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Category: Economy

  • MIL-OSI USA: Dr. Rand Paul Introduces REINS Act to Put Power Back in the People’s Hands

    US Senate News:

    Source: United States Senator for Kentucky Rand Paul

    FOR IMMEDIATE RELEASE:

    February 6, 2025

     Contact: Press_Paul@paul.senate.gov, 202-224-4343

     

     

    WASHINGTON, D.C. – Today, U.S. Senator Rand Paul (R-KY) introduced the Regulations from the Executive in Need of Scrutiny (REINS) Act to help put power back in the people’s hands instead of the administrative state.

    “The whims of an unaccountable administrative state should never rule our lives. For too long, an ever-growing federal bureaucracy has piled regulations and red tape on the backs of the American people without any approval by Americans’ elected representatives. By making Congress more accountable for the most costly and intrusive federal rules, our REINS Act would give Kentuckians and all Americans a greater voice in determining whether these major rules are truly in America’s best interests,” said Dr. Paul. 

    Cosponsors in the Senate include U.S. Senators Marsha Blackburn (R-TN), Katie Britt (R-AL), Ted Budd (R-NC), Kevin Cramer (R-ND), Mike Crapo (R-ID), Steve Daines (R-MT), Chuck Grassley (R-IA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Bernie Moreno (R-OH), James Risch (R-WI), Rick Scott (R-FL), Mike Rounds (R-SD), Tim Sheehy (R-MT), Tommy Tuberville (R-AL), and Eric Schmitt (R-MO).

    Background:

    Under the REINS Act, once major rules are drafted, they must then be affirmatively approved by both chambers of Congress and then signed by the President, satisfying the bicameralism and presentment requirements of the Constitution. Currently, regulations ultimately take effect unless Congress specifically disapproves.

    The bill defines a “major” rule as one that the Office of Management and Budget determines may result in an economic impact of $100 million or greater each year; “a major increase in costs or prices” for American consumers, government agencies, regions, or industries; or “significant adverse effects” on the economy.

    The REINS Act also includes the following changes from the original bill which has been introduced every Congress since Dr. Paul has been in office:

    • New Defense for Individuals: Individuals can argue that the average person would not have known their actions violated federal law if the statute did not clearly state it.
    • Right to Sue: People can sue to stop enforcement if an agency implements a major rule without getting congressional approval.
    • LIBERTY Act: Agency guidance with an economic impact of $100 million or more needs congressional approval just like major rules.
    • Deregulatory Actions Exempted: Agencies do not need congressional approval to withdraw costly or burdensome rules

    You can read the REINS Act HERE.

    The REINS Act also has wide support:

    “Four years of unprecedented executive branch spending and a record-setting stream of new rules from unelected bureaucrats in Washington have caused the price of everything to go up at the same time the value of every dollar has gone down. American families are left paying more for less in a broken economy that was roaring just a few short years ago,” said Tarren Bragdon, President and CEO of the Foundation for Government Accountability. “The REINS Act would empower Congress to free working families from the suffocating weight of the Biden-Harris bureaucracy and cure the cost-of-living crisis dimming the American Dream. The REINS Act cuts to the core of the fundamental question facing our nation at this critical moment in history: Do we want our future determined by unelected bureaucrats in Washington, D.C., or the elected representatives closest to the people?”

     “For years, the executive branch has grown its power and subverted the will of the people by imposing expensive rules and regulations that should require the consent of Congress. No administration should have the authority to place sweeping regulations on every facet of Americans’ daily lives without giving them the chance to weigh in through their elected representatives and fight back when the executive branch skirts the law. Sen. Paul’s updated REINS Act will help restore the legal rights of Americans and the balance of power laid out in the Constitution,” said Ryan Walker, Executive Vice President of Heritage Action. 

    “For too long, bureaucrats in the administrative state have imposed trillions of dollars in regulatory costs onto American citizens and businesses as they embark on their personal crusades – all without needing the support of a single member of the legislative branch. Now that the Supreme Court has overturned the Chevron Doctrine, leaders on Capitol Hill must pass the REINs Act to return Article 1 lawmaking authority to its rightful home in Congress and end the delegation of power to unelected regulators,” said Club for Growth PAC President David McIntosh. “We applaud Sen. Rand Paul for his work to introduce and champion this bill in the Senate. Every member of Congress should support this commonsense plan to create a more representative approach to how the Federal Government imposes the hidden tax of regulation,” said David McIntosh, President of Club For Growth.

    “Senator Paul’s updated version of the REINS Act is an essential government reform bill that would strengthen congressional oversight, put a brake on administrative state power, and reinstate accountability in the rulemaking process. Building upon all the good the preexisting REINS Act would do, Senator Paul’s updated REINS Act includes a number of new provisions that would further empower Congress to check big government. Importantly, the bill would require that guidance documents and other forms of “regulatory dark matter” be subject to congressional approval. The bill would also address the concern that rules and guidance documents are not properly submitted to Congress or the Government Accountability Office. Together, these provisions would help give greater scrutiny to the regulatory process – a move especially important now since the Biden administration has dismantled President Trump’s guidance portals and rewrote the rules of rulemaking with their Modernizing Regulatory Review directive (Executive Order 14,094). These updates are vitally important as the Supreme Court’s recent rejection of the Chevron Doctrine still leaves progressives with many tools in their toolbox to work around Congress and pursue their regulatory pursuits. Ultimately, Senator Paul’s updated REINS Act is a vital step in restoring accountability to the administrative state and in ensuring that the American people are governed by their duly elected representatives, rather than by unaccountable bureaucrats,” said Clyde Wayne Crews Jr., Fred L. Smith Jr. Fellow in Regulatory Studies at Competitive Enterprise Institute.

    “Regulatory agencies seem to think they can make any rules they want. The REINS Act was already an important reminder that Congress has lawmaking powers, and executive agencies do not. The new version’s expanded protections make REINS even more urgent to pass,” said Ryan Young, Senior Economist at Competitive Enterprise Institute.

    “Federal regulation is out of control.  It’s time for Congress to REINS it in,” said James Carter, Deputy Assistant Secretary, U.S. Treasury (2002-06), America First Policy Institute.

    “The REINS Act is desperately needed.  We hear a lot about defending democracy today, but we don’t see much real effort from the administrative state to honor the principles of democracy. Senator Paul’s updated REINS Act will make sure that the people’s representatives in Congress will have to approve of any major rules proposed by an unelected administrative agency. If the economic impact of a rule is $100 million or more, it must have congressional approval. This guarantees that we the people have a voice in the regulatory state that has the impact of being law. It would also guarantee individuals the right to use as an affirmative defense that the regulation they are accused of violating do not logically follow from the statute. It would also allow citizens to seek judicial relief when an agency fails to seek or obtain congressional approval. Any who opposes the REINS Act is clearly not a fan of democracy, but rather prefers a system of unelected oligarchy,” said George Landrith, President, Frontiers of Freedom Institute.

    MIL OSI USA News –

  • MIL-OSI USA: Klobuchar, Colleagues Introduce Antitrust Legislation to Take on Algorithmic Price Fixing, Bring Down Costs

    US Senate News:

    Source: United States Senator for Minnesota Amy Klobuchar

    WASHINGTON – U.S. Senator Amy Klobuchar (D-MN), joined by Senators Ron Wyden (D-OR), Dick Durbin (D-IL), Richard Blumenthal (D-CT), Mazie Hirono (D-HI), Ben Ray Luján (D-NM), Chris Murphy (D-CT), Jeanne Shaheen (D-NH), and Peter Welch (D-VT), introduced the Preventing Algorithmic Collusion Act to prevent companies from using algorithms to collude to set higher prices. As recent reporting, a Justice Department lawsuit, and multiple private lawsuits have shown, big corporations are using algorithms to raise prices and limit competition, including companies like RealPage that have facilitated collusion to increase rents by more than $3 billion in 2023 alone. This legislation will make such collusion illegal to lower costs for families and support small businesses.

    “Price fixing is illegal under our antitrust laws, but the development of price-setting algorithms can exploit loopholes that could be used to unfairly raise prices on everything from rent to rideshares,” said Klobuchar. “My bill will strengthen antitrust law and guarantee needed transparency to prevent companies from using algorithms to fix prices to ensure consumers are able to get the full benefits of competition.” 

    “Collusion is collusion, whether you do it over the phone or using an algorithm. This legislation, along with my End Rent Fixing Act, will send a strong message to corporations that they won’t get away with coordinating to ratchet up prices on consumers,” said Wyden.

    “Businesses are increasingly turning to algorithms to determine pricing for their products.  In a technology-based world, we need to prevent businesses from using these tools to reduce competition,” said Durbin.  “That’s why I’m joining my colleagues in introducing the Preventing Algorithmic Collusion Act, which would ensure that pricing algorithms aren’t being used to take advantage of consumers and inflate prices.”

    “Predatory algorithms significantly suppress competition in today’s markets and allow companies to collude to raise prices to unaffordable levels. The Preventing Algorithmic Collusion Act will eliminate coercive anticompetitive software and empower consumers,” said Blumenthal.

    “Algorithmic price fixing enables businesses to artificially inflate their prices while hiding their collusion behind technology, stifling competition, and leaving consumers to suffer the consequences,” said Hirono. “This legislation will help to ensure transparent competition on price, prevent big business from manipulating the market, encourage healthy competition, and protect consumers and small businesses from being taken advantage of.”

    “Far too many companies are utilizing predatory pricing algorithms that prevent competition and raise prices for consumers,” said Luján. “I’m proud to join my colleagues in reintroducing the Preventing Algorithmic Collusion Act to increase transparency and prevent companies from taking advantage of consumers. I look forward to working with my colleagues to get this bill signed into law.”

    “These pricing algorithms are just one more tactic corporations use to get around the law and screw regular people. It’s how the poultry industry colludes to keep the price of chicken high,” said Murphy. “If we really care about lowering costs and disrupting the corrupt status quo, this is the kind of bill that Congress should pass.”

    “I’m proud to join my colleagues in introducing this bill to strengthen competition, increase transparency and prevent big corporations from secretly working together to raise rent and other prices on everyday consumers through predatory algorithms,” said Shaheen.

    “Transparency is a key tenet of doing good business, and consumers expect businesses to treat them fairly. But increasingly we’ve seen competitors throw antitrust laws to the wind by using pricing algorithms to avoid competition, leaving consumers to suffer the consequences. The Preventing Algorithmic Collusion Act works to close existing loopholes and increase transparency around how companies use pricing algorithms to make sure consumers aren’t getting a raw deal,” said Welch.

    Price fixing and other forms of collusion are illegal under current antitrust laws. However, current antitrust laws may be insufficient when competing companies delegate their pricing decisions to an algorithm without agreeing to fix prices. Current law requires proof of an agreement to fix prices before condemning the conduct. When pricing decisions of multiple competitors are delegated to a single algorithm, that agreement may not exist even though the use of the algorithm may have the same effect as a traditional agreement to fix prices. This type of conduct has already occurred in rental housing, and we must ensure that it does not spread to other sectors of our economy with the proliferation of algorithmic pricing.  

    To strengthen current price fixing law, this legislation will:

    • Close a loophole in current law by presuming a price-fixing “agreement,” when direct competitors share non-public information through a pricing algorithm to raise prices;
    • Increase transparency by requiring companies that use algorithms to set prices to disclose that fact and give antitrust enforcers the ability to audit the pricing algorithm when there are concerns it may be harming consumers;
    • Ban companies from using non-public, competitively sensitive information from their direct competitors to inform or train a pricing algorithm;
    • Direct the Federal Trade Commission (FTC) to study pricing algorithms’ impact on competition. 

    The Preventing Algorithmic Collusion Act is endorsed by Consumer Reports, the Open Markets Institute, and Accountable.US. 

    Klobuchar has long led efforts to update our competition laws. As Chair of the Competition Policy, Antitrust and Consumer Rights subcommittee, Klobuchar held two hearings in 2023 exploring how algorithms can be used to harm consumers. In November 2022, Klobuchar, along with Senators Durbin and Booker, urged the Department of Justice to investigate potential anticompetitive conduct by Realpage increasing rents. Klobuchar leads the bipartisan American Innovation and Choice Online Act with Senator Chuck Grassley (R-IA), which would prevent technology companies from abusing their market power to harm competition, and which made history as the first digital competition bill to advance in Congress since the dawn of the internet when it passed the Senate Judiciary Committee with a 16-6 vote in 2022. Last month, Klobuchar reintroduced the Competition and Antitrust Law Enforcement Reform Act with 13 co-sponsors to give federal antitrust enforcers the resources they need to do their jobs and strengthen prohibitions on anticompetitive conduct and mergers. In 2024, Klobuchar joined Senator Wyden in introducing the Preventing the Algorithmic Facilitation of Rental Housing Cartels Act to ensure that large landlords cannot skirt antitrust law and collude to increase rent prices across the country.

    MIL OSI USA News –

  • MIL-OSI United Nations: Speakers Call for Culture of Collaboration, Renewed Solidarity to Achieve Sustainable Development, as Economic and Social Council Begins Coordination Segment

    Source: United Nations General Assembly and Security Council

    Note: Full coverage of today’s meetings of the Economic and Social Council will be available Friday, 7 February.

    The United Nations must celebrate its many successes as much as it acknowledges its failures, the Economic and Social Council heard today as speakers at its 2025 Coordination Segment called for a culture of collaboration and renewed solidarity.

    This year, the two-day Segment, which includes panel discussions and interactive dialogues, will focus on the theme of “Advancing sustainable, inclusive, science- and evidence-based solutions for the 2030 Agenda and its SDGs for leaving no one behind.” 

    The Sustainable Development Goals (SDGs) represent the “common sense of humanity”, and people around the world care about them, Bob Rae (Canada), President of the 54-member Council, said in his opening remarks.  Stressing the need to build on previous successes, he hailed the many partnerships between Member States and various multilateral institutions, such as the Spotlight Initiative, which has protected over 21 million girls and women from gender-based violence; the Global Ghost Gear Initiative, which engages over 130 stakeholders to tackle abandoned fishing gear to reduce marine pollution; and the Infrastructure for Resilient Island States initiative, which aims to strengthen resilience against climate and disaster risks. 

    The people who created the Organization were living with war, depression, tariff wars, economic protectionism and poverty, he added.  The vision of the United Nations was not only political but also economic and social.  Commitment to a multilateral organization like the UN — whose budget in 2024 was $75 billion — does not take away a State’s freedom; rather, it broadens the sovereignty of each country, he stressed. 

    “The stakes could not be higher,” said Guy Ryder, United Nations Under-Secretary-General for Policy, who noted that only 17 per cent of the Goals are on course, while many critical targets are regressing.  Meanwhile, conflicts are intensifying, inequalities are widening, the climate crisis is escalating, and unregulated technology continues to disrupt societies. The international community must unlock the scale and quality of financing needed to drive investments, alleviate the debt burden that stifles many countries, and protect economies from the external shocks, he stressed.  The Pact for the Future provides a blueprint for this, he said, adding that reform of the international financial architecture is crucial to fulfil the promise of the SDGs.

    Also addressing the Segment was Anatolio Ndong Mba (Equatorial Guinea), Council Vice-President, who said:  “The United Nations cannot do more than what we allow it to do.”  Progress on the SDGs has stagnated, or even reversed course, with only 17 per cent of assessed targets on track for achievement by 2030. “We cannot afford to let this trend continue,” he said, calling on the international community to “bridge divides, mobilize resources and implement transformative solutions”.  Highlighting the role of the Economic and Social Council and its many subsidiary bodies, he noted that the Segment has the valuable role of leveraging their insights. 

    Conversation with Regional Commissions, Functional Commissions and Expert Bodies

    Following opening remarks, the Council held a conversation with the Executive Secretaries of the regional commissions and Chairs of functional commissions and expert bodies, which focused on “Accelerating the implementation of the 2030 Agenda and the Sustainable Development Goals, including by leveraging the outcomes of the Summit of the Future”.

    …

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Fast-track to accelerate economic growth starts today

    Source: New Zealand Government

    • www.fasttrack.govt.nz open now for project applications
    • Listed projects can apply now for consideration by an expert panel
    • Other projects can also apply to enter the Fast-track process
    • >Retired Environment Court Judge Jane Borthwick appointed as Convener of expert panels

    Today marks the official start of the Fast-track Approvals regime to make it quicker and easier to build the projects New Zealand needs to grow its economy, Infrastructure and RMA Reform Minister Chris Bishop and Regional Development Minister Shane Jones say.

    “The Fast-track Approvals Act, part of the coalition agreement between National and NZ First, was signed into law just before Christmas. The new Act helps cut through the thicket of red and green tape and the jumble of approvals processes that has, until now, held New Zealand back from much-needed economic growth,” Mr Bishop says.

    “From today, the Fast-track one-stop shop approvals regime is officially open for project applications. That means we can at last begin to get moving on growing New Zealand’s economy and sorting out our infrastructure deficit, housing crisis, and energy shortage, instead of tying essential projects up in knots for years at a time.”

    Regional Development Minister Shane Jones says the Fast-track Approvals Act lists 149 projects with significant national or regional benefits which were recommended for inclusion by an independent advisory group and agreed to by Cabinet.

    “The list of projects spans housing, renewable energy, transport, mining, quarrying, and the primary sector – everything we need more of to grow our economy and provide much-needed new jobs for the regions,” Mr Jones says.

    Listed project applications

    “The owners of the 149 listed projects can now go to www.fasttrack.govt.nz and lodge substantive applications for their projects to be considered by expert panels facilitated by the Environmental Protection Authority,” Mr Bishop says.

    “Before lodging an application, projects must consult with the relevant administering agencies (including local government); any relevant iwi authorities, hapū, and Treaty settlement entities; and others.

    “Expert panels will consider these applications, decide whether or not each project receives approval, and attach any necessary conditions to those approvals.”

    Other projects

    “Projects not listed in the Act can also apply for referral to an expert panel through the same Fast-track website from today. Their applications will first go to the Minister of Infrastructure for consideration, which includes inviting written comments from the Minister for the Environment and any other Ministers with relevant portfolios, before the Infrastructure Minister decides whether to refer the project for Fast-track,” Mr Jones says.

    Expert panels conveners

    “The conveners who appoint the expert panels to consider applications must be either a former (including retired) Environment Court or High Court Judge, or senior lawyers with expertise in resource management,” Mr Bishop says.

    “As well as appointing expert panels, the panel convener and associates will be able to request reports from relevant agencies and individuals and will set timeframes for panels to consider applications.

    “The Government has appointed retired Environment Court Judge Jane Borthwick as Panel Convener, and Helen Atkins and Jennifer Caldwell as Associate Panel Conveners.

    “Judge Borthwick has a wealth of experience in environmental and resource management litigation. She has worked with multiple industry stakeholders where there has been considerable public interest.”

    Mr Jones says the associate panel convenors also bring significant experience from the private and public sectors.

    “Ms Atkins and Ms Caldwell have both had oversight and leadership on a mixed range of complex projects,” Mr Jones says.

    “The EPA is currently running an Expressions of Interest process to identify a pool of potential expert panel members with knowledge, skills, and expertise relevant to the variety of approvals being handled through the Fast-track Approvals process. Information about the EOI process and the skills and experience needed can be found on the new Fast-track website.”

    Judge Jane Borthwick is approaching her 30th year post-admission to the bar. She has experience in environmental and resource management litigation throughout New Zealand. She has been a lawyer and judge in the environment court and has worked in policy and plan development, resource consents, designations, and land acquisitions. She has been a judge for 15 years and has recently had a particular focus on freshwater management in public policy and consenting domains. She has worked closely with the energy sector, local authorities, the farming sector, and iwi.

    Helen Atkins has been a practicing lawyer in environmental, local government, and public law for over 30 years. She has vast experience in the legal sector and managing roles in different organisations both domestically and internationally.

    Jennifer Caldwell has over 30 years’ experience in environmental law and litigation, including strategic management, oversight and leadership of complex consenting projects. She has held many leadership positions within the legal sector both domestically and internationally and has previously worked with the Environmental Protection Authority as an Expert Panel Chair.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Boosting the financial security of Australians doing it tough

    Source: Ministers for Social Services

    The Albanese Labor Government is strengthening the financial futures of Australia’s most vulnerable people.

    We’re investing $51.5 million to ensure the successful Saver Plus program continues to support Australians experiencing disadvantage to improve their financial literacy and better navigate financial crises.

    Under Saver Plus, lower-income families also receive matched savings of up to $500 for education costs for themselves or their children. 

    Brotherhood of St. Laurence, in partnership with ANZ and supported by The Smith Family and Berry Street, will continue to deliver Saver Plus until 2030 under the new funding agreement. 

    Minister for Social Services Amanda Rishworth said the investment reflects the Government’s commitment to supporting Australians most at risk of financial disadvantage. 

    “The Albanese Labor Government is doing more than ever to help Australians experiencing financial stress,” Minister Rishworth said.

    “We’ve reformed our Financial Wellbeing and Capability programs – providing Australians with a clearer pathway away from the financial cliff and Saver Plus is a big part of that story.

    “This funding is vital for those who need help to manage their finances, navigate financial crises and build a stronger, more secure future.

    “We are proud to continue our partnership with Brotherhood of St. Laurence over the next five years, ensuring this important program continues to deliver excellent outcomes for Australians and empower them to take control of their finances.”

    More than 64,000 vulnerable Australians have collectively saved over $30 million since Brotherhood of St. Laurence launched Saver Plus in 2003. ANZ matches savings up to $500.

    A recent survey of past participants also found:  

    • 84 per cent are still saving more than seven years after completing the program;
    • 85 per cent agreed they are better able to provide for their families; and
    • 52 per cent were meeting bill and credit commitments ‘without any difficulty’ up from 15 per cent before participating in the program. 

    The critical funding is part of our Financial Wellbeing and Capability Activity which helps people build their financial resilience and navigate financial stress. 

    The Government invests around $150 million a year into Financial Wellbeing and Capability programs, enabling organisations to deliver critical services to Australians in financial hardship. 

    This is another way Labor is helping with cost of living pressures. It follows our Government’s tax cuts, energy rebates and cheaper medicines, along with increasing maximum rates of Commonwealth Rent Assistance by 45 per cent.

    Brotherhood of St. Laurence Executive Director Travers McLeod said: “Working in partnership with the Federal Government, ANZ and our delivery partners The Smith Family and Berry St, we’re incredibly proud of the positive difference Saver Plus has made over the past 21 years. It provides life changing support and critical education that improves financial wellbeing, reduces household stress and builds the confidence of so many Australians.

    “As cost of living weighs heavily on the minds of all Australians – especially at this time of year with back-to-school costs – we’re delighted Saver Plus will be able to provide much-needed financial relief and support during 2025 and beyond. We thank the Government and our partners for continuing to support this critical program,” Mr McLeod said. 

    ANZ CEO Shayne Elliott said: “We appreciate the ongoing support from the Federal Government and are proud that Saver Plus has been acknowledged for its significant impact on the long-term financial wellbeing of Australian individuals, families and communities.

    “This additional funding will enable us to expand the Saver Plus program and assist more Australians to improve their financial literacy. We look forward to continuing to work closely with the Federal Government and our community partners to support better outcomes for many Australians,” Mr Elliot said. 

    More information about Saver Plus is available on the Brotherhood of St. Laurence website.

    Further information on financial services, including how to find financial wellbeing providers, is available on the Department of Social Services website.

    MIL OSI News –

  • MIL-OSI Submissions: OPEC Fund arranges US$50 million syndicated loan facility to promote access to finance for SMEs in Paraguay

    Source: OPEC Fund for International Development (the OPEC Fund)

    February 6, 2025: The OPEC Fund for International Development (the OPEC Fund) has arranged a syndicated loan with a US$50 million facility for the benefit of Banco Continental in Paraguay. While the OPEC Fund will contribute US$25 million from its own resources as A-lender, it has also mobilized a US$25 million B-loan from Commercial Bank of Dubai. The OPEC Fund acted as sole Bookrunner, Mandated Lead Arranger and Facility Agent.

    The funding will support Banco Continental’s efforts to expand lending to small and medium-sized enterprises (SMEs) and to support the agricultural sector in Paraguay by driving economic growth and bolstering food security through the provision of finance.

    The successful syndication marks a milestone in the OPEC Fund’s mission to mobilize financing for the development needs of partner countries: CBD is one of the largest banks in the UAE, one of the OPEC Fund member countries, and the financing represents its first operation in Paraguay.

    OPEC Fund President Abdulhamid Alkhalifa said: “This syndication reflects the OPEC Fund’s ability to mobilize resources for impactful development and create opportunities for economic growth. Partnering with CBD and Banco Continental we are channeling resources from our member country UAE to initiatives that directly support SMEs and the agricultural sector – key pillars of sustainable growth and food security in Paraguay. This transaction also demonstrates the strength of cross-border collaboration in addressing global development needs.”

    Banco Continental CEO Juan Carlos Carranza said: “We are proud to have successfully completed this transaction with the OPEC Fund and Commercial Bank of Dubai. At Continental, we are leaders in providing financial assistance to the most productive sectors of Paraguay with a strategic vision and social inclusion, meeting the various needs of our clients. Recently, with the investment grade rating, we have strengthened our ability to offer innovative, solid, and competitive solutions, contributing to the economic development of the country and consolidating our market position.”

