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  • MIL-OSI Europe: Written question – EU Emergency Trust Fund for Africa, a EUR 5 billion sinkhole – E-002169/2024

    Source: European Parliament

    18.10.2024

    Question for written answer  E-002169/2024
    to the Commission
    Rule 144
    Fabrice Leggeri (PfE), Thierry Mariani (PfE), Julie Rechagneux (PfE), Philippe Olivier (PfE), Valérie Deloge (PfE), Malika Sorel (PfE), Julien Sanchez (PfE), Julien Leonardelli (PfE), Marie-Luce Brasier-Clain (PfE), Marie Dauchy (PfE), Anne-Sophie Frigout (PfE), Gilles Pennelle (PfE)

    The European Court of Auditors is sounding the alarm over the EU Emergency Trust Fund for Africa[1], a mechanism intended to tackle the causes of illegal migration and facilitate the return of migrants. Partly financed from our taxes, the Fund is turning out to be a EUR 5 billion sinkhole.

    The Commission has clearly not taken into account the recommendations already made by the Court in 2018.

    The Fund is apparently even being used by people to facilitate their illegal migration using traffickers, or even being misappropriated by the traffickers themselves, who are the very people the programme was intended to tackle.

    Out of a sample of 115 investments examined, 33 were no longer operational and a further 66 risked becoming unsustainable.

    There are almost no controls. These are just a few examples:

    In sub-Saharan Africa, blenders are distributed to cookery schools with no electricity.

    In Gambia, one beneficiary receives the same aid twice for poultry projects that do not even exist.

    Can the Commission:

    • 1.Explain why it continued to pay into the Fund without taking into account the recommendations made by the Court of Auditors in 2018?
    • 2.Say whether France has contributed to the Fund, and if so, how much?
    • 3.Guarantee that the Fund has not financed migrant traffickers?

    Submitted: 18.10.2024

    • [1] https://www.eca.europa.eu/ECAPublications/SR-2024-17/SR-2024-17_EN.pdf

    MIL OSI Europe News –

  • MIL-OSI Europe: Minutes – Wednesday, 23 October 2024 – Strasbourg – Final edition

    Source: European Parliament

    PV-10-2024-10-23

    EN

    EN

    iPlPv_Sit

    Minutes
    Wednesday, 23 October 2024 – Strasbourg

    IN THE CHAIR: Sabine VERHEYEN
    Vice-President

    1. Opening of the sitting

    The sitting opened at 09:00.


    2. Managing migration in an effective and holistic way through fostering returns (debate)

    Commission statement: Managing migration in an effective and holistic way through fostering returns (2024/2882(RSP))

    Helena Dalli (Member of the Commission) made the statement.

    The following spoke: Tomas Tobé, on behalf of the PPE Group, Iratxe García Pérez, on behalf of the S&D Group, Kinga Gál, on behalf of the PfE Group, Nicola Procaccini, on behalf of the ECR Group, Valérie Hayer, on behalf of the Renew Group, Tineke Strik, on behalf of the Verts/ALE Group, Estrella Galán, on behalf of The Left Group, Sarah Knafo, on behalf of the ESN Group, Jeroen Lenaers, Ana Catarina Mendes, who also answered a blue-card question from João Oliveira, Marieke Ehlers, Jadwiga Wiśniewska, Malik Azmani, Diana Riba i Giner, Ilaria Salis, who also declined to take blue-card questions from Susanna Ceccardi and Anna Maria Cisint, Mary Khan, Erik Kaliňák, Lena Düpont, who also answered a blue-card question from András László, Cecilia Strada, Jean-Paul Garraud, Assita Kanko, Fabienne Keller, who also declined to take a blue-card question from Fabrice Leggeri, Erik Marquardt, Konstantinos Arvanitis, Monika Beňová, Dolors Montserrat, Matjaž Nemec, Paolo Borchia, who also answered a blue-card question from Maria Grapini, Charlie Weimers, Abir Al-Sahlani, who also answered a blue-card question from Rihards Kols, Ignazio Roberto Marino, Siegfried Mureşan, Jorge Buxadé Villalba, Elena Yoncheva, Elissavet Vozemberg-Vrionidi, Tom Vandendriessche, Rasa Juknevičienė, Harald Vilimsky, François-Xavier Bellamy, who also answered a blue-card question from Malika Sorel, Paulo Cunha, Bartłomiej Sienkiewicz and Loránt Vincze.

    The following spoke under the catch-the-eye procedure: Paulius Saudargas, Juan Fernando López Aguilar, Susanna Ceccardi, Sebastian Tynkkynen, Hilde Vautmans and João Oliveira.

    IN THE CHAIR: Sophie WILMÈS
    Vice-President

    The following spoke under the catch-the-eye procedure: Lukas Sieper, Matej Tonin and Vytenis Povilas Andriukaitis.

    The following spoke: Helena Dalli.

    The debate closed.


    3. Tackling the steel crisis: boosting competitive and sustainable European steel and maintaining quality jobs (debate)

    Commission statement: Tackling the steel crisis: boosting competitive and sustainable European steel and maintaining quality jobs (2024/2883(RSP))

    Helena Dalli (Member of the Commission) made the statement.

    The following spoke: Christian Ehler, on behalf of the PPE Group, Dan Nica, on behalf of the S&D Group, Paolo Borchia, on behalf of the PfE Group, Daniel Obajtek, on behalf of the ECR Group, Christophe Grudler, on behalf of the Renew Group, Terry Reintke, on behalf of the Verts/ALE Group, Martin Schirdewan, on behalf of The Left Group, René Aust, on behalf of the ESN Group, Juan Ignacio Zoido Álvarez, Estelle Ceulemans, Ondřej Knotek, Elena Donazzan, Brigitte van den Berg, Sara Matthieu, Rudi Kennes, Marcin Sypniewski, Adam Jarubas, Jens Geier, Anna Bryłka, Anna Zalewska, Marie-Pierre Vedrenne, Dennis Radtke, Raphaël Glucksmann, Tom Berendsen, Giorgio Gori, Letizia Moratti, Elena Sancho Murillo, Radan Kanev, Eero Heinäluoma, Johan Danielsson and Idoia Mendia, who also answered a blue-card question from Bogdan Rzońca.

    The following spoke under the catch-the-eye procedure: Susana Solís Pérez, Jadwiga Wiśniewska, Michał Kobosko, Branislav Ondruš, Massimiliano Salini, Michele Picaro, Kateřina Konečná, Manuela Ripa, Sebastian Tynkkynen, Seán Kelly, Ondřej Krutílek, Diego Solier and Mirosława Nykiel.

    The following spoke: Helena Dalli.

    The debate closed.

    (The sitting was suspended at 11:57.)


    IN THE CHAIR: Roberta METSOLA
    President

    4. Resumption of the sitting

    The sitting resumed at 12:03.


    5. Statement by the President

    The President made a statement to mark the 68th anniversary of the Hungarian Uprising of 1956. She paid tribute to the victims and to those who had suffered under Soviet oppression.

    ⁂

    The following spoke: Ondřej Knotek and Peter Liese (the President made some clarifications).


    6. Voting time

    For detailed results, see also ‘Results of votes’ and ‘Results of roll-call votes’.


    6.1. Deforestation Regulation: provisions relating to the date of application ***I (vote)

    Proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2023/1115 as regards provisions relating to the date of application [COM(2024)0452 – C10-0119/2024 – 2024/0249(COD)] – ENVI Committee

    REQUEST FOR AN URGENT DECISION from the ENVI Committee (Rule 170(6))

    Parliament approved the request for urgent procedure.

    The following tabling deadlines had been set:
    – amendments: Wednesday 6 November 2024 at 13:00
    – requests for separate votes and split votes: Thursday 12 November 2024 at 16:00.

    Vote: at a later part-session.


    6.2. Draft general budget of the European Union for the financial year 2025 – all sections (vote)

    (Majority of Parliament’s component Members required)

    DRAFT AMENDMENTS

    (The draft amendments adopted would appear as an annex to the Texts Adopted)

    The following had spoken:

    After the vote, Péter Benő Banai (President-in-Office of the Council) had noted the differences between the positions of Parliament and of the Council and had agreed to the President’s convening of the Conciliation Committee in accordance with Article 314(4)(c) of the Treaty on the Functioning of the European Union.

    (‘Results of votes’, item 1)


    6.3. General budget of the European Union for the financial year 2025 – all sections (vote)

    Report on the Council position on the draft general budget of the European Union for the financial year 2025 [12084/2024 – C10-0099/2024 – 2024/0176(BUD)] – Committee on Budgets. Rapporteurs: Victor Negrescu and Niclas Herbst (A10-0008/2024)

    (Majority of the votes cast)

    MOTION FOR A RESOLUTION

    Rejected

    The following had spoken:

    Before the vote, Victor Negrescu (rapporteur) on the basis of Rule 189(4).

    Leila Chaibi, to move an oral amendment to paragraph 68. Parliament had not agreed to put the oral amendment to the vote as more than 39 Members had opposed it.

    (‘Results of votes’, item 2)


    6.4. Guidelines for the employment policies of the Member States * (vote)

    Report on the proposal for a Council decision on guidelines for the employment policies of the Member States [COM(2024)0599 – C10-0084/2024 – 2024/0599(NLE)] – Committee on Employment and Social Affairs. Rapporteur: Li Andersson (A10-0004/2024)

    (Majority of the votes cast)

    COMMISSION PROPOSAL

    Approved as amended (P10_TA(2024)0027)

    (‘Results of votes’, item 3)


    6.5. Urgent need to revise the Medical Devices Regulation (vote)

    Motions for resolutions RC-B9-0123/2024/REV1, B10-0121/2024, B10-0122/2024, B10-0123/2024, B10-0124/2024, B10-0125/2024, B10-0126/2024, B10-0127/2024 and B10-0128/2024 (minutes of 23.10.2023, item I) (2024/2849(RSP))

    The debate had taken place on 9 October 2024 (minutes of 9.10.2024, item 15).

    (Majority of the votes cast)

    JOINT MOTION FOR A RESOLUTION

    Adopted (P10_TA(2024)0028)

    (Motions for resolutions B10-0121/2024, B10-0122/2024 and B10-0127/2024 fell.)

    (‘Results of votes’, item 4)

    (The sitting was suspended at 12:53.)


    IN THE CHAIR: Roberts ZĪLE
    Vice-President

    7. Resumption of the sitting

    The sitting resumed at 12:56.


    8. Approval of the minutes of the previous sitting

    The minutes of the previous sitting were approved.


    9. Continued war crimes committed by the Russian Federation, notably killing Ukrainian prisoners of war (debate)

    Commission statement: Continued war crimes committed by the Russian Federation, notably killing Ukrainian prisoners of war (2024/2897(RSP))

    Didier Reynders (Member of the Commission) made the statement.

    The following spoke: Sandra Kalniete, on behalf of the PPE Group, Chloé Ridel, on behalf of the S&D Group, Tomasz Buczek, on behalf of the PfE Group, Adam Bielan, on behalf of the ECR Group, Petras Auštrevičius, on behalf of the Renew Group, and Sergey Lagodinsky, on behalf of the Verts/ALE Group.

    The following spoke: Didier Reynders.

    The following spoke: Lukas Sieper on the allocation of speaking time in the debate (the President made some clarifications).

    The debate closed.


    10. U-turn on EU bureaucracy: the need to axe unnecessary burdens and reporting to unleash competitiveness and innovation (topical debate)

    The following spoke: Jörgen Warborn to open the debate proposed by the PPE Group.

    The following spoke: Helena Dalli (Member of the Commission).

    The following spoke: Markus Ferber, on behalf of the PPE Group, René Repasi, on behalf of the S&D Group, Klara Dostalova, on behalf of the PfE Group, Antonella Sberna, on behalf of the ECR Group, Stéphanie Yon-Courtin, on behalf of the Renew Group, Jutta Paulus, on behalf of the Verts/ALE Group, Jussi Saramo, on behalf of The Left Group, Milan Uhrík, on behalf of the ESN Group, Tom Berendsen, Lara Wolters, Vilis Krištopans, Kosma Złotowski, Svenja Hahn, Kim Van Sparrentak, Stanislav Stoyanov, Branislav Ondruš, Christine Schneider, Lina Gálvez, Ondřej Knotek, Stephen Nikola Bartulica, João Cotrim De Figueiredo, Marie Toussaint, Anja Arndt and Katarína Roth Neveďalová.

    IN THE CHAIR: Younous OMARJEE
    Vice-President

    The following spoke: Lídia Pereira, Nikos Papandreou, Raffaele Stancanelli, Stefano Cavedagna, Katri Kulmuni, Mirosława Nykiel, Tiemo Wölken, Julie Rechagneux, Ľudovít Ódor, Aura Salla, Jorge Martín Frías, Angelika Niebler, Susanna Ceccardi, Isabella Tovaglieri and Barbara Bonte.

    The following spoke: Helena Dalli.

    The debate closed.


    11. Presentation of the Court of Auditors’ annual report 2023 (debate)

    Presentation of the Court of Auditors’ annual report 2023 (2024/2784(RSP))

    Tony Murphy (President of the Court of Auditors) made the presentation.

    The following spoke: Helena Dalli (Member of the Commission).

    The following spoke: Tomáš Zdechovský, on behalf of the PPE Group, José Cepeda, on behalf of the S&D Group, Csaba Dömötör, on behalf of the PfE Group, Dick Erixon, on behalf of the ECR Group, Olivier Chastel, on behalf of the Renew Group, Daniel Freund, on behalf of the Verts/ALE Group, Jonas Sjöstedt, on behalf of The Left Group, Niclas Herbst, Giuseppe Lupo, Virginie Joron, Marco Squarta, Joachim Streit, Giuseppe Antoci, Monika Hohlmeier, Eero Heinäluoma, Julien Sanchez, Bogdan Rzońca, Ciaran Mullooly, Jacek Protas, Fernand Kartheiser, Caterina Chinnici and Dirk Gotink.

    The following spoke under the catch-the-eye procedure: Sebastian Tynkkynen and Grzegorz Braun.

    The following spoke: Helena Dalli and Tony Murphy.

    The debate closed.


    12. Findings of the Committee on the Elimination of Discrimination against Women on Poland’s abortion law (debate)

    Commission statement: Findings of the Committee on the Elimination of Discrimination against Women on Poland’s abortion law (2024/2867(RSP))

    Helena Dalli (Member of the Commission) made the statement.

    The following spoke: Ewa Kopacz, on behalf of the PPE Group, Joanna Scheuring-Wielgus, on behalf of the S&D Group, Anna Bryłka, non-attached Member, Marlena Maląg, on behalf of the ECR Group, Abir Al-Sahlani, on behalf of the Renew Group, Alice Kuhnke, on behalf of the Verts/ALE Group, Manon Aubry, on behalf of The Left Group, Ewa Zajączkowska-Hernik, on behalf of the ESN Group (the President reminded the House of the rules on conduct), Arba Kokalari, Ana Catarina Mendes, Margarita de la Pisa Carrión, who also answered blue-card questions from Bruno Gonçalves, Raquel García Hermida-Van Der Walle and Irene Montero, Małgorzata Gosiewska, who also declined to take a blue-card question from Abir Al-Sahlani, Michał Kobosko, Mélissa Camara, Irene Montero, who also answered a blue-card question from Alvise Pérez, and Tomasz Froelich.

    IN THE CHAIR: Christel SCHALDEMOSE
    Vice-President

    The following spoke: Grzegorz Braun, Elżbieta Katarzyna Łukacijewska, Heléne Fritzon, Laurence Trochu, who also answered a blue-card question from Manon Aubry, Raquel García Hermida-Van Der Walle, who also answered a blue-card question from Margarita de la Pisa Carrión, Benedetta Scuderi, Hanna Gedin, Maria Walsh, Krzysztof Śmiszek, Paolo Inselvini, who also answered a blue-card question from Hilde Vautmans, Lucia Yar, who also answered a blue-card question from Robert Biedroń, Mirosława Nykiel, Lina Gálvez, Birgit Sippel, Elisabeth Grossmann, Evin Incir, who also answered a blue-card question from Margarita de la Pisa Carrión, and Alessandra Moretti.

    The following spoke under the catch-the-eye procedure: Łukasz Kohut, Juan Fernando López Aguilar, Emma Fourreau, Lukas Sieper, Magdalena Adamowicz, Bruno Gonçalves and João Oliveira.

    The following spoke: Helena Dalli.

    The debate closed.


    13. Seven years from the assassination of Daphne Caruana Galizia: lack of progress in restoring the rule of law in Malta (debate)

    Commission statement: Seven years from the assassination of Daphne Caruana Galizia: lack of progress in restoring the rule of law in Malta (2024/2868(RSP))

    Didier Reynders (Member of the Commission) made the statement.

    The following spoke: David Casa, on behalf of the PPE Group, Alex Agius Saliba, on behalf of the S&D Group, Fabrice Leggeri, on behalf of the PfE Group, Alessandro Ciriani, on behalf of the ECR Group, Moritz Körner, on behalf of the Renew Group, Daniel Freund, on behalf of the Verts/ALE Group, Konstantinos Arvanitis, on behalf of The Left Group, Ana Miguel Pedro, Juan Fernando López Aguilar, Sophie Wilmès, Gaetano Pedulla’, Judita Laššáková, Peter Agius, Daniel Attard, Veronika Cifrová Ostrihoňová, Isabel Wiseler-Lima, who also answered a blue-card question from Alex Agius Saliba, Evin Incir, Sunčana Glavak and Thomas Bajada.

    The following spoke under the catch-the-eye procedure: Sandro Ruotolo, Katarína Roth Neveďalová and Lukas Sieper.

    The following spoke: Didier Reynders.

    IN THE CHAIR: Martin HOJSÍK
    Vice-President

    The debate closed.


    14. The important role of cities and regions in the EU – for a green, social and prosperous local development (debate)

    Commission statement: The important role of cities and regions in the EU – for a green, social and prosperous local development (2024/2869(RSP))

    Didier Reynders (Member of the Commission) made the statement.

    The following spoke: Andrey Novakov, on behalf of the PPE Group, Mohammed Chahim, on behalf of the S&D Group, Rody Tolassy, on behalf of the PfE Group, Denis Nesci, on behalf of the ECR Group, Ľubica Karvašová, on behalf of the Renew Group, Gordan Bosanac, on behalf of the Verts/ALE Group, Valentina Palmisano, on behalf of The Left Group, Arno Bausemer, on behalf of the ESN Group, Elena Nevado del Campo, Jean-Marc Germain, Jorge Buxadé Villalba, Şerban-Dimitrie Sturdza, Ciaran Mullooly, Vladimir Prebilič, Younous Omarjee, who also answered a blue-card question from Ana Miranda Paz, Nora Junco García, Krzysztof Hetman, Marcos Ros Sempere, Anne-Sophie Frigout, Waldemar Buda, Raquel García Hermida-Van Der Walle, Ana Miranda Paz, Elena Kountoura, Isabelle Le Callennec, Nora Mebarek, Raffaele Stancanelli, Ruggero Razza, Oihane Agirregoitia Martínez, Mārtiņš Staķis, Gabriella Gerzsenyi, Carla Tavares, Mireia Borrás Pabón, Barry Cowen, Fredis Beleris, René Repasi, Nikolina Brnjac, Javi López, Marco Falcone, Camilla Laureti, Antonio Decaro, Rosa Serrano Sierra, Dario Nardella, Sabrina Repp, Raffaele Topo, Marko Vešligaj, Aodhán Ó Ríordáin, Stefano Bonaccini, Sakis Arnaoutoglou, Sofie Eriksson and Alex Agius Saliba.

    The following spoke under the catch-the-eye procedure: Nina Carberry, Maria Grapini, Sebastian Tynkkynen, Niels Geuking, Juan Fernando López Aguilar and Maravillas Abadía Jover.

    The following spoke: Didier Reynders.

    The debate closed.


    15. Foreign interference and hybrid attacks: the need to strengthen EU resilience and internal security (debate)

    Commission statement: Foreign interference and hybrid attacks: the need to strengthen EU resilience and internal security (2024/2884(RSP))

    Didier Reynders (Member of the Commission) made the statement.

    The following spoke: Lena Düpont, on behalf of the PPE Group, Hannes Heide, on behalf of the S&D Group, András László, on behalf of the PfE Group, Beata Szydło, on behalf of the ECR Group, Helmut Brandstätter, on behalf of the Renew Group, Alexandra Geese, on behalf of the Verts/ALE Group, Petar Volgin, on behalf of the ESN Group, and Mirosława Nykiel.

    IN THE CHAIR: Antonella SBERNA
    Vice-President

    The following spoke: Tobias Cremer, who also answered a blue-card question from Reinier Van Lanschot, Aleksandar Nikolic, Rihards Kols, Reinier Van Lanschot, Kateřina Konečná, Ana Miguel Pedro, Brando Benifei, Nikola Bartůšek, Geadis Geadi, Javier Zarzalejos, Mathilde Androuët, Ivaylo Valchev, Pekka Toveri, Aurelijus Veryga, Salvatore De Meo and Patryk Jaki.

    The following spoke under the catch-the-eye procedure: Michał Szczerba, Juan Fernando López Aguilar, Majdouline Sbai, András Tivadar Kulja, Vytenis Povilas Andriukaitis and Magdalena Adamowicz.

    The following spoke: Didier Reynders.

    The debate closed.


    16. Proposals for Union acts

    The President announced that the President of Parliament had declared the following proposals for Union acts to be admissible under Rule 47(2):

    – Proposal for a Union act tabled by Jorge Buxadé Villalba, Juan Carlos Girauta Vidal, Mireia Borrás Pabón, Jorge Martín Frías, Margarita de la Pisa Carrión, Hermann Tertsch, on classifying the activity of military personnel, police officers, prison officers and private security guards as dangerous professions in the Union (B10-0018/2024)

    committee responsible: EMPL

    – Proposal for a Union act tabled by Jorge Buxadé Villalba, Hermann Tertsch, Juan Carlos Girauta Vidal, Mireia Borrás Pabón, Margarita de la Pisa Carrión, Jorge Martín Frías, on the need to protect families, businesses and self-employed persons from the rise in fuel prices in Europe (B10-0077/2024)

    committee responsible: ECON
    committee asked for opinion: ITRE

    – Proposal for a Union act tabled by Jorge Buxadé Villalba, Hermann Tertsch, Juan Carlos Girauta Vidal, Mireia Borrás Pabón, Margarita de la Pisa Carrión, Jorge Martín Frías, on the need for cheaper access to housing (B10-0078/2024)

    committee responsible: ECON
    committee asked for opinion: EMPL


    17. EU actions against the Russian shadow fleets and ensuring a full enforcement of sanctions against Russia (debate)

    Commission statement: EU actions against the Russian shadow fleets and ensuring a full enforcement of sanctions against Russia (2024/2885(RSP))

    Didier Reynders (Member of the Commission) made the statement.

    The following spoke: Sandra Kalniete, on behalf of the PPE Group, Thijs Reuten, on behalf of the S&D Group, András László, on behalf of the PfE Group, Reinis Pozņaks, on behalf of the ECR Group, Gerben-Jan Gerbrandy, on behalf of the Renew Group, Isabella Lövin, on behalf of the Verts/ALE Group, Jonas Sjöstedt, on behalf of The Left Group, Zsuzsanna Borvendég, on behalf of the ESN Group, Francisco José Millán Mon, Heléne Fritzon, Veronika Vrecionová, Karin Karlsbro, Ville Niinistö, Li Andersson, Pekka Toveri, Sérgio Gonçalves, Arkadiusz Mularczyk, Ivars Ijabs, Per Clausen, Mika Aaltola, Emma Wiesner, Ondřej Kolář, Lukas Mandl and Tom Berendsen.

    The following spoke under the catch-the-eye procedure: Vytenis Povilas Andriukaitis.

    The following spoke: Didier Reynders.

    Motions for resolutions to be tabled under Rule 136(2) would be announced at a later stage.

    The debate closed.

    Vote: next part-session.


    18. Need to strengthen rail travel and the railway sector in Europe (debate)

    Commission statement: Need to strengthen rail travel and the railway sector in Europe (2024/2896(RSP))

    Didier Reynders (Member of the Commission) made the statement.

    IN THE CHAIR: Javi LÓPEZ
    Vice-President

    The following spoke: Dariusz Joński, on behalf of the PPE Group, François Kalfon, on behalf of the S&D Group, Margarita de la Pisa Carrión, on behalf of the PfE Group, Marlena Maląg, on behalf of the ECR Group, Cynthia Ní Mhurchú, on behalf of the Renew Group, Kai Tegethoff, on behalf of the Verts/ALE Group, Elena Kountoura, on behalf of The Left Group, Arno Bausemer, on behalf of the ESN Group, Sophia Kircher, Vivien Costanzo, Jana Nagyová, Adrian-George Axinia, Ana Vasconcelos, who also answered a blue-card question from João Oliveira, Tilly Metz, Arash Saeidi, Luis-Vicențiu Lazarus, Nikolina Brnjac, Ondřej Krutílek, Pär Holmgren, Sebastian Everding, Kostas Papadakis and Krzysztof Hetman.

    The following spoke under the catch-the-eye procedure: Marta Wcisło, Vytenis Povilas Andriukaitis, Ana Miranda Paz, João Oliveira, Elżbieta Katarzyna Łukacijewska, Per Clausen, Carmen Crespo Díaz and Magdalena Adamowicz.

    The following spoke: Didier Reynders.

    The debate closed.


    19. Explanations of vote

    Written explanations of vote

    Explanations of vote submitted in writing under Rule 201 appear on the Members’ pages on Parliament’s website.


    20. Agenda of the next sitting

    The next sitting would be held the following day, 24 October 2024, starting at 09:00. The agenda was available on Parliament’s website.


    21. Approval of the minutes of the sitting

    In accordance with Rule 208(3), the minutes of the sitting would be put to the House for approval at the beginning of the afternoon of the next sitting.


    22. Closure of the sitting

    The sitting closed at 21:57.


    LIST OF DOCUMENTS SERVING AS A BASIS FOR THE DEBATES AND DECISIONS OF PARLIAMENT


    I. Motions for resolutions tabled

    Urgent need to revise the Medical Devices Regulation

    Motions for resolutions tabled under Rule 136(2) to wind up the debate:

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0121/2024)
    Catarina Martins
    on behalf of The Left Group

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0122/2024)
    Christine Anderson
    on behalf of the ESN Group

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0123/2024)
    Tiemo Wölken
    on behalf of the S&D Group

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0124/2024)
    Andreas Glück
    on behalf of the Renew Group

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0125/2024)
    Peter Liese
    on behalf of the PPE Group

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0126/2024)
    Ignazio Roberto Marino
    on behalf of the Verts/ALE Group

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0127/2024)
    Ondřej Knotek, Viktória Ferenc
    on behalf of the PfE Group

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (B10-0128/2024)
    Ruggero Razza, Pietro Fiocchi, Michele Picaro, Laurence Trochu, Aurelijus Veryga
    on behalf of the ECR Group

    Joint motion for a resolution tabled under Rule 136(2) and (4):

    on the urgent need to revise the Medical Devices Regulation (2024/2849(RSP)) (RC-B10-0123/2024/REV1) (replacing motions for resolutions B10-0123/2024, B10-0124/2024, B10-0125/2024, B10-0126/2024 and B10-0128/2024):

    Peter Liese
    on behalf of the PPE Group
    Tiemo Wölken
    on behalf of the S&D Group
    Ondřej Knotek
    on behalf of the PfE Group
    Ruggero Razza
    on behalf of the ECR Group
    Andreas Glück
    on behalf of the Renew Group
    Ignazio Roberto Marino
    on behalf of the Verts/ALE Group


    II. Delegated acts (Rule 114(2))

    Draft delegated acts forwarded to Parliament

    – Commission Delegated Regulation supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards on information to be exchanged between competent authorities (C(2024)06766 – 2024/2875(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 10 October 2024

    referred to committee responsible: ECON

    – Commission Delegated Regulation amending Delegated Regulation (EU) 2020/688 as regards certain animal health requirements for movements within the Union of terrestrial animals (C(2024)06985 – 2024/2870(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 9 October 2024

    referred to committee responsible: AGRI

    – Commission Delegated Regulation amending Regulation (EU) No 649/2012 of the European Parliament and of the Council as regards the listing of pesticides and industrial chemicals (C(2024)07071 – 2024/2880(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 15 October 2024

    referred to committee responsible: ENVI

    – Commission Delegated Regulation amending Regulation (EU) 2019/1241 as regards short-necked clam and red seabream (C(2024)07102 – 2024/2876(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 11 October 2024

    referred to committee responsible: PECH

    – Commission Delegated Regulation amending Regulation (EC) No 1013/2006 as regards changes on shipments of electrical and electronic waste agreed under the Basel Convention (C(2024)07198 – 2024/2900(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 18 October 2024

    referred to committee responsible: ENVI

    – Commission Delegated Regulation amending Regulation (EU) 2024/1157 as regards changes on shipments of electrical and electronic waste agreed under the Basel Convention (C(2024)07199 – 2024/2899(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 18 October 2024

    referred to committee responsible: ENVI

    – Commission Delegated Regulation amending Regulation (EU) 2015/757 of the European Parliament and of the Council as regards the rules for the monitoring of greenhouse gas emissions from offshore ships and the zero-rating of sustainable fuels (C(2024)07210 – 2024/2894(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 16 October 2024

    referred to committee responsible: ENVI


    III. Implementing measures (Rule 115)

    Draft implementing measures falling under the regulatory procedure with scrutiny forwarded to Parliament

    – Commission Regulation amending Annex II to Regulation (EC) No 396/2005 of the European Parliament and of the Council as regards maximum residue levels for fenbuconazole and penconazole in or on certain products (D096823/04 – 2024/2898(RPS) – deadline: 18 December 2024)
    referred to committee responsible: ENVI

    – Commission Regulation amending Annex I to Regulation (EC) No 1334/2008 of the European Parliament and of the Council as regards the removal of the flavouring substance 4-Methyl-2-phenylpent-2-enal (FL No 05.100) from the Union list (D099950/02 – 2024/2873(RPS) – deadline: 11 January 2025)
    referred to committee responsible: ENVI

    – Commission Regulation amending Annex I to Regulation (EC) No 1334/2008 of the European Parliament and of the Council as regards the inclusion of (E)‐3‐benzo[1,3]dioxol‐5‐yl‐N,N‐diphenyl‐2‐propenamide in the Union list of flavourings (D099953/02 – 2024/2874(RPS) – deadline: 11 December 2024)
    referred to committee responsible: ENVI

    – Commission Regulation amending Regulations (EC) No 2150/2002 and (EC) No 1552/2005 of the European Parliament and of the Council, as well as Commission Regulations (EC) No 1726/1999, (EC) No 1916/2000, (EC) No 198/2006, (EC) No 1062/2008 and (EU) No 349/2011, as regards references to the statistical classification of economic activities NACE Revision 2 established by Regulation (EC) No 1893/2006 of the European Parliament and of the Council (D100325/01 – 2024/2901(RPS) – deadline: 21 January 2025)
    referred to committees responsible: EMPL, ENVI


    IV. Documents received

    The following documents had been received:

    – Proposal for transfer of appropriations DEC 12/2024 – Section III – Commission (N10-0019/2024 – C10-0122/2024 – 2024/2059(GBD))
    referred to committee responsible: BUDG

    – Proposal for transfer of appropriations DEC 13/2024 – Section III – Commission (N10-0021/2024 – C10-0135/2024 – 2024/2060(GBD))
    referred to committee responsible: BUDG


    V. Transfers of appropriations and budgetary decisions

    In accordance with Article 29 of the Financial Regulation, the Committee on Budgets had decided to approve transfer of appropriations INF 5/2024 – Section VI – European Economic and Social Committee.

    In accordance with Article 29 of the Financial Regulation, the Committee on Budgets had decided to approve transfer of appropriations INF 3/2024 – Section VII – Committee of the Regions.

    In accordance with Article 29 of the Financial Regulation, the Committee on Budgets had decided to approve transfer of appropriations No 1/2024 – Section VIII – European Ombudsman.

    In accordance with Article 31(3) of the Financial Regulation, the Committee on Budgets had decided to approve Commission transfers of appropriations DEC 09/2024 and DEC 10/2024 – Section III – Commission.

    In accordance with Article 31(6) of the Financial Regulation, the Council of the European Union had decided to approve Commission transfers of appropriations DEC 09/2024 and DEC 10/2024 – Section III – Commission.


