Category: Economy

  • MIL-OSI: Gibson Energy Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    All financial figures are in Canadian dollars unless otherwise noted

    CALGARY, Alberta, Oct. 29, 2024 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today that its Board of Directors has approved a quarterly dividend of $0.41 per common share payable on January 17, 2025, to shareholders of record at the close of business December 31, 2024. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Gibson’s dividends are subject to Canadian withholding tax.

    About Gibson
    Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside, Texas, and a facility in Moose Jaw, Saskatchewan.

    Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

    For further information, please contact:

    Investor Relations:
    (403) 776-3077
    investor.relations@gibsonenergy.com

    Media Relations:
    (403) 476-6334
    communications@gibsonenergy.com

    The MIL Network

  • MIL-OSI USA: Schumer, Gillibrand Secure Nearly $12 Million To Replace Bridge Street Bridge Over Schoharie Creek

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand

    Senators Say Fed $$ Will Support Critical Replacement Of 100-Year-Old Bridge Via Bipartisan Infrastructure Law’s Competitive “Bridge Investment Program”

    Schumer, Gillibrand: The Bipartisan Infrastructure & Jobs Law Is Helping Bridge The Gap To Build Long Overdue Projects The Capital Region!

    U.S. Senate Majority Leader Charles E. Schumer and U.S. Senator Kirsten Gillibrand announced $11,600,000 for Schoharie County to replace the Bridge Street bridge over Schoharie Creek as a recipient of the U.S. Department of Transportation’s (DOT) highly competitive Bridge Investment Program. The federal funding, created in the Bipartisan Infrastructure Investment & Jobs Law championed by the senators, will help replace the aging bridge, which is a vital connector in Schoharie County.

    “The Bridge Street bridge is a vital connector in Schoharie County, but after 100 years of use, it is nearing the end of its useful life. This $11.6 million will boost efforts to replace the bridge and restore this vital connector for Schoharie County,” said Senator Schumer. “The next closest bridge over Schoharie Creek is more than 20 minutes away. When considering emergency vehicles, that 20 minutes is vital. New York State has already put a weight restriction on the bridge due to its condition, and it’s vital that we build a replacement bridge as soon as possible to keep people safe and to maximize ease of transport and economic efficiency. I fought to create the Bridge Investment Program in our Bipartisan Infrastructure & Jobs Law because I know how important boosting federal investment in bridges is to protecting travelers’ safety while creating good-paying jobs. I’m proud that the law is continuing to deliver for the Capital Region.”

    “Infrastructure like the Bridge Street bridge helps local economies thrive, plays a vital role in protecting public safety, and connects communities,” said Senator Gillibrand. “Bridge Street serves as a crucial overpass for emergency vehicles, farm vehicles, and citizens of Schoharie County, and its replacement is long overdue. I’m proud to have fought for the passage of the Bipartisan Infrastructure Law and helped secure this funding for the Capital Region. I will continue working to deliver federal dollars to New York for the improvement of our infrastructure.”

    “We are deeply grateful to Senator Schumer, Senator Gillibrand, Lieutenant Governor Delgado, Congresswoman Stefanik and all the bipartisan supporters for securing the $11.6 million needed for Schoharie’s new Bridge Street Bridge. This bridge is essential for our town—it boosts the safety and efficiency of our roads, ensures emergency responders can act quickly, supports our farmers who rely on it, and links our community hubs. This investment is a big win for everyone in Schoharie County, showing a strong commitment to enhancing our critical infrastructure,” said Benjamin Oevering, Supervisor, Town of Schoharie.

    The Bridge Street bridge is a vital connector in Schoharie County, but after 100 years of use, it is nearing the end of its useful life. The federal funding secured by the senators will help the county build a new bridge, increasing safety and creating jobs. New York State has put a weight restriction on the bridge due to its condition, and the County is concerned that further disrepair could eventually limit its use by emergency vehicles. The nearest bridge is approximately 10 miles away, adding 20-25 minutes in commute time. The senators also said that farm vehicles use the bridge regularly, and the bridge is vital to the County’s thriving rural agriculture economy.

    The senators explained that the Bipartisan Infrastructure Investment and Jobs Act included $12.5 billion appropriated annually over five years (FY 22-26) to help plan, replace, rehabilitate, protect, and preserve some of the nation’s largest bridges, ensuring that they remain operational, support local economies, strengthen supply chains, and improve safety. The Capital Region was one of the first in the nation to tap into this federal funding when Schumer and Gillibrand secured $21 million to repair and modernize the Castleton-on-Hudson Bridge in April 2023.

    MIL OSI USA News

  • MIL-OSI USA: Tillis to Lead Legislation to Replenish the SBA Disaster Loan Program Following Hurricanes Helene and Milton

    US Senate News:

    Source: United States Senator for North Carolina Thom Tillis

    WASHINGTON, D.C. – Today, Senator Thom Tillis (R-NC), along with Senators Ted Budd (R-NC), Tim Scott (R-SC), Bill Cassidy, M.D. (R-LA), and Rick Scott (R-FL), announced plans to introduce legislation that would replenish the Small Business Administration (SBA) Disaster Loan Program. The Senators plan to seek passage of the legislation when Congress returns to session.

    On October 15th, the SBA announced the Disaster Loan Fund had run out of money. Senator Tillis previously wrote an op-ed in The Hill urging Congress to return and quickly pass a disaster recovery package to replenish the fund, writing in part: “…Few Helene victims have flood insurance, so the SBA’s various disaster recovery programs are key to long-term recovery. By utilizing these programs, victims can access low-interest loans to replace lost property or repair or rebuild their homes or small businesses. The loans can also be used to provide a financial cushion for small businesses that face an economic loss in the months ahead due to the storm.” 

    “The SBA Disaster Loan Program running out of funds risks delays in processing the loans of those affected by Helene and Milton and their ability to get their lives back on track,” said Senator Tillis. “That is why I am leading legislation to replenish this fund when Congress returns to Washington, and I look forward to working across the aisle to pass a long-term disaster aid package that will provide additional resources to help make the victims of these hurricanes whole again.”

    “The citizens of Western North Carolina are some of the toughest and most resilient people in this country,” said Senator Budd. “As they recover and rebuild their communities, they must be able to access disaster loans from SBA. This recovery will take many years, and I look forward to working with my colleagues to cut through the delays and provide WNC with the resources they need as quickly as possible.” 

    “Hurricane Helene brought a level of devastation to South Carolina we haven’t seen since Hugo. With a natural disaster of this magnitude, Congress should take the opportunity to show leadership and help ease the pain of those who have lost everything,” said Senator Tim Scott. “Communities back home and in surrounding states have come together to recover, but it will take every possible effort to get us back to where we were.”

    “Hurricanes Francine, Helene, and Milton hit us hard, but Louisianans and Americans are resilient,” said Dr. Cassidy. “This funding is essential to help small businesses recover from these storms and support our local economies.”

    “We cannot allow frontline federal agencies, like the SBA, to run out of disaster relief funds. This is especially important in the wake of Hurricanes Helene and Milton which devastated Florida, North Carolina and communities across the Southeast U.S.,” said Senator Rick Scott. “I continue to call on Leader Schumer to immediately reconvene the Senate so we can fund disaster relief functions at FEMA, the SBA, USDA and other agencies to get folks what they need and deserve. I won’t stop fighting to get this done and am proud to join my colleagues to introduce a bill that funds SBA disaster loans and makes sure the federal government is a reliable partner as families continue their recovery.” 

    The Restoring an Economic Lifeline with Immediate Emergency Funding (Relief) Act would appropriate $550 million to fund the SBA Disaster Loan Program Account, which would provide $2.475B in lending capacity projected to last until the end of 2024.

    Read text of the bill HERE.

    MIL OSI USA News

  • MIL-OSI USA: SCHUMER ANNOUNCES FIVE NEW YORK TEAMS ADVANCE TO NEXT ROUND OF NATIONAL SCIENCE FOUNDATION “INNOVATION ENGINES” PROGRAM – CREATED BY SCHUMER’S CHIPS & SCIENCE LAW – TO COMPETE FOR UP TO $160 MILLION…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Last Year, Schumer-Supported And Binghamton University-Led Battery Research Hub Won Inaugural NSF Engines Competition, And This Year Even More From NY Are Competing For Funding As The Contest Launches For Second Year

    Schumer Says 5 NY-Based Projects Were Selected – The Most Of Any State – Ranging From University At Buffalo AI Research To Rochester’s Laser Lab To Cornell’s New Technology For Upstate Dairy Farmers And More; All To Spur New Innovations And Good-Paying Jobs

    Schumer: NY Is Leading The Charge To Boost American Innovation And Economic Leadership!

    U.S. Senate Majority Leader Chuck Schumer today announced that five New York teams have advanced to the next round of consideration for federal investment through the National Science Foundation’s Regional “Innovation Engines” Competition (NSF Engines), which was created by his CHIPS & Science Law.

    The five teams include projects ranging from the University of Rochester’s effort to develop cutting-edge laser technology, to the University at Buffalo-led AI for Health Equity, to Cornell University leading sustainable dairy innovation, to FuzeHub strengthening Upstate NY’s microelectronics manufacturing, to CUNY bolstering the tristate region’s biotechnology sector.  Schumer said these five projects in NY, along with a total of 71 teams across the country, will now submit full proposals to compete for up to $160 million in federal investment from the CHIPS & Science Law. You can read more about this year’s competition here. 

    “I created the NSF Regional Innovation Engines program in my CHIPS & Science Law with New York’s world-renowned universities and innovation ecosystem in mind. I’m thrilled to see five NY-based teams reach the next round in the competition for major federal investment to boost American innovation, new jobs, and economic leadership,” said Senator Schumer. “From Buffalo pioneering the next generation of AI to Cornell discovering new technology to help our Upstate dairy farmers to Rochester powering the future of laser development, these projects show how NY can lead our nation in developing the technology and jobs of the future. The NSF is saying what I have long known: keeping America at the cutting edge of innovation across industries begins in New York. This major federal funding can help translate more research and development at New York’s universities into new businesses and new, good-paying jobs across the state, boosting New York to further lead the charge in powering America’s economic preeminence.”

       

    More details on the five New York-based proposals can be found below:

    • The University of Rochester’s proposal, officially named “STELLAR: Advancing Laser Technologies in the Rochester NY/Finger Lakes Region,” is focused on establishing a diverse coalition of partners in the Rochester-Finger Lakes region to accelerate laser discovery, technological advancement, education, and company creation, drive manufacturing and boost workforce development in order to help recapture U.S. national competitiveness and strengthen our security. The STELLAR Engine will foster laser-oriented workforce development, particularly in underserved communities in Rochester and rural communities in the Finger Lakes, accelerate use-inspired R&D, entrepreneurship, and regional business development that will create jobs, build a laser science and technology talent pipeline, bolster the supply chain, and grow and sustain the region’s economy.
    • The University at Buffalo’s proposal, officially named “AI for Health Equity,” will work to utilize artificial intelligence to develop cutting-edge health care solutions, further highlighting Western New York’s leadership in building an AI innovation ecosystem, something Schumer has actively pushed for. The project aims to boost new start-up companies and help partners commercialize AI technology centered on health and wellness. This new technology will aid health care providers and serve as personal assistance to community members. Eventually, the project will expand so that its technology can serve communities beyond Western NY and across the country.
    • Cornell University’s proposal, officially named “Sustainable Utilization of Scalable Technologies & Advanced Innovation for NetZero NY (SUSTAIN Dairy),” aims to reduce waste, create new dairy products, and develop new rural and workforce development opportunities. It is one of five projects in this round that is focused on agriculture and the only project focused on dairy. This proposal aims to develop a holistic, science-based framework for achieving net zero by 2050 from farm to fork through an advanced dairy innovation ecosystem. With dairy manufacturing and family farms scattered throughout rural New York, achieving place-based innovation that builds community wealth is vital for the future success of Upstate New York.
    • CUNY-ARC’s proposal, officially named “Tech-Enabled, Bioinspired & Biomanufacturing Ecosystem (Tri-State Tech-Biome),” aims to address critical regional challenges by creating an ecosystem that accelerates the innovation and commercialization of bio-inspired technologies and materials derived from renewable feedstocks. This work is being done in coordination with industry players and leading research universities in the region.
    • FuzeHub’s proposal, officially named “A Materials Innovation Engine for Manufacturing Sustainability,” will work to mitigate the negative impacts on the environment from manufacturing industries by replacing toxic or scarce components with advanced materials. FuzeHub competed last year for this award as well and was asked to resubmit.

    “I proudly supported the CHIPS and Science Act to pave the way for critical investments like the National Science Foundation’s Regional Innovative Engines program,” said Congressman Joe Morelle. “With the University of Rochester’s STELLAR engine advancing to the next phase, we celebrate Rochester’s legacy in optics and photonics and our designation as a Regional Tech Hub. This milestone honors our community’s pioneering spirit, and I look forward to working with the NSF to elevate Rochester’s role in shaping the future of technology.”

    “I am very pleased that our Science, Technology, and Engineering for Laser and Laser Applications Research (STELLAR) proposal will be advancing to the next stage and can continue to compete for transformative funding focused on creating and growing a diverse, workforce-focused laser ecosystem in Rochester and Upstate New York,” said Thomas Brown, the Director of the University’s Institute of Optics. “Our proposal is the only one to address declining U.S. leadership in laser manufacturing, since lasers are a fundamental enabling technology underpinning the entire internet, chip manufacturing, and a host of other technologies. I particularly thank Senator Schumer for his vision in establishing the regional innovation engines program at the National Science Foundation through his landmark CHIPS and Science Act, our many academic, industry and community partners, and the NSF for their consideration of support.”

    “The NSF Regional Innovation Engines program, created through the CHIPS and Science Act, is strengthening our nation’s manufacturing sector and boosting our global competitiveness,” said Congressman Kennedy. “At the forefront of this progress are five New York based teams that have made it to the next round of the process to receive game-changing federal funding to build on the progress Western New York has made to become a national-leader in the tech space. These teams are making our state and region a leader in innovative manufacturing while creating good-paying union jobs.”

    “As the home of Empire AI, UB is dedicated to leveraging our game-changing artificial intelligence research to alleviate health disparities in underserved populations throughout our region,” said UB President Satish K. Tripathi. “With an NSF Engines award, UB will be able to harness our AI- informed health innovations to improve the health and well-being of individuals and families across Western New York, ultimately growing participation in our region’s economy. On behalf of all of us at the University at Buffalo, I would like to thank Majority Leader Schumer for his steadfast support of UB. In championing federal research funding for institutions of higher education, Senator Schumer is helping UB fuel impactful innovations, contribute measurably to economic development and enhance health outcomes across the lifespan.”

    Last year, Schumer helped the Binghamton University-led Upstate New York Energy Storage Engine win the esteemed competition in its inaugural year, bringing $15 million in federal funding immediately, with up to $160 million total over the life of the program from the NSF to supercharge growth and cutting-edge research in battery development and manufacturing in Upstate NY. The projects selected this year will build upon the inaugural cohort’s work developing new state-of-the-art technology.

    Schumer created the NSF’s Regional Innovation Engines Program in his CHIPS & Science Law as a program that falls under the newly created NSF Directorate of Technology, Innovation, and Partnerships.  Schumer proposed the creation of this Directorate originally in his bipartisan Endless Frontier Act, with a focus on delivering investment in research, workforce training, and entrepreneurship in key technology areas like AI, semiconductors, quantum computing, biotechnology, climate-smart research, advanced materials, and more. The NSF Regional Innovation Engines program catalyzes and fosters innovation ecosystems across the United States to promote and stimulate economic growth, job creation, and spur regional innovation.

    Each NSF Engine can receive up to $160 million over 10 years; actual amounts will be subject to a given NSF Engine’s status and overall progress, as assessed annually. The teams selected in this recent announcement will submit full proposals to NSF by February 2025, with final awards made next year, pending appropriations.  

    MIL OSI USA News

  • MIL-OSI Russia: Paraguay Subscribes to IMF’s Special Data Dissemination Standard

    Source: IMF – News in Russian

    October 29, 2024

    Washington, DC: On October 28, Paraguay subscribed to the IMF’s Special Data Dissemination Standard (SDDS), joining 48 other countries currently subscribed to the SDDS. Subscription to the SDDS is expected to improve the country’s capacity on data compilation and dissemination, facilitate the macro-economic policy making process, help build up market confidence on the country’s institutional capacity, and contribute to the economic and financial stability.

    Paraguay’s achievement builds on its strong performance in the IMF’s Enhanced General Data Dissemination System (e-GDDS) since 2017 and stands to set an example for its peers.

    Bert Kroese, Chief Statistician and Data Officer, and Director of the IMF’s Statistics Department, welcomed the key achievement in the country’s statistical development. “I congratulate the authorities on graduating from the e-GDDS and advancing to the SDDS. It reflects Paraguay’s strong commitment to transparency and is a significant step forward in complying to internationally accepted best practices in data dissemination.”

    “Subscription to the SDDS is also beneficial for the country.  Mr. Kroese added. “The milestone is also a testament to the Fund’s commitment to helping the member countries with capacity development.”

    The SDDS, established by the IMF in March 1996, is intended to guide members in the dissemination of economic and financial data to the public. Subscription to the SDDS enhances the availability of timely statistics according to an advance release calendar (ARC), thereby contributing to sound macroeconomic policies and the proper functioning of financial markets. Although voluntary, a subscribing member commits to observe the standard and to publish information (metadata) about its data dissemination practices.

    In concluding the Tenth Review of the IMF Data Standards Initiatives in February 2022, the IMF Executive Board underscored the important role that the Data Standards Initiatives have played since the mid-1990s in promoting data transparency as a global public good by encouraging countries to voluntarily publish key macroeconomic and financial data. The Tenth Review also stressed the importance of supporting the e-GDDS countries’ advancement toward the SDDS.

    The National Summary Data Page (NSDP) of Paraguay includes the SDDS data categories. Comprehensive documentation on the related statistical practices is published at the IMF’s Dissemination Standards Bulletin Board (DSBB) and information for Paraguay is available at IMF – SDDS Subscribing Countries (DSBB)]

    In addition to the SDDS and the e-GDDS, the Data Standards Initiatives include the SDDS Plus. Detailed information on the Data Standards Initiatives can be found at https://dsbb.imf.org.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Julie Ziegler

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/29/pr-24399-paraguay-paraguay-subscribes-to-imfs-special-data-dissemination-standard

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: Raksha Mantri reviews the performance of DPSUs; Receives dividend cheques amounting to Rs 1,620 crore

    Source: Government of India (2)

    Posted On: 29 OCT 2024 6:01PM by PIB Delhi

    Raksha Mantri Shri Rajnath Singh reviewed the performance of Defence Public Sector Undertakings (DPSUs) at South Block, New Delhi on October 29, 2024. He emphasised the importance of development of new technology by DPSUs & indigenisation and lauded the role of DPSUs in preparedness of the Armed Forces.

    Raksha Mantri directed the DPSUs to put dedicated efforts and resources towards Research & Development (R&D), Export & Indigenisation. He further exhorted them on increasing the production capacity, quality of products and timely deliveries to Armed forces.

    Shri Rajnath Singh congratulated CMD, Hindustan Aeronautics Limited (HAL) on getting the Maharatna Status & becoming the 14th Maharatna PSU of India and first among the DPSUs. He also encouraged other DPSUs to become maharatna and navratna. Secretary (Defence Production) Shri Sanjeev Kumar briefed the minister about the overview of DPSUs including financial performance, present status & category of DPSUs and further efforts by them in the areas of R&D & Indigenisation etc.

    At the end of the review, DPSUs namely HAL, Bharat Electronics Limited, BEML Limited, Bharat Dynamics Limited, Mazagon Dock Shipbuilders Limited, Garden Reach Shipbuilders & Engineers Ltd and Goa Shipyard Limited handed over Dividend Cheques amounting to Rs. 1620 Cr to Raksha Mantri.

    *****

    VK/SR/Savvy/KB

     

     

    (Release ID: 2069296) Visitor Counter : 20

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi Inaugurates, Lays Foundation Stone of several projects and Launches various Health Programmes across 4 Ministries on Dhanvantari Jayanti, significantly enhancing health infrastructure across the country

    Source: Government of India

    Prime Minister Shri Narendra Modi Inaugurates, Lays Foundation Stone of several projects and Launches various Health Programmes across 4 Ministries on Dhanvantari Jayanti, significantly enhancing health infrastructure across the country

    Various initiatives amounting to more than Rs. 12,855 Cr, include projects worth more than Rs. 5502 Cr under the Ministry of Health & Family Welfare; Rs. 5187 Cr under Dept. of Pharmaceuticals, Ministry of Chemicals & Fertilizers; Rs. 1641 under ESIC, Ministry of Labour and Employment and Rs. 525.14 Cr under the Ministry of AYUSH

    Prime Minister Unveils Comprehensive Five-Pillar Health Policy Focused on Preventive Care and Accessibility

    Prime Minister Launches Expansion of Health Coverage under AB-PMJAY for citizens of and above 70 years, at a cost of Rs. 3437 Crore

    Every senior citizen in the country aged 70 and above will receive free hospital treatment through the Ayushman Vaya Vandana Card: Prime Minister

    “Health is regarded as the greatest wealth, a concept that is gaining global recognition through Yoga”

    Prime Minister Reiterates Commitment to add 75,000 New MBBS and MD Seats to Meet Rising Demand

    Prime Minister Inaugurates Phase-II of India’s First All India Institute of Ayurveda in New Delhi, Central Drugs Testing Laboratory in Bhubaneswar, Odisha; 3 Government Medical Colleges in Madhya Pradesh; 5 projects under PLI Scheme for medical devices and drugs; 4 Centers of Excellence of AYUSH; and many projects at various AIIMS; Inaugurates ESIC hospital at Indore

    Prime Minister lays Foundation Stone for 5 Nursing Colleges in Madhya Pradesh; 21 Critical Care Blocks under PM-ABHIM in 5 States; 2 Yoga & Naturopathy Institutes in Odisha & Chhattisgarh; upgradation projects at AIIMS New Delhi and Bilaspur; 06 ESI hospitals in 5 States and 4 Centres of Excellence at NIPERs in 4 States

    Prime Minister Launches U-WIN portal for digitalization of Immunization services for pregnant women and children, enhancing access to health services and providing citizens with secure digital identities

    Prime Minister Launches Nationwide Campaign “Desh Ka Prakriti Parikshan Abhiyan” to promote Health Awareness among Citizens

    Posted On: 29 OCT 2024 5:30PM by PIB Delhi

    In a landmark development aimed at strengthening India’s healthcare infrastructure and providing quality healthcare services across the country, Prime Minister Shri Narendra Modi inaugurated and laid the foundation stone of several health infrastructure projects, and launched various health programmes across the Ministry of Health & Family Welfare, Ministry of Ayush, Dept. of Pharmaceuticals, Ministry of Chemicals & Fertilizers, and Employees’ State Insurance Corporation (ESIC) under Ministry of Labour & Employment at an event at All India Institute of Ayurveda (AIIA), here today. The total outlay of these projects amounts to more than 12,855 cr.

    Union Minister of Health and Family Welfare, Shri Jagat Prakash Nadda; Union Minister of Labour and Employment, Dr. Mansukh Mandaviya; Union Minister of State (Independent Charge) for AYUSH and Union MoS for Health and Family Welfare, Shri Prataprao Jadhav; Union Minister of State for Health and Family Welfare, Smt. Anupriya Patel; Union Minister of State for Labour and Employment, Smt. Shobha Karandlaje and Shri Ramvir Singh Bidhuri, South Delhi MP (Lok Sabha) were also present on the occasion.

    Today marks 9th ‘Ayurveda Day’, which is celebrated in India and many other countries on the occasion of Dhanvantari Jayanti. It is a day to celebrate the birth of Lord Dhanvantari, God of Ayurveda. Quoting sages and saints, Prime Minister emphasized that “health is regarded as the greatest wealth, a concept that is gaining global recognition through Yoga”. He expressed joy that Ayurveda Diwas is now celebrated in over 150 countries, highlighting the increasing global interest in Ayurveda and India’s ancient contributions to the world.

    Prime Minister said that in the past decade, the country had witnessed beginning of a new chapter in the health sector with amalgamation of knowledge of Ayurveda with Modern medicine, adding that the All India Institute of Ayurveda had been a focal point of this chapter. He noted that it would be possible to see ancient techniques like Panchakarma infused with modern technology in this institute along with advanced research studies in the fields of Ayurveda and medical science.

    Prime Minister underscored that “a nation’s progress is closely linked to the health of its citizens”, outlining the government’s commitment to healthcare through five key pillars: preventive healthcare, early disease detection, affordable treatment and medications, increased doctor availability in smaller towns, and technological advancements in health services. He stated that India’s approach to health is holistic and highlighted recent projects worth over ₹13,000 crores, including four Centers of Excellence under the Ayush Health scheme, drone service expansions, new infrastructure at various AIIMS, and the establishment of medical colleges. He expressed satisfaction with hospitals being built for laborers, which will serve as dedicated treatment centres. The inauguration of pharmaceutical units aimed at manufacturing advanced medicines and quality stents and implants was also mentioned.

    Reflecting on the struggles many families face due to illness, especially in poorer households, Shri Modi noted that people previously had to sell their possessions for medical care. He said that “to alleviate this burden, the government introduced the Ayushman Bharat Yojana, which covers up to ₹5 lakh in hospitalization costs for the poor”. He highlighted that around 4 crore individuals have benefited from this scheme, ensuring that they receive treatment without financial strain. He expressed pride in expanding the Ayushman Yojana to include free treatment for all citizens over 70 years old, through the Ayushman Vaya Vandana Card, which is universally accessible regardless of income.

    Reiterating the focus on reducing healthcare costs for both the poor and middle class, Prime Minister noted launch of over 14,000 Jan Aushadhi Kendras, providing medicines at an 80% discount and saving citizens ₹30,000 crores. He highlighted reductions in the prices of medical devices like stents and knee implants, preventing a loss of over ₹80,000 crores for the public. He also mentioned the free dialysis scheme and the Mission Indradhanush yojana, aimed at preventing severe diseases and protecting mothers and newborns.

    Prime Minister emphasized the importance of timely diagnosis to mitigate health risks and mentioned the establishment of nearly two lakh Ayushman Arogya Mandirs, facilitating early detection of diseases like cancer and diabetes. He noted that these centres help millions access timely treatment, ultimately reducing costs. Additionally, the government is leveraging technology through the e-Sanjeevani scheme, which has enabled over 30 crore online consultations, significantly lowering healthcare expenses. He announced the launch of the U-win platform, enhancing access to health services in India by providing citizens with secure digital identities. The Made-in-India digital platform will benefit 2.9 crore pregnant women and 2.6 crore infants annually by fully digitalising the complete vaccination process. It will ensure the timely administration of life-saving vaccines to women and children (from birth to 16 years) against 12 vaccine-preventable diseases under the Ministry of Health and Family Welfare’s flagship Universal Immunization Programme (UIP).

     

    Prime Minister concluded his address by reflecting on the substantial progress in India’s healthcare over the last decade compared to the previous decades, noting the record establishment of new AIIMS and medical colleges. He cited recent inaugurations in states like Karnataka, Uttar Pradesh, Madhya Pradesh, and Andhra Pradesh, as well as new medical colleges being developed. He assured that the increasing number of hospitals correlates with a rise in medical education opportunities, promising that no child’s dream of becoming a doctor would be hindered by lack of options in India, with nearly 1 lakh new MBBS and MD seats added in the past decade and a commitment to announce an additional 75,000 seats in the next five years.

    Speaking on the occasion, Shri JP Nadda said, “the health policy presented today by Prime Minister Shri Narendra Modi has two special features. The first characteristic is that it is holistic; In this, all aspects of preventive, promotional, curative, rehabilitative and palliative have been taken care of. The second feature is that the effort made in bringing all the genres together under one roof is very significant and will always be remembered.”

    He also reiterated that the Union Government will provide a health cover of ₹ 5 lakh to any elderly person above 70 years of age, any woman, any caste, any community, and any area, and will make arrangements for their treatment free of cost, adding that this facility will be available throughout their life.

    Shri Prataprao Jadhav noted that since 2014, Ayurveda’s involvement in global health has gained a new dimension and credited the Prime Minister for his exemplary contribution towards this. He informed that ‘Support Ayurveda’ initiative has been launched with the aim of spreading global awareness of Ayurveda.

    Details of Projects:

    Various projects and facilities falling under the Union Health Ministry amounting to more than Rs. 1133 Cr were inaugurated by the Prime Minister today. These include three Medical Colleges at Mandsaur, Neemuch and Seoni in Madhya Pradesh; facility and service extensions at AIIMS in Bilaspur (Himachal Pradesh); Kalyani (West Bengal), Patna (Bihar), Gorakhpur (Uttar Pradesh), Bhopal (Madhya Pradesh), Guwahati (Assam), and New Delhi where a Jan Aushadhi Kendra was inaugurated; a Super Speciality Block in Government Medical Colleges at Bilaspur (Chhattisgarh); a Central Drugs Testing Laboratory (CDTL) in Gothapatna, Bhubaneswar, Odisha and a Critical Care Block in Bargarh, Odisha.

    In addition, Prime Minister laid the foundation stone for various health infrastructure projects amounting to more than Rs. 925 cr. These include five Nursing Colleges in Madhya Pradesh (Shivpuri, Ratlam, Khandwa, Rajgarh, and Mandsaur); 21 Critical Care Blocks in states of Himachal Pradesh, Karnataka, Manipur & Tamil Nadu, and Rajasthan under PM-ABHIM; and several facilities and service extensions at AIIMS, New Delhi and AIIMS Bilaspur, Himachal Pradesh.

    With the aim of enhancing access to health services in India by providing citizens with fully digitalized immunization services for pregnant women and children and secure digital identities, Prime Minister launched the U-WIN portal today. This Made-in-India digital platform will benefit 2.9 crore pregnant women and 2.6 crore infants annually by fully digitalizing the complete vaccination process. It will ensure the timely administration of life-saving vaccines to pregnant women and children (from birth to 16 years) against 12 vaccine-preventable diseases. As a major addition to the flagship scheme AB PM-JAY, Prime Minister launched expansion of health coverage to all senior citizens aged 70 yrs and above, regardless of their income, at a cost of Rs. 3437 crores.  

    To extend the reach of healthcare services to hard-to-reach areas, Prime Minister launched drone services at 11 Tertiary Care Institutions. These are AIIMS Rishikesh (Uttarakhand), AIIMS Bibinagar (Telangana), AIIMS Guwahati (Assam), AIIMS Bhopal (Madhya Pradesh), AIIMS Jodhpur (Rajasthan), AIIMS Patna (Bihar), AIIMS Bilaspur (Himachal Pradesh), AIIMS Raebareli (Uttar Pradesh, AIIMS Raipur (Chhattisgarh), RIMS Imphal (Manipur) and AIIMS Mangalagiri (Andhra Pradesh). A Helicopter Emergency Medical Services from AIIMS Rishikesh was also launched which will help to deliver speedy medical care by stabilizing and treating trauma victims during flight and onsite. It will cover Uttarakhand and nearby areas within 100 nautical miles. In addition, Prime Minister launched a portal for Allied Healthcare professionals and institutes. This is a centralized database of existing Allied and Healthcare Professionals and institutes. Moreover, State specific Action Plan on Climate Change and Human Health (SAPCCHH) for each State and UT was also launched, which lays out adaptation strategies towards developing climate resilient healthcare services in these States/UTs.

    Under the Dept. of Pharmaceuticals, five projects under Production Linked Incentive (PLI) scheme for Medical Devices and bulk drugs was inaugurated at Vapi (Gujarat); Sultanpur, (Hyderabad); Bengaluru, (Karnataka); Kakinada (Andhra Pradesh) and Nalagarh (Himachal Pradesh). These units will manufacture high-end medical devices, such as body implants and critical care equipment, along with important bulk drugs like Penicillin-G and Clavulanic Acid. These initiatives support India’s goal of reducing import dependence and enhancing local manufacturing capabilities in medical devices and bulk drugs. Prime Minister also laid the foundation stone of four Centres of Excellence at NIPER –Ahmedabad (Gujarat) for Medical Devices; NIPER Hyderabad (Telangana) for Bulk Drugs; NIPER, Guwahati (Assam) for Phytopharmaceuticals; and NIPER – Mohali (Punjab) for Anti-Bacterial Anti-Viral Drug Discovery and Development. The total outlay for the Dept. of Pharmaceutical projects is about Rs. 5187 crores.

    In addition, under Ministry of Labour and Employment, Prime Minister inaugurated a 300 bedded ESIC Hospital which is upgradable to 500 beds at Indore (Madhya Pradesh), and laid the foundation stone for various ESI Hospitals across Faridabad (Haryana), Bommasandra (Karnataka) & Narasapur, Indore (Madhya Pradesh), Meerut (Uttar Pradesh), and Atchutapuram (Andhra Pradesh) at a cumulative cost of Rs 1641 crores. These projects will bring healthcare benefits to 55 lakh ESI beneficiaries.

    Under the Ministry of AYUSH, Prime Minister inaugurated Phase II of the All India Institute of Ayurveda (AIIA), originally dedicated in 2017, which includes a 150-bedded Panchakarma hospital, an Ayurvedic pharmacy, a sports medicine unit, and extensive accommodation facilities, all at a cost of over ₹289 crores. To enhance India’s health and wellness solutions, he also laid the foundation for two Central Research Institutes in Yoga and Naturopathy in Odisha and Chhattisgarh, and launched four Centers of Excellence focused on diabetes research, sustainable Ayurvedic solutions, Ayurvedic botanical research, and systems medicine for rheumatoid arthritis. Additionally, a nationwide health awareness campaign, “Desh Ka Prakriti Parikshan Abhiyan,” was launched with 470,000 volunteers, aiming to revolutionize public health awareness and attempt multiple Guinness World Records.

    ***

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: ARMY COMMANDERS’ CONFERENCE CONCLUDES: EXTERNAL AFFAIRS MINISTER ADDRESSES SENIOR LEADERSHIP OF INDIAN ARMY

    Source: Government of India (2)

    Posted On: 29 OCT 2024 4:12PM by PIB Delhi

    The second phase of the Army Commanders’ Conference concluded today in New Delhi. This phase, conducted on 28th and 29th of October 2024, witnessed the Indian Army’s senior leadership deliberating on critical strategic issues affecting both border security and the hinterland.

    A key highlight of the conference was the address by Hon’ble External Affairs Minister (EAM), Dr S Jaishankar, on the theme of the ‘Evolving Geopolitical Landscape and Opportunities for the Indian Armed Forces’. Dr Jaishankar underscored the intricate global and geopolitical dynamics that impact India and highlighted the country’s expectations from the Armed Forces and the preparedness required to address the contradictions and challenges of the current world order. He appreciated the Indian Army for remaining vigilant and urged leadership to be prepared to adapt to rapidly evolving geopolitical threats and opportunities and emphasised the importance of technological advancements and the lessons drawn from ongoing global conflicts in shaping India’s strategic posture.

    Over the last two days, the Indian Army’s senior hierarchy engaged in in-depth discussions on operational and administrative issues. The Chief of Defence Staff (CDS), General Anil Chauhan, addressed the gathering, reflecting on the recent success of the Joint Commanders’ Conference in Lucknow. Reviewing the current security situation, General Chauhan stressed the importance of jointness and the roadmap for enhanced integration across domains, which is critical for future warfare and effective operations. He outlined the step-by-step approach towards integration, starting with Cross-Service Cooperation, progressing to a ‘Joint Culture’, and ultimately achieving full integration for joint operations. He reiterated the need for operational readiness to counter emerging challenges, underscoring modernisation and strategic autonomy as pivotal goals, especially within the framework of Vision 2047.

    Additionally, the Chief of Naval Staff (CNS), Admiral Dinesh K Tripathi, addressed the audience, discussing the rapidly shifting dynamics in geopolitics, technology, and tactics. Admiral Tripathi emphasised the need for the Armed Forces to remain proactive and adaptable to these changes, particularly within the Indian Ocean and Indo-Pacific regions. He highlighted the Indian Navy’s preparedness to tackle maritime challenges and their cascading effects on land operations, underscoring the importance of maintaining operational superiority in these strategic waters.

