,668 )
    Proceeds from senior notes   —       400       5,500       400  
    Repayment of senior notes   —       —       (25 )     (134 )
    Repurchased shares under buyback program   (402 )     (131 )     (959 )     (840 )
    Repurchased shares/units under Viper’s buyback program   —       (28 )     —       (95 )
    Proceeds from partial sale of investment in Viper Energy, Inc.   —       —       451       —  
    Net proceeds from Viper’s issuance of common stock   —       —       476       —  
    Dividends paid to stockholders   (262 )     (603 )     (1,578 )     (1,444 )
    Dividends/distributions to non-controlling interest   (70 )     (45 )     (227 )     (129 )
    Other   (7 )     (11 )     (149 )     (45 )
    Net cash provided by (used in) financing activities   (695 )     (405 )     4,387       (2,176 )
    Net increase (decrease) in cash and cash equivalents   (209 )     (245 )     (421 )     421  
    Cash, cash equivalents and restricted cash at beginning of period   373       830       585       164  
    Cash, cash equivalents and restricted cash at end of period $ 164     $ 585     $ 164     $ 585  
     
    Diamondback Energy, Inc.
    Selected Operating Data
    (unaudited)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Production Data:              
    Oil (MBbls)   43,785       25,124       123,325       96,176  
    Natural gas (MMcf)   107,249       50,497       275,680       198,117  
    Natural gas liquids (MBbls)   19,615       9,016       49,700       34,217  
    Combined volumes (MBOE)(1)   81,275       42,556       218,972       163,413  
                   
    Daily oil volumes (BO/d)   475,924       273,087       336,954       263,496  
    Daily combined volumes (BOE/d)   883,424       462,565       598,284       447,707  
                   
    Average Prices:              
    Oil ($ per Bbl) $ 69.48     $ 76.42     $ 73.52     $ 75.68  
    Natural gas ($ per Mcf) $ 0.48     $ 1.29     $ 0.32     $ 1.32  
    Natural gas liquids ($ per Bbl) $ 19.27     $ 19.96     $ 18.99     $ 20.08  
    Combined ($ per BOE) $ 42.71     $ 50.87     $ 46.12     $ 50.35  
                   
    Oil, hedged ($ per Bbl)(2) $ 68.72     $ 75.59     $ 72.68     $ 74.72  
    Natural gas, hedged ($ per Mcf)(2) $ 0.82     $ 1.31     $ 0.91     $ 1.48  
    Natural gas liquids, hedged ($ per Bbl)(2) $ 19.27     $ 19.96     $ 18.99     $ 20.08  
    Average price, hedged ($ per BOE)(2) $ 42.76     $ 50.40     $ 46.38     $ 49.98  
                   
    Average Costs per BOE:              
    Lease operating expenses $ 5.67     $ 5.97     $ 5.87     $ 5.34  
    Production and ad valorem taxes   2.77       2.44       2.91       3.21  
    Gathering, processing and transportation expense   1.17       1.83       1.63       1.76  
    General and administrative – cash component   0.69       0.59       0.68       0.59  
    Total operating expense – cash $ 10.30     $ 10.83     $ 11.09     $ 10.90  
                   
    General and administrative – non-cash component $ 0.20     $ 0.33     $ 0.30     $ 0.33  
    Depreciation, depletion, amortization and accretion $ 14.22     $ 11.02     $ 13.02     $ 10.68  
    Interest expense, net $ 0.42     $ 0.68     $ 0.62     $ 0.97  

    (1)   Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
    (2)   Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts.


    NON-GAAP FINANCIAL MEASURES

    ADJUSTED EBITDA

    Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as net income (loss) attributable to Diamondback Energy, Inc., plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before non-cash (gain) loss on derivative instruments, net, interest expense, net, depreciation, depletion, amortization and accretion, depreciation and interest expense related to equity method investments, (gain) loss on extinguishment of debt, if any, non-cash equity-based compensation expense, capitalized equity-based compensation expense, merger and integration expenses, other non-cash transactions and provision for (benefit from) income taxes, if any. Adjusted EBITDA is not a measure of net income as determined by United States generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because the measure allows it to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company adds the items listed above to net income (loss) to determine Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Further, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets. The Company’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.

    The following tables present a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP financial measure of Adjusted EBITDA:

    Diamondback Energy, Inc.
    Reconciliation of Net Income (Loss) to Adjusted EBITDA
    (unaudited, in millions)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Net income (loss) attributable to Diamondback Energy, Inc. $ 1,074     $ 960     $ 3,338     $ 3,143  
    Net income (loss) attributable to non-controlling interest   216       51       363       193  
    Net income (loss)   1,290       1,011       3,701       3,336  
    Non-cash (gain) loss on derivative instruments, net   (51 )     (147 )     (188 )     149  
    Interest expense, net   34       29       135       159  
    Depreciation, depletion, amortization and accretion   1,156       469       2,850       1,746  
    Depreciation and interest expense related to equity method investments   30       18       91       70  
    (Gain) loss on extinguishment of debt   —       —       (2 )     4  
    Non-cash equity-based compensation expense   24       21       95       80  
    Capitalized equity-based compensation expense   (8 )     (7 )     (30 )     (26 )
    Merger and integration expenses   30       —       303       11  
    Other non-cash transactions   2       12       (62 )     (52 )
    Provision for (benefit from) income taxes   115       264       800       912  
    Consolidated Adjusted EBITDA   2,622       1,670       7,693       6,389  
    Less: Adjustment for non-controlling interest   118       82       411       290  
    Adjusted EBITDA attributable to Diamondback Energy, Inc. $ 2,504     $ 1,588     $ 7,282     $ 6,099  

    ADJUSTED NET INCOME

    Adjusted net income is a non-GAAP financial measure equal to net income (loss) attributable to Diamondback Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, merger and integration expense, other non-cash transactions and related income tax adjustments, if any. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors. Further, in order to allow investors to compare the Company’s performance across periods, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods.