    ATTENDANCE REGISTER

    Present:

    Aaltola Mika, Abadía Jover Maravillas, Adamowicz Magdalena, Aftias Georgios, Agirregoitia Martínez Oihane, Agius Peter, Agius Saliba Alex, Alexandraki Galato, Allione Grégory, Al-Sahlani Abir, Anadiotis Nikolaos, Anderson Christine, Andersson Li, Andresen Rasmus, Andrews Barry, Andriukaitis Vytenis Povilas, Androuët Mathilde, Angel Marc, Annemans Gerolf, Antoci Giuseppe, Arimont Pascal, Arłukowicz Bartosz, Arnaoutoglou Sakis, Arndt Anja, Arvanitis Konstantinos, Asens Llodrà Jaume, Assis Francisco, Attard Daniel, Aubry Manon, Auštrevičius Petras, Axinia Adrian-George, Azmani Malik, Bajada Thomas, Baljeu Jeannette, Ballarín Cereza Laura, Bardella Jordan, Barna Dan, Barrena Arza Pernando, Bartulica Stephen Nikola, Bartůšek Nikola, Bausemer Arno, Bay Nicolas, Bay Christophe, Beke Wouter, Beleris Fredis, Bellamy François-Xavier, Benea Adrian-Dragoş, Benifei Brando, Benjumea Benjumea Isabel, Beňová Monika, Bentele Hildegard, Berendsen Tom, Berger Stefan, Berlato Sergio, Bernhuber Alexander, Biedroń Robert, Bielan Adam, Bischoff Gabriele, Blaha Ľuboš, Blinkevičiūtė Vilija, Blom Rachel, Bloss Michael, Bocheński Tobiasz, Boeselager Damian, Bonaccini Stefano, Bonte Barbara, Borchia Paolo, Borrás Pabón Mireia, Borvendég Zsuzsanna, Borzan Biljana, Bosanac Gordan, Boßdorf Irmhild, Bosse Stine, Botenga Marc, Boyer Gilles, Boylan Lynn, Brandstätter Helmut, Brasier-Clain Marie-Luce, Braun Grzegorz, Brejza Krzysztof, Bricmont Saskia, Brnjac Nikolina, Bryłka Anna, Buczek Tomasz, Buda Waldemar, Budka Borys, Bugalho Sebastião, Buła Andrzej, Burkhardt Delara, Buxadé Villalba Jorge, Bžoch Jaroslav, Camara Mélissa, Canfin Pascal, Carberry Nina, Cârciu Gheorghe, Carême Damien, Casa David, Caspary Daniel, Cassart Benoit, Castillo Laurent, del Castillo Vera Pilar, Cavazzini Anna, Cavedagna Stefano, Ceccardi Susanna, Cepeda José, Ceulemans Estelle, Chahim Mohammed, Chaibi Leila, Chastel Olivier, Chinnici Caterina, Christensen Asger, Ciccioli Carlo, Cifrová Ostrihoňová Veronika, Ciriani Alessandro, Cisint Anna Maria, Clausen Per, Clergeau Christophe, Cormand David, Corrado Annalisa, Costanzo Vivien, Cotrim De Figueiredo João, Cowen Barry, Cremer Tobias, Crespo Díaz Carmen, Crosetto Giovanni, Cunha Paulo, Dahl Henrik, Danielsson Johan, Dauchy Marie, Dávid Dóra, David Ivan, Decaro Antonio, de la Hoz Quintano Raúl, Della Valle Danilo, Deloge Valérie, De Masi Fabio, De Meo Salvatore, Demirel Özlem, Deutsch Tamás, Devaux Valérie, Dibrani Adnan, Diepeveen Ton, Dieringer Elisabeth, Di Rupo Elio, Disdier Mélanie, Dobrev Klára, Doherty Regina, Doleschal Christian, Dömötör Csaba, Donazzan Elena, Dorfmann Herbert, Dostalova Klara, Dostál Ondřej, Droese Siegbert Frank, Düpont Lena, Dworczyk Michał, Ecke Matthias, Ehler Christian, Ehlers Marieke, Eriksson Sofie, Erixon Dick, Eroglu Engin, Estaràs Ferragut Rosa, Everding Sebastian, Ezcurra Almansa Alma, Falcă Gheorghe, Falcone Marco, Farantouris Nikolas, Farreng Laurence, Farský Jan, Ferber Markus, Ferenc Viktória, Fidanza Carlo, Fiocchi Pietro, Firea Gabriela, Firmenich Ruth, Fita Claire, Fourlas Loucas, Fourreau Emma, Fragkos Emmanouil, Freund Daniel, Frigout Anne-Sophie, Friis Sigrid, Fritzon Heléne, Froelich Tomasz, Fuglsang Niels, Funchion Kathleen, Furet Angéline, Furore Mario, Gahler Michael, Gál Kinga, Galán Estrella, Gálvez Lina, Gambino Alberico, García Hermida-Van Der Walle Raquel, Garraud Jean-Paul, Gasiuk-Pihowicz Kamila, Geadi Geadis, Gedin Hanna, Geese Alexandra, Geier Jens, Geisel Thomas, Gemma Chiara, Georgiou Giorgos, Gerbrandy Gerben-Jan, Germain Jean-Marc, Gerzsenyi Gabriella, Geuking Niels, Gieseke Jens, Giménez Larraz Borja, Girauta Vidal Juan Carlos, Glavak Sunčana, Glucksmann Raphaël, Goerens Charles, Gomart Christophe, Gomes Isilda, Gonçalves Bruno, Gonçalves Sérgio, González Casares Nicolás, González Pons Esteban, Gori Giorgio, Gosiewska Małgorzata, Gotink Dirk, Gozi Sandro, Grapini Maria, Gražulis Petras, Grims Branko, Griset Catherine, Gronkiewicz-Waltz Hanna, Grossmann Elisabeth, Grudler Christophe, Gualmini Elisabetta, Guetta Bernard, Guzenina Maria, Gyürk András, Hadjipantela Michalis, Hahn Svenja, Haider Roman, Halicki Andrzej, Hansen Christophe, Hansen Niels Flemming, Hassan Rima, Häusling Martin, Hava Mircea-Gheorghe, Hazekamp Anja, Heide Hannes, Heinäluoma Eero, Henriksson Anna-Maja, Herbst Niclas, Herranz García Esther, Hetman Krzysztof, Hohlmeier Monika, Hojsík Martin, Holmgren Pär, Hölvényi György, Humberto Sérgio, Ijabs Ivars, Imart Céline, Incir Evin, Inselvini Paolo, Iovanovici Şoşoacă Diana, Jaki Patryk, Jalloul Muro Hana, Jamet France, Jarubas Adam, Jerković Romana, Jongen Marc, Joński Dariusz, Joron Virginie, Jouvet Pierre, Joveva Irena, Juknevičienė Rasa, Junco García Nora, Jungbluth Alexander, Kabilov Taner, Kalfon François, Kaliňák Erik, Kalniete Sandra, Kamiński Mariusz, Kanev Radan, Kanko Assita, Karlsbro Karin, Kartheiser Fernand, Karvašová Ľubica, Katainen Elsi, Kefalogiannis Emmanouil, Kelleher Billy, Keller Fabienne, Kelly Seán, Kennes Rudi, Khan Mary, Kircher Sophia, Knafo Sarah, Knotek Ondřej, Kobosko Michał, Köhler Stefan, Kohut Łukasz, Kokalari Arba, Kolář Ondřej, Kollár Kinga, Kols Rihards, Konečná Kateřina, Kopacz Ewa, Körner Moritz, Kountoura Elena, Kovatchev Andrey, Krah Maximilian, Krištopans Vilis, Kruis Sebastian, Krutílek Ondřej, Kubilius Andrius, Kubín Tomáš, Kuhnke Alice, Kulja András Tivadar, Kulmuni Katri, Kyllönen Merja, Lagodinsky Sergey, Lakos Eszter, Lange Bernd, Langensiepen Katrin, Laššáková Judita, László András, Latinopoulou Afroditi, Laurent Murielle, Laureti Camilla, Laykova Rada, Lazarov Ilia, Lazarus Luis-Vicențiu, Le Callennec Isabelle, Leggeri Fabrice, Lenaers Jeroen, Leonardelli Julien, Lewandowski Janusz, Lexmann Miriam, Liese Peter, Lins Norbert, Løkkegaard Morten, Lopatka Reinhold, López Javi, López Aguilar Juan Fernando, López-Istúriz White Antonio, Lövin Isabella, Lucano Mimmo, Luena César, Łukacijewska Elżbieta Katarzyna, Lupo Giuseppe, McAllister David, Madison Jaak, Maestre Cristina, Magoni Lara, Maij Marit, Maląg Marlena, Mandl Lukas, Maniatis Yannis, Maran Pierfrancesco, Marczułajtis-Walczak Jagna, Maréchal Marion, Mariani Thierry, Marino Ignazio Roberto, Marquardt Erik, Martín Frías Jorge, Martins Catarina, Martusciello Fulvio, Marzà Ibáñez Vicent, Matthieu Sara, Mavrides Costas, Mayer Georg, Mazurek Milan, McNamara Michael, Mebarek Nora, Meimarakis Vangelis, Meleti Eleonora, Mendes Ana Catarina, Mendia Idoia, Mertens Verena, Mesure Marina, Metsola Roberta, Metz Tilly, Mikser Sven, Milazzo Giuseppe, Millán Mon Francisco José, Minchev Nikola, Mînzatu Roxana, Miranda Paz Ana, Molnár Csaba, Montero Irene, Montserrat Dolors, Morace Carolina, Morano Nadine, Moratti Letizia, Moreira de Sá Tiago, Moreno Sánchez Javier, Moretti Alessandra, Mularczyk Arkadiusz, Müller Piotr, Mullooly Ciaran, Mureşan Siegfried, Muşoiu Ştefan, Nagyová Jana, Nardella Dario, Negrescu Victor, Nemec Matjaž, Nerudová Danuše, Nesci Denis, Neumann Hannah, Nevado del Campo Elena, Nica Dan, Niebler Angelika, Niedermayer Luděk, Niinistö Ville, Nikolaou-Alavanos Lefteris, Nikolic Aleksandar, Ní Mhurchú Cynthia, Noichl Maria, Nordqvist Rasmus, Novakov Andrey, Nykiel Mirosława, Obajtek Daniel, Ódor Ľudovít, Oetjen Jan-Christoph, Ohisalo Maria, Oliveira João, Olivier Philippe, Omarjee Younous, Ondruš Branislav, Ó Ríordáin Aodhán, Orlando Leoluca, Ozdoba Jacek, Paet Urmas, Pajín Leire, Palmisano Valentina, Papadakis Kostas, Papandreou Nikos, Pappas Nikos, Pascual De La Parte Nicolás, Paulus Jutta, Pedro Ana Miguel, Pedulla’ Gaetano, Pellerin-Carlin Thomas, Peltier Guillaume, Penkova Tsvetelina, Pennelle Gilles, Pérez Alvise, Peter-Hansen Kira Marie, Petrov Hristo, Picaro Michele, Picierno Pina, Picula Tonino, Piera Pascale, Pimpie Pierre, Piperea Gheorghe, de la Pisa Carrión Margarita, Pokorná Jermanová Jaroslava, Polato Daniele, Polfjärd Jessica, Pozņaks Reinis, Prebilič Vladimir, Princi Giusi, Protas Jacek, Pürner Friedrich, Rackete Carola, Radev Emil, Radtke Dennis, Rafowicz Emma, Ratas Jüri, Razza Ruggero, Rechagneux Julie, Regner Evelyn, Repasi René, Repp Sabrina, Reuten Thijs, Riba i Giner Diana, Ricci Matteo, Ridel Chloé, Riehl Nela, Ripa Manuela, Rodrigues André, Ros Sempere Marcos, Roth Neveďalová Katarína, Rougé André, Ruissen Bert-Jan, Ruotolo Sandro, Rzońca Bogdan, Saeidi Arash, Salini Massimiliano, Salis Ilaria, Salla Aura, Sánchez Amor Nacho, Sanchez Julien, Sancho Murillo Elena, Saramo Jussi, Sardone Silvia, Šarec Marjan, Sargiacomo Eric, Satouri Mounir, Saudargas Paulius, Sbai Majdouline, Sberna Antonella, Schaldemose Christel, Schaller-Baross Ernő, Schenk Oliver, Scheuring-Wielgus Joanna, Schieder Andreas, Schilling Lena, Schneider Christine, Schwab Andreas, Scuderi Benedetta, Seekatz Ralf, Sell Alexander, Serrano Sierra Rosa, Serra Sánchez Isabel, Sidl Günther, Sienkiewicz Bartłomiej, Sieper Lukas, Simon Sven, Singer Christine, Sippel Birgit, Sjöstedt Jonas, Śmiszek Krzysztof, Smith Anthony, Smit Sander, Sokol Tomislav, Solier Diego, Solís Pérez Susana, Sommen Liesbet, Sonneborn Martin, Sorel Malika, Sousa Silva Hélder, Søvndal Villy, Squarta Marco, Staķis Mārtiņš, Stancanelli Raffaele, Steger Petra, Stier Davor Ivo, Storm Kristoffer, Stöteler Sebastiaan, Stoyanov Stanislav, Strack-Zimmermann Marie-Agnes, Strada Cecilia, Streit Joachim, Strik Tineke, Strolenberg Anna, Sturdza Şerban-Dimitrie, Stürgkh Anna, Sypniewski Marcin, Szczerba Michał, Szekeres Pál, Szydło Beata, Tamburrano Dario, Tânger Corrêa António, Tarczyński Dominik, Tarquinio Marco, Tarr Zoltán, Tavares Carla, Tegethoff Kai, Teodorescu Georgiana, Teodorescu Måwe Alice, Ter Laak Ingeborg, Terras Riho, Tertsch Hermann, Thionnet Pierre-Romain, Timgren Beatrice, Tinagli Irene, Tobback Bruno, Tobé Tomas, Tolassy Rody, Tomac Eugen, Tomašič Zala, Tomaszewski Waldemar, Tomc Romana, Tonin Matej, Toom Jana, Topo Raffaele, Torselli Francesco, Tosi Flavio, Toussaint Marie, Tovaglieri Isabella, Toveri Pekka, Tridico Pasquale, Trochu Laurence, Tsiodras Dimitris, Turek Filip, Tynkkynen Sebastian, Uhrík Milan, Ušakovs Nils, Vaidere Inese, Valchev Ivaylo, Vălean Adina, Valet Matthieu, Van Brempt Kathleen, Van Brug Anouk, van den Berg Brigitte, Vandendriessche Tom, Van Dijck Kris, Van Lanschot Reinier, Van Leeuwen Jessika, Vannacci Roberto, Van Sparrentak Kim, Varaut Alexandre, Vasconcelos Ana, Vautmans Hilde, Vedrenne Marie-Pierre, Ventola Francesco, Verheyen Sabine, Verougstraete Yvan, Veryga Aurelijus, Vešligaj Marko, Vicsek Annamária, Vieira Catarina, Vigenin Kristian, Vilimsky Harald, Vincze Loránt, Virkkunen Henna, Vistisen Anders, Vivaldini Mariateresa, Volgin Petar, von der Schulenburg Michael, Vondra Alexandr, Voss Axel, Vozemberg-Vrionidi Elissavet, Vrecionová Veronika, Vázquez Lázara Adrián, Waitz Thomas, Walsh Maria, Walsmann Marion, Warborn Jörgen, Warnke Jan-Peter, Wąsik Maciej, Wcisło Marta, Wechsler Andrea, Weimers Charlie, Werbrouck Séverine, Wiesner Emma, Wiezik Michal, Wilmès Sophie, Winkler Iuliu, Winzig Angelika, Wiseler-Lima Isabel, Wiśniewska Jadwiga, Wölken Tiemo, Wolters Lara, Yar Lucia, Yon-Courtin Stéphanie, Yoncheva Elena, Zacharia Maria, Zajączkowska-Hernik Ewa, Zalewska Anna, Žalimas Dainius, Zan Alessandro, Zarzalejos Javier, Zdechovský Tomáš, Zdrojewski Bogdan Andrzej, Zīle Roberts, Zingaretti Nicola, Złotowski Kosma, Zoido Álvarez Juan Ignacio, Zovko Željana, Zver Milan

    Excused:

    Gómez López Sandra, Homs Ginel Alicia, Lalucq Aurore

    MIL OSI Europe News –

  • MIL-OSI Europe: Greece’s railway network to be upgraded with EIB on board as adviser

    Source: European Investment Bank

    • EIB’s Advisory Hub to support major railway modernization across Greek rail network
    • Goal is to improve infrastructure, safety, and efficiency
    • EIB to provide targeted advisory services for free as part of InvestEU programme

    The European Investment Bank (EIB) will advise Greece on its planned major upgrade of the national railway network to improve safety, punctuality, and sustainability. Under the agreement with the Greek Ministry of Transport and Infrastructure, the EIB  will assist authorities in developing a long-term  business plan for a newly established rail infrastructure management company and in outlining near-term network investments.

    The accord, which comes under the InvestEU programme, builds on the Greek government’s commitment to restructuring the national railway sector and to fulfilling European Union safety and environmental standards. It also highlights the EIB’s commitment to promoting modern and sustainable transport networks in the EU as part of the bank’s strategic roadmap.

    EIB Vice-President Ioannis Tsakiris and Greek Minister of Infrastructure and Transport Christos Staikouras signed the agreement today in Athens.

    “The EIB’s Advisory Services will provide the Greek government with the technical expertise necessary to implement long-term strategies, helping to ensure that the country’s railway system is both safe and competitive,” said Tsakiris. He added: “The EIB will support the Greek government in developing a multiyear investment plan for the railway sector, which will serve as a roadmap for the country’s infrastructure development over the next decade.”

    “The European Investment Bank, with its extensive expertise and experience, will provide a coherent strategic business plan, which will serve as a valuable guide in the organizational efforts of the new entity. This plan will support the Government’s priorities for developing a modern, safer, faster, and fully interoperable network, in line with the requirements of the Trans-European Transport Network and the standards set by the European Union. By utilizing the knowhow offered by the EIB, we are creating a sound and rational framework on which this crucial reform of the railway sector will be based. In this way, the Ministry of Infrastructure and Transport is implementing another important — and promising — initiative for the modernization and future development of the Greek railway system.”, said Staikouras.

    Strategic priorities for Greece’s railway sector

    Greece aims to develop a modern, safe, and fully interoperable rail system, aligning with Trans-European Transport Network (TEN-T) requirements.

    Key strategic priorities outlined for the Greek rail sector include:

    • Completing the Patras-Athens-Thessaloniki-Promachonas (PAThEP) corridor, a crucial part of the TEN-T network.
    • Expanding rail connections to ports and industrial zones, strengthening the economic infrastructure.
    • Facilitating cross-border rail connections with Europe to enhance regional connectivity.

    Shaping the future of Greek rail investment

    The advisory accord marks a significant opportunity for the EIB to help shape rail investment in Greece over the next two decades. The EIB  work will feed into the Greek National Recovery and Resilience Plan, which requires the adoption of a multiyear investment plan by mid-2025.

    The assignment will run for run for six months, during which the EIB will engage external service providers to execute three main tasks:

    ·        Development of a strategic business plan for the new rail infrastructure entity.

    ·        Preparation of a medium-term (2025-2034) implementation plan for the railway sector.

    ·        Creation of a comprehensive funding plan to support the implementation of priority projects.

    Background information

    About the EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

     The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Greece of €2.5 billion in 2023, 33% of which went to supporting sustainable energy and natural resources projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

    Approximately half of the EIB’s financing within the EU is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

    MIL OSI Europe News –

  • MIL-OSI Europe: Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN

    Source: European Investment Bank

    EIB

    • The $15 million financing will enable BURN to produce and distribute its industry-leading ECOA Induction Cooker to over 1 million households across East Africa.
    • The investment will positively impact 6.5 million people, avoiding 12 million tons of carbon emissions over a period of 5 years.

    Today BURN, the world’s leading clean cooking appliance manufacturer, distributor, and carbon project developer, and the European Investment Bank signed an agreement to invest $15 million from the EIB to fund the distribution of BURN’s ECOA Electric Induction cooker to households across the East African region.

    Announced at a signature ceremony on the margins of the World Bank/IMF Annual Meetings in Washington, the US$15 million debt investment from EIB Global will finance a solution that could significantly reduce indoor air pollution in homes across the world – a problem that currently causes 4 million premature deaths a year, and disproportionally affects the health of women living in developing countries.

    Speaking from Washington the EIB Group President, Nadia Calviño said, “The investment that we have agreed today is not just about improving lives, but saving them as well. With relatively simple technology for clean cooking we will strengthen communities, especially by protecting the health of women, and their families.

    This will have a positive impact on the climate as well by lowering carbon emissions. Supporting potentially transformative projects like BURN’s expansion of affordable clean cooking for more than a million households in Africa is the kind of initiative that the European Union aims to support more of under our Global Gateway Initiative.” 

    From Washington, Peter Scott, Founder and CEO of BURN, stated, “BURN has already brought our unique PAYC electric cooking solution to thousands of households in Kenya and Tanzania that were previously relying on traditional charcoal stoves.   This investment by EIB will help us transition over a million low-income households to cooking with electricity, allowing them to cook on grids that are 80-95% powered by renewable energy.”

    The EIB financing announced today in Washington will enable the appliances to be offered via BURN’s innovative, Pay-As-You-Cook payment offering. This tech-enabled payment solution enables affordable financing for low-income households currently using solid biomass as their primary cooking fuel but who are unable to afford full upfront payments typically required for clean electric cooking appliances.

    This project is also actively supporting the empowerment of women – and has been qualified as a gender lens investment by the 2X Challenge, a global initiative launched at the G7 summit in 2018, with the EIB as one of  its members. The 2X Challenge aims to accelerate private sector investments that support women in low- and middle-income countries, using a standardized set of criteria known as the 2X criteria.

    The financing support to BURN is through the Desiree Investment Envelope under the African, Caribbean and Pacific (ACP) Impact Finance Envelope (“IFE”).

    The financing package from the European Commission aims to support the participation by the EIB in high-risk projects in ACP countries to support greater investments in energy efficiency and electrification ventures. The IFE supports projects that generate superior developmental impact with the overarching objective of poverty reduction through developing the private sector by taking a higher risk of investment for high developmental impact.

    The ECOA Induction cooker is bundled with a high-quality, 3-piece stainless steel induction cookware set, fully manufactured in Kenya. The appliances reduce indoor air pollution by 100%, decrease cooking time by 70%, and save households money on cooking fuels.

    BURN’s electric cooking appliances generate high-integrity carbon credits by using integrated cellular-enabled IoT technology which allows for effective, real-time and end-to-end monitoring of energy usage. These electric appliances reduce ~2.5 tonnes of carbon emissions annually, and contribute to EIB’s climate action, gender equality, and economic development objectives.

    The company, which is also exporting its products to other countries, is also showcasing Africa’s untapped manufacturing opportunities, that create sustainable job opportunities for many young people.

    To date, BURN has distributed over 5 million clean cookstoves across Africa, transforming the lives of 25 million people and preventing 26 million tons of CO2 emissions from entering the atmosphere. 

    ABOUT BURN

     Founded in 2011, BURN is Africa’s leading producer of clean cookstoves, committed to saving lives, protecting forests, and reducing CO2 emissions. Headquartered in Nairobi, Kenya, BURN operates in 9 countries and employs over 3,500 people, with a mission to revolutionize the clean cooking sector and provide sustainable cooking solutions across the continent.

    The efficiency, safety, and benefits of BURN’s clean cooking appliances have been independently verified through peer-reviewed Randomized Control Trial (RCT) by the University of Pennsylvania and the University of Chicago.

    The study found a match to BURN’s usage and consumption measurements, finding a fuel savings of 39% against the baseline, saving families US$119 per year, with each cookstove reducing CO2 emissions by approximately 3.5 tons per year (their recent update to the study found these savings to be robust for 3 years and counting, with 98% of the stoves still in use). This study was peer-reviewed and published in the world’s leading economics journal, The American Economic Review (AER).

    Learn more at burnstoves.com. 

    ABOUT the EIB

     The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices around the world.

    The EIB Group aims to embed gender equality and in particular women’s economic empowerment in its business model and is also committed to driving gender equality in its workplace. The EIB financed a total of 63 projects across the globe in 2023 that significantly contributed to gender equality and women’s economic empowerment, providing €5.8 billion of investment, more than half of which also supported climate action.

    Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN
    Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN
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    Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN
    Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN
    ©EIB
    Download original
    Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN
    Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN
    ©EIB
    Download original
    Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN
    Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN
    ©EIB
    Download original
    Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN
    Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN
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    MIL OSI Europe News –

  • MIL-OSI Europe: ‘We try not to think about the future or the past’

    Source: European Investment Bank

    Vadym Chursin’s mother died long before the war. His father, Dmytro, has been his parent and best friend since he was very young. The two have grown even closer since their town near Ukraine’s southern border was occupied by Russian soldiers.

    “There is barely anything left of our house today and not a single building still standing in our old town,” says Vadym, who is 16 years old and had lived in Oleshky, a city near Kherson, where his father ran a business building trendy tiny homes on wheels. For the past two years, father and son have been renting half a house about 220 kilometres to the west in Odesa, near Vadym’s new school. “We’re what people call displaced persons. There are many of us here and all of us are helping each other.”

    Vadym attends Odesa School No. 41, one of the first schools repaired in 2021 under the European Investment Bank’s first Ukraine recovery programme. The Bank has helped modernise a group of Odesa schools since then and a city hospital.

    Schools are a focus for the dozens of engineers, economists, loan officers and advisory specialists at the European Investment Bank who are trying to meet the urgent needs of Ukraine. Other critical work involves electricity lines, heating, water, roads, hospitals, community centres and bomb shelters. These types of projects allow people to go to work, drive to the doctor, buy groceries, get an education and stay safe during bomb attacks.

    The Russian invasion has caused widespread devastation and created a humanitarian crisis in Ukraine and surrounding countries. Roads, bridges, hospitals, schools and residential buildings need repair in Ukraine, particularly in areas of intense fighting such as Kharkiv and the Donbas region. One study estimates economic damage in Ukraine at more than $150 billion since Russia invaded in February 2022. The cost of recovery over the next decade is estimated at about $500 billion.

    The European Investment Bank is helping to renovate more than 300 schools, kindergartens, hospitals and social housing facilities in about 150 Ukrainian cities. It has improved electricity, gas, water, sanitation and solid waste management in more than a dozen regions, and has finished more than 100 projects. It receives new requests for help every week.

    Pavel Novak, a public sector engineer at the European Investment Bank who is from Kyiv, where his parents still live, says a friend who was disabled in the war reminded him that soldiers are fighting to beat Russia, but also to see that other Ukrainians can continue to live normal lives in their home cities and communities today.

    “My friend said to me, ‘Look, Pavel, we are doing this to keep life going on, bakeries and restaurants open, keep kids going to school and ensure that something beyond war still exists in this country.’”

    In September 2024, the European Union’s financing arm proposed a €600 million energy rescue plan to help Ukraine as winter approaches, ensuring that businesses and homes have electricity and heat. Shelters will be built to protect electricity substations from bombings. The European Investment Bank is in regular discussions with Ukrhydroenergo, Ukraine’s largest hydropower company, and Ukrenergo, the national electricity transmission operator, to repair damaged power networks. It’s common for some parts of Ukraine to lose electricity for half of every day.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: The Pandemic Institute celebrates three years of work

    Source: City of Liverpool

    The Pandemic Institute, a world leading facility committed to helping the world prevent, prepare, and respond more effectively to pandemics, celebrates three years of vital work to keep the public safe.

    Since opening in autumn 2021, the Institute has advanced research to predict and prepare for the next pandemic. It’s built resilience in society to respond and recover from COVID-19 and future health crises and worked to prevent disease outbreaks and epidemics from developing into pandemics.

    Ove the last three years The Pandemic Institute has:

    • Supported a portfolio of research worth more than £50m led by The Pandemic Institute’s investigators based at the University of Liverpool, Liverpool School of Tropical Medicine, and Liverpool John Moores University.
    • Established research industry partnerships with a value of more than £5m, strengthening the local economy and employment prospects. One such partnership is with CSL Seqirus, a global leader in influenza prevention. Together they are researching both the threat of seasonal influenza and the development of innovative approaches to pandemic preparedness and response.
    • Awarded £3.6m in critical pandemic research funding, and responded rapidly to emerging infections such as Mpox, which was recently declared a global emergency by the World Health Organisation (WHO).
    • Provided funding towards the development of diagnostics for some of the world’s deadliest viruses including Crimean-Congo Haemorrhagic Fever (CCHF). Transmitted by tick bites, it has a mortality rate of around 30% but there is currently no vaccine. Liverpool School of Tropical Medicine has developed a rapid point-of-care lateral flow test, as well as conducting clinical trials to assess a potential treatment.
    • Supported researchers at Liverpool John Moores University who are looking at health inequalities and resilience in communities during a pandemic, and how future responses can be tailored and improved.
    • Invested in infrastructure including a new pre-clinical trials unit for testing new vaccines and treatments, based at the University of Liverpool.
    • Provided critical advice and support on pandemic prevention and preparedness to the UK Health Security Agency, Department of Health and Social Care, and other government departments.

    Professor Tom Solomon, Director of The Pandemic Institute said: “I’m incredibly proud of the work we’ve done in just three short years, helping to develop new diagnostic tests, treatments and vaccines, for emerging infection threats, and strengthening the research infrastructure.

    “Thanks to our dedicated and ongoing efforts we are in a position to rapidly mobilise funding for essential research and be flexible in times of swiftly changing circumstances.”

    Director of Public Health for Liverpool, Professor Matthew Ashton, said: “Liverpool has a rich history of delivering bold public health interventions, and the launch of The Pandemic Institute continued our long and proud tradition.

    “The funding shows the ongoing commitment to delivering an innovative response to pandemics on an international scale.

    “It is playing a vital role in the global work to tackle the next pandemic, wherever and whenever that will be, and we should be immensely proud of the foresight the city showed in establishing it.”

    What’s next

    The Pandemic Institute will continue to develop new infrastructure in Liverpool to harness the combined expertise of the region.

    In spring, The Pandemic Institute was awarded funding as part of the Liverpool City Region’s Investment Zone plans. Part of the £160m Government pledge will support the Institutes’ ambitions to build a new Pandemic Preparedness and Response Facility in Liverpool containing state-of-the-art research laboratories that will strengthen the UK’s infectious disease research and innovation capabilities.

    For more information about The Pandemic Institute visit www.thepandemicinstitute.org.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Dmitry Chernyshenko: BRICS summit showed colossal success of President Vladimir Putin

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Dmitry Chernyshenko spoke at the opening of the first international scientific conference “Science for Public Administration in Russia”, which is being held at the Presidential Academy in Moscow

    October 24, 2024

    Rector of the Presidential Academy Alexey Komissarov

    October 24, 2024

    Dmitry Chernyshenko spoke at the opening of the first international scientific conference “Science for Public Administration in Russia”, which is being held at the Presidential Academy in Moscow

    October 24, 2024

    Previous news Next news

    Dmitry Chernyshenko spoke at the opening of the first international scientific conference “Science for Public Administration in Russia”, which is being held at the Presidential Academy in Moscow

    Deputy Prime Minister Dmitry Chernyshenko spoke at the opening of the first international scientific conference “Science for Public Administration in Russia”, which is being held at the Presidential Academy in Moscow on October 24–25.

    At the beginning of his speech, the Deputy Prime Minister quoted President Vladimir Putin, noting that today science is the basis for solving many large-scale problems of the country. He also recalled the mission of a civil servant – service, the connection of his life with Russia and the people.

    “It is symbolic that this conference is taking place within the walls of the Presidential Academy, which trains professionals for public service according to the highest standards. Today, about 274 thousand students study at the Academy and its 47 branches,” noted Dmitry Chernyshenko.

    The Deputy Prime Minister emphasized that this is a difficult historical period, but Russia will be able to effectively confront challenges: this is evidenced by the unprecedentedly low level of unemployment and many other parameters.

    “We see the colossal success of President Vladimir Putin in terms of recognition of Russia. 35 countries arrived in Kazan to participate in the BRICS summit, 22 are represented at the highest level – by their presidents. It is clear that Russia has become a center of attraction instead of an outcast. The entire progressive world has appreciated how our economy has not only withstood unprecedented pressure and the largest number of sanctions in the world, but also shows growth,” the Deputy Prime Minister emphasized.

    The economies of the BRICS countries are developing at an accelerated pace. The share of the BRICS countries in the world economy in terms of purchasing power parity confidently exceeds the share of the “Big Seven”.

    The plan to isolate Russia and ban everything Russian has failed. All countries want to live in a multipolar and fair world. Our policy is based on mutual respect, the sovereign equality of our states.

    “The effective work of civil servants will determine how Russia will realize the window of opportunity. President Vladimir Putin said that the authorities must work constantly and intensely, like fighters on the front lines of the SVO. Such a comparison obliges us to do a lot. We must do everything in our place to achieve results and correspond to our spiritual and moral values,” noted Dmitry Chernyshenko.

    The Deputy Prime Minister recalled that such traditional spiritual and moral values include serving the Fatherland and responsibility for its fate. Role models are needed to protect state sovereignty. To increase the number of such specialists, a Center for training managers for scientific and technological development and their teams was created this year at the Higher School of Public Administration of the Russian Presidential Academy of National Economy and Public Administration.

    “I consider it important to create and improve mechanisms to ensure a strong connection between the Government’s management decisions and the advanced achievements of Russian science,” concluded Dmitry Chernyshenko.

    The first international scientific conference “Science for Public Administration in Russia” brings together more than 2.8 thousand participants and 205 speakers. The event is dedicated to current issues of public administration and prospects for effective interaction between the economy, law and the social sphere in the context of modern global challenges.

    “Development of the scientific potential of the Presidential Academy is one of the most important tasks for the coming years. Today, RANEPA is a leader in training civil servants in Russia. The President has instructed us to prepare the country’s new elite. I am confident that the accumulated knowledge and work experience will allow us to conduct the most modern and relevant scientific research. So that decisions can be made on their basis on how to counter new threats and challenges. The international scientific conference “Public Administration in Russia” is an important step in the implementation of this plan and the first such large-scale scientific event in the history of our country dedicated to the topic of public administration,” said Alexey Komissarov, Rector of the Presidential Academy.

    Participants will also discuss priorities for scientific and technological development, strategic objectives for the development of science to ensure national security and technological independence of Russia, the economics of the scientific sphere, and much more.

    The conference will feature the presentation of five books, including the first Russian textbook on management, prepared by the authors’ collective of the Presidential Academy, a meeting of the expert council on the development of the creative economy, and the signing of a number of agreements.