    During the conference, the Army leadership also deliberated on welfare measures and financial security schemes for soldiers, veterans, and their families, while various Boards of Governors met to discuss these critical issues.

    The conference concluded with the distribution of awards to Military Stations in several categories for Green Military Station and Aviation Flight Safety, highlighting the Army’s commitment to environmental sustainability and safety. The awards for Green Military Stations were conferred as follows:

    • Military Station (Population >10,000): Patiala (1st Position) and Jodhpur (2nd Position).
    • Military Station (Population 5,000-10,000): Bagrakote (1st Position) and Bhuj (2nd Position).
    • Military Station (Population <5,000): Kannur (1st Position) and Umroi (2nd Position).
    • Avshesh Mukt Sainya Abhiyaan (Best Waste Disposal Mechanism): Sevoke Road (1st Position) and Pratap Pur (2nd Position).
    • Best Transformative Station: Suratgarh (1st Position) and Abohar (2nd Position).

     

    In the realm of Aviation Flight Safety, 257 Army Aviation Squadron and 663 Army Aviation Squadron were awarded best-in-flight safety trophies.

    This conference reaffirmed the Indian Army’s unwavering commitment to readiness and adaptability, as the senior leadership resolved to accelerate ongoing transformational initiatives and actively contribute to various national endeavours. Emphasising a forward-looking approach, the Indian Army remains fully dedicated to preparing for present and emerging challenges, ensuring a progressive, resilient, and future-ready force aligned with India’s strategic interests

    ********

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    MIL OSI Asia Pacific News

  • MIL-OSI Economics: A NEW SATELLITE AGREEMENT TO STRENGTHEN THE PAN-AFRICAN STRATEGIC PARTNERSHIP BETWEEN FRANCE AND MOROCCO

    Source: Thales Group

    Headline: A NEW SATELLITE AGREEMENT TO STRENGTHEN THE PAN-AFRICAN STRATEGIC PARTNERSHIP BETWEEN FRANCE AND MOROCCO

    • French President Emmanuel Macron set to meet with Moroccan King Mohammed VI on a state visit this week.
    • Morocco’s Panafsat and Thales Alenia Space sign memorandum of understanding to build a pan-African satellite telecommunications system.

    Rabat, October 29, 2024 – Moroccan company Panafsat and Thales Alenia Space, the joint venture between Thales (67%) and Leonardo (33%), today announced they had signed a memorandum of understanding (MoU) for the development of a Moroccan satellite communications system. The system will deliver very-high-throughput services (VHTS) to 26 African countries, 23 of them in French-speaking Africa, covering a combined population of around 550 million people over an area spanning 12 million square kilometers.

    The memorandum of understanding between the Moroccan operator Panafsat and Thales Alenia Space was signed today as part of the state visit of French President, Emmanuel Macron, to the Kingdom of Morocco,in the presence of Nadia Fettah Alaoui, Moroccan Minister of the Economy and Finance and Antoine Armand, French Minister of the Economy, Finance and Industry.

    Under the MoU, Thales Alenia Space will build a very-high-performance flexible satellite. Once in orbit, the satellite will deliver high-speed internet to accelerate the transformation of Africa’s digital landscape. This will be achieved by providing the connectivity required for high value-added services for the benefit of governments, businesses and individuals. It will also help bridge the digital divide in rural and isolated communities.

    Chairman and CEO of Panafsat Ahmed Toumi stated: “This project is the next key stage in the digital transformation process and the development of a digital economy in Morocco, and across Africa as a whole. It will change the lives of millions of people, eager to benefit from Internet access and all the essential services they need. We are delighted to be able to draw on the outstanding expertise and capabilities of a partner like Thales Alenia Space. We look forward to working together on this major project, which will bring significant benefits across the continent.”

    Thales Alenia Space CEO Hervé Derrey added: “It is a privilege for Thales Alenia Space to be chosen by Panafsat to deliver this new geostationary telecommunications satellite. The project will make a significant contribution to bridging the digital divide in rural areas, as well as boosting economic growth and strengthening digital sovereignty across the African continent. We are honored to embark on this long-term partnership with Africa’s foremost private operator, helping it to expand its capabilities and develop space services for the benefit of the entire continent.”

    The MoU is part of a roadmap developed by France and Morocco encompassing digitalization initiatives such as Digital Economy for Africa (DE4A) and Digital Morocco 2030, as well as the hosting of the FIFA World Cup 2030 in Morocco.

    About Panafsat

    Panafsat SA is a Moroccan private equity firm with Casablanca Finance City (CFC) status.

    It was set up by Ahmed Toumi, an elected board member of the ITU (International Telecommunication Union) Radio Regulation Board from 1998 to 2002. Ahmed Toumi was also Chairman and Director-General of ITSO-Intelsat (the International Telecommunications Satellite Organization) from 2001 to 2009. He was awarded the Order of the Throne Officer class. Panafsat is developing Morocco’s first geostationary satellite to provide Internet access for 26 African countries. The project will contribute to the digital transformation of Africa in line with regional and global objectives.

    Press contact

    Kaoutar HAKAM            Tel: +33 7 79 80 39 26               kaoutar.hakam@panafsat.ma

    ABOUT THALES ALENIA SPACE

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 9 countries, with 16 sites in Europe and a plant in the US. www.thalesaleniaspace.com

    THALES ALENIA SPACE – PRESS CONTACTS

    Tarik Lahlou                    Tel: +33 (0)6 87 95 89 56           tarik.lahlou@thalesaleniaspace.com

    Catherine des Arcis       Tel: +33 (0)6 78 64 63 97           catherine.des-arcis@thalesaleniaspace.com

    Cinzia Marcanio             Tel.: +39 (0)6 415 126 85           cinzia.marcanio@thalesaleniaspace.com

    MIL OSI Economics

  • MIL-OSI United Kingdom: National Living Wage to increase to £12.21 in April 2025

    Source: United Kingdom – Executive Government & Departments

    Low Pay Commission recommendations accepted in full

    The Government has today announced its acceptance of the Low Pay Commission’s (LPC) recommendations on the rates of the National Minimum Wage (NMW), including the National Living Wage (NLW). The rates which will apply from 1 April 2025 are as follows:

    NMW Rate Increase (£) Percentage increase
    National Living Wage (21 and over) £12.21 £0.77 6.7
    18-20 Year Old Rate £10.00 £1.40 16.3
    16-17 Year Old Rate £7.55 £1.15 18.0
    Apprentice Rate £7.55 £1.15 18.0
    Accommodation Offset £10.66 £0.67 6.7

    The LPC’s recommendations meet the remit set by the Government. The recommended NLW rate is expected to equal two-thirds of median earnings and to have the highest real value in the history of the UK’s minimum wage. The increase in the 18-20 Year Old Rate narrows the gap between that and the NLW, in anticipation of the adult rate being extended to 18 year olds in future years.

    Baroness Philippa Stroud, Chair of the LPC, said:

    The Government have been clear about their ambitions for the National Minimum Wage and its importance in supporting workers’ living standards. At the same time, employers have had to deal with the adult rate rising over 20 per cent in two years, and the challenges that has created alongside other pressures to their cost base.

    It is our job to balance these considerations, ensuring the NLW provides a fair wage for the lowest-paid workers while taking account of economic factors. These rates secure a real-terms pay increase for the lowest-paid workers. Young workers will see substantial increases in their pay floor, making up some of the ground lost against the adult rate over time.

    The data show some signs of employers finding it harder to adapt to minimum wage increases. The tightening of the labour market since the pandemic has unwound, but the overall picture is similar to 2019.The economy is expected to grow over the next year, although productivity growth remains subdued.

    We look forward to continuing our work next year as the detail of the Make Work Pay plan is elaborated upon. The NMW is a major part of the Government’s ambitions for the future of the labour market, and it is important that it continues to be informed by the expertise and consensus-building the LPC provides.

    The LPC’s recommendations are based on extensive consultation with employers, workers, representatives of both groups and other expert bodies, as well as a series of regional visits across the UK. They reflect unanimous agreement among Commissioners, including those representing workers, employers and independent experts.

    The recommended increase in the 16-17 Year Old Rate restores that rate to its original value relative to the adult minimum wage. In line with previous recommendations, the Apprentice Rate will remain equal to the 16-17 Year Old Rate.

    Notes for editors

    1. The LPC’s recommendations were submitted to the Government on 25 October 2024. The Government has today announced acceptance of those recommendations.

    2. The LPC will on Wednesday 30 October publish its letter of recommendations to the Government and a short report summarising the main evidence Commissioners relied on to make those recommendations. The LPC’s full annual report will be laid before Parliament and published in the new year.

    3. The Government’s remit to the LPC, which determines the Commission’s work through the year, was published in July and is available here.

    4. The LPC’s recommended NLW rate is intended to meet the Government’s ambition for this rate to reach at least two-thirds of median earnings in 2024.

    5. For the first time, the Government asked the LPC to take into account the cost of living, including expected trends in inflation up to March 2026, when recommending the NLW. The LPC expects its recommended rate to represent a real-terms increase across the whole of the period to March 2026, using any major inflation measure, thereby protecting low-paid workers’ living standards.
    6. We last published projections in September of the NLW rate needed to achieve the level of two-thirds of median earnings. At the time, our projected range was between £11.82 and £12.39, with a central estimate of £12.10.
    7. Our assessment of and projections for median earnings rely on the ONS’s Annual Survey of Hours and Earnings (ASHE) and Average Weekly Earnings (AWE) series. These are supplemented by HMRC’s Real Time Information (RTI) data and wage forecasts from the Bank of England and HM Treasury’s Independent Panel of Economic Forecasts.
    8. The National Living Wage (NLW) is currently the statutory minimum wage for workers aged 21 and over. This age threshold came down from 25 to 23 in April 2021 and from 23 to 21 in April 2024.
    9. Different minimum wage rates continue to apply to 18-20 year olds, 16-17 year olds and apprentices aged under 19 or in the first year of an apprenticeship. The Government has stated its ambition to reduce the NLW age threshold from 21 to 18; this follows the LPC’s own stated ambition and advice, as set out in the publication The National Minimum Wage Beyond 2024. The LPC will consult next year on the pathway to achieving this goal.
    10. Rates for workers aged under 21, and apprentices, are currently lower than the NLW to reflect lower average earnings and higher unemployment rates. International evidence also suggests that younger workers are more exposed to employment risks arising from the pay floor than older workers. Unlike the NLW (where the possibility of some consequences for employment have been accepted by the Government), the LPC’s remit requires us to set the rates for younger workers and apprentices as high as possible without causing damage to jobs and hours.
    11. The National Living Wage is different from the UK Living Wage and the London Living Wage calculated by the Living Wage Foundation. Differences include that: the UK Living Wage and the London Living Wage are voluntary pay benchmarks that employers can sign up to if they wish, not legally binding requirements; the hourly rate of the UK Living Wage and London Living Wage is based on an attempt to measure need, whereas the National Living Wage is based on a target relationship between its level and average pay; the UK Living Wage and London Living Wage apply to workers aged 18 and over, the National Living Wage to workers aged 23 and over. The Low Pay Commission has no role in the UK Living Wage or the London Living Wage.
    12. The Accommodation Offset is an allowable deduction from wages for accommodation, applicable for each day of the week. In April 2025 it will increase to £10.66 per day.
    13. For an NLW worker working 37.5 hours per week, the increases announced today will increase their annual gross pay by £1,505.54 and their monthly gross pay by £125.46.
    14. The Low Pay Commission is an independent body made up of employers, trade unions and experts whose role is to advise the Government on the minimum wage. The rate recommendations introduced today were agreed unanimously by the Commission.
    15. The current Low Pay Commissioners are: Baroness Philippa Stroud (Chair), Nigel Cotgrove, Matthew Fell, Andrew Goodacre, Louise Fisher, Professor Patricia Rice, Simon Sapper and Professor Jonathan Wadsworth.
    16. Baroness Philippa Stroud can be contacted via the Low Pay Commission’s press office (07341 098734).

    Updates to this page

    Published 29 October 2024

    MIL OSI United Kingdom

  • MIL-OSI United Nations: Experts of the Human Rights Committee Commend Ecuador’s National Councils for Equality, Ask about State of Emergency Restrictions and Military Management of Prisons

    Source: United Nations – Geneva

    The Human Rights Committee today concluded its consideration of the seventh periodic report of Ecuador on how it implements the provisions of the International Covenant on Civil and Political Rights, with Committee Experts commending the State’s national councils for equality, and raising issues concerning restrictions imposed under the state of emergency and the deployment of military personnel to manage State prisons. 

    A Committee Expert welcomed that the State party had established national councils for equality.  How had the initiatives of the National Council for Gender Equality contributed to promoting gender equality?

    Another Committee Expert cited reports that freedom of movement and assembly had been considerably curtailed under the state of emergency, and that vulnerable sectors of society had been disproportionately affected by restrictions.  How would the State party ensure that measures taken under the state of emergency were strictly proportionate, time-bound and necessary?

    Under the state of emergency, military personnel had been deployed to administer prisons, the Expert noted.  Was the State party considering gradually withdrawing the military from prisons?  There had been complaints of torture and abuse of authority, as well as murders and arbitrary detention by military personnel in prisons.  Had the State party investigated these and prosecuted any personnel?

    Juan Carlos Larrea, Attorney General of State of Ecuador and head of the delegation, said that the Office of the Attorney General had carried out constant training for members of the national police and armed forces on international human rights and humanitarian law, the use of force, and the rights of persons deprived of liberty. The delegation added that the State party was working to strengthen training for prison staff.  It planned to train almost 7,000 staff over a five-year period.

    The delegation said the National Council for Gender Equality had a mandate to mainstream and monitor public policies on gender equality and promote the rights of women and persons from the lesbian, gay, bisexual, transgender and intersex community.  Some of the goals of the national agenda on equality were to reduce maternal and child mortality and teenage pregnancy, and there had been progress in these areas.

    The delegation said a state of emergency had recently been implemented to confront spiralling acts of violence, terrorism, internal armed conflict, and the prison crisis.  All measures implemented under a state of emergency needed to be time bound and to conform with principles of necessity and proportionality, and all states of emergency were monitored by the Constitutional Court.

    Formerly, Ecuador’s prisons were in effect being run by organised gangs due to a lack of oversight, creating a crisis in the prison system, the delegation said.  The State party had implemented the “Phoenix Plan” to regain control and safety in all prisons.  The armed forces were ensuring physical security in only eight of the 35 adult detention centres in the State. 

    The delegation also said armed forces personnel had been involved in 72 cases of habeas corpus, with personnel cleared of wrongdoing in 68 cases and the remaining cases still being investigated.  A specialised prosecutor’s unit had been established to investigate cases of harm or death caused by the armed forces and the prison service.

    In concluding remarks, Mr. Larrea said Ecuador was fully committed to implementing international human rights law and promoting respect for human rights.  It was facing challenges in the field of human rights, including spiralling international organised crime, but remained committed to addressing these.  The delegation hoped that the Committee would provide concrete recommendations that addressed the complex challenges Ecuador was facing.

    Tania María Abdo Rocholl, Committee Chairperson, in concluding remarks, said the dialogue had addressed historic human rights violations, measures to combat terrorism, reproductive rights, the independence of the judiciary, and the situations of human rights defenders and indigenous peoples, among other topics.  The Committee was committed to its mandate of guaranteeing the highest level of implementation of the Covenant in Ecuador.

    The delegation of Ecuador was made up of representatives of the Ministry for Women and Human Rights; National Council for Gender Equality; National Service for the Comprehensive Care of Adults Deprived of Liberty and Adolescent Offenders; Ministry of Foreign Affairs and Human Mobility; Office of the Attorney General of the State; Ministry of National Defence; and the Permanent Mission of Ecuador to the United Nations Office at Geneva.

    The Human Rights Committee’s one hundred and forty-second session is being held from 14 October to 7 November 2024.  All the documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 10 a.m. on Monday, 4 November, to hear the presentation of the progress report of the Committee’s Special Rapporteur on Views.

    Report

    The Committee has before it the seventh periodic report of Ecuador (CCPR/C/ECU/7).

    Presentation of the Report

    JUAN CARLOS LARREA, Attorney General of State of Ecuador and head of the delegation, said Ecuador had demonstrated its commitment to the promotion and protection of human rights through the ratification of the 27 United Nations instruments on human rights; the open invitation to the Rapporteurs and Special Procedures of the United Nations and the Inter-American system; timely and continuous submission of periodic reports; and the establishment of the national mechanism for the implementation, follow-up and monitoring of Ecuador’s international human rights recommendations.

    Ecuador had implemented public policies to comply with the provisions of the Covenant.  Notable achievements over the reporting period included the creation of the Ministry of Women and Human Rights; the decriminalisation of abortion in cases of rape; the implementation of the second phase of the spotlight initiative for the eradication of gender-based violence; and actions taken to improve the situation of persons deprived of liberty. 

    The executive had trained 25,844 people on the right to life, freedom of expression and peaceful protest, due process, the right to liberty, free mobility, equality and non-discrimination.  The judiciary had held training events on human rights which benefited 69,624 officials, professional associations and universities.  Similarly, the Office of the Attorney General had carried out constant training for members of the national police and armed forces on international human rights and humanitarian law, the use of force, and the rights of persons deprived of liberty. 

    The organic law on communication created a mechanism to protect the life and integrity of journalists and to develop indicators on murder, kidnapping, forced disappearance, arbitrary detention and torture of journalists.  The State was also developing protocols for their protection and to ensure prevention. So far in 2024, 97 alerts of aggression against media workers had been received.  In response to these, the Communication Council had carried out 78 protective actions, in addition to security workshops in conjunction with the national police and armed forces. 

    The National Council for the Equality of Peoples and Nationalities had drawn up the agenda for the equal rights of indigenous nationalities and peoples, the Afro-Ecuadorian people and the Montubio people. Representatives of organizations and civil society were consulted in its development.  In 2023, the National Council held 14 territorial conferences with members of organizations of Afro-Ecuadorian communities to examine issues related to the Decade for People of African Descent at the national and international levels and move forward with proposals for its fulfilment, from which support for the declaration of a second Decade was concluded.

    ARIANNA TANCA MACCHIAVELLO, Minister for Women and Human Rights, said the Ministry was dedicated to preventing, addressing, repairing and eradicating violence against women, children and adolescents.  The Ministry had 45 comprehensive protection services established within the framework of legislation and the national plan to prevent and eradicate violence against women 2020-2030.  There were State-run centres providing free psychological care, legal advice and social work services to victims of violence against women, and the State had cooperation agreements with shelters and comprehensive care centres.

    The recent establishment of the technical standard to mainstream a gender approach in all public policies and actions reinforced the State’s efforts.  The National Council for Gender Equality had formulated the national agenda for gender equality 2021-2025.  Further, in January 2024, the organic law for equal pay between women and men was approved, and 18 September was declared “Equal Pay Day” to raise awareness in society about the gender pay gap.  In May 2024, a law on reparation for relatives of victims of femicide was approved, which guaranteed family members the right to comprehensive reparation, scholarships and financial aid for children who were orphaned, and to medical and psychiatric care and counselling. 

    Ecuador has prioritised the elimination of sexual abuse and violence against children and adolescents in schools.  Among the main measures adopted were the national plan on the creation of protective educational environments and the public policy for the eradication of sexual violence in education. 

    The State Attorney General’s Office had a policy promoting access to justice for the lesbian, gay, bisexual, transgender and intersex community, which established guidelines for the investigation of hate crimes and discrimination against this group.  In addition, the diversity action plan 2022-2025 was adopted, which established 148 actions and 151 indicators to improve living conditions and guarantee equal rights for this community in Ecuador.  In 2023, a measure was introduced for the identification and prosecution of people and entities who discriminated against others based on sexual orientation, gender identity or expression.  The Ministry of Public Health had prepared a manual of good practices in comprehensive health care for this community.  From 2019 to June 2024, more than 39,000 services were provided for people who self-identified as lesbian, gay, bisexual, transgender and intersex.

    The organic law on human mobility determined the procedures to be followed in the event of inadmissibility at borders, deportation and expulsion, taking into account international standards on non-refoulement.  The extraordinary regularisation process for Venezuelan migrants, which began on 1 August 2022 and was still in force, had provided more than 97,000 exceptional temporary residence visas, including 871 visas for unaccompanied or separated children. Ecuador had been awarded for its good practices regarding recognition of sexual diversity and gender identity within refugee status determination procedures.

    Ecuador was committed to the protection, respect and promotion of human rights, in particular within the framework of the obligations assumed under the Covenant.

    Questions by Committee Experts

    A Committee Expert welcomed measures adopted by Ecuador in recent years to tackle serious human rights issues in the country. What measures had been adopted by the State party to implement the Views of the Committee concerning the cases of Isaías Dassum v. Ecuador and Pérez Barriga et al. v. Ecuador.  Had the State party established a procedure for implementing the Committee’s Views?  Had courts other than the Constitutional Court expressly referred to the Covenant’s provisions?  Could the delegation provide updated figures on training for public officials on the Covenant?  What was the situation of the Ombudsperson’s Office?  Did it have sufficient resources to fulfil its mandate? 

    Vulnerable sectors of society had reportedly been disproportionately affected by restrictions imposed under the state of emergency.  What safeguards were in place in this regard?  Under the state of emergency, military personnel had been deployed to administer prisons.  Was the State party considering gradually withdrawing the military from prisons? There had been complaints of torture and abuse of authority, as well as murders and arbitrary detention, by military personnel in prisons.  Had the State party investigated these and prosecuted any personnel? 

    The Constitutional Court had declared the state of emergency as being unconstitutional in 2023.  Why had the executive continued to maintain it, contrary to the Court’s decision?  Was the current state of emergency being monitored by the Court?  There were reports that freedom of movement and assembly had been considerably curtailed under the state of emergency.  How would the State party ensure that measures taken under the state of emergency were strictly proportionate, time-bound and necessary?

    Another Committee Expert asked for information on cases contained within the Truth Commission’s final report on historic human rights violations that had not been concluded.  Reportedly, a large percentage of cases had not been concluded 14 years after the report was issued.  How many persons had been provided with reparations?

    What court cases had been ruled on regarding terrorism in the last three years?  How was the State party ensuring fair trial guarantees for persons accused of terrorism? Around 35,000 people had reportedly been arrested this year alone on charges of terrorism.

    A Committee Expert welcomed that the State party had established national councils for equality.  What impact had these councils had in promoting equality and preventing discrimination?  How had the initiatives of the National Council for Gender Equality contributed to promoting gender equality?  The State party had provided training for members of the judiciary on sexual orientation and gender identity.  Was this effective in combatting discrimination against lesbian, gay, bisexual, transgender and intersex persons?  What impact had measures to improve health care for lesbian, gay, bisexual, transgender and intersex persons had?  What measures were in place to protect and improve the rights of transgender and intersex persons, including children?

    The police had registered 15,000 complaints of violence against women in 2021.  Had inquiries into these cases contributed to combatting impunity and ensuring reparation for victims?  What progress had been achieved by the plan to bolster training regarding violence against women?  What would be done to speed up the legislative process for cases of violence? How would the State party ensure that women who were victims of violence had access to remedy and appropriate protection mechanisms, including psychosocial and rehabilitation services?

    Another Committee Expert asked about the State party’s position on the United Nations’ human rights protection system.  The Expert welcomed that reform of the Democracy Code in 2020 had introduced gender parity on election lists, and said that there had been positive progress in the implementation of legislation to tackle gender-based violence in the political sphere.  However, there were 23 cases of violence against women politicians between 2022 and 2023, including two femicides, one of a female mayor.  How was the State party working to combat such violence and promote women’s participation in politics, including the participation of minority women? 

    Women’s representation in political bodies continued to be limited, particularly for minority women.  What awareness raising campaigns were in place to address stereotypes concerning women’s role in society?  Could the delegation comment on the implementation of the law on equal opportunities and the “purple economy”?

    There were reports of violence against indigenous peoples by the armed forces in the northern border area; had these been investigated and had cases been prosecuted?  Would the State party provide material reparation to indigenous communities affected by violence and the actions of resource sector companies?

    One Committee Expert said there were concerns regarding gaps in the protection system for the children of victims of violence. What steps had been taken to protect vulnerable children and to guarantee a sustainable budget for support payments for victims, so that families of victims could benefit? 

    The Committee was concerned by the high number of girls being subjected to sexual abuse, rape and incest.  Violence against girls in schools was reportedly endemic and girls were discouraged from reporting sexual attacks.  What measures were in place to protect vulnerable girls against such attacks?  What sanctions were imposed for sexual offences and what reparations were provided to girl victims?  Were vulnerable girls’ families provided with legal assistance? 

    Ecuador had expanded access to abortion for victims of sexual assault in a new law.  Would the State party decriminalise abortions in the case of malformation of the foetus?  Had the State party organised education for women and girls regarding contraception and established family planning counsellors within health care facilities? Had the State party approved guidelines for therapeutic abortion care and taken action to inform society regarding the law on abortion and medical centres where abortions were available? How did the State party ensure that there were health care professionals who were able to provide safe abortions in all remote and rural areas?  The Committee noted a Constitutional Court ruling calling on the State party to not prosecute health care professionals who performed abortions.  Had this been implemented?  How was the State party protecting the confidentiality of women who sought abortions?

    Responses by the Delegation

    The delegation said the Truth Commission had the mandate to investigate serious human rights violations occurring between 1983 and 1998.  The Commission’s final report documented enforced disappearances and other violations occurring during that period.  The Ombudsman had been called on to implement reparations for the victims of these violations; more than 150,000 direct and indirect victims had benefited from reparations.  Two criminal cases addressing historic human rights violations had been prosecuted. 

    A law preventing sexual violence and harassment in education had been developed and a national plan for addressing such violence had been implemented.  After victims of violence and harassment were identified, they were referred to mental health services.  The State party promoted the best interests of the child and their right to be informed in all matters affecting them.  Eleven protocols had been issued addressing sexual crimes against minors.

    A law permitting abortion in cases of rape was implemented in 2022 and inter-institutional mechanisms were set up to ensure that the law was properly applied.  Victims of rape did not need to file a legal complaint to access abortions. The prosecution was obliged to provide victims of rape with information on accessing abortions, and all health care facilities were required to provide information immediately on access to abortion in cases of rape.  The State party provided free and confidential guidance on abortions, and health care providers were required to protect the confidentiality of persons who sought abortions.

    The National Council for Gender Equality had a mandate to mainstream and monitor public policies on gender equality and promote the rights of women and persons from the lesbian, gay, bisexual, transgender and intersex community.  The national agenda on equality addressed the barriers faced by various groups of minority women.  Some of the goals of the agenda were to reduce maternal and child mortality and teenage pregnancy, and there had been progress in these areas.  Guidelines had been developed to ensure that vulnerable women had access to credit lines and the digital economy.  The State party was also promoting rural women’s access to land titles.  The police had carried out capacity building programmes addressing gender stereotypes and promoting positive masculinity.

    Formerly, Ecuador’s prisons were in effect being run by organised gangs due to a lack of oversight, creating a crisis situation in the prison system.  The State party had implemented the “Phoenix Plan” to regain control and safety in all prisons and promote the rehabilitation of all those deprived of liberty.  It was working to improve prison infrastructure to address overcrowding and was currently building two new prisons. 

    Protocols were in place to ensure cooperation between the armed forces and the national police in the management of prisons.  The armed forces were ensuring physical security in only eight of the 35 adult detention centres in the State.  The State party was working to strengthen training for prison staff.  It planned to train almost 7,000 staff over a five-year period.  This year, the State party would almost entirely eliminate mixed gender detention to prevent gender-based violence in prisons.

    Ecuador was fully committed to cooperating with the United Nations human rights protection system and was grateful for the support and advice that it offered to the State.  The Constitution allowed for the direct and immediate application of international human rights instruments ratified by the State. Regarding the case of Isaías Dassum v. Ecuador, investigations had been carried out and resolved in favour of the individual involved and reparation had been provided, in compliance with the Committee’s recommendations.

    Ecuador’s President had the ability to impose a state of emergency in cases of violence, threats to the State, and natural disasters. All measures implemented under a state of emergency needed to be time bound and to conform with principles of necessity and proportionality, in line with the Covenant.  A state of emergency had recently been implemented to confront spiralling acts of violence, terrorism and internal armed conflict, and the prison crisis.  All states of emergency were monitored by the Constitutional Court, which had questioned the restriction of rights in certain contexts.  The State party’s duty was to ensure that its people were able to live in a safe society free of corruption.

    The national allowance for orphans whose mothers had been murdered was a monthly allowance indexed to the monthly basic income. So far, 486 allowances had been provided to children.

    An agreement had been reached to strengthen relations with indigenous peoples and to prevent violence against indigenous communities.  There was also a protocol that aimed to protect indigenous peoples in voluntary isolation.

    Follow-Up Questions by Committee Experts

    A Committee Expert said there appeared to be a large gap between the legal and institutional framework on human rights and the situation on the ground.  The rate of femicide was on the rise and women were increasingly becoming victims of enforced disappearance, leading to an increase in orphaned children.  Had drug trafficking groups become so strong that authorities could not control them?  Why was the State party not sufficiently reacting to the prevailing environment of impunity?  What measures were in place to protect vulnerable groups, including children?

    Another Committee Expert said that the Prosecution Service had launched over 200 investigations into torture and abuse of authority by the police force.  Had any rulings been issued for these cases?

    One Committee Expert asked about the role of victims of past human rights violations in creating the Museum of Memory. Why had their proposals regarding the location of the Museum not been taken on board?  Had the prison population increased or decreased as a result of the security measures being implemented by the State party?  Were the prisons in which the armed forces were present the largest and most modern?  Were there plans to reduce the number of prisons administered by the armed forces?  The Expert commended the State party’s significant efforts to train prison guards. What was the current ratio of guards to prisoners?

    A Committee Expert said the allowance for children whose mothers were victims of femicide was a good measure, but all orphaned children needed to receive it.  What were the prospects for decriminalising abortions in cases other than rape or where the mother’s life was at risk?  Did the State party support access to contraception for low-income families?

    Another Committee Expert asked whether allowances given to children whose mothers were murdered were the same regardless of the number of children in the family.

    Responses by the Delegation

    The delegation said the Government would implement the single register on violence by the start of next year.  It had been providing training to public officials on the handling of sensitive information within this register.  The register would allow the State party to gain insights into patterns of violence in different areas of the country, as part of its efforts to eradicate gender-based violence.

    There was a five-year training plan for prison officials and 60 million United States dollars had been invested in improving the prison system this year.  Improving the national rehabilitation system was a priority for the Government.

    Questions by Committee Experts

    A Committee Expert asked about measures to prevent torture and ill treatment by the police against detained persons.  How did the State party ensure transparency in investigations of complaints against the police related to torture?  What redress was provided to victims of torture? What measures were being considered to strengthen human rights training for the police?

    The Transitional Council for Citizen Participation and Oversight was endowed with extraordinary powers allowing for the dismissal and appointment of judges and magistrates at the discretion of the executive branch, violating principles of judicial independence.  It appointed the Attorney General, judges of the National Court of Justice, and 137 other oversight authorities, and had reportedly removed judges and judicial officials who did not align with the political interests of the Presidency.  What mechanisms were in place to prevent conflicts of interest and ensure that the Council complied with international standards on judicial independence?  How was transparency and the participation of citizens ensured in the Council’s evaluations of public authorities?  When did the mandates of the Attorney General and the members of the Council expire?  Why did the Council still have “transitional” status?

    What mechanisms were in place to ensure that migrants at the northern border had access to basic services such as health, education and employment?  Were there programmes to protect migrant women and children from exploitation and abuse? How was discrimination against migrants addressed in regularisation and asylum processing?  Was the State party monitoring and evaluating asylum policies on the northern border?

    The Ecuadorian Government had reportedly failed to implement adequate protection measures for human rights defenders, allowing threats and attacks against these people to go unpunished and exposing them to the constant risk of violence and intimidation.  Had the State party strengthened the legal framework for protecting human rights defenders?  Were human rights defenders involved in developing policies that affected their work? What protection mechanisms were in place for at-risk persons?  Investigative journalists Anderson Boscán and Mónica Velásquez faced threats and were forced into exile in Canada after making complaints about Attorney General Diana Salazar’s alleged connections to organised crime networks.  Why were these persons’ security being jeopardised?

    One Committee Expert asked about the entity that carried out investigations into the excessive use of force.  How many officials had been prosecuted for the excessive use of force?  A 2024 decree called on the armed forces to participate in controlling internal order. Had the State party held a referendum on this decree, and did it comply with the Covenant?

    How did Ecuador guarantee the principle of non-refoulement?  What measures were in place to safeguard the physical security of asylum seekers and refugees?  Restrictions on the freedom of movement had limited migrants’ ability to find jobs. Curfews had affected migrants in street situations, who did not have a place to stay.  Had legal aid or counsel been provided by the State to defend asylum seekers’ rights in regularisation processes?  How was the State party ensuring access to justice for migrants who were victims of extortion?

    Indigenous peoples had been adversely affected by mining projects, including illegal mining linked to organised crime.  What consultation processes had been held regarding these projects?  The State party had adopted decrees but had yet to adopt a law on prior consultation and free, informed and prior consent regarding mining and resource projects. Would the State party speed up the adoption of such a law?  Oil spills had affected the environment and the health of indigenous peoples.  What preventive measures had been taken regarding oil spills and what reparations had been provided to affected persons?

    A Committee Expert said the Committee was concerned about conditions in places of detention and overcrowding, a serious and persistent problem in prisons.  Detainees lacked access to food, water and health services, and overcrowding also increased tensions between inmates and made the management of prisons difficult. Since January 2024, the overall prison capacity had increased by 7.8 per cent, but there were still 18 prisons with critical overcrowding at over 120 per cent capacity.  What measures were in place to address the issue?  Had the State party considered dismantling mega prisons?

    The Committee noted significant efforts by the State party to address the issue of human trafficking through training of judicial actors.  What were the prospects of establishing a specialised office addressing trafficking within the prosecution?  Had compensation been provided to victims of trafficking?  How were victims protected from criminal liability?  How did the State party promote the social inclusion of victims, protect them from revictimisation, and support their access to the labour market?

    Another Committee Expert said there had been more than 600 deaths of detainees between 2018 and 2023.  In March 2024, a violent riot in a prison had led to the death of 12 detainees, while another riot in July led to 18 deaths.  Two prison wardens had recently been murdered. Organised crime had reportedly infiltrated prisons, inciting these events.  What measures were in place to regain control of the prison system and promote the basic rights of prisoners?  How many deaths had occurred in prisons this year, and were there any deaths resulting from torture or ill treatment?  Would the State party grant access to prisons for the national preventive mechanism?

    The Committee was concerned about the reported penetration of organised crime into the judiciary.  Members of the judiciary were allegedly paid bribes to give shortened prison sentences to members of organised crime groups.  What investigations had been carried out into such allegations?  How did the State party ensure the integrity of investigations into corruption?  What was the disciplinary structure for judges and how was their independence guaranteed?

    In 2018, three journalists were kidnapped and murdered by organised crime and four journalists were murdered in 2022.  What investigations had been carried out into these events?  The judicial system was reportedly used as a tool for censorship against journalists. How did the State party ensure that journalists could carry out their work without interference?

    One Committee Expert said the Communication Council had been involved in promoting diversity in the media and in organising training on media workers’ rights.  What results had been obtained by training programmes?  Between July and December 2021, there were 62 reports of harassment against journalists.  What measures were in place to ensure that threats against journalists were properly investigated and punished?  During 2022 demonstrations, at least nine deaths were recorded and close to 200 people were arrested.  How did the State party guarantee the right to peaceful assembly and ensure justice for victims of excessive force by State officials?

    Was the law issued in 2022 on the use of force and firearms by the police in line with the Covenant?  Was civil society involved in the drafting of the law?  How was the law being implemented?  Did the State party provide training programmes on the law to police?