    The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP measure of adjusted net income:

    Diamondback Energy, Inc.
    Adjusted Net Income
    (unaudited, $ in millions except per share data, shares in thousands)
               
      Three Months Ended
    December 31, 2024    		   Year Ended
    December 31, 2024
      Amounts   Amounts Per
    Diluted
    Share    		   Amounts   Amounts Per
    Diluted
    Share
    Net income (loss) attributable to Diamondback Energy, Inc.(1) $ 1,074     $ 3.67     $ 3,338     $ 15.53  
    Net income (loss) attributable to non-controlling interest   216       0.74       363       1.70  
    Net income (loss)(1)   1,290       4.41       3,701       17.23  
    Non-cash (gain) loss on derivative instruments, net   (51 )     (0.17 )     (188 )     (0.88 )
    (Gain) loss on extinguishment of debt   —       —       (2 )     (0.01 )
    Merger and integration expense   30       0.10       303       1.42  
    Other non-cash transactions   2       —       (62 )     (0.29 )
    Adjusted net income excluding above items(1)   1,271       4.34       3,752       17.47  
    Income tax adjustment for above items   2       0.01       (9 )     (0.04 )
    Adjusted net income(1)   1,273       4.35       3,743       17.43  
    Less: Adjusted net income attributable to non-controlling interest   206       0.71       183       0.86  
    Adjusted net income attributable to Diamondback Energy, Inc.(1) $ 1,067     $ 3.64     $ 3,560     $ 16.57  
                   
    Weighted average common shares outstanding:              
    Basic     291,851           213,545  
    Diluted     291,851           213,545  

    (1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc, (ii) less the reallocation of $4 million and $21 million in earnings attributable to participating securities for the three months ended December 31, 2024 and the year ended December 31, 2024, respectively, (iii) divided by diluted weighted average common shares outstanding for the respective periods.

    OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES AND FREE CASH FLOW

    Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to changes in operating assets and liabilities. The Company believes operating cash flow before working capital changes is a useful measure of an oil and natural gas company’s ability to generate cash used to fund exploration, development and acquisition activities and service debt or pay dividends. The Company also uses this measure because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. This allows the Company to compare its operating performance with that of other companies without regard to financing methods and capital structure.

    Free Cash Flow, which is a non-GAAP financial measure, is cash flow from operating activities before changes in working capital in excess of cash capital expenditures. The Company believes that Free Cash Flow is useful to investors as it provides measures to compare both cash flow from operating activities and additions to oil and natural gas properties across periods on a consistent basis as adjusted for non-recurring tax impacts from divestitures, merger and integration expenses, the early termination of derivative contracts and settlements of treasury locks. These measures should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of operating performance. The Company’s computation of Free Cash Flow may not be comparable to other similarly titled measures of other companies. The Company uses Free Cash Flow to reduce debt, as well as return capital to stockholders as determined by the Board of Directors.

    The following tables present a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP measure of operating cash flow before working capital changes and to the non-GAAP measure of Free Cash Flow:

    Diamondback Energy, Inc.
    Operating Cash Flow Before Working Capital Changes and Free Cash Flow
    (unaudited, in millions)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Net cash provided by operating activities $ 2,341     $ 1,624     $ 6,413     $ 5,920  
    Less: Changes in cash due to changes in operating assets and liabilities:              
    Accounts receivable   (103 )     147       (42 )     (71 )
    Income tax receivable   (3 )     16       9       283  
    Prepaid expenses and other current assets   (24 )     (94 )     54       (89 )
    Accounts payable and accrued liabilities   114       11       (376 )     57  
    Income taxes payable   138       (9 )     87       (5 )
    Revenues and royalties payable   59       (16 )     168       123  
    Other   (100 )     10       4       (2 )
    Total working capital changes   81       65       (96 )     296  
    Operating cash flow before working capital changes   2,260       1,559       6,509       5,624  
    Drilling, completions, infrastructure and midstream additions to oil and natural gas properties   (933 )     (649 )     (2,867 )     (2,701 )
    Total Cash CAPEX   (933 )     (649 )     (2,867 )     (2,701 )
    Free Cash Flow   1,327       910       3,642       2,923  
    Tax impact from divestitures(1)   —       —       —       64  
    Merger and integration expenses   30       —       303       —  
    Early termination of derivatives   —       —       37       —  
    Treasury locks   —       —       25       —  
    Adjusted Free Cash Flow $ 1,357     $ 910     $ 4,007     $ 2,987  

    (1) Includes the tax impact for the disposal of certain Midland Basin water assets and Delaware Basin oil gathering assets.

    NET DEBT

    The Company defines the non-GAAP measure of net debt as total debt (excluding debt issuance costs, discounts, premiums and unamortized basis adjustments) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

    Diamondback Energy, Inc.
    Net Debt
    (unaudited, in millions)
                           
      December 31,
    2024    		   Net Q4
    Principal
    Borrowings/
    (Repayments)    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
      (in millions)
    Diamondback Energy, Inc.(1) $ 12,069     $ (215 )   $ 12,284     $ 11,169     $ 5,669     $ 5,697  
    Viper Energy, Inc.(1)   1,091       261       830       1,007       1,103       1,093  
    Total debt   13,160     $ 46       13,114       12,176       6,772       6,790  
    Cash and cash equivalents   (161 )         (370 )     (6,908 )     (896 )     (582 )
    Net debt $ 12,999         $ 12,744     $ 5,268     $ 5,876     $ 6,208  

    (1)  Excludes debt issuance costs, discounts, premiums and unamortized basis adjustments.

    DERIVATIVES

    As of February 21, 2025, the Company had the following outstanding consolidated derivative contracts, including derivative contracts at Viper Energy, Inc. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent pricing and with natural gas derivative settlements based on the New York Mercantile Exchange Henry Hub pricing. When aggregating multiple contracts, the weighted average contract price is disclosed.

      Crude Oil (Bbls/day, $/Bbl)
      Q1 2025     Q2 2025     Q3 2025     Q4 2025     FY2026  
    Long Puts – Crude Brent Oil 52,000     48,000     27,000     12,000     —  
    Long Put Price ($/Bbl) $60.00     $58.44     $56.85     $55.00     —  
    Deferred Premium ($/Bbl) $-1.48     $-1.50     $-1.54     $-1.56     —  
    Long Puts – WTI (Magellan East Houston) 83,000     86,000     72,000     35,000     —  
    Long Put Price ($/Bbl) $55.84     $55.12     $55.00     $55.00     —  
    Deferred Premium ($/Bbl) $-1.59     $-1.58     -1.60     $-1.62     —  
    Long Puts – WTI (Cushing) 142,000     137,000     101,000     41,000     —  
    Long Put Price ($/Bbl) $56.58     $55.58     $55.00     $55.00     —  
    Deferred Premium ($/Bbl) $-1.59     $-1.58     $-1.58     $-1.61     —  
    Costless Collars – WTI (Cushing) 13,000     —     —     —     —  
    Long Put Price ($/Bbl) $60.00     —     —     —     —  
    Short Call Price ($/Bbl) $89.55     —     —     —     —  
    Basis Swaps – WTI (Midland) 64,000     66,000     66,000     66,000     —  
    $1.09     $1.05     $1.05     $1.05     —  
    Roll Swaps – WTI 16,389     25,000     25,000     25,000     —  
    $0.93     $0.93     $0.93     $0.93     —  
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027  
    Costless Collars – Henry Hub 750,000     690,000     690,000     690,000     500,000     —  
    Long Put Price ($/Mmbtu) $2.52     $2.49     $2.49     $2.49     $2.64     —  
    Ceiling Price ($/Mmbtu) $5.26     $5.28     $5.28     $5.28     $6.31     —  
    Natural Gas Basis Swaps – Waha Hub 670,000     610,000     610,000     610,000     230,000     200,000  
    $-0.82     $-0.84     $-0.84     $-0.84     $-1.41     $-1.42  

    Investor Contact:
    Adam Lawlis
    +1 432.221.7467
    alawlis@diamondbackenergy.com

    The MIL Network –

  • MIL-OSI: Nasdaq CFO Sarah Youngwood to Present at the Morgan Stanley Technology, Media & Telecom Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) will be presenting at the following conference, with a webcast available at Nasdaq’s Investor Relations website: ir.nasdaq.com/events.cfm.