    Participants in the plenary session included Vice President of the Russian Academy of Sciences Vladimir Ivanov, Rector of the Presidential Academy Alexey Komissarov, Dean of the Faculty of Economics of Lomonosov Moscow State University Alexander Auzan, Deputy Secretary of the Public Chamber of Russia Alexander Galushka. The moderator was Nikita Marchenkov, Chairman of the Coordination Council for Youth Affairs in Science and Education of the Presidential Council for Science and Education.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Innovations in the digital economy were discussed at an international conference at the Polytechnic University

    Translation. Region: Russian Federation –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    On October 17-18, the sixth annual international scientific conference on innovations in the digital economy SPBPU IDE-2024 was held at Peter the Great St. Petersburg Polytechnic University. The event was organized and held by the Higher School of Engineering and Economics (HSE) of the Institute of Industrial Management, Economics and Trade (IPMET) together with the Center for Sustainable Development of the University of Indonesia. The opening, plenary session and sections of the conference were held in the IPMET building, and participants from other countries and regions had the opportunity to join the conference via online communication.

    Welcoming the participants, Vladimir Glukhov, Advisor to the Rectorate of SPbPU, noted that the conference is an important step towards strengthening international scientific cooperation and promotes knowledge exchange for the development of innovative potential, taking into account global challenges. Vladimir Shchepinin, Director of IPMEIT, emphasized the importance of discussing current issues and prospects for the development of the digital economy, and wished the participants fruitful work.

    Cooperation with colleagues from Belarus, Armenia, Indonesia, Vietnam, China, India, and Tajikistan allows expanding the geography of research contacts. At the plenary session, VIES Director Dmitry Rodionov noted that holding such events helps promote the results of scientific activity of SPbPU scientists at the international level.

    The partner for the conference was traditionally the University of Indonesia. At the plenary session, it was represented by the Deputy for Green and Digital Infrastructure of the Nusantara Administration, Professor Dr. Mohammed Ali Berawi.

    Opening remarks and keynote speeches were given by partners from the University of Indonesia, Nanjing University, Russian-Armenian University, Belarusian State University of Informatics and Radioelectronics, Yerevan State University, Tashkent State University of Economics, Da Nang University, and the Indian Institute of Technology.

    Special thanks for organizing and holding the plenary session and sections are expressed to the staff of VIESH, in particular Professor Andrey Zaitsev, Associate Professors Tatyana Mokeeva, Daria Krasnova, Ksenia Evseeva and assistant Daria Kryzhko.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: IASST Guwahati, inks MoU with Bharat Biotech International Ltd. (BBIL), Hyderabad, on Technology Transfer

    Source: Government of India

    Posted On: 24 OCT 2024 3:27PM by PIB Delhi

    The Institute of Advanced Study in Science and Technology (IASST), Guwahati, an autonomous institution of Department of Science and Technology (DST) signed a crucial R&D collaboration and product development agreement with Bharat Biotech International (BBIL) to bring innovative health products developed from probiotics isolated from traditional fermented foods of Northeast India to market.

    These probiotics have shown great potential in addressing metabolic diseases, improving gut health, and promoting healthy ageing, based on research conducted by IASST.

    Secretary Department of Science and Technology (DST) Professor Abhay Karandikar who presided over the agreement signing highlighted that the collaboration aligns with the broader vision of promoting the bioeconomy of Northeast India by utilising its rich biodiversity and marks a significant milestone for IASST.

    “The agreement between IASST and Bharat Biotech will facilitate the commercialisation of these innovative technologies being developed by IASST. Bharat Biotech’s global reputation for excellence in biopharmaceuticals, vaccines, and health solutions will help IASST in translating these scientific innovations into products. The collaboration will facilitate the necessary pre-clinical and clinical studies for these potential probiotics, and I am confident that the product will fight against metabolic diseases by promoting healthy ageing,” he added.

    The agreement was signed by Director IASST, Prof. Ashis Mukherjee and Executive Chairman of BBIL, Hyderabad, Dr Krishna Ella as well as Dr. Yogeshwar Rao from BBIL.

    Director IASST Prof. Ashis Mukherjee underlined the importance of the collaboration, noting that it provides a unique opportunity to convert academic research into commercially viable products.

    Bharat Biotech, a global leader in vaccine and health solutions, will be crucial in conducting pre-clinical and clinical trials to ensure these probiotics meet regulatory standards.

    The agreement delineates each party’s obligations, with IASST contributing its scientific understanding and spearheading the research initiatives. Bharat Biotech will participate in the commercialization process. A monitoring committee, consisting of representatives from all stakeholders, will supervise the project’s advancement to guarantee the timely attainment of milestones. The agreement specifies that IASST will get royalties from selling items generated via this partnership.

    The probiotic products, rooted in traditional knowledge, are expected to provide natural solutions for lifestyle diseases like diabetes and obesity while contributing to India’s growing biotechnology sector. Both IASST and Bharat Biotech expressed confidence in the partnership, envisioning a future where scientific innovations from the region globally impact health and wellness.

    Dr. Mojibur Khan, Professor, IASST, Dr M Mohanty and senior officials from DST, IASST and BBIL were present on the occasion.

    ***

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Cabinet approves establishment of Rs.1,000 crore Venture Capital Fund for Space Sector under aegis of IN-SPACe

    Source: Government of India

    Posted On: 24 OCT 2024 3:25PM by PIB Delhi

    The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved setting up of Rs.1000 crore Venture Capital Fund dedicated to space sector, under aegis of IN-SPACe.

    Financial implications:

    The deployment period of the proposed Rs.1,000 crore VC fund is planned to be up to five years from the actual date of start of the fund operations. The average deployment amount could be Rs.150-250 crore per year, depending on the investment opportunities and fund requirements. The proposed break-up financial year wise is as below:

    S.No.

     

    Financial Year

     

    Estimate (In Rs.Crores)

     

    I

     

    2025-26

     

    150.00

     

    2

     

    2026-27

     

    250.00

     

    3

     

    2027-28

     

    250.00

     

    4

     

    2028-29

     

    250.00

     

    5

     

    2029-30

     

    100,00

     

     

     

    Total Envelope (VC)

     

    1000.00

     

     

    The indicative range of investment is proposed to be Rs.10-Rs.60 Crore, contingent upon the stage of the company, its growth trajectory, and its potential impact on national space capabilities. Indicative Equity Investment Range could be:

    •    Growth Stage: Rs.10 Crore – Rs.30 Crore

    •    Late Growth Stage: Rs.30 Crore – Rs.60 Crore

    Based on the above investment range, the fund is expected to support approximately 40 startups.

    Details:

    The Fund is strategically designed to advance India’s space sector, aligning with national priorities and fostering innovation and economic growth through the following key initiatives:

    a.       Capital Infusion

    b.       Retaining Companies in India

    c.       Growing Space Economy

    d.       Accelerating Space Technology Development

    e.       Boosting Globa! Competitiveness

    f.        Supporting Atmanirbhar Bharat

    g.       Creating a Vibrant Innovation Ecosystem

    h.       Driving Economic Growth and Job Creation

    i.        Ensuring Long-Term Sustainability

     

    By addressing these points, the fund aims to strategically position India as one of the leading space economies.

     

    Benefits:

    1. Capital infusion to create a multiplier effect by attracting additional funding for later-stage development, thereby instilling confidence in private investors.
    2. Retention of space companies domiciled within India & countering the trend of Indian companies domiciling abroad.
    3. Accelerate private space industry’s growth to meet the goal of a five-fold expansion of the Indian Space Economy in next ten years.
    4. Drive advancements in space technology and strengthening India’s leadership through private sector participation.
    5. Boost global competitiveness.
    6. Supporting Atmanirbhar Bharat.

    Impact, including employment generation potential:

    The proposed fund is expected to boost employment in the Indian space sector by supporting startups across the entire space supply chain—upstream, midstream, and downstream. It will help businesses scale, invest in R&D, and expand their workforce. Each investment could generate hundreds of direct jobs in fields like engineering, software development, data analysis, and manufacturing, along with thousands of indirect jobs in supply chains, logistics, and professional services. By fostering a strong startup ecosystem, the fund will not only create jobs but also develop a skilled workforce, driving innovation and enhancing India’s global competitiveness in the space market.

    Background:

    The Government of India, as part of its 2020 space sector reforms, established IN-SPACe to promote and oversee private sector participation in space activities. IN-SPACe has proposed a Rs.1000 crore Venture Capital Fund to support the growth of India’s space, economy, currently valued at S8.4 billion, with a target to reach $44 billion by 2033. The fund aims to address the critical need for risk capital, as traditional lenders are hesitant to fund startups in this high-tech sector. With nearly 250 space startups emerging across the value chain, timely financial support is crucial to ensure their growth and prevent talent loss overseas. The proposed government-backed fund will boost investor confidence, attract private capital, and signal the government’s commitment to advancing space reforms. It will serve as an Alternative investment Fund under SEBI regulations, providing early-stage equity to startups and enabling them to scale for further private equity investments.

    ***

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Ministry of Social Justice and Empowerment set to host ‘SAMAGAM’ – A Grand Finale celebrating month-long Initiatives for Senior Citizens

    Source: Government of India (2)

    Posted On: 24 OCT 2024 1:14PM by PIB Delhi

    Union Ministry of Social Justice and Empowerment (MoSJE) is set to host the Grand Finale Event, ‘SAMAGAM’, on 25th October 2024 at Rang Bhawan Auditorium, Akashvani Complex, New Delhi. The event would mark the culmination of a series of month-long activities organized by the Ministry, aimed at promoting the dignity, respect, and security of senior citizens across the Nation.

    The event would be presided over by Union Minister for Social Justice and Empowerment, Dr. Virendra Kumar as Chief Guest, in the august presence of Ministers of State (SJE), Shri Ramdas Athawale and Shri B. L. Verma, along with Dr. Vinod Kumar Paul, Member, NITI Aayog. The Grand Finale would showcase the outcomes of these efforts, highlighting the positive impact made through policy interventions, community participation, and public outreach.

    Over the past month, the Ministry, in collaboration with various Ministries, Departments, and public stakeholders, has implemented a wide range of initiatives for the welfare of senior citizens. These programmes were focused on enhancing their social and economic inclusion, providing them access to essential services, and raising public awareness about the challenges they face.

    ‘SAMAGAM’ is a testament to the Ministry’s unwavering commitment to senior citizens’ welfare. Through innovative programmes, collaborative efforts with stakeholders, and policy frameworks designed to address the needs of the elderly, the Ministry has worked tirelessly to ensure that senior citizens are not only supported but celebrated as valued members of society.

    The event will also serve as a platform to reinforce the Ministry’s future goals for empowering senior citizens, focusing on health, financial security, and community engagement. In recognizing the contributions of senior citizens to society, ‘SAMAGAM’ aims to inspire greater societal responsibility towards creating a more inclusive, compassionate, and secure environment for the elderly.

    *****

    VM

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: ITU Kaleidoscope-2024 Concludes with Focus on Connectivity and Inclusivity

    Source: Government of India (2)

    ITU Kaleidoscope-2024 Concludes with Focus on Connectivity and Inclusivity

    Collaboration with international community will further future-proof our communications systems: Mr. Rohit Sharma, Member (Services), Digital Communications Commission, DoT

    Youth participation in the standardization process not only drives innovation but also opens the door to significant opportunities, including the creation of standard essential patents: Mr. Bilel Jamoussi,​ Deputy to the Director and Chief of Telecommunication Standardization Policy Department

    Posted On: 24 OCT 2024 8:49AM by PIB Delhi

    The three-day ITU Kaleidoscope-2024 being held at the ITU-WTSA 2024 centered on bridging the digital divide, and exploring how emerging technologies can connect underserved population concluded yesterday. The day additionally featured engaging discussions on the role of youth in standardization, with students and young professionals sharing their perspectives on how to engage the next generation in global standardization efforts.

    Mr. Rohit Sharma, Member (Services), Digital Communications Commission, Department of Telecommunications, Government of India, chaired the session on “How to respond quantum computing threats and its standardization trend: Quantum Key Distribution and Post Quantum Cryptography.” The keynote session by Prof. Heung Youl Youm, Chairman of ITU-T Study Group 17, highlighted the challenges in cybersecurity posed by quantum computing, emphasizing the need for standardization in post-quantum cryptography.

     

    Mr. Rohit Sharma, Member (Services), Department of Telecommunications in his opening remarks, stated, “ As we navigate the challenges of the digital age, the emergence of quantum computing presents both immense opportunities and significant risks. While this technology holds the potential to revolutionize fields like cryptography and secure communications, it also poses new challenges that must be addressed at a global scale. The standardization of Quantum Key Distribution (QKD) and the development of post-quantum cryptography are essential steps in preparing for this technological shift. Moreover, collaboration with international community will further future-proof our communications systems.”

    The first panel of Day 3 titled, “Connecting the Remaining 3 Billion,’ focused on the critical issue of closing the global digital divide. Moderated by Prof. Mohamed-Slim Alouini from King Abdullah University of Science and Technology (KAUST), Saudi Arabia, This session included Ellie Joo, Marketing and Policy Lead – Taara at X and Satya N. Gupta, Secretary General of the ITU-APT Foundation of India. Satya N. Gupta presented PM-Wani (Prime Minister Wi-Fi Access Network Interface), a successful initiative in India that leverages public Wi-Fi to provide affordable internet access to rural communities. His talk highlighted how such scalable models can be adapted globally to foster digital inclusion and bridge the digital divide.

    The second panel titled, “Youth and Standardisation,” brought attention to the growing role of youth in telecommunications standards development. Mr. Sharad Arora, international expert in e-learning, security, telecommunications, and IoT gave a presentation on The Role of Standards and Standardization Activities, whereas, Mr. Thomas Basikolo Programme Officer in the Telecommunication Standardization Policy Department of the ITU Telecommunication Standardization Bureau gave a presentation on ITU Standardisation work and its international standards. Additionally, a panel session was scheduled which was moderated by Ms. Kumud Jindal, ADG-Digital Intelligence, Department of Telecommunications. The panelists included Sonali Garg, Manager-Standards & Research Group, HFCL; Vinit Ranjan, ADG-Wireless Finance; Diksha Dhiman, ADET- NTIPRIT; and Akshat Shrivastava, Student B.Tech Final Year, IIT-Delhi.  The session emphasized on the need to enhance youth participation in shaping the future of global standards for emerging technologies such as 5G, AI, and quantum communication. The session concluded with a call to action for increased youth representation in international organizations to ensure that the next generation actively contributes to building an inclusive and secure digital future

    Bilel Jamoussi,​ Deputy to the Director and Chief of Telecommunication Standardization Policy Department in his opening remarks for the session, stated, “Youth participation in the standardization process not only drives innovation but also opens the door to significant opportunities, including the creation of standard essential patents. This can lead to both recognition and financial benefits. By engaging in the standardization process, you not only contribute to global solutions but also position yourselves to lead successful ventures in the future.”

    The conference concluded with a closing ceremony led by Mario Maniewicz, Director of ​Radiocommunication Bureau (BR)​, ITU, and Deb Kumar Chakrabarti, Director General, National Communication Academy, Department of Telecommunications & General Chairman of Kaleidoscope 2024. Awards of CHF 6000 were presented for the best three research papers. Young authors certificates were given to 18 young authors of the selected papers. Among the exceptional submissions, three projects were awarded top honours for their outstanding contributions.

    Deb Kumar Chakrabarti, Director General, National Communication Academy, Ghaziabad, Department of Telecommunications & General Chairman of Kaleidoscope 2024, in his closing remarks, stated, “This event provided a unique platform for thought leaders to share ideas on the future of telecom, and I extend my congratulations to the Kaleidoscope award winners and all participants. The diverse presentations showcased the critical role of technologies like 6G, IoT, AI, and quantum computing in shaping the global digital landscape and addressing key challenges. The insights gained here will guide future strategies, enhance telecom networks, and empower millions, contributing to a more inclusive and sustainable world.”

    The 1st prize went to the Artificial Intelligence Driven Tilt Sensor-Based Smart Drinking Device for Stroke Survivors, developed by Preeta Sharan and Anup M Upadhyaya from The Oxford College of Engineering, India, along with R Vasanthan from The Oxford College of Physiotherapy, India. The 2nd prize was awarded to the Elderly Wellness Companion With Voice and Video-Based Health Anomaly Detection, created by Dhananjay Kumar, Mehal Sakthi M S, and Sowbarnigaa K S from Anna University, India, alongside Ved P. Kafle from the National Institute of Information and Communications Technology, Japan. The 3rd prize was given to Alpha-Bit: An Android App for Enhancing Pattern Recognition Using CNN and Sequential Deep Learning, developed by Gobi Ramasamy, Arokia Paul Rajan, and Priyadharshini Rengasamy from Christ University, India, along with Antoine Bagula from the University of the Western Cape, South Africa.

    The event emphasized the importance of continued collaboration to achieve global digital transformation, particularly through inclusivity and access.

    About ITU Kaleidoscope

    ITU Kaleidoscope is an annual event that has been instrumental in bridging the gap between academia and industry, promoting the exchange of ideas that contribute to the global standardization of telecommunications technologies. Since its inception in 2008, Kaleidoscope has become one of the most influential platforms for discussing the future of digital communications, providing a space where researchers and innovators can present their most promising work.

    Visit the official ITU Kaleidoscope 2024 website at https://www.itu.int/en/ITU-T/academia/kaleidoscope/2024/Pages/default.aspx or simply type ITU Kaleidoscope 2024 in google and select the first displayed website for detailed information on the event program, speakers, and sessions.

    About WTSA 2024:

    WTSA 2024, organized by the International Telecommunication Union (ITU), serves as a platform for the development and implementation of global telecommunications standards, uniting regulators, industry leaders, and policymakers to shape the future of communications worldwide.

     

    *****

    SB/DP/ARJ

    (Release ID: 2067545) Visitor Counter : 85

    MIL OSI Asia Pacific News –

  • MIL-OSI: Bread Financial Declares Dividend on Common Stock

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, Oct. 24, 2024 (GLOBE NEWSWIRE) — Bread Financial Holdings, Inc.® (NYSE: BFH), a tech-forward financial services company that provides simple, flexible payment, lending and saving solutions, today announced that its Board of Directors declared a quarterly cash dividend of $0.21 per share on the Company’s common stock, payable on December 13, 2024 to stockholders of record at the close of business on November 8, 2024.

    About Bread Financial® 
    Bread Financial® (NYSE: BFH) is a tech-forward financial services company providing simple, personalized payment, lending and saving solutions. The company creates opportunities for its customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility and exceptional customer experiences. Driven by a digital-first approach, data insights and white-label technology, Bread Financial delivers growth for its partners through a comprehensive suite of payment solutions that includes private label and co-brand credit cards and Bread Pay® buy now, pay later products. Bread Financial also offers direct-to-consumer products that give customers more access, choice and freedom through its branded Bread Cashback® American Express® Credit Card, Bread Rewards™ American Express® Credit Card and Bread Savings® products. 

    Headquartered in Columbus, Ohio, Bread Financial is powered by its approximately 7,000 global associates and is committed to sustainable business practices. To learn more about Bread Financial, visit breadfinancial.com or follow us on Facebook, LinkedIn, X and Instagram.

    Contacts
    Brian Vereb – Investor Relations
    Brian.Vereb@BreadFinancial.com

    Susan Haugen – Investor Relations
    Susan.Haugen@BreadFinancial.com

    Rachel Stultz – Media
    Rachel.Stultz@BreadFinancial.com

    The MIL Network –

  • MIL-OSI: National Fuel Gas Company Announces Management Change, Ronald C. Kraemer Announces Retirement Date

    Source: GlobeNewswire (MIL-OSI)

    WILLIAMSVILLE, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) — Today, National Fuel Gas Company (National Fuel or the Company) (NYSE: NFG) announced that Ronald C. Kraemer, Chief Operating Officer of National Fuel Gas Company and President of National Fuel’s pipeline and storage subsidiaries, has indicated his intention to retire effective Feb. 1, 2025, after more than 46 years with the Company.

    Joseph N. Del Vecchio, Executive Vice President of National Fuel Gas Supply Corporation, will succeed him in the role of President of National Fuel Gas Supply Corporation and Empire Pipeline, Inc.

    “Throughout his 46-year career, Ron has served with distinction, driving significant innovation and accomplishments across a range of senior roles in various capacities,” said David P. Bauer, President and Chief Executive Officer at National Fuel Gas Company. “Ron’s impact extends far beyond National Fuel, and we applaud him for his unwavering commitment.”

    Having joined National Fuel in the management training program in 1978, Kraemer has been employed by various subsidiaries of National Fuel, including National Fuel Gas Distribution Corporation, Horizon Energy Development, and the two pipeline subsidiaries, holding numerous management and executive-level positions in engineering, operations, marketing, business development, and international business development. These companies represent a cross-section of the energy industry including utility, interstate pipeline and storage, international power, and natural gas project development.

    “On behalf of our Board of Directors and the Company, I want to express my deepest appreciation to Ron for his contributions to National Fuel as an integral part of the executive team. His leadership, practical expertise and wisdom have contributed to the overall growth and success of the Company. I wish him and his family all the best in his well-deserved retirement,” Bauer said.

    Del Vecchio, who holds undergraduate and master’s degrees in Mechanical Engineering as well as a degree in law from the University at Buffalo, began his career with the Company as a law clerk in 1995. He was hired as a Distribution Corporation Attorney in 1998. Throughout the years his responsibilities increased as he worked in the Utility’s Legal and Risk Management departments. In 2007 he was promoted to Assistant Vice President and then Vice President of National Fuel Resources, Inc. He transitioned back to the Utility in 2015 as Vice President and Chief Regulatory Counsel. Del Vecchio was named Senior Vice President of Supply Corporation in 2021, expanding his career into pipeline and storage operations, and was promoted to Executive Vice President in 2023.

    National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0a907c05-1df8-4b37-9ed3-565acaf2ac37

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/735ff87e-b7a3-4b10-991e-c660d7ad0e2c

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, Oct. 24, 2024 (GLOBE NEWSWIRE) — Bread Financial Holdings, Inc.® (NYSE: BFH), a tech-forward financial services company that provides simple, flexible payment, lending and saving solutions, today announced its third quarter 2024 financial results. All earnings-related materials are now available at the company’s investor relations website, here.

    Bread Financial President and Chief Executive Officer Ralph Andretta and Chief Financial Officer Perry Beberman will host a conference call at 8:30 a.m. ET today to discuss results. A link to the conference call will be available at the company’s investor relations website, and a replay will also be available there following the call.

    About Bread Financial® 
    Bread Financial® (NYSE: BFH) is a tech-forward financial services company providing simple, personalized payment, lending and saving solutions. The company creates opportunities for its customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility and exceptional customer experiences. Driven by a digital-first approach, data insights and white-label technology, Bread Financial delivers growth for its partners through a comprehensive suite of payment solutions that includes private label and co-brand credit cards and Bread Pay® buy now, pay later products. Bread Financial also offers direct-to-consumer products that give customers more access, choice and freedom through its branded Bread Cashback® American Express® Credit Card, Bread Rewards™ American Express® Credit Card and Bread Savings® products.

    Headquartered in Columbus, Ohio, Bread Financial is powered by its approximately 7,000 global associates and is committed to sustainable business practices. To learn more about Bread Financial, visit breadfinancial.com or follow us on Facebook, LinkedIn, X and Instagram.  

    Contacts
    Brian Vereb — Investor Relations
    Brian.Vereb@breadfinancial.com

    Susan Haugen — Investor Relations
    Susan.Haugen@breadfinancial.com

    Rachel Stultz — Media
    Rachel.Stultz@breadfinancial.com

    The MIL Network –

  • MIL-OSI USA: Deputy Administrator Coleman at the Partnership for Global Infrastructure and Investment (PGI) Session

    Source: USAID

    DEPUTY ADMINISTRATOR ISOBEL COLEMAN: First, I want to thank the Italian Presidency for its strong focus on the Partnership for Global Infrastructure and Investment over the past year.

    I want to commend our collective efforts to make PGI an initiative built to last. The standing Secretariat sets PGI up for longevity and success, and we expect that PGI will remain an on-going G7 priority across multiple presidencies. The United States has marshaled multiple agencies, including USAID, the Department of State, the U.S. International Development Finance Corporation (DFC), the U.S. Export-Import Bank, from across the U.S. government to support our contributions.

    Over the last four years, we’ve witnessed significant progress. Notably, the U.S. announced our support for three important economic corridors, Lobito in Southern Africa, Luzon in the Philippines, and the Trans-Caspian in Central Asia, which have received tremendous support from our G7 partners. The European Union and Italy have signed an MoU to cooperate on developing the Lobito Corridor; we are cooperating with the EU in Central Asia on the Trans-Caspian Corridor; and we are working closely with Japan on the Luzon Corridor.

    But even as we celebrate this progress, we acknowledge that there is much left to be done. The gap for infrastructure financing continues to grow; our partners in Africa and the Indo-Pacific face unsustainable debt levels; and threats like climate change, global conflict, and market instability create additional challenges to navigate.

    So, we are doubling down on our efforts. Just this year, the United States approved a loan of over $550 million from the Development Finance Corporation to support the rehabilitation of the Lobito Atlantic Railroad, building on our support earlier in 2022 to help put together the private sector consortium responsible for operating the railroad. USAID is also providing support to the Angolan Ministry of Transportation to create a full-time public-private partnership unit dedicated to helping the government partner more deeply with the private sector for infrastructure development.

    This is the comparative advantage of the PGI approach: by creating sustainable sources of financing, ones that ideally do not add to a country’s debt burden, and prioritizing supporting investments in agriculture, digital services, health, and other critical sectors, PGI is creating the conditions for the long-term success of these infrastructure investments.

    When I travel abroad – and I’m sure it’s the same when you all travel abroad – the number one request we receive from our partners is more support for trade, investment, and infrastructure. So, through PGI, we’re putting those local voices in the lead, and meeting a priority demand.

    When President Biden travels to Angola in December, the first sitting U.S. president to visit that country, the Lobito Corridor will be a focus of his historic visit. PGI is the framework through which we can collectively coordinate our investments in such strategic initiatives as these economic corridors to harness maximal benefit: for developing clean energy; expanding access to digital finance; supporting female smallholder farmers as engines of local growth; and providing the communities in the region with a full range of opportunities to benefit from the investments. Through PGI, the U.S. and G7 are not just trying to get the job done, but we’re committed to getting the job done right, with openness and transparency, in partnership with local communities, and with an eye toward building sustainable progress.

    The U.S. is pleased to be contributing to the development of critical infrastructure around the world, and we know we cannot do this work alone: we rely on the leadership and contributions of our G7 partners. We also know that to meet global needs, we must play the long game. We look forward to our continued collaboration on PGI in the years to come as we seek to advance this critical global priority.

    MIL OSI USA News –

  • MIL-OSI USA: Department of Labor welcomes new Apprenticeship Ambassadors, recognizes organizations for promoting, expanding, diversifying Registered Apprenticeship

    Source: US Department of Labor

    WASHINGTON – At a White House ceremony today, the U.S. Department of Labor welcomed the latest cohort of Apprenticeship Ambassadors and recognized current ambassadors for meeting or exceeding their commitments to expand and diversify Registered Apprenticeships. 

    With today’s addition of 138 new organizations, the department has selected 441 Apprenticeship Ambassadors since the initiative’s launch. The latest cohort includes organizations from emerging and high-growth industries, including advanced manufacturing, clean energy, education, financial services, healthcare and hospitality.

    Apprenticeship Ambassadors are helping to modernize Registered Apprenticeships by making specific commitments to sponsor promotional and training activities, conduct outreach to people from underrepresented populations, launch Registered Apprenticeship Programs and hire apprentices. To date, these organizations have held more than 10,800 promotional and outreach activities and 2,600 training sessions, established 520 Registered Apprenticeship Programs and hired more than 155,000 apprentices. Approximately 90 percent of ambassadors offer programming geared toward underrepresented groups. 

    “The Apprenticeship Ambassador initiative shows how a powerful national network can promote and expand Registered Apprenticeship Programs successfully for the benefit of workers, employers and communities nationwide,” said Assistant Secretary for Employment and Training José Javier Rodríguez. “We congratulate our Apprenticeship Ambassadors for their achievements and partnership and look forward to the continued growth of these programs with the help of our latest cohort of ambassadors.” 

    The department announced the first cohort of Apprenticeship Ambassadors on July 12, 2022, and a second cohort on May 17, 2023. In addition to their local efforts, ambassadors are actively involved with national initiatives such as National Apprenticeship Week, Youth Apprenticeship Week, Good Jobs Great Cities Academy, Advanced Manufacturing Workforce Sprint and the Apprentice Trailblazer Initiative. 

    The new cohort of organizations have committed collectively to the following actions: 

    • Develop over 500 new Registered Apprenticeship Programs and 300 resources in their first year.
    • Host over 1,200 outreach and recruitment activities, 600 trainings and 500 promotional meetings.
    • Hire more than 6,700 new apprentices.

    The department’s Office of Apprenticeship will collaborate with Apprenticeship Ambassadors to promote Registered Apprenticeship as part of the 10th Annual National Apprenticeship Week, Nov. 17-23, 2024. 

    View the list of Apprenticeship Ambassadors.

    Read about the Apprenticeship Ambassador initiative and apply to become an ambassador.

    MIL OSI USA News –

  • MIL-OSI USA: California joins federal partners to enhance flood protection and wildlife habitat in Sacramento River Basin

    Source: US State of California 2

    Oct 23, 2024

    What you need to know: State and federal partners today signed a Memorandum of Understanding (MOU) to boost cooperation on multi-benefit water projects in the Sacramento River Basin. 

    SACRAMENTO – Governor Gavin Newsom today highlighted a new agreement between state and federal partners to enhance collaboration on floodplain projects in the Sacramento River Basin that bolster flood protection and habitat for fish and wildlife.
     
    The MOU furthers state-federal coordination on the planning, design and implementation of multi-benefit floodplain projects in the Sacramento River Basin that increase flood protection, restore habitat and ecosystems, improve groundwater recharge and water supply reliability, and sustain farming and managed wetland operations. The agreement is backed by the Floodplain Forward Coalition comprised of landowners, irrigation districts, and higher education and conservation groups.

    “As California grapples with more extreme cycles of wet and dry, it’s more important than ever that we leverage our common interests to meet the needs of our communities, wildlife and economy. This state-federal partnership with support from wide-ranging stakeholders demonstrates the kind of collaborative solutions that can safeguard our communities, wildlife, businesses and water supplies in the face of climate impacts.”

    Governor Gavin Newsom

    The MOU was signed today in Sacramento by representatives from the U.S. Fish and Wildlife Service, U.S. Bureau of Reclamation, U.S. Bureau of Land Management, U.S. Army Corps of Engineers, USDA Natural Resources Conservation Service, California Natural Resources Agency, California Department of Fish and Wildlife, California Department of Food and Agriculture, California Department of Water Resources, and the National Fish and Wildlife Foundation.
     
    Sacramento Valley bypasses are natural overflow areas that are critical to protecting farms, cities and communities from floodwaters. The lowlands also serve as essential habitat for many fish, birds and wildlife, including Chinook salmon, that have historically relied on the basin’s floodplains for food and habitat during their migrations.
     
    More information on the MOU can be found here.

    Recent news

    Oct 23, 2024

    News What you need to know: California Highway Patrol officers conducted blitz operations this weekend, targeting sideshows that led to 22 arrests and the seizure of 36 vehicles. These actions are part of the state’s ongoing enforcement surge in the region, in…

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    MIL OSI USA News –

  • MIL-OSI USA: CHP recovers more than 2,000 stolen vehicles in Oakland since February

    Source: US State of California 2

    Oct 23, 2024

    What you need to know: California Highway Patrol officers conducted blitz operations this weekend, targeting sideshows that led to 22 arrests and the seizure of 36 vehicles. These actions are part of the state’s ongoing enforcement surge in the region, in partnership with the city, which has resulted in 1,125 arrests, and the seizure of 2,213 stolen vehicles and 110 illegal guns since February 2024. 

    OAKLAND – The California Highway Patrol cracked down on sideshows in Oakland this weekend as part of Governor Newsom’s enforcement surge to improve public safety in Alameda County and the East Bay. This week, CHP responded to and subsequently conducted investigations arising from multiple sideshows in the region, arresting 22 individuals and seizing 36 vehicles.

    Governor Newsom launched the CHP operation in February in partnership with the City of Oakland, in response to increased public safety needs in the region, including organized retail theft and sideshows. He then again quadrupled the shifts of CHP officers in Alameda County in July to provide CHP support to the city seven days per week. The most recent surge in officers has led to a 57% increase in arrests, a 44% increase in stolen vehicles recovered, and a 188% increase in guns seized compared to the previous three-month period.

    This builds on CHP’s ongoing work in the region, which has led to the arrest of 1,125 suspects, the seizure of 2,123 stolen vehicles, and the seizure of 110 illegal firearms since February.

    “California has provided robust investments to support the Oakland community by cracking down on crime and uplifting programs that help prevent it. Our recent work in Oakland should send a strong message that lawlessness and crime will not be tolerated in our state. I thank our CHP officers for their work on the ground to help make the East Bay safer for all its residents.”

    Governor Gavin Newsom

    According to the California Department of Justice’s most recent verified data, unlike most communities in California, crime spiked considerably in Alameda County last year. Alameda County had the highest homicide, violent crime, and property crime rates of California’s 10 largest counties in 2023. While new verified data will not be available until next year, local reporting indicates that crime appears to be going down in 2024.

     In July, Governor Newsom announced the state was ramping up efforts to crack down on crime in the East Bay by increasing the deployment of CHP officers in Oakland, quadrupling the number of CHP officer shifts over four months to help local agencies target organized crime, sideshows, carjacking, and other criminal activity seven days a week.

    In just the three months since Governor Newsom announced the deployment of additional officers to the area, CHP has made 524 arrests and seized 920 stolen vehicles, and taken 52 firearms off the street. 