    Fahad Al Muhairi, General Manager for Institutional Banking at Commercial Bank of Dubai stated: “We are pleased to partner with the OPEC Fund to participate in this facility. At CBD, we are committed to advancing sustainable finance while expanding our global footprint. Our partnership with the OPEC Fund exemplifies our strategy to collaborate with leading international institutions to support economic growth in emerging markets and underscores our commitment to building strategic alliances that drive responsible banking.”

    About the OPEC Fund

    The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of about US$225 billion. The OPEC Fund is rated AA+ (Stable Outlook) by Fitch and S&P. Our vision is a world where sustainable development is a reality for all.

    MIL OSI – Submitted News –

  • MIL-OSI USA: Booker, Van Hollen, Castro Lead House and Senate Democrats in Push to Protect Military, National Security Families from Forced Attrition

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker

    WASHINGTON, D.C. – U.S. Senators Cory Booker (D-NJ) and Chris Van Hollen (D-MD) and U.S. Representative Joaquin Castro (D-TX-20) led House and Senate Democrats in a letter asking the Office of Personnel Management (OPM) to explicitly exempt military and national security families from the Trump administration’s new restrictions on telework and remote work for federal employees.

    Spousal employment challenges are a major cause of forced attrition in both the military and the national security community. While OPM has issued limited guidance exempting military spouses from the termination of remote work opportunities, advocates for these families have expressed frustration about the lack of clarity surrounding full implementation of this exception. Additionally, OPM has not announced exemptions for the families of other national security professionals, such as those in the State Department and the intelligence community.

    “We write to express our deep concerns about the unintended consequences of the Office of Personnel Management’s (OPM) January 22, 2025, implementation guidance regarding a recent Presidential Memorandum on remote and telework arrangements for federal employees. The broad implementation overlooks the economic security and well-being of America’s military families, diplomatic spouses, and other national security professionals who are stationed away from home in service of the U.S. government. The impacted personnel are less than one percent of the federal workforce, but their ability to work from their families’ duty stations for limited periods of time (typically 2-3 years) is essential to recruitment for hard-to-fill assignments, family unity, and retention of their valuable experience and contributions to national security. We urge you to revise OPM’s guidance to explicitly exempt the small number of affected spouses and dependents and avoid attrition issues that could negatively impact American military readiness and national security, “the lawmakers wrote.

    “It is commonly said that when one person joins the military, the whole family serves. This maxim is no less true for diplomats, intelligence professionals, federal law enforcement officers, and other national security professionals who are routinely required to relocate to postings across the world. As a result of these relocations, spouses and dependents often struggle to find consistent employment, creating personal and financial strains that have been cited as a major cause of attrition,” the lawmakers continued.  

    Booker, Van Hollen, and Castro are senior members of the House and Senate committees with jurisdiction over foreign affairs and international relations.

    The letter is cosigned by U.S. Senators Tim Kaine (D-VA), Ruben Gallego (D-AZ), Mazie K. Hirono (D-HI), Raphael Warnock (D-GA), and U.S. Representatives Don Beyer (D-VA-08), Johnny Olszewski, Jr. (D-MD-02), Veronica Escobar (D-TX-16), Jonathan L. Jackson (D-IL-01), and Sara Jacobs (D-CA-51).

    To read the full text of the letter, click here.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Reverend Warnock, Colleagues Raise Alarm Over Chaos at Critical National Security Agencies Hurting National Security, Placing U.S. Citizens at Risk

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock, Colleagues Raise Alarm Over Chaos at Critical National Security Agencies Hurting National Security, Placing U.S. Citizens at Risk

    Senator Reverend Warnock, Senators: “Blanket stop-work orders… are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work.”

    Washington, D.C. — Today, U.S. Senator Reverend Raphael Warnock (D-GA) and 36 of his colleagues pushed Secretary of State Marco Rubio to answer for the growing chaos and dysfunction at the U.S. Department of State following the Trump Administration’s illegal attempt to destroy the U.S. Agency for International Development (USAID).

    USAID is a critical pillar of U.S. national security strategy, providing lifesaving aid and development support around the world to help ensure stability. Yesterday, personnel at USAID were not permitted to enter the agency’s headquarters, and Elon Musk announced that President Donald Trump agreed to close the agency and move it under the State Department. The Trump Administration, led by Musk, has also furloughed thousands of senior career civil servants, including two top security officials who denied Musk and the Department of Government Efficiency access to classified documents and systems.

    “We are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners,” wrote the senators.

    The senators continued, “The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.”

    They continued, “Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.”

    In addition to Senator Warnock, the letter was authored by Senator Tim Kaine (D-VA), and cosigned by Senators Cory Booker (D-NJ), Dick Durbin (D-IL), Jeff Merkley (D-OR), Ruben Gallego (D-AZ), Lisa Blunt Rochester (D-DE), Michael Bennet (D-CO), Elizabeth Warren (D-MA), Peter Welch (D-VT), Edward J. Markey (D-MA), Kirsten Gillibrand (D-NY), Bernie Sanders (I-VT), Gary Peters (D-MI), Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Martin Heinrich (D-NM), Amy Klobuchar (D-MN), Tammy Duckworth (D-IL), Andy Kim (D-NJ), Adam Schiff (D-CA), Angus S. King (I-ME), Sheldon Whitehouse (D-RI), John Hickenlooper (D-CO), Mazie K. Hirono (D-HI), Alex Padilla (D-CA), Tina Smith (D-MN), Catherine Cortez Masto (D-NV), Jack Reed (D-RI), Chris Murphy (D-CT), Jacky Rosen (D-NV), Mark Kelly (D-AZ), Brian Schatz (D-HI), Mark R. Warner (D-VA), Chris Van Hollen (D-MD), Chris Coons (D-DE) and Elissa Slotkin (D-MI),

    The letter can be viewed HERE and the text is below.

    Dear Secretary Rubio:

    The effective administration of U.S. foreign assistance is critical to advancing core U.S. national security priorities, including countering the influence of China, Russia and Iran. As you acknowledged at your confirmation hearing, pushing back on China in particular is a top bipartisan priority. 

    As such, we are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners.

    The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.

    Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat.

    Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.

    We request immediate clarification on the following:

    Status of USAID:

    1. Confirmation of your understanding that any effort to abolish USAID or merge USAID into the Department of State absent Congressional consultation and approval is illegal.
    2. Confirmation of your understanding that adversaries such as China, Russia and Iran are quickly moving into the vacuum left by suspended USAID programs. 
    3. The Department of State’s assessment of Mr. Elon Musk’s financial ties to China and the impact of these ties to the decision-making process of Mr. Musk and his employees.
    4. Confirmation that neither you nor any member of your leadership team are taking direction from Mr. Musk with regards to the work of the Department of State or USAID, personnel or financial decisions for either agency, or any other matters relevant to U.S. national security. 
    5. Confirmation of the names and employment status of individuals directed by Mr. Musk to engage with USAID staff, the qualifications of these individuals, and the level of their security clearances – if any.

    Personnel:

    1. Confirmation of your understanding that any unauthorized access by or disclosure of classified information to individuals without appropriate security clearance could be considered a criminal offense.
    2. The legal authority and rationale under which, on January 28, more than 50 senior career civil and foreign service USAID officials were placed on administrative leave. This move was not only unprecedented, but also inconsistent with the Office of Personnel Management’s own guidelines for the use of administrative leave.
    3. The legal authority under which, on January 28, approximately 390 USAID Institutional Support Contractors (ISCs) were given stop-work orders, and clarification of which Administration official directed the implementation of this termination.
    4. Whether any Department of State career civil and foreign service or contractors have been placed on administrative leave or removed from their roles as a result of or relating to the assistance freeze or any directives from the Office of Foreign Assistance.
    5. Clarification of which Administration official directed the implementation of this mass furlough.
    6. Clarification of whether these individuals were directed to be terminated without cause.
    7. Confirmation that personnel will not face retaliation or retribution for performing their duties under the previous Administration’s policy direction.
    8. Under what authorities and by which official’s directive career civil service, foreign service, and Personal Services Contractors (PSC), and those under other hiring authorities have been removed from their roles or limited in their ability to execute their work.
    9. Confirmation that further career civil service, foreign service and USAID contractors will not be removed from their roles without cause or receive stop work orders.
    10. Whether, upon full resumption of legally mandated foreign assistance activities, the Administration intends to re-hire contractors who have been removed from their roles.
    11. Any additional guidance provided to State and USAID staff regarding the foreign assistance freeze, including confirmation of whether direct hires, contractors, or implementing organizations have been directed not to speak publicly about the foreign assistance freeze.
    12. Public identification of the individual currently serving as the Director or Acting Director of the State Department’s Office of Foreign Assistance and as Acting Deputy Administrator of USAID, and the dates upon which this individual was appointed to each position.
    13. Confirmation of your understanding that the State Department’s Director of Foreign Assistance has no authority to issue personnel directives for USAID.

    Resumption of Foreign Assistance:

    1. The specific process and anticipated timeframe for activities to receive exemptions or waivers, as referenced in your January 28, 2025 directive to State and USAID staff.
    2. The mechanisms and metrics established for this waiver process.
    3. The timeline for full resumption of legally mandated foreign assistance activities.
    4. Clarification of what risk assessment or analysis of potential risk to U.S. national security interests were conducted prior to the decision to freeze foreign assistance activities.
    5. Confirmation of the Department of State’s obligation to comply with U.S. contract law and your responsibility as Secretary of State ensure the Department honors its commitments to contracting partners.

    We welcome your urgent attention to these questions. We and our staff stand ready to work with you to ensure U.S. foreign assistance funding continues to be deployed effectively to protect American citizens, at home and abroad.

    Respectfully,

    MIL OSI USA News –

  • MIL-OSI USA: Senators Reverend Warnock, Moran Introduce Bipartisan Legislation to Protect Military Benefits for Surviving Spouses of Fallen Servicemembers

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senators Reverend Warnock, Moran Introduce Bipartisan Legislation to Protect Military Benefits for Surviving Spouses of Fallen Servicemembers

    Washington, D.C. – Today, U.S. Senators Reverend Raphael Warnock (D-GA) and Jerry Moran (R-KS), chairman of the Senate Committee on Veterans’ Affairs, introduced legislation to allow spouses of fallen servicemembers to retain certain survivor benefits if they remarry. Under current law, most benefits from the Department of Defense and the Department of Veterans Affairs are terminated for surviving spouses who remarry before age 55. The Love Lives On Act of 2025 would allow surviving spouses to retain these benefits upon remarriage regardless of age.

    “The men and women in our military serve our country courageously—and their spouses serve our country, too. If one of our heroes loses their life in the line of duty, we should honor our servicemember’s sacrifice by ensuring their spouse can retain survivor benefits if they choose to remarry,” said Senator Reverend Warnock. “As long as I have the honor to represent Georgia military families in the Senate, I will fight for them as hard as they have fought for our freedoms. I’m proud to continue leading this bipartisan effort to fulfill our promise to these patriots.”

    “No survivor should have to choose between getting married again or keeping the benefits they need to support their family following the loss of their servicemember or veteran spouse,” said Senator Moran. “Military service is family service and, by making certain that surviving spouses can heal from their loss without fear of losing their benefits, the Love Lives On Act helps recognize the great debt our nation owes to Gold Star families.”

    The Love Lives On Act is cosponsored by Senators Tom Cotton (R-AR), Catherine Cortez Masto (D-NV), Lisa Murkowski (R-AK), Martin Heinrich (D-NM), John Cornyn (R-TX), John Fetterman (D-PA.), Mike Rounds (R-SD), Mazie Hirono (D-HI), Ted Cruz (R-TX), John Hickenlooper (D-CO), Sheldon Whitehouse (D-RI), Jacky Rosen (D-NV), Elizabeth Warren (D-MA), Maggie Hassan (D-NH), Alex Padilla (D-CA), Brian Schatz (D-HI), Angus King (I-ME), Bernie Sanders (I-VT), Chris Van Hollen (D-MD), Chris Coons (D-DE), Jeanne Shaheen (D-NH) and Amy Klobuchar (D-MN).

    The full text of the legislation can be found here. A letter of support for the bill can be found here. 

    “TAPS is grateful to Senators Moran, Warnock and our 22 Senate original cosponsors as well as Representatives Hudson, Morrison, Van Orden, Neguse and Khanna for their leadership in reintroducing comprehensive remarriage legislation, the Love Lives On Act of 2025,” said Bonnie Carroll, President and Founder, Tragedy Assistance Program for Survivors (TAPS). “Their leadership in the last Congress led to the passage of many of the provisions of the Love Lives on Act of 2023 and we look forward to passing the remaining provisions of this important legislation to ensure surviving military spouses retain their benefits upon remarriage at any age. Surviving spouses should not have to choose between finding love again and financial security.”

    Since April 2023, Senator Warnock has been working to pass his bipartisan Love Lives On Act, comprehensive legislation that would allow spouses of deceased servicemembers to retain survivor benefits upon remarriage. In December 2024, Senator Warnock secured a provision that will allow surviving spouses to maintain eligibility for education benefits upon remarriage. Additionally, the Senator successfully included another provision in the legislation that remove the “holds oneself out” provision that penalized former spouses who did not remarry but appeared to be dating someone else, as well as a provision changing the definition of surviving spouse to include same sex couples. Other provisions from his legislation were previously passed in the defense authorization bill that handles policies and funding levels for our Armed Forces. The provision secured in 2023 restores surviving spouse access to military bases, their commissaries, and their morale, welfare and recreation (MWR) retail stores for those who lost access due to remarriage, ensuring they can maintain their connection to the communities they have sacrificed so much to be a part of.

    MIL OSI USA News –

  • MIL-OSI USA: David Gillers to Step Down as Chief of Staff

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — The Commodity Futures Trading Commission today announced that David Gillers will step down as Chief of Staff to Commissioner Behnam on February 7. From 2021 until January 20, 2025, Mr. Gillers served as Chief of Staff and Chief Operating Officer of the agency, in which capacity he was the lead advisor to then-Chairman Rostin Behnam on legal, policy and administrative matters, and was responsible for the commission’s daily operations and its 1,000 personnel. Mr. Gillers joined the agency in July 2019 as Commissioner Behnam’s Chief of Staff, and has not announced plans. 
    “David has been my trusted Chief of Staff for over five and half years, and a key part of everything I have done at the Agency. He has led efforts to engage, negotiate and coordinate with members of Congress, fellow regulators, the White House and industry on all matters of the agency’s pressing needs and ably oversaw all agency operations,” said Commissioner Behnam. “He’s directed the most sensitive policy and legal conversations, while still delivering on our priorities. I wish him well as he turns to new opportunities in his career.”
    “It has been an absolute pleasure to work with such a talented team at the CFTC,” said Mr. Gillers. “Our division directors and staff, Chairman’s Office staff, and the other Commissioners and their staff have been second to none, and have made my time at the agency memorable. I am deeply grateful to former Chairman Behnam for making this job so rewarding, and I wish Acting Chairman Pham all the best in her new role.”   
    During Mr. Gillers’ tenure, he oversaw a host of novel derivatives markets policy engagements regarding digital assets, artificial intelligence, event contracts, market structure, cybersecurity and environmental derivatives products, as well as the end of the COVID era work posture and return to office. He led the agency’s review of voluntary carbon credit derivatives and directed the development and finalizing of guidance on voluntary carbon credit derivative contracts. Mr. Gillers was instrumental in expanding the agency’s engagement in the digital asset regulatory evolution, working with policy and enforcement divisions at the agency, other regulators and departments in the federal government, as well as helping Congressional committees to develop a legislative framework. 
    Prior to joining the CFTC in 2019, Mr. Gillers spent a decade on Capitol Hill focused on financial services, energy, and energy markets matters on the Senate Committee on Energy and Natural Resources and the Senate Committee on Small Business and Entrepreneurship. He worked for Senator Mary Landrieu of Louisiana, Senator Maria Cantwell of Washington, and Senator Joe Manchin of West Virginia. He worked extensively on the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Small Business Jobs Act of 2010, and the energy provisions of the Fixing America’s Surface Transportation Act of 2015. While in Congress, he oversaw programs at the Department of the Treasury, Department of Energy, and the Small Business Administration. Mr. Gillers was a corporate attorney prior to his time in Congress.  He holds a BA from Columbia College and a JD from Boston College Law School, where he was a Weinstein Scholar.     

    MIL OSI USA News –

  • MIL-OSI Security: Nurse Practitioner Sentenced to Five Years in Prison for $11.2 Million Disability Loan Fraud Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    Danielle R. Sassoon, the United States Attorney for the Southern District of New York, announced that CATHERINE SEEMER, a nurse practitioner who stole the identities of 12 medical doctors and orchestrated an $11.2 million disability loan fraud scheme, was sentenced today by U.S. District Judge Cathy Seibel to five years in prison. 

    U.S. Attorney Danielle R. Sassoon said: “Today, Catherine Seemer has been held accountable for defrauding a federal loan forgiveness program created to help ease the financial burden of those who suffer from permanent physical or mental disabilities, including military veterans who endure service-related disabilities.  Seemer used the stolen identities of a dozen medical doctors to falsify disabilities and cause more than $11.2 million in loans to be fraudulently discharged.  This Office remains dedicated to rooting out fraud and abuse of taxpayer-funded government programs.”

    According to the allegations contained in the Complaint, Information, and statements made in court:

    From June 2017 through March 2022, SEEMER orchestrated a scheme to cause the fraudulent discharge of millions of dollars’ worth of student loans for borrowers who did not qualify for relief under the federal Total and Permanent Disability Discharge Program and its private analogue.  As part of the scheme, SEEMER deceived over 125 borrowers into believing they qualified for various forms of student loan relief and charged them fees to facilitate their loan discharge process.  She then used the personal identifying information of the unsuspecting borrowers to submit fraudulent applications for student loan discharge on the basis of non-existent permanent physical and mental disabilities.  In support of these applications, SEEMER used the stolen identities, medical license numbers, and forged signatures of over a dozen medical doctors to falsify medical diagnoses and disability certifications.  The scheme resulted in the wrongful discharge of over approximately $11.2 million in loans under the disability-based relief programs.  

    *               *                *

    In addition to the prison term, SEEMER, 44, of Elmsford, New York, was sentenced to three years of supervised release and ordered to pay restitution in the amount of $635,352.

    Ms. Sassoon praised the outstanding investigative work of the Federal Bureau of Investigation and the U.S. Department of Education, Office of Inspector General. 

    The case is being prosecuted by the Office’s White Plains Division. Assistant U.S. Attorney Qais Ghafary is in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI Canada: Structural change, supply shocks and hard choices

    Source: Bank of Canada

    Good afternoon. I’m pleased to be able to join you virtually to talk about the challenges that lie ahead for central banks. There’s a lot to discuss.

    But my first order of business is to congratulate and thank Agustín Carstens for his leadership as General Manager of the Bank for International Settlements (BIS). Your term, Agustín, has been marked by significant global upheaval—from pandemic shutdowns to war in Europe and double-digit inflation. These past few years have not been easy.

    Through it all, you have been a source of unwavering wisdom. Your clear thinking in the face of the unknown, your long view and your deep understanding of our global interdependence—all combined with the experience and pragmatism of a former minister of finance and then central bank governor—have made you an invaluable leader.

    More than that, through the BIS, you’ve brought us together with your friendship and your ability to get directly to the heart of the issue. You’ve helped us learn from each other. And you’ve made us better together.

    I know there will be an opportunity to celebrate you in Basel as your retirement in June approaches. But I wanted to recognize your exceptional leadership in your home country. For those of us in the Americas, your special interest in our region has been deeply appreciated. Whatever you do next, I know Mexico and the Americas will be an important part. Thank you, my friend.

    Now, let me turn to the challenges ahead. We are facing a global economic landscape that has shifted in recent years, and this shift has important implications for central banks.

    As Agustín has highlighted in a series of insightful speeches, the structural tailwinds of peace, globalization and demographics are turning into headwinds—and the world looks increasingly shock-prone.

    Higher long-term interest rates, elevated sovereign debt, slower economic growth and lagging productivity make all of our economies more vulnerable. Compounding these vulnerabilities are war, rising trade protectionism and economic fragmentation. In addition, new technologies—including artificial intelligence—are set to disrupt existing industries and create new ones. And we are seeing more frequent catastrophic weather events as the impacts of climate change become more pervasive.

    As 2025 begins, we are facing new uncertainty with a shift in policy direction in the United States. President Donald Trump’s threats of new tariffs are already affecting business and household confidence, particularly in Canada and Mexico. The longer this uncertainty persists, the more it will weigh on economic activity in our countries.

    If significant broad-based tariffs are indeed imposed, they will test the resilience of our economies in the short run and reduce long-run prosperity. Tariffs mean economies work less efficiently. There will be less investment and lower productivity. That means our countries will produce less and earn less. Monetary policy can’t change that.

    What monetary policy can do is help with the short-run adjustment. But even here, monetary policy has to strike a balance. Significant, broad-based tariffs will sharply reduce demand for our exports. At the same time, a weaker exchange rate, retaliatory tariffs and supply chain disruptions will raise import prices, putting upward pressure on inflation.   

    With a single instrument—our policy interest rate—central banks can’t lean against weaker output and higher inflation at the same time. So we will need to carefully assess the downward pressure on inflation from weaker economic activity, and weigh that against the upward pressures from higher input prices and supply chain disruptions.

    Other structural headwinds pose similar challenges for monetary policy. They’ll impact both demand and supply, slowing growth while adding cost. Monetary policy cannot address these headwinds directly or offset their economic consequences.

    In a world with more structural change and more negative supply shocks, central banks will be faced with harder choices. And harder choices bring risks of public disappointment and frustration. We will face criticism about our decisions—and about how well monetary policy is seen to have worked when confronted with forces that are mostly out of our hands. We will be called ineffective or criticized for not doing enough. And some will challenge our independence.

    So, what can all of us do?

    First, we can be humble about what we don’t know, but also confident in the effectiveness of our frameworks. We didn’t get everything right through the pandemic. And elevated inflation and higher interest rates have been difficult for our citizens. But in Canada, as in many other countries, inflation has come down. And we restored low inflation without causing a recession or major job losses.

    Guided by our frameworks, we can maintain confidence in price stability.

    Second, we can be just as clear about what monetary policy cannot do. There will always be forces beyond our influence, and while we need to understand those forces, we should also be clear that understanding is not the same as controlling. And we need to avoid the temptation to overload monetary policy by expecting more of it than it can deliver.

    Third, we can recognize that the world has changed. Structural headwinds and supply shocks require different types of information and analysis. This means investing in richer information about the supply side of the economy and building models that can analyze sectoral shocks and their transmission. It means reaching out and listening to households and businesses. It means looking at our economies through different lenses, regularly challenging our assumptions, and using scenarios to help manage uncertainty.

    Fourth, let’s acknowledge that working together has never been easy and it’s getting harder. But let’s also remember that it’s important. We are more effective if we confront our shared challenges together. The shared resolve of central banks to fight the post-pandemic surge in inflation helped all of us bring inflation down. This was a positive international spillover and, together, we can generate other positive international spillovers.

    Finally, we need to remain evidence-based, technocratic and professional, and free of political influence. We need to be open, accountable and transparent. And we need to be learning institutions—when faced with valid criticism, we should critically evaluate our policy actions and be willing to improve. Being independent and accountable and continuously learning is how we build trust.

    The world is a tougher place today than it was a few short years ago. And facing the headwinds before us will not be easy. But that’s why we have independent central banks—we are designed for tough times.

    I look forward to hearing from my esteemed colleagues on this panel.

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Employment – New Zealand employers up flexible work hours to offset return-to-office requirements

    Source: Robert Half

    • 99% of Kiwi workers say their employers give them flexible work hours 
    • 59% say their employer has increased flexible work hours compared to last year 
    • Flexible work hours have had the most positive impact on productivity (67%), work-life balance (65%) and motivation (64%) 
    • Only 39% of Kiwi workers say they have working from home/hybrid working options.

    Auckland, 7 February 2025 – Kiwi workers say their employers have elevated workplace flexibility in the form of flexible work hours while the majority of staff return to the office, new independent research by specialised recruiter Robert Half finds.  

    Flexible work hours are a type of flexible work arrangement that allows employees to have some control over their work schedule. This can range from flexible start and finish times, compressed work weeks and/or flexitime.

    Uptick in flexible work hours  

    Almost all (99%) Kiwi workers say they have flexible work hours. And while many (61%) New Zealand employers expect workers back in the office fulltime, workers say they have been given more flexibility in the hours they start and finish their day.

    More than half (59%) of workers say their employer has increased flexible work hours compared to last year, with 19% saying they have increased significantly. About one third (30%) of workers say there has been no change in the flexibility, while 10% say there has been a decrease. Only 1% of workers say they do not have flexible work hours.

    At the same time only 39% of workers say they have working from home/hybrid working options, meaning the majority of workers are expected to attend the office fulltime.  

    “While the New Zealand workforce has largely returned to the office full-time, the enduring need for flexibility had remained,” says Ronil Singh, Director at Robert Half. “The widespread adoption of flexible working hours demonstrates that employers are acknowledging the employee demand for more work-life balance and aiming to develop a more attractive and competitive work environment to secure and retain top talent.”

    The positive impacts of flexible work hours

    Most Kiwi workers agree that flexible working hours have had a positive impact on their employee experience. When asked how their current level of flexibility has impacted them, productivity (67%) and work-life balance (65%) were cited as the two areas which have improved the most. Employee engagement is also positively impacted with 64% of office workers saying they are more motivated, and 62% stating they are happier in their role and more likely to say with the company.