    How had the State party guaranteed access to justice for indigenous peoples in indigenous languages?  What obstacles were there in providing legal aid to indigenous peoples?  What measures were in place to strengthen the indigenous legal system and to ensure coordination between indigenous and regular legal systems?

    In some regions, authorities did not recognise the legal status of indigenous peoples.  Farmers who were defending their lands were reportedly perceived as criminals and harassed by authorities.  How was the State party preventing such harassment?

    Responses by the Delegation

    The delegation said training had been provided for around 500 prosecution staff and over 2,000 civil servants on investigating violent deaths of women and girls since 2022.  This year alone, over 500 members of the armed forces and other civil servants had participated in the prosecution office’s training on international human rights law. 

    The armed forces were ensuring internal security in the context of the high level of armed conflict occurring in the State, caused by organised gangs.  The activities of the armed forces strictly complied with human rights standards, regulations on the use of force and firearms, and principles of necessity and proportionality.  The State party was constantly updating provisions on the use of force in line with international standards.  During the first six months of this year, the murder rate had fallen significantly and criminal structures had been dismantled.

    The armed forces’ activities had helped to reduce criminal activities within the prison system.  The armed forces allowed oversight visits to prisons by Government bodies.  Members of the armed forces were trained in human rights, the use of force, and the protection of vulnerable persons.  Accusations of human rights violations by members of the armed forces were investigated in cooperation with public bodies.  Armed forces personnel had been involved in 72 cases of habeas corpus, with personnel cleared of wrongdoing in 68 cases and the remaining cases still being investigated.  A specialised prosecutor’s unit had been established to investigate cases of harm or death caused by the armed forces and the prison service.

    The State party was strengthening the national framework for the prevention of terrorism.  It was receiving international support to bring its legislation on terrorism in line with international standards.

    Ecuador ensured full reparation for direct and indirect victims of homicide, including through the law on support for family members of victims of femicide.  The public policy on reparation was being updated to strengthen support for victims’ relatives through consultations with civil society.  Support payments for orphaned children whose parents were murdered were increased progressively depending on the number of children in the family.

    State legislation protected the activities of human rights defenders.  An inter-institutional board was developing a comprehensive policy on the protection of human rights defenders and carrying out an analysis of threats faced by human rights defenders.  The State provided protection to victimised human rights defenders involved in court proceedings through the witness protection programme.  Regional councils of human rights defenders had been established.

    The Government had delineated certain areas as “protected land” where mining activities could not be carried out.  It had provided training on promoting the human rights of indigenous peoples and tackling their exploitation.  Over 3,000 interventions related to indigenous peoples had been carried out by the Government.  The State party worked closely with local autonomous governments to ensure the incorporation of indigenous knowledge into policies and activities to address climate change.

    Before implementing measures related to non-admission and deportation, investigations needed to be carried out to assess whether the individual concerned needed international protection.  Asylum seekers could receive free legal aid and the support of translation services if required.  An online platform to support asylum requests had been established; it had received more than 56,000 such requests.  Over 96,000 Venezuelan citizens had been granted temporary residency through a special procedure implemented in 2022.  Emergency care was being provided for the large number of migrants on the northern border in collaboration with international organizations and private sector bodies, to ensure that these migrants and asylum seekers received the highest standard of care.

    The State party had been procuring building materials and conducting repairs to improve prison infrastructure and the living conditions of detainees.  Accommodation in two prisons had recently been increased by 1,700 places.  The State had authorised the construction within 300 days of two new prisons to house a maximum of 800 detainees.  These would greatly reduce the rate of overcrowding. The Government was increasing human resources for administering these prisons.  Around 600 prisoners who had been detained for over five years and were not accused of violent crimes would soon be pardoned to further reduce overcrowding.

    The National Red Cross Committee had been training medical staff to improve health care in prisons.  A classification plan was in place to revise the classification of detainees to reduce the grouping of members of organised crime in prisons. Female detainees had been relocated to exclusively female prisons.  Over the next five years, the State party planned to recruit 700 new prison guards. A protocol on the handling of complaints within the prison system had been developed.

    Although a law on free, prior and informed consent had yet to be implemented, the Constitutional Court had established standards relating to this consent that needed to be respected by administrative authorities.  Bills had been developed to enact such a law that were currently before Parliament. The State party was undertaking environmental consultations that were in line with international standards in relation to upcoming mining projects.  It was also working to respect the life and integrity of indigenous peoples and preventing them from being harmed by the actions of third parties.  The Government had been successful in reducing conflict over indigenous territory and was fostering a culture of peace.  A health cordon had been established to improve the health conditions of people living in voluntary isolation.

    State legislation ensured respect for judicial independence.  No Government entity could interfere with the activities of the judiciary.  A roadmap had been developed to promote judicial independence through strict internal oversight of appointment, promotion and evaluation of members of the judiciary.  The Council of the Judiciary had implemented measures to ensure the safety of judicial operators.  The transitionary period for the Council for Citizen Participation and Social Control had concluded and its regular members were being appointed.

    There was a protection and early warning system for media professionals who were facing aggression.  The Government was strengthening its capacity to react to attacks against media professionals and to prevent such attacks.  Civil society organizations were involved in providing protection measures and improving the working environment for media professionals. 

    Follow-Up Questions by Committee Experts

    A Committee Expert asked why the State party allowed civilians to carry firearms in violent areas in the country.  Had any initiatives been adopted to regularise migrants who came into the country after 2022?

    Another Committee Expert said judges and prosecutors had been killed and the rule of law was in danger in the country.  Some judges had been murdered outside of the premises of the judiciary.  There needed to be effective protective actions to ensure the independence of the judiciary and the rule of law.  What transparency measures would be implemented to increase public trust in the judiciary?  It was positive that the State party had begun a reform of legislation on terrorism in cooperation with international bodies.  Would the bill of law being developed provide procedural guarantees in terrorism cases in line with the Covenant?

    One Committee Expert said that, since the deployment of armed forces across the territory, femicides, the enforced disappearance of women, and the violation of indigenous peoples’ rights had continued with impunity for offenders.  The State party had not ensured the protection of indigenous human rights defenders, whose rights were violated by the activities of mining companies. There were environmental issues threatening the lives of indigenous peoples that had not been investigated and several indigenous peoples were awaiting compensation.  Environmental rights defenders were continually harassed by authorities.  Could the delegation provide information on the killing of an indigenous chief in February 2024 who was protesting oil prospecting in his region?

    Another Committee Expert said poverty and insecurity were serious issues in Ecuador that were disproportionately affecting vulnerable groups.  How would the State party address these issues and protect the rights of workers?

    Closing Remarks

    JUAN CARLOS LARREA, Attorney General of State of Ecuador and head of the delegation, said Ecuador was fully committed to implementing international human rights law and promoting respect for human rights.  It was the first country in Latin America to receive a visit from the current High Commissioner for Human Rights, Volker Türk.  It was working to implement all recommendations issued to it by the United Nations human rights system.

    Ecuador was facing challenges in the field of human rights, including spiralling international organised crime and the current energy crisis, but remained committed to addressing these, and to strengthening efforts to promote the human rights of all people on its territory. It called on the international community to increase technical support for the promotion and protection of human rights in Ecuador.  The delegation hoped that the Committee would provide concrete recommendations that addressed the complex challenges that Ecuador was facing.

    TANIA MARÍA ABDO ROCHOLL, Committee Chairperson, thanked all those who had contributed to the dialogue.  The dialogue had addressed Constitutional and legal frameworks related to the Covenant, historic human rights violations, measures to combat terrorism, reproductive rights, the independence of the judiciary, detention conditions, the right to life, freedom of expression and association, trafficking in persons, and the situations of human rights defenders and indigenous peoples, among other topics.  The Committee was committed to its mandate of guaranteeing the highest level of implementation of the Covenant in Ecuador.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CCPR24.023E

    MIL OSI United Nations News

  • MIL-OSI Canada: Remarks by the Deputy Prime Minister announcing actions to protect and create good-paying jobs for Canadian workers

    Source: Government of Canada News

    We’re launching a $200 million regional AI initiative. The regional development agencies will help support AI start-ups to bring new technology to market. And they will help drive AI adoption by Canadian businesses across the economy. I do want to say to Canadian businesses who are excited about the benefits of AI in their businesses, please think about using a Canadian AI company when you are using AI in your business. This is a great strength we have; take advantage of the great AI companies we have here at home.

    October 22, 2024 – Ottawa, Ontario

    Check against delivery

    Thanks everyone for being here. I want to start by recognizing the work that all the people at Parliamentary Protective Services do to make it possible for all of us to do our jobs. On this anniversary of the death of Corporal Nathan Cirillo, who was shot to death while he was guarding the Tomb of the Unknown Soldier, it’s worth reflecting on how essential they are. They take risks every day. Thank you very much to them.

    I will begin by talking about the Canadian economy, and then I’ll talk about actions we are taking to protect and support Canadian workers, and tariffs, and then new measures on artificial intelligence.

    After that, my colleague, the Honourable Randy Boissonnault (Minister of Employment, Workforce Development and Official Languages), will talk about reforms to the Temporary Foreign Worker Program. After that, my colleague, the Honourable Jean-Yves Duclos (Minister of Public Services and Procurement), will talk more about what we are doing regarding artificial intelligence and promoting its adoption in the whole Canadian economy.  

    Let me start by making a couple of comments about the Canadian economy.

    We have been getting some good news in recent weeks. Last week, we got the September inflation number, which was 1.6 per cent. For nine months now, inflation in Canada has been within the Bank of Canada’s target range. And the September number was a three and a half year low.

    With inflation coming down, we have now seen three interest rate cuts. The Bank of Canada was the first central bank in a G7 country to cut interest rates for the first time. It was the first central bank in a G7 country to cut interest rates for the second time. And it was the first central bank in a G7 country to cut interest rates for the third time.

    Wages have now outpaced inflation for 20 months in a row and in September, we had a good jobs number, with 47,000 jobs created. And the unemployment number actually went down a little bit.

    The International Monetary Fund (IMF) published its World Economic Outlook today. And in that Outlook, the IMF forecasted that Canada will have the strongest economic growth in the G7 in 2025. There is a lot more we need to do, but on the macroeconomic front, we’re seeing some solid progress.

    Now, I want to talk about the tariff measures. The government has imposed a 100 per cent tariff on all electric vehicles manufactured in China and it became effective on October 1st. 

    We also announced that we would put in place a 25 per cent tariff on imports of steel and aluminum products from China. Today is a significant day. Today is the day that our tariffs on Chinese steel and aluminum of 25 per cent enter into force. This is a really important measure. It is to protect these essential Canadian industries, and the Canadians who work there, from unfair Chinese trade practices, and from an intentional policy of Chinese overcapacity in an environment where neither labour nor environmental standards are honoured.

    It’s also really important because it is absolutely essential for the Canadian economy that we can say to our partners in North America that Canada will not be a backdoor for diverted Chinese goods, whether it’s electric vehicles or steel and aluminum.

    We are also announcing today a remissions framework. We know that there are some businesses that are anxious about adjusting to this shift in supply chains. It’s really important for us that these essential measures do not harm Canadian businesses or Canadian workers. So, we are prepared to offer tariff relief in exceptional circumstances and we’re publishing today an email address that Canadian businesses can use to apply for tariff relief and a framework that will guide decisions on remissions.

    A second announcement for today is that we are moving forward on the support for AI and AI adoption, which we announced in the budget in the spring.

    Canada is a global AI superpower. There is no better evidence of this than the fact that Canada’s own, and the University of Toronto’s own, Geoffrey Hinton, was recently awarded a Nobel Prize for his groundbreaking research. That research, that Canadian strength in AI, and the underlying thinking behind it, is a huge advantage for Canada in the economy today.

    Our government knows that helping Canadian businesses adopt AI is a really important part of leveraging the Canadian AI advantage.

    Today we are announcing that we’re going to be investing $300 million of the $2.4 billion for AI that we put forward in the budget in the spring.

    We’re launching a $200 million regional AI initiative. The regional development agencies will help support AI start-ups to bring new technology to market. And they will help drive AI adoption by Canadian businesses across the economy. I do want to say to Canadian businesses who are excited about the benefits of AI in their businesses, please think about using a Canadian AI company when you are using AI in your business. This is a great strength we have; take advantage of the great AI companies we have here at home.

    We have an economic plan, a plan for affordability, to build more housing faster and for economic growth. Our priority is to give a fair chance to every generation. Thank you.

    MIL OSI Canada News

  • MIL-OSI USA: DBEDT NEWS RELEASE: Small Business Regulatory Review Board Elects 2024-2025 Officers

    Source: US State of Hawaii

    DBEDT NEWS RELEASE: Small Business Regulatory Review Board Elects 2024-2025 Officers

    Posted on Oct 29, 2024 in Latest Department News, Newsroom

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

     

    SMALL BUSINESS REGULATORY REVIEW BOARD

     

    JOSH GREEN, M.D.
    GOVERNOR

    JAMES KUNANE TOKIOKA
    DIRECTOR

    DORI PALCOVICH
    SBRRB ADMINISTRATOR

    FOR IMMEDIATE RELEASE

    October 29, 2024

    SMALL BUSINESS REGULATORY REVIEW BOARD ELECTS 2024-2025 OFFICERS

     

    HONOLULU – The Department of Business, Economic Development and Tourism (DBEDT) Small Business Regulatory Review Board (SBRRB) has announced its officers for fiscal year 2024 to 2025.

    Jonathan Shick, chair (O‘ahu) – Mr. Shick works for Pono Consulting Group LLC, has been a member for five years and was previously the SBRRB’s second vice chair.

    Mary Albitz, vice chair (Maui) – Ms. Albitz is the owner of Island Art Party, a paint and sip studio located in Kīhei. She has been a member since 2018, most recently as chair of the SBRRB.

    Sanford Morioka, second vice-chair (O‘ahu) – Mr. Morioka is president of Edward Enterprises, Inc. and has been a member since 2022.

    Other board members are Robert Cundiff (O‘ahu), Mark Ritchie (DBEDT Ex Officio), Garth Yamanaka (Hawai‘i), James (Kimo) Lee (Hawai‘i) and Tessa Gomes (O‘ahu), as well as recent Governor Josh Green, M.D. appointees Nikki Ige (Kauaʻi) and Jennifer Salisbury (Maui).

    “Mahalo to the SBRRB members for their dedication and commitment to improving Hawai‘i’s small business landscape,” said DBEDT Director James Kunane Tokioka. “These collaborative efforts encourage and support the vitality of small businesses in Hawai‘i.”

    “The SBRRB oversees rules and regulations for Hawai‘i small businesses promulgated by both state and county agencies,” said SBRRB Administrator Dori Palcovich. “Navigating government agencies at various levels – federal, state, county and city is very difficult for our small businesses. However, in my 23 years as its administrator, I fully believe that the SBRRB is very committed to improving the regulatory climate in the state for the benefit of small businesses.”

    The SBRRB meets monthly both in-person and by electronic means. We encourage those small businesses that may have specific regulatory concerns with Hawai‘i Administrative Rules to learn more about the monthly meetings at sbrrb.hawaii.gov.

    About Small Business Regulatory Review Board (SBRRB)

     

    The SBRRB was established on July 1, 1998 with the passage of the Small Business Regulatory Flexibility Act. The responsibilities of the SBRRB include:

    1) Commentary on small business impact statements to the rule-drafting agencies.

    2) Identification and commentary on business impact of existing administrative rules.

    3) Recommendations to the Governor’s Office, state agencies or legislature, on any proposed new or amended administrative rules or changes in legislation.

    4) Recommendations to the mayors or county councils regarding county rules; and

    5) Review of small business petitions and complaints on business impact.

    The SBRRB comprises 10 volunteer members who are current or former owners or officers of businesses from across the state, as well as the director of DBEDT or the director’s designated representative, who serves as an “ex officio” member. Three members are appointed by the Senate President, three members by the Speaker of the House, two members by the SBRRB, and two are appointed by the Governor.

    Further, the appointments reflect a representation of a variety of businesses in the state with no more than two members from the same type of business and at least one representative from each county.

    About Department of Business, Economic Development and Tourism (DBEDT)


    DBEDT is Hawai‘i’s resource center for economic and statistical data, business development opportunities, energy and conservation information as well as foreign trade advantages. DBEDT’s mission is to achieve a Hawai‘i economy that embraces innovation and is globally competitive, dynamic and productive, providing opportunities for all Hawai‘i’s citizens. Through its attached agencies, the department fosters planned community development, creates affordable workforce housing units in high-quality living environments and promotes innovation sector job growth.

     

    # # #

     

    Media Contact:

     

    Laci Goshi

    Department of Business, Economic Development and Tourism 

    808-518-5480

    [email protected]

    dbedt.hawaii.gov 

    MIL OSI USA News

  • MIL-OSI USA: Seven California ports get more than $1 billion to shift to zero-emission operations, cut pollution

    Source: US State of California 2

    Oct 29, 2024

    What you need to know: The Biden-Harris Administration is granting more than $1 billion to California’s ports to accelerate their transition to zero-emission operations and create good paying jobs.

    SACRAMENTO – California ports are about to become cleaner and more climate friendly thanks to new funding from the Biden-Harris Administration. 

    Today, the U.S. Environmental Protection Agency announced seven California ports are receiving more than $1 billion to build zero-emission infrastructure and implement plans to clean up air quality. California ports received a third of the total funding announced today nationwide. The Port of Los Angeles is receiving the nation’s largest clean ports grant of $411 million, which will help the port shift to zero-emission operations. 

    Thanks to historic support from the Biden-Harris Administration and our state’s Congressional leaders, California’s ports are undergoing a rapid transition to become zero-emission. Cleaner ports means cleaner air for communities up and down our state – this is a huge win for our ports that are the backbone of the fifth largest economy in the world.

    Governor Gavin Newsom

    California’s ports handle about 40% of the nation’s containerized imports and 30% of America’s exports. This funding is key to Governor Newsom’s build more, faster infrastructure agenda. See projects in your community at build.ca.gov.  

    California ports receiving funding from the federal Clean Ports Program include:

    • Port of Los Angeles — $411.69 million: This project aims to accelerate the port’s transition toward ZE on-terminal operations by significantly reducing air pollution in and around the port, deploying ZE cargo handling equipment (CHE), and enhancing electric vehicle charging infrastructure. 
    • Port of Oakland — $322.17 million: This project will support the vision of reducing emissions and fully decarbonizing port acti­­vities by transitioning to ZE alternatives for drayage trucks and cargo handling equipment.  
    • Port of Stockton — $110.47 million: This project will transform the port into the first small port with ZE terminal operations and increase the ZE workforce in Northern California. 
    • Port of San Diego — $58.6 million: This project will support the port’s longstanding commitment to the electrification of San Diego’s maritime cargo handling facilities and freight transportation by implementing the final electrification elements to transform San Diego’s maritime cargo terminals and the goods movement network on San Diego Bay. 
    • Port of San Francisco — $55.39 million: This investment will transition ferry operations along the San Francisco waterfront to zero-emissions, removing 455,000 metric tons of carbon dioxide greenhouse gases and enhancing air quality at the Port of San Francisco and throughout the Bay Area airshed. 
    • Port of Hueneme — $42.29 million: The Port of Hueneme Reducing Emissions, Supporting Health (PHRESH) project consists of two components: PHRESH START (Sustainable, Thoughtful And Resilient Transformation), which includes planning activities, and PHRESH AIR (Accelerating Implementation and Results), which involves the deployment of roughly 35 pieces of ZE terminal equipment and a drayage truck incentive program.
    • Port of Redwood City — $1.97 million: This project, in partnership with a private entity, includes climate and air quality planning for hydrogen-based fueling and infrastructure.

    Recent news

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    News What you need to know: The Tijuana River sewage crisis has been impacting communities for far too long, and Governor Newsom has pushed federal and international partners to fund repairs and complete infrastructure improvements to finally address this crisis. …

    MIL OSI USA News

  • MIL-OSI Submissions: Crypto – Bitcoin to hit fresh all-time highs on Trump victory, deVere CEO predicts

    Source: deVere Group


    October 29 2024 – Bitcoin is likely to reach fresh all-time highs should Donald Trump win the US presidential election, predicts the CEO of one of the world’s largest independent financial advisory and asset management organizations.


    The bullish prediction from deVere Group’s Nigel Green comes a week ahead of the down-to-the-wire race for the White House between former president Trump and Vice President Kamala Harris.


    Bitcoin is currently around $71,000 (on Tuesday morning, GMT). The highest price paid for Bitcoin (BTC) is $73,737 which was recorded on March 14 2024.


    The deVere CEO comments: “A Trump victory could be the catalyst that pushes the world’s first and largest cryptocurrency into uncharted territory as his return to office would likely have a renewed emphasis on deregulation, tax incentives, and economic policies favorable to alternative investments, such as Bitcoin.”


    He continues: “During the campaign, he’s positioned himself as the pro-Bitcoin candidate, speaking in favor of digital currencies. 


    “Trump has also criticized the excessive influence of centralized financial institutions and has pledged to reduce regulatory constraints on digital assets if re-elected. 


    “This outspoken support has earned him recognition within the crypto community, with many investors viewing his potential return to office as an important bullish signal for Bitcoin.”


    Investor anticipation of policy shifts that many expect from a second Trump administration is likely to fuel a rally.


    The former president’s pro-business stance is often associated with easing regulatory constraints and implementing fiscal policies that encourage investment in unconventional assets. 


    “Should he return to office, Trump’s focus on deregulation might extend to cryptocurrency markets, providing a friendlier environment for digital assets like Bitcoin,” notes Nigel Green.


    Furthermore, Trump’s previous term was marked by substantial corporate tax cuts, which injected additional liquidity into markets, fostering investment in high-growth assets. 


    “Similar fiscal policies could be reintroduced, creating an environment ripe for Bitcoin’s price appreciation. This potential policy outlook adds a sense of urgency for investors to secure their positions in the leading crypto.”


    The former President’s economic stance, often marked by bold decisions and an ‘America First’ approach, could heighten concerns about potential shifts in global trade and US foreign policy. 


    The deVere CEO affirms: “This uncertain landscape makes Bitcoin an attractive alternative for investors looking to hedge against traditional market risks, spurring a demand that could propel Bitcoin to new highs.”


    In recent years, institutional interest in Bitcoin has grown, with large-scale investors, hedge funds, and even public companies allocating portions of their capital to digital assets. This trend has lent additional legitimacy to Bitcoin and has reduced volatility, making it more accessible to mainstream investors.


    A Trump victory might accelerate this trend by promoting a regulatory environment conducive to institutional involvement in the cryptocurrency market. 


    “Such a scenario would bring even more institutional money into Bitcoin, driving its price higher. If Trump advocates for more crypto-friendly policies, it would reinforce the digital asset’s standing in mainstream finance.”


    His potential re-election could also impact the Federal Reserve’s monetary policy stance and the strength of the US dollar, factors that indirectly affect Bitcoin’s price. If his policies lead to a weaker dollar, investors may flock to Bitcoin as a store of value, spurring further demand and pushing prices upward.


    Nigel Green concludes: “A Trump victory, we believe, could spark a substantial rally for Bitcoin as investors look to capitalize on potential policy shifts and a pro-business outlook. 


    “Given Bitcoin’s current positioning just below its all-time high, this election may be the spark that sends it to new records.”

    deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $12bn under advisement.

    MIL OSI – Submitted News

  • MIL-OSI Submissions: Finance – Visa Expands Push-to-Wallet for Virtual Cards Across Commercial Solutions Ecosystem

    Source: Visa Inc.
     
    New capabilities enable seamless issuance and deployment; provide robust controls and unlock new efficiencies

    SAN FRANCISCO – Visa (NYSE:V), a global leader in digital payments, announced new capabilities that enable frictionless, provisioned virtual card push-to-wallet experiences. Users can now seamlessly push virtual cards to mobile wallet ecosystems including Apple Pay and Google Pay, with control and security that allows for precise spending limits and monitoring of transactions, thereby minimizing the risk of fraud and unauthorized expenditures.

    Visa is an early mover in virtual card push-to-wallet, recognizing the importance of creating seamless, digitally native B2B payment experiences that mirror the consumer ones we have all come to expect. Virtual card transactions will exceed 121 billion globally by 2027, increasing 340% from 28 billion in 20221, according to Juniper Research. Virtual cards can significantly enhance operational efficiency by automating payment processes and reducing the administrative burden associated with traditional payment methods, and they can facilitate improved working capital management by accelerating payment cycles and offering greater transparency into financial transactions, empowering businesses to optimize their cash flow and financial planning.

    “These new capabilities underscore Visa’s commitment to innovating the B2B payment landscape, ensuring that businesses have access to secure and efficient payment solutions,” said Gloria Colgan, SVP and Global Head of Product for Visa Commercial Solutions. “By enabling push-to-wallet for virtual cards across our commercial products, we are making it easier for our clients to manage their finances in a digitally native environment.”

    These advancements empower businesses to operate efficiently and securely in today’s fast-paced digital economy. Visa’s sophisticated virtual card capabilities enable businesses of all sizes to utilize enterprise-grade payment solutions for better control, security and financial management. As the use of virtual cards continues to accelerate, Visa remains committed to driving innovation and providing tools that help businesses navigate and thrive in the evolving financial landscape.

    About Visa Inc.

    Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

    1 “Virtual Cards: Sector Analysis, Competitor Leaderboard & Market Forecast 2022-2027,” Juniper Research, 2022.

    MIL OSI – Submitted News

  • MIL-OSI USA: Governor Murphy Announces Creation of Economic Council

    Source: US State of New Jersey

    TRENTON – Governor Murphy today signed an Executive Order establishing a new Economic Council, which will be supported by a newly established Development Coordination Committee. Under the executive order, the Economic Council will provide a regular forum for the business community and state government to discuss, collaborate, and solve issues important to the public and private sectors, and stimulate economic growth and prosperity. The new Development Coordination Committee will support the Council’s work in advancing development projects that require multiple state, county and local government approvals. 

    “The Economic Council will ensure that we continue to have a healthy collaboration between the business community and the state government,” said Governor Murphy. “Deepening our Administration’s strong relationship with various sectors across our state will stimulate growth within our economy. I look forward to the forum for ongoing dialogue, collaboration, and problem-solving to advance our shared economic goals.” 

    Since the beginning of the Murphy Administration, state officials have worked with legislative partners and industry stakeholders on policies to improve the role and function of the government in facilitating economic development. Since 2018, New Jersey has seen small businesses increase by over 40,000 or 19%, despite the effects of the global COVID-19 pandemic.

    The Economic Council’s co-chairs will be the Deputy Chief of Staff for Economic Growth and the Chief Executive Officer of the New Jersey Economic Development Authority. The co-chairs will designate representatives from industry to participate in working group discussions with the Council. Along with the co-chairs, the Council will also consist of the Governor’s Chief of Staff, Chief Counsel, Chief Policy Advisor, the State Treasurer; and the Executive Director of the Business Action Center, or their respective designees.

    “New Jersey’s economy has grown stronger under Governor Murphy’s leadership, and the Economic Council will build upon the progress we’ve made over the past seven years,” said NJEDA Chief Executive Officer Tim Sullivan. “I’m honored to co-chair the Economic Council and look forward to working with our government partners and key stakeholders to help meet the ambitious economic goals of the administration.”

    “The establishment of the Economic Council is a giant step forward in Governor Murphy’s relationship with the business community,” said Deputy Chief of Staff for Economic Growth Eric Brophy. “Over the past several years, at the governor’s urging, we have made doing business in New Jersey easier. We learned early on that working closely with the business community and legislators is the best way to grow New Jersey’s economy. The Economic Council will further cultivate our ambition to make business in New Jersey less complicated.”

    “Addressing the future economy of our state is vitally important to unleashing our enormous economic potential – as is the need to generate additional organic, reliable revenue to fund our growing state budgets,” said Tom Bracken, President & CEO, New Jersey Chamber of Commerce. “The New Jersey Chamber of Commerce has been advocating for the creation of an economic council for many years to accomplish that goal. Today’s announcement, hopefully, will put in place a mechanism to bring together government and the business community to address collective thoughts and strategies to create a more vibrant, competitive economic landscape. With the Economic Council and Development Coordination Committee structure in place, it will now be up to its organizers to ensure it will quickly and effectively deliver the results we desperately need. We thank Gov. Murphy for creating this forum that we hope transcends administrations – and we look forward to working with the administration and being part of this opportunity.” 

    Within the Council, the Executive Order also establishes a Development Coordination Committee as a subcommittee that will focus on ways to streamline the intergovernmental review of complex development projects, improve communication amongst state, county and local government financing and permitting entities with respect to projects that require a coordinated review. This will enhance information sharing by and between government agencies and project developers.

    The Development Coordination Committee will consist of the Deputy Chief of Staff for Economic Growth; the State Treasurer; the Commissioners of the Departments of Community Affairs, Environmental Protection, and Transportation; and the Executive Directors of the EDA, New Jersey Housing and Mortgage Finance Agency, Schools Development Authority, and Infrastructure Bank, or their respective designees. The Committee will also be tasked with reporting to the Council on recommended policies, initiatives or reforms that may be undertaken to reduce barriers to development or construction project disruptions or delays.

    Read Executive Order No.369 here.

    MIL OSI USA News

  • MIL-OSI USA: Warner, Kaine, and Scott Applaud $380 Million in Inflation Reduction Act Funding for the Port of Virginia

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON –  Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) and U.S. Representative Bobby Scott (D-VA-03) announced $380,000,000 in federal funding for the Port of Virginia to accelerate its plan to become carbon-neutral by 2040. Warner, Kaine, and Scott advocated for this funding and sent a letter of support for this grant. The funding was awarded through the Environmental Protection Agency’s Clean Ports Program, which was made possible by the Inflation Reduction Act that the members helped pass. 
    “The Port of Virginia is one of the largest and busiest ports on the eastern seaboard, and it’s critical to Virginia’s economy and offshore wind industry. As the Port of Virginia continues to grow thanks to investments we’re making, we must also ensure we’re reducing greenhouse gas emissions, which result in negative health and environmental impacts for our communities,” said the lawmakers. “That’s why we’re thrilled that this federal funding, which was made possible by theInflation Reduction Act we supported, will accelerate the Port’s efforts to achieve net-zero carbon emissions by 2040 and further cement Virginia’s place as a leader in clean energy.”  
    The Inflation Reduction Act made historic investments to support clean energy projects. It included clean energy tax credits that have incentivized a series of corporate investments in Virginia, including:
    A $681 million investment by LS GreenLink to build a state-of-the-art facility to manufacture high-voltage subsea cables used for offshore wind farms inChesapeake, which will create over 330 jobs in Virginia.
    An investment of over $400 million by Topsoe to build a new manufacturing facility in Chesterfield County, which will create at least 150 new jobs in Virginia.
    An investment of $208 million by Mack and Volvo Trucks—in addition to a federal grant award of over $208 million for the company—to sustain 7,900 union jobs and create 295 new jobs in Virginia, Maryland, and Pennsylvania. Volvo Trucks is the second largest employer in the New River Valley, sustaining 3,600 jobs in Dublin, including 3,200 United Automobile Workers (UAW) jobs. In September 2024, Warner and Kaine visited Volvo’s New River Valley plant to celebrate the investment.
    Today’s announcement builds on other transformational investments made to the Port of Virginia by the Biden-Harris administration with the backing of Warner, Kaine, and Scott. That includes $225.4 million to fully fund the Norfolk Harbor Deepening and Widening Project, which will improve navigation and expand capacity by deepening and widening Norfolk Harbor’s shipping channels, allowing for two-way traffic in and out of the harbor. Of this amount, $141.7 million was made available through the Infrastructure Investment and Jobs Act and $83.7 million was provided through the Fiscal Year 2022 omnibus appropriations bill.
    The Port also previously received $20 million in federal funding from the Department of Transportation for improvements to Portsmouth Marine Terminal that will allow it to serve as a staging area to support the manufacturing and movement of offshore wind goods to support the 2.6 gigawatt Coastal Virginia Offshore Wind commercial project and other commercial offshore wind projects up-and-down the East Coast. Warner, Kaine, and Scott led a Virginia Congressional Delegation letter to Secretary of Transportation Pete Buttigieg in support of the Port’s application for that funding.

    MIL OSI USA News

  • MIL-OSI USA: FEMA Posts Public Notice for Tennessee Counties Affected by Helene

    Source: US Federal Emergency Management Agency

    Headline: FEMA Posts Public Notice for Tennessee Counties Affected by Helene

    FEMA Posts Public Notice for Tennessee Counties Affected by Helene

    A public notice has been posted that describes FEMA’s proposed funding for Tropical Storm Helene work projects that may adversely affect historic properties, floodplains or wetlands, or may result in continuing vulnerability of these areas to flood damage.By law, FEMA is required to announce its intent to provide federal assistance and grant opportunities under its Individual Assistance and Public Assistance programs and the Hazard Mitigation Grant Program after the Oct. 2 major disaster declaration for Tropical Storm Helene.The public notice is posted on FEMA’s disaster web page at DR-4832-TN Public Notice 004 | FEMA.gov and on the Tennessee Emergency Management Agency’s website at FEMA-4832 Public Notice. The major disaster declaration authorizes FEMA to provide financial assistance and direct services to individuals and households affected by the Sept. 26-30 storms in Carter, Cocke, Greene, Hamblen, Hawkins, Johnson, Unicoi and Washington counties.The declaration also authorizes FEMA to provide, under its Public Assistance program, reimbursement or direct federal assistance for emergency and permanent work to eligible state and local agencies and certain private nonprofits. Counties authorized under the Public Assistance program are: Carter, Claiborne, Cocke, Grainger, Greene, Hamblen, Hawkins, Jefferson, Johnson, Sevier, Sullivan, Unicoi and Washington counties.Federal funding is also available on a cost-sharing basis for hazard mitigation measures statewide.For more information about these actions or a specific project, write to FEMA Region 4, 3005 Chamblee Tucker Road, Atlanta, GA 30341-4112. You may also email FEMA-R4EHP@fema.dhs.gov. Include in the email subject line, “DR-4832-TN EHAD.” Comments should be sent in writing within 30 days of the date of the public notice.
    kwei.nwaogu
    Tue, 10/29/2024 – 19:44

    MIL OSI USA News

  • MIL-OSI: Seaway7 awarded offshore wind contract in UK

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 29 October 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award to Seaway7, part of the Subsea7 Group, of a substantial1 contract by Ørsted for the transport and installation of the inter-array cables of the Hornsea 3 offshore wind project located in the UK sector of the North Sea.

    Seaway7’s scope of work covers the transportation and installation (T&I) of 192 66kV inter-array cables, measuring approximately 500 kilometres in length, with offshore activities scheduled to commence in 2026.

    Stuart Fitzgerald, CEO Seaway7, said: “With this award we look forward to continuing our long-standing relationship with Ørsted. The Hornsea 3 project represents our seventh offshore wind project together, including the inter-array cables on the two previous phases of the Hornsea Wind Zone, Hornsea 1 and Hornsea 2. The award adds to our backlog and leading position in the UK, Europe’s largest offshore wind market.

    (1) Subsea7 defines a substantial contract as being between USD 150 million and USD 300 million.

    *******************************************************************************
    Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry. We create sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investment community enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 (0)20 8210 5568
    ir@subsea7.com

    Contact for media enquiries:
    Nikki Beales
    Communications Manager, Seaway7
    Tel +44 (0)7843895292
    nikki.beales@seaway7.com
    www.seaway7.com

    Forward-Looking Statements: This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 29 October 2024 at 21:05 CET.

    Attachment

    The MIL Network

  • MIL-OSI: Skyward Specialty Insurance Group Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported third quarter 2024 net income of $36.7 million, or $0.89 per diluted share, compared to $21.7 million, or $0.57 per diluted share, for the same 2023 period. Net income for the first nine months of 2024 was $104.4 million, or $2.53 per diluted share, compared to $56.7 million, or $1.50 per diluted share, for the same 2023 period.

    Adjusted operating income(1) for the third quarter of 2024 was $29.4 million, or $0.71 per diluted share, compared to $25.0 million, or $0.65 per diluted share, for the same 2023 period. Adjusted operating income(1) for the first nine months of 2024 was $93.4 million, or $2.26 per diluted share, compared to $56.5 million, or $1.49 per diluted share, for the same 2023 period.