    Technology to investigate illegal sideshows

    As part of this work, California installed a network of cameras on state highways, completed in September. The new cameras, announced by Governor Newsom in April, improve vehicle identification, allowing law enforcement agencies to search for vehicles suspected to be linked to crimes and receive real-time alerts about their movement. These cameras have contributed to multiple investigations of sideshows in the area, including the following operations:

    On October 20 at approximately 3:15 a.m., a CHP airplane observed a sideshow in progress at the intersection of 98th Avenue and Edes Avenue in Oakland. A vehicle was identified as a participant, and when an enforcement stop was attempted, the suspect fled from the officers. With constant aerial surveillance and assistance from cameras near the sideshow, ground units safely pursued the suspect and successfully arrested two individuals for attempting to evade law enforcement and impounded the vehicle for 30 days.

    CHP video footage of sideshow on 98th and Edes Avenue 

    CHP video footage of arrest of individual after pursuit on the Bay Bridge

    • Later that evening, at approximately 9:30 p.m., a CHP helicopter observed a sideshow in progress on West Grand Avenue under I-880 in Oakland. Spectators were shining laser lights at the law enforcement aircraft, and upon breaking up the sideshow, 14 individuals were arrested for being spectators at a sideshow and six vehicles were towed.

    Today, CHP conducted investigations into the recent sideshows, issuing a number of search warrants that will result in the seizure of additional vehicles owned by participants and spectators of the sideshows that occurred over the weekend.
     

    “The dedicated men and women of the CHP are working tirelessly to combat crime, improve public safety, and hold sideshow participants accountable for their reckless actions,” said CHP Commissioner Sean Duryee. “We remain committed to ensuring the streets of Oakland are safer for everyone, and we will continue to use every tool at our disposal to uphold the law and protect our residents.”

    Stronger enforcement. Serious penalties. Real consequences.

    Recently, the Governor signed into law a bipartisan package of bills to impose stricter penalties, increase accountability, and strengthen law enforcement’s ability to combat sideshows and deter illegal activities such as drifting, street racing, and blocking intersections. The new laws expand vehicle impoundment authority for law enforcement, including for spectators and those aiding in illegal speed contests and sideshows, standardize terminology for “sideshows” and “street takeovers” statewide, and target reckless driving activities on highways and parking lots.

    The Governor also recently signed into law the most significant bipartisan legislation to crack down on property crime in modern California. Building on the state’s robust laws and record public safety funding, these bipartisan bills establish tough new penalties for repeat offenders, provide additional tools for felony prosecutions, and crack down on serial shoplifters, retail thieves, and auto burglars. 

    Supporting and investing in Oakland 

    In March, the Governor released Caltrans’ 10-Point Action Plan to support the city’s efforts to improve street safety and beautification. The comprehensive plan outlines actionable steps the state is taking to further support the city through blight abatement efforts, homeless encampment resolutions, community outreach initiatives, employment opportunities, and other beautification and safety efforts. A detailed overview of the state’s investments in Oakland and Alameda County is available here.

    California has invested in violence intervention and prevention efforts in the city — including through CalVIP, which provides funding for cities and community-based organizations with the goal of reducing violence in the city and adjacent areas. The state has also expanded opportunities for youth by transforming Oakland’s schools into community schools, mandating and funding after-school programs, awarding Oakland grants for youth coaches, establishing targeted college and career savings accounts, and providing tuition-free community college for students at Oakland community colleges. 

    Videos above may be attributed to the California Highway Patrol. 

    Recent news

    Oct 23, 2024

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    MIL OSI USA News –

  • MIL-OSI: Visteon Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    VAN BUREN TOWNSHIP, Mich., Oct. 24, 2024 (GLOBE NEWSWIRE) — Visteon Corporation (NASDAQ: VC) today reported third quarter financial results. Highlights include:

    • Sales of $980 million with Growth-over-Market of 6%1
    • Net income of $39 million and adjusted net income of $63 million
    • Adjusted EBITDA of $119 million
    • Launched 30 new products in the quarter and 71 year-to-date
    • New business wins of $4.9 billion year-to-date
    • Net cash of $229 million at quarter end

    Visteon reported solid net sales of $980 million in a challenging production environment. We delivered 6% outperformance relative to customer vehicle production, driven by strong demand for digital cockpit and electrification products. Our market outperformance was offset by lower customer production and reduced customer recoveries resulting from improved semiconductor supply.

    Gross margin in the third quarter was $131 million. Net income attributable to Visteon was $39 million or $1.40 per diluted share and adjusted net income, a non-GAAP measure defined below, was $63 million or $2.26 per diluted share. Net income, as compared to the prior year, includes the favorable impact of strong operational performance and lower net engineering, partially offset by restructuring expense incurred in the third quarter of 2024. Adjusted EBITDA, a non-GAAP measure defined below, was $119 million in the third quarter and reflects the Company’s strong focus on operational execution, commercial excellence, and cost discipline.

    For the first nine months, cash from operations was $224 million, capital expenditures were $96 million and adjusted free cash flow, a non-GAAP measure defined below, was $135 million. The company ended the third quarter with cash of $553 million and debt of $324 million. Our strong balance sheet, with a net cash position of $229 million, provides the flexibility to deliver on our capital allocation priorities.

    Visteon launched 30 new products in the third quarter, with launches across each of its product lines. Key third quarter launches include an infotainment display system on the Tata Punch, highlighting our continued momentum in India; SmartCore(TM) on an electric SUV for Lynk & Co for the European market and the Renault Grand Koleos hybrid for the Korean market; a digital cluster on the Nissan Qashqai, a popular SUV in Europe; and a wireless BMS for the all-electric Jeep Wagoneer.

    Visteon secured $4.9 billion in new business through the first nine months of the year, including $2.5 billion of wins with OEMs in Asia excluding China. Our success in diversifying into adjacent end-markets also continued, with further momentum with two-wheeler and commercial vehicle OEMs. Third quarter wins included a large, curved display for multiple mass market vehicles in Europe for a global OEM, SmartCore™ and display wins for a SUV model for an Indian OEM and for an electric vehicle for a domestic China OEM. We also had a follow-on win for a digital cluster with a two-wheeler OEM in India.

    “Visteon delivered solid sales and growth-over-market in the third quarter, demonstrating our ability to navigate a challenging customer production environment,” said President and CEO Sachin Lawande. “Demand from our customers remains robust for our diverse product portfolio targeting automotive megatrends of digitalization and electrification. Our continued success in securing new business wins and our momentum with two-wheeler and commercial vehicle OEMs provide a strong foundation for future growth.”

    Based on our year-to-date performance and outlook for the fourth quarter, Visteon is updating its full-year 2024 guidance and anticipates sales in the range of $3.85 – $3.90 billion, adjusted EBITDA in the range of $465 – $480 million, and adjusted free cash flow in the range of $165 – $185 million.

    About Visteon

    Visteon is advancing mobility through innovative technology solutions that enable a software-defined and electric future. With next-generation digital cockpit and electrification products, Visteon leverages the strength and agility of its global network with a local footprint to deliver a cleaner, safer and more connected vehicle experience. Headquartered in Van Buren Township, Michigan, Visteon operates in 17 countries worldwide, recorded approximately $3.95 billion in annual sales and booked $7.2 billion of new business in 2023. Learn more at investors.visteon.com/.

    Conference Call and Presentation
    Today, Thursday, October 24, at 9 a.m. ET, the company will host a conference call for the investment community to discuss the quarter’s results and other related items. The conference call is available to the general public via a live audio webcast.

    The dial-in numbers to participate in the call are:

    U.S./Canada: 1-888-330-2508
    Outside U.S./Canada: 1-240-789-2735
    Conference ID: 8897485  

    (Call approximately 10 minutes before the start of the conference.)

    The conference call and live audio webcast, related presentation materials and other supplemental information will be accessible in the Investors section of Visteon’s website.

    Use of Non-GAAP Financial Information

    Because not all companies use identical calculations, adjusted EBITDA, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow used throughout this press release may not be comparable to other similarly titled measures of other companies.

    In order to provide the forward-looking non-GAAP financial measures for full-year 2024, the company provides reconciliations to the most directly comparable GAAP financial measures on the subsequent slides. The provision of these comparable GAAP financial measures is not intended to indicate that the company is explicitly or implicitly providing projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the company at the date of this press release and the adjustments that management can reasonably predict.

    Forward-looking Information

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “will,” “may,” “designed to,” “outlook,” “believes,” “should,” “anticipates,” “plans,” “expects,” “intends,” “estimates,” “forecasts” and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:

    • continued and future impacts of the geopolitical conflicts and related supply chain disruptions, including but not limited to the conflicts in the Middle East, Russia and East Asia and the possible imposition of sanctions;
    • significant or prolonged shortage of critical components from our suppliers, including but not limited to semiconductors, and particularly those who are our sole or primary sources;
    • failure of the Company’s joint venture partners to comply with contractual obligations or to exert influence or pressure in China;
    • conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest;
    • our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms;
    • our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis;
    • general economic conditions, including changes in interest rates and fuel prices; the timing and expenses related to internal restructurings, employee reductions, acquisitions or dispositions and the effect of pension and other post-employment benefit obligations;
    • disruptions in information technology systems including, but not limited to, system failure, cyber-attack, malicious computer software (malware including ransomware), unauthorized physical or electronic access, or other natural or man-made incidents or disasters;
    • increases in raw material and energy costs and our ability to offset or recover these costs; increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party;
    • changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of our products or assets; and
    • those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by our subsequent filings with the Securities and Exchange Commission).

    Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024. New business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer price reductions and currency exchange rates.

    Follow Visteon:

    https://www.linkedin.com/company/visteon 
    https://twitter.com/visteon 
    https://www.facebook.com/VisteonCorporation 
    https://www.youtube.com/user/Visteon
    https://www.instagram.com/visteon/ 
    https://mp.weixin.qq.com/?lang=en_US 
    https://m.weibo.cn/u/6605315328 
    http://i.youku.com/u/UNDgyMjA1NjUxNg==?spm=a2h0k.8191407.0.0

    VISTEON CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
    (In millions except per share amounts)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      September 30,   September 30,
        2024       2023       2024       2023  
                   
    Net sales $ 980     $ 1,014     $ 2,927     $ 2,964  
    Cost of sales   (849 )     (871 )     (2,530 )     (2,607 )
    Gross margin   131       143       397       357  
    Selling, general and administrative expenses   (51 )     (52 )     (152 )     (156 )
    Restructuring, net   (28 )     —       (31 )     (2 )
    Interest expense, net   —       (1 )     —       (7 )
    Equity in net income (loss) of non-consolidated affiliates   (3 )     (1 )     (7 )     (8 )
    Other income (expense), net   2       3       7       (4 )
    Income (loss) before income taxes   51       92       214       180  
    Provision for income taxes   (11 )     (21 )     (55 )     (48 )
    Net income (loss)   40       71       159       132  
    Less: Net (income) loss attributable to non-controlling interests   (1 )     (5 )     (7 )     (12 )
    Net income (loss) attributable to Visteon Corporation $ 39     $ 66     $ 152     $ 120  
                   
    Comprehensive income (loss) $ 69     $ 58     $ 153     $ 114  
    Less: Comprehensive (income) loss attributable to non-controlling interests   (7 )     (4 )     (10 )     (6 )
    Comprehensive income (loss) attributable to Visteon Corporation $ 62     $ 54     $ 143     $ 108  
                   
    Basic earnings (loss) per share attributable to Visteon Corporation $ 1.41     $ 2.35     $ 5.51     $ 4.26  
                   
    Diluted earnings (loss) per share attributable to Visteon Corporation $ 1.40     $ 2.32     $ 5.45     $ 4.20  
                   
    Average shares outstanding (in millions)              
    Basic   27.6       28.1       27.6       28.2  
    Diluted   27.9       28.5       27.9       28.6  
    VISTEON CORPORATION AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (In millions)
     
      (Unaudited)    
      September 30,   December 31,
        2024       2023  
    ASSETS      
    Cash and equivalents $ 550     $ 515  
    Restricted cash   3       3  
    Accounts receivable, net   719       666  
    Inventories, net   321       298  
    Other current assets   109       134  
    Total current assets   1,702       1,616  
           
    Property and equipment, net   438       418  
    Intangible assets, net   157       90  
    Right-of-use assets   103       109  
    Investments in non-consolidated affiliates   27       35  
    Deferred tax assets   387       384  
    Other non-current assets   79       75  
    Total assets $ 2,893     $ 2,727  
           
    LIABILITIES AND EQUITY      
    Short-term debt $ 18     $ 18  
    Accounts payable   547       551  
    Accrued employee liabilities   98       99  
    Current lease liability   29       30  
    Other current liabilities   245       233  
    Total current liabilities   937       931  
           
    Long-term debt, net   306       318  
    Employee benefits   143       160  
    Non-current lease liability   79       79  
    Deferred tax liabilities   46       31  
    Other non-current liabilities   109       85  
           
    Stockholders’ equity:      
    Common stock   1       1  
    Additional paid-in capital   1,369       1,356  
    Retained earnings   2,426       2,274  
    Accumulated other comprehensive loss   (263 )     (254 )
    Treasury stock   (2,348 )     (2,339 )
    Total Visteon Corporation stockholders’ equity   1,185       1,038  
    Non-controlling interests   88       85  
    Total equity   1,273       1,123  
    Total liabilities and equity $ 2,893     $ 2,727  
    VISTEON CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In millions)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      September 30,   September 30,
        2024       2023       2024       2023  
    OPERATING              
    Net income (loss) $ 40     $ 71     $ 159     $ 132  
    Adjustments to reconcile net income (loss) to net cash provided from (used by) operating activities:              
    Depreciation and amortization   25       24       71       79  
    Non-cash stock-based compensation   10       9       31       26  
    Equity in net loss (income) of non-consolidated affiliates, net of dividends remitted   3       1       7       8  
    Tax valuation allowance benefit   (7 )     —       (7 )     —  
    Other non-cash items   3       1       10       (3 )
    Changes in assets and liabilities:              
    Accounts receivable   (6 )     (12 )     (55 )     (19 )
    Inventories   —       6       (23 )     23  
    Accounts payable   (5 )     35       3       (54 )
    Other assets and other liabilities   35       (8 )     28       (23 )
    Net cash provided from (used by) operating activities   98       127       224       169  
    INVESTING              
    Capital expenditures, including intangibles   (28 )     (31 )     (96 )     (82 )
    Acquisition of business, net of cash acquired   (48 )     —       (48 )     —  
    Contributions to equity method investments   (1 )     (1 )     (1 )     (1 )
    Loan provided to non-consolidated affiliate   —       —       (5 )     —  
    Other   1       1       2       3  
    Net cash used by investing activities   (76 )     (31 )     (148 )     (80 )
    FINANCING              
    Dividends to non-controlling interests   —       (12 )     —       (27 )
    Short-term debt, net   —       (3 )     —       —  
    Repurchase of common stock   —       (46 )     (20 )     (76 )
    Stock based compensation tax withholding payments   —       (1 )     (7 )     (16 )
    Proceeds from the exercise of stock options   —       4       —       8  
    Principal repayment of term debt facility   (4 )     (4 )     (13 )     (8 )
    Net cash used by financing activities   (4 )     (62 )     (40 )     (119 )
    Effect of exchange rate changes on cash   27       (8 )     (1 )     (8 )
    Net decrease in cash, equivalents, and restricted cash   45       26       35       (38 )
    Cash, equivalents, and restricted cash at beginning of the period   508       459       518       523  
    Cash, equivalents, and restricted cash at end of the period $ 553     $ 485     $ 553     $ 485  

    VISTEON CORPORATION AND SUBSIDIARIES
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (In millions except per share amounts)
    (Unaudited)

    Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company’s performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company’s operating activities across reporting periods. The Company defines adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, provision for (benefit from) income taxes, non-cash stock-based compensation expense, net interest expense, net income attributable to non-controlling interests, net restructuring expense, equity in net (income)/loss of non-consolidated affiliates, gain on non-consolidated affiliate transactions, and other gains and losses not reflective of the Company’s ongoing operations. Because not all companies use identical calculations, this presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies.

      Three Months Ended   Nine Months Ended   Estimated
      September 30,   September 30,   Full Year
    Visteon:   2024       2023       2024       2023       2024  
    Net income attributable to Visteon Corporation $ 39     $ 66     $ 152     $ 120       202  
    Depreciation and amortization   25       24       71       79       96  
    Provision for income taxes   11       21       55       48       75  
    Non-cash, stock-based compensation expense   10       9       31       26       42  
    Restructuring, net   28       —       31       2       34  
    Interest expense, net   —       1       —       7       —  
    Net income attributable to non-controlling interests   1       5       7       12       10  
    Equity in net loss (income) of non-consolidated affiliates   3       1       7       8       9  
    Other   2       1       3       15       5  
    Adjusted EBITDA $ 119     $ 128     $ 357     $ 317     $ 4732  
                       

    Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management’s discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company’s business strategies, and (iii) because the Company’s credit agreements use similar measures for compliance with certain covenants.

    VISTEON CORPORATION AND SUBSIDIARIES
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (In millions except per share amounts)
    (Unaudited)

    Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and adjusted free cash flow are presented as supplemental measures of the Company’s liquidity that management believes are useful to investors in analyzing the Company’s ability to service and repay its debt. The Company defines free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles. The Company defines adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Because not all companies use identical calculations, this presentation of free cash flow and adjusted free cash flow may not be comparable to other similarly titled measures of other companies.

      Three Months Ended   Nine Months Ended   Estimated
      September 30,   September 30,   Full Year
    Visteon:   2024       2023       2024       2023       2024  
    Cash provided from (used by) operating activities $ 98     $ 127     $ 224     $ 169       305  
    Capital expenditures, including intangibles   (28 )     (31 )     (96 )     (82 )     (145 )
    Free cash flow $ 70     $ 96     $ 128     $ 87     $ 160  
    Restructuring related payments   3       2       7       6       15  
    Adjusted free cash flow $ 73     $ 98     $ 135     $ 93     $ 1753  
     

    Free cash flow and adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses free cash flow and adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.

    VISTEON CORPORATION AND SUBSIDIARIES
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (In millions except per share amounts)
    (Unaudited)

    Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company’s profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of restructuring expense, loss on divestiture, gain on non-consolidated affiliate transactions, other gains and losses not reflective of the Company’s ongoing operations and related tax effects. The Company defines adjusted earnings per share as adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of adjusted net income and adjusted earnings per share may not be comparable to other similarly titled measures of other companies.

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
        2024       2023       2024       2023  
    Net income attributable to Visteon $ 39     $ 66     $ 152     $ 120  
                   
    Diluted earnings per share:              
    Net income attributable to Visteon $ 39     $ 66     $ 152     $ 120  
    Average shares outstanding, diluted   27.9       28.5       27.9       28.6  
    Diluted earnings per share $ 1.40     $ 2.32     $ 5.45     $ 4.20  
                   
    Adjusted net income and adjusted earnings per share:              
    Net income attributable to Visteon $ 39     $ 66     $ 152     $ 120  
    Restructuring, net   28       —       31       2  
    Other   2       1       3       15  
    Tax impacts of adjustments   (6 )     —       (7 )     —  
    Adjusted net income $ 63     $ 67     $ 179     $ 137  
    Average shares outstanding, diluted   27.9       28.5       27.9       28.6  
    Adjusted earnings per share $ 2.26     $ 2.35     $ 6.42     $ 4.79  
                   

    Adjusted net income and adjusted earnings per share are not recognized terms under U.S. GAAP and do not purport to be a substitute for profitability. Adjusted net income and adjusted earnings per share have limitations as analytical tools as they do not consider certain restructuring and transaction-related payments and/or expenses. In addition, the Company uses adjusted net income and adjusted earnings per share for internal planning and forecasting purposes.

    1 Excludes Y/Y impact of currency fluctuations
    2 Based on mid-point of the range of the Company’s financial guidance
    3 Based on mid-point of the range of the Company’s financial guidance

    The MIL Network –

  • MIL-OSI: Bread Financial Provides Performance Update for September 2024

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, Oct. 24, 2024 (GLOBE NEWSWIRE) — Bread Financial Holdings, Inc.® (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions, provided a performance update. The following tables present the Company’s net loss rate and delinquency rate for the periods indicated.

      For the
    month ended
    September 30, 2024    		   For the
    three months ended
    September 30, 2024
      (dollars in millions)
    End-of-period credit card and other loans $ 17,933     $ 17,933  
    Average credit card and other loans (1) $ 17,955     $ 17,766  
    Year-over-year change in average credit card and other loans (1)   3 %     1 %
    Net principal losses $ 110     $ 347  
    Net loss rate (1)   7.4 %     7.8 %
                   
      As of
    September 30, 2024    		   As of
    September 30, 2023
      (dollars in millions)
    30 days + delinquencies – principal $ 1,062     $ 1,038  
    Period ended credit card and other loans – principal $ 16,476     $ 16,585  
    Delinquency rate   6.4 %     6.3 %

    __________________________________________________________________________

    (1) Beginning in January 2024, we revised the calculation of Average credit card and other loans to more closely align with industry practice by incorporating an average daily balance. Prior to 2024, Average credit card and other loans represent the average balance of the loans at the beginning and end of each month, averaged over the periods indicated. Consequentially, the calculations for Year-over-year change in average credit card and other loans and Net loss rate differ for the periods presented.

    About Bread Financial® 
    Bread Financial® (NYSE: BFH) is a tech-forward financial services company providing simple, personalized payment, lending and saving solutions. The company creates opportunities for its customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility and exceptional customer experiences. Driven by a digital-first approach, data insights and white-label technology, Bread Financial delivers growth for its partners through a comprehensive suite of payment solutions that includes private label and co-brand credit cards and Bread Pay® buy now, pay later products. Bread Financial also offers direct-to-consumer products that give customers more access, choice and freedom through its branded Bread Cashback® American Express® Credit Card, Bread Rewards™ American Express® Credit Card and Bread Savings® products.    
         
    Headquartered in Columbus, Ohio, Bread Financial is powered by its approximately 7,000 global associates and is committed to sustainable business practices. To learn more about Bread Financial, visit breadfinancial.com or follow us on Facebook, LinkedIn, X and Instagram.

    Forward-Looking Statements
    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding, and the guidance we give with respect to, our anticipated operating or financial results, future financial performance and outlook, future dividend declarations, and future economic conditions.

    We believe that our expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond our control. Accordingly, our actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that our expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, higher interest rates, labor market conditions, recessionary pressures or a concern over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behavior; global political and public health events and conditions, including ongoing wars and military conflicts and natural disasters; future credit performance, including the level of future delinquency and write-off rates; the loss of, or reduction in demand from, significant brand partners or customers in the highly competitive markets in which we compete; the concentration of our business in U.S. consumer credit; inaccuracies in the models and estimates on which we rely, including the amount of our Allowance for credit losses and our credit risk management models; the inability to realize the intended benefits of acquisitions, dispositions and other strategic initiatives; our level of indebtedness and ability to access financial or capital markets; pending and future federal and state legislation, regulation, supervisory guidance, and regulatory and legal actions, including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions with respect to late fees, interchange fees or other charges; impacts arising from or relating to the transition of our credit card processing services to third party service providers that we completed in 2022; failures or breaches in our operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects or otherwise; and any tax or other liability or adverse impacts arising out of or related to the spinoff of our former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. (LVI) and certain of its subsidiaries and subsequent litigation or other disputes. In addition, the Consumer Financial Protection Bureau (CFPB) has issued a final rule that, absent a successful legal challenge, will place significant limits on credit card late fees, which would have a significant impact on our business and results of operations for at least the short term and, depending on the effectiveness of the mitigating actions that we have taken or may in the future take in anticipation of, or in response to, the final rule, may potentially adversely impact us over the long term; we cannot provide any assurance as to the effective date of the rule, the result of any pending or future challenges or other litigation relating to the rule, or our ability to mitigate or offset the impact of the rule on our business and results of operations. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, our Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. Our forward-looking statements speak only as of the date made, and we undertake no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

    Contacts
    Brian Vereb – Investor Relations
    Brian.Vereb@BreadFinancial.com

    Susan Haugen – Investor Relations
    Susan.Haugen@BreadFinancial.com

    Rachel Stultz – Media
    Rachel.Stultz@BreadFinancial.com

    The MIL Network –

  • MIL-OSI: Fidelity D & D Bancorp, Inc.: Increases for Ten Consecutive Years with 5% Rise in Fourth Quarter 2024 Dividend

    Source: GlobeNewswire (MIL-OSI)

    DUNMORE, Pa., Oct. 24, 2024 (GLOBE NEWSWIRE) — The Board of Directors of Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC), parent company of The Fidelity Deposit and Discount Bank, announce their declaration of the Company’s fourth quarter dividend of $0.40 per share, a 5% increase above the prior quarterly cash dividend of $0.38 per share.

    “On behalf of the Board of Directors and all Fidelity Bankers, we are proud to announce our fourth quarter cash dividend increase, marking ten consecutive years of increasing and a more than doubling of the dividend paid over the period. This milestone reflects ongoing targeted reinvestment from the creation of sustainable value to our shareholders and the communities we serve,” shared Daniel J. Santaniello, President & Chief Executive Officer. “As we look toward future growth, we remain deeply grateful for the continued support of our dedicated Bankers, valued clients, loyal shareholders, and the communities we serve.”

    The cash dividend of $0.40 per share is payable December 10, 2024 to shareholders of record at the close of business on November 15, 2024.

    Fidelity D & D Bancorp, Inc. serves Lackawanna, Luzerne and Northampton Counties through The Fidelity Deposit and Discount Bank’s 21 full-service community banking offices, along with the Fidelity Bank Wealth Management Minersville Office in Schuylkill County. Fidelity Bank provides a digital and virtual experience via digital services and digital account opening through online banking and mobile app.

    For more information visit our investor relations web site through www.bankatfidelity.com.

    This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.  Actual results and trends could differ materially from those set forth in such statements due to various factors.  These factors include the possibility that increased demand or prices for the company’s financial services and products may not occur, changing economic, interest rate and competitive conditions, technological developments and other risks and uncertainties, including those detailed in the company’s filings with the Securities and Exchange Commission.
    Contacts:  
    Daniel J. Santaniello
    President and Chief Executive Officer
    570-504-8035    		 Salvatore R. DeFrancesco, Jr.
    Treasurer and Chief Financial Officer
    570-504-8000

    The MIL Network –

  • MIL-OSI: ConnectOne Bancorp, Inc. Reports Third Quarter 2024 Results; Declares Common and Preferred Dividends

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD CLIFFS, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) — ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today reported net income available to common stockholders of $15.7 million for the third quarter of 2024 compared with $17.5 million for the second quarter of 2024 and $19.9 million for the third quarter of 2023. Included in net income available to common stockholders’ was merger and restructuring pre-tax expenses of $0.7 million for the third quarter of 2024, while there were no such charges during the second quarter of 2024 and the third quarter of 2023. Diluted earnings per share were $0.41 for the third quarter of 2024 compared with $0.46 for the second quarter of 2024 and $0.51 for the third quarter of 2023. Return on average assets was 0.70%, 0.79% and 0.88% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Return on average tangible common equity was 6.93%, 7.98% and 9.11% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

    Operating net income available to common stockholders, which excludes non-operating items, was $16.1 million for the third quarter of 2024, $17.9 million for the second quarter of 2024 and $20.4 million for the third quarter of 2023. Operating diluted earnings per share were $0.42 for the third quarter of 2024, $0.47 for the second quarter of 2024 and $0.52 for the third quarter of 2023. Operating return on average assets was 0.72%, 0.80% and 0.90% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Operating return on average tangible common equity was 7.03%, 8.05% and 9.21% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively. See supplemental tables for a complete reconciliation of GAAP earnings to operating earnings, and other non-GAAP measures.

    The decrease in net income available to common stockholders and diluted earnings per share from the second quarter of 2024 was primarily due to a $1.3 million increase in the provision for credit losses, a $1.0 million increase in noninterest expenses, and a $0.6 million decrease in net interest income, partially offset by a $0.7 million decrease in income tax expenses and a $0.3 million increase in noninterest income. The decrease in net income available to common stockholders from the third quarter of 2023 was primarily due to a $2.9 million increase in noninterest expenses, a $2.3 million increase in the provision for credit losses, and a $1.5 million decrease in net interest income, partially offset by a $1.2 million increase in noninterest income and a $1.2 million decrease in income tax expense. The increases in noninterest expenses when compared to the prior sequential quarter and the prior year quarter included the impact of the aforementioned $0.7 million of merger and restructuring expense that occurred during the third quarter of 2024.

    “In September, we announced a planned merger with The First of Long Island Corporation, a transaction that we believe will create a truly premier New York-metro community bank,” commented Frank Sorrentino, ConnectOne’s Chairman and Chief Executive Officer. “Our integration planning is off to a good start, the initial regulatory process is underway, and we’re excited about creating a significantly enhanced platform for continued growth across all markets and communities we serve. Further, the economic environment and interest rate outlook confirms our belief that this combination will deliver meaningful benefits to our communities, clients and shareholders. We look forward to updating you on our progress in the months and quarters ahead.”

    Mr. Sorrentino added, “Meanwhile, we remain focused and committed to our client-first culture and relationship banking model. During the first nine months of the year, we have actively reduced non-relationship loans from our balance sheet in an effort to improve our loan-to-deposit ratio, diversify our loan mix, and capitalize on the improving interest rate environment.”

    “The net interest margin, for the third quarter, on a core basis was flat; however, as a result of the Fed’s 50 basis-point cut in late September, we ended the quarter with a so-called spot margin upwards of 10 basis points wider. And with our liability-sensitive balance sheet, we are positioned to drive increased profitability through the fourth quarter, into 2025 and post-merger completion.”

    Dividend Declarations

    The Company announced that its Board of Directors declared a cash dividend on both its common stock and its outstanding preferred stock. A cash dividend on common stock of $0.18 per share will be paid on December 2, 2024, to common stockholders of record on November 15, 2024. A dividend of $0.328125 per depositary share, representing a 1/40th interest in a share of the Company’s 5.25% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, will also be paid on December 2, 2024 to holders of record on November 15, 2024.

    Operating Results

    Fully taxable equivalent net interest income for the third quarter of 2024 was $61.7 million, a decrease of $0.5 million, or 0.9%, from the second quarter of 2024, due to a five basis-point contraction of the net interest margin to 2.67% from 2.72%. During the third quarter of 2024, average loans decreased $89.4 million, or 1.1% when compared to the second quarter of 2024. The contraction of the net interest margin was primarily due to an increase in average cash balances during the third quarter of 2024, as well as a decrease in loan prepayment fees and nonaccrual loan interest recapture. The net interest margin is expected to increase by 10 basis points or more in the fourth quarter of 2024 reflecting the Fed’s actual and expected rate cuts along with deployment of excess cash-on-hand.

    Fully taxable equivalent net interest income for the third quarter of 2024 decreased by $1.5 million, or 2.4%, from the third quarter of 2023. The decrease from the third quarter of 2023 resulted primarily from a nine basis-point contraction in the net interest margin to 2.67% from 2.76%. During the third quarter of 2024, average loans decreased by $45.9 million, or 0.6% when compared to the third quarter of 2023. The contraction of the net interest margin for the third quarter of 2024 when compared to the third quarter of 2023 was primarily attributable to a 40 basis-point increase in the average cost of deposits, including noninterest-bearing deposits, partially offset by a 24 basis-point increase in the loan portfolio yield.

    Noninterest income was $4.7 million in the third quarter of 2024, $4.4 million in the second quarter of 2024 and $3.6 million in the third quarter of 2023. The $0.3 million increase in noninterest income for the third quarter of 2024 when compared to the second quarter of 2024 was due to a $0.6 million increase in net gains on equity securities, a $0.4 million increase in BOLI death benefits and a $0.2 million increase in other deposit, loan and other income, partially offset a $0.9 million decrease in net gains on sale of loans held-for-sale. The $1.2 million increase in noninterest income for the third quarter of 2024 when compared to the third quarter of 2023 was due to a $0.7 million increase in net gains on equity securities, a $0.4 million increase in BOLI death benefits received, a $0.2 million increase in BOLI income, a $0.1 million increase in BoeFly income, and a $0.1 million increase in other deposit, loan and other income, partially offset by a decrease in net gains on sale of loans held-for-sale of $0.3 million.

    Noninterest expenses were $38.6 million for the third quarter of 2024, $37.6 million for the second quarter of 2024 and $35.8 million for the third quarter of 2023. The $1.0 million increase in noninterest expenses for the third quarter of 2024 when compared to the second quarter of 2024 was primarily due to a $0.7 million increase in merger and restructuring expenses, a $0.3 million increase in information and technology communications, a $0.2 million increase in salaries and employee benefits and a $0.2 million increase in professional and consulting fees, partially offset by decreases in other expenses of $0.4 million. The $2.9 million increase in noninterest expenses for the third quarter of 2024 when compared to the third quarter of 2023 was primarily due to a $1.0 million increase in information technology and communications, a $0.7 million increase in merger and restructuring expenses, a $0.7 million increase in salaries and employee benefits, a $0.3 million increase in professional and consulting, a $0.2 million increase in occupancy and equipment and a $0.1 million increase in marketing and advertising, partially offset by a decrease in other expenses of $0.1 million. The increases in information technology and communications when compared to the second quarter of 2024 and the third quarter of 2023 are attributable to additional investments in technology, equipment, and software. The increase in salaries and employee benefits when compared to the second quarter of 2024 was primarily attributable to increases in incentive-based compensation accruals, partially offset by decreases in payroll tax expenses and other employee benefit expenses. The increase in salaries and employee benefits when compared to the third quarter of 2023 was primarily attributable to increases in incentive-based compensation accruals, and an increase in other employee benefit expenses, partially offset by decreases in stock-compensation expenses.