    Who:          Sarah Youngwood, EVP & CFO, Nasdaq
         
    What:   Morgan Stanley Technology, Media & Telecom Conference
         
    When:   Monday, March 3, 2025
    2:30 PM ET
         

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Relations Contact:

    Nick Eghtessad
    +1.929.996.8894
    Nick.Eghtessad@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

  • MIL-OSI: GigaCloud Technology Inc to Announce Fourth Quarter and Full Year 2024 Financial Results on March 3, 2025

    Source: GlobeNewswire (MIL-OSI)

    EL MONTE, Calif., Feb. 24, 2025 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B technology solutions for large parcel merchandise, today announced that it will report its unaudited financial results for the fourth quarter and full year ended December 31, 2024 after the market closes on Monday, March 3, 2025. The Company will host a conference call to discuss its financial results on the same day at 5:30 PM Eastern Time.

    To access the conference call, participants should pre-register here to receive the dial-in information and a unique PIN. All participants are encouraged to dial-in 15 minutes prior to the conference call’s start time.

    A live and archived webcast of the conference call will be accessible on the Company’s investor relations website at https://investors.gigacloudtech.com/news-events/events.

    About GigaCloud Technology Inc
    GigaCloud Technology Inc is a pioneer of global end-to-end B2B technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://investors.gigacloudtech.com/

    The MIL Network –

  • MIL-OSI: EverQuote Announces Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Fourth Quarter Revenue Growth of 165% Year-Over-Year to $147.5 million
    • Fourth Quarter Variable Marketing Dollars Increases Over 110% Year-Over-Year to $44.0 million
    • Delivers Fourth Quarter Net Income of $12.3 million and Adjusted EBITDA of $18.9 million
    • Full Year Revenue Grows 74% and Variable Marketing Dollars Increases 55%, Year-Over-Year
    • Full Year Net Income Increases to $32.2 million and Generates Operating Cash Flow of $66.6 million

    CAMBRIDGE, Mass., Feb. 24, 2025 (GLOBE NEWSWIRE) — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    “I am proud of our remarkable team and our financial accomplishments in 2024. We grew revenue by 74% year-over-year to cross the $500 million mark for the first time, increased Adjusted EBITDA to almost $60 million, and finished the year with over $100 million of cash on the balance sheet, and no debt,” said Jayme Mendal, CEO of EverQuote. “Over the last year, we have refocused and clarified our vision to become the leading growth partner for P&C insurance providers by efficiently delivering better performing referrals, bigger traffic scale and a broader suite of products and services. We are emerging from the auto insurance downturn with record performance, and expect to carry forward our positive momentum and profitable growth into 2025 and beyond.”

    “Our strong momentum continued through the fourth quarter, as we again exceeded guidance across all three of our primary financial metrics: total revenue, Variable Marketing Dollars or VMD, and Adjusted EBITDA. We produced a record-level of revenue and net income, as well as a record-level of Adjusted EBITDA and operating cash flow for the full year 2024,” said Joseph Sanborn, CFO of EverQuote. “As we progress through 2025, we plan to make continued strategic investments to accelerate the advancement of our technology platform to enable faster development of product enhancements and new offerings for our customers. We are excited about our ability to continue to leverage our traffic expertise, data assets and technology to support our insurance provider customers in successfully expanding their business; and in turn enable EverQuote to further scale and drive growing profitability.”

    Fourth Quarter 2024 Highlights:
    (Unless otherwise noted, all comparisons are relative to the fourth quarter of 2023).

    • Total revenue of $147.5 million, an increase of 165%.
    • Automotive insurance vertical revenue of $135.9 million, an increase of over 200%.
    • Home and renters insurance vertical revenue of $11.3 million, an increase of 15%.
    • VMD more than doubled to $44.0 million, compared to $20.7 million.
    • GAAP net income of $12.3 million, compared to a GAAP net loss of ($6.3) million.
    • Adjusted EBITDA of $18.9 million, compared to ($0.9) million.
    • Operating cash flow of $20.1 million, compared to ($0.8) million.
    • Ended the quarter with $102.1 million in cash and cash equivalents, an increase of 23% from $82.8 million at the end of the third quarter of 2024.

    Full Year 2024 Highlights:
    (Unless otherwise noted, all comparisons are relative to full year 2023 results).

    • Total revenue of $500.2 million, an increase of 74%.
    • Automotive insurance vertical revenue of $446.1 million, an increase of 96%.
    • Home and renters insurance vertical revenue of $52.0 million, an increase of 27%.
    • VMD increased 55% to $155.2 million, compared to $100.3 million.
    • GAAP net income of $32.2 million, compared to a GAAP net loss of ($51.3) million. The net loss for 2023 includes $23.6 million of restructuring and other charges related to the sale of our health insurance vertical assets and workforce reduction.
    • Adjusted EBITDA of $58.2 million, compared to $0.5 million.
    • Operating cash flow of $66.6 million, compared to ($2.8) million.

    First Quarter 2025 Outlook:

    • Revenue of $155.0 – $160.0 million, representing 73% year-over-year growth at the midpoint.
    • Variable Marketing Dollars of $44.0 – $46.0 million, representing 46% year-over-year growth at the midpoint.
    • Adjusted EBITDA of $19.0 – $21.0 million, representing 163% year-over-year growth at the midpoint.

    With respect to the Company’s expectations under “First Quarter 2025 Outlook” above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income (loss) in this press release because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, restructuring and other charges, acquisition-related costs, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income (loss). In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.