    Areas of work life 

    Number of workers who say it has improved 

    Productivity 

    67% 

    Work-life balance 

    65% 

    Motivation 

    64% 

    Desire to stay with the company 

    62% 

    Job satisfaction 

    62% 

    Independent survey commissioned by Robert Half among 500 fulltime office workers in New Zealand. 

    “The pronounced shift to flexible work hours is a win-win, boosting employee morale and productivity while also helping businesses attract and retain top talent. And while it is largely positive, it’s certainly not a one-size-fits all solution. The real challenge lies in understanding what ‘flexibility’ truly means for each individual and creating a work environment where it is genuinely embraced and facilitated,” concluded Singh.

    Notes

    About the research

    The study is developed by Robert Half and was conducted online in November 2024 by an independent research company among 500 full-time office workers in finance, accounting, and IT and technology. Respondents are drawn from a sample of SMEs as well as large private, publicly-listed and public sector organisations across New Zealand. This survey is part of the international workplace survey, a questionnaire about job trends, talent management and trends in the workplace.

    About Robert Half

    Robert Half is the global, specialised talent solutions provider that helps employers find their next great hire and jobseekers uncover their next opportunity. Robert Half offers both contract and permanent placement services, and is the parent company of Protiviti, a global consulting firm. Robert Half New Zealand has an office in Auckland. More information on roberthalf.com/nz

    MIL OSI New Zealand News –

  • MIL-OSI: Southside Bancshares, Inc. Declares Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    TYLER, Texas, Feb. 06, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Southside Bancshares, Inc., (NYSE:SBSI), parent company of Southside Bank, declared a regular quarterly cash dividend of $0.36 per common share. The cash dividend of $0.36 is scheduled for payment on March 6, 2025, to common stock shareholders of record on February 20, 2025.

    About Southside Bancshares, Inc.

    Southside Bancshares, Inc. is a bank holding company headquartered in Tyler, Texas, with approximately $8.52 billion in assets as of December 31, 2024, that wholly-owns Southside Bank. Southside Bank currently operates 53 branches and a network of 72 ATMs/ITMs throughout East Texas, Southeast Texas and the greater Dallas/Fort Worth, Austin and Houston areas. Serving customers since 1960, Southside Bank is a community-focused financial institution that offers a full range of financial products and services to individuals and businesses. These products and services include consumer and commercial loans, mortgages, deposit accounts, safe deposit boxes, treasury management, wealth management, trust services, brokerage services and an array of online and mobile services.

    To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive email notification of company news, events and stock activity, please register on the website under Resources and Investor Email Alerts. Questions or comments may be directed to Lindsey Bailes at (903) 630-7965, or lindsey.bailes@southside.com.

    The MIL Network –

  • MIL-OSI: H&R Block Announces Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    KANSAS CITY, Mo., Feb. 06, 2025 (GLOBE NEWSWIRE) — H&R Block, Inc. (NYSE: HRB) (the “Company”) today announced that its Board of Directors declared a quarterly cash dividend of $0.375 cents per share, payable April 3, 2025, to shareholders of record as of March 4, 2025. H&R Block has paid quarterly dividends consecutively for over sixty years since the Company became public in 1962.

    Since 2016, the Company has grown the dividend 88%1 and has returned more than $4.4 billion to shareholders through dividends and share repurchases.

    About H&R Block
    H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time, and be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

    1 Dividend growth is calculated as percentage growth from the April 2016 dividend.

    For Further Information

    The MIL Network –

  • MIL-OSI Canada: New legislation will accelerate B.C. renewable energy projects

    Source: Government of Canada regional news

    To ensure rapid permitting and robust regulation of renewable energy projects, the Province will introduce legislation in spring 2025 allowing the regulation of renewable energy projects, such as wind and solar, to move under the authority of the BC Energy Regulator (BCER). Adrian Dix, Minister of Energy and Climate Solutions, made the announcement in the presence of successful First Nations and clean-energy partners who gathered to celebrate the signing of their electricity purchase agreements (EPAs) with BC Hydro, which will generate between $5 billion and $6 billion in private capital spending throughout the province.

    The legislation will also enable the BCER to be the primary regulatory authority for authorizations associated with the construction of the North Coast Transmission Line (NCTL) and other high-voltage electricity transmission projects. This will help accelerate the expansion of British Columbia’s electricity grid and meet the demand in growth arising from critical mineral and metal mining, port electrification, hydrogen and fuel processing, and shipping projects under consideration. 

    “Along with other natural resources projects, these critical projects have been identified by the Province as priorities that are ready to move forward, with the potential to generate significant employment to support our economy in the face of potential tariffs by the U.S. government,” said Dix. “Now, with electricity purchase agreements signed by all of the wind and solar projects selected in the recent BC Hydro Call for Power and the BC Energy Regulator poised to be regulator for permitting these projects, British Columbia is on a clear trajectory to deliver the clean, affordable and reliable power people and industry need, and meaningfully grow and diversify our economy.”

    This announcement builds on the Province’s intent to exempt all future wind projects from the environmental assessment process, including the nine wind projects that are now under signed electricity purchase agreements with BC Hydro. It will create a single-window permitting process for renewable energy projects. The BC Energy Regulator will take a staged approach, focusing initially on the North Coast Transmission Line and other prescribed high-voltage transmission lines, and the wind and solar projects.

    The new legislation, to be introduced by the Ministry of Energy and Climate Solutions, will extend the BC Energy Regulator’s existing legal authorities and responsibilities to the new development activities relevant to the different energy projects.

    The BC Energy Regulator is an experienced organization that has demonstrated expertise at getting projects moving quickly, while providing robust regulatory oversight through the lifecycle of projects. This is a natural evolution of the BC Energy Regulator’s role, which initially focused on oil, gas and geothermal development, then expanded to include hydrogen, ammonia and methanol, and now to renewable energy. The BC Energy Regulator will bring its expertise and capacity to the province’s broader stewardship efforts for water, land and resources.

    “The BC Energy Regulator is committed to permitting efficiency and robust regulatory oversight of B.C.’s oil, gas and other energy resources,” said Michelle Carr, commissioner and chief executive officer, BC Energy Regulator. “With our single-window approach to permitting through the full lifecycle of development, commitment to operational excellence and stewardship in the public interest, commitment to First Nation consultation and management of land-owner interests, the BC Energy Regulator is well positioned to apply that expertise to renewables and to support the province’s transition to low-carbon energy.”

    The Province is committed to working in co-operation with First Nations partners, and is engaging with Nations across the province on the approach to the proposed legislation.

    “Designating the BCER as the single regulator for renewables helps ensure B.C. can meet its growing electricity demand and bring renewable energy projects online sooner,” said Kwatuuma Cole Sayers, executive director, Clean Energy Association of British Columbia. “In the 2024 Call for Power, 11 CEBC members, including First Nations and industry leaders, were selected as successful proponents for both wind and solar projects, demonstrating how meaningful partnerships drive major projects and deliver sustainable energy solutions. An effective regulatory framework must foster investment in these collaborations, uphold Indigenous rights and title, and maintain B.C.’s world-class environmental standards. We look forward to working alongside government, First Nations and industry to shape a clean-energy future that benefits all British Columbians.”

    The BC Energy Regulator has a team of more than 300 professionals in seven offices located throughout B.C. Subject-matter experts include biologists, engineers, hydrologists, agrologists, compliance and enforcement officers, First Nations liaison officers, heritage conservation officers and archeologists. The BC Energy Regulator will hire additional staff and subject-matter experts as authorities are added. 

    Quick Facts:

    • Under the Clean Energy Act, a renewable or clean resource means biomass, biogas, geothermal heat, hydro, solar, ocean, wind (small scale) or any other prescribed resource.
    • The new act would provide an enabling framework for government to extend the various powers and authorities of the BC Energy Regulator under the Energy Resource Activities Act through new regulations that would apply to specified transmission and generation projects. 
    • Government is not contemplating other changes to the environmental assessment triggers for renewable energy projects.
    • Environmental assessments will still be required for projects that exceed thresholds identified in the Reviewable Projects Regulation.

    Learn More:

    To learn more about the BC Energy Regulator, visit: https://www.bc-er.ca/

    MIL OSI Canada News –

  • MIL-OSI USA: $9.6M in Mental Health Support for Rural Areas of NYS

    Source: US State of New York

    Governor Kathy Hochul today announced $9.6 million in state funding is available to provide additional mental health assistance services for rural areas of the state, including a program dedicated to helping farmers, agribusiness workers and their families. The State Office of Mental Health is providing $7.6 million to establish four new Critical Time Intervention teams to support individuals living with mental illness in rural areas of the state during periods of transition and $2 million for the Farmers Supporting Farmers program to help those working in agriculture to navigate the stress often associated with the industry.

    “We have an obligation to bring mental health assistance to New York’s farmers and the rural areas of our state where these supports aren’t always readily available,” Governor Hochul said. “The combined impact of the Farmers Supporting Farmers program and Critical Time Intervention teams will help bring additional mental health resources to parts of our state where behavioral health services are much needed.”

    OMH is providing $7.6 million over five years to establish two new Critical Time Intervention teams to serve counties in Western New York, and two others to serve counties in the North Country. These teams will join three others awarded last year and expected to be operational later this year, with the unique flexibility to offer support services and care coordination in rural communities.

    Each team must have a well-defined working relationship with at least one community-based hospital and be involved in discharge planning so they can provide subsequent linkages to services. These teams will continue to work with individuals to ensure that their immediate needs are met and that they remain connected to community support.

    OMH is also providing $2 million over five years for a service provider to implement the Farmers Supporting Farmers program statewide, specifically in the 44 counties that support farms and agribusinesses. The state has roughly 43,000 square miles of rural land area with about 3.4 million New Yorkers — more than 17 percent of the state’s population — living in communities considered rural.

    Farmers Supporting Farmers was developed in response to the well-documented link between economic crises and the resulting stress that puts farm workers and their families at an increased risk for poor behavioral health outcomes. The funding will provide this population technical assistance to address their business and financial needs, along with wellness support to promote improved behavioral health outcomes.

    Approximately 20 percent of rural residents aged 55 or older live with a mental health issue, according to the U.S. Department of Health and Human Services. Likewise, rural communities report significantly higher suicide rates than urban areas for both adults and youth.

    OMH Commissioner Dr. Ann Sullivan said, “Our effort to strengthen New York State’s mental health care system includes bringing services to traditionally underserved areas, which include many of our rural communities. These programs are providing critical supports to an at-risk segment of the population that might otherwise be disconnected from our system of care. Through investments like this, Governor Hochul is demonstrating her continued commitment to expanding mental health services to all New Yorkers, including traditionally underserved New Yorkers.”

    New York State Agriculture Commissioner Richard A. Ball said, “From unpredictable weather to rising costs, farmers face many challenges that are specific to the industry and can take not only a financial toll but also an emotional toll. This new program, through the Office of Mental Health and supported by the Governor, will provide invaluable mental health resources to farmers and their families, helping New York’s agricultural industry manage and better cope with uncertainty and stress for their overall health and well-being.”

    State Senator Samra G. Brouk said, “We need to ensure that gaps between need and access for mental health care are being actively addressed. Peer support in underserved areas can change lifelong outcomes for community members in crisis. Governor Hochul’s $9.6 million support for rural areas and OMH’s $7.6 million for CTI teams will support peer-driven, culturally competent responses to individuals with mental illness to keep our communities safe.”

    Assemblymember Jo Anne Simon said, “Rural communities have long suffered from sparse or non-existent mental health services. Investing in access to mental health care in rural communities is desperately needed. This funding will allow us to investigate where the need is greatest and where the barriers to treatment have been so as to improve access to quality care. I am grateful to Governor Hochul for her commitment to strengthening mental health services throughout our state,”

    Under Governor Hochul’s leadership, OMH continues to invest funding and undertake initiatives focused on improving mental health in rural areas of the state. In 2023, the agency created the position of rural behavioral health coordinator to work with the upstate regional field offices, and the state Office of Rural Health and Office of Addiction Services and Supports to identify local, state, and federal resources to address the unique needs of our rural communities.

    Last year, OMH established a new Assertive Community Treatment or ‘ACT’ team so that New Yorkers living with serious mental illness in rural areas of the state can receive critical mental health services in their community, rather than a more restrictive hospital setting. The rural ACT team is now providing around-the-clock services to individuals who need it most, bringing a person-centered, recovery-based approach to their care.

    Under Governor Hochul’s direction, OMH also reconvened the Suicide Prevention Task Force with a goal of strengthening public health approaches, enhancing health system competencies, improving data surveillance methods, and infusing cultural competency in the state’s suicide prevention strategy. Specifically, this task force has a charge to look at special populations in New York, including rural communities.

    MIL OSI USA News –

  • MIL-OSI Security: Laredo felon guilty in conspiracy to smuggle hundreds of aliens

    Source: Office of United States Attorneys

    Second man also convicted in one underlying offense involving 101 people in locked trailer

    LAREDO, Texas – A 34-year-old Laredo man has admitted guilt in a multi-year conspiracy to smuggle aliens for financial gain, announced U.S. Attorney Nicholas J. Ganjei.

    Since March 2023, Danny Nunez operated and coordinated an organization in Laredo that smuggled and harbored hundreds of aliens.

    The investigation tied Nunez to coordinating numerous smuggling events such as one involving over 100 aliens Dec. 2, 2023. On that date, law enforcement observed several people being loading into a white trailer in a warehouse parking lot. A subsequent search resulted in the discovery of 101 aliens locked inside the trailer, including 12 unaccompanied children. Multiple people reported they had difficulty breathing and feared for their life due to the conditions in the trailer.

    Juan Manuel Aguirre, 49, Laredo, pleaded guilty to conspiracy to smuggle aliens in the United States, admitting his role in the transportation and smuggling of this group.

    At the time of Nunez’s arrest, authorities also conducted a search of his residence resulting in the seizure of cell phones and ledgers documenting the aliens Nunez and others had smuggled over the course of the conspiracy. They also found over $36,000 in resulting proceeds and two illegal aliens on the premises.

    “The road to a secure border runs through the Southern District of Texas,” said Ganjei. “Human smuggling is a terrible practice, one that the Department is focused on eradicating. My advice to those in the human smuggling business is to find a new line of work.”

    Both Nunez and Aguirre face up to 10 years in prison for conspiracy to smuggle aliens in the United States. They could also be ordered to pay up to $250,000 in fines. 

    They will remain in custody pending sentencing.

    Homeland Security Investigations, FBI, Texas Department of Public Safety. and Border Patrol conducted the Organized Crime Drug Enforcement Task Forces (OCDETF) operation with the assistance of Customs and Border Protection, the Laredo Police Department, Drug Enforcement Administration and Webb County Sheriff’s Office. OCDETF identifies, disrupts and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found on the Department of Justice’s OCDETF webpage. 

    Assistant U.S. Attorney Brandon Scott Bowling is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI: IBEX Reports Record Quarterly Revenue and Strong EPS

    Source: GlobeNewswire (MIL-OSI)

    • Quarterly revenue grew 6.1% versus prior year quarter – highest growth in 9 quarters
    • Strong adjusted EBITDA margin expansion year-over-year – 10 out of the last 11 quarters
    • Adjusted EPS of $0.59 – an increase of 36% to prior year quarter
    • Raises guidance on revenue and lower end of EBITDA range
    • Repurchased approximately 3.6 million shares from TRGI during the second quarter of fiscal year 2025, representing 21% of our shares outstanding and eliminating controlled company status

    WASHINGTON, Feb. 06, 2025 (GLOBE NEWSWIRE) — IBEX Limited (“ibex”), a leading provider in global business process outsourcing and end-to-end customer engagement technology solutions, today announced financial results for its second fiscal quarter ended December 31, 2024.

      Three months ended
    December 31,    		   Six months ended
    December 31,
    ($ millions, except per share amounts)   2024       2023     Change     2024       2023     Change
    Revenue $ 140,682     $ 132,634     6.1 %   $ 270,399     $ 257,243     5.1 %
    Net income $ 9,268     $ 6,075     52.6 %   $ 16,799     $ 13,500     24.4 %
    Net income margin   6.6 %     4.6 %   200bps     6.2 %     5.2 %   100bps
    Adjusted net income (1) $ 9,615     $ 8,024     19.8 %   $ 18,647     $ 15,598     19.5 %
    Adjusted net income margin (1)   6.8 %     6.0 %   80bps     6.9 %     6.1 %   80bps
    Adjusted EBITDA (1) $ 16,537     $ 14,324     15.4 %   $ 32,125     $ 28,035     14.6 %
    Adjusted EBITDA margin (1)   11.8 %     10.8 %   100bps     11.9 %     10.9 %   100bps
    Earnings per share – diluted (2) $ 0.57     $ 0.33     73.6 %   $ 1.00     $ 0.72     38.0 %
    Adjusted earnings per share – diluted (1,2) $ 0.59     $ 0.44     36.3 %   $ 1.11     $ 0.84     32.5 %
                           
    (1)See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure.
    (2)The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented.
     

    “Coming off an outstanding start to fiscal year 2025, I am thrilled to report another quarter of record financial results,” said Bob Dechant, ibex CEO. “Q2 saw our highest revenue growth for ibex in two years with revenues growing over 6%. Our growth continues to be driven by winning new clients and increasing market share within our embedded base clients. These key wins resulted in 14% revenue growth in our most profitable offshore regions. I am also excited to report that we have continued to add key AI opportunity wins that will be deployed in the second half of the year that are expected to drive accretive revenue and margin.”

    “Q2 fiscal year 2025 was a strong quarter on all profitability metrics as adjusted EPS grew 36%, adjusted EBITDA grew 15%, and adjusted net income increased 20%, compared to prior year quarter,” added Dechant. “Beyond this, over the last three months we completed a number of important strategic actions, highlighted by the $70 million share repurchase from The Resource Group International Limited (“TRGI”) in November, which has numerous benefits including removing our controlled company status, the additions of JJ Zhuang and Patrick McGinnis to our Board of Directors, and the most recent addition to our Board in January, Karen Batungbacal.”

    Second Quarter Financial Performance
    Revenue

    • Revenue of $140.7 million, an increase of 6.1% from $132.6 million in the prior year quarter. Growth in HealthTech (+31.2%), Travel, Transportation and Logistics (+16.7%), and Retail & E-commerce (+4.4%), was partially offset by declines in the FinTech vertical (-14.7%).

    Net Income and Earnings Per Share

    • Net income increased to $9.3 million compared to $6.1 million in the prior year quarter. Diluted earnings per share increased to $0.57 compared to $0.33 in the prior year quarter. The increases were primarily the result of the impact of revenue growth particularly in our higher margin offshore regions, improved gross margin performance, and fewer diluted shares outstanding compared to the prior year quarter.
    • Net income margin increased to 6.6% compared to 4.6% in the prior year quarter.
    • Non-GAAP adjusted net income increased to $9.6 million compared to $8.0 million in the prior year quarter (see Exhibit 1 for reconciliation).
    • Non-GAAP adjusted diluted earnings per share increased to $0.59 compared to $0.44 in the prior year quarter (see Exhibit 1 for reconciliation). The increase per share was primarily attributable to the impact of higher revenue, improved operating margins and a lower share count.

    Non-GAAP adjusted EBITDA

    • Adjusted EBITDA increased to $16.5 million compared to $14.3 million in the prior year quarter (see Exhibit 2 for reconciliation).
    • Adjusted EBITDA margin increased to 11.8% compared to 10.8% in the prior year quarter (see Exhibit 2 for reconciliation).

    Cash Flow and Balance Sheet

    • Repurchased approximately 3.6 million shares from TRGI for an aggregate price of $70 million during the second quarter of fiscal 2025.
    • Capital expenditures were $4.3 million compared to $2.9 million in the prior year quarter. The increase in capital expenditures during this quarter was driven by capacity expansion to meet growing demand in our offshore and nearshore regions.
    • Cash flow from operating activities was $1.1 million compared to $(1.6) million in the prior year quarter. Free cash flow was $(3.2) million compared to $(4.5) million in the prior year quarter (see Exhibit 3 for reconciliation).
    • Net debt was $13.7 million compared to net cash of $61.2 million as of June 30, 2024 (see Exhibit 4 for reconciliation). The utilization of cash and debt is primarily attributable to the share repurchase from TRGI.

    “We achieved strong top and bottom line second quarter results. We accelerated our top-line momentum with over 6% revenue growth, driven by new client wins over the last year and continued expansion of our embedded client base made possible by our strong service delivery,” said Taylor Greenwald, CFO of ibex.

    “Our profitability continues to improve, where for 10 of the last 11 quarters we have delivered year-over-year adjusted EBITDA margin expansion, enabling strategic investments in AI capabilities and sales resources. These results instill continued confidence in the execution of our strategy throughout 2025, enabling us to raise our fiscal year guidance and continue to return value to shareholders.”

    Raised Fiscal Year 2025 Guidance

    • Revenue is expected to be in the range of $525 to $535 million versus a previous range of $515 to $525 million.
    • Adjusted EBITDA is expected to be in the range of $68 to $69 million versus a previous range of $67 to $69 million.
    • Capital expenditures are expected to remain in the range of $15 to $20 million.

    Conference Call and Webcast Information
    IBEX Limited will host a conference call and live webcast to discuss its second quarter of fiscal year 2025 financial results at 4:30 p.m. Eastern Time today, February 6, 2025. We will also post to this section of our website the earning slides, which will accompany our conference call and live webcast, and encourage you to review the information that we make available on our website.

    Live and archived webcasts can be accessed at: https://investors.ibex.co/.

    Financial Information
    This announcement does not contain sufficient information to constitute an interim financial report as defined in Financial Accounting Standards ASC 270, “Interim Reporting.” The financial information in this press release has not been audited.

    Non-GAAP Financial Measures
    We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-GAAP financial measures provide a more helpful depiction of our performance of the business by encompassing only relevant and manageable events, enabling us to evaluate and plan more effectively for the future. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies, have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our operating results as reported in accordance with accounting principles generally accepted in the United States (“GAAP”). Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under GAAP and should not be considered as alternatives to operating profit or net income / (loss) or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with GAAP.

    ibex is not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable GAAP measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, non-recurring expenses, foreign currency gains and losses, and share-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.

    About ibex
    ibex helps the world’s preeminent brands more effectively engage their customers with services ranging from customer support, technical support, inbound/outbound sales, business intelligence and analytics, digital demand generation, and CX surveys and feedback analytics.