    Income tax expense was $6.0 million for the third quarter of 2024, $6.7 million for the second quarter of 2024 and $7.2 million for the third quarter of 2023. The effective tax rates for the second quarter of 2024, first quarter of 2024 and second quarter of 2023 were 26.0%, 26.0% and 25.2%, respectively.

    Asset Quality

    The provision for credit losses was $3.8 million for the third quarter of 2024, $2.5 million for the second quarter of 2024 and $1.5 million for the third quarter of 2023. The increase in the current quarter’s provision for credit losses from both the second quarter of 2024 and the third quarter of 2023 was primarily due to increases in specific reserves, partially offset by decreases in general reserves.

    Nonperforming assets, which includes nonaccrual loans and other real estate owned (the Bank had no other real estate owned during the periods reported), was $51.3 million as of September 30, 2024, $52.5 million as of December 31, 2023 and $56.1 million as of September 30, 2023. Nonperforming assets as a percentage of total assets was 0.53% as of September 30, 2024, 0.53% as of December 31, 2023 and 0.58% as of September 30, 2023. The ratio of nonaccrual loans to loans receivable was 0.63%, 0.63% and 0.69%, as of September 30, 2024, December 31, 2023 and September 30, 2023, respectively. The annualized net loan charge-offs ratio was 0.17% for the third quarter of 2024, 0.43% for the fourth quarter of 2023 and 0.12% for the third quarter of 2023. The allowance for credit losses represented 1.02%, 0.98%, and 1.08% of loans receivable as of September 30, 2024, December 31, 2023, and September 30, 2023, respectively. The allowance for credit losses as a percentage of nonaccrual loans was 160.8% as of September 30, 2024, 156.1% as of December 31, 2023 and 157.4% as of September 30, 2023. Criticized and classified loans as a percentage of total loans was 2.23% as of September 30, 2024, up from 1.35% as of December 31, 2023 and up from 1.44% as of September 30, 2023. The increase is primarily due to a loan modification of one CRE relationship that was moved to special mention. Loans delinquent 30 to 89 days was 0.16% of loans as of September 30, 2024, down from 0.30% as of December 31, 2023 and up from 0.04% as of September 30, 2023.

    Selected Balance Sheet Items

    The Company’s total assets were $9.639 billion as of September 30, 2024, compared to $9.856 billion as of December 31, 2023. Loans receivable were $8.112 billion as of September 30, 2024 and $8.345 billion as of December 31, 2023. Total deposits were $7.524 billion as of September 30, 2024 and $7.536 billion as of December 31, 2023.

    The Company’s total stockholders’ equity was $1.239 billion as of September 30, 2024 and $1.217 billion as of December 31, 2023. The increase in total stockholders’ equity was primarily attributable to an increase in retained earnings of $28.5 million, partially offset by an increase in accumulated other comprehensive losses of approximately $1.6 million and increases in treasury stock of approximately $5.8 million. As of September 30, 2024, the Company’s tangible common equity ratio and tangible book value per share were 9.71% and $23.85, respectively, compared to 9.25% and $23.14, respectively, as of December 31, 2023. Total goodwill and other intangible assets were $213.3 million as of September 30, 2024, and $214.2 million as of December 31, 2023.

    Use of Non-GAAP Financial Measures

    In addition to the results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), ConnectOne routinely supplements its evaluation with an analysis of certain non-GAAP measures. ConnectOne believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors in understanding our operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

    Third Quarter 2024 Results Conference Call

    Management will also host a conference call and audio webcast at 10:00 a.m. ET on October 24, 2024 to review the Company’s financial performance and operating results. The conference call dial-in number is 1 (646) 307-1963, access code 5504182. Please dial in at least five minutes before the start of the call to register. An audio webcast of the conference call will be available to the public, on a listen-only basis, via the “Investor Relations” link on the Company’s website https://www.ConnectOneBank.com or at http://ir.connectonebank.com.

    A replay of the conference call will be available beginning at approximately 1:00 p.m. ET on Thursday, October 24, 2024 and ending on Thursday, October 31, 2024 by dialing 1 (609) 800-9909, access code 5504182. An online archive of the webcast will be available following the completion of the conference call at https://www.ConnectOneBank.com or at http://ir.connectonebank.com.

    About ConnectOne Bancorp, Inc.

    ConnectOne Bancorp, Inc., is a modern financial services company that operates, through its subsidiary, ConnectOne Bank, and the Bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank is a high-performing commercial bank offering a full suite of banking & lending products and services that focus on small to middle-market businesses. BoeFly, Inc. is a fintech marketplace that connects borrowers in the franchise space with funding solutions through a network of partner banks. ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol “CNOB,” and information about ConnectOne may be found at https://www.connectonebank.com.

    This news release contains certain forward-looking statements which are based on certain assumptions and describe future plans, strategies, and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, those factors set forth in Item 1A – Risk Factors of the Company’s Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission, as supplemented by the Company’s subsequent filings with the U.S. Securities and Exchange Commission, and changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, changes in accounting principles and guidelines and the impact of the health emergencies and natural disasters on the Company, its employees and operations, and its customers. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    Investor Contact:
    William S. Burns
    Senior Executive Vice President & CFO
    201.816.4474: bburns@cnob.com

    Media Contact:
    Shannan Weeks 
    MikeWorldWide
    732.299.7890: sweeks@mww.com

    CONNECTONE BANCORP, INC. AND SUBSIDIARIES            
    CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION          
    (in thousands)            
                 
      September 30,   December 31,   September 30,  
        2024       2023       2023    
      (unaudited)       (unaudited)  
    ASSETS            
    Cash and due from banks $ 61,093     $ 61,421     $ 56,170    
    Interest-bearing deposits with banks   186,155       181,293       197,128    
    Cash and cash equivalents   247,248       242,714       253,298    
                 
    Investment securities   646,713       617,162       581,867    
    Equity securities   20,399       18,564       17,677    
                 
    Loans receivable   8,111,976       8,345,145       8,181,109    
    Less: Allowance for credit losses – loans   82,494       81,974       88,230    
    Net loans receivable   8,029,482       8,263,171       8,092,879    
                 
    Investment in restricted stock, at cost   42,772       51,457       49,387    
    Bank premises and equipment, net   29,068       30,779       28,432    
    Accrued interest receivable   46,951       49,108       46,795    
    Bank owned life insurance   242,016       237,644       236,009    
    Right of use operating lease assets   14,211       12,007       11,229    
    Goodwill   208,372       208,372       208,372    
    Core deposit intangibles   4,935       5,874       6,222    
    Other assets   107,436       118,751       146,718    
    Total assets $ 9,639,603     $ 9,855,603     $ 9,678,885    
                 
    LIABILITIES            
    Deposits:            
    Noninterest-bearing $ 1,262,568     $ 1,259,364     $ 1,224,125    
    Interest-bearing   6,261,537       6,276,838       6,214,370    
    Total deposits   7,524,105       7,536,202       7,438,495    
    Borrowings   742,133       933,579       887,590    
    Subordinated debentures, net   79,818       79,439       79,313    
    Operating lease liabilities   15,252       13,171       12,424    
    Other liabilities   38,799       76,592       72,909    
    Total liabilities   8,400,107       8,638,983       8,490,731    
                 
    COMMITMENTS AND CONTINGENCIES            
                 
    STOCKHOLDERS’ EQUITY            
    Preferred stock   110,927       110,927       110,927    
    Common stock   586,946       586,946       586,946    
    Additional paid-in capital   34,995       33,182       32,027    
    Retained earnings   619,497       590,970       579,776    
    Treasury stock   (76,116 )     (70,296 )     (68,108 )  
    Accumulated other comprehensive loss   (36,753 )     (35,109 )     (53,414 )  
    Total stockholders’ equity   1,239,496       1,216,620       1,188,154    
    Total liabilities and stockholders’ equity $ 9,639,603     $ 9,855,603     $ 9,678,885    
                 
    CONNECTONE BANCORP, INC. AND SUBSIDIARIES                
    CONSOLIDATED STATEMENTS OF INCOME                
    (dollars in thousands, except for per share data)                
                     
      Three Months Ended Nine Months Ended  
      09/30/24   09/30/23   09/30/24   09/30/23  
    Interest income                
    Interest and fees on loans $ 119,280   $ 115,405     $ 359,513   $ 333,356    
    Interest and dividends on investment securities:                
    Taxable   4,740     4,128       13,757     12,386    
    Tax-exempt   1,119     1,136       3,394     3,475    
    Dividends   1,048     907       3,390     2,750    
    Interest on federal funds sold and other short-term investments   4,055     2,110       9,802     9,141    
    Total interest income   130,242     123,686       389,856     361,108    
    Interest expense                
    Deposits   63,785     56,043       186,278     146,844    
    Borrowings   5,570     5,286       20,952     20,980    
    Total interest expense   69,355     61,329       207,230     167,824    
                     
    Net interest income   60,887     62,357       182,626     193,284    
    Provision for credit losses   3,800     1,500       10,300     5,500    
    Net interest income after provision for credit losses   57,087     60,857       172,326     187,784    
                     
    Noninterest income                
    Deposit, loan and other income   1,817     1,605       5,063     4,553    
    Income on bank owned life insurance   2,145     1,597       5,486     4,681    
    Net gains on sale of loans held-for-sale   343     633       2,126     1,232    
    Net losses (gains) on equity securities   432     (273 )     309     (674 )  
    Total noninterest income   4,737     3,562       12,984     9,792    
                     
    Noninterest expenses                
    Salaries and employee benefits   22,957     22,251       67,809     66,213    
    Occupancy and equipment   2,889     2,738       8,797     8,176    
    FDIC insurance   1,800     1,800       5,400     4,465    
    Professional and consulting   2,147     1,834       5,998     5,960    
    Marketing and advertising   635     554       1,925     1,642    
    Information technology and communications   4,464     3,487       13,051     10,192    
    Merger and restructuring   742     –       742     –    
    Amortization of core deposit intangibles   297     347       939     1,090    
    Other expenses   2,710     2,773       8,639     8,366    
    Total noninterest expenses   38,641     35,784       113,300     106,104    
                     
    Income before income tax expense   23,183     28,635       72,010     91,472    
    Income tax expense   6,022     7,228       18,588     23,742    
    Net income   17,161     21,407       53,422     67,730    
    Preferred dividends   1,509     1,509       4,527     4,527    
    Net income available to common stockholders $ 15,652   $ 19,898     $ 48,895   $ 63,203    
                     
    Earnings per common share:                
    Basic $ 0.41   $ 0.51     $ 1.27   $ 1.62    
    Diluted   0.41     0.51       1.27     1.61    
                     
    ConnectOne’s management believes that the supplemental financial information, including non-GAAP measures provided below, is useful to investors. The non-GAAP measures should not be viewed as a substitute for financial results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP financial measures presented by other companies.  
                         
    CONNECTONE BANCORP, INC.                    
    SUPPLEMENTAL GAAP AND NON-GAAP FINANCIAL MEASURES                    
                         
      As of  
      Sept. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,  
        2024       2024       2024       2023       2023    
    Selected Financial Data (dollars in thousands)  
    Total assets $ 9,639,603     $ 9,723,731     $ 9,853,964     $ 9,855,603     $ 9,678,885    
    Loans receivable:                    
    Commercial $ 1,505,743     $ 1,491,079     $ 1,561,063     $ 1,564,768     $ 1,464,479    
    Commercial real estate   3,261,160       3,274,941       3,333,488       3,342,603       3,288,704    
    Multifamily   2,482,258       2,499,581       2,507,893       2,566,904       2,559,927    
    Commercial construction   616,087       639,168       646,593       620,496       622,748    
    Residential   250,249       256,786       254,214       256,041       251,416    
    Consumer   835       945       850       1,029       936    
    Gross loans   8,116,332       8,162,500       8,304,101       8,351,841       8,188,210    
    Net deferred loan fees   (4,356 )     (4,597 )     (6,144 )     (6,696 )     (7,101 )  
    Loans receivable   8,111,976       8,157,903       8,297,957       8,345,145       8,181,109    
    Loans held-for-sale   –       435       –       –       –    
    Total loans $ 8,111,976     $ 8,158,338     $ 8,297,957     $ 8,345,145     $ 8,181,109    
                         
    Investment and equity securities $ 667,112     $ 640,322     $ 638,854     $ 635,726     $ 599,544    
    Goodwill and other intangible assets   213,307       213,604       213,925       214,246       214,594    
    Deposits:                    
    Noninterest-bearing demand $ 1,262,568     $ 1,268,882     $ 1,290,523     $ 1,259,364     $ 1,224,125    
    Time deposits   2,614,187       2,593,165       2,623,391       2,531,371       2,522,210    
    Other interest-bearing deposits   3,647,350       3,713,967       3,674,740       3,745,467       3,692,160    
    Total deposits $ 7,524,105     $ 7,576,014     $ 7,588,654     $ 7,536,202     $ 7,438,495    
                         
    Borrowings $ 742,133     $ 756,144     $ 877,568     $ 933,579     $ 887,590    
    Subordinated debentures (net of debt issuance costs)   79,818       79,692       79,566       79,439       79,313    
    Total stockholders’ equity   1,239,496       1,224,227       1,216,609       1,216,620       1,188,154    
                         
    Quarterly Average Balances                    
    Total assets $ 9,742,853     $ 9,745,853     $ 9,860,753     $ 9,690,746     $ 9,625,625    
    Loans receivable:                    
    Commercial $ 1,485,777     $ 1,517,446     $ 1,552,360     $ 1,510,634     $ 1,471,006    
    Commercial real estate (including multifamily)   5,752,467       5,789,498       5,890,853       5,874,854       5,821,794    
    Commercial construction   628,740       652,227       637,993       630,468       625,640    
    Residential   252,975       254,284       252,965       253,200       253,114    
    Consumer   7,887       5,155       5,091       6,006       4,972    
    Gross loans   8,127,846       8,218,610       8,339,262       8,275,162       8,176,526    
    Net deferred loan fees   (4,513 )     (5,954 )     (6,533 )     (6,894 )     (7,387 )  
    Loans receivable   8,123,333       8,212,656       8,332,729       8,268,268       8,169,139    
    Loans held-for-sale   83       169       99       31       171    
    Total loans $ 8,123,416     $ 8,212,825     $ 8,332,828     $ 8,268,299     $ 8,169,310    
                         
    Investment and equity securities $ 650,897     $ 637,551     $ 633,270     $ 602,287     $ 628,429    
    Goodwill and other intangible assets   213,502       213,813       214,133       214,472       214,822    
    Deposits:                    
    Noninterest-bearing demand $ 1,259,912     $ 1,256,251     $ 1,254,201     $ 1,248,132     $ 1,275,325    
    Time deposits   2,625,329       2,587,706       2,567,767       2,495,091       2,606,122    
    Other interest-bearing deposits   3,747,427       3,721,167       3,696,374       3,747,093       3,723,561    
    Total deposits $ 7,632,668     $ 7,565,124     $ 7,518,342     $ 7,490,316     $ 7,605,008    
                         
    Borrowings $ 717,586     $ 787,256     $ 947,003     $ 823,123     $ 651,112    
    Subordinated debentures (net of debt issuance costs)   79,735       79,609       79,483       79,356       79,230    
    Total stockholders’ equity   1,234,724       1,220,621       1,220,818       1,198,389       1,202,647    
                         
      Three Months Ended  
      Sept. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,  
        2024       2024       2024       2023       2023    
      (dollars in thousands, except for per share data)  
    Net interest income $ 60,887     $ 61,439     $ 60,300     $ 61,822     $ 62,357    
    Provision for credit losses   3,800       2,500       4,000       2,700       1,500    
    Net interest income after provision for credit losses   57,087       58,939       56,300       59,122       60,857    
    Noninterest income                    
    Deposit, loan and other income   1,817       1,654       1,592       1,545       1,605    
    Income on bank owned life insurance   2,145       1,677       1,664       1,635       1,597    
    Net gains on sale of loans held-for-sale   343       1,277       506       472       633    
    Net gains (losses) on equity securities   432       (209 )     86       557       (273 )  
    Total noninterest income   4,737       4,399       3,848       4,209       3,562    
    Noninterest expenses                    
    Salaries and employee benefits   22,957       22,721       22,131       22,010       22,251    
    Occupancy and equipment   2,889       2,899       3,009       2,708       2,738    
    FDIC insurance   1,800       1,800       1,800       3,900       1,800    
    Professional and consulting   2,147       1,923       1,928       1,587       1,834    
    Marketing and advertising   635       613       677       323       554    
    Information technology and communications   4,464       4,198       4,389       4,148       3,487    
    Merger and restructuring   742       –       –       –       –    
    Amortization of core deposit intangible   297       321       321       348       347    
    Other expenses   2,710       3,119       2,810       2,821       2,773    
    Total noninterest expenses   38,641       37,594       37,065       37,845       35,784    
                         
    Income before income tax expense   23,183       25,744       23,083       25,486       28,635    
    Income tax expense   6,022       6,688       5,878       6,213       7,228    
    Net income   17,161       19,056       17,205       19,273       21,407    
    Preferred dividends   1,509       1,509       1,509       1,509       1,509    
    Net income available to common stockholders $ 15,652     $ 17,547     $ 15,696     $ 17,764     $ 19,898    
                         
    Weighted average diluted common shares outstanding   38,525,484       38,448,594       38,511,747       38,651,391       38,829,681    
    Diluted EPS (GAAP) $ 0.41     $ 0.46     $ 0.41     $ 0.46     $ 0.51    
                         
    Reconciliation of GAAP Net Income to Operating Net Income:                    
    Net income $ 17,161     $ 19,056     $ 17,205     $ 19,273     $ 21,407    
    Merger and restructuring   742       –       –       –       –    
    Amoritization of core deposit intangibles   297       321       321       348       347    
    FDIC special assessment   –       –       –       2,100       –    
    Net (gains) losses on equity securities   (432 )     209       (86 )     (557 )     273    
    Tax impact of adjustments   (171 )     (149 )     (66 )     (569 )     (187 )  
    Operating net income $ 17,597     $ 19,437     $ 17,374     $ 20,595     $ 21,840    
    Preferred dividends   1,509       1,509       1,509       1,509       1,509    
    Operating net income available to common stockholders $ 16,088     $ 17,928     $ 15,865     $ 19,086     $ 20,331    
                         
    Opearting diluted EPS (non-GAAP)(1) $ 0.42     $ 0.47     $ 0.41     $ 0.49     $ 0.52    
                         
    Return on Assets Measures                    
    Average assets $ 9,742,853     $ 9,745,853     $ 9,860,753     $ 9,690,746     $ 9,625,625    
    Return on avg. assets   0.70 %     0.79 %     0.70 %     0.79 %     0.88 %  
    Operating return on avg. assets (non-GAAP)(2)   0.72       0.80       0.71       0.84       0.90    
    _________________________                     
    (1)Operating net income available to common stockholders divided by weighted average diluted shares outstanding.
    (2)Operating net income divided by average assets.
                         
      Three Months Ended  
      Sept. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,  
        2024       2024       2024       2023       2023    
    Return on Equity Measures (dollars in thousands)  
    Average stockholders’ equity $ 1,234,724     $ 1,220,621     $ 1,220,818     $ 1,198,389     $ 1,202,647    
    Less: average preferred stock   (110,927 )     (110,927 )     (110,927 )     (110,927 )     (110,927 )  
    Average common equity $ 1,123,797     $ 1,109,694     $ 1,109,891     $ 1,087,462     $ 1,091,720    
    Less: average intangible assets   (213,502 )     (213,813 )     (214,133 )     (214,472 )     (214,822 )  
    Average tangible common equity $ 910,295     $ 895,881     $ 895,758     $ 872,990     $ 876,898    
    Return on avg. common equity (GAAP)   5.54 %     6.36 %     5.69 %     6.48 %     7.23 %  
    Operating return on avg. common equity (non-GAAP)(3)   5.70       6.50       5.75       6.96       7.39    
    Return on avg. tangible common equity (non-GAAP)(4)   6.93       7.98       7.15       8.18       9.11    
    Operating return on avg. tangible common equity (non-GAAP)(5)   7.03       8.05       7.12       8.67       9.20    
                         
    Efficiency Measures                    
    Total noninterest expenses $ 38,641     $ 37,594     $ 37,065     $ 37,845     $ 35,784    
    Merger and restructuring   (742 )     –       –       –       –    
    Amortization of core deposit intangibles   (297 )     (321 )     (321 )     (348 )     (347 )  
    FDIC special assessment   –       –       –       (2,100 )     –    
    Operating noninterest expense $ 37,602     $ 37,273     $ 36,744     $ 35,397     $ 35,437    
                         
    Net interest income (tax equivalent basis) $ 61,710     $ 62,255     $ 61,111     $ 62,627     $ 63,208    
    Noninterest income   4,737       4,399       3,848       4,209       3,562    
    Net (gains) losses on equity securities   (432 )     209       (86 )     (557 )     273    
    Operating revenue $ 66,015     $ 66,863     $ 64,873     $ 66,279     $ 67,043    
                         
    Operating efficiency ratio (non-GAAP)(6)   57.0 %     55.7 %     56.6 %     53.4 %     52.9 %  
                         
    Net Interest Margin                    
    Average interest-earning assets $ 9,206,038     $ 9,210,050     $ 9,323,291     $ 9,172,165     $ 9,089,431    
    Net interest income (tax equivalent basis)   61,710       62,255       61,111       62,627       63,208    
    Net interest margin (GAAP)   2.67 %     2.72 %     2.64 %     2.71 %     2.76 %  
    _________________________                     
    (3)Operating net income available to common stockholders divided by average common equity.
    (4)Net income available to common stockholders, excluding amortization of intangible assets, divided by average tangible common equity.
    (5)Operating net income available to common stockholders, divided by average tangible common equity.
    (6)Operating noninterest expense divided by operating revenue.
                         
      As of  
      Sept. 30,   Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,  
        2024       2024       2024       2023       2023    
    Capital Ratios and Book Value per Share (dollars in thousands, except for per share data)  
    Stockholders equity $ 1,239,496     $ 1,224,227     $ 1,216,609     $ 1,216,620     $ 1,188,154    
    Less: preferred stock   (110,927 )     (110,927 )     (110,927 )     (110,927 )     (110,927 )  
    Common equity $ 1,128,569     $ 1,113,300     $ 1,105,682     $ 1,105,693     $ 1,077,227    
    Less: intangible assets   (213,307 )     (213,604 )     (213,925 )     (214,246 )     (214,594 )  
    Tangible common equity $ 915,262     $ 899,696     $ 891,757     $ 891,447     $ 862,633    
                         
    Total assets $ 9,639,603     $ 9,723,731     $ 9,853,964     $ 9,855,603     $ 9,678,885    
    Less: intangible assets   (213,307 )     (213,604 )     (213,925 )     (214,246 )     (214,594 )  
    Tangible assets $ 9,426,296     $ 9,510,127     $ 9,640,039     $ 9,641,357     $ 9,464,291    
                         
    Common shares outstanding   38,368,217       38,365,069       38,333,053       38,519,770       38,621,970    
                         
    Common equity ratio (GAAP)   11.71 %     11.45 %     11.22 %     11.22 %     11.13 %  
    Tangible common equity ratio (non-GAAP)(7)   9.71       9.46       9.25       9.25       9.11    
                         
    Regulatory capital ratios (Bancorp):                    
    Leverage ratio   11.10 %     10.97 %     10.73 %     10.86 %     10.86 %  
    Common equity Tier 1 risk-based ratio   11.07       10.90       10.70       10.62       10.64    
    Risk-based Tier 1 capital ratio   12.42       12.25       12.03       11.95       11.98    
    Risk-based total capital ratio   14.29       14.10       13.88       13.77       13.90    
                         
    Regulatory capital ratios (Bank):                    
    Leverage ratio   11.43 %     11.29 %     11.10 %     11.20 %     11.23 %  
    Common equity Tier 1 risk-based ratio   12.79       12.60       12.43       12.31       12.38    
    Risk-based Tier 1 capital ratio   12.79       12.60       12.43       12.31       12.38    
    Risk-based total capital ratio   13.77       13.58       13.41       13.28       13.43    
                         
    Book value per share (GAAP) $ 29.41     $ 29.02     $ 28.84     $ 28.70     $ 27.89    
    Tangible book value per share (non-GAAP)(8)   23.85       23.45       23.26       23.14       22.34    
                         
    Net Loan Charge-offs (Recoveries):                    
    Net loan charge-offs (recoveries):                    
    Charge-offs $ 3,559     $ 3,595     $ 3,185     $ 8,960     $ 2,487    
    Recoveries   (53 )     (324 )     (23 )     –       (8 )  
    Net loan charge-offs $ 3,506     $ 3,271     $ 3,162     $ 8,960     $ 2,479    
    Net loan charge-offs as a % of average loans receivable (annualized)   0.17 %     0.16 %     0.15 %     0.43 %     0.12 %  
                         
    Asset Quality                    
    Nonaccrual loans $ 51,300     $ 46,026     $ 47,438     $ 52,524     $ 56,059    
    Other real estate owned   –       –       –       –       –    
    Nonperforming assets $ 51,300     $ 46,026     $ 47,438     $ 52,524     $ 56,059    
                         
    Allowance for credit losses – loans (“ACL”) $ 82,494     $ 82,077     $ 82,869     $ 81,974     $ 88,230    
    Loans receivable   8,111,976       8,157,903       8,297,957       8,345,145       8,181,109    
                         
    Nonaccrual loans as a % of loans receivable   0.63 %     0.56 %     0.57 %     0.63 %     0.69 %  
    Nonperforming assets as a % of total assets   0.53       0.47       0.48       0.53       0.58    
    ACL as a % of loans receivable   1.02       1.01       1.00       0.98       1.08    
    ACL as a % of nonaccrual loans   160.8       178.3       174.7       156.1       157.4    
     _________________________                     
    (7)Tangible common equity divided by tangible assets.
    (8)Tangible common equity divided by common shares outstanding at period-end.
                         
    CONNECTONE BANCORP, INC.                            
    NET INTEREST MARGIN ANALYSIS                            
    (dollars in thousands)                              
                                       
            For the Quarter Ended  
            September 30, 2024 June 30, 2024 September 30, 2023
            Average         Average         Average      
    Interest-earning assets:   Balance Interest Rate(7)   Balance Interest Rate(7)   Balance Interest Rate(7)
    Investment securities(1) (2) $ 736,946   $ 6,157   3.32 %   $ 739,591   $ 6,102   3.32 %   $ 723,408   $ 5,566   3.05 %
    Loans receivable and loans held-for-sale(2) (3) (4)         8,123,416     119,805   5.87       8,212,825     120,663   5.91       8,169,310     115,954   5.63  
    Federal funds sold and interest-                            
    bearing deposits with banks   304,009     4,056   5.31       212,811     2,841   5.37       158,155     2,110   5.29  
    Restricted investment in bank stock   41,667     1,048   10.01       44,823     1,217   10.92       38,558     907   9.33  
    Total interest-earning assets   9,206,038     131,066   5.66       9,210,050     130,823   5.71       9,089,431     124,537   5.44  
    Allowance for credit losses   (83,355 )           (84,681 )           (89,966 )      
    Noninterest-earning assets     620,170             620,484             626,160        
    Total assets     $ 9,742,853           $ 9,745,853           $ 9,625,625        
                                       
    Interest-bearing liabilities:                            
    Time deposits     $ 2,625,329     30,245   4.58     $ 2,587,706     28,898   4.49     $ 2,606,122     25,437   3.87  
    Other interest-bearing deposits   3,747,427     33,540   3.56       3,721,167     33,188   3.59       3,723,561     30,606   3.26  
    Total interest-bearing deposits   6,372,756     63,785   3.98       6,308,873     62,086   3.96       6,329,683     56,043   3.51  
                                       
    Borrowings       717,586     4,239   2.35       787,256     5,150   2.63       651,112     3,950   2.41  
    Subordinated debentures, net   79,735     1,312   6.55       79,609     1,311   6.62       79,230     1,312   6.57  
    Finance lease       1,349     20   5.90       1,416     21   5.96       1,603     24   5.94  
    Total interest-bearing liabilities   7,171,426     69,356   3.85       7,177,154     68,568   3.84       7,061,628     61,329   3.45  
                                       
    Noninterest-bearing demand deposits   1,259,912             1,256,251             1,275,325        
    Other liabilities       76,791             91,827             86,025        
    Total noninterest-bearing liabilities   1,336,703             1,348,078             1,361,350        
    Stockholders’ equity     1,234,724             1,220,621             1,202,647        
    Total liabilities and stockholders’ equity $ 9,742,853           $ 9,745,853           $ 9,625,625        
                                       
    Net interest income (tax equivalent basis)     61,710             62,255             63,208      
    Net interest spread(5)       1.82 %       1.87 %       1.99 %
                                       
    Net interest margin(6)       2.67 %       2.72 %       2.76 %
                                       
    Tax equivalent adjustment       (823 )           (816 )           (851 )    
    Net interest income     $ 60,887           $ 61,439           $ 62,357      
    _________________________                                   
    (1)Average balances are calculated on amortized cost.
    (2)Interest income is presented on a tax equivalent basis using 21% federal tax rate.
    (3)Includes loan fee income.
    (4)Loans include nonaccrual loans.
    (5)Represents difference between the average yield on interest-earning assets and the average cost of interest-bearing.
    liabilities and is presented on a tax equivalent basis.
    (6)Represents net interest income on a tax equivalent basis divided by average total interest-earning assets.
    (7)Rates are annualized.
                                       

    The MIL Network –

  • MIL-OSI: Nasdaq Reports Third Quarter 2024 Results; Fourth Consecutive Quarter of Double-Digit Solutions Revenue Growth

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the third quarter of 2024.

    • Third quarter 2024 net revenue1 was $1.1 billion, or $1.2 billion on a non-GAAP basis2, an increase of 22% over the third quarter of 2023, up 10% on a pro forma3 basis. This included Solutions4 revenue increasing 26%, or 10% on a pro forma basis.
    • Annualized Recurring Revenue (ARR)5 of $2.7 billion increased 31% over the third quarter of 2023, up 8% on a pro forma basis.
    • Financial Technology revenue of $371 million increased 56% over the third quarter of 2023, up 10% on a pro forma basis.
    • Index revenue of $182 million increased 26%, with $62 billion of net inflows over the trailing twelve months and $14 billion in the third quarter.
    • GAAP diluted earnings per share decreased 11% in the third quarter of 2024. Non-GAAP diluted earnings per share increased 5% in the third quarter of 2024 and increased 20% organically.
    • In the third quarter of 2024, the company returned $138 million to shareholders through dividends and $88 million through repurchases of common stock. The company also repaid net $50 million of commercial paper in the third quarter of 2024.

    Third Quarter 2024 Highlights

    (US$ millions, except per share) 3Q24 Change %
    (YoY)    		 Organic change % (YoY) Pro forma change % (YoY)
    GAAP Solutions Revenue $872 26%    
    Non-GAAP Solutions Revenue $906 31% 9% 10%
    Market Services Net Revenue $266 13% 13%  
    GAAP Net Revenue* $1,146 22%    
    Non-GAAP Net Revenue* $1,180 26% 10% 10%
    GAAP Operating Income $448 4%    
    Non-GAAP Operating Income $637 30% 12% 14%
    ARR $2,736 31% 7% 8%
    GAAP Diluted EPS $0.53 (11)%    
    Non-GAAP Diluted EPS $0.74 5% 20%  

    Note: The period over period percentages are calculated based on exact dollars, and therefore may not agree to a recalculation based on rounded numbers shown in the table above. Pro forma results are not calculated in a manner consistent with the pro forma requirements in Article 11 of Regulation S-X. Refer to the footnotes below for further discussion.

    *Net revenues includes $8 million of Other Revenues, which reflect revenues associated with the European power trading and clearing business.

    Adena Friedman, Chair and CEO said, “Nasdaq delivered its fourth consecutive quarter of double-digit Solutions growth with strong overall quarterly performance.

    As we approach the one-year anniversary of the Adenza acquisition, I am proud of our progress to date and excited about driving even greater value for our clients and shareholders.

    The integration continues seamlessly. Through our One Nasdaq strategy we are deepening our partnerships with clients across the financial system and unlocking opportunities for sustained and scalable growth.”

    Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq’s performance continues to reflect the quality and diversity of our platforms, driving strong growth across the business with particular strength in Index and Financial Technology.

    We are continuing to deliver ahead on deleveraging and synergies and are benefiting from significant operating leverage.

    Looking ahead, we remain well positioned to execute on our next phase of sustainable growth.”