    Highlights for the third quarter included:

    • Gross written premiums of $400.0 million an increase of 12.4% compared to the third quarter of 2023.
    • Combined ratio of 92.2% and ex-Cat combined ratio of 89.4% compared to 90.2% and 89.8%, respectively, for the third quarter of 2023.
    • Annualized return on equity of 19.1% through the first nine months of 2024 compared to 15.8% for the same 2023 period.
    • Book value per share of $19.89, an increase of 19% compared to December 31, 2023.
    (1)See “Reconciliation of Non-GAAP Financial Measures”

    Skyward Specialty Chairman and CEO Andrew Robinson commented, “These past weeks have proven to be a very difficult time and our thoughts continue to be with those impacted by Hurricanes Helene and Milton; I am proud of the extraordinary efforts of our claims team and partners who continue to deliver exceptional service to our customers affected by these catastrophes.”

    “As for our third quarter, our results reflect our continued excellent execution of our “Rule our Niche” strategy, and our disciplined underwriting and our strategic risk management. Our adjusted operating income was up nearly 18% over the prior year quarter, continuing the trend of strong earnings growth we have delivered every quarter as a public company, and our 19.1% annualized return on equity year to date is outstanding. We delivered gross written premiums growth of 12.4% over the prior year quarter while continuing to increase our mix of business to areas that are less exposed to the P&C cycles. Given investments into our business, the momentum building in certain divisions, and with full consideration for the market backdrop, I am confident that we are well positioned to deliver strong growth as we look forward to the coming quarters.”

    Results of Operations

    Underwriting Results

    Premiums                        
    ($ in thousands)   Three months ended September 30,   Nine months ended September 30,
    unaudited     2024       2023     % Change     2024       2023     % Change
    Gross written premiums   $ 400,014     $ 355,732     12.4 %   $ 1,354,877     $ 1,138,224     19.0 %
    Ceded written premiums   $ (131,692 )   $ (75,036 )   75.5 %   $ (502,326 )   $ (441,650 )   13.7 %
    Net retention     67.1 %     78.9 %   NM (1)       62.9 %     61.2 %   NM (1)  
    Net written premiums   $ 268,322     $ 280,696     (4.4 )%   $ 852,551     $ 696,574     22.4 %
    Net earned premiums   $ 269,557     $ 227,033     18.7 %   $ 763,482     $ 604,211     26.4 %
    (1)Not meaningful                        
                             

    The increase in gross written premiums for the third quarter and first nine months of 2024, when compared to the same 2023 periods, was driven by double-digit premium growth primarily from our transactional E&S, programs, captives, surety and global property & agriculture underwriting divisions.

    During the third quarter and first nine months of 2023, the Company cancelled a quota share reinsurance contract. Excluding the impact of the cancellation, net written premiums for the third quarter and first nine months of 2024 increased 16.5%(2) and 32.0%(2), respectively, when compared to the same 2023 periods.

    Combined Ratio   Three months ended September 30,   Nine months ended September 30,
    (unaudited)   2024   2023   2024   2023
    Non-cat loss and LAE(1)   60.6 %   60.7 %   60.6 %   60.9 %
    Cat loss and LAE(1)   2.8 %   0.4 %   1.5 %   1.8 %
    Prior accident year development – LPT(2)   (0.1 )%   (0.1 )%   (0.1 )%   (0.2 )%
    Loss Ratio   63.3 %   61.0 %   62.0 %   62.5 %
    Net policy acquisition costs   13.9 %   15.0 %   13.9 %   13.0 %
    Other operating and general expenses   15.7 %   15.1 %   15.8 %   16.3 %
    Commission and fee income   (0.7 )%   (0.9 )%   (0.8 )%   (1.0 )%
    Expense ratio   28.9 %   29.2 %   28.9 %   28.3 %
    Combined ratio   92.2 %   90.2 %   90.9 %   90.8 %
    Ex-Cat Combined Ratio(3)   89.4 %   89.8 %   89.4 %   89.0 %
                     
    Adjusted Underwriting Ratios                
    Adjusted loss ratio(2)   63.4 %   61.1 %   62.1 %   62.7 %
    Expense ratio   28.9 %   29.2 %   28.9 %   28.3 %
    Adjusted combined ratio(2)   92.3 %   90.3 %   91.0 %   91.0 %
    (1)Current accident year
    (2)See “Reconciliation of Non-GAAP Financial Measures”
    (3)Defined as the combined ratio excluding cat loss and LAE(1)            
                     

    The loss ratios for the third quarter and first nine months of 2024 increased 2.3 points and improved 0.5 points, respectively, when compared to the same 2023 periods. The third quarter of 2024 was impacted by higher catastrophe losses, primarily from Hurricanes Helene and Beryl.

    The expense ratios for the third quarter and first nine months of 2024 were comparable to the same 2023 periods.

    The expense ratios for all periods presented exclude the impact of IPO related stock compensation and secondary offering expenses, which are reported in other expenses in our condensed consolidated statements of operations and comprehensive income.

    Investment Results

    Net Investment Income                
    $ in thousands   Three months ended September 30,   Nine months ended September 30,
    (unaudited)     2024       2023       2024     2023  
    Short-term investments & cash and cash equivalents   $ 4,537     $ 3,022     $ 13,645   $ 8,007  
    Fixed income     15,458       9,488       41,722     24,867  
    Equities     596       650       1,974     1,332  
    Alternative & strategic investments     (1,070 )     (71 )     2,615     (7,888 )
    Net investment income   $ 19,521     $ 13,089     $ 59,956   $ 26,318  
    Net unrealized gains (losses) on securities still held   $ 8,378     $ (6,391 )   $ 15,609   $ 2,394  
    Net realized gains     1,809       3,407       1,056     934  
    Net investment gains (losses)   $ 10,187     $ (2,984 )   $ 16,665   $ 3,328  
     

    Beginning January 1, 2024 we simplified the investment portfolio classifications to align with our strategy and the underlying risk characteristics of the portfolio. The prior period has been reclassified to conform to the current period presentation.

    Net investment income for the third quarter and first nine months of 2024 increased $6.4 million and $33.6 million, respectively when compared to the same 2023 periods, primarily driven by increased income from our fixed income portfolio and short-term investments due to higher yields and larger asset bases.

    Stockholders’ Equity

    Stockholders’ equity was $797.5 million at September 30, 2024 which represents an increase of 10.2% when compared to stockholders’ equity of $723.6 million at June 30, 2024. The increase in stockholders’ equity was primarily due to net income and an increase in the market value of our investment portfolio.

    Share Repurchase Authorization

    In October 2024, the Company’s Board of Directors authorized a share repurchase program authorizing the repurchase of up to $50.0 million of the Company’s common stock.

    Skyward Specialty Chairman and CEO Andrew Robinson commented, “The share repurchase program allows Skyward to opportunistically deploy our capital in an accretive fashion and ultimately drive long-term value creation for our shareholders. Given our strong cash position and financing flexibility, the repurchase program will not limit our ability to support our near-term growth or our flexibility to support ongoing investment in the key growth areas of our business, or to capture additional value creating opportunities.”

    The shares may be repurchased from time to time in open market purchases, privately-negotiated transactions, block purchases, accelerated share repurchase agreements or a combination of methods and pursuant to safe harbors provided by Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934. The timing, manner, price and amount of any repurchases under the share repurchase program will be determined by the Company in its discretion. The stock repurchase program does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time.

    Conference Call

    At 9:30 a.m. eastern time tomorrow, October 30, 2024, Skyward Specialty management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at investors.skywardinsurance.com under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

    Non-GAAP Financial Measures

    This release contains certain financial measures and ratios that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). We refer to these measures as “non-GAAP financial measures.” We use these non-GAAP financial measures when planning, monitoring, and evaluating our performance.

    We have chosen to exclude the net impact of the Loss Portfolio Transfer (“LPT”), all development on reserves fully or partially covered by the LPT and amortization of deferred gains associated with recoveries of prior LPT reserve strengthening in certain non-GAAP metrics, where noted, as the business subject to the LPT is not representative of our continuing business strategy. The business subject to the LPT is primarily related to policy years 2017 and prior, was generated and managed under prior leadership, and has either been exited or substantially repositioned during the reevaluation of our portfolio. We consider these non-GAAP financial measures to be useful metrics for our management and investors to facilitate operating performance comparisons from period to period. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be a substitute for revenue or net income, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For more information regarding these non-GAAP financial measures and a reconciliation of such measures to comparable GAAP financial measures, see the section entitled “Reconciliation of Non-GAAP Financial Measures.”

    About Skyward Specialty Insurance Group, Inc.

    Skyward Specialty is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through eight underwriting divisions – Accident & Health, Captives, Global Property & Agriculture, Industry Solutions, Professional Lines, Programs, Surety and Transactional E&S. SKWD stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.

    Skyward Specialty’s subsidiary insurance companies consist of Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with stable outlook by A.M. Best Company. Additional information about Skyward Specialty can be found on our website at www.skywardinsurance.com.

    Forward-Looking Statements

    Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Skyward Specialty’s Form 10-K, and include (but are not limited to) legislative changes at both the state and federal level, state and federal regulatory rule making promulgations and adjudications, class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the potential loss of key members of our management team or key employees and our ability to attract and retain personnel, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, other types of catastrophic events, our ability to obtain reinsurance coverage at prices and on terms that allow us to transfer risk and adequately protect our company against financial loss, and losses resulting from reinsurance counterparties failing to pay us on reinsurance claims. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Skyward Specialty Insurance Group, Inc.

    Investor contact:
    Natalie Schoolcraft,
    nschoolcraft@skywardinsurance.com
    614-494-4988

    or

    Media contact:
    Haley Doughty
    hdoughty@skywardinsurance.com
    713-935-4944

    Skyward Specialty Insurance Group, Inc.
    Consolidated Balance Sheets        
    ($ in thousands, except share and per share amounts)        
    (unaudited)   September 30, 2024   December 31, 2023
    Assets        
    Investments:        
    Fixed maturity securities, available-for-sale, at fair value (amortized cost of $1,359,700 and $1,047,713, respectively)   $ 1,357,500     $ 1,017,651  
    Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $239 and $329, respectively)     39,321       42,986  
    Equity securities, at fair value     124,719       118,249  
    Mortgage loans, at fair value     36,267       50,070  
    Equity method investments     102,111       110,653  
    Other long-term investments     23,802       3,852  
    Short-term investments, at fair value     206,358       270,226  
    Total investments     1,890,078       1,613,687  
    Cash and cash equivalents     105,573       65,891  
    Restricted cash     45,783       34,445  
    Premiums receivable, net     327,176       179,235  
    Reinsurance recoverables, net     686,725       596,334  
    Ceded unearned premium     236,962       186,121  
    Deferred policy acquisition costs     119,910       91,955  
    Deferred income taxes     18,502       21,991  
    Goodwill and intangible assets, net     87,607       88,435  
    Other assets     80,547       75,341  
    Total assets   $ 3,598,863     $ 2,953,435  
    Liabilities and stockholders’ equity        
    Liabilities:        
    Reserves for losses and loss adjustment expenses   $ 1,568,777     $ 1,314,501  
    Unearned premiums     692,452       552,532  
    Deferred ceding commission     44,984       37,057  
    Reinsurance and premium payables     200,967       150,156  
    Funds held for others     102,219       58,588  
    Accounts payable and accrued liabilities     73,001       50,880  
    Notes payable     100,000       50,000  
    Subordinated debt, net of debt issuance costs     18,956       78,690  
    Total liabilities     2,801,356       2,292,404  
    Stockholders’ equity        
    Common stock, $0.01 par value, 500,000,000 shares authorized, 40,099,931 and 39,863,756 shares issued and outstanding, respectively     401       399  
    Additional paid-in capital     716,095       710,855  
    Stock notes receivable           (5,562 )
    Accumulated other comprehensive loss     (1,703 )     (22,953 )
    Retained earnings (accumulated deficit)     82,714       (21,708 )
    Total stockholders’ equity     797,507       661,031  
    Total liabilities and stockholders’ equity   $ 3,598,863     $ 2,953,435  
             
    Skyward Specialty Insurance Group, Inc.
    Condensed Consolidated Statements of Operations and Comprehensive Income
    ($ in thousands)   Three months ended September 30,   Nine months ended September 30,
    (unaudited)     2024       2023       2024       2023  
                     
    Revenues:                
    Net earned premiums   $ 269,557     $ 227,033     $ 763,482     $ 604,211  
    Commission and fee income     1,818       2,085       5,897       5,817  
    Net investment income     19,521       13,089       59,956       26,318  
    Net investment gains (losses)     10,187       (2,984 )     16,665       3,328  
    Other loss     (195 )           (202 )      
    Total revenues     300,888       239,223       845,798       639,674  
    Expenses:                
    Losses and loss adjustment expenses     170,521       138,536       473,489       377,841  
    Underwriting, acquisition and insurance expenses     79,817       68,315       226,270       176,653  
    Interest expense     2,229       2,632       7,405       7,250  
    Amortization expense     351       463       1,099       1,336  
    Other expenses     1,117       1,482       3,350       4,061  
    Total expenses     254,035       211,428       711,613       567,141  
    Income before income taxes     46,853       27,795       134,185       72,533  
    Income tax expense     10,185       6,084       29,763       15,814  
    Net income     36,668       21,711       104,422       56,719  
    Net income attributable to participating securities                       1,492  
    Net income attributable to common stockholders   $ 36,668     $ 21,711     $ 104,422     $ 55,227  
    Comprehensive income:                
    Net income   $ 36,668     $ 21,711     $ 104,422     $ 56,719  
    Other comprehensive income:                
    Unrealized gains and losses on investments:                
    Net change in unrealized gains (losses) on investments, net of tax     31,396       (8,722 )     24,527       (5,309 )
    Reclassification adjustment for losses on securities no longer held, net of tax     (1,963 )     (3,667 )     (3,277 )     (4,879 )
    Total other comprehensive income (loss)     29,433       (12,389 )     21,250       (10,188 )
    Comprehensive income   $ 66,101     $ 9,322     $ 125,672     $ 46,531  
                     
    Skyward Specialty Insurance Group, Inc.
    Share and Per Share Data                
    ($ in thousands, except share and per share amounts)   Three months ended September 30,   Nine months ended September 30,
    (unaudited)     2024       2023       2024       2023  
                     
    Weighted average basic shares     40,098,345       36,743,393       40,039,269       35,502,843  
    Weighted average diluted shares     41,428,557       38,403,843       41,302,108       37,830,431  
                     
    Basic earnings per share   $ 0.91     $ 0.59     $ 2.61     $ 1.56  
    Diluted earnings per share   $ 0.89     $ 0.57     $ 2.53     $ 1.50  
    Basic adjusted operating earnings per share   $ 0.73     $ 0.68     $ 2.33     $ 1.55  
    Diluted adjusted operating earnings per share   $ 0.71     $ 0.65     $ 2.26     $ 1.49  
                     
    Annualized ROE (1)     19.3 %     16.4 %     19.1 %     15.8 %
    Annualized adjusted ROE (2)     15.5 %     18.9 %     17.1 %     15.8 %
    Annualized ROTE (3)     21.8 %     19.7 %     21.7 %     19.4 %
    Annualized adjusted ROTE (4)     17.5 %     22.8 %     19.4 %     19.4 %
                     
                September 30   December 31
                  2024       2023  
                     
    Shares outstanding             40,099,931       39,863,756  
    Fully diluted shares outstanding             41,986,881       41,771,854  
                     
    Book value per share           $ 19.89     $ 16.72  
    Fully diluted book value per share           $ 18.99     $ 15.96  
    Fully diluted tangible book value per share           $ 16.91     $ 13.84  
                     
    (1)Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
    (2)Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
    (3)Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period
    (4)Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period

    Skyward Specialty Insurance Group, Inc.
    Reconciliation of Non-GAAP Financial Measures

    Adjusted operating income – We define adjusted operating income as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define adjusted operating income differently.        

    ($ in thousands) Three months ended September 30,   Nine months ended September 30,
    (unaudited)   2024       2023       2024       2023  
      Pre-tax   After-tax   Pre-tax   After-tax   Pre-tax   After-tax   Pre-tax   After-tax
    Income as reported $ 46,853     $ 36,668     $ 27,795     $ 21,711     $ 134,185     $ 104,422     $ 72,533     $ 56,719  
    Less (add):                              
    Net investment gains (losses)   10,187       8,048       (2,984 )     (2,357 )     16,665       13,165       3,328       2,629  
    Net impact of loss portfolio transfer   318       251       266       210       800       632       970       766  
    Other loss   (195 )     (154 )                 (202 )     (160 )            
    Other expenses   (1,117 )     (882 )     (1,482 )     (1,171 )     (3,350 )     (2,647 )     (4,061 )     (3,208 )
    Adjusted operating income $ 37,660     $ 29,405     $ 31,995     $ 25,029     $ 120,272     $ 93,432     $ 72,296     $ 56,532  
                                   


    Quota Share Reinsurance Cancellation
    Reconciliation – to exclude the impact of the cancellation of a quota share reinsurance contract on ceded written premiums, net retention, net written premiums and net earned premiums for the three and nine months ended September 30, 2023:

      Three months ended September 30,
        2024       2023     %
    (unaudited) As Reported   As Reported   Adjustment   Adjusted   Change
    Ceded written premiums $ (131,692 )   $ (75,036 )   $ (50,462 )   $ (125,498 )   4.9 %
    Net retention   67.1 %     78.9 %         64.7 %   NM (1)
    Net written premiums $ 268,322     $ 280,696     $ (50,462 )   $ 230,234     16.5 %
    Net earned premiums $ 269,557     $ 227,033     $ (13,145 )   $ 213,888     26.0 %
                       
      Nine months ended September 30,
        2024       2023     %
      As Reported   As Reported   Adjustment   Adjusted   Change
    Ceded written premiums $ (502,326 )   $ (441,650 )   $ (50,462 )   $ (492,112 )   2.1 %
    Net retention   62.9 %             56.8 %   NM (1)
    Net written premiums $ 852,551     $ 696,574     $ (50,462 )   $ 646,112     32.0 %
    Net earned premiums $ 763,482     $ 604,211     $ (13,145 )   $ 591,066     29.2 %
                       
    (1)Not meaningful                  
                       


    Underwriting income
    – We define underwriting income as net income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, impairment charges, interest expense, amortization expense and other income and expenses. Underwriting income represents the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for pre-tax income calculated in accordance with GAAP, and other companies may define underwriting income differently.

    ($ in thousands)   Three months ended September 30,   Nine months ended September 30,
    (unaudited)     2024       2023       2024     2023
    Income before federal income tax expense   $ 46,853     $ 27,795     $ 134,185     $ 72,533
    Add:                
    Interest expense     2,229       2,632       7,405       7,250
    Amortization expense     351       463       1,099       1,336
    Other expenses     1,117       1,482       3,350       4,061
    Less:                
    Net investment income     19,521       13,089       59,956       26,318
    Net investment gains (losses)     10,187       (2,984 )     16,665       3,328
    Other loss     (195 )           (202 )    
    Underwriting income   $ 21,037     $ 22,267     $ 69,620     $ 55,534
                     


    Adjusted Loss Ratio / Adjusted Combined Ratio
    – We define adjusted loss ratio and adjusted combined ratio as the corresponding ratio (calculated in accordance with GAAP), excluding losses and LAE related to the LPT and all development on reserves fully or partially covered by the LPT and amortization of deferred gains associated with recoveries of prior LPT reserve strengthening. We use these adjusted ratios as internal performance measures in the management of our operations because we believe they give our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Our adjusted loss ratio and adjusted combined ratio should not be viewed as substitutes for our loss ratio and combined ratio, respectively.

    ($ in thousands)   Three months ended September 30,   Nine months ended September 30,
    (unaudited)     2024       2023       2024       2023  
    Net earned premiums   $ 269,557     $ 227,033     $ 763,482     $ 604,211  
                     
    Losses and LAE     170,521       138,536       473,489       377,841  
    Less: Pre-tax net impact of LPT     (318 )     (266 )     (800 )     (970 )
    Adjusted losses and LAE   $ 170,839     $ 138,802     $ 474,289     $ 378,811  
                     
    Loss ratio     63.3 %     61.0 %     62.0 %     62.5 %
    Less: net impact of LPT   (0.1 )%   (0.1 )%   (0.1 )%   (0.2 )%
    Adjusted loss ratio     63.4 %     61.1 %     62.1 %     62.7 %
                     
    Combined ratio     92.2 %     90.2 %     90.9 %     90.8 %
    Less: net impact of LPT   (0.1 )%   (0.1 )%   (0.1 )%   (0.2 )%
    Adjusted combined ratio     92.3 %     90.3 %     91.0 %     91.0 %
                     

    Tangible Stockholders’ Equity – We define tangible stockholders’ equity as stockholders’ equity less goodwill and intangible assets. Our definition of tangible stockholders’ equity may not be comparable to that of other companies and should not be viewed as a substitute for stockholders’ equity calculated in accordance with GAAP. We use tangible stockholders’ equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.

    ($ in thousands)   September 30,   December 31,
    (unaudited)   2024   2023   2023
    Stockholders’ equity   $ 797,507   $ 535,397   $ 661,031
    Less: Goodwill and intangible assets     87,607     88,808     88,435
    Tangible stockholders’ equity   $ 709,900   $ 446,589   $ 572,596
                 

    Skyward Specialty Insurance Group, Inc.
    Gross Written Premiums by Underwriting Division (Unaudited)

        Three months ended September 30,   Nine months ended September 30,
    ($ in thousands)   2024   2023   % Change   2024   2023   % Change
    Global Property & Agriculture   $ 54,360   $ 48,775   11.5 %   $ 279,721   $ 247,195   13.2 %
    Industry Solutions     74,089     79,798   (7.2 )%     236,460     226,680   4.3 %
    Captives     53,630     41,886   28.0 %     184,137     127,249   44.7 %
    Programs     54,434     41,735   30.4 %     166,256     143,032   16.2 %
    Transactional E&S     44,885     30,699   46.2 %     132,791     90,948   46.0 %
    Accident & Health     43,490     39,554   10.0 %     128,479     112,819   13.9 %
    Professional Lines     40,310     48,259   (16.5 )%     120,655     114,420   5.4 %
    Surety     34,816     24,977   39.4 %     106,395     75,899   40.2 %
    Total gross written premiums(1)   $ 400,014   $ 355,683   12.5 %   $ 1,354,894   $ 1,138,242   19.0 %
    (1)Excludes exited business                        

    The MIL Network

  • MIL-OSI: Enovix Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today financial results for third quarter 2024, which included the summary below from its President and CEO, Dr. Raj Talluri.

    Fellow Shareholders,

    In the third quarter of 2024, we made significant progress on our journey to scale. The unveiling of Fab2 was a major boost in confidence with multiple customers now indicating a desire to launch products with us starting from late 2025.

    Other recent highlights include:

    • Revenue growth: Revenues were $4.3 million in the third quarter, above our guidance midpoint and up from $3.8 million in the second quarter.
    • Manufacturing: The Company formally opened Fab2 in Malaysia and within weeks commenced shipping battery cells to customers.
    • Commercialization: A leading smartphone OEM signed a development agreement for qualification of our battery product and mass production launch in late 2025.
    • Cost reduction: We are on track to further reduce cash consumption by leveraging our new Malaysia operations which will provide runway into 2026.

    We are laser-focused on execution as we see increasing demand across our target markets. The strategy we established early last year prioritized large, high-value segments, such as smartphones and AR/VR headsets, where the need for higher energy density commands a premium. This approach has proven to be visionary, with the recent surge in AI-enabled smartphones further validating our strategy and driving significant pull for our products. We are confident that our go-to-market strategy positions Enovix on an expedient path to profitability while maintaining a competitive edge in innovation.

    Our analysis of recent smartphone launches highlights a critical shortfall in conventional batteries. Energy density improvements in flagship devices released in 2024 have stagnated, with a mere 1% year-over-year increase. We believe this trajectory is insufficient to meet escalating demands of modern devices, especially those powered by AI.

    In contrast, our battery technology roadmap offers a generational leap in energy density. With our Malaysia Fab now gearing up for production, we are in a full sprint to commercialize this transformative technology and meet the pressing needs of the industry. Our focus on rapid execution will enable us to offer substantial benefits to our customers and consumers alike, positioning us as a leader in next-generation battery solutions.

    Business Update

    Manufacturing. We formally opened Fab2 in Malaysia with various stakeholders including several leading smartphone OEMs that provided decidedly positive feedback on ramp quality and speed, as well as the level of automation. A total of 11 customers have now inspected our new facility. The Agility Line is fully operational with initial yields comparable to final levels we achieved with our first manufacturing line in California, with expected improvements on the horizon. Consistent with our plans, we commenced shipping EX-1M cells to customers in the third quarter, supporting their qualification and mass production timelines. We are on track to complete Site Acceptance Testing (SAT) of the High-Volume Line in Q4 2024.

    Commercialization. Our business team has made significant progress toward profitability by securing demand across multiple high-growth markets. We are excited to announce that we have formalized a strategic partnership with a second leading smartphone OEM. This agreement outlines key milestones, and upon meeting them, we are poised to enter the smartphone market in late 2025 with high-volume production from our Fab2 facility. This marks a major step forward in our journey to scale.

    In parallel, we have aligned on a production schedule with a leading IoT customer, which includes a mass production purchase order also slated for 2025. This partnership underscores our ability to diversify into high-value sectors beyond smartphones. Further, we are aggressively expanding our pipeline by engaging with strategic IoT customers to unlock high-growth opportunities and accelerate top-of-the-funnel momentum.

    In the EV space, we are advancing our targeted strategy of developing customized products with two of the world’s largest automotive OEMs. In Q4, we expect to complete our first milestone pursuant to the agreement with one of the major automakers in the EV market, which is a major milestone in our efforts to enter and grow within the EV market. Looking ahead, we are focused on expanding these relationships in 2025, leveraging a capital-efficient, licensing-based business model in the EV space that aligns with the long-term scalability of our technology.

    Products: Our product development team is advancing toward the 2025 mass production of EX-1M, which will highlight the capabilities of our breakthrough active silicon technology. In Q3, we successfully achieved UN38.3 certification, marking a critical milestone for market entry and a strong validation of our products’ safety.

    In addition, we are on track to sample EX-2M to select customers in Q4. We’re now making samples and have identified the product’s advanced electrochemistry. These early samples will be instrumental in accelerating the timeline to full-scale production. Finally, we have made progress on the comprehensive product definition of EX-3M, reaffirming our commitment to pushing the boundaries of innovation and delivering industry-leading solutions to customers across a range of industries.

    Financials: Revenue was $4.3 million in the third quarter of 2024, near the high end of our guidance range and up from $3.8 million in the second quarter of 2024.

    Our GAAP cost of revenue was $5.0 million in the third quarter of 2024 representing a slight reduction sequentially as a percentage of sales and leading to a similar gross income level.

    Our GAAP operating expenses of $48.6 million in the third quarter of 2024 were down from $88.1 million in the second quarter, due largely to lower restructuring costs which were concentrated in the previous quarter as the Company shifted our manufacturing operations from the U.S. to Malaysia. Our non-GAAP operating expenses were $27.2 million in the third quarter of 2024, down 12% from $30.9 million in the second quarter of 2024.

    Our GAAP net loss attributable to Enovix of $22.5 million in the third quarter of 2024 was down from $115.9 million in the second quarter of 2024 due to lower restructuring costs. Our GAAP net loss attributable to Enovix for the third quarter of 2024 also included $29.9 million of income due to a decrease in the fair value of our common stock warrants during the quarter.

    Adjusted EBITDA in the third quarter of 2024 was a loss of $21.6 million compared to an adjusted EBITDA loss of $23.1 million in the second quarter of 2024.

    Earnings per share loss in the third quarter of 2024 was $0.30 on a GAAP basis and $0.17 on a non-GAAP basis compared to second quarter earnings per share loss of $0.67 on a GAAP basis and $0.14 on a non-GAAP basis.

    We exited the third quarter of 2024 with $200.9 million of cash, cash equivalents, and short-term investments due to cash used in operating activities of $30.7 million and capital expenditures of $19.5 million during the quarter.

    A full reconciliation of our GAAP to non-GAAP results is available later in this report.

    Outlook

    For the fourth quarter of 2024, we expect revenue between $8.0 million and $10.0 million, a GAAP EPS loss of $0.23 to $0.29, an adjusted EBITDA loss of $19.0 million to $25.0 million, and a non-GAAP EPS loss of $0.15 to $0.21.

    Summary

    We are very pleased with our accomplishments in the third quarter. Fab2 is now operational and shipping samples to customers. We secured a 2025 launch commitment from a major smartphone OEM. And we made progress on our product roadmap for EX-2M and beyond. For the remaining months of 2024, the key objectives are completing SAT for the High-Volume Line and shipping EX-2M samples.

    Conference Call Information

    Enovix will hold a video conference call at 2:00 PM PT / 5:00 PM ET today, October 29, 2024, to discuss the company’s business updates and financial results. To join the call, participants must use the following link to register: https://enovix-q3-2024.open-exchange.net/registration. This link will also be available via the Investor Relations section of the Enovix’s website at https://ir.enovix.com. An archived version of the call will be available on the Enovix website for one year at https://ir.enovix.com.

    About Enovix

    Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

    Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia. For more information visit www.enovix.com and follow us on LinkedIn.

    Non-GAAP Financial Measures

    EBITDA, Adjusted EBITDA, and other non-GAAP measures are intended as supplemental financial measures of our performance that provide an additional tool for investors to use in evaluating ongoing operating results, trends, and in comparing our financial measures with those of comparable companies.

    However, you should be aware that other companies may calculate similar non-GAAP measures differently. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the tables at the end of this shareholder letter.

    While Enovix provides fourth quarter 2024 guidance for adjusted EBITDA loss and non-GAAP EPS loss, we are unable to provide without unreasonable effort a GAAP to non-GAAP reconciliation of these projected non-GAAP measures. Such qualitative reconciliation to the corresponding GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjustments that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to warrant liabilities and stock-based compensation. For the same reasons, we are unable to assess the probable significance of the unavailable information, which could have a material impact on our future GAAP financial results.

    Forward-Looking Statements

    This letter to shareholders contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance and can be identified by words such as anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, possible, potential, predict, project, should, would and similar expressions that convey uncertainty about future events or outcomes. Forward-looking statements in this letter to shareholders include, without limitation, our expectations regarding, and our ability to respond to, market and customer demand; our expectations regarding the level of customers’ interest in our batteries, the demand for more energy dense batteries and the suitability of our products to address this demand, and the impact of artificial intelligence (“AI”) features on the foregoing; our financial and business performance; projected improvements in our manufacturing and commercialization and R&D activities at Fab2, including the ability of the sales team to support the path to profitability by attracting demand across high-growth markets ; our achievement of the milestones under our strategic partnership with a second leading smartphone OEM and our ability to enter into the smartphone market in 2025 with high-volume production from our Fab2 facility; our expectations regarding EX-1M production and mass production purchase order with a leading IoT customer in 2025, completion of site acceptance testing for our High-Volume Line, and the shipment of EX-2M samples in Q4; our ability to meet goals for yield and throughput; our expectations regarding Fab2 in and its capacity to support multiple customer qualifications; the anticipated contributions of our R&D teams to support product innovation; our revenue funnel; our efforts in the portable electronics and EV markets, including the IoT, smartphone and virtual reality categories; our ability to meet milestones and deliver on our objectives and expectations, including achieving certain safety certifications for our products and our ability sample batteries from our Agility Line to customers; the implementation and expected success of our business model and growth strategy, including our focus on the addressable market categories in which we believe an improved battery drives a high value to the product and premium pricing for our solutions; our ability to manage our expenses and realize our annual cost savings goals; our ability to manage and achieve the benefits of our restructuring efforts; and forecasts of our financial and performance metrics.

    Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, our ability to improve energy density among our products, establish sufficient manufacturing operations and optimize manufacturing processes to meet demand, source materials and establish supply relationships, and secure adequate funds to execute on our operational and strategic goals; the safety hazards associated with our batteries and the manufacturing process; a concentration of customers in the military market; certain unfavorable terms in our commercial agreements that may limit our ability to market our products; market acceptance of our products; changes in consumer preferences or demands; changes in industry standards; the impact of technological development and competition; and global economic conditions, including inflationary and supply chain pressures, and political, social, and economic instability, including as a result of armed conflict, war or threat of war, or trade and other international disputes that could disrupt supply or delivery of, or demand for, our products.

    For additional information on these risks and uncertainties and other potential factors that could cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or will file, with the SEC. Any forward-looking statements in this letter to shareholders speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    For media and investor inquiries, please contact:

    Enovix Corporation
    Robert Lahey
    Email: ir@enovix.com

    Enovix Corporation
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (In Thousands, Except Share and per Share Amounts)
     
      September 29,
    2024
      December 31,
    2023
    Assets      
    Current assets:      
    Cash and cash equivalents $ 200,912     $ 233,121  
    Short-term investments         73,694  
    Accounts receivable, net   1,911       909  
    Notes receivable, net         1,514  
    Inventory   9,564       8,737  
    Prepaid expenses and other current assets   11,598       5,202  
    Total current assets   223,985       323,177  
    Property and equipment, net   157,680       166,471  
    Customer relationship intangibles and other intangibles, net   37,583       42,168  
    Operating lease, right-of-use assets   13,810       15,290  
    Goodwill   12,217       12,098  
    Other assets, non-current   2,746       5,100  
    Total assets $ 448,021     $ 564,304  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 15,046     $ 21,251  
    Accrued expenses   13,855       13,976  
    Accrued compensation   8,038       10,731  
    Short-term debt   11,555       5,917  
    Deferred revenue   6,206       6,708  
    Other liabilities   4,760       2,435  
    Total current liabilities   59,460       61,018  
    Long-term debt, net   168,744       169,099  
    Warrant liability   23,265       42,900  
    Operating lease liabilities, non-current   14,346       15,594  
    Deferred revenue, non-current   3,774       3,774  
    Deferred tax liability   8,178       10,803  
    Other liabilities, non-current   12       13  
    Total liabilities   277,779       303,201  
    Commitments and Contingencies      
    Stockholders’ equity:      
    Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of $177,591,877 and $167,392,315 as of September 29, 2024 and December 31, 2023, respectively   18       17  
    Additional paid-in-capital   951,237       857,037  
    Accumulated other comprehensive loss   (42 )     (62 )
    Accumulated deficit   (783,621 )     (598,845 )
    Total Enovix’s stockholders’ equity   167,592       258,147  
    Non-controlling interest   2,650       2,956  
    Total equity   170,242       261,103  
    Total liabilities and equity $ 448,021     $ 564,304  
     
    Enovix Corporation
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In Thousands, Except Share and per Share Amounts)
     
      Quarters Ended   Fiscal Years-to-Date Ended
      September 29,
    2024
      October 1,
    2023
      September 29,
    2024
      October 1,
    2023
    Revenue $ 4,317     $ 200     $ 13,357     $ 263  
    Cost of revenue   4,959       16,809       16,454       43,292  
    Gross margin   (642 )     (16,609 )     (3,097 )     (43,029 )
    Operating expenses:              
    Research and development   24,220       13,508       102,073       53,810  
    Selling, general and administrative   20,744       17,245       61,176       61,207  
    Impairment of equipment                     4,411  
    Restructuring cost   3,661       3,021       41,807       3,021  
    Total operating expenses   48,625       33,774       205,056       122,449  
    Loss from operations   (49,267 )     (50,383 )     (208,153 )     (165,478 )
    Other income (expense):              
    Change in fair value of common stock warrants   29,899       31,320       17,359       4,140  
    Interest income   2,859       4,326       9,745       9,942  
    Interest expense   (1,718 )     (1,557 )     (5,068 )     (2,827 )
    Other income (loss), net   (2,217 )     109       (1,509 )     129  
    Total other income, net   28,823       34,198       20,527       11,384  
    Loss before income tax benefit   (20,444 )     (16,185 )     (187,626 )     (154,094 )
    Income tax expense (benefit)   2,194             (2,544 )      
    Net loss   (22,638 )     (16,185 )     (185,082 )     (154,094 )
    Net loss attributable to non-controlling interests   (102 )           (306 )      
    Net loss attributable to Enovix $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
                   
    Net loss per share attributable to Enovix shareholders, basic $ (0.13 )   $ (0.10 )   $ (1.07 )   $ (0.98 )
    Weighted average number of common shares outstanding, basic   176,680,578       159,829,716       172,393,869       157,559,138  
    Net loss per share attributable to Enovix shareholders, diluted $ (0.30 )   $ (0.29 )   $ (1.07 )   $ (1.00 )
    Weighted average number of common shares outstanding, diluted   176,872,382       161,371,417       172,393,869       158,260,393  
                                   
    Enovix Corporation
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
    (In Thousands)
     
      Fiscal Years-to-Date Ended
      September 29, 2024   October 1, 2023
    Cash flows used in operating activities:      
    Net loss $ (185,082 )   $ (154,094 )
    Adjustments to reconcile net loss to net cash used in operating activities      
    Depreciation, accretion and amortization   37,417       10,000  
    Stock-based compensation   48,630       57,832  
    Changes in fair value of common stock warrants   (17,359 )     (4,140 )
    Impairment and loss on disposals of long-lived assets   38,249       4,411  
    Others   174        
    Changes in operating assets and liabilities:      
    Accounts and notes receivables   494       169  
    Inventory   (827 )     418  
    Prepaid expenses and other assets   (3,913 )     546  
    Accounts payable   (10,018 )     4,338  
    Accrued expenses and compensation   3,175       3,113  
    Deferred revenue   (502 )      
    Deferred tax liability   (3,303 )      
    Other liabilities   190       (1 )
    Net cash used in operating activities   (92,675 )     (77,408 )
    Cash flows from investing activities:      
    Purchase of property and equipment   (59,830 )     (32,979 )
    Purchases of investments   (31,812 )     (115,736 )
    Maturities of investments   106,621       16,700  
    Net cash provided by (used in) investing activities   14,979       (132,015 )
    Cash flows from financing activities:      
    Proceeds from issuance of Convertible Senior Notes and loans   4,572       172,500  
    Repayment of debt   (180 )      
    Payments of debt issuance costs         (5,251 )
    Purchase of Capped Calls         (17,250 )
    Payroll tax payments for shares withheld upon vesting of RSUs   (5,601 )     (2,988 )
    Proceeds from the exercise of stock options and issuance of common stock, net of issuance costs   44,285       9,232  
    Proceeds from issuance of common stock under employee stock purchase plan   1,145       1,169  
    Repurchase of unvested restricted common stock   (4 )     (23 )
    Net cash provided by financing activities   44,217       157,389  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,303        
    Change in cash, cash equivalents, and restricted cash   (32,176 )     (52,034 )
    Cash and cash equivalents and restricted cash, beginning of period   235,123       322,976  
    Cash and cash equivalents, and restricted cash, end of period $ 202,947     $ 270,942  
           

    Net Loss Attributable to Enovix to Adjusted EBITDA Reconciliation

    While we prepare our consolidated financial statements in accordance with GAAP, we also utilize and present certain financial measures that are not based on GAAP. We refer to these financial measures as “non-GAAP” financial measures. In addition to our financial results determined in accordance with GAAP, we believe that EBITDA and Adjusted EBITDA are useful measures in evaluating its financial and operational performance distinct and apart from financing costs, certain non-cash expenses and non-operational expenses.