    Conference Call and Webcast Information

    EverQuote will host a conference call and live webcast to discuss its fourth quarter and full year 2024 financial results at 4:30 p.m. Eastern Time today, February 24, 2025. To access the conference call, dial Toll Free: +1 (800) 715-9871 for the US, or +1 (646) 307-1963 for international callers, and provide conference ID 4210704. The live webcast and replay will be available on the Investors section of the Company’s website at https://investors.everquote.com.

    Safe Harbor Statement

    This press release contains 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. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “might,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “seek,” “would” or “continue,” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, liquidity and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions described in our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (“SEC”) from time to time. Additional information will also be set forth in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2024, which will be filed with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law. Some of the key factors that could cause actual results to differ include: (1) our dependence on revenue from the property and casualty insurance industries, and specifically automotive insurance, and exposure to risks related to those industries; (2) our dependence on our relationships with insurance providers with no long-term minimum financial commitments; (3) our reliance on a small number of insurance providers for a significant portion of our revenue; (4) our dependence on third-party media sources for a significant portion of visitors to our websites and marketplace; (5) our ability to attract consumers searching for insurance to our websites and marketplace through Internet search engines, display advertising, social media, content-based online advertising and other online sources; (6) any limitations restricting our ability to market to users or collect and use data derived from user activities; (7) risks related to cybersecurity incidents or other network disruptions; (8) risks related to the use of artificial intelligence; (9) our ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and to successfully monetize them; (10) the impact of competition in our industry and innovation by our competitors; (11) our ability to hire and retain necessary qualified employees to expand our operations; (12) our ability to stay abreast of and comply with new or modified laws and regulations that currently apply or become applicable to our business, including with respect to the insurance industry, telemarketing restrictions and data privacy requirements; (13) our ability to protect our intellectual property rights and maintain and build our brand; (14) our future financial performance, including our expectations regarding our revenue, cost of revenue, variable marketing dollars, operating expenses, cash flows and ability to achieve, and maintain, future profitability; (15) our ability to properly collect, process, store, share, disclose and use consumer information and other data; and (16) the future trading prices of our Class A common stock.

    About EverQuote

    EverQuote operates a leading online marketplace for insurance shopping, connecting consumers with insurance provider customers, which includes both carriers and agents. Our vision is to be the leading growth partner for property and casualty, or P&C, insurance providers. Our results-driven marketplace, powered by our proprietary data and technology platform, is improving the way insurance providers attract and connect with consumers shopping for insurance.

    For more information, visit https://investors.everquote.com and follow on LinkedIn.

    Investor Relations Contact

    Brinlea Johnson
    The Blueshirt Group
    (415) 489-2193

     
    EVERQUOTE, INC.
    STATEMENTS OF OPERATIONS
     
        Three Months Ended
    December 31,    		     Year Ended December
    31,    		  
        2024     2023     2024     2023  
        (in thousands except per share)  
    Revenue   $ 147,455     $ 55,705     $ 500,190     $ 287,921  
    Cost and operating expenses(1):                                
    Cost of revenue     5,420       4,988       20,922       22,455  
    Sales and marketing     114,209       44,594       387,700       240,131  
    Research and development     7,640       5,944       29,553       27,591  
    General and administrative     8,159       6,962       30,264       26,301  
    Restructuring and other charges     —       (21 )     —       23,568  
    Acquisition-related costs     —       —       —       (150 )
    Total cost and operating expenses     135,428       62,467       468,439       339,896  
    Income (loss) from operations     12,027       (6,762 )     31,751       (51,975 )
    Other income:                                
    Interest income     683       382       2,079       1,251  
    Other income, net   24       9     178     14  
    Total other income, net     707       391       2,257       1,265  
    Income (loss) before income taxes     12,734       (6,371 )     34,008       (50,710 )
    Income tax (expense) benefit     (428 )     23       (1,839 )     (577 )
    Net income (loss)   $ 12,306     $ (6,348 )   $ 32,169     $ (51,287 )
    Net income (loss) per share:                                
    Basic   $ 0.35     $ (0.19 )   $ 0.92     $ (1.54 )
    Diluted   $ 0.33     $ (0.19 )   $ 0.88     $ (1.54 )
    Weighted average common shares
        outstanding, basic and diluted    		                                
    Basic     35,490       33,954       35,007       33,350  
    Diluted     37,051       33,954       36,646       33,350  
                                     
    (1) Amounts include stock-based compensation expense, as follows:                          
        Three Months Ended
    December 31,    		     Year Ended December
    31,    		  
        2024     2023     2024     2023  
        (in thousands)  
    Cost of revenue   $ 53     $ 49     $ 182     $ 219  
    Sales and marketing     1,713       1,906       6,796       8,667  
    Research and development     1,422       1,574       5,502       8,053  
    General and administrative     2,122       1,284       8,134       5,869  
    Restructuring and other charges     —       —       —       1,288  
        $ 5,310     $ 4,813     $ 20,614     $ 24,096  
     
     
    EVERQUOTE, INC.
    BALANCE SHEET DATA
     
        December 31,  
        2024     2023  
        (in thousands)  
    Cash and cash equivalents   $ 102,116     $ 37,956  
    Working capital     99,131       39,293  
    Total assets     210,530       110,925  
    Total liabilities     75,162       30,018  
    Total stockholders’ equity     135,368       80,907  
     
     
    EVERQUOTE, INC.
    STATEMENTS OF CASH FLOWS
     
        Three Months Ended
    December 31,    		     Year Ended December
    31,    		  
        2024     2023     2024     2023  
        (in thousands)  
    Cash flows from operating activities:                                
    Net income (loss)   $ 12,306     $ (6,348 )   $ 32,169     $ (51,287 )
    Adjustments to reconcile net income (loss) to net cash provided by
       (used in) operating activities:    		                                
    Depreciation and amortization     1,555       1,075       5,672       6,196  
    Stock-based compensation expense     5,310       4,813       20,614       24,096  
    Loss on sale of health assets     —       —       —       19,388  
    Impairment of right-of-use asset     —       —       —       384  
    Change in fair value of contingent consideration
       liabilities    		     —       —       —       (150 )
    Provision for (recovery of) bad debt     (3 )     18       13       204  
    Unrealized foreign currency transaction (gains) losses     (82 )     22       (26 )     21  
    Changes in operating assets and liabilities:                                
    Accounts receivable     (13,099 )     952       (40,178 )     8,219  
    Prepaid expenses and other current assets     128       (1,675 )     440       962  
    Commissions receivable, current and non-current     1,158       1,565       4,880       4,176  
    Operating lease right-of-use assets     371       491       2,213       2,497  
    Other assets     —       385       (291 )     421  
    Accounts payable     12,961       (3,382 )     42,664       (13,411 )
    Accrued expenses and other current liabilities     (73 )     1,979       1,040       (1,543 )
    Deferred revenue     (14 )     (29 )     (107 )     5  
    Operating lease liabilities     (384 )     (658 )     (2,537 )     (3,006 )
    Net cash provided by (used in) operating activities     20,134       (792 )     66,566       (2,828 )
    Cash flows from investing activities:                                
    Acquisition of property and equipment, including costs
        capitalized for development of internal-use software    		     (1,003 )     (852 )     (4,114 )     (3,840 )
    Proceeds from sale of health assets     —       —       —       13,194  
    Net cash provided by (used in) investing activities     (1,003 )     (852 )     (4,114 )     9,354  
    Cash flows from financing activities:                                
    Proceeds from exercise of stock options     651       639       3,553       979  
    Tax withholding payments related to net share settlement     (496 )     (103 )     (1,846 )     (402 )
    Net cash provided by financing activities     155       536       1,707       577  
    Effect of exchange rate changes on cash,
        cash equivalents and restricted cash    		     (11 )     15       1       18  
    Net increase (decrease) in cash, cash equivalents and
       restricted cash    		     19,275       (1,093 )     64,160       7,121  
    Cash, cash equivalents and restricted cash at beginning
       of period    		     82,841       39,049       37,956       30,835  
    Cash, cash equivalents and restricted cash at end
       of period    		   $ 102,116     $ 37,956     $ 102,116     $ 37,956  
     