    Forward Looking Statements
    In addition to historical information, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to attract new business and retain key clients; our profitability based on our utilization, pricing and managing costs; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities and current trends toward outsourcing services may reverse; general economic uncertainty in global markets and unfavorable economic conditions, including inflation, rising interest rates, recession, foreign exchange fluctuations and supply-chain issues; our ability to manage our international operations, particularly in the Philippines, Jamaica, Pakistan and Nicaragua; natural events, health epidemics, global geopolitical conditions, including developing or ongoing conflicts, widespread civil unrest, terrorist attacks and other attacks of violence involving any of the countries in which we or our clients operate; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands, including the effective adoption of Artificial Intelligence into our offerings; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security, employment and anti-corruption; the effect of cyberattacks or cybersecurity vulnerabilities on our information technology systems; our ability to realize the anticipated strategic and financial benefits of our relationship with Amazon; the impact of tax matters, including new legislation and actions by taxing authorities; and other factors discussed in the “Risk Factors” described in our periodic reports filed with the U.S. Securities and Exchange Commission (“SEC”), including our annual reports on Form 10-K, quarterly reports on Form 10-Q, and past filings on Form 20-F, and any other risk factors we include in subsequent filings with the SEC. Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

    IR Contact:  Michael Darwal, EVP, Investor Relations, ibex, michael.darwal@ibex.co
    Media Contact:  Daniel Burris, VP, Marketing and Communication, ibex, daniel.burris@ibex.co

    IBEX LIMITED AND SUBSIDIARIES
    Consolidated Balance Sheets
    (Unaudited)
    (in thousands)

      December 31,
    2024    		   June 30,
    2024
    Assets      
    Current assets      
    Cash and cash equivalents $ 20,206     $ 62,720  
    Accounts receivable, net   120,581       98,366  
    Prepaid expenses   6,905       7,712  
    Due from related parties   317       192  
    Tax advances and receivables   8,968       9,080  
    Other current assets   2,039       1,888  
    Total current assets   159,016       179,958  
           
    Non-current assets      
    Property and equipment, net   32,168       29,862  
    Operating lease assets   54,057       59,145  
    Goodwill   11,832       11,832  
    Deferred tax asset, net   5,052       4,285  
    Other non-current assets   10,373       8,822  
    Total non-current assets   113,482       113,946  
    Total assets $ 272,498     $ 293,904  
           
    Liabilities and stockholders’ equity      
    Current liabilities      
    Accounts payable and accrued liabilities $ 19,924     $ 16,719  
    Accrued payroll and employee-related liabilities   33,278       30,674  
    Current deferred revenue   7,223       4,749  
    Current operating lease liabilities   12,208       12,051  
    Current maturities of long-term debt   8,217       660  
    Convertible debt   25,000       —  
    Due to related parties   149       60  
    Income taxes payable   4,643       6,083  
    Total current liabilities   110,642       70,996  
           
    Non-current liabilities      
    Non-current deferred revenue   1,119       1,128  
    Non-current operating lease liabilities   48,286       53,441  
    Long-term debt   695       867  
    Other non-current liabilities   2,819       1,673  
    Total non-current liabilities   52,919       57,109  
    Total liabilities   163,561       128,105  
           
    Stockholders’ equity      
    Common stock   1       2  
    Additional paid-in capital   212,116       210,200  
    Treasury stock   (101,606 )     (25,367 )
    Accumulated other comprehensive loss   (7,250 )     (7,913 )
    Retained earnings / (deficit)   5,676       (11,123 )
    Total stockholders’ equity   108,937       165,799  
    Total liabilities and stockholders’ equity $ 272,498     $ 293,904  

    14IBEX LIMITED AND SUBSIDIARIES
    Consolidated Statements of Comprehensive Income
    (Unaudited)
    (in thousands, except per share data)

      Three Months Ended December 31,   Six Months Ended December 31,
        2024       2023       2024       2023  
    Revenue $ 140,682     $ 132,634     $ 270,399     $ 257,243  
                   
    Cost of services (exclusive of depreciation and amortization presented separately below)   98,762       95,884       188,803       184,080  
    Selling, general and administrative   25,706       24,857       51,921       47,897  
    Depreciation and amortization   4,286       4,946       8,655       9,988  
    Total operating expenses   128,754       125,687       249,379       241,965  
    Income from operations   11,928       6,947       21,020       15,278  
                   
    Interest income   311       512       894       1,098  
    Interest expense   (620 )     (111 )     (782 )     (215 )
    Income before income taxes   11,619       7,348       21,132       16,161  
                   
    Provision for income tax expense   (2,351 )     (1,273 )     (4,333 )     (2,661 )
    Net income $ 9,268     $ 6,075     $ 16,799     $ 13,500  
                   
    Other comprehensive income              
    Foreign currency translation adjustments $ (911 )   $ 679     $ 477     $ (22 )
    Unrealized (loss) / gain on cash flow hedging instruments, net of tax   (193 )     395       186       201  
    Total other comprehensive (loss) / income   (1,104 )     1,074       663       179  
    Total comprehensive income $ 8,164     $ 7,149     $ 17,462     $ 13,679  
                   
    Net income per share              
    Basic $ 0.61     $ 0.34     $ 1.05     $ 0.75  
    Diluted $ 0.57     $ 0.33     $ 1.00     $ 0.72  
                   
    Weighted average common shares outstanding              
    Basic   15,126       17,885       16,007       18,084  
    Diluted   16,456       18,440       16,977       18,667  

    IBEX LIMITED AND SUBSIDIARIES
    Consolidated Statements of Cash Flows
    (Unaudited)
    (in thousands)

      Three Months Ended December 31,   Six Months Ended December 31,
        2024       2023       2024       2023  
    CASH FLOWS FROM OPERATING ACTIVITIES              
    Net income $ 9,268     $ 6,075     $ 16,799     $ 13,500  
    Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization   4,286       4,946       8,655       9,988  
    Noncash lease expense   3,083       3,297       6,409       6,522  
    Warrant contra revenue   —       307       —       594  
    Deferred income tax   (637 )     52       (767 )     296  
    Share-based compensation expense   1,235       1,427       1,905       2,275  
    Allowance of expected credit losses   240       (5 )     323       6  
    Change in assets and liabilities:              
    Increase in accounts receivable   (14,856 )     (14,544 )     (22,505 )     (18,336 )
    Decrease / (increase) in prepaid expenses and other current assets   722       (936 )     (1,013 )     (2,192 )
    (Decrease) / increase in accounts payable and accrued liabilities   (1,496 )     338       3,078       544  
    Increase in deferred revenue   2,386       673       2,465       301  
    Decrease in operating lease liabilities   (3,090 )     (3,267 )     (6,446 )     (6,451 )
    Net cash inflow / (outflow) from operating activities   1,141       (1,637 )     8,903       7,047  
                   
    CASH FLOWS FROM INVESTING ACTIVITIES              
    Purchase of property and equipment   (4,319 )     (2,892 )     (7,949 )     (4,944 )
    Net cash outflow from investing activities   (4,319 )     (2,892 )     (7,949 )     (4,944 )
                   
    CASH FLOWS FROM FINANCING ACTIVITIES              
    Proceeds from line of credit   9,100       59       9,160       96  
    Repayments of line of credit   (1,600 )     (59 )     (1,660 )     (148 )
    Proceeds from the exercise of options   342       6       724       11  
    Principal payments on finance leases   (182 )     (116 )     (353 )     (204 )
    Purchase of treasury shares   (46,562 )     (8,442 )     (51,369 )     (10,274 )
    Net cash outflow from financing activities   (38,902 )     (8,552 )     (43,498 )     (10,519 )
    Effects of exchange rate difference on cash and cash equivalents   (19 )     68       30       3  
    Net decrease in cash and cash equivalents   (42,099 )     (13,013 )     (42,514 )     (8,413 )
    Cash and cash equivalents, beginning   62,305       62,029       62,720       57,429  
    Cash and cash equivalents, ending $ 20,206     $ 49,016     $ 20,206     $ 49,016  
                   
                   

    IBEX LIMITED AND SUBSIDIARIES
    Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

    EXHIBIT 1: Adjusted net income, adjusted net income margin, and adjusted earnings per share

    We define adjusted net income as net income before the effect of the following items: warrant contra revenue, foreign currency gain / loss, and share-based compensation expense, net of the tax impact of such adjustments. We define adjusted net income margin as adjusted net income divided by revenue. We define adjusted earnings per share as adjusted net income divided by weighted average diluted shares outstanding.

    The following table provides a reconciliation of net income to adjusted net income, net income margin to adjusted net income margin, and diluted earnings per share to adjusted earnings per share for the periods presented:

      Three Months Ended December 31, Six Months Ended December 31,
    ($000s, except per share amounts)   2024       2023       2024       2023  
    Net income $ 9,268     $ 6,075     $ 16,799     $ 13,500  
    Net income margin   6.6 %     4.6 %     6.2 %     5.2 %
                   
    Warrant contra revenue   —       307       —       594  
    Foreign currency (gain) / loss   (912 )     697       545       (100 )
    Share-based compensation expense   1,235       1,427       1,905       2,275  
    Total adjustments $ 323     $ 2,431     $ 2,450     $ 2,769  
    Tax impact of adjustments1   24       (482 )     (602 )     (671 )
    Adjusted net income $ 9,615     $ 8,024     $ 18,647     $ 15,598  
    Adjusted net income margin   6.8 %     6.0 %     6.9 %     6.1 %
                   
    Diluted earnings per share $ 0.57     $ 0.33     $ 1.00     $ 0.72  
    Per share impact of adjustments to net income   0.02       0.11       0.11       0.11  
    Adjusted earnings per share $ 0.59     $ 0.44     $ 1.11     $ 0.84  
                   
    Weighted average diluted shares outstanding   16,456       18,440       16,977       18,667  
                   
                   

    EXHIBIT 2:  EBITDA, adjusted EBITDA, and adjusted EBITDA margin

    EBITDA is a non-GAAP profitability measure that represents net income before the effect of the following items: interest expense, income tax expense, and depreciation and amortization. Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before the effect of the following items: interest income, warrant contra revenue, foreign currency gain / loss, and share-based compensation expense. Adjusted EBITDA margin is a non-GAAP profitability measure that represents adjusted EBITDA divided by revenue.

    The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA and net income margin to adjusted EBITDA margin for the periods presented:

      Three Months Ended December 31, Six Months Ended December 31,
    ($000s)   2024       2023       2024       2023  
    Net income $ 9,268     $ 6,075     $ 16,799     $ 13,500  
    Net income margin   6.6 %     4.6 %     6.2 %     5.2 %
                   
    Interest expense   620       111       782       215  
    Income tax expense   2,351       1,273       4,333       2,661  
    Depreciation and amortization   4,286       4,946       8,655       9,988  
    EBITDA $ 16,525     $ 12,405     $ 30,569     $ 26,364  
    Interest income   (311 )     (512 )     (894 )     (1,098 )
    Warrant contra revenue   —       307       —       594  
    Foreign currency (gain) / loss   (912 )     697       545       (100 )
    Share-based compensation expense   1,235       1,427       1,905       2,275  
    Adjusted EBITDA $ 16,537     $ 14,324     $ 32,125     $ 28,035  
                   
    Adjusted EBITDA margin   11.8 %     10.8 %     11.9 %     10.9 %
                   
                   

    EXHIBIT 3: Free cash flow

    We define free cash flow as net cash provided by operating activities less capital expenditures.

      Three Months Ended December 31, Six Months Ended December 31,
    ($000s)   2024       2023       2024     2023
    Net cash provided by operating activities $ 1,141     $ (1,637 )   $ 8,903   $ 7,047
    Less: capital expenditures   4,319       2,892       7,949     4,944
    Free cash flow $ (3,178 )   $ (4,529 )   $ 954   $ 2,103

    EXHIBIT 4: Net (debt) / cash

    We define net (debt) / cash as total cash and cash equivalents less debt.

      December 31,   June 30,
    ($000s)   2024       2024
    Cash and cash equivalents $ 20,206     $ 62,720
           
    Debt      
    Current $ 8,217     $ 660
    Convertible debt   25,000       —
    Non-current   695       867
    Total debt $ 33,912     $ 1,527
    Net (debt) / cash $ (13,706 )   $ 61,193

    1The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdictions.

    The MIL Network –

  • MIL-OSI: Synaptics Reports Second Quarter Fiscal 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Q2’25 Financial Results and Recent Business Highlights

    • Revenue of $267.2 million
    • GAAP gross margin of 45.7 percent
    • Non-GAAP gross margin of 53.6 percent
    • GAAP diluted earnings per share of $0.05
    • Non-GAAP diluted earnings per share of $0.92
    • Signed a new agreement with Broadcom, accelerating our Edge AI strategy
    • Repurchased approximately one million shares for $74.5 million

    SAN JOSE, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — Synaptics Incorporated (Nasdaq: SYNA) today reported financial results for its second quarter of fiscal 2025 ended December 28, 2024.

    Net revenue for the second quarter of fiscal 2025 was $267.2 million. GAAP net income for the second quarter of fiscal 2025 was $1.8 million, or $0.05 per diluted share. Non-GAAP net income for the second quarter of fiscal 2025 was $36.6 million, or $0.92 per diluted share.

    “We delivered another solid quarter, marking our third consecutive quarter of both sequential and year-over-year revenue growth. Core IoT products grew 63% year-over-year in the second quarter—a testament to our leadership in this rapidly expanding market. Additionally, our strategic transaction with Broadcom further strengthens our Core IoT position. This agreement, coupled with our ongoing organic growth, increases my confidence in the company’s long-term growth potential,” said Ken Rizvi, Synaptics’ Interim CEO and Chief Financial Officer.

    Business Outlook
    Ken Rizvi, added, “We are seeing stable to improving trends in most of our end markets. While the fiscal third quarter is down sequentially due to seasonality, our guidance reflects continued year-over-year growth in our business. Our strong balance sheet and positive cash flow, positions us to capitalize on both organic and inorganic growth opportunities, while also returning capital to shareholders through share buybacks.”

    The third quarter fiscal 2025 outlook information provided below is based on the company’s current estimates and is not a guarantee of future performance. These statements are forward-looking and actual results may differ materially. Refer to the “Cautionary Statement Regarding Forward-Looking Statements” section below for information on the factors that could cause the Company’s actual results to differ materially from these forward-looking statements.

    For the third quarter of fiscal 2025, the company expects:

           
      GAAP Non-GAAP Adjustment Non-GAAP
           
    Revenue $265M ± $15M N/A N/A
           
    Gross Margin* 45.2 percent ±
    2.0 percent    		 $22M ± $1M 53.5 percent ± 1.0 percent
           
    Operating Expense** $141M ± $3M $40M ± $1M $101M ± $2M
           
    Earnings (loss) per share*** ($0.47) ± $0.30 $1.32 ± $0.10 $0.85 ± $0.20
           
    * Projected Non-GAAP gross margin excludes $20.0 to $22.0 million acquisition and integration-related costs and $1.0 million share-based compensation.
    ** Projected Non-GAAP operating expense excludes $34.0 to $35.0 million share-based compensation, $1.0 to $2.0 million restructuring costs, and $4.0 million acquisition and integration related costs.
    *** Projected Non-GAAP earnings (loss) per share excludes $0.89 to $0.92 share-based compensation, $0.03 to $0.05 restructuring costs, $0.60 to $0.65 acquisition and integration related costs, and ($0.20) other non-cash and Non-GAAP tax adjustments.

    Our outlook incorporates the effects of the company’s recent asset acquisition from Broadcom. However, the company has not completed its assessment of the provisional fair values of the assets and liabilities, and therefore, our GAAP outlook does not reflect the impact of any differences between the carrying values and fair values of Broadcom’s assets or liabilities, including share-based compensation and the impact of amortization of any identifiable intangible assets.

    Earnings Call and Supplementary Materials
    The Synaptics second quarter fiscal 2025 teleconference and webcast is scheduled to begin at 2:00 p.m. PT (5:00 p.m. ET), on Thursday, February 6, 2025, during which the company may discuss forward-looking information.

    Speaker:

    • Ken Rizvi, Interim CEO and Chief Financial Officer

    To participate on the live call, analysts and investors should pre-register at Synaptics Q2 FY2025 Earnings Call Registration.
    https://register.vevent.com/register/BI158a46a65d6743c6b0846d8242dcea87. Supplementary slides, a copy of the prepared remarks, and a live and archived webcast of the conference call will be accessible from the “Investor Relations” section of the company’s website at https://investor.synaptics.com/.

    About Synaptics Incorporated:
    Synaptics (Nasdaq: SYNA) is driving innovation in AI at the Edge, bringing AI closer to end users and transforming how we engage with intelligent connected devices, whether at home, at work, or on the move. As a go-to partner for forward-thinking product innovators, Synaptics powers the future with its cutting-edge Synaptics Astra™ AI-Native embedded compute, Veros™ wireless connectivity, and multimodal sensing solutions. We’re making the digital experience smarter, faster, more intuitive, secure, and seamless. From touch, display, and biometrics to AI-driven wireless connectivity, video, vision, audio, speech, and security processing, Synaptics is the force behind the next generation of technology enhancing how we live, work, and play. Follow Synaptics on LinkedIn, X and Facebook, or visit synaptics.com.

    Use of Non-GAAP Financial Information
    In evaluating its business, Synaptics considers and uses Non-GAAP Net Income, which we define as net income excluding share-based compensation, acquisition-related costs, and certain other non-cash or recurring and non-recurring items the company does not believe are indicative of its core operating performance, as a supplemental measure of operating performance. Non-GAAP Net Income is not a measurement of the company’s financial performance under GAAP and should not be considered as an alternative to GAAP Net Income. The company presents Non-GAAP Net Income because it considers it an important supplemental measure of its performance since it facilitates operating performance comparisons from period to period by eliminating potential differences in net income caused by the existence and timing of share-based compensation charges, acquisition and integration-related costs, restructuring costs, and certain other non-cash or recurring and non-recurring items. Non-GAAP Net Income has limitations as an analytical tool and should not be considered in isolation or as a substitute for the company’s GAAP Net Income. The principal limitations of this measure are that it does not reflect the company’s actual expenses and may thus have the effect of inflating its net income and net income per share as compared to its operating results reported under GAAP. In addition, the company presents components of Non-GAAP Net Income, such as Non-GAAP Gross Margin, Non-GAAP operating expenses and Non-GAAP operating margin, for similar reasons.

    As presented in the “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures” tables that follow, Non-GAAP Net Income and each of the other Non-GAAP financial measures excludes one or more of the following items:

    Acquisition and integration-related costs
    Acquisition and integration-related costs primarily consist of:

    • amortization of purchased intangibles, which include acquired intangibles such as developed technology, customer relationships, trademarks, backlog, licensed technology, patents, and in-process technology when post-acquisition development is determined to be substantively complete;
    • inventory fair value adjustments affecting the carrying value of inventory acquired in an acquisition;
    • transitory post-acquisition incentive programs negotiated in connection with an acquired business or designed to encourage post-acquisition retention of key employees; and
    • legal and consulting costs directly associated with acquisitions, potential acquisitions and refinancing costs, including non-recurring acquisition related costs and services.

    These acquisition and integration-related costs are not factored into the company’s evaluation of its ongoing business operating performance or potential acquisitions, as they are not considered as part of the company’s principal operations. Further, the amount of these costs can vary significantly from period to period based on the terms of an earn-out arrangement, revisions to assumptions that went into developing the estimate of the contingent consideration associated with an earn-out arrangement, the size and timing of an acquisition, the lives assigned to the acquired intangible assets, and the maturity of the business acquired. Excluding acquisition related costs from Non-GAAP measures provides investors with a basis to compare Synaptics against the performance of other companies without the variability and potential earnings volatility associated with purchase accounting and acquisition-related items.

    Share-based compensation
    Share-based compensation expense relates to employee equity award programs and the vesting of the underlying awards, which includes stock options, deferred stock units, market stock units, performance stock units, phantom stock units and the employee stock purchase plan. Share-based compensation settled with stock, which includes stock options, deferred stock units, market stock units, performance stock units and the employee stock purchase plan, is a non-cash expense, while share-based compensation settled with cash, which includes phantom stock units, is a cash expense. Settlement of all employee equity award programs, whether settled with cash or stock, varies in amount from period to period and is dependent on market forces that are often beyond the company’s control. As a result, the company excludes share-based compensation from its internal operating forecasts and models. The company believes that Non-GAAP measures reflecting adjustments for share-based compensation provide investors with a basis to compare the company’s principal operating performance against the performance of peer companies without the variability created by share-based compensation resulting from the variety of equity-linked compensatory awards used by other companies and the varying methodologies and assumptions used.

    Intangible asset impairment charge
    Intangible asset impairment charge represent the excess carrying value of an indefinite-lived asset over its fair value. The intangible asset impairment charge is a non-cash charge. The company excludes intangible asset impairment charge from its internal operating forecasts and models when evaluating its ongoing business performance. The company believes that Non-GAAP measures, reflecting adjustments for intangible asset impairment charge, provide investors with a basis to compare the company’s principal operating performance against the performance of other companies without the variability created by the intangible asset impairment charge.

    Restructuring costs
    Restructuring costs are costs incurred to address cost structure inefficiencies of acquired or existing business operations and consist primarily of employee termination, asset disposal and office closure costs, including the reversal of such costs. As a result, the company excludes restructuring costs from its internal operating forecasts and models when evaluating its ongoing business performance. The company believes that Non-GAAP measures reflecting adjustments for restructuring costs provide investors with a basis to compare the company’s principal operating performance against the performance of other companies without the variability created by restructuring costs designed to address cost structure inefficiencies of acquired or existing business operations.

    Site remediation accrual
    Site remediation accrual represents an update to the estimated future costs associated with the ongoing planning and remediation of a site contamination project from an acquisition. As we evaluate progress on our ongoing remediation effort and as we work with governmental organizations to update our remediation plan to meet the evolving guidelines, we estimate costs associated with plan revisions to determine if our liability has changed. Excluding the site remediation accrual from Non-GAAP measures provides investors with a basis to compare Synaptics against the performance of other companies without the variability associated with the site remediation accrual.

    Legal settlement accruals and other
    Legal settlement accruals and other represent our estimated cost of settling legal claims and any obligations to indemnify a counterparty against third party claims that are unusual or infrequent. As a result, the company will exclude these settlement charges from its internal operating forecasts and models when evaluating its ongoing business performance. The company believes that non-GAAP measures reflecting an adjustment for settlement charges provide investors with a basis to compare the company’s principal operating performance against the performance of other companies without the variability created by unusual or infrequent settlement accruals designed to address non-recurring or non-routine costs.

    Loss on early extinguishment of debt
    Loss on extinguishment of debt represents a non-cash item based on the difference in the carrying value of the debt and the fair value of the debt when extinguished. Loss on early extinguishment of debt is excluded from Non-GAAP results as it is non-cash. Excluding loss on early extinguishment of debt from Non-GAAP measures provides investors with a basis to compare Synaptics against the performance of other companies without the variability associated with loss on early extinguishment of debt.

    Other non-cash items
    Other non-cash items include non-cash amortization of debt discount and issuance costs. These items are excluded from Non-GAAP results as they are non-cash. Excluding other non-cash items from Non-GAAP measures provides investors with a basis to compare Synaptics against the performance of other companies without the variability associated with other non-cash items.

    Non-GAAP tax adjustments
    The company forecasts its long-term Non-GAAP tax rate in order to provide investors with improved long-term modeling accuracy and consistency across financial reporting periods by eliminating the effects of certain items in our Non-GAAP net income and Non-GAAP net income per share, including the type and amount of share-based compensation, the taxation of post-acquisition intercompany intellectual property cross-licensing or transfer transactions, and the impact of other acquisition items that may or may not be tax deductible. The company intends to evaluate its long-term Non-GAAP tax rate annually for significant events, including material tax law changes in the major tax jurisdictions in which the company operates, corporate organizational changes related to acquisitions or tax planning opportunities, and substantive changes in our geographic earnings mix.

    Cautionary Statement Regarding Forward-Looking Statements
    This press release contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements related to the company’s current expectations and projections relating to its financial condition, results of operations, including the company’s financial guidance for third quarter fiscal 2025, plans, objectives, future performance and business, including the expected benefits from the transaction with Broadcom. Such forward-looking statements may include words such as “expect,” “anticipate,” “intend,” “believe,” “estimate,” “plan,” “target,” “strategy,” “continue,” “may,” “will,” “should,” variations of such words, or other words and terms of similar meaning. All forward-looking statements are based upon the company’s current expectations or various assumptions. The company’s expectations and assumptions are expressed in good faith, and the company believes there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including risks related to the company’s dependence on its solutions for the Core IoT and Enterprise and Automotive product applications market for a substantial portion of its revenue; the volatility of the company’s net revenue from its solutions for Core IoT and Enterprise and Automotive product applications; the company’s dependence on one or more large customers; the company’s exposure to industry downturns and cyclicality in its target markets; the company’s ability to successfully offer product solutions for new markets; the company’s expectations regarding technology and strategic investments and the anticipated timing or benefits thereof; the company’s ability to execute on its cost reduction initiatives and to achieve expected synergies and expense reductions; the company’s ability to maintain and build relationships with its customers; the company’s dependence on third parties to maintain satisfactory manufacturing yields and deliverable schedule; the company’s indemnification obligations for any third party claims; the uncertainty surrounding macroeconomic factors in the United States, and globally, impacting the supply chain environment, inflationary pressure, workforce reductions, regional instabilities and hostilities (including the conflict in the Middle East), the company’s ability to recruit and retain key personnel, the company’s ability to realize anticipated benefits from the transaction with Broadcom, the company’s ability to grow sales and expand into the serviceable wireless market as expected, and other risks as identified in the “Risk Factors,” “Management’ Discussion and Analysis of Financial Condition and Results of Operations” and “Business” sections of the company’s most recent Annual Report on Form 10-K and the company’s most recent Quarterly Report on Form 10-Q; and other risks as identified from time to time in the company’s Securities and Exchange Commission reports. For any forward-looking statements contained in this press release, the company claims ​the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and the company assumes no obligation to update publicly or revise any forward-looking statements in light of new information or future events, except as required by law.

    Synaptics and the Synaptics logo are trademarks of Synaptics in the United States and/or other countries. All other marks are the property of their respective owners.

    For more information, please contact:
    Munjal Shah
    Head of Investor Relations
    +1-408-518-7639
    munjal.shah@synaptics.com

     
    SYNAPTICS INCORPORATED
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions)
    (Unaudited)
     
      December 2024   June 2024
    ASSETS      
    Current Assets:      
    Cash and cash equivalents $ 596.1     $ 876.9  
    Accounts receivable, net   146.5       142.4  
    Inventories, net   119.5       114.0  
    Prepaid expenses and other current assets   28.4       29.0  
    Total current assets   890.5       1,162.3  
    Property and equipment, net   75.3       75.5  
    Goodwill   819.9       816.4  
    Acquired intangibles, net   242.0       288.4  
    Deferred tax asset   368.5       345.6  
    Non-current other assets   131.3       136.8  
    Total assets $ 2,527.5     $ 2,825.0  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current Liabilities:      
    Accounts payable $ 84.0     $ 87.5  
    Accrued compensation   31.2       27.4  
    Other accrued liabilities   114.6       156.3  
    Current portion of long-term debt   —       6.0  
    Total current liabilities   229.8       277.2  
    Long-term debt   832.5       966.9  
    Other long-term liabilities   89.1       114.1  
    Total liabilities   1,151.4       1,358.2  
    Stockholders’ Equity:      
    Common stock and additional paid-in capital   1,112.4       1,107.1  
    Treasury stock   (952.7 )     (878.0 )
    Retained earnings   1,216.4       1,237.7  
    Total stockholders’ equity   1,376.1       1,466.8  
    Total liabilities and stockholders’ equity $ 2,527.5     $ 2,825.0  
     
    SYNAPTICS INCORPORATED
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In millions, except per share data)
    (Unaudited)
     
      Three Months Ended   Six Months Ended
      December   December
        2024       2023       2024       2023  
    Net revenue $ 267.2     $ 237.0     $ 524.9     $ 474.7  
    Cost of revenue   145.0       128.0       281.8       258.6  
    Gross margin   122.2       109.0       243.1       216.1  
    Operating expenses:              
    Research and development   83.3       82.0       164.6       168.5  
    Selling, general, and administrative   49.5       39.7       99.5       82.0  
    Acquired intangibles amortization (1)   3.8       3.9       7.6       9.4  
    Restructuring costs (2)   0.8       1.3       15.0       9.3  
    Total operating expenses   137.4       126.9       286.7       269.2  
    Operating loss   (15.2 )     (17.9 )     (43.6 )     (53.1 )
    Interest and other expense, net   (4.3 )     (6.1 )     (10.2 )     (11.5 )
    Loss on early extinguishment of debt   (6.5 )     —       (6.5 )     —  
    Loss before benefit from income taxes   (26.0 )     (24.0 )     (60.3 )     (64.6 )
    Benefit from income taxes   (27.8 )     (15.0 )     (39.0 )     —  
    Net income (loss) $ 1.8     $ (9.0 )   $ (21.3 )   $ (64.6 )
    Net income (loss) per share:              
    Basic $ 0.05     $ (0.23 )   $ (0.54 )   $ (1.66 )
    Diluted $ 0.05     $ (0.23 )   $ (0.54 )   $ (1.66 )
    Shares used in computing net income (loss):              
    Basic   39.7       39.2       39.7       38.9  
    Diluted   39.8       39.2       39.7       38.9  
    (1) These acquisition related costs consist primarily of amortization associated with certain acquired intangible assets.