    These non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures.

    We use non-GAAP financial information to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing its operating performance and comparing its performance with competitors and other comparable companies. You should review the reconciliations below but not rely on any single financial measure to evaluate our business.

    “EBITDA” is defined as earnings (net loss) attributable to Enovix adjusted for interest expense, income tax benefit, depreciation and amortization expense. “Adjusted EBITDA” includes additional adjustments to EBITDA such as stock-based compensation expense, change in fair value of common stock warrants, inventory step-up, impairment of equipment and other special items as determined by management which it does not believe to be indicative of its underlying business trends.

    Below is a reconciliation of net loss attributable to Enovix on a GAAP basis to the non-GAAP EBITDA and Adjusted EBITDA financial measures for the periods presented below (in thousands):

      Quarters Ended   Fiscal Years-to-Date Ended
      September 29,
    2024
      October 1,
    2023
      September 29,
    2024
      October 1,
    2023
    Net loss attributable to Enovix $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
    Interest expense   1,718       1,557       5,068       2,827  
    Income tax expense (benefit)   2,194             (2,544 )      
    Depreciation and amortization   6,500       2,900       37,417       10,000  
    EBITDA   (12,124 )     (11,728 )     (144,835 )     (141,267 )
    Stock-based compensation expense (1)   16,722       13,274       47,414       57,473  
    Change in fair value of common stock warrants   (29,899 )     (31,320 )     (17,359 )     (4,140 )
    Inventory step-up               1,907        
    Impairment of equipment                     4,411  
    Restructuring cost (1)   3,661       3,021       41,807       3,021  
    Acquisition cost         1,115             1,115  
    Adjusted EBITDA $ (21,640 )   $ (25,638 )   $ (71,066 )   $ (79,387 )
       
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense are included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
     

    Free Cash Flow Reconciliation

    We define “Free Cash Flow” as (i) net cash from operating activities less (ii) capital expenditures, net of proceeds from disposals of property and equipment, all of which are derived from our Consolidated Statements of Cash Flow. The presentation of non-GAAP Free Cash Flow is not intended as an alternative measure of cash flows from operations, as determined in accordance with GAAP. We believe that this financial measure is useful to investors because it provides investors to view our performance using the same tool that we use to gauge our progress in achieving our goals and it is an indication of cash flow that may be available to fund investments in future growth initiatives. Below is a reconciliation of net cash used in operating activities to the Free Cash Flow financial measures for the periods presented below (in thousands):

      Fiscal Years-to-Date Ended
      September 29,
    2024
      October 1,
    2023
    Net cash used in operating activities $ (92,675 )   $ (77,408 )
    Capital expenditures   (59,830 )     (32,979 )
    Free Cash Flow $ (152,505 )   $ (110,387 )
     

    Other Non-GAAP Financial Measures Reconciliation
    (In Thousands, Except Share and per Share Amounts)

        Quarters Ended   Fiscal Years-to-Date Ended
        September 29,
    2024
      October 1,
    2023
      September 29,
    2024
      October 1,
    2023
    Revenue   $ 4,317     $ 200     $ 13,357     $ 263  
                     
    GAAP cost of revenue   $ 4,959     $ 16,809     $ 16,454     $ 43,292  
    Stock-based compensation expense     (101 )     (2,396 )     (196 )     (5,001 )
    Inventory step-up                 (1,907 )      
    Non-GAAP cost of revenue   $ 4,858     $ 14,413     $ 14,351     $ 38,291  
                     
    GAAP gross margin   $ (642 )   $ (16,609 )   $ (3,097 )   $ (43,029 )
    Stock-based compensation expense     101       2,396       196       5,001  
    Inventory step-up                 1,907        
    Non-GAAP gross margin   $ (541 )   $ (14,213 )   $ (994 )   $ (38,028 )
                     
    GAAP research and development (R&D) expense   $ 24,220     $ 13,508     $ 102,073     $ 53,810  
    Stock-based compensation expense     (5,914 )     (4,949 )     (19,771 )     (22,072 )
    Amortization of intangible assets     (417 )           (1,248 )      
    Non-GAAP R&D expense   $ 17,889     $ 8,559     $ 81,054     $ 31,738  
                     
    GAAP selling, general and administrative (SG&A) expense   $ 20,744     $ 17,245     $ 61,176     $ 61,207  
    Stock-based compensation expense     (10,707 )     (5,929 )     (27,447 )     (30,400 )
    Amortization of intangible assets     (774 )           (2,304 )      
    Acquisition cost           (1,115 )           (1,115 )
    Non-GAAP SG&A expense   $ 9,263     $ 10,201     $ 31,425     $ 29,692  
                     
    GAAP operating expenses   $ 48,625     $ 33,774     $ 205,056     $ 122,449  
    Stock-based compensation expense included in R&D expense     (5,914 )     (4,949 )     (19,771 )     (22,072 )
    Stock-based compensation expense included in SG&A expense     (10,707 )     (5,929 )     (27,447 )     (30,400 )
    Amortization of intangible assets     (1,191 )           (3,552 )      
    Impairment of equipment                       (4,411 )
    Restructuring cost (1)     (3,661 )     (3,021 )     (41,807 )     (3,021 )
    Acquisition cost           (1,115 )           (1,115 )
    Non-GAAP operating expenses   $ 27,152     $ 18,760     $ 112,479     $ 61,430  
                     
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
       
        Quarters Ended   Fiscal Years-to-Date Ended
        September 29,
    2024
      October 1,
    2023
      September 29,
    2024
      October 1,
    2023
    GAAP loss from operations   $ (49,267 )   $ (50,383 )   $ (208,153 )   $ (165,478 )
    Stock-based compensation expense (1)     16,722       13,274       47,414       57,473  
    Amortization of intangible assets     1,191             3,552        
    Inventory step-up                 1,907        
    Impairment of equipment                       4,411  
    Restructuring cost (1)     3,661       3,021       41,807       3,021  
    Acquisition cost           1,115             1,115  
    Non-GAAP loss from operations   $ (27,693 )   $ (32,973 )   $ (113,473 )   $ (99,458 )
                     
    GAAP net loss attributable to Enovix   $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
    Stock-based compensation expense (1)     16,722       13,274       47,414       57,473  
    Change in fair value of common stock warrants     (29,899 )     (31,320 )     (17,359 )     (4,140 )
    Inventory step-up                 1,907        
    Amortization of intangible assets     1,191             3,552        
    Impairment of equipment                       4,411  
    Restructuring cost (1)     3,661       3,021       41,807       3,021  
    Acquisition cost           1,115             1,115  
    Non-GAAP net loss attributable to Enovix shareholders   $ (30,861 )   $ (30,095 )   $ (107,455 )   $ (92,214 )
                     
    GAAP net loss per share attributable to Enovix, basic   $ (0.13 )   $ (0.10 )   $ (1.07 )   $ (0.98 )
    GAAP weighted average number of common shares outstanding, basic     176,680,578       159,829,716       172,393,869       157,559,138  
                     
    GAAP net loss per share attributable to Enovix, diluted   $ (0.30 )   $ (0.29 )   $ (1.07 )   $ (1.00 )
    GAAP weighted average number of common shares outstanding, diluted     176,872,382       161,371,417       172,393,869       158,260,393  
                     
    Non-GAAP net loss per share attributable to Enovix, basic   $ (0.17 )   $ (0.19 )   $ (0.62 )   $ (0.59 )
    GAAP weighted average number of common shares outstanding, basic     176,680,578       159,829,716       172,393,869       157,559,138  
                     
    Non-GAAP net loss per share attributable to Enovix, diluted   $ (0.17 )   $ (0.19 )   $ (0.62 )   $ (0.58 )
    GAAP weighted average number of common shares outstanding, diluted     176,872,382       161,371,417       172,393,869       158,260,393  
                                     
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
       

    The MIL Network

  • MIL-OSI: Varonis Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Annual recurring revenues grew 18% year-over-year
    SaaS ARR as a percentage of total ARR was approximately 43%
    Year-to-date cash from operations generated $90.9 million vs. $49.0 million last year
    Year-to-date free cash flow generated $88.6 million vs. $46.0 million last year

    NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), a leader in data security, today announced financial results for the third quarter ended September 30, 2024.

    Yaki Faitelson, Varonis CEO, said, “We are encouraged by the many tailwinds that are contributing to the strong growth in our business, and our third quarter results reflect the continued strong adoption of our SaaS platform and positive momentum from our Managed Data Detection and Response offering.”

    Guy Melamed, Varonis CFO & COO, added, “The robust demand for Varonis SaaS from both new and existing customers is evident with 43% of total company ARR coming from SaaS. This demand is benefiting our ARR growth and cash flow generation and gives us confidence as we enter the fourth quarter.”

    Financial Summary for the Third Quarter Ended September 30, 2024

    • Total revenues were $148.1 million, compared with $122.3 million in the third quarter of 2023.
    • SaaS revenues were $57.8 million, compared with $13.7 million in the third quarter of 2023.
    • Term license subscription revenues were $68.8 million, compared with $84.0 million in the third quarter of 2023.
    • Maintenance and services revenues were $21.5 million, compared with $24.6 million in the third quarter of 2023.
    • GAAP operating loss was ($23.6) million, compared to GAAP operating loss of ($29.1) million in the third quarter of 2023.
    • Non-GAAP operating income was $9.1 million, compared to non-GAAP operating income of $4.9 million in the third quarter of 2023.

    The tables at the end of this press release include a reconciliation of GAAP operating income (loss) to non-GAAP operating income (loss) and GAAP net income (loss) to non-GAAP net income (loss) for the three and nine months ended September 30, 2024 and 2023. An explanation of these measures is included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.”

    Key Performance Indicators and Recent Business Highlights

    • Annual recurring revenues, or ARR, was $610.0 million as of the end of the third quarter, up 18% year-over-year.
    • As of September 30, 2024, the Company had $1.2 billion in cash and cash equivalents, short-term deposits and short-term and long-term marketable securities.
    • During the nine months ended September 30, 2024, the Company generated $90.9 million of cash from operations, compared to $49.0 million generated in the prior year period.
    • During the nine months ended September 30, 2024, the Company generated $88.6 million of free cash flow, compared to $46.0 million generated in the prior year period.
    • Raised net proceeds of $394.1 million through an offering of 1.00% Convertible Senior Notes due 2029.
    • Announced new AI-powered data discovery and classification capabilities that enhance our industry-leading data classification technology.
    • Integrated the Varonis platform with SentinelOne and Microsoft Defender for Endpoint, expanding visibility to customers’ endpoints and enabling end-to-end threat detection and response.
    • Expanded Salesforce security offering with new automated remediation capabilities.

    An explanation of ARR is included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.” In addition, the tables at the end of this press release include a reconciliation of net cash provided by operating activities to non-GAAP free cash flow. An explanation of this measure is also included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.”

    Financial Outlook

    For the fourth quarter of 2024, the Company expects:

    • Revenues of $162.0 million to $167.0 million, or year-over-year growth of 5% to 8%.
    • Non-GAAP operating income of $20.0 million to $22.0 million.
    • Non-GAAP net income per diluted share in the range of $0.13 to $0.14, based on 135.0 million diluted shares outstanding.

    For full year 2024, the Company now expects:

    • ARR of $635.0 million to $639.0 million, or year-over-year growth of 17% to 18%.
    • Free cash flow of $95.0 million to $100.0 million.
    • Revenues of $554.4 million to $559.4 million, or year-over-year growth of 11% to 12%.
    • Non-GAAP operating income of $20.6 million to $22.6 million.
    • Non-GAAP net income per diluted share in the range of $0.26 to $0.27, based on 134.9 million diluted shares outstanding.

    Actual results may differ materially from the Company’s Financial Outlook as a result of, among other things, the factors described below under “Forward-Looking Statements”.

    Conference Call and Webcast
    Varonis will host a conference call today, Tuesday, October 29, 2024, at 4:30 p.m. Eastern Time, to discuss the Company’s third quarter 2024 financial results. To access this call, dial 877-425-9470 (domestic) or 201-389-0878 (international). The passcode is 13749435. A replay of this conference call will be available through November 5, 2024 at 844-512-2921 (domestic) or 412-317-6671 (international). The replay passcode is 13749435. A live webcast of this conference call will be available on the “Investors” page of the Company’s website (www.varonis.com), and a replay will be archived on the website as well.

    Non-GAAP Financial Measures and Key Performance Indicators
    Varonis believes that the use of non-GAAP operating income (loss) and non-GAAP net income (loss) is helpful to our investors. These measures, which the Company refers to as our non-GAAP financial measures, are not prepared in accordance with GAAP.

    Non-GAAP operating income (loss) is calculated as operating income (loss) excluding (i) stock-based compensation expense, (ii) payroll tax expense related to stock-based compensation, and (iii) amortization of acquired intangible assets and acquisition-related expenses.

    Non-GAAP net income (loss) is calculated as net income (loss) excluding (i) stock-based compensation expense, (ii) payroll tax expense related to stock-based compensation, (iii) amortization of acquired intangible assets and acquisition-related expenses, (iv) foreign exchange gains (losses) which include exchange rate differences on lease contracts as a result of the implementation of ASC 842 and (v) amortization of debt issuance costs.

    The Company believes that the exclusion of these expenses provides a more meaningful comparison of our operational performance from period to period and offers investors and management greater visibility to the underlying performance of our business. Specifically:

    • Stock-based compensation expenses utilize varying available valuation methodologies, subjective assumptions and a variety of equity instruments that can impact a company’s non-cash expenses;
    • Payroll taxes are tied to the exercise or vesting of underlying equity awards and the price of our common stock at the time of vesting or exercise, factors which may vary from period to period;
    • Acquired intangible assets are valued at the time of acquisition and are amortized over an estimated useful life after the acquisition, and acquisition-related expenses are unrelated to current operations and neither are comparable to the prior period nor predictive of future results;
    • The Company incurs foreign exchange gains or losses from the revaluation of its significant operating lease liabilities in foreign currencies as well as other assets and liabilities denominated in non-U.S. dollars, which may vary from period to period; and
    • Amortization of debt issuance costs, which relate to the Company’s convertible senior notes issued in 2020 and 2024, are a non-cash item.

    Free cash flow is calculated as net cash provided by or used in operating activities less purchases of property and equipment. We believe that free cash flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash provided by or used in our operations that, after the investments in property and equipment, can be used for strategic initiatives.

    Each of our non-GAAP financial measures is an important tool for financial and operational decision making and for evaluating our own operating results over different periods of time. The non-GAAP financial measures do not represent our financial performance under U.S. GAAP and should not be considered as alternatives to operating income (loss) or net income (loss) or any other performance measures derived in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, and exclude expenses that may have a material impact on our reported financial results. Further, stock-based compensation expense and payroll tax expense related to stock-based compensation have been, and will continue to be for the foreseeable future, significant recurring expenses in our business and an important part of the compensation provided to our employees. Also, the amortization of intangible assets are expected recurring expenses over the estimated useful life of the underlying intangible asset and acquisition-related expenses will be incurred to the extent acquisitions are made in the future. Additionally, foreign exchange rates may fluctuate from one period to another, and the Company does not estimate movements in foreign currencies. Finally, the amortization of debt issuance costs are expected recurring expenses until the maturity of the senior notes in 2029.

    The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Varonis urges investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measures to evaluate our business.

    A reconciliation for non-GAAP operating income (loss) and non-GAAP net income (loss) referred to in our “Financial Outlook” is not provided because, as forward-looking statements, such reconciliation is not available without unreasonable effort due to the high variability, complexity, and difficulty of estimating certain items such as charges to stock-based compensation expense and currency fluctuations which could have an impact on our consolidated results. The Company believes the information provided is useful to investors because it can be considered in the context of the Company’s historical disclosures of this measure.

    ARR is a key performance indicator defined as the annualized value of active term-based subscription license contracts, SaaS contracts, and maintenance contracts in effect at the end of that period. Subscription license contracts, SaaS contracts, and maintenance contracts are annualized by dividing the total contract value by the number of days in the term and multiplying the result by 365. The annualized value of contracts is a legal and contractual determination made by assessing the contractual terms with our customers. The annualized value of maintenance contracts is not determined by reference to historical revenues, deferred revenues or any other GAAP financial measure over any period. ARR is not a forecast of future revenues, which can be impacted by contract start and end dates and renewal rates.

    Forward-Looking Statements

    This press release contains, and statements made during the above referenced conference call will contain, “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including regarding the Company’s growth rate and its expectations regarding future revenues, operating income or loss or earnings or loss per share. These statements are not guarantees of future performance but are based on management’s expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: the impact of potential information technology, cybersecurity or data security breaches; risks associated with anticipated growth in Varonis’ addressable market; general economic and industry conditions, such as foreign currency exchange rate fluctuations and expenditure trends for data and cybersecurity solutions; Varonis’ ability to predict the timing and rate of subscription renewals and their impact on the Company’s future revenues and operating results; risks associated with international operations; the impact of global conflicts on the budgets of our clients and on economic conditions generally; competitive factors, including increased sales cycle time, changes in the competitive environment, pricing changes and increased competition; the risk that Varonis may not be able to attract or retain employees, including sales personnel and engineers; Varonis’ ability to build and expand its direct sales efforts and reseller distribution channels; risks associated with the closing of large transactions, including Varonis’ ability to close large transactions consistently on a quarterly basis; new product introductions and Varonis’ ability to develop and deliver innovative products; Varonis’ ability to provide high-quality service and support offerings; the expansion of cloud-delivered services; and risks associated with our convertible notes and capped-call transactions. These and other important risk factors are described more fully in Varonis’ reports and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. All information provided in this press release and in the conference call is as of the date hereof, and Varonis undertakes no duty to update or revise this information, whether as a result of new information, new developments or otherwise, except as required by law.

    About Varonis

    Varonis (Nasdaq: VRNS) is a leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

    Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), and insider risk management.

    Varonis protects data first, not last. Learn more at www.varonis.com.

    Investor Relations Contact:
    Tim Perz
    Varonis Systems, Inc.
    646-640-2112
    investors@varonis.com

    News Media Contact:
    Rachel Hunt
    Varonis Systems, Inc.
    877-292-8767 (ext. 1598)
    pr@varonis.com

    Varonis Systems, Inc.
    Condensed Consolidated Statements of Operations
    (in thousands, except for share and per share data)
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024       2023       2024       2023  
      Unaudited   Unaudited
    Revenues:              
    Term license subscriptions $ 68,751     $ 83,963     $ 187,460     $ 250,306  
    SaaS   57,805       13,716       136,575       21,437  
    Maintenance and services   21,512       24,629       68,401       73,318  
    Total revenues   148,068       122,308       392,436       345,061  
                   
    Cost of revenues   24,007       17,381       67,792       52,404  
                   
    Gross profit   124,061       104,927       324,644       292,657  
                   
    Operating expenses:              
    Research and development   53,459       44,818       146,219       135,694  
    Sales and marketing   71,378       68,610       212,646       207,324  
    General and administrative   22,864       20,646       65,878       61,618  
    Total operating expenses   147,701       134,074       424,743       404,636  
                   
    Operating loss   (23,640 )     (29,147 )     (100,099 )     (111,979 )
    Financial income, net   10,245       8,634       27,039       24,872  
                   
    Loss before income taxes   (13,395 )     (20,513 )     (73,060 )     (87,107 )
    Income taxes   (4,938 )     (2,504 )     (9,711 )     (12,911 )
                   
    Net loss $ (18,333 )   $ (23,017 )   $ (82,771 )   $ (100,018 )
                   
    Net loss per share of common stock, basic and diluted $ (0.16 )   $ (0.21 )   $ (0.74 )   $ (0.92 )
                   
    Weighted average number of shares used in computing net loss per share of common stock, basic and diluted   112,268,210       109,429,722       111,382,582       109,187,063  
                   
    Stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 is included in the Condensed Consolidated Statements of Operations as follows (in thousands):
                   
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024   2023   2024   2023
      Unaudited   Unaudited
    Cost of revenues $ 1,357   $ 1,416   $ 4,017   $ 5,946
    Research and development   10,442     11,323     31,057     37,480
    Sales and marketing   9,860     11,201     30,985     37,861
    General and administrative   10,272     9,040     28,054     26,889
      $ 31,931   $ 32,980   $ 94,113   $ 108,176
     
    Payroll tax expense related to stock-based compensation for the three and nine months ended September 30, 2024 and 2023 is included in the Condensed Consolidated Statements of Operations as follows (in thousands):
                   
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024   2023   2024   2023
      Unaudited   Unaudited
    Cost of revenues $ 15   $ 24   $ 631   $ 385
    Research and development   187     75     566     232
    Sales and marketing   150     122     3,050     1,820
    General and administrative   49     18     1,165     486
      $ 401   $ 239   $ 5,412   $ 2,923
     
    Amortization of acquired intangibles and acquisition-related expenses for the three and nine months ended September 30, 2024 and 2023 is included in the Condensed Consolidated Statements of Operations as follows (in thousands):
                   
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024   2023   2024   2023
      Unaudited   Unaudited
    Cost of revenues $ 381   $ 382   $ 1,143   $ 1,144
    Research and development       412         1,235
    Sales and marketing              
    General and administrative              
      $ 381   $ 794   $ 1,143   $ 2,379
     
    Varonis Systems, Inc.
    Condensed Consolidated Balance Sheets
    (in thousands)
      September 30, 2024   December 31, 2023
      Unaudited    
    Assets      
    Current assets:      
    Cash and cash equivalents $ 282,218     $ 230,740  
    Marketable securities   562,568       253,175  
    Short-term deposits   34,174       49,800  
    Trade receivables, net   119,203       169,116  
    Prepaid expenses and other short-term assets   76,206       64,326  
    Total current assets   1,074,369       767,157  
    Long-term assets:      
    Long-term marketable securities   332,329       211,063  
    Operating lease right-of-use assets   45,390       51,838  
    Property and equipment, net   28,908       33,964  
    Intangible assets, net   119       1,263  
    Goodwill   23,135       23,135  
    Other assets   16,904       15,490  
    Total long-term assets   446,785       336,753  
    Total assets $ 1,521,154     $ 1,103,910  
           
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Trade payables $ 1,489     $ 672  
    Accrued expenses and other short-term liabilities   123,256       125,057  
    Convertible senior notes, net   251,625        
    Deferred revenues   217,605       181,049  
    Total current liabilities   593,975       306,778  
    Long-term liabilities:      
    Convertible senior notes, net   449,759       250,477  
    Operating lease liabilities   43,654       51,313  
    Deferred revenues   1,530       886  
    Other liabilities   3,676       4,808  
    Total long-term liabilities   498,619       307,484  
           
    Stockholders’ equity:      
    Share capital      
    Common stock   112       109  
    Accumulated other comprehensive loss   (4,381 )     (8,649 )
    Additional paid-in capital   1,159,990       1,142,578  
    Accumulated deficit   (727,161 )     (644,390 )
    Total stockholders’ equity   428,560       489,648  
    Total liabilities and stockholders’ equity $ 1,521,154     $ 1,103,910  
     
    Varonis Systems, Inc.
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
      Nine Months Ended
    September 30,
        2024       2023  
      Unaudited
    Cash flows from operating activities:      
    Net loss $ (82,771 )   $ (100,018 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation and amortization   8,543       8,736  
    Stock-based compensation   94,113       108,176  
    Amortization of deferred commissions   19,906       17,547  
    Non-cash operating lease costs   7,050       7,087  
    Amortization of debt issuance costs   1,264       1,133  
    Amortization of premium and accretion of discount on marketable securities   (11,288 )     (5,557 )
    Acquired in-process research and development   6,653        
           
    Changes in assets and liabilities:      
    Trade receivables   49,913       24,895  
    Prepaid expenses and other short-term assets   (10,889 )     (11,118 )
    Deferred commissions   (23,846 )     (18,338 )
    Other long-term assets   (129 )     (963 )
    Trade payables   817       (1,634 )
    Accrued expenses and other short-term liabilities   (5,882 )     (17,652 )
    Deferred revenues   37,200       33,555  
    Other long-term liabilities   272       3,120  
    Net cash provided by operating activities   90,926       48,969  
           
    Cash flows from investing activities:      
    Proceeds from maturities of marketable securities   157,100       28,850  
    Investment in marketable securities   (576,753 )     (331,651 )
    Proceeds from short-term and long-term deposits   25,038       170,925  
    Investment in short-term and long-term deposits   (9,233 )     (118,605 )
    Purchase of in-process research and development   (6,653 )      
    Purchases of property and equipment   (2,342 )     (2,945 )
    Net cash used in investing activities   (412,843 )     (253,426 )
           
    Cash flows from financing activities:      
    Proceeds from issuance of convertible senior notes, net of issuance costs   450,099        
    Purchases of capped calls   (55,522 )      
    Proceeds from employee stock plans   16,082       11,346  
    Taxes paid related to net share settlement of equity awards   (37,264 )     (19,971 )
    Repurchase of common stock         (43,522 )
    Net cash provided by (used in) financing activities   373,395       (52,147 )
    Increase (decrease) in cash and cash equivalents   51,478       (256,604 )
    Cash and cash equivalents at beginning of period   230,740       367,800  
    Cash and cash equivalents at end of period $ 282,218     $ 111,196  
     
    Varonis Systems, Inc.
    Reconciliation of GAAP Measures to non-GAAP
    (in thousands, except share and per share data)
      Three Months Ended September 30,   Nine Months Ended
    September 30,
        2024       2023       2024       2023  
      Unaudited   Unaudited
    Reconciliation to non-GAAP operating income:              
                   
    GAAP operating loss $ (23,640 )   $ (29,147 )   $ (100,099 )   $ (111,979 )
                   
    Add back:              
    Stock-based compensation expense   31,931       32,980       94,113       108,176  
    Payroll tax expenses related to stock-based compensation   401       239       5,412       2,923  
    Amortization of acquired intangible assets and acquisition-related expenses   381       794       1,143       2,379  
    Non-GAAP operating income $ 9,073     $ 4,866     $ 569     $ 1,499  
                   
    Reconciliation to non-GAAP net income:              
                   
    GAAP net loss $ (18,333 )   $ (23,017 )   $ (82,771 )   $ (100,018 )
                   
    Add back:              
    Stock-based compensation expense   31,931       32,980       94,113       108,176  
    Payroll tax expenses related to stock-based compensation   401       239       5,412       2,923  
    Amortization of acquired intangible assets and acquisition-related expenses   381       794       1,143       2,379  
    Foreign exchange rate differences, net   (1,052 )     (1,002 )     (2,302 )     (3,206 )
    Amortization of debt issuance costs   496       379       1,264       1,133  
    Non-GAAP net income $ 13,824     $ 10,373     $ 16,859     $ 11,387  
                   
    GAAP weighted average number of shares used in computing net loss per share of common stock – basic and diluted   112,268,210       109,429,722       111,382,582       109,187,063  
    Non-GAAP weighted average number of shares used in computing net income per share of common stock – basic   112,268,210       109,429,722       111,382,582       109,187,063  
    Non-GAAP weighted average number of shares used in computing net income per share of common stock – diluted   134,713,048       126,748,606       134,821,002       126,777,843  
                   
    GAAP net loss per share of common stock – basic and diluted $ (0.16 )   $ (0.21 )   $ (0.74 )   $ (0.92 )
    Non-GAAP net income per share of common stock – basic $ 0.12     $ 0.09     $ 0.15     $ 0.10  
    Non-GAAP net income per share of common stock – diluted $ 0.10     $ 0.08     $ 0.13     $ 0.09  
     
    Varonis Systems, Inc.
    Reconciliation of GAAP Measures to non-GAAP
    (in millions)
           
      Nine Months Ended September 30,
        2024       2023  
      Unaudited
    Reconciliation to non-GAAP free cash flow:      
    Net cash provided by operating activities $ 90.9     $ 49.0  
    Purchases of property and equipment   (2.3 )     (3.0 )
    Free cash flow $ 88.6     $ 46.0  
     
    Varonis Systems, Inc.
    Reconciliation of GAAP Measures to non-GAAP
    (in millions)
           
      Twelve Months Ended December 31, 2024
      Low   High
    Reconciliation to non-GAAP free cash flow:      
    Net cash provided by operating activities $ 100.0     $ 107.0  
    Purchases of property and equipment   (5.0 )     (7.0 )
    Free cash flow $ 95.0     $ 100.0  

    The MIL Network

  • MIL-OSI: Medallion Financial Corp. Reports 2024 Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, as well as offers loan products and services through fintech strategic partners, announced today its results for the quarter ended September 30, 2024.

    2024 Third Quarter Highlights

    • Net income was $8.6 million, or $0.37 per share, compared to $11.2 million, or $0.48 per share, in the prior year quarter.
    • Net interest income grew 8% to $52.7 million from $48.8 million in the prior year quarter.
    • Net interest margin on gross loans was 8.11%, compared to 8.35% in the prior year quarter, and on net loans it was 8.42%, compared to 8.64% in the prior year quarter.
    • Loan originations were $275.6 million, compared to $217.4 million in the prior year quarter.
    • Loans grew 13% to $2.5 billion as of September 30, 2024, compared to $2.2 billion a year ago.
    • The credit loss provision increased to $20.2 million from $14.5 million in the prior year quarter.
    • The Company repurchased 122,344 shares of common stock at an average cost of $7.89 per share.
    • Subsequent to September 30, 2024, the Board of Directors increased the quarterly cash dividend 10% to $0.11 per share.

    Executive Commentary – Andrew Murstein, President of Medallion

    “We continue to be pleased with our quarterly performance. The earnings were strong despite lower taxi medallion related recoveries and the absence of equity gains, both of which we experienced in the prior year quarter. At $0.37 per share, our earnings included approximately $0.07 per share of additional allowance tied to the growth of our consumer lending segments, which saw recreation and home improvement loans grow 4% and 5% from the previous quarter to a combined $2.4 billion, with over $235 million in originations this quarter. We continue to be comfortable with the overall credit performance of these two consumer segments, which carry weighted average coupons of 14.92% for recreation loans and 9.76% for home improvement loans. During the quarter we originated recreation loans at an average rate of 16.33% and home improvement loans at an average rate of 10.75%.

    Our net interest income reached $52.7 million during the quarter, up 6% from just a quarter ago. We remain cautiously optimistic that the solid performance of our loan portfolio will continue. Our net interest margin during the quarter was 8.11%, decreasing only 1 basis point from the prior quarter, as we continue to increase our yield to offset the rise in our average cost of borrowings.

    Our total interest income of $76.4 million, net interest income of $52.7 million, and total assets of $2.9 billion were all record highs. Our fintech strategic partnership program at Medallion Bank had its highest volume quarter ever with $40 million of new loans, up from $24 million in the second quarter of this year. As a result, we are optimistic about the quarters ahead and are hopeful to continue delivering meaningful growth in origination volumes in our newest business line.

    Lastly, we are pleased to announce that our board of directors has authorized an increase of our quarterly dividend to $0.11 per share beginning with the upcoming payment next month, reflecting our strong financial performance and ongoing commitment to delivering value to our shareholders. This increase underscores our confidence in the Company’s future growth and stability, as well as our focus on returning capital to investors.”

    Business Segment Highlights

    Recreation Lending Segment

    • Originations were $139.1 million during the quarter, compared to $92.6 million a year ago.
    • Recreation loans grew 15% to $1.6 billion as of September 30, 2024, compared to $1.3 billion a year ago.
    • Recreation loans were 63% of total loans as of September 30, 2024, compared to 61% a year ago.
    • Net interest income grew 9% to $38.9 million for the quarter, from $35.6 million in the prior year quarter.
    • The average interest rate was 14.92% at quarter-end, compared to 14.73% a year ago.
    • Recreation loans 90 days or more past due were $7.5 million, or 0.50% of gross recreation loans, as of September 30, 2024, compared to $5.9 million, or 0.45%, a year ago.
    • Allowance for credit loss rate was 4.53% as of September 30, 2024, compared to 4.24% a year ago.

    Home Improvement Lending Segment

    • Originations were $96.5 million during the quarter, compared to $79.3 million a year ago.
    • Home improvement loans grew 8% to $814.1 million as of September 30, 2024, compared to $750.5 million a year ago.
    • Home improvement loans were 33% of total loans as of September 30, 2024, compared to 34% a year ago.
    • Net interest income grew 5% to $12.0 million for the quarter, from $11.4 million in the prior year quarter.
    • The average interest rate was 9.76% at quarter-end, compared to 9.38% a year ago.
    • Home improvement loans 90 days or more past due were $1.6 million, or 0.19% of gross home improvement loans, as of September 30, 2024, compared to $1.0 million, or 0.13%, a year ago.
    • Allowance for credit loss rate was 2.42% as of September 30, 2024, compared to 2.31% a year ago.