     
    EVERQUOTE, INC.
    FINANCIAL AND OPERATING METRICS
    Revenue by vertical:
        Three Months Ended
    December 31,    		     Change  
        2024     2023     %  
        (in thousands)          
    Automotive   $ 135,930     $ 44,985       202.2 %
    Home and Renters     11,298       9,821       15.0 %
    Other     227       899       -74.7 %
    Total Revenue   $ 147,455     $ 55,705       164.7 %
        Year Ended December 31,     Change  
        2024     2023     %  
        (in thousands)          
    Automotive   $ 446,095     $ 227,505       96.1 %
    Home and Renters     52,013       40,889       27.2 %
    Other     2,082       19,527       -89.3 %
    Total Revenue   $ 500,190     $ 287,921       73.7 %
                             
    Other financial and non-financial metrics:
        Three Months Ended
    December 31,    		     Change  
        2024     2023     %  
        (in thousands)          
    Income (loss) from operations   $ 12,027     $ (6,762 )     -277.9 %
    Net income (loss)   $ 12,306     $ (6,348 )     -293.9 %
    Variable marketing dollars   $ 44,023     $ 20,668       113.0 %
    Adjusted EBITDA(1)   $ 18,916     $ (886 )   NM  
        Year Ended December 31,     Change  
        2024     2023     %  
        (in thousands)          
    Income (loss) from operations   $ 31,751     $ (51,975 )     -161.1 %
    Net income (loss)   $ 32,169     $ (51,287 )     -162.7 %
    Variable marketing dollars   $ 155,227     $ 100,282       54.8 %
    Adjusted EBITDA(1)   $ 58,215     $ 461     NM  
     
    (1 ) Adjusted EBITDA is a non-GAAP measure. Please see “EverQuote, Inc. Reconciliation of Non-GAAP Measures to GAAP” below for more information.
         

    To supplement the Company’s financial statements presented in accordance with GAAP and to provide investors with additional information regarding EverQuote’s financial results, the Company has presented Adjusted EBITDA as a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.

    The Company defines Adjusted EBITDA as net income (loss), excluding the impact of stock-based compensation expense; depreciation and amortization expense; restructuring and other charges; acquisition-related costs; interest income; and income taxes. The most directly comparable GAAP measure is net income (loss). The Company monitors and presents Adjusted EBITDA because it is a key measure used by management and the board of directors to understand and evaluate operating performance, to establish budgets and to develop operational goals for managing EverQuote’s business. In particular, the Company believes that excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of EverQuote’s core operating performance.

    The Company uses Adjusted EBITDA to evaluate EverQuote’s operating performance and trends and make planning decisions. The Company believes that this non-GAAP financial measure helps identify underlying trends in EverQuote’s business that could otherwise be masked by the effect of the items that the Company excludes in the calculations of Adjusted EBITDA. Accordingly, the Company believes that this financial measure provides useful information to investors and others in understanding and evaluating EverQuote’s operating results, enhancing the overall understanding of the Company’s past performance and future prospects.

    The Company’s non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), which is the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, other companies may use other measures to evaluate their performance, which could reduce the usefulness of the Company’s non-GAAP financial measures as tools for comparison.

    The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP.

     
    EVERQUOTE, INC.
    RECONCILIATION OF NON-GAAP MEASURES TO GAAP
     
        Three Months Ended
    December 31,    		     Year Ended December
    31,    		  
        2024     2023     2024     2023  
        (in thousands)  
    Net income (loss)   $ 12,306     $ (6,348 )   $ 32,169     $ (51,287 )
    Stock-based compensation     5,310       4,813       20,614       22,808  
    Depreciation and amortization     1,555       1,075       5,672       6,196  
    Restructuring and other charges     —       (21 )     —       23,568  
    Acquisition-related costs     —       —       —       (150 )
    Interest income     (683 )     (382 )     (2,079 )     (1,251 )
    Income taxes     428       (23 )     1,839       577  
    Adjusted EBITDA   $ 18,916     $ (886 )   $ 58,215     $ 461  

    The MIL Network –

  • MIL-OSI United Nations: Independent Audit Advisory Committee Holds Sixty-Ninth Session, 17-19 February

    Source: United Nations General Assembly and Security Council

    The Independent Audit Advisory Committee of the United Nations held its sixty-ninth session from 17 to 19 February at United Nations Headquarters in New York and was presided over by the Chair, Anton Kosyanenko.  All the other members of the Committee — namely, Suresh Sharma, Vice-Chair; Dorothy Bradley; and Jeanette Franzel — were in attendance.

    During the session, the Independent Audit Advisory Committee held meetings with:

    1. Fatoumata Ndiaye, Under-Secretary-General for the United Nations Internal Oversight Services (OIOS) and senior officers on:  (i) the final programme budget proposal under the support account for peacekeeping operations for the period 1 July 2025 to 30 June 2026; (ii) the main highlights of OIOS 2026 programme budget proposal, including risk coverage; (iii) impact of changes in peacekeeping operations on programme delivery of OIOS; and (iv) feedback on the ongoing external quality assessments.

    2. Chandramouli Ramanathan, Assistant Secretary-General, Controller, on:  (i) the support account for the peacekeeping budget of OIOS for 2025/26; (ii) highlights of the 2026 programme budget proposal; (iii) updates on the major decision and outcomes of the main part of the seventy-ninth session of the General Assembly; and (iv) risk management including the financial situation.