    (2) Restructuring costs primarily include severance related costs associated with operational restructurings.    
     
    SYNAPTICS INCORPORATED
    Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
    (In millions, except per share data)
    (Unaudited)
     
      Three Months Ended   Six Months Ended
      December   December
        2024       2023       2024       2023  
    GAAP gross margin $ 122.2     $ 109.0     $ 243.1     $ 216.1  
    Acquisition and integration related costs   20.8       14.4       41.6       32.2  
    Share-based compensation   0.3       1.1       (2.4 )     2.2  
    Non-GAAP gross margin $ 143.3     $ 124.5     $ 282.3     $ 250.5  
    GAAP gross margin – percentage of revenue   45.7 %     46.0 %     46.3 %     45.5 %
    Acquisition and integration related costs – percentage of revenue   7.8 %     6.1 %     7.9 %     6.8 %
    Share-based compensation – percentage of revenue   0.1 %     0.4 %     (0.5 %)     0.5 %
    Non-GAAP gross margin – percentage of revenue   53.6 %     52.5 %     53.8 %     52.8 %
    GAAP research and development expense $ 83.3     $ 82.0     $ 164.6     $ 168.5  
    Share-based compensation   (15.6 )     (15.5 )     (30.1 )     (30.7 )
    Non-GAAP research and development expense $ 67.7     $ 66.5     $ 134.5     $ 137.8  
    GAAP selling, general, and administrative expense $ 49.5     $ 39.7       99.5       82.0  
    Share-based compensation   (18.7 )     (12.6 )     (34.1 )     (29.5 )
    Acquisition and integration related costs   (1.4 )     —       (4.7 )     —  
    Site remediation accrual   —       (1.6 )     —       (1.6 )
    Legal settlement accruals and other   —       —       (2.2 )     —  
    Non-GAAP selling, general, and administrative expense $ 29.4     $ 25.5     $ 58.5     $ 50.9  
    GAAP operating loss $ (15.2 )   $ (17.9 )   $ (43.6 )   $ (53.1 )
    Acquisition and integration related costs   26.0       18.3       53.9       41.6  
    Share-based compensation   34.6       29.2       61.8       62.4  
    Legal settlement accruals and other   —       —       2.2       —  
    Restructuring costs   0.8       1.3       15.0       9.3  
    Site remediation accrual   —       1.6       —       1.6  
    Non-GAAP operating income $ 46.2     $ 32.5     $ 89.3     $ 61.8  
    GAAP net income (loss) $ 1.8     $ (9.0 )   $ (21.3 )   $ (64.6 )
    Acquisition and integration related costs   26.0       18.3       53.9       41.6  
    Share-based compensation   34.6       29.2       61.8       62.4  
    Restructuring costs   0.8       1.3       15.0       9.3  
    Site remediation accrual   —       1.6       —       1.6  
    Legal settlement accruals and other   —       —       2.2       —  
    Loss on early extinguishment of debt   6.5       —       6.5       —  
    Other non-cash items   0.6       0.7       1.2       1.3  
    Non-GAAP tax adjustments   (33.7 )     (19.6 )     (50.2 )     (8.8 )
    Non-GAAP net income $ 36.6     $ 22.5     $ 69.1     $ 42.8  
    GAAP net income (loss) per share $ 0.05     $ (0.23 )   $ (0.54 )   $ (1.66 )
    Acquisition and integration related costs   0.65       0.47       1.36       1.07  
    Share-based compensation   0.87       0.74       1.56       1.60  
    Restructuring costs   0.02       0.03       0.38       0.24  
    Site remediation accrual   —       0.04       —       0.04  
    Legal settlement accruals and other   —       —       0.06       —  
    Loss on early extinguishment of debt   0.16       —       0.16       —  
    Other non-cash items   0.02       0.02       0.03       0.03  
    Non-GAAP tax adjustments   (0.85 )     (0.50 )     (1.26 )     (0.23 )
    Share adjustment   —       —       (0.02 )     —  
    Non-GAAP net income per share – diluted $ 0.92     $ 0.57     $ 1.73     $ 1.09  
     
    SYNAPTICS INCORPORATED
    CONDENSED CONSOLIDATED CASH FLOWS
    (In millions)
    (Unaudited)
     
      Six Months Ended
      December
        2024       2023  
    Net loss $ (21.3 )   $ (64.6 )
    Non-cash operating items   97.3       128.3  
    Changes in working capital   (64.6 )     20.9  
    Net cash provided by operating activities   11.4       84.6  
           
    Acquisition of business, net of cash and cash equivalents acquired   (0.8 )     —  
    Purchase of intangible assets   —       (13.5 )
    Purchases of short-term investments   —       (16.6 )
    Advance payment on intangible assets   —       (116.5 )
    Net proceeds from maturities and sales of short-term investments and other   —       23.9  
    Purchases of property and equipment   (13.8 )     (17.1 )
    Net cash used in investing activities   (14.6 )     (139.8 )
           
    Proceeds from issuance of convertible senior notes, net of issuance costs   439.5       —  
    Payment of debt issuance costs on convertible senior notes and revolving credit facility   (4.4 )     —  
    Payments for capped call transactions related to the convertible senior notes   (49.9 )     —  
    Repurchases of common stock, excluding excise taxes   (74.5 )     —  
    Equity compensation, net   (6.6 )     (21.1 )
    Repayment of debt   (583.5 )     (4.5 )
    Other   1.2       1.7  
    Net cash used in financing activities   (278.2 )     (23.9 )
    Effect of exchange rate changes on cash and cash equivalents   0.6       0.5  
    Net decrease in cash and cash equivalents   (280.8 )     (78.6 )
    Cash and cash equivalents, beginning of period   876.9       924.7  
    Cash and cash equivalents, end of period $ 596.1     $ 846.1  

    The MIL Network –

  • MIL-OSI: CarGurus To Report Fourth Quarter and Full-Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Feb. 06, 2025 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, announced it will issue a press release reporting financial results for the fourth quarter and fiscal year ended December 31, 2024, after the close of the market on February 20, 2025.

    CarGurus will host a conference call and live webcast to discuss those financial results for investors and analysts at 5:00 p.m. Eastern Time on February 20, 2025. To access the conference call, dial (877) 451-6152 for the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of the company’s website at https://investors.cargurus.com.

    An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time on February 20, 2025, until 11:59 p.m. Eastern Time on March 6, 2025, by dialing (844) 512-2921 for the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 13750508. In addition, an archived webcast will be available on the Investors section of the company’s website at https://investors.cargurus.com.

    About CarGurus, Inc.

    CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S. 1

    CarGurus also operates online marketplaces under the CarGurus brand in Canada and the U.K. In the U.S. and the U.K., CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

    To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.

    CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks, and registered trademarks are the property of their respective owners.

    1Similarweb: Traffic Report [Cars.com, Autotrader, TrueCar, CARFAX Listings (defined as CARFAX Total visits minus Vehicle History Reports traffic)], Q3 2024, U.S.

    Investor Contact:
    Kirndeep Singh
    Vice President, Head of Investor Relations
    investors@cargurus.com

    Media Contact:
    Maggie Meluzio
    Director, Public Relations & External Communications
    pr@cargurus.com

    The MIL Network –

  • MIL-OSI: Vicor Corporation to Hold Fourth Quarter Earnings Conference Call and Webcast on February 20, 2025

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Feb. 06, 2025 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) announced today it will hold its fourth quarter 2024 earnings conference call and webcast on Thursday, February 20, 2025 at 5:00 p.m. (Eastern). Prepared remarks regarding the company’s financial and operational results for the three and twelve months ended December 31, 2024 will be followed by a question and answer period with Patrizio Vinciarelli, Chief Executive Officer, Jim Schmidt, Chief Financial Officer, and Phil Davies, Corporate Vice President, Global Sales and Marketing.

    Results for the fourth quarter will be released over GlobeNewswire at the close of the NASDAQ Market Session on February 20, 2025, and the press release and a summary of the company’s financial statements will be available shortly thereafter on the Investor Relations page of Vicor’s website.

    Vicor encourages investors and analysts who intend to ask questions via the conference call to register with Notified, the service provider hosting the conference call. Those registering on Notified’s website will receive dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Registration may be completed at any time prior to 5:00 p.m. on February 20, 2025.

    For those parties interested in listen-only mode, the conference call will be webcast via a link that will be posted on the Investor Relations page of Vicor’s website prior to the conference call. Please access the website at least 15 minutes prior to the conference call to register and, if necessary, download and install any required software.

    For those who cannot participate in the live conference call, a webcast replay of the conference call will also be available on the Investor Relations page of Vicor’s website.

    About Vicor

    Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, and aerospace and defense electronics.

    www.vicorpower.com

    For further information contact:
    Vicor Corporation
    James F. Schmidt
    Chief Financial Officer
    Office: (978) 470-2900
    Email: invrel@vicorpower.com

    The MIL Network –

  • MIL-OSI: iRhythm Technologies to Report Fourth Quarter and Full Year 2024 Financial Results on February 20, 2025

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Feb. 06, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health care company focused on creating trusted solutions that detect, prevent, and predict disease, today announced that it will release financial results for the fourth quarter and full year 2024 after the close of trading on Thursday, February 20, 2025. The company’s management team will host a corresponding conference call beginning at 1:30 p.m. PT / 4:30 p.m. ET.

    Interested parties may access a live and archived webcast of the conference call on the “Quarterly Results” section of the company’s investor website at investors.irhythmtech.com.

    About iRhythm Technologies, Inc.
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    The MIL Network –

  • MIL-OSI: Lantronix Reports Results for Second Quarter of Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

    • Second Quarter Net Revenue of $31.2 Million
    • Second Quarter GAAP EPS of ($0.06)
    • Second Quarter Non-GAAP EPS of $0.04

    IRVINE, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for the Internet of Things (IoT) solutions enabling Artificial Intelligence (AI) Edge Intelligence, today reported results for its second quarter of fiscal 2025.

    Net revenue totaled $31.2 million, near the midpoint of the guidance range provided for the quarter.

    GAAP EPS of ($0.06), compared to ($0.07) in the prior year and $(0.07) in the prior quarter.

    Non-GAAP EPS of $0.04, compared to $0.08 in the prior year and $0.06 in the prior quarter.

    “Lantronix has the key assets in Compute and Connect to drive Edge Intelligence, and the company remains focused on three key vertical markets: Enterprise; Smart Cities including critical infrastructure; and Transportation,” said Lantronix President and CEO Saleel Awsare. “We are actively advancing Edge AI solutions, integrating the recently acquired IoT assets from Netcomm, and positioning Lantronix for exciting future growth.”

    Business Outlook

    For the third fiscal quarter of 2025, the company expects revenue in a range of $27.0 million to $31.0 million and non-GAAP EPS of $0.01 to $0.05 per share.

    Conference Call and Webcast

    Management will host an investor conference call and audio webcast on Thursday, Feb. 6, 2025, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss its results for the second quarter of fiscal 2025 that ended Dec. 31, 2024. To access the live conference call, investors should dial 1-844-802-2442 (US) or 1-412-317-5135 (international) and indicate that they are participating in the Lantronix Q2 FY 2025 call. The webcast will be available simultaneously via the investor relations section of the company’s website.

    Investors can access a replay of the conference call starting at approximately 7:00 p.m. Pacific Time on Feb. 6, 2025, at the Lantronix website. A telephonic replay will also be available through Feb. 13, 2025, by dialing 1-877-344-7529 (US) or 1-412-317-0088 (international) or Canada toll-free at 1-855-669-9658 and entering passcode 3433776.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    Discussion of Non-GAAP Financial Measures

    Lantronix believes that the presentation of non-GAAP financial information, when presented in conjunction with the corresponding GAAP measures, provides important supplemental information to management and investors regarding financial and business trends relating to the company’s financial condition and results of operations. Management uses the aforementioned non-GAAP measures to monitor and evaluate ongoing operating results and trends to gain an understanding of our comparative operating performance. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations of the non-GAAP financial measures to the financial measures calculated in accordance with GAAP should be carefully evaluated. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

    Non-GAAP net income consists of net loss excluding (i) share-based compensation and the employer portion of withholding taxes on stock grants, (ii) depreciation and amortization, (iii) interest income (expense), (iv) other income (expense), (v) income tax provision (benefit), (vi) restructuring, severance and related charges, (vii) acquisition related costs, (viii) impairment of long-lived assets, (ix) amortization of purchased intangibles, (x) amortization of manufacturing profit in acquired inventory, (xi) fair value remeasurement of earnout consideration, and (xii) loss on extinguishment of debt.

    Non-GAAP EPS is calculated by dividing non-GAAP net loss by non-GAAP weighted-average shares outstanding (diluted). For purposes of calculating non-GAAP EPS, the calculation of GAAP weighted-average shares outstanding (diluted) is adjusted to exclude share-based compensation, which for GAAP purposes is treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method.

    Guidance on earnings per share growth is provided only on a non-GAAP basis due to the inherent difficulty of forecasting the timing or amount of certain items that have been excluded from the forward-looking non-GAAP measures, and a reconciliation to the comparable GAAP guidance has not been provided because certain factors that are materially significant to Lantronix’s ability to estimate the excluded items are not accessible or estimable on a forward-looking basis without unreasonable effort.

    Forward-Looking Statements

    This news release contains forward-looking statements, including statements concerning our revenue and earnings expectations for the third fiscal quarter of 2025, the market opportunities offered by the current shift towards edge computing and our positioning to capitalize on this trend, and our expectations regarding the benefits of our acquisition of Netcomm Wireless Pty Ltd. and our cost reduction initiatives. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. We have based our forward-looking statements on our current expectations and projections about trends affecting our business and industry and other future events. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Forward-looking statements are subject to substantial risks and uncertainties that could cause our results or experiences, or future business, financial condition, results of operations or performance, to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. Other factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to: the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to a pandemic or similar outbreak, wars and recent conflicts in Europe, Asia and the Middle East, hostilities in the Red Sea, or other causes; our ability to successfully convert our backlog and current demand;  the impact of a pandemic or similar outbreak on our business, employees, customers, supply and distribution chains and the global economy; our ability to successfully implement our acquisition strategy or integrate acquired companies; uncertainty as to the future profitability of acquired businesses, and delays in the realization of, or the failure to realize, any accretion from acquisition transactions; acquiring, managing and integrating new operations, businesses or assets, and the associated diversion of management attention or other related costs or difficulties; our ability to continue to generate revenue from products sold into mature markets; our ability to develop, market, and sell new products; our ability to succeed with our new software offerings; our use of AI may result in reputational, competitive or financial harm and liability; fluctuations in our revenue due to the project-based timing of orders from certain customers; unpredictable timing of our revenues due to the lengthy sales cycle for our products and services and potential delays in customer completion of projects; our ability to accurately forecast future demand for our products; delays in qualifying revisions of existing products; constraints or delays in the supply of, or quality control issues with, certain materials or components; difficulties associated with the delivery, quality or cost of our products from our contract manufacturers or suppliers; risks related to the outsourcing of manufacturing and international operations; difficulties associated with our distributors or resellers; intense competition in our industry and resultant downward price pressure; rises in inventory levels and inventory obsolescence; undetected software or hardware errors or defects in our products; cybersecurity risks; our ability to obtain appropriate industry certifications or approvals from governmental regulatory bodies; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to protect patents and other proprietary rights and avoid infringement of others’ proprietary technology rights; issues relating to the stability of our financial and banking institutions and relationships; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; the impact of rising interest rates; our ability to attract and retain qualified management; and any additional factors included in our Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report; in our Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2024, to be filed with the SEC on Feb. 7, 2025, including in the section entitled “Risk Factors” in Item 1A of Part II of such report; and in our other public filings with the SEC. In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

    © 2025 Lantronix Inc. All rights reserved. Lantronix is a registered trademark.

    Lantronix Investor Relations Contact:
    investors@lantronix.com

    LANTRONIX, INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
     (In thousands)
           
      December 31,
    		   June 30,
        2024       2024  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 19,210     $ 26,237  
    Accounts receivable, net   30,472       31,279  
    Inventories, net   29,070       27,698  
    Contract manufacturers’ receivables   3,473       1,401  
    Prepaid expenses and other current assets   3,329       2,335  
    Total current assets   85,554       88,950  
    Property and equipment, net   3,155       4,016  
    Goodwill   30,491       27,824  
    Intangible assets, net   4,910       5,251  
    Lease right-of-use assets   9,430       9,567  
    Other assets   683       600  
    Total assets $ 134,223     $ 136,208  
           
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable $ 15,975     $ 10,347  
    Accrued payroll and related expenses   2,968       5,836  
    Current portion of long-term debt, net   3,056       3,002  
    Other current liabilities   11,436       10,971  
    Total current liabilities   33,435       30,156  
    Long-term debt, net   11,630       13,219  
    Other non-current liabilities   11,245       11,478  
    Total liabilities   56,310       54,853  
           
    Commitments and contingencies      
           
    Stockholders’ equity:      
    Common stock   4       4  
    Additional paid-in capital   305,433       304,001  
    Accumulated deficit   (227,895 )     (223,021 )
    Accumulated other comprehensive income   371       371  
    Total stockholders’ equity   77,913       81,355  
    Total liabilities and stockholders’ equity $ 134,223     $ 136,208  
           
    LANTRONIX, INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
                       
                       
      Three Months Ended   Six Months Ended
      December 31,   September 30,   December 31,   December 31,
        2024       2024       2023       2024       2023  
    Net revenue $ 31,161     $ 34,423     $ 37,038     $ 65,584     $ 70,069  
    Cost of revenue   17,877       19,948       22,007       37,825       40,941  
    Gross profit   13,284       14,475       15,031       27,759       29,128  
    Operating expenses:                  
    Selling, general and administrative   8,811       9,467       10,224       18,278       19,394  
    Research and development   4,984       4,956       4,725       9,940       9,831  
    Restructuring, severance and related charges   193       900       530       1,093       550  
    Acquisition-related costs   208       29       –       237       –  
    Fair value remeasurement of earnout consideration   –       –       –       –       (9 )
    Amortization of intangible assets   1,248       1,251       1,310       2,499       2,694  
    Total operating expenses   15,444       16,603       16,789       32,047       32,460  
    Loss from operations   (2,160 )     (2,128 )     (1,758 )     (4,288 )     (3,332 )
    Interest expense, net   (126 )     (119 )     (232 )     (245 )     (570 )
    Other income (loss), net   8       (37 )     (23 )     (29 )     (4 )
    Loss before income taxes   (2,278 )     (2,284 )     (2,013 )     (4,562 )     (3,906 )
    Provision for income taxes   94       218       580       312       573  
    Net loss $ (2,372 )   $ (2,502 )   $ (2,593 )   $ (4,874 )   $ (4,479 )
    Net loss per share – basic and diluted $ (0.06 )   $ (0.07 )   $ (0.07 )   $ (0.13 )   $ (0.12 )
    Weighted-average common shares – basic and diluted   38,631       38,024       37,354       38,330       37,170  
                       
    LANTRONIX, INC.
    UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
    (In thousands, except per share data)
                       
      Three Months Ended   Six Months Ended
      December 31,   September 30,   December 31,   December 31,
        2024       2024       2023       2024       2023  
                       
    GAAP net loss $ (2,372 )   $ (2,502 )   $ (2,593 )   $ (4,874 )   $ (4,479 )
    Non-GAAP adjustments:                  
    Cost of revenue:                  
    Share-based compensation   48       64       64       112       105  
    Employer portion of withholding taxes on stock grants   2       5       1       7       5  
    Amortization of manufacturing profit in acquired inventory   –       –       189       –       506  
    Depreciation and amortization   114       123       109       237       195  
    Total adjustments to cost of revenue   164       192       363       356       811  
    Selling, general and administrative:                  
    Share-based compensation   1,044       1,126       1,628       2,170       2,901  
    Employer portion of withholding taxes on stock grants   20       78       10       98       47  
    Depreciation and amortization   348       351       338       699       672  
    Total adjustments to selling, general and administrative   1,412       1,555       1,976       2,967       3,620  
    Research and development:                  
    Share-based compensation   421       410       484       831       912  
    Employer portion of withholding taxes on stock grants   2       19       5       21       18  
    Depreciation and amortization   111       69       52       180       160  
    Total adjustments to research and development   534       498       541       1,032       1,090  
    Restructuring, severance and related charges   193       900       530       1,093       550  
    Acquisition related costs   208       29       –       237       –  
    Fair value remeasurement of earnout consideration   –       –       –       –       (9 )
    Amortization of purchased intangible assets   1,248       1,251       1,310       2,499       2,694  
    Litigation settlement cost   158       40       –       198       –  
    Total non-GAAP adjustments to operating expenses   3,753       4,273       4,357       8,026       7,945  
    Interest expense, net   126       119       232       245       570  
    Other (income) expense, net   (8 )     37       23       29       4  
    Provision for income taxes   94       218       580       312       573  
    Total non-GAAP adjustments   4,129       4,839       5,555       8,968       9,903  
    Non-GAAP net income $ 1,757     $ 2,337     $ 2,962     $ 4,094     $ 5,424  
                       
                       
    Non-GAAP net income per share – diluted $ 0.04     $ 0.06     $ 0.08     $ 0.10     $ 0.14  
                       
    Denominator for GAAP net income (loss) per share – diluted   38,631       38,024       37,354       38,330       37,170  
    Non-GAAP adjustment   953       1,257       1,228       901       938  
    Denominator for non-GAAP net income per share – diluted   39,584       39,281       38,582       39,231       38,108  
                       
    GAAP cost of revenue $ 17,877     $ 19,948     $ 22,007     $ 37,825     $ 40,941  
    Non-GAAP adjustments to cost of revenue   (164 )     (192 )     (363 )     (356 )     (811 )
    Non-GAAP cost of revenue   17,713       19,756       21,644       37,469       40,130  
    Non-GAAP gross profit $ 13,448     $ 14,667     $ 15,394     $ 28,115     $ 29,939  
    Non-GAAP gross margin   43.2 %     42.6 %     41.6 %     42.9 %     42.7 %
                       
    LANTRONIX, INC.
    UNAUDITED NET REVENUES BY PRODUCT LINE AND REGION
    (In thousands)
                       
      Three Months Ended   Six Months Ended
      December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Embedded IoT Solutions $ 10,784     $ 13,387     $ 11,764     $ 24,171     $ 23,137  
    IoT System Solutions   18,592       18,759       23,022       37,351       42,058  
    Software & Services   1,785       2,277       2,252       4,062       4,874  
      $ 31,161     $ 34,423     $ 37,038     $ 65,584     $ 70,069  
                       
                       
      Three Months Ended   Six Months Ended
      December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Americas $ 16,386     $ 17,420     $ 20,601     $ 33,806     $ 43,534  
    EMEA   9,036       10,484       12,886       19,520       19,477  
    Asia Pacific Japan   5,739       6,519       3,551       12,258       7,058  
      $ 31,161     $ 34,423     $ 37,038     $ 65,584     $ 70,069  
                       

    The MIL Network –

  • MIL-OSI: Global-e to Announce Financial Results for the Fourth Quarter and Year End 2024 on February 19, 2025

    Source: GlobeNewswire (MIL-OSI)

    PETAH-TIKVA, Israel, Feb. 06, 2025 (GLOBE NEWSWIRE) — Global-e (Nasdaq: GLBE), the platform powering global direct-to-consumer e-commerce, today announced it will report financial results for the fourth quarter and full year ended December 31, 2024, before market open on Wednesday, February 19, 2025.

    Global-e management will host a conference call to review its financial results and outlook.

    Date: Wednesday, February 19, 2025
    Time: 8:00 AM ET
    United States/Canada Toll Free: +1-800-717-1738
    International Toll: +1-646-307-1865
       

    Please join the call 5-10 minutes prior to the scheduled start time, to avoid a delay in connecting. A live webcast will be available in the Investor Relations section of Global-e’s website at https://investors.global-e.com/news-events/events-presentations

    A replay of the webcast will be available in the Investor Relations section of Global-e’s website at https://investors.global-e.com/news-events/events-presentations approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

    About Global-e Online Ltd.

    Global-e (Nasdaq: GLBE) is the world’s leading platform enabling and accelerating global, Direct-To-Consumer e-commerce. The chosen partner of over 1,000 brands and retailers across the United States, EMEA and APAC, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e’s end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast global e-commerce experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.