    Commercial Lending Segment

    • Commercial loans were $110.1 million at September 30, 2024, compared to $100.3 million a year ago.
    • The average interest rate on the portfolio was 12.90%, compared to 12.91% a year ago.

    Taxi Medallion Lending Segment

    • The Company collected $4.1 million of cash on taxi medallion-related assets during the quarter.
    • Total net taxi medallion assets declined to $8.8 million (comprised of $1.9 million of loans net of allowance for credit losses and $6.9 million of loan collateral in process of foreclosure), a 46% reduction from a year ago, and represented less than half a percent of the Company’s total assets as of September 30, 2024.

    Capital Allocation

    Quarterly Dividend

    • The Board of Directors declared a quarterly dividend of $0.11 per share, payable on November 27, 2024 to shareholders of record at the close of business on November 15, 2024.

    Stock Repurchase Plan

    • During the third quarter, the Company repurchased 122,344 shares of its common stock at an average cost of $7.89 per share, for a total of $1.0 million.
    • As of September 30, 2024, the Company had $15.4 million remaining under its $40 million share repurchase program.

    Conference Call Information

    The Company will host a conference call to discuss its third quarter financial results tomorrow, Wednesday, October 30, 2024 at 9:00 a.m. Eastern time.

    In connection with its earnings release, the Company has updated its quarterly supplement presentation, which is now available at www.medallion.com.

    How to Participate

    • Date: Wednesday, October 30, 2024
    • Time: 9:00 a.m. Eastern time
    • U.S. dial-in number: (833) 816-1412
    • International dial-in number: (412) 317-0504
    • Live webcast: Link to Webcast of 3Q24 Earnings Call

    A link to the live audio webcast of the conference call will also be available at the Company’s IR website.

    Replay Information

    The webcast replay will be available at the Company’s IR website until the next quarter’s results are announced.

    The conference call replay will be available following the end of the call through Wednesday, November 6.

    • U.S. dial-in number: (844) 512-2921
    • International dial-in number: (412) 317-6671
    • Access ID: 1019 3247

    About Medallion Financial Corp.

    Medallion Financial Corp. (NASDAQ:MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.

    Forward-Looking Statements
    Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, net interest income and expenses, other expenses, earnings, growth, and our growth strategy. These statements are often, but not always, made using words or phrases such as “will” and “continue” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings, the impact of the pending SEC litigation, expectations regarding our loan portfolio, including collections on our medallion loans, the potential for future asset growth, and market share opportunities. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the current economy, whether inflation or the risk of recession, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion’s control. In addition to risks relating to the current economy, a description of certain risks to which Medallion is or may be subject, including risks related to the pending SEC litigation, please refer to the factors discussed under the heading “Risk Factors” in Medallion’s 2023 Annual Report on Form 10-K.

    Company Contact:
    Investor Relations
    212-328-2176
    InvestorRelations@medallion.com

    MEDALLION FINANCIAL CORP.
    CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)
     
    (Dollars in thousands, except share and per share data)   September 30, 2024     December 31, 2023     September 30, 2023  
    Assets                  
    Cash, cash equivalents, and federal funds sold   $ 187,929     $ 149,845     $ 127,642  
    Investment and equity securities     66,651       65,712       63,717  
    Loans     2,485,279       2,215,886       2,203,038  
    Allowance for credit losses     (96,518 )     (84,235 )     (79,133 )
    Net loans receivable     2,388,761       2,131,651       2,123,905  
    Goodwill and intangible assets, net     170,311       171,394       171,755  
    Property, equipment, and right-of-use lease asset, net     14,172       14,076       13,278  
    Accrued interest receivable     14,108       13,538       13,593  
    Loan collateral in process of foreclosure     8,818       11,772       15,923  
    Other assets     29,302       29,839       28,814  
    Total assets   $ 2,880,052     $ 2,587,827     $ 2,558,627  
    Liabilities                  
    Deposits   $ 2,108,132     $ 1,866,657     $ 1,855,096  
    Long-term debt     232,037       235,544       218,137  
    Short-term borrowings     49,000       8,000       18,489  
    Deferred tax liabilities, net     20,598       21,207       23,131  
    Operating lease liabilities     5,534       7,019       7,075  
    Accrued interest payable     6,888       6,822       4,624  
    Accounts payable and accrued expenses     26,687       30,804       34,813  
    Total liabilities     2,448,876       2,176,053       2,161,365  
    Total stockholders’ equity     362,388       342,986       328,474  
    Non-controlling interest in consolidated subsidiaries     68,788       68,788       68,788  
    Total equity     431,176       411,774       397,262  
    Total liabilities and equity   $ 2,880,052     $ 2,587,827     $ 2,558,627  
    Number of shares outstanding     23,084,277       23,449,646       23,363,731  
    Book value per share   $ 15.70     $ 14.63     $ 14.06  
                             
    MEDALLION FINANCIAL CORP.‌
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)‌
     
        Three Months Ended September 30,     Nine Months Ended September 30,  
    (Dollars in thousands, except share and per share data)   2024     2023     2024     2023  
    Total interest income   $ 76,409     $ 65,886     $ 214,183     $ 183,455  
    Total interest expense     23,672       17,102       63,661       44,379  
    Net interest income     52,737       48,784       150,522       139,076  
    Provision for credit losses     20,151       14,532       55,929       27,045  
    Net interest income after provision for credit losses     32,586       34,252       94,593       112,031  
    Other income (loss)                        
    (Loss) gain on equity investments     (519 )     2,180       3,136       2,189  
    Gain on sale of loans and taxi medallions     340       1,417       1,170       4,578  
    Write-down of loan collateral in process of foreclosure     (19 )     (30 )     (19 )     (303 )
    Other income     785       739       2,802       1,868  
    Total other income, net     587       4,306       7,089       8,332  
    Other expenses                        
    Salaries and employee benefits     9,456       9,630       28,347       27,805  
    Loan servicing fees     2,790       2,501       7,951       7,084  
    Collection costs     1,673       1,583       4,799       4,729  
    Regulatory fees     961       1,021       2,826       2,484  
    Professional fees     818       1,148       3,434       4,223  
    Rent expense     664       629       2,019       1,855  
    Amortization of intangible assets     361       361       1,084       1,084  
    Other expenses     2,272       2,216       6,755       7,220  
    Total other expenses     18,995       19,089       57,215       56,484  
    Income before income taxes     14,178       19,469       44,467       63,879  
    Income tax provision     4,055       6,727       14,196       18,582  
    Net income after taxes     10,123       12,742       30,271       45,297  
    Less: income attributable to the non-controlling interest     1,512       1,512       4,535       4,536  
    Total net income attributable to Medallion Financial Corp.   $ 8,611     $ 11,230     $ 25,736     $ 40,761  
    Basic net income per share   $ 0.38     $ 0.50     $ 1.14     $ 1.81  
    Diluted net income per share   $ 0.37     $ 0.48     $ 1.09     $ 1.77  
    Weighted average common shares outstanding                        
    Basic     22,490,792       22,596,982       22,576,446       22,469,968  
    Diluted     23,447,929       23,392,901       23,555,065       23,067,944  
    Dividends declared per common share   $ 0.10     $ 0.08     $ 0.30     $ 0.24  

    The MIL Network

  • MIL-OSI: Heartland Financial USA, Inc. (“HTLF”) Reports Quarterly Results as of September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter Highlights

    • Quarterly net income available to common stockholders of $62.1 million or $1.44 per common share
    • Adjusted earnings available to common stockholders of $50.6 million or $1.17 adjusted diluted earnings per common share (non-GAAP), which excludes:
      • Gain on sale, net, of $29.7 million due to the sale of Rocky Mountain Bank branches in Montana.
      • Loss on security sales of $9.5 million.
      • Loss on fixed assets of $2.9 million due to branch closures and write-downs on properties listed for sale.
    • Common equity to total assets increased to 11.11%; while the tangible common equity ratio (non-GAAP) improved 86 basis points to 8.14%.
    • Net interest margin, full tax-equivalent (non-GAAP) increased to 3.78% for the quarter ended September 30, 2024 up from 3.73% for the quarter ended June 30, 2024.
    • Nonperforming loans were $69.9 million or 0.61% of total loans, a decrease of $33.8 million or 33% from the quarter ended June 30, 2024.
      • Charge-offs of $32.1 million, of which the majority have been reserved for in prior periods, were recorded for the third quarter.
      For the Quarter Ended   For the Nine Months Ended
    September 30,
      9/30/2024   6/30/2024   9/30/2023   2024   2023
    Earnings Summary:                  
    Net income/(loss) available to common stockholders (in millions) $ 62.1     $ 37.7     $ 46.1     $ 149.6     $ 144.2  
    Diluted earnings/(loss) per common share   1.44       0.88       1.08       3.47       3.37  
    Annualized return on average assets   1.38 %     0.84 %     0.94 %     1.10 %     1.00 %
    Annualized return on average common equity   12.60       8.14       10.47       10.59       11.28  
    Annualized return on average tangible common equity (non-GAAP)(1)   18.32       12.28       16.32       15.77       17.82  
    Net interest margin   3.73       3.68       3.14       3.65       3.23  
    Net interest margin, fully tax-equivalent (non-GAAP)(1)   3.78       3.73       3.18       3.69       3.27  
    Efficiency ratio   48.58       65.69       63.77       58.94       61.86  
    Adjusted efficiency ratio, fully-tax equivalent (non-GAAP)(1)   57.98       57.73       59.95       58.16       58.98  
                       
    Adjusted Earnings Summary (1):                  
    Adjusted earnings available to common stockholders (in millions) $ 50.6     $ 49.6     $ 48.1     $ 152.7     $ 148.3  
    Adjusted diluted earnings per common share   1.17       1.15       1.12       3.54       3.47  
    Adjusted annualized return on average assets   1.14 %     1.09 %     0.98 %     1.12 %     1.02 %
    Adjusted annualized return on average common equity   10.27       10.71       10.92       10.81       11.60  
    Adjusted annualized return on average tangible common equity   14.98       16.05       17.02       16.09       18.31  
                       

    (1) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to the financial tables for reconciliations to the most directly comparable GAAP measures.

    “HTLF delivered a solid third quarter. Net interest margin increased as we continue to pay down high cost wholesale deposits. Our tangible common equity ratio improved to 8.14%. In July we completed the strategic sale of Rocky Mountain Bank in Montana, resulting in a net gain of $29.7 million. We continue to work closely with our partners at UMB on integration planning for our two companies and we’re excited about closing the transaction, expected in Q1 2025.”
    Bruce K. Lee, President and Chief Executive Officer, HTLF

    DENVER, Oct. 29, 2024 (GLOBE NEWSWIRE) — Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported the following results for the quarter ended September 30, 2024, compared to the quarter ended September 30, 2023:

    • Net income available to common stockholders of $62.1 million compared to $46.1 million, an increase of $16.1 million or 35%.
    • Earnings per diluted common share of $1.44 compared to $1.08, an increase of $0.36 or 33%.
    • Adjusted earnings available to common stockholders(1) of $50.6 million or $1.17 per diluted common share compared to $48.1 million or $1.12 per diluted common share, which excludes:
      • Gain on sale, net, of $29.7 million due to the sale of Rocky Mountain Bank branches in Montana.
      • Loss on security sales of $9.5 million.
      • Loss on fixed assets of $2.9 million due to branch closures and write-downs on properties listed for sale.
    • Net interest income of $157.9 million compared to $145.8 million, an increase of $12.1 million or 8%.
    • Annualized return on average assets of 1.38% compared to 0.94%. Adjusted annualized return on average assets(1) of 1.14% compared to 0.98%.
    • Annualized return on average common equity of 12.60% compared to 10.47%. Adjusted annualized return on average common equity(1) of 10.27% compared to 10.92%.
    • Annualized return on average tangible common equity(1) of 18.32% compared to 16.32%. Adjusted annualized return on average tangible common equity(1) of 14.98% compared to 17.02%.

    Rocky Mountain Bank Sale

    HTLF Bank closed on the sale of the Rocky Mountain Bank branches in Montana in mid-July to two purchasers, which included loans of $343.8 million, deposits of $531.9 million and fixed assets of $13.8 million. The gain on sale, net, of $29.7 million was realized in the third quarter of 2024.

    Net Interest Income and Net Interest Margin

    Net interest margin, expressed as a percentage of average earning assets, was 3.73% (3.78% on a fully tax-equivalent basis, non-GAAP) for the third quarter of 2024 compared to 3.68% (3.73% on a fully tax-equivalent basis, non-GAAP) for the second quarter of 2024, and 3.14% (3.18% on a fully tax-equivalent basis, non-GAAP) for the third quarter of 2023.

    Total interest income and average earning asset changes for the third quarter of 2024 compared to the third quarter of 2023 were:

    • Total interest income was $253.8 million compared to $245.4 million, an increase of $8.4 million or 3%, primarily attributable to an increase in yields on average earning assets. During the third quarter of 2024, HTLF recorded $5.3 million in additional interest income for a security that paid off.
    • Total interest income on a tax-equivalent basis (non-GAAP) was $255.8 million, an increase of $8.2 million or 3%, from $247.6 million. Subsequent to September 30, 2024, the fair value hedges were terminated in favorable market conditions in early October. HTLF recorded $10.3 million of interest income associated with the fair value hedges in the third quarter of 2024 in comparison to $5.6 million in the third quarter of 2023. As a result of the fair value hedge terminations, no additional interest income will be recorded.
    • Average earning assets decreased $1.60 billion or 9% to $16.84 billion compared to $18.44 billion, primarily due to the sale of $865.4 million of securities during the fourth quarter of 2023, $108.4 million of securities sold during the second quarter of 2024, and $40.3 million of securities sold during the third quarter of 2024. The proceeds were utilized to pay down high-cost wholesale deposits and borrowings.
    • The average rate on earning assets increased 71 basis points to 6.04% from 5.33%, primarily due to recent interest rate increases on earning assets.

    Total interest expense and average interest-bearing liability changes for the third quarter of 2024 compared to the third quarter of 2023 were:

    • Total interest expense was $95.9 million, a decrease of $3.8 million from $99.7 million, primarily due to a decrease in average interest-bearing liabilities.
    • The average interest rate paid on interest-bearing liabilities increased 17 basis points to 3.18% from 3.01%.
    • Average interest-bearing deposits decreased $1.65 billion or 13% to $11.03 billion from $12.68 billion.
    • The average interest rate paid on interest-bearing deposits decreased 4 basis points to 2.86% from 2.90%.
    • Average borrowings and term debt increased $478.2 million to $953.9 million from $475.7 million, and the average interest rate paid on borrowings decreased 40 basis points to 5.39% from 5.78%.

    Net interest income changes for the third quarter of 2024 compared to the third quarter of 2023 were:

    • Net interest income totaled $157.9 million compared to $145.8 million, an increase of $12.1 million or 8%.
    • Net interest income on a tax-equivalent basis (non-GAAP) totaled $159.9 million compared to $147.9 million, an increase of $12.0 million or 8%.

    Noninterest Income and Noninterest Expense

    Total noninterest income was $19.0 million during the third quarter of 2024 compared to $28.4 million during the third quarter of 2023, a decrease of $9.4 million or 33%. Significant changes within the noninterest income category for the third quarter of 2024 compared to the third quarter of 2023 were:

    • Service charges and fees decreased $1.5 million or 8% to $17.1 million from $18.6 million, primarily attributable to a decrease in consumer NSF and overdraft fees. In the fourth quarter of 2023, HTLF instituted a new fee policy across our single charter customer base in response to industry changes related to consumer overdraft fees.
    • Net security losses increased $9.4 million to $9.5 million compared to net security losses of $114,000.
    • Net gains on sales of loans held for sale decreased to $0 from $905,000, due to HTLF ceasing originations of residential mortgage loans to be sold to the secondary market.
    • Other noninterest income increased $957,000 to $1.6 million from $619,000, primarily due to an increase in deferred compensation income of $1.0 million to $1.5 million from $433,000.  

    Total noninterest expense was $85.9 million during the third quarter of 2024 compared to $111.1 million during the third quarter of 2023, a decrease of $25.1 million or 23%. Significant changes within the noninterest expense category for the third quarter of 2024 compared to the third quarter of 2023 were:

    • Salaries and employee benefits totaled $62.7 million compared to $62.3 million, an increase of $480,000 or 1%. The increase was attributable to higher benefit costs including incentive compensation and benefit expenses partially offset by a reduction of full-time equivalent employees. Full-time equivalent employees totaled 1,725 compared to 1,965, a decrease of 240 or 12%.
    • Professional fees totaled $17.4 million compared to $13.6 million, an increase of $3.8 million or 28%, primarily due to an increase legal expenses, including those associated with special asset loans.
    • Gain on sale of assets, net, totaled $26.4 million compared to a loss on sale of assets of $108,000. As discussed earlier, Rocky Mountain Bank, a division of HTLF Bank, was sold during the third quarter of 2024 which generated a gain on sale, net, of $29.7 million.

    The effective tax rate was 24.25% for the third quarter of 2024 compared to 21.89% for third quarter of 2023. The following items impacted the third quarter 2024 and 2023 tax calculations:

    • Various tax credits of $629,000 compared to $1.6 million.
    • Tax-exempt interest income as a percentage of pre-tax income of 8.92% compared to 13.14%.
    • Tax benefit of $140,000 compared to a tax expense of $41,000 resulting from the vesting of restricted stock units.
    • Tax expense of $1.1 million compared to $1.6 million resulting from the disallowed interest expense related to tax-exempt loans and securities.

    Total Assets, Total Loans and Total Deposits

    Total assets were $18.27 billion at September 30, 2024, compared to $18.81 billion at June 30, 2024, and $19.41 billion at December 31, 2023. Total assets decreased $540.1 million or 3% during the third quarter of 2024 and $1.14 billion or 6% since year-end 2023. Securities represented 27% and 29% of total assets at September 30, 2024, and December 31, 2023, respectively.

    Total loans held to maturity were $11.44 billion at September 30, 2024, compared to $11.61 billion at June 30, 2024, and $12.07 billion at December 31, 2023. Loans decreased $167.4 million or 1% during the third quarter of 2024 and $627.7 million or 5% since year-end 2023. Excluding the impact of Rocky Mountain Bank, loans held to maturity decreased $172.4 million or 1% during the third quarter of 2024 and decreased $284.0 million or 2% since year-end 2023.

    Significant changes by loan category at September 30, 2024 compared to June 30, 2024 included:

    • Commercial and business lending, which includes commercial and industrial, PPP and owner occupied commercial real estate loans, decreased $262.7 million or 4% to $5.99 billion compared to $6.26 billion. Excluding the impact of Rocky Mountain Bank, commercial and business lending decreased $119.4 million or 2%.
    • Commercial real estate lending, which includes non-owner occupied commercial real estate and construction loans, decreased $3.3 million, or less than 1%, to $3.58 billion compared to $3.58 billion. Excluding the impact of Rocky Mountain Bank, commercial real estate lending increased $67.0 million or 2%.
    • Agricultural and agricultural real estate loans decreased $167.2 million or 19% to $701.2 million compared to $868.4 million. Excluding the impact of Rocky Mountain Bank, agricultural and agricultural real estate loans decreased $99.9 million or 12%.
    • Residential mortgage loans decreased $56.7 million or 7% to $708.0 million compared to $764.7 million. Excluding the impact of Rocky Mountain Bank, residential mortgage loans decreased $25.7 million or 3%.

    Significant changes by loan category at September 30, 2024 compared to December 31, 2023 included:

    • Commercial and business lending, which includes commercial and industrial, PPP and owner occupied commercial real estate loans, decreased $298.6 million or 5% to $5.99 billion compared to $6.29 billion. Excluding the Rocky Mountain Bank loans sold of $143.3 million, commercial and business lending decreased $155.3 million or 2%.
    • Commercial real estate lending, which includes non-owner occupied commercial real estate and construction loans, increased $9.9 million or less than 1% to $3.58 billion compared to $3.57 billion. Excluding the Rocky Mountain Bank loans sold of $70.3 million, commercial real estate lending increased $80.2 million or 2%.
    • Agricultural and agricultural real estate loans decreased $218.0 million or 24% to $701.2 million compared to $919.2 million. Excluding the Rocky Mountain Bank loans sold of $67.3 million, agricultural and agricultural real estate loans decreased $150.7 million or 16%.
    • Residential mortgage loans decreased $89.8 million or 11% to $708.0 million compared to $797.8 million. Excluding the Rocky Mountain Bank loans sold of $31.0 million, residential mortgage loans decreased $58.9 million or 7%.

    Total deposits were $14.95 billion as of September 30, 2024, compared to $14.96 billion as of June 30, 2024, a decrease of $3.4 million or less than 1%. Total deposits were $14.95 billion as of September 30, 2024, compared to $16.20 billion at December 31, 2023, which was a decrease of $1.25 billion or 8%. Excluding the impact of Rocky Mountain Bank, deposits decreased $9.8 million or less than 1% during the third quarter of 2024 and decreased $716.6 million or 4% since year-end 2023.

    Total customer deposits were $14.35 billion as of September 30, 2024, compared to $14.13 billion at June 30, 2024, an increase of $217.6 million or 2%. Excluding the impact of Rocky Mountain Bank, customer deposits increased $211.2 million or 1%. Significant customer deposit changes by category at September 30, 2024, compared to June 30, 2024, included:

    • Customer demand deposits decreased $367.6 million or 8% to $4.01 billion compared to $4.38 billion. Excluding the impact of Rocky Mountain Bank, customer demand deposits decreased $235.9 million or 6%.
    • Customer savings deposits increased $270.0 million or 3% to $8.71 billion compared to $8.44 billion. Excluding the impact of Rocky Mountain Bank, customer savings deposits increased $554.4 million or 7%.
    • Customer time deposits decreased $223.1 million or 12% to $1.63 billion compared to $1.85 billion. Excluding the impact of Rocky Mountain Bank, customer time deposits decreased $107.3 million or 6%.

    Total customer deposits were $14.35 billion as of September 30, 2024, compared to $14.86 billion at December 31, 2023, a decrease of $505.1 million or 3%. Excluding the Rocky Mountain Bank customer deposits sold of $531.9 million, customer deposits increased $26.7 million. Significant customer deposit changes by category at September 30, 2024, compared to December 31, 2023, included:

    • Customer demand deposits decreased $491.1 million or 11% to $4.01 billion compared to $4.50 billion. Excluding the Rocky Mountain Bank customer demand deposits sold of $131.7 million, customer demand deposits decreased $359.3 million or 8%.
    • Customer savings deposits increased $302.0 million or 4% to $8.71 billion compared to $8.41 billion. Excluding the Rocky Mountain Bank customer savings deposits sold of $284.3 million, customer savings deposits increased $586.3 million or 7%.
    • Customer time deposits decreased $316.0 million or 16% to $1.63 billion compared to $1.94 billion. Excluding the Rocky Mountain Bank customer time deposits sold of $115.8 million, customer time deposits decreased $200.2 million or 10%.

    Total wholesale and institutional deposits were $601.9 million as of September 30, 2024, a decrease of $221.0 million or 27% from $822.9 million at June 30, 2024. Significant wholesale and institutional deposit changes by category at September 30, 2024 compared to June 30, 2024 included:

    • Wholesale and institutional savings deposits decreased $105.7 million or 33% to $213.0 million compared to $318.6 million.
    • Wholesale time deposits decreased $115.3 million or 23% to $389.0 million compared to $504.3 million.

    Total wholesale and institutional deposits were $601.9 million as of September 30, 2024, which was a decrease of $743.4 million or 55% from $1.35 billion at December 31, 2023. Significant wholesale and institutional deposit changes by category at September 30, 2024 compared to December 31, 2023 included:

    • Wholesale and institutional savings deposits decreased $181.4 million or 46% to $213.0 million compared to $394.4 million.
    • Wholesale time deposits decreased $562.0 million or 59% to $389.0 million compared to $950.9 million.

    Provision and Allowance

    Provision and Allowance for Credit Losses for Loans
    Provision for credit losses for loans for the third quarter of 2024 was $8.9 million, an increase of $6.2 million from $2.7 million recorded in the third quarter of 2023.

    The allowance for credit losses for loans totaled $106.8 million at September 30, 2024 and $122.6 million at December 31, 2023. The following items impacted the allowance for credit losses for loans at September 30, 2024:

    • Provision expense for the nine months ended September 30, 2024, totaled $22.3 million. Provision expense was primarily impacted in the third quarter of 2024 by a nonperforming food manufacturing syndication loan currently in bankruptcy proceedings. HTLF recorded a charge-off of $19.2 million for this credit during the third quarter of 2024, of which $10.0 million was reserved for in a prior period.
    • Net charge-offs of $38.0 million, of which the majority have been reserved for in prior periods, were recorded for the first nine months of 2024.

    Provision and Allowance for Credit Losses for Unfunded Commitments
    The allowance for unfunded commitments decreased $6.0 million or 36% to $10.5 million at September 30, 2024, from $16.5 million at December 31, 2023. The following impacted HTLF’s allowance for credit losses for unfunded commitments during 2024:

    • Provision benefit for the nine months ended September 30, 2024, totaled $6.0 million.
    • Reduction of $82.9 million in unfunded commitments for construction loans, which carry the highest loss rate.
    • Total unfunded commitments decreased $684.5 million or 15% to $3.94 billion at September 30, 2024 compared to $4.63 billion at December 31, 2023.

    Total Provision and Allowance for Lending Related Credit Losses
    The total provision expense for lending related credit losses was $6.3 million for the third quarter of 2024 compared to $1.5 million for the third quarter of 2023. The total allowance for lending related credit losses was $117.3 million or 1.02% of total loans at September 30, 2024, compared to $139.0 million or 1.15% of total loans as of December 31, 2023.

    Nonperforming Assets

    Nonperforming assets were $76.8 million or 0.42% of total assets at September 30, 2024, compared to $110.5 million or 0.57% of total assets at December 31, 2023. Nonperforming assets were reduced by charge-offs of $32.1 million and the return to performing status of a $10.4 million owner occupied commercial real estate loan relationship. The reduction was partially offset by the addition of a $10.1 million non-owner commercial real estate loan relationship. Nonperforming loans were $69.9 million or 0.61% of total loans at September 30, 2024, compared to $97.9 million or 0.81% of total loans at December 31, 2023. At September 30, 2024, loans delinquent 30-89 days were 0.26% of total loans compared to 0.09% of total loans at December 31, 2023. The increase in the 30-89 day delinquencies was due to a single $12.8 million real estate construction loan. Other real estate owned, net, decreased $5.7 million or 46% to $6.8 million at September 30, 2024 from $12.5 million at December 31, 2023.

    Non-GAAP Financial Measures

    This earnings release contains references to financial measures which are not defined by generally accepted accounting principles (“GAAP”). Management believes the non-GAAP measures are helpful for investors to analyze and evaluate the company’s financial condition and operating results. However, these non-GAAP measures have inherent limitations and should not be considered a substitute for operating results determined in accordance with GAAP. Additionally, because non-GAAP measures are not standardized, it may not be possible to compare the non-GAAP measures in this earnings release with other companies’ non-GAAP measures. Reconciliations of each non-GAAP measure to the most directly comparable GAAP measure may be found in the financial tables in this earnings release.

    Below are the non-GAAP measures included in this earnings release, management’s reason for including each measure and the method of calculating each measure:

    • Adjusted earnings available to common stockholders and adjusted diluted earnings per common share, adjust net income for the gain/loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes these measures enhance the comparability net income available to common stockholders as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
    • Adjusted annualized return on average assets, adjusts net income for the gain/loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes this measure enhances the comparability of annualized return on average assets as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
    • Annualized net interest margin, fully tax-equivalent, adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources.
    • Adjusted efficiency ratio, fully tax equivalent, expresses noninterest expenses as a percentage of fully tax-equivalent net interest income and noninterest income. This efficiency ratio is presented on a tax-equivalent basis which adjusts net interest income and noninterest expenses for the tax favored status of certain loans, securities, and tax credit projects. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results as it enhances the comparability of income and expenses arising from taxable and nontaxable sources and excludes specific items as noted in reconciliation contained in this earnings release.
    • Net interest income, fully tax equivalent, is net income adjusted for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources. Net interest margin, fully tax equivalent, is net interest income adjusted for the tax-favored status of certain loans and securities divided by average earning assets.
    • Tangible book value per common share is total common equity less goodwill and core deposit and customer relationship intangibles, net, divided by common shares outstanding, net of treasury. This measure is included as it is considered to be a critical metric to analyze and evaluate use of equity, financial condition and capital strength.
    • Tangible common equity ratio is total common equity less goodwill and core deposit and customer relationship intangibles, net, divided by total assets less goodwill and core deposit and customer relationship intangibles, net. This measure is included as it is considered to be a critical metric to analyze and evaluate financial condition and capital strength.
    • Adjusted annualized return on average common equity, adjusts net income for the loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes this measure enhances the comparability of annualized return on average assets as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
    • Annualized return on average tangible common equity is net income excluding intangible amortization calculated as (1) net income excluding tax-effected core deposit and customer relationship intangibles amortization, divided by (2) average common equity less goodwill and core deposit and customer relationship intangibles, net. This measure is included as it is considered to be a critical metric to analyze and evaluate use of equity, financial condition and capital strength.
    • Adjusted annualized return on average tangible common equity, adjusts net income available to common stockholders for the loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes this measure enhances the comparability of annualized return on average assets as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
    • Annualized ratio of core expenses to average assets adjusts noninterest expenses to exclude specific items noted in the reconciliation. Management includes this measure as it is considered to be a critical metric to analyze and evaluate controllable expenses related to primary business operations.

    About HTLF

    Heartland Financial USA, Inc., is a Denver, Colorado-based bank holding company operating under the brand name HTLF, with assets of $18.27 billion as of September 30, 2024. HTLF’s banks serve customers in the West, Southwest and Midwest regions. HTLF is committed to serving the banking needs of privately owned businesses, their owners, executives and employees. Our core commercial business is supported by a strong retail banking operation, in addition to a diversified line of financial services including treasury management, wealth management and investments. Additional information is available at www.htlf.com.

    Safe Harbor Statement

    This release (including any information incorporated herein by reference), and future oral and written statements of the company and its management, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, financial condition, results of operations, plans, objectives and future performance of HTLF.

    Any statements about the company’s expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Forward-looking statements may include information about possible or assumed future results of the company’s operations or performance. These forward-looking statements are generally identified by the use of the words such as “believe”, “expect”, “intent”, “anticipate”, “plan”, “intend”, “estimate”, “project”, “may”, “will”, “would”, “could”, “should”, “may”, “view”, “opportunity”, “potential”, or similar or negative expressions of these words or phrases that are used in this release, and future oral and written statements of the company and its management. Although the company may make these statements based on management’s experience, beliefs, expectations, assumptions and best estimate of future events, the ability of the company to predict results or the actual effect or outcomes of plans or strategies is inherently uncertain, and there may be events or factors that management has not anticipated. Therefore, the accuracy and achievement of such forward-looking statements and estimates are subject to a number of risks, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which the company currently believes could have a material effect on its operations and future prospects, are detailed below and in the risk factors in HTLF’s reports filed with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section under Item 1A of Part I of the company’s Annual Report on Form 10-K for the year ended December 31, 2023 and updates in HTLF’s Forms 10-Q filed thereafter, and include, among others:

    • Economic and Market Conditions Risks, including risks related to the deterioration of the U.S. economy in general and in the local economies in which HTLF conducts its operations and future civil unrest, natural disasters, pandemics and governmental measures addressing them, climate change and climate-related regulations, persistent inflation, higher interest rates, supply chain issues, labor shortages, terrorist threats or acts of war;
    • Credit Risks, including risks of increasing credit losses due to deterioration in the financial condition of HTLF’s borrowers, changes in asset and collateral values due to climate and other borrower industry risks, which may impact the provision for credit losses and net charge-offs;
    • Liquidity and Interest Rate Risks, including the impact of capital market conditions, rising interest rates and changes in monetary policy on our borrowings and net interest income;
    • Risks related to the planned merger with UMB Financial Corporation (the “Merger”), the fluctuation of the market value of the merger consideration, risks related to combining our businesses, including expenses related to the Merger and integration of the combined entity, risks that the Merger may not occur, and the risk of litigation related to the Merger;
    • Operational Risks, including processing, information systems, cybersecurity, vendor, business interruption, and fraud risks;
    • Strategic and External Risks, including economic, political, and competitive forces impacting our business;
    • Legal, Compliance and Reputational Risks, including regulatory and litigation risks; and
    • Risks of Owning Stock in HTLF, including stock price volatility and dilution as a result of future equity offerings and acquisitions.

    There can be no assurance that other factors not currently anticipated by HTLF will not materially and adversely affect HTLF’s business, financial condition and results of operations. Additionally, all statements in this release, including forward-looking statements speak only as of the date they are made. HTLF does not undertake and specifically disclaims any obligation to publicly release the results of any revisions which may be made to or correct or update any forward-looking statement to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events or to otherwise update any statement in light of new information or future events. Further information concerning HTLF and its business, including additional factors that could materially affect HTLF’s financial results, is included in HTLF’s filings with the SEC.