    3. Lisa Buttenheim, Assistant Secretary-General for the United Nations Department of Operational Support, on:  (i) Enterprise Risk Management, including the risk treatment plan for all the critical areas under the Department of Operational Support’s purview; and (ii) implementation of the recommendations of the oversight bodies.

    4. Karen Lock, Director, Department of Management, Strategy, Policy and Compliance — Business Transformation and Accountability Division, on:  (i) progress in implementing the recommendations of the UN Oversight Advisory Committee Network from 2023; (ii) the status of the implementation of recommendations contained in the most recent reports of oversight bodies; (iii) the status of the progress in embedding Enterprise Risk Management with other processes; and (iv) the main highlights in the Board of Auditors recent report A/79/5 Vol II.

    5. The Audit Operations Committee of the Board of Auditors on:  i) the salient issues the Board of Auditors found in the peacekeeping report A/79/5 Vol. II.; (ii) the Board’s view on the status of Enterprise Risk Management in the Organization, and emerging risks as it pertains to peacekeeping operations; (iii) the Board’s view on the status of implementation by management of the Board’s recommendation; and (iv) trends in the reporting of fraud and presumptive fraud.

    The seventieth session of the Independent Audit Advisory Committee is scheduled for 14-16 April in Addis Ababa.

    For further information on the work of the Independent Audit Advisory Committee, please see the Committee’s website at:  www.un.org/ga/iaac or contact the Committee’s Executive Secretary, Moses Bamuwamye, at e-mail:  bamuwamye@un.org; tel.:  +1 212 963 0788.

    MIL OSI United Nations News –

  • MIL-OSI Canada: Agritech projects, training will strengthen B.C. agriculture

    Source: Government of Canada regional news

    Rahul Singh, director, B.C. Centre for Agritech Innovation –

    “BCCAI proudly supports B.C.’s agriculture and agrifood sectors by advancing agritech innovation and its adoption. The launch of 19 new projects and nine training programs underscores the strong demand for innovation and training among farmers, growers, and small and medium-sized businesses. With support from the government and industry partners, BCCAI is committed to meeting this need.”

    Dugan O’Neil, vice-president, research and innovation, Simon Fraser University –

    “Simon Fraser University is proud to support British Columbia’s leadership in agritech through BCCAI. By fostering a thriving, sustainable agritech ecosystem, we’re supporting local agri-producers, empowering small and medium-sized businesses, and delivering benefits to consumers, all while driving economic growth. We greatly appreciate the government’s support for innovation and the partnerships that are advancing B.C.’s agriculture and food sector.”

    Gavin Schneider, CEO and co-founder, Maia Farms –

    “Maia Farms provides a smarter, climate-conscious way to nourish people and the planet. Our team has developed a process that transforms agricultural side streams into sustainable, high-protein and versatile food ingredients through mushroom biomass fermentation. With the generous support of BCCAI, Maia Farms was able to open the foundation Fungal Intelligence Lab in Vancouver, creating 10 full time jobs and paving the way for a new fungal food economy.”

    Gaby Wickstrom, chief operating officer, ‘Na̲mg̲is Business Development Corporation –

    “The ‘Na̲mg̲is Hydroponic Greenhouse Initiative is a vital step toward food security and sustainability for the ‘Na̲mg̲is First Nation and surrounding region. With BCCAI’s support, we’re enhancing local food production and creating new economic opportunities by providing communities and businesses with fresh, locally grown food year round.”

    Michael Williamson, CEO and founder, Cascadia Seaweed –

    “Institutional partnerships and government funding give Canadian companies a competitive edge, but more support is needed to drive innovation at scale. We look forward to continuing our work with BCCAI and partner universities to validate that our B.C.-grown, ocean-cultivated kelp can help Canadian farmers increase yields and reduce emissions.”

    Chi Ta, CEO, C&T Mushroom Farm Ltd. –

    “We are excited to partner with BCCAI on our automated worm farm technology. This initiative transforms organic waste into high-quality fertilizer, promoting sustainability and creating a circular ecosystem for local agriculture. By reusing organic waste, we minimize environmental impact and enhance soil quality. We are proud to contribute to a more resilient and sustainable future for British Columbians.”

    Raj Jampala, manager operations, AgriForest Bio-Technologies Ltd. –

    “Food security and agricultural innovation are critical for B.C. and Canada. With BCCAI’s support, AgriForest Bio-Technologies is developing advanced vertical growing systems using tissue culture and photoautotrophic micropropagation to meet market demands for high-quality berry and winegrape planting stock. This project will enhance local food production, strengthen the economy, and position B.C. as a leader in sustainable agri-tech.”

    Rodrigo Santana, CEO, BeriTech Inc. –

    “During the off-season, British Columbians are dependent on lower quality imported berries that are subject to substantial price fluctuations, are mostly produced using unsustainable farming practices and rely on high-carbon transport from distant production regions. Our BCCAI-funded project will provide B.C. consumers with local, premium off-season berries and help local farmers to extend their season, better utilizing labour and infrastructure.”

    Annett Rozek, chief scientific officer, Catalera BioSolutions –

    “Catalera BioSolutions and Terramera are extremely grateful to be recipients of support from BCCAI in pursuit of innovative agricultural technologies that benefit B.C., Canada and beyond. Together with BCCAI, Catalera is helping to make safe and effective biocontrol solutions the first choice for the future of agriculture.”

    Ravi Cheema, chief executive officer, Fresh4Sunset Farms Ltd. –

    “The funding from BCCAI will help our farm incorporate advanced technologies, sustainable practices and data-driven strategies for breeding good bugs to fight pests. I am excited to share our data with other greenhouse growers, enabling new entrants to make informed decisions, optimizing treatment plans and reducing pesticide use. By fostering collaboration between universities and private companies, we will facilitate the sharing of knowledge and resources throughout B.C. and beyond.”

    Joachim Knauf, CEO/president, ChamberTrust Management International Inc. (CTMI) –

    “ChamberTrust Management International Inc. appreciates its partnership with BCCAI for the CeV project that is focused on controlled environment agriculture, artificial intelligence and intellectual property protection. This includes the additional sector knowledge and industry contacts BCCAI brought to the table. CTMI has years of background with international business associations and it was a pleasure and very fruitful to partner with BCCAI.”

    Sukh Kahlon, director, Kahlon farms –

    “It has been great working with BCCAI. They were a great support in helping with our project to reduce the planting to harvest timeline for early season field strawberry production.”