    FINANCIAL REVIEW

    • Third quarter 2024 net revenue was $1.1 billion, reflecting 22% growth versus the prior year period while non-GAAP net revenue was $1.2 billion. Revenue growth included a $146 million benefit related to the acquisition of Adenza. Net revenue grew 10% on a pro forma basis.
    • Solutions revenue was $872 million in the third quarter of 2024, up 26% versus the prior year period, or 10% growth on a pro forma basis, reflecting strong growth from Index and Financial Technology.
    • ARR grew 31% year over year, or 8% on a pro forma basis, in the third quarter of 2024 with 14% pro forma ARR growth for Financial Technology and 2% ARR growth for Capital Access Platforms.
    • Market Services net revenue was $266 million in the third quarter of 2024, up 13% versus the prior year period. The increase was primarily driven by a $15 million increase in U.S. equity derivatives and an $11 million increase in U.S. cash equities.
    • Third quarter 2024 GAAP operating expenses were $698 million, an increase of 37% versus the prior year period. The increase for the third quarter was primarily due to the acquisition of Adenza, which resulted in an additional $87 million in amortization expense of acquired intangible assets, and $61 million of other AxiomSL and Calypso operating expenses, as well as organic growth driven by increased investments in technology and our people to drive innovation and long-term growth.
    • Third quarter 2024 non-GAAP operating expenses were $543 million, reflecting 21% growth versus the prior year period, or 5% growth on a pro forma basis. The increase for the third quarter was primarily due to the inclusion of $61 million of AxiomSL and Calypso operating expenses. The pro forma increase reflects growth driven by increased investments in technology and our people to drive innovation and long-term growth, partially offset by the benefit of synergies.
    • Third quarter 2024 cash flow from operations was $244 million, enabling the company to continue to make meaningful progress on its deleveraging plan. In the third quarter, the company returned $138 million to shareholders through dividends and $88 million through repurchases of our common stock. The company also repaid net $50 million of commercial paper in the third quarter of 2024. As of September 30, 2024, there was $1.7 billion remaining under the board authorized share repurchase program.

    2024 EXPENSE AND TAX GUIDANCE UPDATE6

    • The company is updating its 2024 non-GAAP operating expense guidance to a range of $2,150 million to $2,180 million, and is updating its 2024 non-GAAP tax rate guidance to be in the range of 23.5% to 24.5%.

    STRATEGIC AND BUSINESS UPDATES

    • Financial Technology delivered healthy revenue growth in the third quarter. Division revenue increased 10% on a pro forma basis, reflective of the mission-critical nature of the division’s solutions suite. Financial Technology pro forma ARR growth was 14% in the third quarter, with 39 new customers, 110 upsells, and 2 cross-sells. Third quarter highlights include:
      • Nasdaq leapt to 5th place in Chartis’ annual RiskTech100® global ranking. This ranking is widely regarded as the most comprehensive independent study of the world’s major players in risk and compliance technology. The significant jump in ranking reflects the combined power of Nasdaq and Adenza’s technology offerings with Nasdaq and Adenza previously ranking #18 and #10, respectively. Nasdaq Verafin and AxiomSL won Chartis industry awards recognizing Nasdaq’s leadership in financial crime management and in regulatory reporting. The study also highlighted the value of Nasdaq’s governance and sustainability solutions.
      • Financial Crime Management Technology had ARR growth of 24% with 114% net revenue retention and launched new AI product innovations. Financial Crime Management Technology signed 28 new SMB clients, in addition to the previously announced Tier 1 win in July. Nasdaq Verafin extended its track record of product innovation success with its AI Entity Research Copilot now deployed to more than 2,000 U.S. institutions. In the third quarter Nasdaq Verafin announced new enhancements to its Targeted Typology Analytics, an artificial intelligence (AI) based suite of detection capabilities targeting terrorist financing and drug trafficking activity.
      • AxiomSL and Calypso achieved 15% combined pro forma ARR growth. AxiomSL and Calypso delivered a combined 47 upsells and 4 new clients, with 17% of new bookings in the quarter cloud-based. Combined gross revenue retention7 was 97% and net revenue retention8 was 111%. Excluding the impact of a significant bankruptcy first noted in the fourth quarter of 2023, pro forma ARR growth was 16%, gross revenue retention was 98%, and net revenue retention was 112%.
      • Market Technology delivered 14% ARR growth as it continues to capture opportunities associated with the market modernization megatrend. Market Technology was driven by 13 upsells, 1 new client, and 1 cross-sell in the third quarter. ARR growth also benefited from the conversion of a previously mentioned large client delivery.
    • U.S. equity derivatives achieved record quarterly net revenue. In the third quarter of 2024, Nasdaq achieved a record quarter of U.S. equity derivatives net revenue of $107 million, with multi-listed U.S. options market share once again surpassing 30% in the quarter and 19% growth in U.S. index options volume.
    • Index delivered another quarter of outstanding performance and advanced its growth strategy across product innovation, globalization, and institutional client expansion. The Index business had $62 billion in net inflows over the trailing 12 months, with $14 billion in the third quarter. The business achieved another record in Index ETP AUM, averaging $575 billion in the third quarter and reaching $600 billion at quarter-end. Index derivatives trading volumes grew 24% year-over-year, also contributing to revenue growth. Nasdaq launched 35 new products with our partners in the quarter, 20 of which were international. The launches included 8 options overlays and 7 institutional insurance annuity products. Additionally, Nasdaq recently received 2024 Best Index Provider from Structured Retail Products, a global market intelligence provider, highlighting the business’ innovation and success as a strategic partner to our clients.
    • Nasdaq strengthened its listings leadership in the U.S. in the third quarter. Nasdaq listed 33 U.S. operating company IPOs that raised more than $6 billion in proceeds, reflecting an 85% win rate among eligible operating companies in the quarter. These listings contributed to a 75% win rate year-to-date through the third quarter for eligible operating companies comprising of 5 of the top 10 IPOs, including Lineage, the largest offering so far this year. Nasdaq also celebrated its 500th switch to our U.S. exchange in the quarter.
    • Nasdaq celebrated 25 Years of MarketSite in Times Square. MarketSite has stood as a physical embodiment of the Nasdaq brand since its debut and reflects Nasdaq’s culture of driving innovation and delivering valuable client solutions. MarketSite is a hub for Nasdaq’s clients and partners and an integral part of the global finance landscape.
    • Nasdaq continued its progress on its 2024 strategic priorities – Integrate, Innovate, Accelerate – positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
      • Integrate – Since the acquisition of Adenza nearly a year-ago, Nasdaq has actioned more than 80% of its net expense synergy target and continues to delever ahead of plan.
      • Innovate – Nasdaq reached new milestones in deploying AI tools and products including the launch of an internal Generative AI platform with custom-built efficiency tools and completed the rollout of AI copilot tools to all of its developers. Calypso also announced an AI-based solution for X-Value Adjustments (XVA) with up to 100 times faster processing speeds that improves the efficiency of risk calculations for banks, insurers, and other financial institutions. Beyond Nasdaq’s AI innovations, Market Services migrated Nasdaq International Securities Exchange to its next-generation derivatives platform, Fusion. Four of Nasdaq’s U.S. markets and one European equity derivatives market are operating on this platform which provides enhanced performance, including lower latency, higher throughput, and increased productivity.
      • Accelerate – We continue to make progress on our One Nasdaq strategy driving two cross-sells across the Financial Technology division in the quarter. The percentage of cross-sell opportunities in the division’s pipeline is over 10% and Nasdaq remains on track to exceed $100 million in cross-sells by the end of 2027.

    ____________
    1 Represents revenue less transaction-based expenses.
    2 Refer to our reconciliations of U.S. GAAP to non-GAAP Solutions revenue, net revenue, net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
    3 Pro forma results are presented assuming AxiomSL and Calypso were included in the prior year quarterly results and revenue for AxiomSL on-premises contracts were recognized ratably for all of 2023 and 2024. Pro forma growth excludes the impacts of foreign currency except for AxiomSL and Calypso, which are not yet calculated on an organic basis. These pro forma results are not calculated, and do not intend to be calculated, in a manner consistent with the pro forma requirements in Article 11 of Regulation S-X. Preparation of this information in accordance with Article 11 would differ from results presented in this release.
    4 Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
    5 Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
    6 U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
    7 Gross Retention: ARR in the current period over ARR in the prior year period for existing customers excluding price increases and upsells and excluding new customers.
    8 Net Retention: ARR in the current period over ARR in the prior year period for existing customers including price increases and upsells and excluding new customers.

    ABOUT NASDAQ

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

    NON-GAAP INFORMATION

    In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP Solutions revenue, non-GAAP net revenue, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

    These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

    We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

    Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

    Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

    Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In connection with the program, we expect to incur pre-tax charges principally related to employee-related costs, consulting, asset impairments and contract terminations over a two-year period. We expect to achieve benefits in the form of both increased customer engagement and operating efficiencies. Costs related to the Adenza restructuring and the divisional alignment programs are recorded as “restructuring charges” in our consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models or implement our new corporate structure, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, environmental, deleveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    WEBSITE DISCLOSURE

    Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

    Media Relations Contact   Investor Relations Contact  
    Nick Jannuzzi   Ato Garrett
    973.760.1741   212.401.8737
    nicholas.jannuzzi.@nasdaq.com   ato.garrett@nasdaq.com

    NDAQF

     
    Nasdaq, Inc.
    Condensed Consolidated Statements of Income
    (in millions, except per share amounts)
    (unaudited)
               
      Three Months Ended   Nine Months Ended
      September 30,   September 30,   September 30,   September 30,
        2024       2023       2024       2023  
                     
    Revenues:              
    Capital Access Platforms $ 501     $ 456     $ 1,460     $ 1,309  
    Financial Technology   371       238       1,183       700  
    Market Services   1,022       747       2,700       2,378  
    Other Revenues   8       10       27       30  
      Total revenues   1,902       1,451       5,370       4,417  
    Transaction-based expenses:              
    Transaction rebates   (513 )     (447 )     (1,478 )     (1,377 )
    Brokerage, clearance and exchange fees   (243 )     (64 )     (470 )     (262 )
    Revenues less transaction-based expenses   1,146       940       3,422       2,778  
                   
    Operating Expenses:              
    Compensation and benefits   332       260       1,000       777  
    Professional and contract services   36       31       108       92  
    Technology and communication infrastructure   71       58       207       168  
    Occupancy   28       28       85       99  
    General, administrative and other   26       26       84       62  
    Marketing and advertising   11       12       34       30  
    Depreciation and amortization   153       64       460       198  
    Regulatory   9       9       37       27  
    Merger and strategic initiatives   10       4       23       51  
    Restructuring charges   22       17       103       49  
      Total operating expenses   698       509       2,141       1,553  
    Operating income   448       431       1,281       1,225  
    Interest income   8       72       20       86  
    Interest expense   (102 )     (101 )     (313 )     (174 )
    Other income (loss)   1       1       15       (6 )
    Net income (loss) from unconsolidated investees   1       (12 )     7       (8 )
    Income before income taxes   356       391       1,010       1,123  
    Income tax provision   51       97       250       262  
    Net income   305       294       760       861  
    Net loss attributable to noncontrolling interests   1       —       2       1  
    Net income attributable to Nasdaq $ 306     $ 294     $ 762     $ 862  
                   
    Per share information:              
    Basic earnings per share $ 0.53     $ 0.60     $ 1.32     $ 1.76  
    Diluted earnings per share $ 0.53     $ 0.60     $ 1.32     $ 1.74  
    Cash dividends declared per common share $ 0.24     $ 0.22     $ 0.70     $ 0.64  
                   
    Weighted-average common shares outstanding              
    for earnings per share:              
    Basic   575.1       491.3       575.6       490.7  
    Diluted   579.0       494.1       579.0       494.2  
                     
    Nasdaq, Inc.
    Revenue Detail
    (in millions)
    (unaudited)
                     
            Three Months Ended   Nine Months Ended
            September 30,   September 30,   September 30,   September 30,
              2024       2023       2024       2023  
                         
    CAPITAL ACCESS PLATFORMS              
      Data and Listing Services revenues $ 190     $ 188     $ 562     $ 559  
      Index revenues   182       144       517       383  
      Workflow and Insights revenues   129       124       381       367  
        Total Capital Access Platforms revenues   501       456       1,460       1,309  
                         
    FINANCIAL TECHNOLOGY              
      Financial Crime Management Technology revenues   69       58       200       163  
      Regulatory Technology revenues   68       35       253       102  
      Capital Markets Technology revenues   234       145       730       435  
        Total Financial Technology revenues   371       238       1,183       700  
                         
    MARKET SERVICES              
      Market Services revenues   1,022       747       2,700       2,378  
      Transaction-based expenses:              
          Transaction rebates   (513 )     (447 )     (1,478 )     (1,377 )
          Brokerage, clearance and exchange fees   (243 )     (64 )     (470 )     (262 )
        Total Market Services revenues, net   266       236       752       739  
                         
    OTHER REVENUES   8       10       27       30  
                         
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 1,146     $ 940     $ 3,422     $ 2,778  
                         
                         
    Nasdaq, Inc.
    Condensed Consolidated Balance Sheets
    (in millions)
               
          September 30,   December 31,
            2024       2023  
    Assets   (unaudited)    
    Current assets:        
      Cash and cash equivalents   $ 266     $ 453  
      Restricted cash and cash equivalents     42       20  
      Default funds and margin deposits     5,865       7,275  
      Financial investments     202       188  
      Receivables, net     944       929  
      Other current assets     239       231  
    Total current assets     7,558       9,096  
    Property and equipment, net     584       576  
    Goodwill     14,165       14,112  
    Intangible assets, net     7,072       7,443  
    Operating lease assets     388       402  
    Other non-current assets     793       665  
    Total assets   $ 30,560     $ 32,294  
               
    Liabilities        
    Current liabilities:        
      Accounts payable and accrued expenses   $ 289     $ 332  
      Section 31 fees payable to SEC     74       84  
      Accrued personnel costs     314       303  
      Deferred revenue     663       594  
      Other current liabilities     229       146  
      Default funds and margin deposits     5,865       7,275  
      Short-term debt     499       291  
    Total current liabilities     7,933       9,025  
    Long-term debt     9,359       10,163  
    Deferred tax liabilities, net     1,566       1,642  
    Operating lease liabilities     399       417  
    Other non-current liabilities     222       220  
    Total liabilities     19,479       21,467  
             
    Commitments and contingencies        
    Equity        
    Nasdaq stockholders’ equity:        
      Common stock     6       6  
      Additional paid-in capital     5,477       5,496  
      Common stock in treasury, at cost     (643 )     (587 )
      Accumulated other comprehensive loss     (1,952 )     (1,924 )
      Retained earnings     8,184       7,825  
    Total Nasdaq stockholders’ equity     11,072       10,816  
      Noncontrolling interests     9       11  
    Total equity     11,081       10,827  
    Total liabilities and equity   $ 30,560     $ 32,294  
               
               
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
    (in millions, except per share amounts)
    (unaudited)
                       
                   
           Three Months Ended   Nine Months Ended
          September 30,   September 30,   September 30,   September 30,
            2024       2023       2024       2023  
                       
    U.S. GAAP net income attributable to Nasdaq   $ 306     $ 294     $ 762     $ 862  
    Non-GAAP adjustments:                
      Adenza purchase accounting adjustment (1)     34       —       34       —  
      Amortization expense of acquired intangible assets (2)     122       37       366       112  
      Merger and strategic initiatives expense (3)     10       4       23       51  
      Restructuring charges (4)     22       17       103       49  
      Lease asset impairments (5)     —       —       —       24  
      Net (income) loss from unconsolidated investees (6)     (1 )     12       (7 )     8  
      Legal and regulatory matters (7)     —       —       16       (10 )
      Pension settlement charge (8)     —       —       23       —  
      Other (income) loss (9)     1       9       (8 )     17  
      Total non-GAAP adjustments     188       79       550       251  
      Non-GAAP adjustment to the income tax provision (10)     (65 )     (24 )     (151 )     (76 )
      Tax on intra-group transfer of intellectual property assets (11)     —       —       33       —  
      Total non-GAAP adjustments, net of tax     123       55       432       175  
    Non-GAAP net income attributable to Nasdaq   $ 429     $ 349     $ 1,194     $ 1,037  
                       
    U.S. GAAP diluted earnings per share   $ 0.53     $ 0.60     $ 1.32     $ 1.74  
      Total adjustments from non-GAAP net income above     0.21       0.11       0.74       0.36  
    Non-GAAP diluted earnings per share   $ 0.74     $ 0.71     $ 2.06     $ 2.10  
                       
    Weighted-average diluted common shares outstanding for earnings per share:     579.0       494.1       579.0       494.2  
                       
                       
    (1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.
           
    (2) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
           
    (3) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and nine months ended September 30, 2024 and September 30, 2023, these costs primarily relate to the Adenza acquisition. For the nine months ended September 30, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.
                       
    (4) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September 2022 announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.
                       
    (5) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the nine months ended September 30, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.
                       
    (6) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.
                       
    (7) For the nine months ended September 30, 2024, these items primarily included the settlement of a Swedish Financial Supervisory Authority, or SFSA, fine and accruals related to certain legal matters. For the nine months ended September 30, 2023, these items primarily included insurance recoveries related to legal matters. The fine is recorded in regulatory expense and the accruals and insurance recoveries are recorded in professional and contract services and general, administrative and other expense in the Condensed Consolidated Statements of Income.
                       
    (8) For the nine months ended September 30, 2024, we recorded a pre-tax loss as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The pre-tax loss is recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    (9) For the nine months ended September 30, 2024, and for the three and nine months ended September 30, 2023, other items primarily include net gains from strategic investments entered into through our corporate venture program, which are included in other income (loss) in our Condensed Consolidated Statements of Income.
                       
    (10) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment.
                       
    (11) For the nine months ended September 30, 2024, the completion of an intra-group transfer of intellectual property assets to U.S. headquarters resulted in a net tax expense of $33 million.
                       
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Revenues Less Transaction-Based Expenses
    (in millions)
    (unaudited)
                   
      Three Months Ended   Nine Months Ended
      September 30, 2024   September 30, 2024
      U.S. GAAP Revenues Less Transaction-Based Expenses Adenza purchase accounting adjustment (1) Non-GAAP Revenues Less Transaction-Based Expenses   U.S. GAAP Revenues Less Transaction-Based Expenses Adenza purchase accounting adjustment (1) Non-GAAP Revenues Less Transaction-Based Expenses
    CAPITAL ACCESS PLATFORMS $ 501 $ — $ 501   $ 1,460 $ — 1,460
                   
    FINANCIAL TECHNOLOGY              
    Financial Crime Management Technology revenues   69   —   69     200   — 200
    Regulatory Technology revenues (1)   68   34   102     253   34 287
    Capital Markets Technology revenues   234   —   234     730   — 730
    Total Financial Technology revenues   371   34   405     1,183   34 1,217
    SOLUTIONS REVENUES   872   34   906     2,643   34 2,677
                   
    MARKET SERVICES REVENUES, NET   266   —   266     752   — 752
    OTHER REVENUES   8   —   8     27   — 27
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 1,146 $ 34 $ 1,180   $ 3,422 $ 34 3,456
                   
    (1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.
                   
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
    (in millions)
    (unaudited)
                   
           Three Months Ended   Nine Months Ended
          September 30,   September 30,   September 30,   September 30,
            2024       2023       2024       2023  
                       
    U.S. GAAP operating income   $ 448     $ 431     $ 1,281     $ 1,225  
    Non-GAAP adjustments:                
      Adenza purchase accounting adjustment (1)     34       —       34       —  
      Amortization expense of acquired intangible assets (2)     122       37       366       112  
      Merger and strategic initiatives expense (3)     10       4       23       51  
      Restructuring charges (4)     22       17       103       49  
      Lease asset impairments (5)     —       —       —       24  
      Legal and regulatory matters (6)     —       —       16       (10 )
      Pension settlement charge (7)     —       —       23       —  
      Other loss     1       2       4       2  
      Total non-GAAP adjustments     189       60       569       228  
    Non-GAAP operating income   $ 637     $ 491     $ 1,850     $ 1,453  
                     
    Revenues less transaction-based expenses   $ 1,146     $ 940     $ 3,422     $ 2,778  
                       
    U.S. GAAP operating margin (8)     39 %     46 %     37 %     44 %
                       
    Non-GAAP operating margin (9)     54 %     52 %     54 %     52 %
                       
                       
    (1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.
           
    (2) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
                       
    (3) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and nine months ended September 30, 2024 and September 30, 2023, these costs primarily relate to the Adenza acquisition. For the nine months ended September 30, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.
                       
    (4) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.
                       
    (5) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the nine months ended September 30, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.
                       
    (6) For the nine months ended September 30, 2024, these items primarily included the settlement of a SFSA fine and accruals related to certain legal matters. For the nine months ended September 30, 2023, these items primarily included insurance recoveries related to legal matters. The fine is recorded in regulatory expense and the accruals and insurance recoveries are recorded in professional and contract services and general, administrative and other expense in the Condensed Consolidated Statements of Income.
                       
    (7) For the nine months ended September 30, 2024, we recorded a pre-tax loss as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The pre-tax loss is recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    (8) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.
                       
    (9) Non-GAAP operating margin equals non-GAAP operating income divided by non-GAAP revenues less transaction-based expenses.
                       
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
    (in millions)
    (unaudited)
                   
           Three Months Ended   Nine Months Ended
          September 30,   September 30,   September 30,   September 30,
            2024       2023       2024       2023  
                       
    U.S. GAAP operating expenses   $ 698     $ 509     $ 2,141     $ 1,553  
    Non-GAAP adjustments:                
      Amortization expense of acquired intangible assets (1)     (122 )     (37 )     (366 )     (112 )
      Merger and strategic initiatives expense (2)     (10 )     (4 )     (23 )     (51 )
      Restructuring charges (3)     (22 )     (17 )     (103 )     (49 )
      Lease asset impairments (4)     —       —       —       (24 )
      Legal and regulatory matters (5)     —       —       (16 )     10  
      Pension settlement charge (6)     —       —       (23 )     —  
      Other (loss)     (1 )     (2 )     (4 )     (2 )
      Total non-GAAP adjustments     (155 )     (60 )     (535 )     (228 )
    Non-GAAP operating expenses   $ 543     $ 449     $ 1,606     $ 1,325  
                       
                       
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
           
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and nine months ended September 30, 2024 and September 30, 2023, these costs primarily relate to the Adenza acquisition. For the nine months ended September 30, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.
                       
    (3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.
                       
    (4) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the nine months ended September 30, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.
                       
    (5) For the nine months ended September 30, 2024, these items primarily included the settlement of a SFSA fine and accruals related to certain legal matters. For the nine months ended September 30, 2023, these items primarily included insurance recoveries related to legal matters. The fine is recorded in regulatory expense and the accruals and insurance recoveries are recorded in professional and contract services and general, administrative and other expense in the Condensed Consolidated Statements of Income.
                       
    (6) For the nine months ended September 30, 2024, we recorded a pre-tax loss as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The pre-tax loss is recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    Nasdaq, Inc.
    Reconciliation of Pro Forma Impacts for U.S. Non-GAAP Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Operating Margin
    (in millions)
    (unaudited)
     
      Three Months Ended   Three Months Ended                  
      September 30, 2024   September 30, 2023   Total Variance   FX (3)   Pro Forma Impacts
      Non-GAAP Adenza Adjustment (1)   Pro Forma   Non-GAAP   Adenza (2)   Pro Forma   $   %   $   $ %
    Capital Access Platforms revenues $ 501   $ —     $ 501     $ 456     $ —   $ 456     $ 45     10 %   $ 1   $ 44   9 %
                                           
    Financial Crime Management Technology revenues   69     —       69       58       —     58       11     20 %     —     11   20 %
    Regulatory Technology revenues   102     (2 )     100       35       56     91       9     10 %     1     8   8 %
    Capital Markets Technology revenues   234     —       234       145       71     216       18     8 %     —     18   8 %
    Financial Technology revenues   405     (2 )     403       238       127     365       38     10 %     1     37   10 %
    Solutions revenues (4)   906     (2 )     904       694       127     821       83     10 %     2     81   10 %
                                           
    Market Services, net revenues   266     —       266       236       —     236       30     13 %     —     30   13 %
    Other revenues   8     —       8       10       —     10       (2 )   (13 )%     —     (2 ) (14 )%
    Revenues less transaction-based expenses   1,180     (2 )     1,178       940       127     1,067       111     10 %     2     109   10 %
                                           
    Non-GAAP operating expenses   543     —       543       449       65     514       29     6 %     1     28   5 %
    Non-GAAP operating income $ 637   $ (2 )   $ 635     $ 491     $ 62   $ 553     $ 82     15 %   $ 1   $ 81   14 %
    Non-GAAP operating margin   54 %       54 %     52 %         52 %                  
                                           
    Note: Pro forma results are presented assuming AxiomSL and Calypso were included in the prior year quarterly results and revenue for AxiomSL on-premises contracts were recognized ratably for all of 2023 and 2024. Pro forma growth excludes the impacts of foreign currency except for AxiomSL and Calypso, which are not yet calculated on an organic basis. These pro forma results are not calculated, and do not intend to be calculated, in a manner consistent with the pro forma requirements in Article 11 of Regulation S-X. Preparation of this information in accordance with Article 11 would differ from results presented in this release. The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
                                           
    (1) Adjustment to remove the cumulative impact of changing to ratable revenue recognition for AxiomSL on-premises subscription contracts, which related to the first six months of 2024.
     
    (2) The Adenza results above are presented on a non-GAAP basis and have been adjusted for certain items. We believe presenting these measures excluding these items provides investors with greater transparency as they do not represent ongoing operations. These adjustments include intangible amortization of $39 million and other transaction and restructuring related costs of $3 million for the third quarter of 2023.
     
    (3) Reflects the impacts from changes in FX rates.
     
    (4) Represents Capital Access Platforms and Financial Technology Segments.
                                           
    Nasdaq, Inc.
    Reconciliation of Organic Impacts for U.S. Non-GAAP Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
    (in millions)
    (unaudited)
                                   
      Three Months Ended                        
      September 30,   September 30,   Total Variance   Organic Impact   Other Impacts (1)
      2024   2023   $   %   $   %   $   %
    CAPITAL ACCESS PLATFORMS                              
    Data and Listing Services revenues $ 190   $ 188   $ 2     1 %   $ 1     1 %   $ 1     — %
    Index revenues   182     144     38     26 %     38     26 %     —     — %
    Workflow and Insights revenues   129     124     5     4 %     5     3 %     —     — %
    Total Capital Access Platforms revenues   501     456     45     10 %     44     9 %     1     — %
                                   
    FINANCIAL TECHNOLOGY                              
    Financial Crime Management Technology revenues   69     58     11     20 %     11     20 %     —     — %
    Regulatory Technology revenues   102     35     67     190 %     2     6 %     65     185 %
    Capital Markets Technology revenues   234     145     89     62 %     7     5 %     82     57 %
    Total Financial Technology revenues   405     238     167     71 %     20     9 %     147     62 %
                                   
    SOLUTIONS REVENUES (2)   906     694     212     31 %     64     9 %     148     21 %
                                   
    MARKET SERVICES REVENUES, NET   266     236     30     13 %     30     13 %     —     — %
                                   
    OTHER REVENUES   8     10     (2 )   (13 )%     (2 )   (14 )%     —     1 %
                                   
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 1,180   $ 940   $ 240     26 %   $ 92     10 %   $ 148     16 %
                                   
    Non-GAAP Operating Expenses $ 543   $ 449   $ 94     21 %   $ 32     7 %   $ 62     14 %
                                   
    Non-GAAP Operating Income $ 637   $ 491   $ 146     30 %   $ 60     12 %   $ 86     18 %
                                   
    Non-GAAP diluted earnings per share $ 0.74   $ 0.71   $ 0.03     5 %   $ 0.14     20 %   $ (0.11 )   (16 )%
                                   
    Note: The period over period percentages are calculated based on exact dollars, and therefore may not agree to a recalculation based on rounded numbers shown in the tables above. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
                                   
    (1) Primarily includes the impacts of the Adenza acquisition and changes in FX rates.
     
    (2) Represents Capital Access Platforms and Financial Technology Segments.
                                   
    Nasdaq, Inc.
    Quarterly Key Drivers Detail
    (unaudited)
                     
        Three Months Ended   Nine Months Ended
        September 30,   September 30,   September 30,   September 30,
          2024       2023       2024       2023  
    Capital Access Platforms              
      Annualized recurring revenues (in millions) (1) $ 1,254     $ 1,222     $ 1,254     $ 1,222  
      Initial public offerings              
      The Nasdaq Stock Market (2)   48       39       114       102  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic   1       —       7       3  
      Total new listings              
      The Nasdaq Stock Market (2)   138       87       301       230  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (3)   6       3       18       16  
      Number of listed companies              
      The Nasdaq Stock Market (4)   4,039       4,086       4,039       4,086  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5)   1,186       1,236       1,186       1,236  
      Index              
      Number of licensed exchange traded products (6)   388       366       388       366  
      Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions) $ 600     $ 411     $ 600     $ 411  
      Quarterly average ETP AUM tracking Nasdaq indexes (in billions) $ 575     $ 423          
      TTM (7) net inflows ETP AUM tracking Nasdaq indexes (in billions) $ 62     $ 24     $ 62     $ 24  
      TTM (7) net appreciation ETP AUM tracking Nasdaq indexes (in billions) $ 143     $ 78     $ 143     $ 78  
                     
    Financial Technology              
      Annualized recurring revenues (in millions) (1)              
      Financial Crime Management Technology $ 268     $ 216     $ 268     $ 216  
      Regulatory Technology   350       132       350       132  
      Capital Markets Technology   864       511       864       511  
      Total Financial Technology $ 1,482     $ 859     $ 1,482     $ 859  
                     
    Market Services              
      Equity Derivative Trading and Clearing              
      U.S. equity options              
      Total industry average daily volume (in millions)   44.5       39.6       43.3       40.4  
      Nasdaq PHLX matched market share   9.4 %     11.0 %     9.9 %     11.2 %
      The Nasdaq Options Market matched market share   5.8 %     5.6 %     5.5 %     6.4 %
      Nasdaq BX Options matched market share   2.3 %     4.4 %     2.3 %     3.6 %
      Nasdaq ISE Options matched market share   6.8 %     5.7 %     6.7 %     5.8 %
      Nasdaq GEMX Options matched market share   2.7 %     3.0 %     2.6 %     2.3 %
      Nasdaq MRX Options matched market share   3.2 %     2.0 %     2.6 %     1.7 %
      Total matched market share executed on Nasdaq’s exchanges   30.2 %     31.7 %     29.6 %     31.0 %
      Nasdaq Nordic and Nasdaq Baltic options and futures              
      Total average daily volume of options and futures contracts (8)   213,911       245,986       235,137       298,785  
                     
      Cash Equity Trading              
      Total U.S.-listed securities              
      Total industry average daily share volume (in billions)   11.5       10.4       11.7       11.0  
      Matched share volume (in billions)   117.4       106.7       354.3       342.2  
      The Nasdaq Stock Market matched market share   15.6 %     15.5 %     15.6 %     15.9 %
      Nasdaq BX matched market share   0.3 %     0.4 %     0.4 %     0.4 %
      Nasdaq PSX matched market share   0.2 %     0.3 %     0.2 %     0.4 %
      Total matched market share executed on Nasdaq’s exchanges   16.1 %     16.2 %     16.2 %     16.7 %
      Market share reported to the FINRA/Nasdaq Trade Reporting Facility   44.7 %     40.2 %     43.0 %     35.2 %
      Total market share (9)   60.8 %     56.4 %     59.2 %     51.9 %
      Nasdaq Nordic and Nasdaq Baltic securities              
      Average daily number of equity trades executed on Nasdaq’s exchanges   609,167       556,257       645,622       676,132  
      Total average daily value of shares traded (in billions) $ 4.1     $ 3.6     $ 4.5     $ 4.5  
      Total market share executed on Nasdaq’s exchanges   71.6 %     71.6 %     72.2 %     70.6 %
                     
      Fixed Income and Commodities Trading and Clearing              
      Fixed Income              
      Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts   89,037       88,383       94,493       96,461  
                     
      (1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
       
      (2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended September 30, 2024 and 2023, IPOs included 15 and 4 SPACs, respectively. For the nine months ended September 30, 2024 and 2023, IPOs included 28 and 19 SPACs, respectively.
       
      (3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
       
      (4) Number of total listings on The Nasdaq Stock Market for the nine months ended September 30, 2024 and September 30, 2023 included 712 and 570 ETPs, respectively.
       
      (5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
       
      (6) The number of listed ETPs as of September 30, 2023 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change has no impact on reported AUM.
       
      (7) Trailing 12-months.
       
      (8) Includes Finnish option contracts traded on Eurex for which Nasdaq and Eurex had a revenue sharing arrangement, which ended in the fourth quarter of 2023.
       
      (9) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.
                     

    The MIL Network –

  • MIL-OSI: Virtu Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Virtu Financial, Inc. (NASDAQ: VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the third quarter ended September 30, 2024.

    Third Quarter 2024:

    • Net income of $119.0 million; Normalized Adjusted Net Income1 of $132.1 million
    • Basic and diluted earnings per share of $0.65 and $0.64, respectively; Normalized Adjusted EPS1 of $0.82
    • Total revenues of $706.8 million; Trading income, net, of $444.0 million; Net income Margin of 16.8%2
      • Adjusted Net Trading Income1 of $388.0 million
    • Adjusted EBITDA1 of $214.8 million; Adjusted EBITDA Margin1 of 55.4%
    • Share buybacks of $48.4 million, or 1.7 million shares, under the Share Repurchase Program3

    The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on December 15, 2024 to shareholders of record as of December 1, 2024.

    Note 1: Non-GAAP financial measures. Please see “Non-GAAP Financial Measures and Other Items” for more information.
    Note 2: Calculated by dividing Net income by Total revenue
    Note 3: Shares repurchased calculated on a settlement date basis.

    Financial Results

    Third Quarter 2024:

    Total revenues increased 12.2% to $706.8 million for this quarter, compared to $630.2 million for the same period in 2023. Trading income, net, increased 40.5% to $444.0 million for the quarter compared to $316.1 million for the same period in 2023. Net income totaled $119.0 million for this quarter, compared to net income of $117.6 million in the prior year quarter.

    Basic and diluted earnings per share for this quarter were $0.65 and $0.64, respectively, compared to basic and diluted earnings per share of $0.63 and $0.63, respectively, for the same period in 2023.