    -FINANCIAL TABLES FOLLOW-

    CONTACT:
    Kevin L. Thompson
    Executive Vice President
    Chief Financial Officer
    (563) 589-1994
    kthompson@htlf.com 
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
    September 30,
      For the Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    Interest Income              
    Interest and fees on loans $ 192,506     $ 182,394     $ 587,328     $ 505,136  
    Interest on securities:              
    Taxable   51,116       54,800       145,511       168,948  
    Nontaxable   5,979       6,584       18,062       18,990  
    Interest on federal funds sold         3             3  
    Interest on deposits with other banks and short-term investments   4,193       1,651       10,244       4,833  
    Total Interest Income   253,794       245,432       761,145       697,910  
    Interest Expense              
    Interest on deposits   82,976       92,744       247,609       231,617  
    Interest on borrowings   7,378       1,167       25,727       4,437  
    Interest on term debt   5,543       5,765       16,956       16,756  
    Total Interest Expense   95,897       99,676       290,292       252,810  
    Net Interest Income   157,897       145,756       470,853       445,100  
    Provision for credit losses   6,276       1,516       16,270       9,969  
    Net Interest Income After Provision for Credit Losses   151,621       144,240       454,583       435,131  
    Noninterest Income              
    Service charges and fees   17,100       18,553       51,127       55,316  
    Loan servicing income   111       278       349       1,403  
    Trust fees   5,272       4,734       15,847       15,810  
    Brokerage and insurance commissions   853       692       2,501       2,065  
    Capital markets fees   2,116       1,845       5,003       8,331  
    Securities gains (losses), net   (9,520 )     (114 )     (19,573 )     (1,532 )
    Unrealized gain on equity securities, net   377       13       605       165  
    Net gains on sale of loans held for sale         905       104       3,786  
    Income on bank owned life insurance   1,107       858       3,610       3,042  
    Other noninterest income   1,576       619       5,289       2,489  
    Total Noninterest Income   18,992       28,383       64,862       90,875  
    Noninterest Expense              
    Salaries and employee benefits   62,742       62,262       191,817       186,510  
    Occupancy   6,318       6,438       19,843       20,338  
    Furniture and equipment   2,062       2,720       6,554       8,698  
    Professional fees   17,448       13,616       48,351       41,607  
    FDIC insurance assessments   3,035       3,313       11,344       9,627  
    Advertising   1,937       1,633       4,663       6,670  
    Core deposit intangibles amortization   1,345       1,625       4,258       5,128  
    Other real estate and loan collection expenses, net   395       481       1,422       984  
    (Gain) loss on sales/valuations of assets, net   (26,419 )     108       (26,012 )     (2,149 )
    Acquisition, integration and restructuring costs   2,026       2,429       9,374       5,994  
    Partnership investment in tax credit projects   222       1,136       938       1,828  
    Other noninterest expense   14,816       15,292       43,214       46,307  
    Total Noninterest Expense   85,927       111,053       315,766       331,542  
    Income Before Income Taxes   84,686       61,570       203,679       194,464  
    Income taxes   20,533       13,479       48,077       44,181  
    Net Income/(Loss)   64,153       48,091       155,602       150,283  
    Preferred dividends   (2,013 )     (2,013 )     (6,038 )     (6,038 )
    Net Income/(Loss) Available to Common Stockholders $ 62,140     $ 46,078     $ 149,564     $ 144,245  
    Earnings/(loss) per common share-diluted $ 1.44     $ 1.08     $ 3.47     $ 3.37  
    Weighted average shares outstanding-diluted   43,195,257       42,812,563       43,080,422       42,769,872  
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Interest Income                  
    Interest and fees on loans $ 192,506     $ 199,161     $ 195,661     $ 192,861     $ 182,394  
    Interest on securities:                  
    Taxable   51,116       47,381       47,014       54,573       54,800  
    Nontaxable   5,979       6,042       6,041       6,278       6,584  
    Interest on federal funds sold                           3  
    Interest on deposits with other banks and short-term investments   4,193       3,045       3,006       2,174       1,651  
    Total Interest Income   253,794       255,629       251,722       255,886       245,432  
    Interest Expense                  
    Interest on deposits   82,976       80,499       84,134       88,071       92,744  
    Interest on borrowings   7,378       10,825       7,524       5,874       1,167  
    Interest on term debt   5,543       5,564       5,849       5,804       5,765  
    Total Interest Expense   95,897       96,888       97,507       99,749       99,676  
    Net Interest Income   157,897       158,741       154,215       156,137       145,756  
    Provision for credit losses   6,276       9,008       986       11,738       1,516  
    Net Interest Income After Provision for Credit Losses   151,621       149,733       153,229       144,399       144,240  
    Noninterest Income                  
    Service charges and fees   17,100       16,964       17,063       18,708       18,553  
    Loan servicing income   111       107       131       158       278  
    Trust fees   5,272       5,532       5,043       4,905       4,734  
    Brokerage and insurance commissions   853       894       754       729       692  
    Capital markets fees   2,116       1,996       891       1,676       1,845  
    Securities gains (losses), net   (9,520 )     (10,111 )     58       (140,007 )     (114 )
    Unrealized gain on equity securities, net   377       133       95       75       13  
    Net gains on sale of loans held for sale               104       94       905  
    Income on bank owned life insurance   1,107       1,326       1,177       729       858  
    Other noninterest income   1,576       1,366       2,347       1,132       619  
    Total Noninterest Income   18,992       18,207       27,663       (111,801 )     28,383  
    Noninterest Expense                  
    Salaries and employee benefits   62,742       65,120       63,955       64,766       62,262  
    Occupancy   6,318       6,262       7,263       6,509       6,438  
    Furniture and equipment   2,062       2,155       2,337       2,901       2,720  
    Professional fees   17,448       15,372       15,531       17,060       13,616  
    FDIC insurance assessments   3,035       3,340       4,969       10,313       3,313  
    Advertising   1,937       1,368       1,358       1,677       1,633  
    Core deposit intangibles amortization   1,345       1,421       1,492       1,611       1,625  
    Other real estate and loan collection expenses, net   395       515       512       505       481  
    (Gain) loss on sales/valuations of assets, net   (26,419 )     193       214       2,072       108  
    Acquisition, integration and restructuring costs   2,026       5,973       1,375       4,365       2,429  
    Partnership investment in tax credit projects   222       222       494       3,573       1,136  
    Other noninterest expense   14,816       14,303       14,095       14,933       15,292  
    Total Noninterest Expense   85,927       116,244       113,595       130,285       111,053  
    Income Before Income Taxes   84,686       51,696       67,297       (97,687 )     61,570  
    Income taxes   20,533       11,954       15,590       (27,324 )     13,479  
    Net Income/(Loss)   64,153       39,742       51,707       (70,363 )     48,091  
    Preferred dividends   (2,013 )     (2,012 )     (2,013 )     (2,012 )     (2,013 )
    Net Income/(Loss) Available to Common Stockholders $ 62,140     $ 37,730     $ 49,694     $ (72,375 )   $ 46,078  
    Earnings/(loss) per common share-diluted $ 1.44     $ 0.88     $ 1.16     $ (1.69 )   $ 1.08  
    Weighted average shares outstanding-diluted   43,195,257       43,060,354       42,915,768       42,838,405       42,812,563  
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      As of
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Assets                  
    Cash and due from banks $ 228,719     $ 226,735     $ 208,176     $ 275,554     $ 248,756  
    Interest-bearing deposits with other banks and short-term investments   359,675       147,211       236,190       47,459       99,239  
    Cash and cash equivalents   588,394       373,946       444,366       323,013       347,995  
    Time deposits in other financial institutions   1,050       1,340       1,240       1,240       1,490  
    Securities:                  
    Carried at fair value   4,057,335       4,185,054       4,418,222       4,646,891       5,482,687  
    Held to maturity, at cost   839,623       842,980       841,055       838,241       835,468  
    Other investments, at cost   69,511       70,684       68,524       91,277       90,001  
    Loans held for sale         348,761       352,744       5,071       6,262  
    Loans:                  
    Held to maturity   11,440,917       11,608,309       11,644,641       12,068,645       11,872,436  
    Allowance for credit losses   (106,797 )     (126,861 )     (123,934 )     (122,566 )     (110,208 )
    Loans, net   11,334,120       11,481,448       11,520,707       11,946,079       11,762,228  
    Premises, furniture and equipment, net   155,140       175,953       176,582       181,070       187,436  
    Goodwill   576,005       576,005       576,005       576,005       576,005  
    Core deposit intangibles, net   14,157       15,501       16,923       18,415       20,026  
    Cash surrender value on life insurance   199,998       199,036       197,671       197,085       196,694  
    Other real estate, net   6,805       7,533       2,590       12,548       14,362  
    Other assets   430,155       534,429       516,198       574,772       609,139  
    Total Assets $ 18,272,293     $ 18,812,670     $ 19,132,827     $ 19,411,707     $ 20,129,793  
    Liabilities and Equity                  
    Liabilities                  
    Deposits:                  
    Demand $ 4,009,218     $ 4,244,169     $ 4,264,390     $ 4,500,304     $ 4,792,813  
    Savings   8,926,192       8,470,416       8,669,221       8,805,597       8,754,911  
    Time   2,017,806       2,242,005       2,368,555       2,895,813       3,553,269  
    Total deposits   14,953,216       14,956,590       15,302,166       16,201,714       17,100,993  
    Deposits held for sale         538,308       596,328              
    Borrowings   546,219       694,909       650,033       622,255       392,634  
    Term debt   373,324       372,988       372,652       372,396       372,059  
    Accrued expenses and other liabilities   259,161       222,025       232,815       282,225       438,577  
    Total Liabilities   16,131,920       16,784,820       17,153,994       17,478,590       18,304,263  
    Stockholders’ Equity                  
    Preferred equity   110,705       110,705       110,705       110,705       110,705  
    Common stock   42,884       42,852       42,784       42,688       42,656  
    Capital surplus   1,098,837       1,096,619       1,093,207       1,090,740       1,088,267  
    Retained earnings   1,252,247       1,203,092       1,178,330       1,141,501       1,226,740  
    Accumulated other comprehensive income/(loss)   (364,300 )     (425,418 )     (446,193 )     (452,517 )     (642,838 )
    Total Equity   2,140,373       2,027,850       1,978,833       1,933,117       1,825,530  
    Total Liabilities and Equity $ 18,272,293     $ 18,812,670     $ 19,132,827     $ 19,411,707     $ 20,129,793  
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Average Balances                  
    Assets $ 18,439,910     $ 19,043,362     $ 19,296,638     $ 19,667,825     $ 20,207,920  
    Loans, net of unearned   11,584,999       12,010,289       12,021,930       11,938,272       11,800,064  
    Total deposits   15,148,944       15,562,920       16,042,402       16,709,394       17,507,813  
    Customer deposits   14,347,965       14,768,407       14,816,652       14,969,948       14,699,235  
    Earning assets   16,838,131       17,331,435       17,597,068       17,853,957       18,439,010  
    Interest-bearing liabilities   11,986,220       12,461,957       12,607,745       12,721,680       13,158,631  
    Common equity   1,962,334       1,863,236       1,832,959       1,729,086       1,746,818  
    Total stockholders’ equity   2,073,039       1,973,941       1,943,664       1,839,791       1,857,523  
    Tangible common equity (non-GAAP)(1)   1,371,515       1,271,046       1,239,313       1,133,888       1,149,992  
                       
    Key Performance Ratios                  
    Annualized return on average assets   1.38 %     0.84 %     1.08 %   (1.42 )%     0.94 %
    Adjusted annualized return on average assets (non-GAAP)(1)   1.14       1.09       1.13       0.96       0.98  
    Annualized return on average common equity (GAAP)   12.60       8.14       10.90       (16.61 )     10.47  
    Adjusted annualized return on average common equity (non-GAAP)(1)   10.27       10.71       11.50       10.46       10.92  
    Annualized return on average tangible common equity (non-GAAP)(1)   18.32       12.28       16.49       (24.89 )     16.32  
    Adjusted annualized return on average tangible common equity (non-GAAP)(1)   14.98       16.05       17.38       16.38       17.02  
    Annualized ratio of net charge-offs/(recoveries) to average loans   0.99       0.23       0.08       0.01       0.12  
    Annualized net interest margin (GAAP)   3.73       3.68       3.52       3.47       3.14  
    Annualized net interest margin, fully tax-equivalent (non-GAAP)(1)   3.78       3.73       3.57       3.52       3.18  
    Annualized cost of deposits   2.18       2.08       2.11       2.09       2.10  
    Efficiency ratio (GAAP)   48.58       65.69       62.46       293.86       63.77  
    Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)(1)   57.98       57.73       58.77       59.31       59.95  
    Annualized ratio of total noninterest expenses to average assets (GAAP)   1.85       2.46       2.37       2.63       2.18  
    Annualized ratio of core expenses to average assets (non-GAAP)(1)   2.35       2.30       2.25       2.23       2.08  
                       
      For the Quarter Ended
    September 30,
      For the Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    Average Balances              
    Assets $ 18,439,910     $ 20,207,920     $ 18,924,862     $ 20,182,808  
    Loans, net of unearned   11,584,999       11,800,064       11,871,358       11,602,741  
    Total deposits   15,148,944       17,507,813       15,583,165       17,567,614  
    Customer deposits   14,347,965       14,699,235       14,642,347       14,778,030  
    Earning assets   16,838,131       18,439,010       17,254,023       18,451,907  
    Interest-bearing liabilities   11,986,220       13,158,631       12,350,640       12,985,665  
    Common equity   1,962,334       1,746,818       1,886,454       1,710,230  
    Total stockholders’ equity   2,073,039       1,857,523       1,997,159       1,820,935  
    Tangible common equity (non-GAAP)(1)   1,371,515       1,149,992       1,294,241       1,111,724  
                   
    Key Performance Ratios              
    Annualized return on average assets   1.38 %     0.94 %     1.10 %     1.00 %
    Adjusted annualized return on average assets (non-GAAP)(1)   1.14       0.98       1.12       1.02  
    Annualized return on average common equity (GAAP)   12.60       10.47       10.59       11.28  
    Adjusted annualized return on average common equity (non-GAAP)(1)   10.27       10.92       10.81       11.60  
    Annualized return on average tangible common equity (non-GAAP)(1)   18.32       16.32       15.77       17.82  
    Adjusted annualized return on average tangible common equity (non-GAAP)(1)   14.98       17.02       16.09       18.31  
    Annualized ratio of net charge-offs/(recoveries) to average loans   0.99       0.12       0.43       0.14  
    Annualized net interest margin (GAAP)   3.73       3.14       3.65       3.23  
    Annualized net interest margin, fully tax-equivalent (non-GAAP)(1)   3.78       3.18       3.69       3.27  
    Annualized cost of deposits   2.18       2.10       2.12       1.76  
    Efficiency ratio (GAAP)   48.58       63.77       58.94       61.86  
    Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)(1)   57.98       59.95       58.16       58.98  
    Annualized ratio of total noninterest expenses to average assets (GAAP)   1.85       2.18       2.23       2.20  
    Annualized ratio of core expenses to average assets (non-GAAP)(1)   2.35       2.08       2.30       2.12  
                   
    (1) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND FULL TIME EQUIVALENT EMPLOYEE DATA
      As of and for the Quarter Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Common Share Data                  
    Book value per common share $ 47.33     $ 44.74     $ 43.66     $ 42.69     $ 40.20  
    Tangible book value per common share (non-GAAP)(1)   33.57       30.94       29.81       28.77       26.23  
    ASC 320 effect on book value per common share   (8.78 )     (10.82 )     (11.18 )     (11.00 )     (16.27 )
                       
    Common shares outstanding, net of treasury stock   42,883,865       42,852,180       42,783,670       42,688,008       42,656,303  
                       
    Capital Ratios                  
    Common equity to total assets   11.11 %     10.19 %     9.76 %     9.39 %     8.52 %
    Tangible common equity ratio (non-GAAP)(1)   8.14       7.28       6.88       6.53       5.73  
    Tier 1 leverage ratio   10.77       10.13       9.84       9.44       9.59  
    Common equity tier 1 ratio(2)   12.66       11.68       11.40       10.97       11.37  
    Total risk based capital ratio(2)   16.34       15.32       14.99       14.53       14.90  
                       
    Other Selected Trend Information                  
    Effective tax rate   24.25 %     23.12 %     23.17 %     27.97 %     21.89 %
    Full time equivalent employees   1,725       1,843       1,888       1,970       1,965  
                       
    Loans Held to Maturity                  
    Commercial and industrial $ 3,503,093     $ 3,541,239     $ 3,545,051     $ 3,652,047     $ 3,591,809  
    Paycheck Protection Program (“PPP”)   1,582       1,864       2,172       2,777       3,750  
    Owner occupied commercial real estate   2,489,697       2,555,964       2,545,033       2,638,175       2,429,659  
    Commercial and business lending   5,994,372       6,099,067       6,092,256       6,292,999       6,025,218  
    Non-owner occupied commercial real estate   2,455,396       2,434,258       2,495,068       2,553,711       2,656,358  
    Real estate construction   1,119,922       1,082,726       1,041,583       1,011,716       1,029,554  
    Commercial real estate lending   3,575,318       3,516,984       3,536,651       3,565,427       3,685,912  
    Total commercial lending   9,569,690       9,616,051       9,628,907       9,858,426       9,711,130  
    Agricultural and agricultural real estate   701,211       802,958       809,876       919,184       842,116  
    Residential mortgage   707,984       733,401       756,021       797,829       813,803  
    Consumer   462,032       455,899       449,837       493,206       505,387  
    Total loans held to maturity $ 11,440,917     $ 11,608,309     $ 11,644,641     $ 12,068,645     $ 11,872,436  
                       
    Total unfunded loan commitments $ 3,941,268     $ 4,381,565     $ 4,537,718     $ 4,625,768     $ 4,813,798  
                       
    Deposits                  
    Demand-customer $ 4,009,218     $ 4,244,169     $ 4,264,390     $ 4,500,304     $ 4,792,813  
    Savings-customer   8,713,228       8,151,794       8,269,956       8,411,240       8,190,430  
    Savings-wholesale and institutional   212,964       318,622       399,265       394,357       564,481  
    Total savings   8,926,192       8,470,416       8,669,221       8,805,597       8,754,911  
    Time-customer   1,628,856       1,737,723       1,734,971       1,944,884       1,814,335  
    Time-wholesale   388,950       504,282       633,584       950,929       1,738,934  
    Total time   2,017,806       2,242,005       2,368,555       2,895,813       3,553,269  
    Total deposits $ 14,953,216     $ 14,956,590     $ 15,302,166     $ 16,201,714     $ 17,100,993  
                       
    Total customer deposits $ 14,351,302     $ 14,133,686     $ 14,269,317     $ 14,856,428     $ 14,797,578  
    Total wholesale and institutional deposits   601,914       822,904       1,032,849       1,345,286       2,303,415  
    Total deposits $ 14,953,216     $ 14,956,590     $ 15,302,166     $ 16,201,714     $ 17,100,993  
                       
    (1) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.
    (2) September 30, 2024 calculation is preliminary.
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      As of and for the Quarter Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Allowance for Credit Losses-Loans                  
    Balance, beginning of period $ 126,861     $ 123,934     $ 122,566     $ 110,208     $ 111,198  
    Provision for credit losses   8,871       9,737       3,668       12,750       2,672  
    Charge-offs   (32,137 )     (7,388 )     (4,093 )     (3,886 )     (3,964 )
    Recoveries   3,202       578       1,793       3,494       302  
    Balance, end of period $ 106,797     $ 126,861     $ 123,934     $ 122,566     $ 110,208  
                       
    Allowance for Unfunded Commitments                  
    Balance, beginning of period $ 13,057     $ 13,786     $ 16,468     $ 17,480     $ 18,636  
    Provision for credit losses   (2,595 )     (729 )     (2,682 )     (1,012 )     (1,156 )
    Balance, end of period $ 10,462     $ 13,057     $ 13,786     $ 16,468     $ 17,480  
                       
    Allowance for lending related credit losses $ 117,259     $ 139,918     $ 137,720     $ 139,034     $ 127,688  
                       
    Provision for Credit Losses                  
    Provision for credit losses-loans $ 8,871     $ 9,737     $ 3,668     $ 12,750     $ 2,672  
    Provision for credit losses-unfunded commitments   (2,595 )     (729 )     (2,682 )     (1,012 )     (1,156 )
    Total provision (benefit) for credit losses $ 6,276     $ 9,008     $ 986     $ 11,738     $ 1,516  
                       
    Asset Quality                  
    Nonaccrual loans $ 69,115     $ 103,123     $ 94,800     $ 95,426     $ 51,304  
    Loans past due ninety days or more   832       663       611       2,507       511  
    Other real estate owned   6,805       7,533       2,590       12,548       14,362  
    Other repossessed assets                           1  
    Total nonperforming assets $ 76,752     $ 111,319     $ 98,001     $ 110,481     $ 66,178  
                       
    Nonperforming Assets Activity                  
    Balance, beginning of period $ 111,319     $ 98,001     $ 110,481     $ 66,178     $ 66,097  
    Net loan (charge-offs) recoveries   (28,935 )     (6,810 )     (2,300 )     (392 )     (3,662 )
    New nonperforming loans   25,441       48,346       5,470       61,193       19,295  
    Reduction of nonperforming loans(1)   (30,240 )     (28,050 )     (5,692 )     (14,278 )     (14,691 )
    OREO/Repossessed assets sales proceeds   (833 )     (168 )     (9,958 )     (2,220 )     (861 )
    Balance, end of period $ 76,752     $ 111,319     $ 98,001     $ 110,481     $ 66,178  
                       
    Asset Quality Ratios                  
    Ratio of nonperforming loans to total loans   0.61 %     0.89 %     0.82 %     0.81 %     0.44 %
    Ratio of nonperforming assets to total assets   0.42       0.59       0.51       0.57       0.33  
    Annualized ratio of net loan charge-offs (recoveries) to average loans   0.99       0.23       0.08       0.01       0.12  
    Allowance for loan credit losses as a percent of loans   0.93       1.09       1.06       1.02       0.93  
    Allowance for lending related credit losses as a percent of loans   1.02       1.21       1.18       1.15       1.08  
    Allowance for loan credit losses as a percent of nonperforming loans   152.68       122.23       129.89       125.15       212.70  
    Loans delinquent 30-89 days as a percent of total loans   0.26       0.25       0.31       0.09       0.12  
                       
    (1) Includes principal reductions, transfers to performing status and transfers to OREO.
    HEARTLAND FINANCIAL USA, INC.    
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS
      For the Quarter Ended
      September 30, 2024   June 30, 2024   September 30, 2023
      Average
    Balance
      Interest   Rate   Average
    Balance
      Interest   Rate   Average
    Balance
      Interest   Rate
    Earning Assets                                  
    Securities:                                  
    Taxable $ 4,254,529     $ 51,116   4.78 %   $ 4,490,407     $ 47,381   4.24 %   $ 5,726,057     $ 54,800   3.80 %
    Nontaxable(1)   768,483       7,313   3.79       759,234       7,383   3.91       881,162       8,085   3.64  
    Total securities   5,023,012       58,429   4.63       5,249,641       54,764   4.20       6,607,219       62,885   3.78  
    Interest on deposits with other banks and
    short-term investments
      355,394       4,193   4.69       194,824       3,045   6.29       142,301       1,651   4.60  
    Federal funds sold                               152       3   7.83  
    Loans:(2)                                  
    Commercial and industrial(1)   3,531,206       65,972   7.43       3,638,004       69,469   7.68       3,610,677       63,001   6.92  
    PPP loans   1,759       5   1.13       2,242       7   1.26       3,948       11   1.11  
    Owner occupied commercial real estate   2,527,006       35,189   5.54       2,615,504       37,028   5.69       2,412,501       30,127   4.95  
    Non-owner occupied commercial real estate   2,474,036       39,536   6.36       2,519,346       39,272   6.27       2,586,011       38,779   5.95  
    Real estate construction   1,106,387       22,878   8.23       1,093,399       21,770   8.01       1,027,544       19,448   7.51  
    Agricultural and agricultural real estate   757,745       11,536   6.06       879,707       13,390   6.12       822,957       12,582   6.07  
    Residential real estate   725,901       9,110   4.99       776,821       9,454   4.89       827,402       9,482   4.55  
    Consumer   460,959       8,956   7.73       485,266       9,421   7.81       509,024       9,615   7.49  
    Less: allowance for credit losses   (125,274 )             (123,319 )             (110,726 )        
    Net loans   11,459,725       193,182   6.71       11,886,970       199,811   6.76       11,689,338       183,045   6.21  
    Total earning assets   16,838,131       255,804   6.04 %     17,331,435       257,620   5.98 %     18,439,010       247,584   5.33 %
    Nonearning Assets   1,601,779               1,711,927               1,768,910          
    Total Assets $ 18,439,910             $ 19,043,362             $ 20,207,920          
    Interest-bearing Liabilities                                  
    Savings $ 8,842,494     $ 59,307   2.67 %   $ 8,834,746     $ 55,440   2.52 %   $ 8,737,581     $ 49,195   2.23 %
    Time deposits   2,189,861       23,669   4.30       2,372,653       25,059   4.25       3,945,371       43,549   4.38  
    Borrowings   580,707       7,378   5.05       881,738       10,825   4.94       103,567       1,167   4.47  
    Term debt   373,158       5,543   5.91       372,820       5,564   6.00       372,112       5,765   6.15  
    Total interest-bearing liabilities   11,986,220       95,897   3.18 %     12,461,957       96,888   3.13 %     13,158,631       99,676   3.01 %
    Noninterest-bearing Liabilities                                  
    Noninterest-bearing deposits   4,116,589               4,355,521               4,824,861          
    Accrued interest and other liabilities   264,062               251,943               366,905          
    Total noninterest-bearing liabilities   4,380,651               4,607,464               5,191,766          
    Stockholders’ Equity   2,073,039               1,973,941               1,857,523          
    Total Liabilities and Stockholders’ Equity $ 18,439,910             $ 19,043,362             $ 20,207,920          
    Net interest income, fully tax-equivalent
    (non-GAAP)
    (1)(3)
        $ 159,907           $ 160,732           $ 147,908    
    Net interest spread(1)         2.86 %           2.85 %           2.32 %
    Net interest income, fully tax-equivalent
    (non-GAAP
    )(1)(3)to total earning assets
            3.78 %           3.73 %           3.18 %
    Interest-bearing liabilities to earning assets   71.18 %             71.90 %             71.36 %        
                                       
    (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.    
    (2) Nonaccrual loans and loans held for sale are included in the average loans outstanding.
    (3) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS
      For the Nine Months Ended
      September 30, 2024   September 30, 2023
      Average
    Balance
      Interest   Rate   Average
    Balance
      Interest   Rate
    Earning Assets                      
    Securities:                      
    Taxable $ 4,469,258     $ 145,511   4.35 %   $ 5,927,026     $ 168,948   3.81 %
    Nontaxable(1)   768,782       22,079   3.84       899,613       23,611   3.51  
    Total securities   5,238,040       167,590   4.27       6,826,639       192,559   3.77  
    Interest on deposits with other banks and other short-term investments   268,122       10,244   5.10       133,910       4,833   4.83  
    Federal funds sold                 51       3   7.86  
    Loans:(2)                      
    Commercial and industrial(1)   3,603,668       202,426   7.50       3,547,256       169,552   6.39  
    PPP loans   2,195       19   1.16       6,718       61   1.21  
    Owner occupied commercial real estate   2,583,886       107,734   5.57       2,355,545       84,927   4.82  
    Non-owner occupied commercial real estate   2,514,452       118,657   6.30       2,459,965       105,111   5.71  
    Real estate construction   1,087,280       65,497   8.05       1,051,298       56,107   7.14  
    Agricultural and agricultural real estate   838,395       38,682   6.16       835,673       36,191   5.79  
    Residential mortgage   764,515       28,699   5.01       840,143       28,138   4.48  
    Consumer   476,967       27,578   7.72       506,143       26,925   7.11  
    Less: allowance for credit losses-loans   (123,497 )             (111,434 )        
    Net loans   11,747,861       589,292   6.70       11,491,307       507,012   5.90  
    Total earning assets   17,254,023       767,126   5.94 %     18,451,907       704,407   5.10 %
    Nonearning Assets   1,670,839               1,730,901          
    Total Assets $ 18,924,862             $ 20,182,808          
    Interest-bearing Liabilities                      
    Savings $ 8,828,973     $ 169,414   2.56 %   $ 9,130,980     $ 128,372   1.88 %
    Time deposits   2,447,293       78,195   4.27       3,344,434       103,245   4.13  
    Borrowings   701,548       25,727   4.90       138,157       4,437   4.29  
    Term debt   372,826       16,956   6.08       372,094       16,756   6.02  
    Total interest-bearing liabilities   12,350,640       290,292   3.14 %     12,985,665       252,810   2.60 %
    Noninterest-bearing Liabilities                      
    Noninterest-bearing deposits   4,306,899               5,092,200          
    Accrued interest and other liabilities   270,164               284,008          
    Total noninterest-bearing liabilities   4,577,063               5,376,208          
    Stockholders’ Equity   1,997,159               1,820,935          
    Total Liabilities and Stockholders’ Equity $ 18,924,862             $ 20,182,808          
    Net interest income, fully tax-equivalent (non-GAAP)(1)(3)     $ 476,834           $ 451,597    
    Net interest spread(1)         2.80 %           2.50 %
    Net interest income, fully tax-equivalent (non-GAAP)(1)(3)to total earning assets         3.69 %           3.27 %
    Interest-bearing liabilities to earning assets   71.58 %             70.38 %        
                           
    (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.    
    (2) Nonaccrual loans and loans held for sale are included in the average loans outstanding.
    (3) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA AND FULL TIME EQUIVALENT EMPLOYEE DATA
      For the Quarter Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP)                  
    Earnings available to common stockholders (GAAP) $ 62,140     $ 37,730     $ 49,694     $ (72,375 )   $ 46,078  
    Plus core deposit intangibles amortization, net of tax(2)   1,022       1,081       1,131       1,229       1,240  
    Earnings available to common stockholders excluding intangible amortization (non-GAAP) $ 63,162     $ 38,811     $ 50,825     $ (71,146 )   $ 47,318  
                       
    Average common equity (GAAP) $ 1,962,334     $ 1,863,236     $ 1,832,959     $ 1,729,086     $ 1,746,818  
    Less average goodwill   576,005       576,005       576,005       576,005       576,005  
    Less average core deposit intangibles, net   14,814       16,185       17,641       19,193       20,821  
    Average tangible common equity (non-GAAP) $ 1,371,515     $ 1,271,046     $ 1,239,313     $ 1,133,888     $ 1,149,992  
    Annualized return on average common equity (GAAP)   12.60 %     8.14 %     10.90 %   (16.61 )%     10.47 %
    Annualized return on average tangible common equity (non-GAAP)   18.32 %     12.28 %     16.49 %   (24.89 )%     16.32 %
                       
    Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)                  
    Net Interest Income (GAAP) $ 157,897     $ 158,741     $ 154,215     $ 156,137     $ 145,756  
    Plus tax-equivalent adjustment(1)   2,010       1,991       1,981       2,058       2,152  
    Net interest income, fully tax-equivalent (non-GAAP) $ 159,907     $ 160,732     $ 156,196     $ 158,195     $ 147,908  
                       
    Average earning assets $ 16,838,131     $ 17,331,435     $ 17,597,068     $ 17,853,957     $ 18,439,010  
                       
    Annualized net interest margin (GAAP)   3.73 %     3.68 %     3.52 %     3.47 %     3.14 %
    Annualized net interest margin, fully tax-equivalent (non-GAAP)   3.78       3.73       3.57       3.52       3.18  
    Net purchase accounting discount amortization on loans included in annualized net interest margin   0.02       0.01       0.02       0.02       0.01  
    Reconciliation of Tangible Book Value Per Common Share (non-GAAP)                  
    Common equity (GAAP) $ 2,029,668     $ 1,917,145     $ 1,868,128     $ 1,822,412     $ 1,714,825  
    Less goodwill   576,005       576,005       576,005       576,005       576,005  
    Less core deposit intangibles, net   14,157       15,501       16,923       18,415       20,026  
    Tangible common equity (non-GAAP) $ 1,439,506     $ 1,325,639     $ 1,275,200     $ 1,227,992     $ 1,118,794  
                       
    Common shares outstanding, net of treasury stock   42,883,865       42,852,180       42,783,670       42,688,008       42,656,303  
    Common equity (book value) per share (GAAP) $ 47.33     $ 44.74     $ 43.66     $ 42.69     $ 40.20  
    Tangible book value per common share (non-GAAP) $ 33.57     $ 30.94     $ 29.81     $ 28.77     $ 26.23  
                       
    Reconciliation of Tangible Common Equity Ratio (non-GAAP)                  
    Tangible common equity (non-GAAP) $ 1,439,506     $ 1,325,639     $ 1,275,200     $ 1,227,992     $ 1,118,794  
                       
    Total assets (GAAP) $ 18,272,293     $ 18,812,670     $ 19,132,827     $ 19,411,707     $ 20,129,793  
    Less goodwill   576,005       576,005       576,005       576,005       576,005  
    Less core deposit intangibles, net   14,157       15,501       16,923       18,415       20,026  
    Total tangible assets (non-GAAP) $ 17,682,131     $ 18,221,164     $ 18,539,899     $ 18,817,287     $ 19,533,762  
    Tangible common equity ratio (non-GAAP)   8.14 %     7.28 %     6.88 %     6.53 %     5.73 %
                       
    (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
    (2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
    9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Reconciliation of Adjusted Efficiency Ratio, fully tax-equivalent (non-GAAP)  
    Net interest income (GAAP) $ 157,897     $ 158,741     $ 154,215     $ 156,137     $ 145,756  
    Tax-equivalent adjustment(1)   2,010       1,991       1,981       2,058       2,152  
    Fully tax-equivalent net interest income   159,907       160,732       156,196       158,195       147,908  
    Noninterest income   18,992       18,207       27,663       (111,801 )     28,383  
    Securities (gains)/losses, net   9,520       10,111       (58 )     140,007       114  
    Unrealized gain on equity securities, net   (377 )     (133 )     (95 )     (75 )     (13 )
    Adjusted revenue (non-GAAP) $ 188,042     $ 188,917     $ 183,706     $ 186,326     $ 176,392  
                       
    Total noninterest expenses (GAAP) $ 85,927     $ 116,244     $ 113,595     $ 130,285     $ 111,053  
    Less:                  
    Core deposit intangibles amortization   1,345       1,421       1,492       1,611       1,625  
    Partnership investment in tax credit projects   222       222       494       3,573       1,136  
    (Gain) loss on sales/valuation of assets, net   (26,419 )     193       214       2,072       108  
    Acquisition, integration and restructuring costs   2,026       5,973       1,375       4,365       2,429  
    FDIC special assessment   (267 )     (631 )     2,049       8,145        
    Core expenses (non-GAAP) $ 109,020     $ 109,066     $ 107,971     $ 110,519     $ 105,755  
                       
    Efficiency ratio (GAAP)   48.58 %     65.69 %     62.46 %     293.86 %     63.77 %
    Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)   57.98 %     57.73 %     58.77 %     59.31 %     59.95 %
                       
    Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non-GAAP)                  
    Total noninterest expenses (GAAP) $ 85,927     $ 116,244     $ 113,595     $ 130,285     $ 111,053  
    Core expenses (non-GAAP)   109,020       109,066       107,971       110,519       105,755  
                       
    Average assets $ 18,439,910     $ 19,043,362     $ 19,296,638     $ 19,667,825     $ 20,207,920  
    Total noninterest expenses to average assets (GAAP)   1.85 %     2.46 %     2.37 %     2.63 %     2.18 %
    Core expenses to average assets (non-GAAP)   2.35 %     2.30 %     2.25 %     2.23 %     2.08 %
                       
    Acquisition, integration and restructuring costs                  
    Salaries and employee benefits $ 58     $ 462     $ 168     $ 1,425     $ 94  
    Occupancy                     1,092        
    Furniture and equipment   52       53             19        
    Professional fees   1,674       5,385       931       793       1,617  
    Advertising                     28       178  
    Other noninterest expenses   242       73       276       1,008       540  
    Total acquisition, integration and restructuring costs $ 2,026     $ 5,973     $ 1,375     $ 4,365     $ 2,429  
                       
    (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
     
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Reconciliation of Adjusted Earnings                  
    Net income/(loss) $ 64,153     $ 39,742     $ 51,707     $ (70,363 )   $ 48,091  
    (Gain)/loss from sale of securities   9,520       10,111       (58 )     140,007       114  
    (Gain)/loss on sales/valuation of assets, net   (26,419 )     193       214       2,072       108  
    Acquisition, integration and restructuring costs   2,026       5,973       1,375       4,365       2,429  
    FDIC special assessment   (267 )     (631 )     2,049       8,145        
    Total adjustments   (15,140 )     15,646       3,580       154,589       2,651  
    Tax effect of adjustments(2)   3,634       (3,739 )     (866 )     (36,638 )     (628 )
    Adjusted earnings $ 52,647     $ 51,649     $ 54,421     $ 47,588     $ 50,114  
                       
    Preferred dividends   (2,013 )     (2,012 )     (2,013 )     (2,012 )     (2,013 )
    Adjusted earnings available to common stockholders $ 50,634     $ 49,637     $ 52,408     $ 45,576     $ 48,101  
                       
    Plus core deposit intangibles amortization, net of tax(2)   1,022       1,081       1,131       1,229       1,240  
    Earnings available to common stockholders excluding intangible amortization (non-GAAP) $ 51,656     $ 50,718     $ 53,539     $ 46,805     $ 49,341  
                       
    Reconciliation of Adjusted Annualized Return on Average Assets                  
    Average assets $ 18,439,910     $ 19,043,362     $ 19,296,638     $ 19,667,825     $ 20,207,920  
    Adjusted annualized return on average assets (non-GAAP)   1.14 %     1.09 %     1.13 %     0.96 %     0.98 %
                       
    Reconciliation of Adjusted Annualized Return on Average Common Equity                  
    Average common stockholders’ equity (GAAP) $ 1,962,334     $ 1,863,236     $ 1,832,959     $ 1,729,086     $ 1,746,818  
    Adjusted annualized average common equity (non-GAAP)   10.27 %     10.71 %     11.50 %     10.46 %     10.92 %
                       
    Reconciliation of Adjusted Annualized Return on Average Tangible Common Equity                  
    Average tangible common equity (non-GAAP) $ 1,371,515     $ 1,271,046     $ 1,239,313     $ 1,133,888     $ 1,149,992  
    Adjusted annualized average tangible common equity (non-GAAP)   14.98 %     16.05 %     17.38 %     16.38 %     17.02 %
                       
    Reconciliation of Adjusted Diluted Earnings Per Common Share                  
    Weighted average shares outstanding-diluted   43,195,257       43,060,354       42,915,768       42,838,405       42,812,563  
    Adjusted diluted earnings per common share $ 1.17     $ 1.15     $ 1.22     $ 1.06     $ 1.12  
                       