    Ajay Potluri, president and CEO, GreenSmart Technologies –

    “GreenSmart is proud to announce the successful demonstration of Liquidseal, a pioneering edible solution that extends the shelf life of cranberries produced in British Columbia. Facilitated by the BCCAI in collaboration with BCIT and Oceanspray Ltd., this partnership advances innovative agritech solutions that extend the shelf life of fresh produce, reduce food waste, provides locally grown high‑quality food and greater access to distant export market opportunities – strengthening food security for British Columbians.”

    Mohamed Imam, senior researcher, Perkins and Will Canada Architects Co. –

    “Through our partnership with BCCAI, we are creating new ways of integrating urban agriculture into the built environment. This will benefit British Columbians by supporting local food production systems that strengthen food security and reduce environmental impact. This collaboration reflects our firm’s commitment to leveraging innovation and evidence-based design to create resilient cities and achieve our clients’ sustainability goals.”

    Rick Cox, president, Ocion Water Sciences Inc. –

    “As a leader in reducing environmentally stressful chemicals for use in agriculture, we are excited and grateful for the support from BCCAI and UBC. As a leader in water treatment, Ocion embraced the opportunity to work with industry experts to reduce greenhouse gas emissions, and to improve productivity and efficiency in the agritech sector. With these projects, we hope to position Canada as a leader, raising the bar for what can be accomplished in collaborative funded projects.”

    Kevin Kung, CTO, Takachar Limited –

    “This support made possible a first-of-a-kind pilot in the Okanagan area, turning hazardous, wildfire-prone residues into agricultural amendments. By operating this alongside our local community partner, we pushed the technology to its limits and learned tremendous lessons along the way.”

    Sean O’Connor, CEO, 4AG Robotics –

    “We are super excited to be partnering with BCCAI on this  project. As an ecosystem, we can build global leading companies here in British Columbia, while helping increase the quality and quantity of fresh cultivated food in the province. We are excited to be one of the projects selected to harness AI and robotics to improve the profitability and stability of B.C.-based mushrooms businesses.”

    Gary Jones, program manager, Industry Development, BC Greenhouse Growers’ Association –

    “Funding from BCCAI helped our grower members explore techniques for reducing waste and improving workplace efficiencies as they continue to provide fresh, nutritious and local greenhouse vegetables for our expanding population. Training opportunities like Lean 101 are important for our industry professionals to keep developing their skills and empowering their workforce.”

    Renee Prasad, department head, agriculture department, University of the Fraser Valley – 

    “Biological control is an important tool in the sustainable production of fruits and vegetables. This funding from BCCAI helps the UFV agriculture department connect with growers and answer their pressing questions in implementing sustainable production practices.”

    Eric Gerbrandt, research director, BC Blueberry Council, and the Raspberry Industry Development Council, and BC Strawberry Grower’s Association –

    “The B.C. berry sector’s sustainability will rely on adoption of superior berry varieties, with improved yield, quality, pest resistance and local climatic adaptation being developed by the BC Berry Breeding Program. A recent BCCAI workshop trained our stakeholders in testing, commercializing and marketing novel plant genetics, paving the way to a brighter future with better blueberry, raspberry and strawberry varieties.”

    Shannon Wagner, vice-president, research, Thompson Rivers University –

    “Thompson Rivers University is proud to be a contributor to increasing B.C.’s agricultural innovation with the support of BCCAI funding. Sharing innovative precision ranching methods will help improve outcomes for B.C.’s ranching communities and strengthen regional food security.”

    Jerry DuBovis, president, Pacific Regional Society for Soil Science (PRSSS) –

    “Through our collaboration with BCCAI, we have expanded our capacity to teach soil science skills to early-career professionals in B.C. The skills imparted through our workshops and seminars will greatly bolster B.C.’s ability to sustainably manage soil, an important resource for many sectors.”

    Stefania Pizzirani, associate director, Food and Agriculture Institute, and associate professor, department of planning, geography, and environmental studies, University of the Fraser Valley –

    “Across B.C., the agritechnology sector is progressing at an exciting and rapid rate. Our recent BCCAI-funded project focuses on developing four micro-credentials in collaboration with the University of the Fraser Valley, Royal Roads and BCCAI. These micro-credentials will help build up the skills needed to meet the emerging and expanding employment needs of B.C.’s dynamic agritechnology sector.”

    Paul Adams, Sherman Jen research chair in applied genomics, director of Applied Genomics Centre, Kwantlen Polytechnic University (KPU) –

    “The molecular biology workshop for agriculture, presented in partnership with BCCAI and KPU’s Applied Genomics Centre, offers a unique opportunity for industry professionals, government personnel, and university students to gain hands-on experience with qPCR and DNA extraction. This workshop equips participants with the knowledge and skills to apply molecular tools to real-world agricultural challenges.”

    Fred Popowich, scientific director, SFU’s Big Data Hub and professor of computing science, Simon Fraser University (SFU) –

    “We are proud to have partnered with the B.C. Centre for Agritech Innovation. In November, our collaboration provided essential training, equipping agritech professionals with the knowledge and skills to leverage AI and data science tools and techniques effectively. This partnership highlights our commitment to fostering innovation and sustainability in the agricultural sector.”

    Jason Ho, academic director, undergraduate programs, Beedie school of business, SFU at SFU’s Big Data Hub –

    “Collaboration with BCCAI and QuantoTech exemplifies the innovative spirit we strive to instill in our students – blending cutting-edge technology with a decentralized business model to ensure urban food stability. Their work highlights the vital intersection of innovation, social responsibility and global perspective, the three pillars of our program.”

    Jacob Beaton, owner, Tea Creek Training –

    “Tea Creek Training supports Indigenous Peoples and communities to revitalize their food sovereignty systems while utilizing Indigenous technologies. Tea Creek provides introductory skills training for Indigenous participants to enter meaningful employment and apprenticeships. BCCAI’s support is allowing us to build the necessary capacity required to support our Indigenous Foodland Employment Apprenticeship Skills Training (I-FEAST) that is being delivered to Indigenous communities across B.C.”