    Adjusted Net Trading Income increased 30.2% to $388.0 million for this quarter, compared to $298.0 million for the same period in 2023. Adjusted EBITDA increased 54.0% to $214.8 million for this quarter, compared to $139.5 million for the same period in 2023. Normalized Adjusted Net Income, removing one-time and non-cash items, increased 76.8% to $132.1 million for this quarter, compared to $74.7 million for the same period in 2023.

    Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $0.82 for this quarter, compared to $0.45 for the same period in 2023.

    Operating Segment Information

    The Company has two operating segments: Market Making and Execution Services; and one non-operating segment: Corporate.

    Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks and institutions.

    Execution Services comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers. The Company also provides proprietary technology and infrastructure, workflow technology, and trading analytics services to select third parties. The segment also includes the results of the Company’s capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs.

    Corporate contains the Company’s investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses.

    The following tables show the trading income, net, total revenues and Adjusted Net Trading Income by segment for the three and nine months ended September 30, 2024 and 2023.

    Total revenues by segment
    (in thousands, unaudited)

        Three Months Ended September 30, 2024   Three Months Ended September 30, 2023
        Market
    Making    		   Execution
    Services    		   Corporate   Total   Market
    Making    		   Execution
    Services    		   Corporate   Total
    Trading income, net   $ 440,442   $ 3,555   $ —   $ 443,997   $ 310,523   $ 5,562   $ —   $ 316,085
    Commissions, net and technology services     12,721     118,900     —     131,621     6,343     103,933     —     110,276
    Interest and dividends income     122,065     3,164     —     125,229     124,803     2,890     —     127,693
    Other, net     1,432     108     4,453     5,993     75,682     68     360     76,110
    Total Revenues   $ 576,660   $ 125,727   $ 4,453   $ 706,840   $ 517,351   $ 112,453   $ 360   $ 630,164
                                                     
                                     
        Nine Months Ended September 30, 2024   Nine Months Ended September 30, 2023
        Market
    Making    		   Execution
    Services    		   Corporate   Total   Market
    Making    		   Execution
    Services    		   Corporate   Total
    Trading income, net   $ 1,264,214   $ 14,273   $ —   $ 1,278,487   $ 1,021,179   $ 13,585   $ —     $ 1,034,764
    Commissions, net and technology services     29,203     347,130     —     376,333     22,677     318,546     —       341,223
    Interest and dividends income     330,178     8,109     —     338,287     300,086     7,830     —       307,916
    Other, net     43,855     1,063     4,639     49,557     77,580     84     (4,171 )     73,493
    Total Revenues   $ 1,667,450   $ 370,575   $ 4,639   $ 2,042,664   $ 1,421,522   $ 340,045   $ (4,171 )   $ 1,757,396
                                                       

    Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment
    (in thousands, unaudited)

        Three Months Ended September 30, 2024   Three Months Ended September 30, 2023
        Market
    Making    		   Execution Services   Corporate   Total   Market
    Making    		   Execution Services   Corporate   Total
    Trading income, net   $ 440,442     $ 3,555     $ —   $ 443,997     $ 310,523     $ 5,562     $ —   $ 316,085  
    Commissions, net and technology services     12,721       118,900       —     131,621       6,343       103,933       —     110,276  
    Interest and dividends income     122,065       3,164       —     125,229       124,803       2,890       —     127,693  
    Brokerage, exchange, clearance fees and payments for order flow, net     (152,316 )     (24,429 )     —     (176,745 )     (101,077 )     (22,168 )     —     (123,245 )
    Interest and dividends expense     (134,912 )     (1,158 )     —     (136,070 )     (132,523 )     (279 )     —     (132,802 )
    Adjusted Net Trading Income   $ 288,000     $ 100,032     $ —   $ 388,032     $ 208,069     $ 89,938     $ —   $ 298,007  
                                                                 
        Nine Months Ended September 30, 2024   Nine Months Ended September 30, 2023
        Market
    Making    		   Execution Services   Corporate   Total   Market
    Making    		   Execution Services   Corporate   Total
    Trading income, net   $ 1,264,214     $ 14,273     $ —   $ 1,278,487     $ 1,021,179     $ 13,585     $ —   $ 1,034,764  
    Commissions, net and technology services     29,203       347,130       —     376,333       22,677       318,546       —     341,223  
    Interest and dividends income     330,178       8,109       —     338,287       300,086       7,830       —     307,916  
    Brokerage, exchange, clearance fees and payments for order flow, net     (394,154 )     (73,177 )     —     (467,331 )     (323,868 )     (67,370 )     —     (391,238 )
    Interest and dividends expense     (382,200 )     (3,591 )     —     (385,791 )     (340,954 )     (1,942 )     —     (342,896 )
    Adjusted Net Trading Income   $ 847,241     $ 292,744     $ —   $ 1,139,985     $ 679,120     $ 270,649     $ —   $ 949,769  
                                                                 

    Financial Condition

    As of September 30, 2024, Virtu had $738.2 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $1,769.4 million.

    Share Repurchase Program

    Since inception of the program in November 2020 through settlement date October 22, 2024, the Company repurchased approximately 49.2 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,240.7 million. The Company has approximately $479.3 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

    Earnings Conference Call Information

    Virtu Financial will host a conference call to review its third quarter 2024 financial performance today, October 24th, at 8:30 a.m. ET. Members of the public may listen to the conference call through an audio webcast through the Investor Relations section of the firm’s website ir.virtu.com/investor-relations.

    Website Information

    We routinely post important information for investors on the Investor Relations section of our website, ir.virtu.com/investor-relations and also from time to time may use social media channels, including our Twitter account (twitter.com/virtufinancial) and our LinkedIn account (linkedin.com/company/virtu-financial), as an additional means of disclosing public information to investors, the media and others interested in us. It is possible that certain information we post on our website and on social media could be deemed to be material information, and we encourage investors, the media and others interested in us to review the business and financial information we post on our website and on the social media channels identified above, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website and our social media channels is not incorporated by reference into, and is not a part of, this document.

    Non-GAAP Financial Measures and Other Items

    To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), we use the following non-GAAP measures of financial performance:

    • “Adjusted Net Trading Income”, which is the amount of revenue we generate from our market making activities, or trading income, net, plus commissions, net and technology services, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange, clearance fees and payments for order flow, net. Management believes that this measurement is useful for comparing general operating performance from period to period. Although we use Adjusted Net Trading Income as a financial measure to assess the performance of our business, the use of Adjusted Net Trading Income is limited because it does not include certain material costs that are necessary to operate our business. Our presentation of Adjusted Net Trading Income should not be construed as an indication that our future results will be unaffected by revenues or expenses that are not directly associated with our core business activities.
    • “EBITDA”, which measures our operating performance by adjusting Net Income to exclude Financing interest expense on long-term borrowings, Debt issue cost related to debt refinancing, prepayment, and commitment fees, Depreciation and amortization, Amortization of purchased intangibles and acquired capitalized software, and Income tax expense, and “Adjusted EBITDA”, which measures our operating performance by further adjusting EBITDA to exclude severance, transaction advisory fees and expenses, termination of office leases, charges related to share-based compensation and other expenses, which includes reserves for legal matters, and Other, net, which includes gains and losses from strategic investments and the sales of businesses.
    • “Normalized Adjusted Net Income”, “Normalized Adjusted Net Income before income taxes”, “Normalized provision for income taxes”, and “Normalized Adjusted EPS”, which we calculate by adjusting Net Income to exclude certain items, and other non-cash items, assuming that all vested and unvested Virtu Financial Units have been exchanged for Class A Common Stock, and applying an effective tax rate, which was approximately 24%.
    • “Adjusted Operating Expenses”, which we calculate by adjusting total operating expenses to exclude severance, share based compensation, reserves for legal matters, termination of office leases, connectivity early termination and write-down of assets.

    Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS and Adjusted Operating Expenses are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP financial measure but is not used by the Company in evaluating operating performance and in making strategic decisions. In addition, these non-GAAP financial measures or similar non-GAAP measures are used by research analysts, investment bankers and lenders to assess our operating performance. Management believes that the presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide useful information to investors regarding our results of operations because they assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide indicators of general economic performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period. Furthermore, our credit agreement contains tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS differently, and as a result our measures of Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS may not be directly comparable to those of other companies. Although we use these non-GAAP financial measures as financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business.

    Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS should be considered in addition to, and not as a substitute for, Net Income in accordance with U.S. GAAP as a measure of performance. Our presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted EPS and our EBITDA-based measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

    • they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
    • our EBITDA-based measures do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
    • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and our EBITDA-based measures do not reflect any cash requirement for such replacements or improvements;
    • they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
    • they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and
    • they do not reflect limitations on our costs related to transferring earnings from our subsidiaries to us.

    Because of these limitations, Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS are not intended as alternatives to Net Income as indicators of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. These U.S. GAAP measurements include Net Income, cash flows from operations and cash flow data. See below a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.

    Virtu Financial, Inc. and Subsidiaries
    Condensed Consolidated Statements of Comprehensive Income (Unaudited)
             
        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
    (in thousands, except share and per share data)     2024       2023       2024       2023  
                     
    Revenues:                
    Trading income, net   $ 443,997     $ 316,085     $ 1,278,487     $ 1,034,764  
    Interest and dividends income     125,229       127,693       338,287       307,916  
    Commissions, net and technology services     131,621       110,276       376,333       341,223  
    Other, net     5,993       76,110       49,557       73,493  
    Total revenues     706,840       630,164       2,042,664       1,757,396  
                     
    Operating Expenses:                
    Brokerage, exchange, clearance fees and payments for order flow, net     176,745       123,245       467,331       391,238  
    Communication and data processing     59,601       57,066       177,110       170,837  
    Employee compensation and payroll taxes     107,646       97,221       314,185       296,214  
    Interest and dividends expense     136,070       132,802       385,791       342,896  
    Operations and administrative     24,939       22,416       69,346       72,204  
    Depreciation and amortization     16,486       15,815       48,640       47,076  
    Amortization of purchased intangibles and acquired capitalized software     11,848       15,967       38,688       48,007  
    Termination of office leases     17       364       50       314  
    Debt issue cost related to debt refinancing, prepayment and commitment fees     1,767       1,796       27,740       5,744  
    Transaction advisory fees and expenses     69       6       264       30  
    Financing interest expense on long-term borrowings     24,492       25,361       71,154       74,499  
    Total operating expenses     559,680       492,059       1,600,299       1,449,059  
                     
    Income before income taxes and noncontrolling interest     147,160       138,105       442,365       308,337  
    Provision for income taxes     28,137       20,512       83,917       51,117  
    Net income   $ 119,023     $ 117,593     $ 358,448     $ 257,220  
                     
    Noncontrolling interest     (59,071 )     (55,678 )     (176,093 )     (120,722 )
                     
    Net income available for common stockholders   $ 59,952     $ 61,915     $ 182,355     $ 136,498  
                     
    Earnings per share:                
    Basic   $ 0.65     $ 0.63     $ 1.95     $ 1.36  
    Diluted   $ 0.64     $ 0.63     $ 1.95     $ 1.36  
                     
    Weighted average common shares outstanding                
    Basic     87,152,658       93,408,537       88,093,082       95,376,590  
    Diluted     87,536,847       93,408,537       88,340,592       95,376,590  
                     
    Comprehensive income:                
    Net income   $ 119,023     $ 117,593     $ 358,448     $ 257,220  
    Other comprehensive income                
    Foreign exchange translation adjustment, net of taxes     6,835       (4,005 )     3,745       170  
    Net change in unrealized cash flow hedges gain (loss), net of taxes     (19,568 )     (7,646 )     (30,931 )     (12,612 )
    Comprehensive income   $ 106,290     $ 105,942     $ 331,262     $ 244,778  
    Less: Comprehensive income attributable to noncontrolling interest     (54,083 )     (50,832 )     (164,990 )     (115,557 )
    Comprehensive income available for common stockholders   $ 52,207     $ 55,110     $ 166,272     $ 129,221  
                                     
    Virtu Financial, Inc. and Subsidiaries
    Reconciliation to Non-GAAP Operating Data (Unaudited)

    The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, and selected Operating Margins.

        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
    (in thousands, except percentages)     2024       2023       2024       2023  
                     
    Reconciliation of Trading income, net to Adjusted Net Trading Income                
    Trading income, net   $ 443,997     $ 316,085     $ 1,278,487     $ 1,034,764  
    Commissions, net and technology services     131,621       110,276       376,333       341,223  
    Interest and dividends income     125,229       127,693       338,287       307,916  
    Brokerage, exchange, clearance fees and payments for order flow, net     (176,745 )     (123,245 )     (467,331 )     (391,238 )
    Interest and dividends expense     (136,070 )     (132,802 )     (385,791 )     (342,896 )
    Adjusted Net Trading Income   $ 388,032     $ 298,007     $ 1,139,985     $ 949,769  
                     
    Reconciliation of Net Income to EBITDA and Adjusted EBITDA                
    Net income     119,023       117,593       358,448       257,220  
    Financing interest expense on long-term borrowings     24,492       25,361       71,154       74,499  
    Debt issue cost related to debt refinancing, prepayment and commitment fees     1,767       1,796       27,740       5,744  
    Depreciation and amortization     16,486       15,815       48,640       47,076  
    Amortization of purchased intangibles and acquired capitalized software     11,848       15,967       38,688       48,007  
    Provision for income taxes     28,137       20,512       83,917       51,117  
    EBITDA   $ 201,753     $ 197,044     $ 628,587     $ 483,663  
    Severance     690       1,346       3,651       5,256  
    Transaction advisory fees and expenses     69       6       264       30  
    Termination of office leases     17       364       50       314  
    Other     (5,669 )     (74,599 )     (48,334 )     (67,396 )
    Share based compensation     17,945       15,353       50,941       47,108  
    Adjusted EBITDA   $ 214,805     $ 139,514     $ 635,159     $ 468,975  
                     
    Selected Operating Margins                
    GAAP Net income Margin (1)     16.8 %     18.7 %     17.5 %     14.6 %
    Non-GAAP Net income Margin (2)     30.7 %     39.5 %     31.4 %     27.1 %
    EBITDA Margin (3)     52.0 %     66.1 %     55.1 %     50.9 %
    Adjusted EBITDA Margin (4)     55.4 %     46.8 %     55.7 %     49.4 %
                     
    1 Calculated by dividing Net income by Total revenue.                
    2 Calculated by dividing Net income by Adjusted Net Trading Income.                
    3 Calculated by dividing EBITDA by Adjusted Net Trading Income.                
    4 Calculated by dividing Adjusted EBITDA by Adjusted Net Trading Income.                
                     
    Virtu Financial, Inc. and Subsidiaries
    Reconciliation to Non-GAAP Operating Data (Unaudited)
    (Continued)

    The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS.

        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
    (in thousands, except share and per share data)     2024       2023       2024       2023  
                     
    Reconciliation of Net Income to Normalized Adjusted Net Income                
    Net income   $ 119,023     $ 117,593     $ 358,448     $ 257,220  
    Provision for income taxes     28,137       20,512       83,917       51,117  
    Income before income taxes and noncontrolling interest   $ 147,160     $ 138,105     $ 442,365     $ 308,337  
    Amortization of purchased intangibles and acquired capitalized software     11,848       15,967       38,688       48,007  
    Debt issue cost related to debt refinancing, prepayment and commitment fees     1,767       1,796       27,740       5,744  
    Severance     690       1,346       3,651       5,256  
    Transaction advisory fees and expenses     69       6       264       30  
    Termination of office leases     17       364       50       314  
    Other     (5,669 )     (74,599 )     (48,334 )     (67,396 )
    Share based compensation     17,945       15,353       50,941       47,108  
    Normalized Adjusted Net Income before income taxes   $ 173,827     $ 98,338     $ 515,365     $ 347,400  
    Normalized provision for income taxes (1)     41,719       23,601       123,688       83,374  
    Normalized Adjusted Net Income   $ 132,108     $ 74,737     $ 391,677     $ 264,026  
                     
    Weighted Average Adjusted shares outstanding (2)     161,709,295       167,164,049       162,322,747       169,101,067  
                     
    Normalized Adjusted EPS   $ 0.82     $ 0.45     $ 2.41     $ 1.56  
                     
    (1) Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 24% for all periods presented.
    (2) Assumes that (1) holders of all vested and unvested non-vesting Virtu Financial Units (together with corresponding shares of the Company’s Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all Virtu Financial Units (together with corresponding shares of the Company’s Class D common stock, par value $0.00001 per share (the “Class D Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of the Company’s Class B common stock, par value $0.00001 per share (the “Class B Common Stock”) on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Includes additional shares from the dilutive impact of options, restricted stock units and restricted stock awards outstanding under the Amended and Restated 2015 Management Incentive Plan during the three and six months ended September 30, 2024 and 2023.
    Virtu Financial, Inc. and Subsidiaries
    Condensed Consolidated Statements of Financial Condition (Unaudited)
             
    (in thousands, except share data)   September 30,
    2024    		   December 31,
    2023
             
    Assets        
    Cash and cash equivalents   $ 701,405   $ 820,436  
    Cash and securities segregated under regulations and other     36,823     35,024  
    Securities borrowed     2,301,690     1,722,440  
    Securities purchased under agreements to resell     708,773     1,512,114  
    Receivables from broker-dealers and clearing organizations     1,194,193     737,724  
    Receivables from customers     169,565     106,245  
    Trading assets, at fair value     7,186,027     7,358,611  
    Property, equipment and capitalized software, net     93,899     100,365  
    Operating lease right-of-use assets     190,261     229,499  
    Goodwill     1,148,926     1,148,926  
    Intangibles (net of accumulated amortization)     214,971     257,520  
    Deferred taxes     122,399     133,760  
    Assets of business held for sale     4,637     —  
    Other assets     327,137     303,720  
    Total assets     14,400,706     14,466,384  
             
    Liabilities and equity        
    Liabilities        
    Short-term borrowings, net     128,761     —  
    Securities loaned     2,109,164     1,329,446  
    Securities sold under agreements to repurchase     1,045,811     1,795,994  
    Payables to broker-dealers and clearing organizations     619,640     1,167,712  
    Payables to customers     97,774     23,229  
    Trading liabilities, at fair value     6,335,171     6,071,352  
    Tax receivable agreement obligations     196,254     216,480  
    Accounts payable and accrued expenses and other liabilities     469,796     451,293  
    Operating lease liabilities     236,253     278,317  
    Long-term borrowings, net     1,741,543     1,727,205  
    Liabilities of business held for sale     1,184     —  
    Total liabilities     12,981,351     13,061,028  
             
    Total equity     1,419,355     1,405,356  
             
    Total liabilities and equity   $ 14,400,706   $ 14,466,384  
             
        As of September 30, 2024
    Ownership of Virtu Financial LLC Interests:   Interests   %
    Virtu Financial, Inc. – Class A Common Stock and Restricted Stock Units     91,902,168     57.2 %
    Non-controlling Interests (Virtu Financial LLC)     68,666,792     42.8 %
    Total Virtu Financial LLC Interests     160,568,960     100.0 %
                   

    About Virtu Financial, Inc.

    Virtu is a leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

    Cautionary Note Regarding Forward-Looking Statements

    This press release may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: risks relating to fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients, and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short-term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; potential consequences of recent SEC proposals focused on equity markets which may, if adopted, result in reduced overall and off-exchange trading volumes and market making opportunities, impose additional or heightened regulatory obligations on market makers and other market participants, and generally increase the implicit and explicit cost as well as the complexity of the U.S. equities eco-system for all participants; regulatory and legal uncertainties and potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

    CONTACT         

    Investor & Media Relations
    Andrew Smith
    investor_relations@virtu.com
    media@virtu.com

    The MIL Network –

  • MIL-OSI: Valley National Bancorp Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the third quarter 2024 of $97.9 million, or $0.18 per diluted common share, as compared to the second quarter 2024 net income of $70.4 million, or $0.13 per diluted common share, and net income of $141.3 million, or $0.27 per diluted common share, for the third quarter 2023. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $96.8 million, or $0.18 per diluted common share, for the third quarter 2024, $71.6 million, or $0.13 per diluted common share, for the second quarter 2024, and $136.4 million, or $0.26 per diluted common share, for the third quarter 2023. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the “Consolidated Financial Highlights” tables.

    Ira Robbins, CEO, commented, “The third quarter’s financial results highlight the significant progress that we continue to make towards achieving our strategic balance sheet goals. On October 23, 2024, we entered into an agreement to sell performing commercial real estate loans expected to total over $800 million at a very modest discount of approximately 1 percent to a single investor. This economically compelling transaction is expected to close in the fourth quarter 2024 and reflects the strength and desirability of our commercial real estate portfolio. We have executed on a variety of strategic transactions this year that have notably strengthened our balance sheet and enhanced our financial flexibility.”

    Mr. Robbins continued, “This quarter’s results also indicated the early stages of normalized profitability which we expect will accelerate as we enter 2025. Net interest income and non-interest income both improved meaningfully from the second quarter 2024, and our operating expenses were well-controlled and effectively unchanged on a year-over-year basis. While recent weather events weighed on the sequential provision improvement that we anticipated, our pre-provision earnings continued to improve during the third quarter and could set the stage for more stable results in the near future. And most importantly, our thoughts are with those affected by the recent hurricanes in our Florida markets and the other areas in the southeast. We are strongly committed to supporting our associates, clients and communities throughout the rebuilding and recovery process.”

    Key financial highlights for the third quarter 2024:

    • Net Interest Income and Margin: Net interest income on a tax equivalent basis of $411.8 million for the third quarter 2024 increased $8.8 million compared to the second quarter 2024 and decreased $1.8 million as compared to the third quarter 2023. Our net interest margin on a tax equivalent basis also increased by 2 basis points to 2.86 percent in the third quarter 2024 as compared to 2.84 percent for the second quarter 2024. The increases from the second quarter 2024 were mostly due to continued yield expansion on average loans and additional interest income and higher yields from targeted growth within our available for sale securities portfolio. See the “Net Interest Income and Margin” section below for more details.
    • Loan Portfolio: Total loans decreased $956.4 million, or 7.6 percent on an annualized basis, to $49.4 billion at September 30, 2024 from June 30, 2024 mostly due to the transfer of performing commercial real estate loans totaling $823.1 million, net of unearned fees, to loans held for sale at September 30, 2024 and normal repayment activity mainly within the commercial real estate non-owner occupied and multi-family loans, as we continue to actively reduce these loan categories. Our commercial and industrial loans grew $320.1 million, or 13.5 percent on an annualized basis, to $9.8 billion at September 30, 2024 from June 30, 2024 due to solid organic growth during the third quarter 2024. Residential mortgage and total consumer loans also increased modestly during the third quarter 2024. See the “Loans” section below for more details.
    • Deposits: Actual ending balances for deposits increased $283.8 million to $50.4 billion at September 30, 2024 as compared to $50.1 billion at June 30, 2024 mainly due to higher period-end direct commercial customer money market and non-interest bearing deposits, partially offset by a decline in time deposits. See the “Deposits” section below for more details.
    • Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $564.7 million and $532.5 million at September 30, 2024 and June 30, 2024, respectively, representing 1.14 percent and 1.06 percent of total loans at each respective date. During the third quarter 2024, we recorded a provision for credit losses for loans of $75.0 million as compared to $82.1 million and $9.1 million for the second quarter 2024 and third quarter 2023, respectively. The third quarter 2024 provision reflects, among other factors, increased quantitative reserves allocated to commercial real estate loans, significant commercial and industrial loan growth and $8.0 million of qualitative reserves related to the estimated impact of Hurricane Helene, which hit Florida in late September 2024.
    • Credit Quality: Non-accrual loans totaled $296.3 million, or 0.60 percent of total loans at September 30, 2024 as compared to $303.3 million, or 0.60 percent of total loans at June 30, 2024. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased to 0.35 percent of total loans at September 30, 2024 as compared to 0.14 percent at June 30, 2024 largely due to two well-secured commercial real estate loans at various stages of expected collection within the early stage delinquency categories. Net loan charge-offs totaled $42.9 million for the third quarter 2024 as compared to $36.8 million and $5.5 million for the second quarter 2024 and third quarter 2023, respectively. The loan charge-offs in the third quarter 2024 included partial charge-offs totaling a combined $30.1 million related to two commercial real estate loan relationships. See the “Credit Quality” section below for more details.
    • Non-Interest Income: Non-interest income increased $9.5 million to $60.7 million for the third quarter 2024 as compared to the second quarter 2024 mainly due to increases in other income; wealth management and trust fees; and service charges on deposits totaling $11.2 million, $2.0 million, and $1.6 million, respectively. The increases in the aforementioned categories were partially offset by a $5.8 million mark to market loss (recorded within net losses on sales of loans) associated with the performing commercial real estate loans transferred to loans held for sale at September 30, 2024, as well as lower swap fees related to commercial loan transactions (within capital market fees) and insurance commissions. The increase in other income was mostly the result of income from litigation settlements totaling $7.3 million for the third quarter 2024.
    • Non-Interest Expense: Non-interest expense decreased $8.0 million to $269.5 million for the third quarter 2024 as compared to the second quarter 2024 largely due to a $6.2 million decrease in technology, furniture and equipment expense and a $3.8 million decrease in professional and legal expenses, partially offset by higher net occupancy expense during the third quarter 2024.
    • Efficiency Ratio: Our efficiency ratio was 56.13 percent for the third quarter 2024 as compared to 59.62 percent and 56.72 percent for the second quarter 2024 and third quarter 2023, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.
    • Performance Ratios: Annualized return on average assets (ROA), shareholders’ equity (ROE) and tangible ROE were 0.63 percent, 5.70 percent and 8.06 percent for the third quarter 2024, respectively. Annualized ROA, ROE, and tangible ROE, adjusted for non-core income and charges, were 0.62 percent, 5.64 percent and 7.97 percent for the third quarter 2024, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.

    Net Interest Income and Margin

    Net interest income on a tax equivalent basis of $411.8 million for the third quarter 2024 increased $8.8 million compared to the second quarter 2024 and decreased $1.8 million as compared to the third quarter 2023. Interest income on a tax equivalent basis increased $27.1 million to $861.9 million for the third quarter 2024 as compared to the second quarter 2024. The increase was mostly due to higher yields on both new loan originations and adjustable rate loans, as well as higher yields and additional interest income from targeted purchases of taxable investments within the available for sale securities portfolio during the second and third quarter 2024. Total interest expense increased $18.3 million to $450.1 million for the third quarter 2024 as compared to the second quarter 2024 mainly due to an increase in average time deposit balances coupled with higher costs on most interest bearing deposit products. See the “Deposits” and “Other Borrowings” sections below for more details.

    Net interest margin on a tax equivalent basis of 2.86 percent for the third quarter 2024 increased by 2 basis points from 2.84 percent for the second quarter 2024 and decreased 5 basis points from 2.91 percent for the third quarter 2023. The increase as compared to the second quarter 2024 was largely driven by the higher yield on average interest earning assets largely offset by an increase in the cost of average interest bearing liabilities. The yield on average interest earning assets increased by 10 basis points to 5.98 percent on a linked quarter basis largely due to higher yielding investment purchases and new loan originations during the second and third quarter 2024. The overall cost of average interest bearing liabilities increased 7 basis points to 4.22 percent for the third quarter 2024 as compared to the second quarter 2024 largely due to higher interest rates on deposits. Our cost of total average deposits was 3.25 percent for the third quarter 2024 as compared to 3.18 percent and 2.94 percent for the second quarter 2024 and the third quarter 2023, respectively.

    Loans, Deposits and Other Borrowings

    Loans. Total loans decreased $956.4 million, or 7.6 percent on an annualized basis, to $49.4 billion at September 30, 2024 from June 30, 2024. Commercial and industrial loans grew by $320.1 million , or 13.5 percent on an annualized basis, to $9.8 billion at September 30, 2024 from June 30, 2024 largely due to our continued strategic focus on the expansion of new loan production within this category. Total commercial real estate (including construction) loans decreased $1.4 billion to $30.4 billion at September 30, 2024 from June 30, 2024. This decline was primarily driven by the transfer of $823.1 million of commercial real estate loans, net of unearned loan fees, from the loans held for investment portfolio to loans held for sale as of September 30, 2024. In addition, we remained highly selective on new originations and projects in an effort to reduce commercial real estate loan concentrations, mainly within the non-owner occupied and multifamily loan categories. Automobile loan balances increased by $60.9 million, or 13.8 percent on an annualized basis, to $1.8 billion at September 30, 2024 from June 30, 2024 mainly due to continued consumer demand generated by our indirect auto dealer network and low prepayment activity within the portfolio. Other consumer loans decreased $42.4 million, or 15.3 percent on an annualized basis, to $1.1 billion at September 30, 2024 from June 30, 2024 primarily due to the negative impact of the high level of market interest rates on the demand and usage of collateralized personal lines of credit.

    Deposits. Actual ending balances for deposits increased $283.8 million to $50.4 billion at September 30, 2024 from June 30, 2024 mainly due to an increase of $358.3 million in savings, NOW and money market deposits and an increase of $36.0 million in non-interest bearing deposits, partially offset by a decrease of $110.5 million in time deposits. Non-interest bearing deposit and savings, NOW and money market deposit balances increased at September 30, 2024 from June 30, 2024 mostly due to increases in national specialized deposits and higher direct commercial customer deposit accounts. Total indirect customer deposits (including both brokered money market and time deposits) totaled $9.1 billion in both September 30, 2024 and June 30, 2024. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 22 percent, 50 percent and 28 percent of total deposits as of September 30, 2024, respectively, as compared to 22 percent, 49 percent and 29 percent of total deposits as of June 30, 2024, respectively.

    Other Borrowings. Short-term borrowings, consisting of securities sold under agreements to repurchase, decreased $5.5 million to $58.3 million at September 30, 2024 from June 30, 2024. Long-term borrowings totaled $3.3 billion at September 30, 2024 and also remained relatively unchanged as compared to June 30, 2024.

    Credit Quality

    Hurricanes Helene and Milton. In the early stages of the fourth quarter 2024, the credit quality of our Florida loan portfolio has remained resilient in the aftermath of Hurricane Helene, which hit Florida in late September 2024, and Hurricane Milton, which made landfall on October 9, 2024. At this time, there have been relatively few loan concessions (mostly in the form of loan payment deferrals up to 90 days) for distressed borrowers impacted by the hurricanes. However, we continue to assess the impact of the hurricanes on our Florida client base and, where appropriate, we will work constructively with individual borrowers.

    Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, decreased $7.8 million to $305.1 million at September 30, 2024 as compared to June 30, 2024. Non-accrual loans decreased $7.0 million to $296.3 million at September 30, 2024 as compared to $303.3 million at June 30, 2024. Non-accrual construction and commercial real estate loans decreased $20.7 million and $9.3 million to $24.7 million and $113.8 million, respectively, at September 30, 2024 as compared to June 30, 2024 mainly due to loan payoffs during the third quarter 2024. The decreases in these loan categories were partially offset by two new non-accrual commercial and industrial loans totaling $19.0 million, as well as moderate increases in non-accrual residential mortgage and consumer loans at September 30, 2024. OREO decreased $887 thousand at September 30, 2024 from June 30, 2024 mostly due to the sale of one commercial property, which resulted in the recognition of an immaterial loss for the third quarter 2024.

    Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $102.3 million to $174.7 million, or 0.35 percent of total loans, at September 30, 2024 as compared to $72.4 million, or 0.14 percent of total loans at June 30, 2024. Loans 30 to 59 days past due increased $69.1 million to $115.1 million at September 30, 2024 as compared to June 30, 2024 mainly due to a $74.5 million increase in commercial real estate loans, partially offset by a $7.0 million decline in consumer loan delinquencies. The increase in commercial real estate loans 30 to 59 days past due was mostly due to one new delinquent loan totaling $40.9 million, which is expected to be fully repaid, subject to the borrower’s pending sale of certain collateral, as well as a few other new loan delinquencies. Loans 60 to 89 days past due increased $42.9 million to $54.8 million at September 30, 2024 as compared to June 30, 2024 mostly due to one well-secured commercial real estate loan totaling $43.9 million currently in the process of loan modification. Loans 90 days or more past due and still accruing interest decreased $9.7 million to $4.8 million at September 30, 2024 as compared to June 30, 2024 largely due to one $4.0 million construction loan that was fully repaid and one $4.2 million commercial real estate loan that migrated from this past due category to non-accrual loans during the third quarter 2024. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

    Allowance for Credit Losses for Loans and Unfunded Commitments. The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at September 30, 2024, June 30, 2024 and September 30, 2023:

        September 30, 2024   June 30, 2024   September 30, 2023
            Allocation       Allocation       Allocation
            as a % of       as a % of       as a % of
        Allowance   Loan   Allowance   Loan   Allowance   Loan
      Allocation   Category   Allocation   Category   Allocation   Category
      ($ in thousands)
    Loan Category:                      
    Commercial and industrial loans $ 166,365   1.70 %   $ 149,243   1.57 %   $ 133,988   1.44 %
    Commercial real estate loans:                      
      Commercial real estate   249,608   0.93       246,316   0.87       191,562   0.68  
      Construction   59,420   1.70       54,777   1.54       53,485   1.40  
    Total commercial real estate loans   309,028   1.02       301,093   0.95       245,047   0.77  
    Residential mortgage loans   51,545   0.91       47,697   0.85       44,621   0.80  
    Consumer loans:                      
      Home equity   3,303   0.57       3,077   0.54       3,689   0.67  
      Auto and other consumer   18,086   0.63       18,200   0.63       14,830   0.52  
    Total consumer loans   21,389   0.62       21,277   0.62       18,519   0.55  
    Allowance for loan losses   548,327   1.11       519,310   1.03       442,175   0.88  
    Allowance for unfunded credit commitments   16,344         13,231         20,170    
    Total allowance for credit losses for loans $ 564,671       $ 532,541       $ 462,345    
    Allowance for credit losses for loans as a % total loans     1.14 %       1.06 %       0.92 %
                                 

    Our loan portfolio, totaling $49.4 billion at September 30, 2024, had net loan charge-offs totaling $42.9 million for the third quarter 2024 as compared to $36.8 million and $5.5 million for the second quarter 2024 and the third quarter 2023, respectively. Total gross loan charge-offs in the third quarter 2024 included partial charge-offs totaling $30.1 million related to two non-performing commercial real estate loan relationships that had combined specific reserves of $25.9 million within the allowance for loan losses at June 30, 2024.