    Investor Contact:
    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    IR@global-e.com
    +1 617-542-6180

    Press Contact:
    Sarah Schloss
    Headline Media
    sarah.schloss@headline.media
    +1 914-506-5104

    The MIL Network –

  • MIL-OSI: Expand Energy Provides 2024 Fourth Quarter and Full Year Earnings Conference Call Information

    Source: GlobeNewswire (MIL-OSI)

    OKLAHOMA CITY, Feb. 06, 2025 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) announced today that it will release its 2024 fourth quarter and full year operational and financial results after market close on February 26, 2025. A conference call to discuss the results and 2025 plan has been scheduled for February 27, 2025 at 9:00 a.m. EST. Participants can view the live webcast here. Participants who would like to ask a question, can register here, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided on Expand Energy’s website. A replay will be available on the website following the call.

    About Expand Energy
    Expand Energy Corporation (NASDAQ: EXE) is the largest independent natural gas producer in the United States, powered by dedicated and innovative employees focused on disrupting the industry’s traditional cost and market delivery model to responsibly develop assets in the nation’s most prolific natural gas basins. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.

       
    INVESTOR CONTACT:
    Chris Ayres
    (405) 935-8870
    ir@expandenergy.com    		 MEDIA CONTACT:
    Brooke Coe
    (405) 935-8878
    media@expandenergy.com
       

    The MIL Network –

  • MIL-OSI: StepStone Group Reports Third Quarter Fiscal Year 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 06, 2025 (GLOBE NEWSWIRE) — StepStone Group Inc. (Nasdaq: STEP), a global private markets investment firm focused on providing customized investment solutions and advisory and data services, today reported results for the quarter ended December 31, 2024. This represents results for the third quarter of the fiscal year ending March 31, 2025. The Board of Directors of the Company has declared a quarterly cash dividend of $0.24 per share of Class A common stock, payable on March 14, 2025, to the holders of record as of the close of business on February 28, 2025.

    StepStone issued a full detailed presentation of its third quarter fiscal 2025 results, which can be accessed by visiting the Company’s website at https://shareholders.stepstonegroup.com.

    Webcast and Earnings Conference Call

    Management will host a webcast and conference call today, Thursday, February 6, 2025, at 5:00 pm ET to discuss the Company’s results for the third quarter of the fiscal year ending March 31, 2025. The webcast will be made available on the Shareholders section of the Company’s website at https://shareholders.stepstonegroup.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register. A replay will also be available on the Shareholders section of the Company’s website approximately two hours after the conclusion of the event.

    To join as a live participant in the question and answer portion of the call, participants must register at https://register.vevent.com/register/BI4d11263234d648c092cf5d1e8339df8d. Upon registering you will receive the dial-in number and a PIN to join the call as well as an email confirmation with the details.

    About StepStone

    StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2024, StepStone was responsible for approximately $698 billion of total capital, including $179 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

    Forward-Looking Statements

    Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “plan” and “will” and similar expressions identify forward-looking statements. Forward-looking statements reflect management’s current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business and growth strategies, the favorability of the private markets fundraising environment, successful integration of acquired businesses and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under the “Risk Factors” section of our annual report on Form 10-K filed with the U.S. Securities and Exchange Commission on May 24, 2024, as such factors may be updated from time to time. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    Non-GAAP Financial Measures

    To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use the following non-GAAP financial measures: adjusted management and advisory fees, net, adjusted revenues, adjusted net income (on both a pre-tax and after-tax basis), adjusted net income per share, adjusted weighted-average shares, fee-related earnings, fee-related earnings margin, gross realized performance fees and net realized performance fees. We have provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, the non-GAAP financial measures in this earnings release may not be comparable to similarly titled measures used by other companies in our industry or across different industries. For definitions of these non-GAAP measures and reconciliations to applicable GAAP measures, please see the section titled “Non-GAAP Financial Measures: Definitions and Reconciliations.”

               
    Financial Highlights and Key Business Drivers/Operating Metrics
               
      Three Months Ended   Nine Months Ended
    December 31,    		   Percentage Change
    (in thousands, except share and per share amounts and where noted) December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		     2023     2024     vs. FQ3’24 vs. FQ3’24
    YTD
    Financial Highlights                      
    GAAP Results                      
    Management and advisory fees, net $ 151,492   $ 153,410   $ 178,015   $ 184,758   $ 190,840     $ 431,730   $ 553,613     26 % 28 %
    Total revenues   (14,612 )   356,810     186,401     271,677     339,023       354,821     797,101     na 125 %
    Total performance fees   (166,104 )   203,400     8,386     86,919     148,183       (76,909 )   243,488     na na
    Net income (loss)   (23,419 )   82,542     48,045     53,138     (287,163 )     85,278     (185,980 )   na na
    Net income (loss) per share of Class A common stock:                      
    Basic $ (0.32 ) $ 0.48   $ 0.20   $ 0.26   $ (2.61 )   $ 0.43   $ (2.32 )   (725) % na
    Diluted $ (0.32 ) $ 0.48   $ 0.20   $ 0.26   $ (2.61 )   $ 0.43   $ (2.32 )   (725) % na
    Weighted-average shares of Class A common stock:                      
    Basic   64,068,952    64,194,859    66,187,754    68,772,051    73,687,289      63,255,604    69,561,254    15 % 10 %
    Diluted   64,068,952    67,281,567    68,593,761    69,695,315    73,687,289      66,299,982    69,561,254    15 % 5 %
    Quarterly dividend per share of Class A common stock(1) $ 0.21   $ 0.21   $ 0.21   $ 0.24   $ 0.24     $ 0.62   $ 0.69     14 % 11 %
    Supplemental dividend per share of Class A common stock(2) $ —   $ —   $ 0.15   $ —   $ —     $ 0.25   $ 0.15     na (40) %
    Accrued carried interest allocations   1,203,847     1,354,051     1,328,853     1,381,110     1,474,543           22 %  
                           
    Non-GAAP Results(3)                      
    Adjusted management and advisory fees, net(4) $ 151,943   $ 153,808   $ 178,514   $ 185,481   $ 191,832     $ 432,571   $ 555,827     26 % 28 %
    Adjusted revenues   185,123     177,357     221,165     208,788     243,905       487,703     673,858     32 % 38 %
    Fee-related earnings (“FRE”)   50,664     50,900     71,656     72,349     74,118       138,893     218,123     46 % 57 %
    FRE margin(5)   33 %   33 %   40 %   39 %   39 %     32 %   39 %      
    Gross realized performance fees   33,180     23,549     42,651     23,307     52,073       55,132     118,031     57 % 114 %
    Adjusted net income (“ANI”)   42,116     37,716     57,241     53,569     52,659       101,677     163,469     25 % 61 %
    Adjusted weighted-average shares   115,232,927    115,512,301    118,510,499    118,774,233    118,935,179      115,009,445    118,740,805    3 % 3 %
    ANI per share $ 0.37   $ 0.33   $ 0.48   $ 0.45   $ 0.44     $ 0.88   $ 1.38     19 % 57 %
                           
    Key Business Drivers/Operating Metrics (in billions)                      
    Assets under management (“AUM”)(6) $ 149.0   $ 156.6   $ 169.3   $ 176.1   $ 179.2           20 %  
    Assets under advisement (“AUA”)(6)   510.5     521.1     531.4     505.9     518.7           2 %  
    Fee-earning AUM (“FEAUM”)   89.4     93.9     100.4     104.4     114.2           28 %  
    Undeployed fee-earning capital (“UFEC”)   21.4     22.6     27.6     29.7     21.7           1 %  

    _______________________________
    (1)      Dividends paid, as reported in this table, relate to the preceding quarterly period in which they were earned.
    (2)      The supplemental cash dividend relates to earnings in respect of our full fiscal years 2023 and 2024, respectively.
    (3)      Adjusted management and advisory fees, net, adjusted revenues, FRE, FRE margin, gross realized performance fees, ANI, adjusted weighted-average shares and ANI per share are non-GAAP measures. See the definitions of these measures and reconciliations to the respective, most comparable GAAP measures under “Non-GAAP Financial Measures: Definitions and Reconciliations.”
    (4)      Excludes the impact of consolidating the Consolidated Funds. See reconciliation of GAAP measures to adjusted measures that follows.
    (5)      FRE margin is calculated by dividing FRE by adjusted management and advisory fees, net.
    (6)      AUM/AUA reflects final data for the prior period, adjusted for net new client account activity through the period presented. Does not include post-period investment valuation or cash activity. Net asset value (“NAV”) data for underlying investments is as of the prior period, as reported by underlying managers up to the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end. When NAV data is not available by the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end, such NAVs are adjusted for cash activity following the last available reported NAV.

       
    StepStone Group Inc.
    GAAP Condensed Consolidated Balance Sheets (Unaudited)
    (in thousands, except share and per share amounts)
       
      As of
      December 31, 2024   March 31, 2024
    Assets      
    Cash and cash equivalents $ 223,103     $ 143,430
    Restricted cash   720       718
    Fees and accounts receivable   63,521       56,769
    Due from affiliates   96,590       67,531
    Investments:      
    Investments in funds   172,748       135,043
    Accrued carried interest allocations   1,474,543       1,354,051
    Legacy Greenspring investments in funds and accrued carried interest allocations(1)   572,459       631,197
    Deferred income tax assets   356,122       184,512
    Lease right-of-use assets, net   90,567       97,763
    Other assets and receivables   66,114       60,611
    Intangibles, net   274,122       304,873
    Goodwill   580,542       580,542
    Assets of Consolidated Funds:      
    Cash and cash equivalents   55,681       38,164
    Investments, at fair value   320,482       131,858
    Other assets   2,333       1,745
    Total assets $ 4,349,647     $ 3,788,807
    Liabilities and stockholders’ equity      
    Accounts payable, accrued expenses and other liabilities $ 139,068     $ 127,417
    Accrued compensation and benefits   690,321       101,481
    Accrued carried interest-related compensation   730,218       719,497
    Legacy Greenspring accrued carried interest-related compensation(1)   439,898       484,154
    Due to affiliates   315,739       212,918
    Lease liabilities   112,175       119,739
    Debt obligations   168,942       148,822
    Liabilities of Consolidated Funds:      
    Other liabilities   9,860       1,645
    Total liabilities   2,606,221       1,915,673
    Redeemable non-controlling interests in Consolidated Funds   286,822       102,623
    Redeemable non-controlling interests in subsidiaries   6,552       115,920
    Stockholders’ equity:      
    Class A common stock, $0.001 par value, 650,000,000 authorized; 75,841,118 and 65,614,902 issued and outstanding as of December 31, 2024 and March 31, 2024, respectively   76       66
    Class B common stock, $0.001 par value, 125,000,000 authorized; 40,127,254 and 45,030,959 issued and outstanding as of December 31, 2024 and March 31, 2024, respectively   40       45
    Additional paid-in capital   415,059       310,293
    Retained earnings (accumulated deficit)   (205,674 )     13,768
    Accumulated other comprehensive income   341       304
    Total StepStone Group Inc. stockholders’ equity   209,842       324,476
    Non-controlling interests in subsidiaries   1,051,919       974,559
    Non-controlling interests in legacy Greenspring entities(1)   132,561       147,042
    Non-controlling interests in the Partnership   55,730       208,514
    Total stockholders’ equity   1,450,052       1,654,591
    Total liabilities and stockholders’ equity $ 4,349,647     $ 3,788,807

    (1)      Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.

           
    StepStone Group Inc.
    GAAP Condensed Consolidated Statements of Income (Loss) (Unaudited)
    (in thousands, except share and per share amounts)
           
      Three Months Ended December 31,   Nine Months Ended December 31,
        2024       2023       2024       2023  
    Revenues              
    Management and advisory fees, net $ 190,840     $ 151,492     $ 553,613     $ 431,730  
    Performance fees:              
    Incentive fees   22,369       17,891       26,365       22,843  
    Carried interest allocations:              
    Realized   24,282       15,289       83,718       31,347  
    Unrealized   93,325       (129,584 )     120,370       (24,849 )
    Total carried interest allocations   117,607       (114,295 )     204,088       6,498  
    Legacy Greenspring carried interest allocations(1)   8,207       (69,700 )     13,035       (106,250 )
    Total performance fees   148,183       (166,104 )     243,488       (76,909 )
    Total revenues   339,023       (14,612 )     797,101       354,821  
    Expenses              
    Compensation and benefits:              
    Cash-based compensation   85,203       73,619       246,298       218,551  
    Equity-based compensation   486,418       14,032       542,929       28,420  
    Performance fee-related compensation:              
    Realized   25,477       15,444       55,092       26,266  
    Unrealized   49,670       (62,243 )     66,495       (9,320 )
    Total performance fee-related compensation   75,147       (46,799 )     121,587       16,946  
    Legacy Greenspring performance fee-related compensation(1)   8,207       (69,700 )     13,035       (106,250 )
    Total compensation and benefits   654,975       (28,848 )     923,849       157,667  
    General, administrative and other   43,130       48,001       134,202       113,007  
    Total expenses   698,105       19,153       1,058,051       270,674  
    Other income (expense)              
    Investment income (loss)   1,064       (2,051 )     5,710       4,115  
    Legacy Greenspring investment income (loss)(1)   1,167       (2,222 )     (4,119 )     (9,054 )
    Investment income of Consolidated Funds   15,037       11,223       30,878       22,357  
    Interest income   2,559       827       7,632       2,235  
    Interest expense   (3,008 )     (2,562 )     (9,510 )     (6,682 )
    Other income (loss)   (2,452 )     4,408       (1,626 )     3,763  
    Total other income   14,367       9,623       28,965       16,734  
    Income (loss) before income tax   (344,715 )     (24,142 )     (231,985 )     100,881  
    Income tax expense (benefit)   (57,552 )     (723 )     (46,005 )     15,603  
    Net income (loss)   (287,163 )     (23,419 )     (185,980 )     85,278  
    Less: Net income attributable to non-controlling interests in subsidiaries   27,226       13,552       62,966       32,797  
    Less: Net income (loss) attributable to non-controlling interests in legacy Greenspring entities(1)   1,167       (2,222 )     (4,119 )     (9,054 )
    Less: Net income (loss) attributable to non-controlling interests in the Partnership   (134,760 )     (20,111 )     (107,856 )     22,677  
    Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds   10,905       5,588       23,101       11,590  
    Less: Net income attributable to redeemable non-controlling interests in subsidiaries   314       —       983       —  
    Net income (loss) attributable to StepStone Group Inc. $ (192,015 )   $ (20,226 )   $ (161,055 )   $ 27,268  
    Net income (loss) per share of Class A common stock:              
    Basic $ (2.61 )   $ (0.32 )   $ (2.32 )   $ 0.43  
    Diluted $ (2.61 )   $ (0.32 )   $ (2.32 )   $ 0.43  
    Weighted-average shares of Class A common stock:              
    Basic   73,687,289       64,068,952       69,561,254       63,255,604  
    Diluted   73,687,289       64,068,952       69,561,254       66,299,982  

    (1)      Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.

    Non-GAAP Financial Measures: Definitions and Reconciliations

    Adjusted Management and Advisory Fees, Net

    The following table presents the components of adjusted management and advisory fees, net. We believe adjusted management and advisory fees, net is useful to investors because it removes the impact of consolidating the Consolidated Funds which we are required to consolidate under GAAP.

      Three Months Ended   Nine Months Ended
    December 31,
    (in thousands) December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		     2023   2024
    Focused commingled funds(1)(2) $ 78,633 $ 80,434 $ 104,798 $ 107,855 $ 105,718   $ 216,233 $ 318,371
    Separately managed accounts   55,838   55,945   57,376   61,393   66,245     168,013   185,014
    Advisory and other services   16,069   16,147   14,769   14,907   17,458     43,910   47,134
    Fund reimbursement revenues(1)   1,403   1,282   1,571   1,326   2,411     4,415   5,308
    Adjusted management and advisory fees, net $ 151,943 $ 153,808 $ 178,514 $ 185,481 $ 191,832   $ 432,571 $ 555,827

    _______________________________
    (1)      Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
    (2)      Includes income-based incentive fees of $2.1 million for the three months ended December 31, 2024, $1.3 million for the three months ended September 30, 2024, $1.1 million for the three months ended June 30, 2024, $0.8 million for the three months ended March 31, 2024, $0.6 million for the three months ended December 31, 2023, and $4.6 million and $0.6 million for the nine months ended December 31, 2024 and 2023, respectively, from certain funds.

    Adjusted Revenues

    Adjusted revenues represents the components of revenues used in the determination of ANI and comprise adjusted management and advisory fees, net, adjusted incentive fees (including the deferred portion) and realized carried interest allocations. We believe adjusted revenues is useful to investors because it presents a measure of realized revenues.

    The table below shows a reconciliation of revenues to adjusted revenues.

      Three Months Ended   Nine Months Ended
    December 31,
    (in thousands) December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		     2023   2024  
    Total revenues $ (14,612 ) $ 356,810   $ 186,401 $ 271,677   $ 339,023     $ 354,821 $ 797,101  
    Unrealized carried interest allocations   129,584     (151,757 )   25,170   (52,215 )   (93,325 )     24,849   (120,370 )
    Deferred incentive fees   —     1,450     6   2,445     —       942   2,451  
    Legacy Greenspring carried interest allocations   69,700     (31,093 )   9,089   (13,917 )   (8,207 )     106,250   (13,035 )
    Management and advisory fee revenues for the Consolidated Funds(1)   451     398     499   723     992       841   2,214  
    Incentive fees for the Consolidated Funds(2)   —     1,549     —   75     5,422       —   5,497  
    Adjusted revenues $ 185,123   $ 177,357   $ 221,165 $ 208,788   $ 243,905     $ 487,703 $ 673,858  

    _______________________________
    (1)      Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
    (2)      Reflects the add-back of incentive fees for the Consolidated Funds, which have been eliminated in consolidation.

    Adjusted Net Income

    Adjusted net income, or “ANI,” is a non-GAAP performance measure that we present before the consolidation of StepStone Funds on a pre-tax and after-tax basis used to evaluate profitability. ANI represents the after-tax net realized income attributable to us. ANI does not reflect legacy Greenspring carried interest allocation revenues, legacy Greenspring carried interest-related compensation and legacy Greenspring investment income (loss) as none of the economics are attributable to us. The components of revenues used in the determination of ANI (“adjusted revenues”) comprise adjusted management and advisory fees, net, adjusted incentive fees (including the deferred portion) and realized carried interest allocations. In addition, ANI excludes: (a) unrealized carried interest allocation revenues and related compensation, (b) unrealized investment income (loss), (c) equity-based compensation for awards granted prior to and in connection with our IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary, (d) amortization of intangibles, (e) net income (loss) attributable to non-controlling interests in our subsidiaries and realized gains attributable to the profits interests issued in the private wealth subsidiary, (f) charges associated with acquisitions and corporate transactions, and (g) certain other items that we believe are not indicative of our core operating performance (as listed in the table below). ANI is fully taxed at our blended statutory rate. We believe ANI and adjusted revenues are useful to investors because they enable investors to evaluate the performance of our business across reporting periods.

    Fee-Related Earnings

    Fee-related earnings, or “FRE,” is a non-GAAP performance measure used to monitor our baseline earnings from recurring management and advisory fees. FRE is a component of ANI and comprises adjusted management and advisory fees, net, less adjusted expenses which are operating expenses other than (a) performance fee-related compensation, (b) equity-based compensation for awards granted prior to and in connection with our IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary, (c) amortization of intangibles, (d) charges associated with acquisitions and corporate transactions, and (e) certain other items that we believe are not indicative of our core operating performance (as listed in the table below). FRE is presented before income taxes. We believe FRE is useful to investors because it provides additional insight into the operating profitability of our business and our ability to cover direct base compensation and operating expenses from total fee revenue.

    The table below shows a reconciliation of GAAP measures to additional non-GAAP measures. We use the non-GAAP measures presented below as components when calculating FRE and ANI (as defined below). We believe these additional non-GAAP measures are useful to investors in evaluating both the baseline earnings from recurring management and advisory fees, which provide additional insight into the operating profitability of our business, and the after-tax net realized income attributable to us, allowing investors to evaluate the performance of our business. These additional non-GAAP measures remove the impact of Consolidated Funds that we are required to consolidate under GAAP, and certain other items that we believe are not indicative of our core operating performance.

      Three Months Ended   Nine Months Ended
    December 31,
    (in thousands) December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		     2023     2024  
    GAAP management and advisory fees, net $ 151,492   $ 153,410   $ 178,015   $ 184,758   $ 190,840     $ 431,730   $ 553,613  
    Management and advisory fee revenues for the Consolidated Funds(1)   451     398     499     723     992       841     2,214  
    Adjusted management and advisory fees, net $ 151,943   $ 153,808   $ 178,514   $ 185,481   $ 191,832     $ 432,571   $ 555,827  
                     
    GAAP incentive fees $ 17,891   $ 2,496   $ 841   $ 3,155   $ 22,369     $ 22,843   $ 26,365  
    Incentive fee revenues for the Consolidated Funds(2)   —     1,549     —     75     5,422       —     5,497  
    Adjusted incentive fees $ 17,891   $ 4,045   $ 841   $ 3,230   $ 27,791     $ 22,843   $ 31,862  
                     
    GAAP cash-based compensation $ 73,619   $ 74,411   $ 78,224   $ 82,871   $ 85,203     $ 218,551   $ 246,298  
    Adjustments(3)   (574 )   (461 )   (428 )   (285 )   339       (1,679 )   (374 )
    Adjusted cash-based compensation $ 73,045   $ 73,950   $ 77,796   $ 82,586   $ 85,542     $ 216,872   $ 245,924  
                     
    GAAP equity-based compensation $ 14,032   $ 13,937   $ 19,179   $ 37,332   $ 486,418     $ 28,420   $ 542,929  
    Adjustments(4)   (12,610 )   (12,210 )   (16,785 )   (34,947 )   (483,958 )     (24,425 )   (535,690 )
    Adjusted equity-based compensation $ 1,422   $ 1,727   $ 2,394   $ 2,385   $ 2,460     $ 3,995   $ 7,239  
                     
    GAAP general, administrative and other $ 48,001   $ 54,310   $ 41,011   $ 50,061   $ 43,130     $ 113,007   $ 134,202  
    Adjustments(5)   (21,189 )   (27,079 )   (14,343 )   (21,900 )   (13,418 )     (40,196 )   (49,661 )
    Adjusted general, administrative and other $ 26,812   $ 27,231   $ 26,668   $ 28,161   $ 29,712     $ 72,811   $ 84,541  
                     
    GAAP interest income $ 827   $ 1,429   $ 2,057   $ 3,016   $ 2,559     $ 2,235   $ 7,632  
    Interest income earned by the Consolidated Funds(6)   (540 )   (612 )   (907 )   (1,363 )   (887 )     (1,033 )   (3,157 )
    Adjusted interest income $ 287   $ 817   $ 1,150   $ 1,653   $ 1,672     $ 1,202   $ 4,475  
                     
    GAAP other income (loss) $ 4,408   $ (1,308 ) $ (351 ) $ 1,177   $ (2,452 )   $ 3,763   $ (1,626 )
    Adjustments(7)   (4,301 )   395     (72 )   (1,082 )   1,883       (4,274 )   729  
    Adjusted other income (loss) $ 107   $ (913 ) $ (423 ) $ 95   $ (569 )   $ (511 ) $ (897 )

    ______________________________
    (1)      Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
    (2)      Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
    (3)      Reflects the removal of compensation paid to certain employees as part of an acquisition earn-out.
    (4)      Reflects the removal of equity-based compensation for awards granted prior to and in connection with the IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary.
    (5)      Reflects the removal of lease remeasurement adjustments, accelerated depreciation of leasehold improvements for changes in lease terms, amortization of intangibles, transaction-related costs and other non-core operating income and expenses.
    (6)      Reflects the removal of interest income earned by the Consolidated Funds.
    (7)      Reflects the removal of amounts for Tax Receivable Agreements adjustments recognized as other income (loss), gain associated with amounts received as part of negotiations with a third party related to certain corporate matters, loss on sale of subsidiary and the impact of consolidation of the Consolidated Funds.

    The table below shows a reconciliation of income (loss) before income tax to ANI and FRE.