    (2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
    September 30,
      For the Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP)              
    Earnings available to common stockholders (GAAP) $ 62,140     $ 46,078     $ 149,564     $ 144,245  
    Plus core deposit intangibles amortization, net of tax(2)   1,022       1,240       3,236       3,908  
    Earnings available to common stockholders excluding intangible amortization (non-GAAP) $ 63,162     $ 47,318     $ 152,800     $ 148,153  
                   
    Average common equity (GAAP) $ 1,962,334     $ 1,746,818     $ 1,886,454     $ 1,710,230  
    Less average goodwill   576,005       576,005       576,005       576,005  
    Less average core deposit intangibles, net   14,814       20,821       16,208       22,501  
    Average tangible common equity (non-GAAP) $ 1,371,515     $ 1,149,992     $ 1,294,241     $ 1,111,724  
    Annualized return on average common equity (GAAP)   12.60 %     10.47 %     10.59 %     11.28 %
    Annualized return on average tangible common equity (non-GAAP)   18.32 %     16.32 %     15.77 %     17.82 %
                   
    Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)              
    Net Interest Income (GAAP) $ 157,897     $ 145,756     $ 470,853     $ 445,100  
    Plus tax-equivalent adjustment(1)   2,010       2,152       5,981       6,497  
    Net interest income, fully tax-equivalent (non-GAAP) $ 159,907     $ 147,908     $ 476,834     $ 451,597  
                   
    Average earning assets $ 16,838,131     $ 18,439,010     $ 17,254,023     $ 18,451,907  
                   
    Annualized net interest margin (GAAP)   3.73 %     3.14 %     3.65 %     3.23 %
    Annualized net interest margin, fully tax-equivalent (non-GAAP)   3.78       3.18       3.69       3.27  
    Net purchase accounting discount amortization on loans included in annualized net interest margin   0.02       0.01       0.02       0.02  
                   
    (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
    (2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
    September 30,
      For the Nine Months Ended
    September 30,
      2024       2023       2024       2023  
    Reconciliation of Adjusted Efficiency Ratio, Fully Tax-Equivalent (non-GAAP)              
    Net interest income (GAAP) $ 157,897     $ 145,756     $ 470,853     $ 445,100  
    Tax-equivalent adjustment(1)   2,010       2,152       5,981       6,497  
    Fully tax-equivalent net interest income   159,907       147,908       476,834       451,597  
    Noninterest income (GAAP)   18,992       28,383       64,862       90,875  
    Securities (gains)/losses, net   9,520       114       19,573       1,532  
    Unrealized gain on equity securities, net   (377 )     (13 )     (605 )     (165 )
    Adjusted revenue (non-GAAP) $ 188,042     $ 176,392     $ 560,664     $ 543,839  
                   
    Total noninterest expenses (GAAP) $ 85,927     $ 111,053     $ 315,766     $ 331,542  
    Less:              
    Core deposit intangibles amortization   1,345       1,625       4,258       5,128  
    Partnership investment in tax credit projects   222       1,136       938       1,828  
    (Gain)/loss on sales/valuation of assets, net   (26,419 )     108       (26,012 )     (2,149 )
    Acquisition, integration and restructuring costs   2,026       2,429       9,374       5,994  
    FDIC special assessment   (267 )           1,151        
    Core expenses (non-GAAP) $ 109,020     $ 105,755     $ 326,057     $ 320,741  
                   
    Efficiency ratio (GAAP)   48.58 %     63.77 %     58.94 %     61.86 %
    Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)   57.98 %     59.95 %     58.16 %     58.98 %
                   
    Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non-GAAP)              
    Total noninterest expenses (GAAP) $ 85,927     $ 111,053     $ 315,766     $ 331,542  
    Core expenses (non-GAAP)   109,020       105,755       326,057       320,741  
                   
    Average assets $ 18,439,910     $ 20,207,920     $ 18,924,862     $ 20,182,808  
    Total noninterest expenses to average assets (GAAP)   1.85 %     2.18 %     2.23 %     2.20 %
    Core expenses to average assets (non-GAAP)   2.35 %     2.08 %     2.30 %     2.12 %
                   
    Acquisition, integration and restructuring costs              
    Salaries and employee benefits $ 58     $ 94     $ 689     $ 261  
    Occupancy                      
    Furniture and equipment   52             105        
    Professional fees   1,674       1,617       7,990       3,619  
    Advertising         178             522  
    Other noninterest expenses   242       540       590       1,592  
    Total acquisition, integration and restructuring costs $ 2,026     $ 2,429     $ 9,374     $ 5,994  
                   
    (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.              
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
      For the Quarter Ended
    September 30,
      For the Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    Reconciliation of Adjusted Earnings (non-GAAP)              
    Net income/(loss) $ 64,153     $ 48,091     $ 155,602     $ 150,283  
    (Gain)/loss from sale of securities   9,520       114       19,573       1,532  
    (Gain)/loss on sales/valuation of assets, net   (26,419 )     108       (26,012 )     (2,149 )
    Acquisition, integration and restructuring costs   2,026       2,429       9,374       5,994  
    FDIC special assessment   (267 )           1,151        
    Total adjustments   (15,140 )     2,651       4,086       5,377  
    Tax effect of adjustments(2)   3,634       (628 )     (981 )     (1,280 )
    Adjusted earnings $ 52,647     $ 50,114     $ 158,707     $ 154,380  
                   
    Preferred dividends   (2,013 )     (2,013 )     (6,038 )     (6,038 )
    Adjusted earnings available to common stockholders $ 50,634     $ 48,101     $ 152,669     $ 148,342  
                   
    Plus core deposit intangibles amortization, net of tax(2)   1,022       1,240       3,236       3,908  
    Earnings available to common stockholders excluding intangible amortization (non-GAAP) $ 51,656     $ 49,341     $ 155,905     $ 152,250  
                   
    Reconciliation of Adjusted Annualized Return on Average Assets              
    Average assets $ 18,439,910     $ 20,207,920     $ 18,924,862     $ 20,182,808  
    Adjusted annualized return on average assets (non-GAAP)   1.14 %     0.98 %     1.12 %     1.02 %
                   
    Reconciliation of Adjusted Annualized Return on Average Common Equity              
    Average common stockholders’ equity (GAAP) $ 1,962,334     $ 1,746,818     $ 1,886,454     $ 1,710,230  
    Adjusted annualized return on average common equity (non-GAAP)   10.27 %     10.92 %     10.81 %     11.60 %
                   
    Reconciliation of Adjusted Annualized Return on Average Tangible Common Equity              
    Average tangible common equity (non-GAAP) $ 1,371,515     $ 1,149,992     $ 1,294,241     $ 1,111,724  
    Adjusted annualized return on average tangible common equity (non-GAAP)   14.98 %     17.02 %     16.09 %     18.31 %
                   
    Reconciliation of Adjusted Diluted Earnings Per Common Share              
    Weighted average shares outstanding-diluted   43,195,257       42,812,563       43,080,422       42,769,872  
    Adjusted diluted earnings per common share $ 1.17     $ 1.12     $ 3.54     $ 3.47  
                   
    (2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.

    The MIL Network

  • MIL-OSI: Montauk Renewables Schedules Third Quarter 2024 Conference Call for Tuesday, November 12, 2024, at 5:00 p.m. ET

    Source: GlobeNewswire (MIL-OSI)

    PITTSBURGH, Oct. 29, 2024 (GLOBE NEWSWIRE) — Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (“RNG”), will host a conference call and webcast on Tuesday, November 12, 2024, at 5:00 p.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2024. The Company will issue a press release reporting the financial results after the close of regular stock market trading hours on the same day as the conference call and webcast.

    Third Quarter 2024 Conference Call and Webcast Details
         
    Date:   Tuesday, November 12, 2024
    Time:   5:00 p.m. ET
    Participant Access:   [Link Here]

    Please register for the conference call and webcast using the above link in advance of the call start time. The webcast platform will register your name and organization as well as provide dial-in numbers and a unique access pin. Please contact Gateway Group at (949) 574-3860 if you experience technical difficulties.

    The conference call and webcast will have a live Q&A session and be available here and on the Company’s website at https://ir.montaukrenewables.com.

    A replay of the conference call and webcast will be available after 8:00 p.m. Eastern time on the same day through November 12, 2025.

    About Montauk Renewables, Inc.

    Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the management, recovery and conversion of biogas into RNG. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has operations at 14 projects and ongoing development projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, South Carolina, and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. For more information, visit https://ir.montaukrenewables.com.

    Company Contact:

    John Ciroli
    Chief Legal Officer (CLO) & Secretary
    investors@montaukenergy.com
    (412) 747-8700

    Investor Relations Contact:

    Georg Venturatos
    Gateway Group
    MNTK@Gateway-grp.com
    (949) 574-3860

    The MIL Network

  • MIL-OSI: Evolution Petroleum Schedules Fiscal First Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced that it plans to release its fiscal first quarter 2025 financial and operating results on Tuesday, November 12, 2024, after the market closes. Additionally, Kelly Loyd, President and Chief Executive Officer, Ryan Stash, Senior Vice President, Chief Financial Officer, and Treasurer, and Mark Bunch, Chief Operating Officer, will review the results on a conference call at 10:00 a.m. Central Time on Wednesday, November 13, 2024.

    Conference Call and Webcast Details

    Date: Wednesday, November 13, 2024
    Time: 10:00 a.m. Central Time
    Dial-In: (844) 481-2813
    International Dial-In: (412) 317-0677
    Note: Dial-in participants should ask to join the Evolution Petroleum Corporation call.
    Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=zEqrDXV4

    A webcast replay will be available through November 13, 2025, via the webcast link above and on Evolution’s website at www.ir.evolutionpetroleum.com.

    About Evolution Petroleum

    Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Properties include non-operated interests in the following areas: the SCOOP/STACK plays of the Anadarko Basin in Oklahoma; the Chaveroo Oilfield located in Chaves and Roosevelt Counties, New Mexico; the Jonah Field in Sublette County, Wyoming; the Williston Basin in North Dakota; the Barnett Shale located in North Texas; the Hamilton Dome Field located in Hot Springs County, Wyoming; the Delhi Holt-Bryant Unit in the Delhi Field in Northeast Louisiana; as well as small overriding royalty interests in four onshore Texas wells. Visit www.evolutionpetroleum.com for more information.

    Contact
    Investor Relations
    (713) 935-0122
    ir@evolutionpetroleum.com

    The MIL Network

  • MIL-OSI: Onity Group Schedules Conference Call – Third Quarter 2024 Results and Business Update

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., Oct. 29, 2024 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that it will hold a conference call on Tuesday, November 5, 2024 at 8:30 a.m. (ET) to review the Company’s third quarter 2024 operating results and provide a business update.

    All interested parties are welcome to participate. You can access the conference call by dialing (800) 343-5172 or (203) 518-9856 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations.

    An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call.

    A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through November 19, 2024, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11157248.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

    For Further Information Contact:

    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network

  • MIL-OSI: AMD Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — AMD (NASDAQ:AMD) today announced revenue for the third quarter of 2024 of $6.8 billion, gross margin of 50%, operating income of $724 million, net income of $771 million and diluted earnings per share of $0.47. On a non-GAAP(*) basis, gross margin was 54%, operating income was $1.7 billion, net income was $1.5 billion and diluted earnings per share was $0.92.

    “We delivered strong third quarter financial results with record revenue led by higher sales of EPYC and Instinct data center products and robust demand for our Ryzen PC processors,” said AMD Chair and CEO Dr. Lisa Su. “Looking forward, we see significant growth opportunities across our data center, client and embedded businesses driven by the insatiable demand for more compute.”

    “We are pleased with our execution in the third quarter, delivering strong year-over-year expansion in gross margin and earnings per share,” said AMD EVP, CFO and Treasurer Jean Hu. “We are on-track to deliver record annual revenue for 2024 based on significant growth in our Data Center and Client segments.”

    GAAP Quarterly Financial Results
     
      Q3 2024 Q3 2023 Y/Y Q2 2024 Q/Q
    Revenue ($M) $6,819 $5,800  Up 18% $5,835  Up 17%
    Gross profit ($M) $3,419 $2,747  Up 24% $2,864  Up 19%
    Gross margin 50% 47%  Up 3 ppts 49%  Up 1 ppt
    Operating expenses ($M) $2,709 $2,533  Up 7% $2,605  Up 4%
    Operating income ($M) $724 $224  Up 223% $269  Up 169%
    Operating margin 11% 4%  Up 7 ppts 5%  Up 6 ppts
    Net income ($M) $771 $299  Up 158% $265  Up 191%
    Diluted earnings per share $0.47 $0.18  Up 161% $0.16  Up 194%
     
    Non-GAAP(*) Quarterly Financial Results
     
      Q3 2024 Q3 2023 Y/Y Q2 2024 Q/Q
    Revenue ($M) $6,819 $5,800  Up 18% $5,835  Up 17%
    Gross profit ($M) $3,657 $2,963  Up 23% $3,101  Up 18%
    Gross margin 54% 51%  Up 3 ppts 53%  Up 1 ppt
    Operating expenses ($M) $1,956 $1,697  Up 15% $1,847  Up 6%
    Operating income ($M) $1,715 $1,276  Up 34% $1,264  Up 36%
    Operating margin 25% 22%  Up 3 ppts 22%  Up 3 ppts
    Net income ($M) $1,504 $1,135  Up 33% $1,126  Up 34%
    Diluted earnings per share $0.92 $0.70  Up 31% $0.69  Up 33%
     

    Segment Summary

    • Record Data Center segment revenue of $3.5 billion was up 122% year-over-year and 25% sequentially primarily driven by the strong ramp of AMD Instinct™ GPU shipments and growth in AMD EPYC™ CPU sales.
    • Client segment revenue was $1.9 billion, up 29% year-over-year and 26% sequentially primarily driven by strong demand for “Zen 5” AMD Ryzen™ processors. 
    • Gaming segment revenue was $462 million, down 69% year-over-year and 29% sequentially primarily due to a decrease in semi-custom revenue.
    • Embedded segment revenue was $927 million, down 25% year-over-year as customers normalized their inventory levels. On a sequential basis, revenue increased 8% as demand improved in several end markets.

    Recent PR Highlights

    • At the Advancing AI 2024 event this month, AMD and strategic partners including Dell, Google Cloud, HPE, Lenovo, Meta, Microsoft, Oracle Cloud Infrastructure, Supermicro and AI leaders Databricks, Essential AI, Fireworks AI, Luma AI and Reka AI unveiled a broad portfolio of solutions delivering enterprise AI at scale based on the latest AMD Instinct accelerators, EPYC CPUs, AMD networking solutions and Ryzen PRO CPUs:
      • New AMD EPYC 9005 Series processors, with record-breaking performance and energy efficiency for diverse data center needs, available in a wide range of platforms from leading OEMs and ODMs.
      • AMD Instinct MI325X accelerators, delivering leadership performance and memory capabilities for the most demanding AI workloads. AMD also shared new details on next-gen AMD Instinct accelerators planned to launch in 2025 and 2026.
      • An expanded high performance networking portfolio to maximize performance, scalability and efficiency for AI systems, with the new AMD Pensando™ Salina DPU and AMD Pensando Pollara 400 NIC.
      • New Ryzen AI PRO 300 Series mobile processors, powering next-gen AI PCs for the enterprise with 50+ AI TOPS and leadership performance, battery life, security and manageability features.
    • AMD continues to extend leadership AI performance, optimizations and customer adoption for AMD Instinct accelerators and AMD ROCm™ open software:
      • Oracle Cloud Infrastructure selected AMD Instinct MI300X accelerators with AMD ROCm open software to power its latest OCI Compute Supercluster designed for demanding AI workloads.
      • AMD unveiled its first results on leading AI benchmark MLPerf, revealing excellent performance for AMD Instinct MI300X accelerators advanced by the AMD ROCm software platform, on-par with NVIDIA H100.
      • AMD highlighted support for the latest Llama 3.2 release from Meta, enabling developers to build new agentic applications and personalized AI experiences on AMD accelerators and processors from cloud to edge and AI PCs.
    • AMD and ecosystem partners are enabling new AI PC platforms and capabilities:
      • In partnership with Microsoft, AMD announced that Copilot+ will be enabled on AMD CPU-powered AI PCs via a free upgrade planned to be available starting in November 2024.
      • OEM partners including Acer, HP, Lenovo and Asus announced new systems powered by AMD Ryzen AI 300 Series mobile processors, leveraging the leadership gaming, content creation and everyday performance of the new “Zen 5” architecture.
    • AMD expanded its embedded portfolio for a range of applications, including:
    • AMD announced an agreement to acquire ZT Systems, a leading provider of AI and general purpose compute infrastructure for the world’s largest hyperscale providers, to expand the company’s data center AI systems capabilities and accelerate deployment of AMD AI rack scale systems with cloud and enterprise customers. The acquisition is subject to regulatory clearance and other customary closing conditions and is expected to close in the first half of 2025.
    • AMD completed the acquisition of Silo AI to accelerate development and deployment of AI models on AMD hardware.
    • AMD and Intel announced the creation of an x86 ecosystem advisory group with Broadcom, Dell, Google, HPE, HP, Lenovo, Meta, Microsoft, Oracle, Red Hat and industry luminaries Linus Torvalds and Tim Sweeney to collaborate on architectural interoperability and simplify software development.

    Current Outlook

    AMD’s outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement” below.

    For the fourth quarter of 2024, AMD expects revenue to be approximately $7.5 billion, plus or minus $300 million. At the mid-point of the revenue range, this represents year-over-year growth of approximately 22% and sequential growth of approximately 10%. Non-GAAP gross margin is expected to be approximately 54%.

    AMD Teleconference

    AMD will hold a conference call for the financial community at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its third quarter 2024 financial results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its website at www.amd.com.

    Media Contact:
    Drew Prairie
    AMD Communications
    512-602-4425
    drew.prairie@amd.com

    Investor Contact:
    Mitch Haws
    AMD Investor Relations
    408-749-3124
    mitch.haws@amd.com

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (in millions, except per share data) (Unaudited)

      Three Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
    GAAP gross profit $ 3,419     $ 2,864     $ 2,747  
    GAAP gross margin   50 %     49 %     47 %
    Stock-based compensation   5       5       6  
    Amortization of acquisition-related intangibles   233       231       210  
    Acquisition-related and other costs(1)         1        
    Non-GAAP gross profit $ 3,657     $ 3,101     $ 2,963  
    Non-GAAP gross margin   54 %     53 %     51 %
               
    GAAP operating expenses $ 2,709     $ 2,605     $ 2,533  
    GAAP operating expenses/revenue %   40 %     45 %     44 %
    Stock-based compensation   346       341       347  
    Amortization of acquisition-related intangibles   352       372       450  
    Acquisition-related and other costs(1)   55       45       39  
    Non-GAAP operating expenses $ 1,956     $ 1,847     $ 1,697  
    Non-GAAP operating expenses/revenue %   29 %     32 %     29 %
               
    GAAP operating income $ 724     $ 269     $ 224  
    GAAP operating margin   11 %     5 %     4 %
    Stock-based compensation   351       346       353  
    Amortization of acquisition-related intangibles   585       603       660  
    Acquisition-related and other costs(1)   55       46       39  
    Non-GAAP operating income $ 1,715     $ 1,264     $ 1,276  
    Non-GAAP operating margin   25 %     22 %     22 %
      Three Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
    GAAP net income / earnings per share $ 771     $ 0.47     $ 265     $ 0.16     $ 299     $ 0.18  
    (Gains) losses on equity investments, net   (1 )                       (4 )      
    Stock-based compensation   351       0.21       346       0.21       353       0.22  
    Equity income in investee   (7 )           (7 )           (3 )      
    Amortization of acquisition-related intangibles   585       0.36       603       0.37       660       0.41  
    Acquisition-related and other costs(1)   56       0.03       46       0.03       39       0.02  
    Income tax provision   (251 )     (0.15 )     (127 )     (0.08 )     (209 )     (0.13 )
    Non-GAAP net income / earnings per share $ 1,504     $ 0.92     $ 1,126     $ 0.69     $ 1,135     $ 0.70  
    (1)   Acquisition-related and other costs primarily comprised of transaction costs, purchase price adjustments for inventory, certain compensation charges, contract termination and workforce rebalancing charges.

    About AMD

    For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.

    Cautionary Statement

    This press release contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD) such as AMD’s expectations for future growth in data center, client and embedded businesses; AMD being on track to deliver record annual revenue growth for 2024 based on significant growth in AMD’s Data Center and Client segments; AMD’s expectations about the demand for more compute; the features, functionality, performance, availability, timing and expected benefits of future AMD products; AMD’s anticipated acquisition of ZT Systems and the expected timing of the transaction; and AMD’s expected fourth quarter 2024 financial outlook, including revenue and non-GAAP gross margin, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “expects,” “believes,” “plans,” “intends,” “projects” and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond AMD’s control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: Intel Corporation’s dominance of the microprocessor market and its aggressive business practices; Nvidia’s dominance in the graphics processing unit market and its aggressive business practices; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; loss of a significant customer; competitive markets in which AMD’s products are sold; economic and market uncertainty; quarterly and seasonal sales patterns; AMD’s ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD’s products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD’s ability to introduce products on a timely basis with expected features and performance levels; AMD’s ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD’s reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD’s reliance on Microsoft and other software vendors’ support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD’s supply chain; AMD’s ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; long-term impact of climate change on AMD’s business; impact of government actions and regulations such as export regulations, tariffs and trade protection measures; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes and the revolving credit agreement; the ability to obtain applicable regulatory approvals for the acquisition of ZT Systems in a timely manner or otherwise and to satisfy other closing conditions to the transaction; impact of acquisitions, joint ventures and/or investments on AMD’s business and AMD’s ability to integrate acquired businesses;  impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain qualified personnel; and AMD’s stock price volatility. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q. 

    (*)   In this earnings press release, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses/revenue%, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted earnings per share. AMD uses a normalized tax rate in its computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2024, AMD uses a projected non-GAAP tax rate of 13%, which excludes the tax impact of pre-tax non-GAAP adjustments, reflecting currently available information. AMD also provided adjusted EBITDA, free cash flow and free cash flow margin as supplemental non-GAAP measures of its performance. These items are defined in the footnotes to the selected corporate data tables provided at the end of this earnings press release. AMD is providing these financial measures because it believes this non-GAAP presentation makes it easier for investors to compare its operating results for current and historical periods and also because AMD believes it assists investors in comparing AMD’s performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance and for the other reasons described in the footnotes to the selected data tables. The non-GAAP financial measures disclosed in this earnings press release should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP and should be read only in conjunction with AMD’s Consolidated Financial Statements prepared in accordance with GAAP. These non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the data tables in this earnings press release. This earnings press release also contains forward-looking non-GAAP gross margin concerning AMD’s financial outlook, which is based on current expectations as of October 29, 2024 and assumptions and beliefs that involve numerous risks and uncertainties. Adjustments to arrive at the GAAP gross margin outlook typically include stock-based compensation, amortization of acquired intangible assets and acquisition-related and other costs. The timing and impact of such adjustments are dependent on future events that are typically uncertain or outside of AMD’s control, therefore, a reconciliation to equivalent GAAP measures is not practicable at this time. AMD undertakes no intent or obligation to publicly update or revise its outlook statements as a result of new information, future events or otherwise, except as may be required by law.
         

    ©2024 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo, 3D V-Cache, Alveo,  EPYC, FidelityFX, Instinct, Kria, Radeon, Ryzen, Threadripper, Ultrascale+, Versal, Zynq, and combinations thereof, are trademarks of Advanced Micro Devices, Inc.

    ADVANCED MICRO DEVICES, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Millions except per share amounts and percentages) (Unaudited)

      Three Months Ended   Nine Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    Net revenue $ 6,819     $ 5,835     $ 5,800     $ 18,127     $ 16,512  
    Cost of sales   3,167       2,740       2,843       8,590       8,236  
    Amortization of acquisition-related intangibles   233       231       210       694       727  
    Total cost of sales   3,400       2,971       3,053       9,284       8,963  
    Gross profit   3,419       2,864       2,747       8,843       7,549  
    Gross margin   50 %     49 %     47 %     49 %     46 %
    Research and development   1,636       1,583       1,507       4,744       4,361  
    Marketing, general and administrative   721       650       576       1,991       1,708  
    Amortization of acquisition-related intangibles   352       372       450       1,116       1,449  
    Licensing gain   (14 )     (10 )     (10 )     (37 )     (28 )
    Operating income   724       269       224       1,029       59  
    Interest expense   (23 )     (25 )     (26 )     (73 )     (79 )
    Other income (expense), net   36       55       59       144       148  
    Income before income taxes and equity income   737       299       257       1,100       128  
    Income tax provision (benefit)   (27 )     41       (39 )     (38 )     (49 )
    Equity income in investee   7       7       3       21       10  
    Net income $ 771     $ 265     $ 299     $ 1,159     $ 187  
    Earnings per share                  
    Basic $ 0.48     $ 0.16     $ 0.18     $ 0.72     $ 0.12  
    Diluted $ 0.47     $ 0.16     $ 0.18     $ 0.71     $ 0.11  
    Shares used in per share calculation                  
    Basic   1,620       1,618       1,616       1,619       1,613  
    Diluted   1,636       1,637       1,629       1,638       1,625  

    ADVANCED MICRO DEVICES, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Millions)

      September 28,
    2024
      December 30,
    2023
      (Unaudited)    
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 3,897     $ 3,933  
    Short-term investments   647       1,840  
    Accounts receivable, net   7,241       5,376  
    Inventories   5,374       4,351  
    Receivables from related parties   29       9  
    Prepaid expenses and other current assets   1,547       1,259  
    Total current assets   18,735       16,768  
    Property and equipment, net   1,669       1,589  
    Operating lease right-of-use assets   647       633  
    Goodwill   24,839       24,262  
    Acquisition-related intangibles, net   19,572       21,363  
    Investment: equity method   137       99  
    Deferred tax assets   1,183       366  
    Other non-current assets   2,854       2,805  
    Total Assets $ 69,636     $ 67,885  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 2,530     $ 2,055  
    Payables to related parties   461       363  
    Accrued liabilities   4,120       3,082  
    Current portion of long-term debt, net         751  
    Other current liabilities   389       438  
    Total current liabilities   7,500       6,689  
    Long-term debt, net of current portion   1,720       1,717  
    Long-term operating lease liabilities   518       535  
    Deferred tax liabilities   1,162       1,202  
    Other long-term liabilities   1,751       1,850  
           
    Stockholders’ equity:      
    Capital stock:      
    Common stock, par value   17       17  
    Additional paid-in capital   60,896       59,676  
    Treasury stock, at cost   (5,812 )     (4,514 )
    Retained earnings   1,882       723  
    Accumulated other comprehensive income (loss)   2       (10 )
    Total stockholders’ equity $ 56,985     $ 55,892  
    Total Liabilities and Stockholders’ Equity $ 69,636     $ 67,885  

    ADVANCED MICRO DEVICES, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Millions) (Unaudited)

      Three Months Ended   Nine Months Ended
      September 28,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    Cash flows from operating activities:              
    Net income $ 771     $ 299     $ 1,159     $ 187  
    Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization   756       823       2,309       2,654  
    Stock-based compensation   351       353       1,068       1,010  
    Amortization of operating lease right-of-use assets   30       25       82       73  
    Deferred income taxes   (607 )     (218 )     (863 )     (800 )
    Inventory loss at contract manufacturer               65        
    Other   (13 )     (23 )     (50 )     (31 )
    Changes in operating assets and liabilities              
    Accounts receivable, net   (1,489 )     (743 )     (1,862 )     (929 )
    Inventories   (386 )     122       (1,096 )     (674 )
    Prepaid expenses and other assets   (16 )     (143 )     (250 )     (380 )
    Receivables from and payables to related parties, net   36       14       78       (136 )
    Accounts payable   832       (547 )     476       (238 )
    Accrued and other liabilities   363       459       626       550  
    Net cash provided by operating activities   628       421       1,742       1,286  
    Cash flows from investing activities:              
    Purchases of property and equipment   (132 )     (124 )     (428 )     (407 )
    Purchases of short-term investments   (142 )     (496 )     (707 )     (3,312 )
    Proceeds from maturity of short-term investments   149       746       1,351       1,917  
    Proceeds from sale of short-term investments   589             591       248  
    Acquisitions, net of cash acquired   (548 )     (14 )     (548 )     (14 )
    Related party equity method investment   (17 )           (17 )      
    Other   (37 )     (10 )     (129 )     (5 )
    Net cash provided by (used in) investing activities   (138 )     102       113       (1,573 )
    Cash flows from financing activities:              
    Repayment of debt               (750 )      
    Proceeds from sales of common stock through employee equity plans   4       4       152       148  
    Repurchases of common stock   (250 )     (511 )     (606 )     (752 )
    Common stock repurchases for tax withholding on employee equity plans   (460 )     (295 )     (686 )     (382 )
    Other         (1 )     (1 )     1  
    Net cash used in financing activities   (706 )     (803 )     (1,891 )     (987 )
    Net decrease in cash and cash equivalents $ (216 )   $ (280 )   $ (36 )   $ (1,274 )
    Cash and cash equivalents at beginning of period   4,113       3,841       3,933       4,835  
    Cash and cash equivalents at end of period $ 3,897     $ 3,561     $ 3,897     $ 3,561  

    ADVANCED MICRO DEVICES, INC.
    SELECTED CORPORATE DATA
    (Millions) (Unaudited)

      Three Months Ended   Nine Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    Segment and Category Information(1)                  
    Data Center                  
    Net revenue $ 3,549     $ 2,834     $ 1,598     $ 8,720     $ 4,214  
    Operating income $ 1,041     $ 743     $ 306     $ 2,325     $ 601  
    Client                  
    Net revenue $ 1,881     $ 1,492     $ 1,453     $ 4,741     $ 3,190  
    Operating income (loss) $ 276     $ 89     $ 140     $ 451     $ (101 )
    Gaming                  
    Net revenue $ 462     $ 648     $ 1,506     $ 2,032     $ 4,844  
    Operating income $ 12     $ 77     $ 208     $ 240     $ 747  
    Embedded                  
    Net revenue $ 927     $ 861     $ 1,243     $ 2,634     $ 4,264  
    Operating income $ 372     $ 345     $ 612     $ 1,059     $ 2,167  
    All Other                  
    Net revenue $     $     $     $     $  
    Operating loss $ (977 )   $ (985 )   $ (1,042 )   $ (3,046 )   $ (3,355 )
    Total                  
    Net revenue $ 6,819     $ 5,835     $ 5,800     $ 18,127     $ 16,512  
    Operating income $ 724     $ 269     $ 224     $ 1,029     $ 59  
                       
    Other Data                  
    Capital expenditures $ 132     $ 154     $ 124     $ 428     $ 407  
    Adjusted EBITDA(2) $ 1,887     $ 1,430     $ 1,439     $ 4,612     $ 3,920  
    Cash, cash equivalents and short-term investments $ 4,544     $ 5,340     $ 5,785     $ 4,544     $ 5,785  
    Free cash flow(3) $ 496     $ 439     $ 297     $ 1,314     $ 879  
    Total assets $ 69,636     $ 67,886     $ 67,626     $ 69,636     $ 67,626  
    Total debt $ 1,720     $ 1,719     $ 2,467     $ 1,720     $ 2,467  
    (1)   The Data Center segment primarily includes server microprocessors (CPUs), graphics processing units (GPUs), accelerated processing units (APUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), Smart Network Interface Cards (SmartNICs), Artificial Intelligence (AI) accelerators and Adaptive System-on-Chip (SoC) products for data centers.
        The Client segment primarily includes CPUs, APUs, and chipsets for desktop, notebook and handheld personal computers.
        The Gaming segment primarily includes discrete GPUs, and semi-custom SoC products and development services.
        The Embedded segment primarily includes embedded CPUs, GPUs, APUs, FPGAs, System on Modules (SOMs), and Adaptive SoC products.
        From time to time, the Company may also sell or license portions of its IP portfolio.
        All Other category primarily includes certain expenses and credits that are not allocated to any of the operating segments, such as amortization of acquisition-related intangible asset, employee stock-based compensation expense, acquisition-related and other costs, inventory loss at contract manufacturer, and licensing gain.
    (2)   Reconciliation of GAAP Net Income to Adjusted EBITDA
      Three Months Ended   Nine Months Ended
    (Millions) (Unaudited) September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    GAAP net income $ 771     $ 265     $ 299     $ 1,159     $ 187  
    Interest expense   23       25       26       73       79  
    Other (income) expense, net   (36 )     (55 )     (59 )     (144 )     (148 )
    Income tax provision (benefit)   (27 )     41       (39 )     (38 )     (49 )
    Equity income in investee   (7 )     (7 )     (3 )     (21 )     (10 )
    Stock-based compensation   351       346       353       1,068       1,006  
    Depreciation and amortization   171       166       163       499       478  
    Amortization of acquisition-related intangibles   585       603       660       1,810       2,176  
    Inventory loss at contract manufacturer                     65        
    Acquisition-related and other costs   56       46       39       141       201  
    Adjusted EBITDA $ 1,887     $ 1,430     $ 1,439     $ 4,612     $ 3,920  
     

    The Company presents “Adjusted EBITDA” as a supplemental measure of its performance. Adjusted EBITDA for the Company is determined by adjusting GAAP net income for interest expense, other (income) expense, net, income tax provision (benefit), equity income in investee, stock-based compensation, depreciation and amortization expense, amortization of acquisition-related intangibles, inventory loss at contract manufacturer, and acquisition-related and other costs. The Company calculates and presents Adjusted EBITDA because management believes it is of importance to investors and lenders in relation to its overall capital structure and its ability to borrow additional funds. In addition, the Company presents Adjusted EBITDA because it believes this measure assists investors in comparing its performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. The Company’s calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the GAAP operating measure of income or GAAP liquidity measures of cash flows from operating, investing and financing activities. In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities that can affect cash flows.

    (3)   Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow
      Three Months Ended   Nine Months Ended
    (Millions except percentages) (Unaudited) September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    GAAP net cash provided by operating activities $ 628     $ 593     $ 421     $ 1,742     $ 1,286  
    Operating cash flow margin %   9 %     10 %     7 %     10 %     8 %
    Purchases of property and equipment   (132 )     (154 )     (124 )     (428 )     (407 )
    Free cash flow $ 496     $ 439     $ 297     $ 1,314     $ 879  
    Free cash flow margin %   7 %     8 %     5 %     7 %     5 %
     

    The Company also presents free cash flow as a supplemental Non-GAAP measure of its performance. Free cash flow is determined by adjusting GAAP net cash provided by operating activities for capital expenditures, and free cash flow margin % is free cash flow expressed as a percentage of the Company’s net revenue. The Company calculates and communicates free cash flow in the financial earnings press release because management believes it is of importance to investors to understand the nature of these cash flows. The Company’s calculation of free cash flow may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view free cash flow as an alternative to GAAP liquidity measures of cash flows from operating activities.

    The MIL Network

  • MIL-OSI: Greenlight Capital Re, Ltd. Schedules Third Quarter 2024 Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, Oct. 29, 2024 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (the “Company” or “Greenlight Re”), a multiline property and casualty insurer and reinsurer, today announced that it expects to release financial results for the quarter ended September 30, 2024, after the market closes on Monday, November 4, 2024.  A live conference call to discuss the financial results will be held on Tuesday, November 5, 2024, at 9:00 a.m. Eastern Time.

    Conference Call Details

    To participate in the Greenlight Re Third Quarter 2024 Earnings Call, please dial in to the conference call at:

    U.S. toll free        1-877-407-9753
    International        1-201-493-6739

    The conference call can also be accessed via webcast at:

    https://event.webcasts.com/starthere.jsp?ei=1692074&tp_key=a944f284f8

    A telephone replay will be available following the call through November 11, 2024.  The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13749374. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

    About Greenlight Capital Re, Ltd.
    Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

    Investor Relations Contact
    Karin Daly
    Vice President, The Equity Group Inc.
    (212) 836-9623
    IR@greenlightre.ky

    The MIL Network