    MIL OSI Canada News –

  • MIL-OSI Video: RBNZ What’s happening with interest rates, inflation and the economy? – RBNZ Chief Economist Paul Conway

    Source: Reserve Bank of New Zealand (video statements)

    Hear from our Chief Economist Paul Conway in this video about
    •What’s happening with inflation both here in New Zealand and abroad (00:46)
    •Where the economy’s at and likely headed over 2025 (02:56)
    •Why the Official Cash Rate was cut by 0.5 percentage points and its possible future direction. (4:30)

    https://www.youtube.com/watch?v=VE2jUANrwT0

    MIL OSI Video –

  • MIL-OSI New Zealand: Residency fast tracked for Primary Teachers

    Source: New Zealand Government

    The Government is ensuring more Kiwi kids access the teachers they need to thrive in the classroom by fast-tracking the residency process for primary teachers.
    “We know the most important thing for students in the classroom is the quality of the teacher in front of them. A teacher shortage not only impacts students, but other staff as well. To attract skilled teachers from offshore to help address this, we are making New Zealand a competitive destination for overseas talent by moving primary teachers to the Straight to Residence pathway,” Immigration Minister Erica Stanford says.
    From 26 March, the streamlined process allows eligible primary teachers with a job offer to apply for residence. They will be able to apply for residence without first working for two years, provided they have an employment offer from an accredited employer. Relevant roles include primary and intermediate teachers as well as Māori-medium equivalents. 
    “Last year, we shifted secondary school teachers to the Straight to Residence pathway which resulted in 480 new teachers in classrooms, benefitting thousands of students. Around 1170 people were supported with an Overseas Relocation Grant of up to $10,000 when coming to New Zealand.
    “Immigration is just one lever we are pulling to grow the workforce. Through a $53 million investment, we have doubled the School Onsite Training Programme (SOTP) so 1200 aspiring teachers can train in the classroom. We’ve also delivered a world leading knowledge rich curriculum, high-quality resources and professional learning and development so teachers can feel confident and supported. The Ministry of Education is also subsidising training and financial assistance for trainees across primary and secondary and a range of subjects.
    “This Government is laser focused on ensuring schools across the country can employ the staff needed to set up our children for success,” Ms Stanford says.

    MIL OSI New Zealand News –

  • MIL-OSI USA: NASA Names Acting Associate Administrator, More Leadership Changes

    Source: NASA

    NASA acting Administrator Janet Petro announced Monday Vanessa Wyche will serve as the acting associate administrator for the agency at NASA Headquarters in Washington, effective immediately. Wyche, who had been the director of NASA’s Johnson Space Center in Houston, is detailed as Petro’s senior advisor leading the agency’s center directors and mission directorate associate administrators. She will act as the agency’s chief operating officer for about 18,000 civil servant employees and an annual budget of more than $25 billion. Stephen Koerner will become the acting center director of NASA Johnson.
    The agency also named Jackie Jester as associate administrator for the Office of Legislative and Intergovernmental Affairs and announced Catherine Koerner, associate administrator for the agency’s Exploration Systems Development Mission Directorate will retire effective Friday, Feb. 28. Lori Glaze, currently the deputy associate administrator for Exploration Systems Development will become the mission directorate’s acting associate administrator.
    “As we continue to advance our mission, it’s crucial that we have strong, experienced leaders in place,” Petro said. “Vanessa will bring exceptional leadership to NASA’s senior ranks, helping guide our workforce toward the opportunities that lie ahead, while Steve will continue to provide steadfast leadership at NASA Johnson. Jackie’s return to the agency will ensure we remain closely aligned with national priorities as we work with Congress. Cathy’s legacy is one of unwavering dedication to human spaceflight, and we are grateful for her years of service. Lori’s leadership will continue to build on that legacy as we push forward in our exploration efforts. These appointments reflect NASA’s unwavering commitment to excellence, and I have full confidence that each of these leaders will carry our vision forward with purpose, integrity, and a relentless drive to succeed.”
    Prior to her new role, Wyche was the director NASA Johnson – home to America’s astronaut corps, Mission Control Center, International Space Station, Orion and Gateway Programs, and its more than 11,000 civil service and contractor employees. Her responsibilities included a broad range of human spaceflight activities, including development and operation of human spacecraft, NASA astronaut selection and training, mission control, commercialization of low Earth orbit, and leading NASA Johnson in exploring the Moon and Mars.
    During her 35-year career, Wyche has served in several leadership roles, including Johnson’s deputy center director, director of Exploration Integration and Science Directorate, flight manager of several Space Shuttle Program missions, and executive officer in the Office of the Administrator. A native of South Carolina, Wyche earned a Bachelor of Science in Engineering and Master of Science in Bioengineering from Clemson University. 
    As deputy director of NASA Johnson, Stephen Koerner, oversaw strategic workforce planning, serves as the Designated Agency Safety Health Officer, and supported the Johnson center director in mission reviews. Before his appointment in July 2021, Koerner held various leadership roles at NASA Johnson, including director of the Flight Operations Directorate, associate director, chief financial officer, deputy director of flight operations, and deputy director of mission operations.
    In her new role as the associate administrator for the Office of Legislative and Intergovernmental Affairs, Jester will direct a staff responsible for managing and coordinating all communication with the U.S. Congress, as well as serve as a senior advisor to agency leaders on legislative matters.  
    Jester rejoins the agency after serving as the senior director for government affairs at Relativity Space’s Washington office where she led policy engagement for the company. Prior to her time with Relativity, she served as a policy advisor at NASA and at the White House Office of Science and Technology Policy. She has served as a professional staff member for the U.S. Senate Committee on Commerce, Science, and Transportation. She has spent time in state government as the Chief Legislative Aide to a member of the Massachusetts House of Representatives. Jester has significant experience advising on space policy issues, aviation operations and safety policy, and has helped develop numerous pieces of legislation.
    With a 34-year career at NASA, Catherine Koerner has been instrumental in leading NASA’s Exploration Systems Development Mission Directorate, overseeing the development of the agency’s deep space exploration approach. Previously, she was the deputy associate administrator for the mission directorate. Her extensive career at NASA includes roles such as the Orion program manager, director of the Human Health and Performance Directorate, former NASA flight director, several leadership positions within the International Space Station Program during its assembly phase and helping to foster a commercial space industry in low Earth orbit.
    Glaze has a distinguished background in planetary science, previously serving as the director of NASA’s Planetary Science Division before joining Explorations Systems Development. Prior to her tenure at NASA Headquarters in Washington, she was the chief of the Planetary Geology, Geophysics and Geochemistry Laboratory at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, and the Deputy Director of Goddard’s Solar System Exploration Division. She has been a leading advocate for Venus exploration, serving as the principal investigator for the Deep Atmosphere Venus Investigation of Noble gases, Chemistry, and Imaging mission. Glaze earned her Bachelor of Arts and Master of Science degrees in Physics from the University of Texas at Arlington and a doctorate in Environmental Science from Lancaster University in the United Kingdom. Her prior experience includes roles at the Jet Propulsion Laboratory and at Proxemy Research as Vice President and Senior Research Scientist.
    For more about NASA’s missions, visit:

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    Amber Jacobson / Kathryn HambletonHeadquarters, Washington202-358-1600amber.c.jacobson@nasa.gov / kathryn.a.hambleton@nasa.gov

    MIL OSI USA News –