      Three Months Ended   Nine Months Ended
    December 31,
    (in thousands) December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		     2023     2024  
    Income (loss) before income tax $ (24,142 )   94,515   $ 54,842   $ 57,888   $ (344,715 )   $ 100,881   $ (231,985 )
    Net income attributable to non-controlling interests in subsidiaries(1)   (15,537 )   (12,822 )   (18,951 )   (17,812 )   (32,765 )     (36,398 )   (69,528 )
    Net (income) loss attributable to non-controlling interests in legacy Greenspring entities   2,222     33     1,255     4,031     (1,167 )     9,054     4,119  
    Unrealized carried interest allocations   129,584     (151,757 )   25,170     (52,215 )   (93,325 )     24,849     (120,370 )
    Unrealized performance fee-related compensation   (62,243 )   84,014     (10,923 )   27,748     49,670       (9,320 )   66,495  
    Unrealized investment (income) loss   5,559     (2,280 )   (1,180 )   (430 )   656       1,373     (954 )
    Impact of Consolidated Funds   (11,068 )   (4,138 )   (7,731 )   (9,267 )   (6,892 )     (21,938 )   (23,890 )
    Deferred incentive fees   —     1,450     6     2,445     —       942     2,451  
    Equity-based compensation(2)   12,610     12,210     16,785     34,947     483,958       24,425     535,690  
    Amortization of intangibles   10,661     10,423     10,250     10,250     10,250       31,983     30,750  
    Tax Receivable Agreements adjustments through earnings   222     90     —     —     —       222     —  
    Non-core items(3)   6,335     16,780     4,137     11,349     2,094       4,785     17,580  
    Pre-tax ANI   54,203     48,518     73,660     68,934     67,764       130,858     210,358  
    Income taxes(4)   (12,087 )   (10,802 )   (16,419 )   (15,365 )   (15,105 )     (29,181 )   (46,889 )
    ANI   42,116     37,716     57,241     53,569     52,659       101,677     163,469  
    Income taxes(4)   12,087     10,802     16,419     15,365     15,105       29,181     46,889  
    Realized carried interest allocations   (15,289 )   (18,054 )   (41,804 )   (17,632 )   (24,282 )     (31,347 )   (83,718 )
    Realized performance fee-related compensation(5)   15,444     11,421     20,848     8,767     25,477       26,266     55,092  
    Realized investment income   (3,508 )   (1,057 )   (1,415 )   (1,621 )   (1,720 )     (5,488 )   (4,756 )
    Adjusted incentive fees(6)   (17,891 )   (4,045 )   (841 )   (3,230 )   (27,791 )     (22,843 )   (31,862 )
    Deferred incentive fees   —     (1,450 )   (6 )   (2,445 )   —       (942 )   (2,451 )
    Adjusted interest income(6)   (287 )   (817 )   (1,150 )   (1,653 )   (1,672 )     (1,202 )   (4,475 )
    Interest expense   2,562     2,649     2,990     3,512     3,008       6,682     9,510  
    Adjusted other (income) loss(6)(7)   (107 )   913     423     (95 )   569       511     897  
    Net income attributable to non-controlling interests in subsidiaries(1)   15,537     12,822     18,951     17,812     32,765       36,398     69,528  
    FRE $ 50,664   $ 50,900   $ 71,656   $ 72,349   $ 74,118     $ 138,893   $ 218,123  

    _______________________________
    (1)      Reflects the portion of pre-tax ANI attributable to non-controlling interests in our subsidiaries and realized gains attributable to the profits interests issued in the private wealth subsidiary:

      Three Months Ended   Nine Months Ended
    December 31,
    (in thousands) December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		     2023   2024
    FRE attributable to non-controlling interests in subsidiaries and profits interests $ 10,518 $ 11,559 $ 13,308 $ 14,969 $ 21,063   $ 30,515 $ 49,340
    Performance related earnings / other (income) loss attributable to non-controlling interests in subsidiaries and profits interests   5,019   1,263   5,643   2,843   11,702     5,883   20,188
    Net income attributable to non-controlling interests in subsidiaries $ 15,537 $ 12,822 $ 18,951 $ 17,812 $ 32,765   $ 36,398 $ 69,528

    The contribution to total FRE attributable to non-controlling interests in subsidiaries and profits interests and performance related earnings / other (income) loss attributable to non-controlling interests in subsidiaries and profits interests presented above specifically related to the profits interests issued in the private wealth subsidiary is presented below.

      Three Months Ended   Nine Months Ended
    December 31,
    (in thousands) December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		     2023   2024
    FRE attributable to profits interests issued in the private wealth subsidiary $ — $ — $ 574 $ 2,051 $ 2,956   $ — $ 5,581
    Performance related earnings / other (income) loss attributable to profits interests issued in the private wealth subsidiary   3,074   —   51   206   11,137     3,074   11,394
    Amounts attributable to profits interests issued in the private wealth subsidiary $ 3,074 $ — $ 625 $ 2,257 $ 14,093   $ 3,074 $ 16,975

    (2)      Reflects equity-based compensation for awards granted prior to and in connection with the IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary.
    (3)      Includes (income) expense related to the following non-core operating income and expenses:

      Three Months Ended   Nine Months Ended
    December 31,
    (in thousands) December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		     2023     2024
    Transaction costs $ 670   $ 3,985 $ 672 $ 140 $ 12     $ 870   $ 824
    Lease remeasurement adjustments   (106 )   —   —   —   —       (106 )   —
    Accelerated depreciation of leasehold improvements for changes in lease terms   631     —   —   —   —       1,893     —
    Loss on change in fair value for contingent consideration obligation   9,054     12,280   2,953   10,888   2,476       4,937     16,317
    Compensation paid to certain employees as part of an acquisition earn-out   574     515   482   321   (394 )     1,679     409
    Gain from negotiation of certain corporate matters   (5,300 )   —   —   —   —       (5,300 )   —
    Loss on sale of subsidiary   812     —   —   —   —       812     —
    Other non-core items   —     —   30   —   —       —     30
    Total non-core operating income and expenses $ 6,335   $ 16,780 $ 4,137 $ 11,349 $ 2,094     $ 4,785   $ 17,580

    (4)      Represents corporate income taxes at a blended statutory rate applied to pre-tax ANI:

      Three Months Ended   Nine Months Ended
    December 31,
      December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		   2023   2024  
    Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 %   21.0 % 21.0 %
    Combined state, local and foreign rate 1.3 % 1.3 % 1.3 % 1.3 % 1.3 %   1.3 % 1.3 %
    Blended statutory rate 22.3 % 22.3 % 22.3 % 22.3 % 22.3 %   22.3 % 22.3 %

    (5)      Includes carried interest-related compensation expense related to the portion of net carried interest allocation revenue attributable to equity holders of the Company’s consolidated subsidiaries that are not 100% owned:

      Three Months Ended   Nine Months Ended
    December 31,
    (in thousands) December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		     2023   2024
    Realized carried interest-related compensation $ 660 $ 910 $ — $ — $ —   $ 2,849 $ —

    (6)      Excludes the impact of consolidating the Consolidated Funds.
    (7)      Excludes amounts for Tax Receivable Agreements adjustments recognized as other income (loss) ($(0.1) million for the three months ended March 31, 2024 and $(0.2) million for the three and nine months ended December 31, 2023), gain associated with amounts received as part of negotiations with a third party related to certain corporate matters ($5.3 million for the three and nine months ended December 31, 2023), and loss on sale of subsidiary ($0.8 million for the three and nine months ended December 31, 2023).

    Fee-Related Earnings Margin

    FRE margin is a non-GAAP performance measure which is calculated by dividing FRE by adjusted management and advisory fees, net. We believe FRE margin is an important measure of profitability on revenues that are largely recurring by nature. We believe FRE margin is useful to investors because it enables them to better evaluate the operating profitability of our business across periods.

    The table below shows a reconciliation of FRE to FRE margin.

      Three Months Ended   Nine Months Ended
    December 31,
    (in thousands) December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		     2023     2024  
    FRE $ 50,664   $ 50,900   $ 71,656   $ 72,349   $ 74,118     $ 138,893   $ 218,123  
    Adjusted management and advisory fees, net   151,943     153,808     178,514     185,481     191,832       432,571     555,827  
    FRE margin   33 %   33 %   40 %   39 %   39 %     32 %   39 %


    Gross Realized Performance Fees

    Gross realized performance fees represents realized carried interest allocations and adjusted incentive fees, including the deferred portion. We believe gross realized performance fees is useful to investors because it presents the total performance fees realized by us.

    Net Realized Performance Fees

    Net realized performance fees represents gross realized performance fees, less realized performance fee-related compensation. We believe net realized performance fees is useful to investors because it presents the performance fees attributable to us, net of amounts paid to employees as performance fee-related compensation.

    The table below shows a reconciliation of total performance fees to gross and net realized performance fees.

      Three Months Ended   Nine Months Ended
    December 31,
    (in thousands) December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		     2023     2024  
    Incentive fees $ 17,891   $ 2,496   $ 841   $ 3,155   $ 22,369     $ 22,843   $ 26,365  
    Realized carried interest allocations   15,289     18,054     41,804     17,632     24,282       31,347     83,718  
    Unrealized carried interest allocations   (129,584 )   151,757     (25,170 )   52,215     93,325       (24,849 )   120,370  
    Legacy Greenspring carried interest allocations   (69,700 )   31,093     (9,089 )   13,917     8,207       (106,250 )   13,035  
    Total performance fees   (166,104 )   203,400     8,386     86,919     148,183       (76,909 )   243,488  
    Unrealized carried interest allocations   129,584     (151,757 )   25,170     (52,215 )   (93,325 )     24,849     (120,370 )
    Legacy Greenspring carried interest allocations   69,700     (31,093 )   9,089     (13,917 )   (8,207 )     106,250     (13,035 )
    Incentive fee revenues for the Consolidated Funds(1)   —     1,549     —     75     5,422       —     5,497  
    Deferred incentive fees   —     1,450     6     2,445     —       942     2,451  
    Gross realized performance fees   33,180     23,549     42,651     23,307     52,073       55,132     118,031  
    Realized performance fee-related compensation   (15,444 )   (11,421 )   (20,848 )   (8,767 )   (25,477 )     (26,266 )   (55,092 )
    Net realized performance fees $ 17,736   $ 12,128   $ 21,803   $ 14,540   $ 26,596     $ 28,866   $ 62,939  

    ______________________________
    (1)      Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation.

    Adjusted Weighted-Average Shares and Adjusted Net Income Per Share

    ANI per share measures our per-share earnings assuming all Class B units, Class C units and Class D units in the Partnership were exchanged for Class A common stock in SSG, including the dilutive impact of outstanding equity-based awards. ANI per share is calculated as ANI divided by adjusted weighted-average shares outstanding. We believe adjusted weighted-average shares and ANI per share are useful to investors because they enable investors to better evaluate per-share operating performance across reporting periods.

    The following table shows a reconciliation of diluted weighted-average shares of Class A common stock outstanding to adjusted weighted-average shares outstanding used in the computation of ANI per share.

      Three Months Ended   Nine Months Ended
    December 31,
      December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		     2023   2024
    ANI $ 42,116 $ 37,716 $ 57,241 $ 53,569 $ 52,659   $ 101,677 $ 163,469
                     
    Weighted-average shares of Class A common stock outstanding – Basic   64,068,952   64,194,859   66,187,754   68,772,051   73,687,289     63,255,604   69,561,254
    Assumed vesting of RSUs   333,402   512,946   673,854   921,166   491,014     511,889   695,423
    Assumed vesting and exchange of Class B2 units   2,553,899   2,573,762   1,732,153   —   —     2,532,489   573,185
    Assumed purchase under ESPP   —   —   —   2,098   —     —   702
    Exchange of Class B units in the Partnership(1)   46,314,543   46,272,227   45,827,707   45,212,921   41,729,937     46,384,046   44,251,143
    Exchange of Class C units in the Partnership(1)   1,962,131   1,958,507   1,849,846   1,626,812   1,016,737     2,325,417   1,496,518
    Exchange of Class D units in the Partnership(1)   —   —   2,239,185   2,239,185   2,010,202     —   2,162,580
    Adjusted weighted-average shares   115,232,927   115,512,301   118,510,499   118,774,233   118,935,179     115,009,445   118,740,805
                     
    ANI per share $ 0.37 $ 0.33 $ 0.48 $ 0.45 $ 0.44   $ 0.88 $ 1.38

    _______________________________
    (1)      Assumes the full exchange of Class B units, Class C units or Class D units in the Partnership for Class A common stock of SSG pursuant to the Class B Exchange Agreement, Class C Exchange Agreement or Class D Exchange Agreement, respectively.

    Key Operating Metrics

    We monitor certain operating metrics that are either common to the asset management industry or that we believe provide important data regarding our business. Refer to the Glossary below for a definition of each of these metrics.

    Fee-Earning AUM

      Three Months Ended   Nine Months Ended
    December 31,    		   Percentage
    Change
    (in millions) December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		     2023     2024     vs. FQ3’24
    Separately Managed Accounts                    
    Beginning balance $ 56,380   $ 56,660   $ 58,897   $ 60,272   $ 62,121     $ 55,345   $ 58,897     10 %
    Contributions(1)   1,109     2,757     2,085     1,723     9,033       3,570     12,841     715 %
    Distributions(2)   (1,397 )   (795 )   (830 )   (535 )   (1,000 )     (3,285 )   (2,365 )   (28) %
    Market value, FX and other(3)   568     275     120     661     (180 )     1,030     601     na
    Ending balance $ 56,660   $ 58,897   $ 60,272   $ 62,121   $ 69,974     $ 56,660   $ 69,974     23 %
                         
    Focused Commingled Funds                    
    Beginning balance $ 30,905   $ 32,772   $ 34,961   $ 40,084   $ 42,294     $ 30,086   $ 34,961     37 %
    Contributions(1)   1,898     2,429     5,653     2,122     2,520       3,686     10,295     33 %
    Distributions(2)   (274 )   (327 )   (661 )   (282 )   (682 )     (1,514 )   (1,625 )   149 %
    Market value, FX and other(3)   243     87     131     370     60       514     561     (75) %
    Ending balance $ 32,772   $ 34,961   $ 40,084   $ 42,294   $ 44,192     $ 32,772   $ 44,192     35 %
                         
    Total                    
    Beginning balance $ 87,285   $ 89,432   $ 93,858   $ 100,356   $ 104,415     $ 85,431   $ 93,858     20 %
    Contributions(1)   3,007     5,186     7,738     3,845     11,553       7,256     23,136     284 %
    Distributions(2)   (1,671 )   (1,122 )   (1,491 )   (817 )   (1,682 )     (4,799 )   (3,990 )   1 %
    Market value, FX and other(3)   811     362     251     1,031     (120 )     1,544     1,162     na
    Ending balance $ 89,432   $ 93,858   $ 100,356   $ 104,415   $ 114,166     $ 89,432   $ 114,166     28 %

    _______________________________
    (1)      Contributions consist of new capital commitments that earn fees on committed capital and capital contributions to funds and accounts that earn fees on net invested capital or NAV.
    (2)      Distributions consist of returns of capital from funds and accounts that pay fees on net invested capital or NAV and reductions in fee-earning AUM from funds that moved from a committed capital to net invested capital fee basis or from funds and accounts that no longer pay fees.
    (3)      Market value, FX and other primarily consist of changes in market value appreciation (depreciation) for funds that pay on NAV and the effect of foreign exchange rate changes on non-U.S. dollar denominated commitments.

    Asset Class Summary

      Three Months Ended   Percentage
    Change
    (in millions) December
    31, 2023    		 March 31,
    2024    		 June 30,
    2024    		 September
    30, 2024    		 December
    31, 2024    		   vs. FQ3’24
    FEAUM              
    Private equity $ 48,258 $ 49,869 $ 54,855 $ 57,136 $ 62,811   30 %
    Infrastructure   19,789   20,114   20,377   20,986   23,411   18 %
    Private debt   15,460   15,477   16,161   16,975   17,882   16 %
    Real estate   5,925   8,398   8,963   9,318   10,062   70 %
    Total $ 89,432 $ 93,858 $ 100,356 $ 104,415 $ 114,166   28 %
                   
    Separately managed accounts $ 56,660 $ 58,897 $ 60,272 $ 62,121 $ 69,974   23 %
    Focused commingled funds   32,772   34,961   40,084   42,294   44,192   35 %
    Total $ 89,432 $ 93,858 $ 100,356 $ 104,415 $ 114,166   28 %
                   
    AUM(1)              
    Private equity $ 78,221 $ 81,942 $ 89,329 $ 91,891 $ 93,404   19 %
    Infrastructure   28,307   30,003   32,756   35,392   36,156   28 %
    Private debt   27,782   28,491   30,336   31,854   31,987   15 %
    Real estate   14,646   16,201   16,912   16,996   17,665   21 %
    Total $ 148,956 $ 156,637 $ 169,333 $ 176,133 $ 179,212   20 %
                   
    Separately managed accounts $ 88,890 $ 93,938 $ 103,003 $ 107,252 $ 109,305   23 %
    Focused commingled funds   45,508   48,545   51,682   53,870   55,142   21 %
    Advisory AUM   14,558   14,154   14,648   15,011   14,765   1 %
    Total $ 148,956 $ 156,637 $ 169,333 $ 176,133 $ 179,212   20 %
                   
    AUA              
    Private equity $ 266,246 $ 270,350 $ 279,909 $ 255,125 $ 263,420   (1 )%
    Infrastructure   57,528   60,339   62,599   62,891   67,100   17 %
    Private debt   17,916   21,976   22,280   19,328   19,325   8 %
    Real estate   168,802   168,455   166,659   168,519   168,807   — %
    Total $ 510,492 $ 521,120 $ 531,447 $ 505,863 $ 518,652   2 %
                   
    Total capital responsibility(2) $ 659,448 $ 677,757 $ 700,780 $ 681,996 $ 697,864   6 %

    _____________________________
    Note: Amounts may not sum to total due to rounding. AUM/AUA reflects final data for the prior period, adjusted for net new client account activity through the period presented, and does not include post-period investment valuation or cash activity. Net asset value (“NAV”) data for underlying investments is as of the prior period, as reported by underlying managers up to the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end. When NAV data is not available by the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end, such NAVs are adjusted for cash activity following the last available reported NAV.
    (1)      Allocation of AUM by asset class is presented by underlying investment asset classification.
    (2)      Total capital responsibility equals assets under management (AUM) plus assets under advisement (AUA).

    Contacts

    Shareholder Relations:
    Seth Weiss
    shareholders@stepstonegroup.com
    1-212-351-6106

    Media:
    Brian Ruby / Chris Gillick / Matt Lettiero, ICR
    StepStonePR@icrinc.com
    1-203-682-8268

    Glossary

    Assets under advisement, or “AUA,” consists of client assets for which we do not have full discretion to make investment decisions but play a role in advising the client or monitoring their investments. We generally earn revenue for advisory-related services on a contractual fixed fee basis. Advisory-related services include asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, legal negotiations, monitoring and reporting on investments, and investment manager review and due diligence. Advisory fees vary by client based on the scope of services, investment activity and other factors. Most of our advisory fees are fixed, and therefore, increases or decreases in AUA do not necessarily lead to proportionate changes in revenue. We believe AUA is a useful metric for assessing the relative size of our advisory business.

    Our AUA is calculated as the sum of (i) the NAV of client portfolio assets for which we do not have full discretion and (ii) the unfunded commitments of clients to the underlying investments. Our AUA reflects the investment valuations in respect of the underlying investments of our client accounts on a three-month lag, adjusted for new client account activity through the period end. Our AUA does not include post-period investment valuation or cash activity. AUA as of December 31, 2024 reflects final data for the prior period (September 30, 2024), adjusted for net new client account activity through December 31, 2024. NAV data for underlying investments is as of September 30, 2024, as reported by underlying managers up to the business day occurring on or after 100 days following September 30, 2024. When NAV data is not available by the business day occurring on or after 100 days following September 30, 2024, such NAVs are adjusted for cash activity following the last available reported NAV.

    Assets under management, or “AUM,” primarily reflects the assets associated with our separately managed accounts (“SMAs”) and focused commingled funds. We classify assets as AUM if we have full discretion over the investment decisions in an account or have responsibility or custody of assets. Although management fees are based on a variety of factors and are not linearly correlated with AUM, we believe AUM is a useful metric for assessing the relative size and scope of our asset management business.

    Our AUM is calculated as the sum of (i) the net asset value (“NAV”) of client portfolio assets, including the StepStone Funds and (ii) the unfunded commitments of clients to the underlying investments and the StepStone Funds. Our AUM reflects the investment valuations in respect of the underlying investments of our funds and accounts on a three-month lag, adjusted for new client account activity through the period end. Our AUM does not include post-period investment valuation or cash activity. AUM as of December 31, 2024 reflects final data for the prior period (September 30, 2024), adjusted for net new client account activity through December 31, 2024. NAV data for underlying investments is as of September 30, 2024, as reported by underlying managers up to the business day occurring on or after 100 days following September 30, 2024. When NAV data is not available by the business day occurring on or after 100 days following September 30, 2024, such NAVs are adjusted for cash activity following the last available reported NAV.

    Consolidated Funds refer to the StepStone Funds that we are required to consolidate as of the applicable reporting period. We consolidate funds and other entities in which we hold a controlling financial interest.

    Consolidated VIEs refer to the variable interest entities that we are required to consolidate as of the applicable reporting period. We consolidate VIEs in which we hold a controlling financial interest.

    Fee-earning AUM, or “FEAUM,” reflects the assets from which we earn management fee revenue (i.e., fee basis) and includes assets in our SMAs, focused commingled funds and assets held directly by our clients for which we have fiduciary oversight and are paid fees as the manager of the assets. Our SMAs and focused commingled funds typically pay management fees based on capital commitments, net invested capital and, in certain cases, NAV, depending on the fee terms. Management fees are only marginally affected by market appreciation or depreciation because substantially all of the StepStone Funds pay management fees based on capital commitments or net invested capital. As a result, management fees and FEAUM are not materially affected by changes in market value. We believe FEAUM is a useful metric in order to assess assets forming the basis of our management fee revenue.

    Legacy Greenspring entities refers to certain entities for which the Company, indirectly through its subsidiaries, became the sole and/or managing member in connection with the Greenspring acquisition.

    SSG refers solely to StepStone Group Inc., a Delaware corporation, and not to any of its subsidiaries.

    StepStone Funds refer to SMAs and focused commingled funds of the Company, including acquired Greenspring funds, for which the Partnership or one of its subsidiaries acts as both investment adviser and general partner or managing member.

    The Partnership refers solely to StepStone Group LP, a Delaware limited partnership, and not to any of its subsidiaries.

    Total capital responsibility equals AUM plus AUA. AUM includes any accounts for which StepStone Group has full discretion over the investment decisions, has responsibility to arrange or effectuate transactions, or has custody of assets. AUA refers to accounts for which StepStone Group provides advice or consultation but for which the firm does not have discretionary authority, responsibility to arrange or effectuate transactions, or custody of assets.

    Undeployed fee-earning capital represents the amount of capital commitments to StepStone Funds that has not yet been invested or considered active but will generate management fee revenue once invested or activated. We believe undeployed fee-earning capital is a useful metric for measuring the amount of capital that we can put to work in the future and thus earn management fee revenue thereon.

    The MIL Network –

  • MIL-OSI: Cerence Announces First Quarter Fiscal 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    BURLINGTON, Mass., Feb. 06, 2025 (GLOBE NEWSWIRE) — Cerence Inc. (NASDAQ: CRNC) (“Cerence AI”), a global industry leader in AI for transportation, today reported its first quarter fiscal year 2025 results for the quarter ended December 31, 2024.

     
    ResultsSummary(1,2)
    (in millions, except per share data)
           
        Three Months Ended  
        December 31,  
        2024     2023  
    GAAP revenue   $ 50.9     $ 138.3  
    GAAP gross margin     65.0 %     81.0 %
    Non-GAAP gross margin     65.9 %     81.5 %
    GAAP operating margin     -33.3 %     42.3 %
    Non-GAAP operating margin     -1.0 %     49.4 %
    GAAP net (loss) income   $ (24.3 )   $ 23.9  
    GAAP net (loss) income margin     -47.7 %     17.2 %
    Non-GAAP net (loss) income   $ (1.5 )   $ 54.3  
    Adjusted EBITDA   $ 1.4     $ 70.4  
    Adjusted EBITDA margin     2.7 %     50.9 %
    GAAP net (loss) income per share – diluted   $ (0.57 )   $ 0.53  
    Non-GAAP net (loss) income per share – diluted   $ (0.03 )   $ 1.12  
    (1) As previously disclosed, Q1FY24 revenue includes the non-cash revenue associated with the Toyota “Legacy” contract and related impacts totaling $86.6M.
    (2) Please refer to the “Discussion of Non-GAAP Financial Measures” and “Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures” included elsewhere in this release for more information regarding our use of non-GAAP financial measures.
       

    “I’m incredibly proud of the team’s progress and our performance in Q1, most notably beating the upper end of guidance on top-line revenue and adjusted EBITDA and showing strong free cash flow,” said Brian Krzanich, CEO, Cerence AI. “We believe we have solid momentum for 2025: we’ve made significant progress on our generative AI roadmap, achieving critical development milestones for our next-gen agentic, conversational AI platform. We have continued momentum with our automaker customers, including six design wins and two wins for our generative AI solutions, as well as six major customer SOPs and two generative AI SOPs within the quarter. In addition, our transformation and cost reduction initiatives are having a solid impact on the business. As we look to the future, we believe we are well positioned to continue on our path to long-term, sustainable growth and profitability.”

    Cerence Key Performance Indicators
    To help investors gain further insight into the Cerence business and its performance, management provides a set of key performance indicators that includes:

    Key Performance Indicator1   Q1FY25  
    Percent of worldwide auto production with Cerence Technology (TTM)     51 %
    Change in number of Cerence connected cars shipped2 (TTM over prior year TTM)     5 %
    Change in Adjusted Total Billings (TTM over prior year TTM)     3 %
    (1) Please refer to the “Key Performance Indicators” section included elsewhere in this release for more information regarding the definitions and our use of key performance indicators.
    (2) Based on IHS Markit data, global auto production decreased 2% over the same time period ended on December 31, 2024.
       

    Second Quarter and Full Year Fiscal 2025 Outlook
    For the fiscal quarter ending March 31, 2025, revenue is expected to be in the range of $74 million to $77 million. This includes $20 million of projected Fixed License revenue expected to be signed during the quarter. Gross margins are projected between 74% and 76% and net income is projected in the range of $1 million to $5 million. Adjusted EBITDA is expected to be in the range of $18 million to $22 million.

    Guidance for the full fiscal year ending September 30, 2025 remains unchanged.

    The adjusted EBITDA guidance excludes amortization of acquired intangible assets, stock-based compensation, restructuring and other costs.

    Additional details regarding guidance will be provided during the earnings call.

    Cerence Conference Call and Webcast
    The company will host a live conference call and webcast with slides to discuss the results today at 5:00pm Eastern Time / 2:00pm Pacific Time. Interested investors and analysts are invited to dial into the conference call by registering here.

    Webcast access will also be available on the Investor Information section of the company’s website at https://www.cerence.com/investors/events-and-resources.

    A replay of the webcast can be accessed by visiting the company’s website 90 minutes following the conference call at https://www.cerence.com/investors/events-and-resources.

    Forward Looking Statements
    Statements in this press release regarding: Cerence’s future performance, results and financial condition; expected growth and profitability; outlook and momentum; transformation plans and cost efficiency initiatives, including the estimated net annualized cost savings; strategy; opportunities; business, industry and market trends; strategy regarding fixed contracts and its impact on financial results; backlog; revenue visibility; revenue timing and mix; demand for Cerence products; innovation and new product offerings, including AI technology; expected benefits of technology partnerships; cost efficiency initiatives; and management’s future expectations, estimates, assumptions, beliefs, goals, objectives, targets, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “goal,” “anticipates,” “projects,” “forecasts,” “expects,” “intends,” “continues,” “will,” “may,” or “estimates” or similar expressions) should also be considered to be forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risk, uncertainties and other factors, which may cause actual results or performance of the company to be materially different from any future results or performance expressed or implied by such forward-looking statements including but not limited to: the highly competitive and rapidly changing market in which we operate; adverse conditions in the automotive industry, the related supply chain and semiconductor shortage, or the global economy more generally; volatility in the political, legal and regulatory environment in which we operate, including trade, tariffs and other policies implemented by the new administration or actions taken by other countries in response; automotive production delays; changes in customer forecasts; the impacts of the COVID-19 pandemic on our and our customers’ businesses; the ongoing conflicts in Ukraine and the Middle East; our inability to control and successfully manage our expenses and cash position; our inability to deliver improved financial results from process optimization efforts and cost reduction actions; escalating pricing pressures from our customers; the impact on our business of the transition to a lower level of fixed contracts, including the failure to achieve such a transition; our failure to win, renew or implement service contracts; the cancellation or postponement of existing contracts; the loss of business from any of our largest customers; effects of customer defaults; our inability to successfully introduce new products, applications and services; our strategies to increase cloud offerings and deploy generative AI and large language models (LLMs); the inability to expand into adjacent markets; the inability to recruit and retain qualified personnel; disruptions arising from transitions in management personnel, including the transition to our new Chief Executive Officer; cybersecurity and data privacy incidents; failure to protect our intellectual property; defects or interruptions in service with respect to our products; fluctuating currency rates and interest rates; inflation; financial and credit market volatility; restrictions on our current and future operations under the terms of our debt, the use of cash to service or repay our debt; and our inability to generate sufficient cash from our operations; and the other factors discussed in our most recent Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. We disclaim any obligation to update any forward-looking statements as a result of developments occurring after the date of this document.

    Discussion of Non-GAAP Financial Measures
    We believe that providing the non-GAAP information in addition to the GAAP presentation, allows investors to view the financial results in the way management views the operating results. We further believe that providing this information allows investors to not only better understand our financial performance, but more importantly, to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance. The non-GAAP information should not be considered superior to, or a substitute for, financial statements prepared in accordance with GAAP.

    We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of the business, for making operating decisions and for forecasting and planning for future periods. While our management uses these non-GAAP financial measures as a tool to enhance their understanding of certain aspects of our financial performance, our management does not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial statements.

    Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial statements, allows for greater transparency in the review of our financial and operational performance. In assessing the overall health of the business during the three months ended December 31, 2024 and 2023, our management has either included or excluded the following items in general categories, each of which is described below.

    Adjusted EBITDA.
    Adjusted EBITDA is defined as net income attributable to Cerence Inc. before net income (loss) attributable to income tax (benefit) expense, other income (expense) items, net, depreciation and amortization expense, and excluding amortization of acquired intangible assets, stock-based compensation, and restructuring and other costs, net or impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. From time to time we may exclude from Adjusted EBITDA the impact of events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Other income (expense) items, net include interest expense, interest income, and other income (expense), net (as stated in our Condensed Consolidated Statement of Operations). Our management and Board of Directors use this financial measure to evaluate our operating performance. It is also a significant performance measure in our annual incentive compensation programs.

    Restructuring and other costs, net.
    Restructuring and other costs, net include restructuring expenses as well as other charges that are unusual in nature, are the result of unplanned events, and arise outside the ordinary course of our business such as employee severance costs, consulting costs relating to our transformation initiatives, and costs for consolidating duplicate facilities.

    Amortization of acquired intangible assets.
    We exclude the amortization of acquired intangible assets from non-GAAP expense and income measures. These amounts are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions. Providing a supplemental measure which excludes these charges allows management and investors to evaluate results “as-if” the acquired intangible assets had been developed internally rather than acquired and, therefore, provides a supplemental measure of performance in which our acquired intellectual property is treated in a comparable manner to our internally developed intellectual property. Although we exclude amortization of acquired intangible assets from our non-GAAP expenses, we believe that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Future acquisitions may result in the amortization of additional intangible assets.

    Non-cash expenses.
    We provide non-GAAP information relative to the following non-cash expenses: (i) stock-based compensation; and (ii) non-cash interest. These items are further discussed as follows:

    i) Stock-based compensation. Because of varying valuation methodologies, subjective assumptions and the variety of award types, we exclude stock-based compensation from our operating results. We evaluate performance both with and without these measures because compensation expense related to stock-based compensation is typically non-cash and awards granted are influenced by the Company’s stock price and other factors such as volatility that are beyond our control. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, we do not include such charges in operating plans. Stock-based compensation will continue in future periods.
    ii) Non-cash interest. We exclude non-cash interest because we believe that excluding this expense provides management, as well as other users of the financial statements, with a valuable perspective on the cash-based performance and health of the business, including the current near-term projected liquidity. Non-cash interest expense will continue in future periods.
       

    Other expenses.
    We exclude certain other expenses that result from unplanned events outside the ordinary course of continuing operations, in order to measure operating performance and current and future liquidity both with and without these expenses. By providing this information, we believe management and the users of the financial statements are better able to understand the financial results of what we consider to be our organic, continuing operations. Included in these expenses are items such as other charges (credits), net, (gains) losses from extinguishment of debt, and changes in indemnification assets corresponding with the release of pre-spin liabilities for uncertain tax positions.

    Adjustments to income tax provision.
    Adjustments to our GAAP income tax provision to arrive at non-GAAP net income is determined based on our non-GAAP pre-tax income. Additionally, as our non-GAAP profitability is higher based on the non-GAAP adjustments, we adjust the GAAP tax provision to remove valuation allowances and related effects based on the higher level of reported non-GAAP profitability. We also exclude from our non-GAAP tax provision certain discrete tax items as they occur.

    Key Performance Indicators
    We believe that providing key performance indicators (“KPIs”) allows investors to gain insight into the way management views the performance of the business. We further believe that providing KPIs allows investors to better understand information used by management to evaluate and measure such performance. KPIs should not be considered superior to, or a substitute for, operating results prepared in accordance with GAAP. In assessing the performance of the business during the three months ended December 31, 2024, our management has reviewed the following KPIs, each of which is described below:

    • Percent of worldwide auto production with Cerence Technology: The number of Cerence enabled cars shipped as compared to IHS Markit car production data.
    • Change in number of Cerence connected cars shipped: The year-over-year change in the number of cars shipped with Cerence connected solutions. Amounts calculated on a TTM basis.
    • Change in Adjusted total billings YoY (TTM): The year over year change in total billings excluding Professional Services, prepay billings and adjusted for prepay consumption.

    ____________

    See the tables at the end of this press release for non-GAAP reconciliations to the most directly comparable GAAP measures.

    To learn more about Cerence AI, visit www.cerence.ai, and follow the company on LinkedIn.

    About Cerence Inc.
    Cerence Inc. (NASDAQ: CRNC) is a global industry leader in creating intuitive, seamless, AI-powered experiences across automotive and transportation. Leveraging decades of innovation and expertise in voice, generative AI, and large language models, Cerence powers integrated experiences that create safer, more connected, and more enjoyable journeys for drivers and passengers alike. With more than 500 million cars shipped with Cerence technology, the company partners with leading automakers, transportation OEMs, and technology companies to advance the next generation of user experiences. Cerence is headquartered in Burlington, Massachusetts, with operations globally and a worldwide team dedicated to pushing the boundaries of AI innovation. For more information, visit www.cerence.ai.

    Contact Information
    Investor Relations | Email: investorrelations@cerence.com 

     
    CERENCE INC.
    Condensed Consolidated Statements of Operations
    (in thousands, except per share data)
           
        Three Months Ended  
        December 31,  
        2024     2023  
    Revenues:            
    License   $ 22,725     $ 20,823  
    Connected services     13,707       96,820  
    Professional services     14,464       20,692  
    Total revenues     50,896       138,335  
    Cost of revenues:            
    License     1,782       1,604  
    Connected services     6,311       7,303  
    Professional services     9,731       17,325  
    Amortization of intangible assets     —       103  
    Total cost of revenues     17,824       26,335  
    Gross profit     33,072       112,000  
    Operating expenses:            
    Research and development     20,869       33,306  
    Sales and marketing     4,766       6,071  
    General and administrative     12,754       12,793  
    Amortization of intangible assets     554       545  
    Restructuring and other costs, net     11,062       705  
    Total operating expenses     50,005       53,420  
    (Loss) income from operations     (16,933 )     58,580  
    Interest income     1,437       1,432  
    Interest expense     (3,393 )     (3,236 )
    Other income, net     272       1,422  
    (Loss) income before income taxes     (18,617 )     58,198  
    Provision for income taxes     5,671       34,341  
    Net (loss) income   $ (24,288 )   $ 23,857  
    Net (loss) income per share:            
    Basic   $ (0.57 )   $ 0.58  
    Diluted   $ (0.57 )   $ 0.53  
    Weighted-average common share outstanding:            
    Basic     42,897       41,186  
    Diluted     42,897       49,255  
                     
     
    CERENCE INC.
    Condensed Consolidated Balance Sheets
    (in thousands, except per share amounts)
                 
        December 31,     September 30,  
        2024     2024  
        (Unaudited)        
    ASSETS            
    Current assets:            
    Cash and cash equivalents   $ 104,103       121,485  
    Marketable securities     3,889       5,502  
    Accounts receivable, net of allowances of $53 and $1,613     47,671       62,755  
    Deferred costs     4,739       5,286  
    Prepaid expenses and other current assets     39,670       70,481  
    Total current assets     200,072       265,509  
    Long-term marketable securities     2,552       3,453  
    Property and equipment, net     29,371       30,139  
    Deferred costs     15,539       18,051  
    Operating lease right of use assets     13,156       12,879  
    Goodwill     288,886       296,858  
    Intangible assets, net     1,059       1,706  
    Deferred tax assets     46,035       51,398  
    Other assets     20,858       22,365  
    Total assets   $ 617,528     $ 702,358  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current liabilities:            
    Accounts payable   $ 7,609     $ 3,959  
    Deferred revenue     47,626       52,822  
    Short-term operating lease liabilities     3,828       4,528  
    Short-term debt     59,954       87,094  
    Accrued expenses and other current liabilities     32,967       68,405  
    Total current liabilities     151,984       216,808  
    Long-term debt     196,208       194,812  
    Deferred revenue, net of current portion     113,444       114,354  
    Long-term operating lease liabilities     10,071       8,803  
    Other liabilities     25,119       26,484  
    Total liabilities     496,826       561,261  
    Stockholders’ Equity:            
    Common stock, $0.01 par value, 560,000 shares authorized; 42,988 and 41,924 shares issued and outstanding, respectively     430       419  
    Accumulated other comprehensive loss     (29,785 )     (25,912 )
    Additional paid-in capital     1,096,085       1,088,330  
    Accumulated deficit     (946,028 )     (921,740 )
    Total stockholders’ equity     120,702       141,097  
    Total liabilities and stockholders’ equity   $ 617,528     $ 702,358  
                     
     
    CERENCE INC.
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
           
        Three Months Ended  
        December 31,  
        2024     2023  
    Cash flows from operating activities:            
    Net (loss) income   $ (24,288 )   $ 23,857  
    Adjustments to reconcile net (loss) income to net cash provided by (used in) operations:            
    Depreciation and amortization     2,445       2,686  
    Provision for expected credit loss reserve     207       –  
    Stock-based compensation     7,771       8,380  
    Non-cash interest expense     1,861       1,468  
    Gain on debt extinguishment     (327 )     –  
    Deferred tax provision     4,927       30,298  
    Unrealized foreign currency transaction losses (gains)     1,997       (2,012 )
    Other, net     (33 )     382  
    Changes in operating assets and liabilities:            
    Accounts receivable     8,800       4,933  
    Prepaid expenses and other assets     27,201       1,170  
    Deferred costs     1,859       2,589  
    Accounts payable     3,814       2,382  
    Accrued expenses and other liabilities     (33,087 )     3,712  
    Deferred revenue     6,107       (82,660 )
    Net cash provided by (used in) operating activities     9,254       (2,815 )
    Cash flows from investing activities:            
    Capital expenditures     (1,360 )     (931 )
    Sale and maturities of marketable securities     2,493       2,442  
    Other investing activities     (374 )     (322 )
    Net cash provided by investing activities     759       1,189  
    Cash flows from financing activities:            
    Principal payments of short-term debt     (26,964 )     –  
    Common stock repurchases for tax withholdings for net settlement of equity awards     (1,369 )     (6,209 )
    Principal payment of lease liabilities arising from a finance lease     (115 )     (122 )
    Proceeds from the issuance of common stock     1,364       6,201  
    Net cash used in financing activities     (27,084 )     (130 )
    Effects of exchange rate changes on cash and cash equivalents     (311 )     (662 )
    Net change in cash and cash equivalents     (17,382 )     (2,418 )
    Cash and cash equivalents at beginning of period     121,485       101,154  
    Cash and cash equivalents at end of period   $ 104,103     $ 98,736  
                     
     
    CERENCE INC.
    Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures
    (unaudited – in thousands)
           
        Three Months Ended  
        December 31,  
        2024     2023  
    GAAP revenue   $ 50,896     $ 138,335  
                 
    GAAP gross profit   $ 33,072     $ 112,000  
    Stock-based compensation     490       641  
    Amortization of intangible assets     –       103  
    Non-GAAP gross profit   $ 33,562     $ 112,744  
    GAAP gross margin     65.0 %     81.0 %
    Non-GAAP gross margin     65.9 %     81.5 %
                 
    GAAP operating (loss) income   $ (16,933 )   $ 58,580  
    Stock-based compensation*     4,808       8,380  
    Amortization of intangible assets     554       648  
    Restructuring and other costs, net*     11,062       705  
    Non-GAAP operating (loss) income   $ (509 )   $ 68,313  
    GAAP operating margin     -33.3 %     42.3 %
    Non-GAAP operating margin     -1.0 %     49.4 %
                 
    GAAP net (loss) income   $ (24,288 )   $ 23,857  
    Stock-based compensation*     4,808       8,380  
    Amortization of intangible assets     554       648  
    Restructuring and other costs, net*     11,062       705  
    Depreciation     1,891       2,038  
    Total other expense, net     (1,684 )     (382 )
    Provision for income taxes     5,671       34,341  
    Adjusted EBITDA   $ 1,382     $ 70,351  
    GAAP net (loss) income margin     -47.7 %     17.2 %
    Adjusted EBITDA margin     2.7 %     50.9 %
    * – $3.0 million in stock-based compensation is included in Restructuring and other costs, net for Q1’25.            
                 
     
    CERENCE INC.
    Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures (cont.)
    (unaudited – in thousands, except per share data)
           
        Three Months Ended  
        December 31,  
        2024     2023  
    GAAP net (loss) income   $ (24,288 )   $ 23,857  
    Stock-based compensation*     4,808       8,380  
    Amortization of intangible assets     554       648  
    Restructuring and other costs, net*     11,062       705  
    Gain on debt extinguishment     (327 )     –  
    Non-cash interest expense     1,861       1,468  
    Other     (33 )     (27 )
    Adjustments to income tax expense     4,895       19,259  
    Non-GAAP net (loss) income   $ (1,468 )   $ 54,290  
                 
    Adjusted EPS:            
    GAAP Numerator:            
    Net (loss) income attributed to common shareholders – basic   $ (24,288 )   $ 23,857  
    Interest on the Notes, net of tax     –       2,250  
    Net (loss) income attributed to common shareholders – diluted   $ (24,288 )   $ 26,107  
                 
    Non-GAAP Numerator:            
    Net (loss) income attributed to common shareholders – basic   $ (1,468 )   $ 54,290  
    Interest on the Notes, net of tax     –       1,120  
    Net (loss) income attributed to common shareholders – diluted   $ (1,468 )   $ 55,410  
                 
    GAAP Denominator:            
    Weighted-average common shares outstanding – basic     42,897       41,186  
    Adjustment for diluted shares     –       8,069  
    Weighted-average common shares outstanding – diluted     42,897       49,255  
                 
    Non-GAAP Denominator:            
    Weighted-average common shares outstanding- basic     42,897       41,186  
    Adjustment for diluted shares     –       8,069  
    Weighted-average common shares outstanding – diluted     42,897       49,255  
                 
    GAAP net (loss) income per share – diluted   $ (0.57 )   $ 0.53  
    Non-GAAP net (loss) income per share – diluted   $ (0.03 )   $ 1.12  
                 
    GAAP net cash provided by (used in) operating activities   $ 9,254     $ (2,815 )
    Capital expenditures     (1,360 )     (931 )
    Free Cash Flow   $ 7,894     $ (3,746 )
    * – $3.0 million in stock-based compensation is included in Restructuring and other costs, net for Q1’25.            
                 
     
    CERENCE INC.
    Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures (cont.)
    (unaudited – in thousands)
                 
        Q2 2025     FY2025  
        Low     High     Low     High  
    GAAP revenue   $ 74,000     $ 77,000     $ 236,000     $ 247,000  
                             
    GAAP gross profit   $ 54,700     $ 58,700     $ 158,400     $ 169,400  
    Stock-based compensation     700       700       2,500       2,500  
    Amortization of intangible assets     –       –       –       –  
    Non-GAAP gross profit   $ 55,400     $ 59,400     $ 160,900     $ 171,900  
    GAAP gross margin     74 %     76 %     67 %     69 %
    Non-GAAP gross margin     75 %     77 %     68 %     70 %
                             
    GAAP operating income (loss)   $ 7,100     $ 11,100     $ (27,100 )   $ (16,100 )
    Stock-based compensation     7,000       7,000       22,500       22,500  
    Amortization of intangible assets     500       500       1,600       1,600  
    Restructuring and other costs, net     1,300       1,300       8,100       8,100  
    Non-GAAP operating income   $ 15,900     $ 19,900     $ 5,100     $ 16,100  
    GAAP operating margin     10 %     14 %     -11 %     -7 %
    Non-GAAP operating margin     21 %     26 %     2 %     7 %
                             
    GAAP net income (loss)   $ 1,200     $ 5,200     $ (39,600 )   $ (28,600 )
    Stock-based compensation     7,000       7,000       22,500       22,500  
    Amortization of intangible assets     500       500       1,600       1,600  
    Restructuring and other costs, net     1,300       1,300       8,100       8,100  
    Depreciation     1,900       1,900       10,200       10,200  
    Total other expense, net     (1,300 )     (1,300 )     (5,100 )     (5,100 )
    Provision for income taxes     4,600       4,600       7,400       7,400  
    Adjusted EBITDA   $ 17,800     $ 21,800     $ 15,300     $ 26,300  
    GAAP net income (loss) margin     2 %     7 %     -17 %     -12 %
    Adjusted EBITDA margin     24 %     28 %     6 %     11 %
                                     
     
    CERENCE INC.
    Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures (cont.)
    (unaudited – in thousands)
                 
        Q2 2025     FY2025  
        Low     High     Low     High  
    GAAP net income (loss)   $ 1,200     $ 5,200     $ (39,600 )   $ (28,600 )
    Stock-based compensation     7,000       7,000       22,500       22,500  
    Amortization of intangibles     500       500       1,600       1,600  
    Restructuring and other costs, net     1,300       1,300       8,100       8,100  
    Non-cash interest expense     1,500       1,500       5,500       5,500  
    Other     –       –       (100 )     (100 )
    Adjustments to income tax expense     1,500       1,500       (4,600 )     (4,600 )
    Non-GAAP net income (loss)   $ 13,000     $ 17,000     $ (6,600 )   $ 4,400  
                             
    Adjusted EPS:                        
    GAAP Numerator:                        
    Net income (loss) attributed to common shareholders – basic and diluted   $ 1,200     $ 5,200     $ (39,600 )   $ (28,600 )
                             
    Non-GAAP Numerator:                        
    Net income (loss) attributed to common shareholders – basic   $ 13,000     $ 17,000     $ (6,600 )   $ 4,400  
    Interest on the Notes, net of tax     900       900       –       –  
    Net income (loss) attributed to common shareholders – diluted   $ 13,900     $ 17,900     $ (6,600 )   $ 4,400  
                             
    GAAP Denominator:                        
    Weighted-average common shares outstanding – basic     43,000       43,000       43,000       43,000  
    Adjustment for diluted shares     100       100       –       –  
    Weighted-average common shares outstanding – diluted     43,100       43,100       43,000       43,000  
                             
    Non-GAAP Denominator:                        
    Weighted-average common shares outstanding- basic     43,000       43,000       43,000       43,000  
    Adjustment for diluted shares     6,800       6,800       –       100  
    Weighted-average common shares outstanding – diluted     49,800       49,800       43,000       43,100  
                             
    GAAP net income (loss) per share – diluted   $ 0.03     $ 0.12     $ (0.92 )   $ (0.67 )
    Non-GAAP net income (loss) per share – diluted   $ 0.28     $ 0.36     $ (0.15 )   $ 0.10  
                             
    GAAP net cash provided by operating activities               $ 34,000     $ 40,000  
    Capital expenditures                 (14,000 )     (10,000 )
    Free Cash Flow               $ 20,000     $ 30,000  
                                 

    The MIL Network –

  • MIL-OSI: ACM Research to Release Fourth Quarter and Fiscal Year 2024 Financial Results on February 26, 2025

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — ACM Research, Inc. (“ACM”) (NASDAQ: ACMR) announced today that it will release its financial results for the fourth quarter and fiscal year 2024 before the U.S. market open on Wednesday, February 26, 2025. ACM will conduct a corresponding conference call at 8:00 a.m. U.S. Eastern Time (9:00 p.m. China Time) to discuss the results.

    What: ACM Fourth Quarter and Fiscal Year (ended December 31, 2024) Earnings Call
    When: 8:00 a.m. U.S. Eastern Time on Wednesday, February 26, 2025
    Webcast: ir.acmr.com/news-events
       

    To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.

    Online Registration: https://register.vevent.com/register/BI70ae79d80e0348a880269ad7a9dec2f9

    Participants who have not pre-registered may join the webcast by accessing the link at ir.acmr.com/news-events.

    A live and archived webcast of the conference call will be available on the Investors section of ACM’s website at www.acmr.com.

    About ACM Research, Inc.

    ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com.

    © ACM Research, Inc. The ACM Research logo is a trademark of ACM Research, Inc. For convenience, this trademark appears in this press release without a ™ symbol, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to such trademark.

    For investor and media inquiries, please contact:

    In the United States: The Blueshirt Group
    Steven C. Pelayo, CFA
    +1 (360) 808-5154
    steven@blueshirtgroup.co
       
    In China: The Blueshirt Group Asia
    Gary Dvorchak, CFA
    +86 (138) 1079-1480
    gary@blueshirtgroup.co

    The MIL Network –

  • MIL-OSI: Nutanix Announces Date and Conference Call Information for Second Quarter Fiscal Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, today announced that it will report its financial results for the second quarter of fiscal year 2025, which ended January 31, 2025, after U.S. markets close on Wednesday, February 26, 2025.

    Nutanix will host a conference call and earnings webcast beginning at 4:30 p.m. EST / 1:30 p.m. PST on the same day to discuss the company’s financial results. Interested parties may access the conference call by registering at this link to receive dial in details and a unique PIN number. The conference call will also be webcast live on the Nutanix Investor Relations website at ir.nutanix.com.

    An archived replay of the webcast will be available on the Nutanix Investor Relations website at ir.nutanix.com shortly after the call.

    About Nutanix
    Nutanix is a global leader in cloud software, offering organizations a single platform for running applications and managing data, anywhere. With Nutanix, companies can reduce complexity and simplify operations, freeing them to focus on their business outcomes. Building on its legacy as the pioneer of hyperconverged infrastructure, Nutanix is trusted by companies worldwide to power hybrid multicloud environments consistently, simply, and cost-effectively. Learn more at www.nutanix.com or follow us on social media @nutanix.

    © 2025 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or unregistered trademarks of Nutanix, Inc. in the United States and other countries. Other brand names and marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s). This press release contains links to external websites that are not part of Nutanix.com. Nutanix does not control these sites and disclaims all responsibility for the content or accuracy of any external site. Our decision to link to an external site should not be considered an endorsement of any content on such a site.

    Investor Contact
    Richard Valera
    ir@nutanix.com   

    The MIL Network –