    The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 1.14 percent at September 30, 2024, 1.06 percent at June 30, 2024, and 0.92 percent at September 30, 2023. For the third quarter 2024, the provision for credit losses for loans totaled $75.0 million as compared to $82.1 million and $9.1 million for the second quarter 2024 and third quarter 2023, respectively. The provision for credit losses remained somewhat elevated for the third quarter 2024 largely due to higher quantitative reserves allocated to commercial real estate loans, commercial and industrial loan growth and $8.0 million of qualitative reserves related to the estimated impact of Hurricane Helene.

    The allowance for unfunded credit commitments increased to $16.3 million at September 30, 2024 from $13.2 million at June 30, 2024 mainly due to increases in both non-cancellable construction commitments and commercial and industrial standby letters of credit.

    As previously noted, we are currently evaluating the impact of Hurricane Milton, and we also continue to evaluate any further impact of Hurricane Helene, on our loan portfolio. While not anticipated based on information currently available, Hurricane Milton and unexpected losses from Hurricane Helene could result in a significant increase to the current hurricane related reserves within the allowance, loan charge-offs and our provision for the fourth quarter 2024.

    Capital Adequacy

    Valley’s total risk-based capital, common equity Tier 1 capital, Tier 1 capital and Tier 1 leverage capital ratios were 12.56 percent, 9.57 percent, 10.29 percent and 8.40 percent, respectively, at September 30, 2024 as compared to 12.18 percent, 9.55 percent, 9.99 percent and 8.19 percent, respectively, at June 30, 2024. The increases in the total risk-based capital, Tier 1 capital and Tier 1 leverage ratios as compared to June 30, 2024 were largely due to Valley’s issuance of 6.0 million shares of its 8.250 percent Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C on August 5, 2024. Net proceeds to Valley after deducting underwriting discounts, commissions and offering expenses were approximately $144.7 million.

    Investor Conference Call

    Valley will host a conference call with investors and the financial community at 11:00 AM (ET) today to discuss the third quarter 2024 earnings and related matters. Interested parties should preregister using this link: https://register.vevent.com/register to receive the dial-in number and a personal PIN, which are required to access the conference call. The teleconference will also be webcast live: https://edge.media-server.com and archived on Valley’s website through Monday, December 2, 2024. Investor presentation materials will be made available prior to the conference call at www.valley.com.

    About Valley

    As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with over $62 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Care Center at 800-522-4100.

    Forward-Looking Statements

    The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about our business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as “intend,” “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

    • the impact of market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with the prolonged inflationary pressures, which could have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers;
    • the impact of unfavorable macroeconomic conditions or downturns, including an actual or threatened U.S. government shutdown, debt default or rating downgrade, instability or volatility in financial markets, unanticipated loan delinquencies, loss of collateral, decreased service revenues, increased business disruptions or failures, reductions in employment, and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as the outcome of the 2024 U.S. presidential election, geopolitical instabilities or events (including the Israel-Hamas war and the escalation and regional expansion thereof); natural and other disasters (including severe weather events, such as Hurricanes Helene and Milton); health emergencies; acts of terrorism; or other external events;
    • the impact of potential instability within the U.S. financial sector in the aftermath of the banking failures in 2023 and continued volatility thereafter, including the possibility of a run on deposits by a coordinated deposit base, and the impact of the actual or perceived soundness, or concerns about the creditworthiness of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including Federal Deposit Insurance Corporation insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital;
    • the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues;
    • changes in the statutes, regulations, policy, or enforcement priorities of the federal bank regulatory agencies;
    • the loss of or decrease in lower-cost funding sources within our deposit base;
    • damage verdicts or settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent, trademark or other intellectual property infringement, misappropriation or other violation, employment related claims, and other matters;
    • a prolonged downturn and contraction in the economy, as well as an unexpected decline in commercial real estate values collateralizing a significant portion of our loan portfolio;
    • higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations, and case law;
    • the inability to grow customer deposits to keep pace with loan growth;
    • a material change in our allowance for credit losses under CECL due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;
    • the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;
    • changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges;
    • greater than expected technology related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;
    • cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks;
    • results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank, the Consumer Financial Protection Bureau (CFPB) and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;
    • application of the OCC heightened regulatory standards for certain large insured national banks, and the expenses we will incur to develop policies, programs, and systems that comply with the enhanced standards applicable to us;
    • our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements, or a decision to increase capital by retaining more earnings;
    • unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, pandemics or other public health crises, acts of terrorism or other external events;
    • our ability to successfully execute our business plan and strategic initiatives; and
    • unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, risk mitigation strategies, changes in regulatory lending guidance or other factors.

    A detailed discussion of factors that could affect our results is included in our SEC filings, including Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023.

    We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

    -Tables to Follow-

    VALLEY NATIONAL BANCORP
    CONSOLIDATED FINANCIAL HIGHLIGHTS

    SELECTED FINANCIAL DATA

      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
    ($ in thousands, except for share data and stock price) 2024   2024   2023   2024   2023
    FINANCIAL DATA:                  
    Net interest income – FTE(1) $ 411,812     $ 402,984     $ 413,657     $ 1,209,643     $ 1,272,390  
    Net interest income $ 410,498     $ 401,685     $ 412,418     $ 1,205,731     $ 1,268,203  
    Non-interest income   60,671       51,213       58,664       173,299       173,038  
    Total revenue   471,169       452,898       471,082       1,379,030       1,441,241  
    Non-interest expense   269,471       277,497       267,133       827,278       822,270  
    Pre-provision net revenue   201,698       175,401       203,949       551,752       618,971  
    Provision for credit losses   75,024       82,070       9,117       202,294       29,604  
    Income tax expense   28,818       22,907       53,486       84,898       162,410  
    Net income   97,856       70,424       141,346       264,560       426,957  
    Dividends on preferred stock   6,117       4,108       4,127       14,344       12,031  
    Net income available to common shareholders $ 91,739     $ 66,316     $ 137,219     $ 250,216     $ 414,926  
    Weighted average number of common shares outstanding:                  
    Basic   509,227,538       509,141,252       507,650,668       508,904,353       507,580,197  
    Diluted   511,342,932       510,338,502       509,256,599       510,713,205       509,204,051  
    Per common share data:                  
    Basic earnings $ 0.18     $ 0.13     $ 0.27     $ 0.49     $ 0.82  
    Diluted earnings   0.18       0.13       0.27       0.49       0.81  
    Cash dividends declared   0.11       0.11       0.11       0.33       0.33  
    Closing stock price – high   9.34       8.02       10.30       10.80       12.59  
    Closing stock price – low   6.58       6.52       7.63       6.52       6.59  
    FINANCIAL RATIOS:                  
    Net interest margin   2.85 %     2.83 %     2.90 %     2.82 %     2.99 %
    Net interest margin – FTE(1)   2.86       2.84       2.91       2.83       3.00  
    Annualized return on average assets   0.63       0.46       0.92       0.57       0.93  
    Annualized return on avg. shareholders’ equity   5.70       4.17       8.56       5.20       8.72  
    NON-GAAP FINANCIAL DATA AND RATIOS:(2)                  
    Basic earnings per share, as adjusted $ 0.18     $ 0.13     $ 0.26     $ 0.50     $ 0.84  
    Diluted earnings per share, as adjusted   0.18       0.13       0.26       0.50       0.84  
    Annualized return on average assets, as adjusted   0.62 %     0.47 %     0.89 %     0.58 %     0.96 %
    Annualized return on average shareholders’ equity, as adjusted   5.64       4.24       8.26       5.27       8.94  
    Annualized return on avg. tangible shareholders’ equity   8.06       5.95       12.39       7.40       12.71  
    Annualized return on average tangible shareholders’ equity, as adjusted   7.97       6.05       11.95       7.50       13.04  
    Efficiency ratio   56.13       59.62       56.72       58.26       55.34  
                       
    AVERAGE BALANCE SHEET ITEMS:                  
    Assets $ 62,242,022     $ 61,518,639     $ 61,391,688     $ 61,674,588     $ 61,050,973  
    Interest earning assets   57,651,650       56,772,950       56,802,565       57,016,790       56,510,997  
    Loans   50,126,963       50,020,901       50,019,414       50,131,468       49,120,153  
    Interest bearing liabilities   42,656,956       41,576,344       40,829,078       41,932,616       39,802,966  
    Deposits   50,409,234       49,383,209       49,848,446       49,459,617       48,165,152  
    Shareholders’ equity   6,862,555       6,753,981       6,605,786       6,781,022       6,531,424  
                                           
      As Of
    BALANCE SHEET ITEMS: September 30,   June 30,   March 31,   December   September 30,
    (In thousands) 2024   2024   2024   2023   2023
    Assets $ 62,092,332     $ 62,058,974     $ 61,000,188     $ 60,934,974     $ 61,183,352  
    Total loans   49,355,319       50,311,702       49,922,042       50,210,295       50,097,519  
    Deposits   50,395,966       50,112,177       49,077,946       49,242,829       49,885,314  
    Shareholders’ equity   6,972,380       6,737,737       6,727,139       6,701,391       6,627,299  
                       
    LOANS:                  
    (In thousands)                  
    Commercial and industrial $ 9,799,287     $ 9,479,147     $ 9,104,193     $ 9,230,543     $ 9,274,630  
    Commercial real estate:                  
    Non-owner occupied   12,647,649       13,710,015       14,962,851       15,078,464       14,741,668  
    Multifamily   8,612,936       8,976,264       8,818,263       8,860,219       8,863,529  
    Owner occupied   5,654,147       5,536,844       4,367,839       4,304,556       4,435,853  
    Construction   3,487,464       3,545,723       3,556,511       3,726,808       3,833,269  
    Total commercial real estate   30,402,196       31,768,846       31,705,464       31,970,047       31,874,319  
    Residential mortgage   5,684,079       5,627,113       5,618,355       5,569,010       5,562,665  
    Consumer:                  
    Home equity   581,181       566,467       564,083       559,152       548,918  
    Automobile   1,823,738       1,762,852       1,700,508       1,620,389       1,585,987  
    Other consumer   1,064,838       1,107,277       1,229,439       1,261,154       1,251,000  
    Total consumer loans   3,469,757       3,436,596       3,494,030       3,440,695       3,385,905  
    Total loans $ 49,355,319     $ 50,311,702     $ 49,922,042     $ 50,210,295     $ 50,097,519  
                       
    CAPITAL RATIOS:                  
    Book value per common share $ 13.00     $ 12.82     $ 12.81     $ 12.79     $ 12.64  
    Tangible book value per common share(2)   9.06       8.87       8.84       8.79       8.63  
    Tangible common equity to tangible assets(2)   7.68 %     7.52 %     7.62 %     7.58 %     7.40 %
    Tier 1 leverage capital   8.40       8.19       8.20       8.16       8.08  
    Common equity tier 1 capital   9.57       9.55       9.34       9.29       9.21  
    Tier 1 risk-based capital   10.29       9.99       9.78       9.72       9.64  
    Total risk-based capital   12.56       12.18       11.88       11.76       11.68  
                                           
      Three Months Ended   Nine Months Ended
    ALLOWANCE FOR CREDIT LOSSES: September 30,   June 30,   September 30,   September 30,
    ($ in thousands) 2024   2024   2023   2024   2023
    Allowance for credit losses for loans                  
    Beginning balance $ 532,541     $ 487,269     $ 458,676     $ 465,550     $ 483,255  
    Impact of the adoption of ASU No. 2022-02   —       —       —       —       (1,368 )
    Beginning balance, adjusted   532,541       487,269       458,676       465,550       481,887  
    Loans charged-off:                  
    Commercial and industrial   (7,501 )     (14,721 )     (7,487 )     (36,515 )     (37,399 )
    Commercial real estate   (33,292 )     (22,144 )     (255 )     (56,640 )     (2,320 )
    Construction   (4,831 )     (212 )     —       (12,637 )     (9,906 )
    Residential mortgage   —       —       (20 )     —       (169 )
    Total consumer   (2,597 )     (1,262 )     (1,156 )     (5,668 )     (3,024 )
    Total loans charged-off   (48,221 )     (38,339 )     (8,918 )     (111,460 )     (52,818 )
    Charged-off loans recovered:                  
    Commercial and industrial   3,162       742       3,043       4,586       6,615  
    Commercial real estate   66       150       5       457       33  
    Construction   1,535       —       —       1,535       —  
    Residential mortgage   29       5       30       59       186  
    Total consumer   521       603       362       1,521       1,513  
    Total loans recovered   5,313       1,500       3,440       8,158       8,347  
    Total net charge-offs   (42,908 )     (36,839 )     (5,478 )     (103,302 )     (44,471 )
    Provision for credit losses for loans   75,038       82,111       9,147       202,423       24,929  
    Ending balance $ 564,671     $ 532,541     $ 462,345     $ 564,671     $ 462,345  
    Components of allowance for credit losses for loans:                  
    Allowance for loan losses $ 548,327     $ 519,310     $ 442,175     $ 548,327     $ 442,175  
    Allowance for unfunded credit commitments   16,344       13,231       20,170       16,344       20,170  
    Allowance for credit losses for loans $ 564,671     $ 532,541     $ 462,345     $ 564,671     $ 462,345  
    Components of provision for credit losses for loans:                  
    Provision for credit losses for loans $ 71,925     $ 86,901     $ 11,221     $ 205,549     $ 29,359  
    Provision (credit) for unfunded credit commitments   3,113       (4,790 )     (2,074 )     (3,126 )     (4,430 )
    Total provision for credit losses for loans $ 75,038     $ 82,111     $ 9,147     $ 202,423     $ 24,929  
    Annualized ratio of total net charge-offs to total average loans   0.34 %     0.29 %     0.04 %     0.27 %     0.12 %
    Allowance for credit losses for loans as a % of total loans   1.14 %     1.06 %     0.92 %     1.14 %     0.92 %
                                           
      As Of
    ASSET QUALITY: September 30,   June 30,   March 31,   December 31,   September 30,
    ($ in thousands) 2024   2024   2024   2023   2023
    Accruing past due loans:                  
    30 to 59 days past due:                  
    Commercial and industrial $ 4,537     $ 5,086     $ 6,202     $ 9,307     $ 10,687  
    Commercial real estate   76,370       1,879       5,791       3,008       8,053  
    Residential mortgage   19,549       17,389       20,819       26,345       13,159  
    Total consumer   14,672       21,639       14,032       20,554       15,509  
    Total 30 to 59 days past due   115,128       45,993       46,844       59,214       47,408  
    60 to 89 days past due:                  
    Commercial and industrial   1,238       1,621       2,665       5,095       5,720  
    Commercial real estate   43,926       —       3,720       1,257       2,620  
    Residential mortgage   6,892       6,632       5,970       8,200       9,710  
    Total consumer   2,732       3,671       1,834       4,715       1,720  
    Total 60 to 89 days past due   54,788       11,924       14,189       19,267       19,770  
    90 or more days past due:                  
    Commercial and industrial   1,786       2,739       5,750       5,579       6,629  
    Commercial real estate   —       4,242       —       —       —  
    Construction   —       3,990       3,990       3,990       3,990  
    Residential mortgage   1,931       2,609       2,884       2,488       1,348  
    Total consumer   1,063       898       731       1,088       391  
    Total 90 or more days past due   4,780       14,478       13,355       13,145       12,358  
    Total accruing past due loans $ 174,696     $ 72,395     $ 74,388     $ 91,626     $ 79,536  
    Non-accrual loans:                  
    Commercial and industrial $ 120,575     $ 102,942     $ 102,399     $ 99,912     $ 87,655  
    Commercial real estate   113,752       123,011       100,052       99,739       83,338  
    Construction   24,657       45,380       51,842       60,851       62,788  
    Residential mortgage   33,075       28,322       28,561       26,986       21,614  
    Total consumer   4,260       3,624       4,438       4,383       3,545  
    Total non-accrual loans   296,319       303,279       287,292       291,871       258,940  
    Other real estate owned (OREO)   7,172       8,059       88       71       71  
    Other repossessed assets   1,611       1,607       1,393       1,444       1,314  
    Total non-performing assets $ 305,102     $ 312,945     $ 288,773     $ 293,386     $ 260,325  
    Total non-accrual loans as a % of loans   0.60 %     0.60 %     0.58 %     0.58 %     0.52 %
    Total accruing past due and non-accrual loans as a % of loans   0.95       0.75       0.72       0.76       0.68  
    Allowance for losses on loans as a % of non-accrual loans   185.05       171.23       163.33       152.83       170.76  
                                           

    NOTES TO SELECTED FINANCIAL DATA

    (1)   Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.  
    (2)   Non-GAAP Reconciliations. This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Valley’s performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley’s underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley’s presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies.  
           
    Non-GAAP Reconciliations to GAAP Financial Measures
     
      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
    ($ in thousands, except for share data) 2024   2024   2023   2024   2023
    Adjusted net income available to common shareholders (non-GAAP):                  
    Net income, as reported (GAAP) $ 97,856     $ 70,424     $ 141,346     $ 264,560     $ 426,957  
    Add: FDIC Special assessment (a)   —       1,363       —       8,757       —  
    Add: Losses on available for sale and held to maturity debt securities, net (b)   1       4       443       12       476  
    Add: Restructuring charge (c)   —       334       (675 )     954       10,507  
    Add: Mark to market loss on commercial real estate loans transferred to loans held for sale (d)   5,794       —       —       5,794       —  
    Add: Provision for credit losses for available for sale securities (e)   —       —       —       —       5,000  
    Add: Merger related expenses (f)   —       —       —       —       4,133  
    Less: Litigation settlements (g)   (7,334 )     —       —       (7,334 )     —  
    Less: Gain on sale of commercial premium finance lending division (h)   —       —       —       (3,629 )     —  
    Less: Net gains on sales of office buildings (h)   —       —       (6,721 )     —       (6,721 )
    Total non-GAAP adjustments to net income   (1,539 )     1,701       (6,953 )     4,554       13,395  
    Income tax adjustments related to non-GAAP adjustments (i)   437       (482 )     1,970       (1,269 )     (2,378 )
    Net income, as adjusted (non-GAAP) $ 96,754     $ 71,643     $ 136,363     $ 267,845     $ 437,974  
    Dividends on preferred stock   6,117       4,108       4,127       14,344       12,031  
    Net income available to common shareholders, as adjusted (non-GAAP) $ 90,637     $ 67,535     $ 132,236     $ 253,501     $ 425,943  
    __________                  
    (a) Included in the FDIC insurance expense.
    (b) Included in gains (losses) on securities transactions, net.
    (c) Represents severance expense related to workforce reductions within salary and employee benefits expense.
    (d) Included in (losses) gains on sales of loans, net.
    (e) Included in provision for credit losses for available for sale and held to maturity securities (tax disallowed).
    (f) Included in salary and employee benefits expense during the first quarter 2023.
    (g) Represents recoveries from legal settlements included in other income.
    (h) Included in gains (losses) on sales of assets, net within non-interest income.
    (i) Calculated using the appropriate blended statutory tax rate for the applicable period.
     
    Adjusted per common share data (non-GAAP):                  
    Net income available to common shareholders, as adjusted (non-GAAP) $ 90,637     $ 67,535     $ 132,236     $ 253,501     $ 425,943  
    Average number of shares outstanding   509,227,538       509,141,252       507,650,668       508,904,353       507,580,197  
    Basic earnings, as adjusted (non-GAAP) $ 0.18     $ 0.13     $ 0.26     $ 0.50     $ 0.84  
    Average number of diluted shares outstanding   511,342,932       510,338,502       509,256,599       510,713,205       509,204,051  
    Diluted earnings, as adjusted (non-GAAP) $ 0.18     $ 0.13     $ 0.26     $ 0.50     $ 0.84  
    Adjusted annualized return on average tangible shareholders’ equity (non-GAAP):                  
    Net income, as adjusted (non-GAAP) $ 96,754     $ 71,643     $ 136,363     $ 267,845     $ 437,974  
    Average shareholders’ equity $ 6,862,555     $ 6,753,981     $ 6,605,786     $ 6,781,022     $ 6,531,424  
    Less: Average goodwill and other intangible assets   2,008,692       2,016,766       2,042,486       2,016,790       2,051,727  
    Average tangible shareholders’ equity $ 4,853,863     $ 4,737,215     $ 4,563,300     $ 4,764,232     $ 4,479,697  
    Annualized return on average tangible shareholders’ equity, as adjusted (non-GAAP)   7.97 %     6.05 %     11.95 %     7.50 %     13.04 %
                                           
    Non-GAAP Reconciliations to GAAP Financial Measures (Continued)
     
      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
    ($ in thousands, except for share data) 2024   2024   2023   2024   2023
    Adjusted annualized return on average assets (non-GAAP):                  
    Net income, as adjusted (non-GAAP) $ 96,754     $ 71,643     $ 136,363     $ 267,845     $ 437,974  
    Average assets $ 62,242,022     $ 61,518,639     $ 61,391,688     $ 61,674,588     $ 61,050,973  
    Annualized return on average assets, as adjusted (non-GAAP)   0.62 %     0.47 %     0.89 %     0.58 %     0.96 %
    Adjusted annualized return on average shareholders’ equity (non-GAAP):                  
    Net income, as adjusted (non-GAAP) $ 96,754     $ 71,643     $ 136,363     $ 267,845     $ 437,974  
    Average shareholders’ equity $ 6,862,555     $ 6,753,981     $ 6,605,786     $ 6,781,022     $ 6,531,424  
    Annualized return on average shareholders’ equity, as adjusted (non-GAAP)   5.64 %     4.24 %     8.26 %     5.27 %     8.94 %
    Annualized return on average tangible shareholders’ equity (non-GAAP):                  
    Net income, as reported (GAAP) $ 97,856     $ 70,424     $ 141,346     $ 264,560     $ 426,957  
    Average shareholders’ equity $ 6,862,555     $ 6,753,981     $ 6,605,786     $ 6,781,022     $ 6,531,424  
    Less: Average goodwill and other intangible assets   2,008,692       2,016,766       2,042,486       2,016,790       2,051,727  
    Average tangible shareholders’ equity $ 4,853,863     $ 4,737,215     $ 4,563,300     $ 4,764,232     $ 4,479,697  
    Annualized return on average tangible shareholders’ equity (non-GAAP)   8.06 %     5.95 %     12.39 %     7.40 %     12.71 %
    Efficiency ratio (non-GAAP):                  
    Non-interest expense, as reported (GAAP) $ 269,471     $ 277,497     $ 267,133     $ 827,278     $ 822,270  
    Less: FDIC Special assessment (pre-tax)   —       1,363       —       8,757       —  
    Less: Restructuring charge (pre-tax)   —       334       (675 )     954       10,507  
    Less: Merger-related expenses (pre-tax)   —       —       —       —       4,133  
    Less: Amortization of tax credit investments (pre-tax)   5,853       5,791       4,191       17,206       13,462  
    Non-interest expense, as adjusted (non-GAAP) $ 263,618     $ 270,009     $ 263,617     $ 800,361     $ 794,168  
    Net interest income, as reported (GAAP)   410,498       401,685       412,418       1,205,731       1,268,203  
    Non-interest income, as reported (GAAP)   60,671       51,213       58,664       173,299       173,038  
    Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax)   1       4       443       12       476  
    Add: Mark-to-market loss on commercial real estate loans transferred to loans held for sale (pre-tax)   5,794       —       —       5,794       —  
    Less: Litigation settlements (pre-tax)   (7,334 )     —       —       (7,334 )     —  
    Less: Gain on sale of premium finance division (pre-tax)   —       —       —       (3,629 )     —  
    Less: Net gains on sales of office buildings (pre-tax)   —       —       (6,721 )     —       (6,721 )
    Non-interest income, as adjusted (non-GAAP) $ 59,132     $ 51,217     $ 52,386     $ 168,142     $ 166,793  
    Gross operating income, as adjusted (non-GAAP) $ 469,630     $ 452,902     $ 464,804     $ 1,373,873     $ 1,434,996  
    Efficiency ratio (non-GAAP)   56.13 %     59.62 %     56.72 %     58.26 %     55.34 %
                                           
      As of
      September 30,   June 30,   March 31,   December 31,   September 30,
    ($ in thousands, except for share data) 2024   2024   2024   2023   2023
    Tangible book value per common share (non-GAAP):                  
    Common shares outstanding   509,252,936       509,205,014       508,893,059       507,709,927       507,660,742  
    Shareholders’ equity (GAAP) $ 6,972,380     $ 6,737,737     $ 6,727,139     $ 6,701,391     $ 6,627,299  
    Less: Preferred stock   354,345       209,691       209,691       209,691       209,691  
    Less: Goodwill and other intangible assets   2,004,414       2,012,580       2,020,405       2,029,267       2,038,202  
    Tangible common shareholders’ equity (non-GAAP) $ 4,613,621     $ 4,515,466     $ 4,497,043     $ 4,462,433     $ 4,379,406  
    Tangible book value per common share (non-GAAP) $ 9.06     $ 8.87     $ 8.84     $ 8.79     $ 8.63  
    Tangible common equity to tangible assets (non-GAAP):                  
    Tangible common shareholders’ equity (non-GAAP) $ 4,613,621     $ 4,515,466     $ 4,497,043     $ 4,462,433     $ 4,379,406  
    Total assets (GAAP)   62,092,332       62,058,974       61,000,188       60,934,974       61,183,352  
    Less: Goodwill and other intangible assets   2,004,414       2,012,580       2,020,405       2,029,267       2,038,202  
    Tangible assets (non-GAAP) $ 60,087,918     $ 60,046,394     $ 58,979,783     $ 58,905,707     $ 59,145,150  
    Tangible common equity to tangible assets (non-GAAP)   7.68 %     7.52 %     7.62 %     7.58 %     7.40 %
                                           

    VALLEY NATIONAL BANCORP
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (in thousands, except for share data)

      September 30,   December 31,
      2024   2023
      (Unaudited)    
    Assets      
    Cash and due from banks $ 511,945     $ 284,090  
    Interest bearing deposits with banks   527,960       607,135  
    Investment securities:      
    Equity securities   73,071       64,464  
    Trading debt securities   3,996       3,973  
    Available for sale debt securities   2,602,260       1,296,576  
    Held to maturity debt securities (net of allowance for credit losses of $1,076 at September 30, 2024 and $1,205 at December 31, 2023)   3,573,960       3,739,208  
    Total investment securities   6,253,287       5,104,221  
    Loans held for sale (includes fair value of $17,153 at September 30, 2024 and $20,640 at December 31, 2023 for loans originated for sale)   843,201       30,640  
    Loans   49,355,319       50,210,295  
    Less: Allowance for loan losses   (548,327 )     (446,080 )
    Net loans   48,806,992       49,764,215  
    Premises and equipment, net   356,649       381,081  
    Lease right of use assets   335,032       343,461  
    Bank owned life insurance   730,081       723,799  
    Accrued interest receivable   250,131       245,498  
    Goodwill   1,868,936       1,868,936  
    Other intangible assets, net   135,478       160,331  
    Other assets   1,472,640       1,421,567  
    Total Assets $ 62,092,332     $ 60,934,974  
    Liabilities      
    Deposits:      
    Non-interest bearing $ 11,153,754     $ 11,539,483  
    Interest bearing:      
    Savings, NOW and money market   25,069,405       24,526,622  
    Time   14,172,807       13,176,724  
    Total deposits   50,395,966       49,242,829  
    Short-term borrowings   58,268       917,834  
    Long-term borrowings   3,274,340       2,328,375  
    Junior subordinated debentures issued to capital trusts   57,368       57,108  
    Lease liabilities   394,971       403,781  
    Accrued expenses and other liabilities   939,039       1,283,656  
    Total Liabilities   55,119,952       54,233,583  
    Shareholders’ Equity      
    Preferred stock, no par value; 50,000,000 authorized shares:      
    Series A (4,600,000 shares issued at September 30, 2024 and December 31, 2023)   111,590       111,590  
    Series B (4,000,000 shares issued at September 30, 2024 and December 31, 2023)   98,101       98,101  
    Series C (6,000,000 shares issued at September 30, 2024)   144,654       —  
    Common stock (no par value, authorized 650,000,000 shares; issued 509,252,936 shares at September 30, 2024 and 507,896,910 shares at December 31, 2023)   178,661       178,187  
    Surplus   5,002,718       4,989,989  
    Retained earnings   1,551,428       1,471,371  
    Accumulated other comprehensive loss   (114,772 )     (146,456 )
    Treasury stock, at cost (186,983 common shares at December 31, 2023)   —       (1,391 )
    Total Shareholders’ Equity   6,972,380       6,701,391  
    Total Liabilities and Shareholders’ Equity $ 62,092,332     $ 60,934,974  
                   

    VALLEY NATIONAL BANCORP
    CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
    (in thousands, except for share data)

      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
      2024   2024   2023   2024   2023
    Interest Income                  
    Interest and fees on loans $ 786,680     $ 770,964     $ 753,638     $ 2,329,197     $ 2,124,036
    Interest and dividends on investment securities:                  
    Taxable   49,700       40,460       32,383       125,957       96,591
    Tax-exempt   4,855       4,799       4,585       14,450       15,485
    Dividends   5,929       6,341       5,299       19,098       18,001
    Interest on federal funds sold and other short-term investments   13,385       10,902       17,113       33,969       66,594
    Total interest income   860,549       833,466       813,018       2,522,671       2,320,707
    Interest Expense                  
    Interest on deposits:                  
    Savings, NOW and money market   235,371       231,597       201,916       699,474       517,524
    Time   174,741       160,442       164,336       486,248       370,398
    Interest on short-term borrowings   451       691       5,189       21,754       89,345
    Interest on long-term borrowings and junior subordinated debentures   39,488       39,051       29,159       109,464       75,237
    Total interest expense   450,051       431,781       400,600       1,316,940       1,052,504
    Net Interest Income   410,498       401,685       412,418       1,205,731       1,268,203
    (Credit) provision for credit losses for available for sale and held to maturity securities   (14 )     (41 )     (30 )     (129 )     4,675
    Provision for credit losses for loans   75,038       82,111       9,147       202,423       24,929
    Net Interest Income After Provision for Credit Losses   335,474       319,615       403,301       1,003,437       1,238,599
    Non-Interest Income                  
    Wealth management and trust fees   15,125       13,136       11,417       46,191       32,180
    Insurance commissions   2,880       3,958       2,336       9,089       7,895
    Capital markets   6,347       7,779       7,141       19,796       35,000
    Service charges on deposit accounts   12,826       11,212       10,952       35,287       31,970
    Gains (losses) on securities transactions, net   47       3       (398 )     99       197
    Fees from loan servicing   3,443       2,691       2,681       9,322       8,054
    (Losses) gains on sales of loans, net   (3,644 )     884       2,023       (1,142 )     3,752
    Gains (losses) on sales of assets, net   55       (2 )     6,653       3,747       6,938
    Bank owned life insurance   5,387       4,545       2,709       13,167       7,736
    Other   18,205       7,007       13,150       37,743       39,316
    Total non-interest income   60,671       51,213       58,664       173,299       173,038
    Non-Interest Expense                  
    Salary and employee benefits expense   138,832       140,815       137,292       421,478       431,872
    Net occupancy expense   26,973       24,252       24,675       75,548       73,880
    Technology, furniture and equipment expense   28,962       35,203       37,320       99,627       106,304
    FDIC insurance assessment   14,792       14,446       7,946       47,474       27,527
    Amortization of other intangible assets   8,692       8,568       9,741       26,672       30,072
    Professional and legal fees   14,118       17,938       17,109       48,521       55,329
    Amortization of tax credit investments   5,853       5,791       4,191       17,206       13,462
    Other   31,249       30,484       28,859       90,752       83,824
    Total non-interest expense   269,471       277,497       267,133       827,278       822,270
    Income Before Income Taxes   126,674       93,331       194,832       349,458       589,367
    Income tax expense   28,818       22,907       53,486       84,898       162,410
    Net Income   97,856       70,424       141,346       264,560       426,957
    Dividends on preferred stock   6,117       4,108       4,127       14,344       12,031
    Net Income Available to Common Shareholders $ 91,739     $ 66,316     $ 137,219     $ 250,216     $ 414,926
                                         

    VALLEY NATIONAL BANCORP
    Quarterly Analysis of Average Assets, Liabilities and Shareholders’ Equity and
    Net Interest Income on a Tax Equivalent Basis

      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
      Average       Avg.   Average       Avg.   Average       Avg.
    ($ in thousands) Balance   Interest   Rate   Balance   Interest   Rate   Balance   Interest   Rate
    Assets                                  
    Interest earning assets:                              
    Loans (1)(2) $ 50,126,963   $ 786,704     6.28 %   $ 50,020,901   $ 770,987     6.17 %   $ 50,019,414   $ 753,662     6.03 %
    Taxable investments (3)   5,977,211     55,629     3.72       5,379,101     46,801     3.48       4,915,778     37,682     3.07  
    Tax-exempt investments (1)(3)   573,059     6,145     4.29       575,272     6,075     4.22       620,439     5,800     3.74  
    Interest bearing deposits with banks   974,417     13,385     5.49       797,676     10,902     5.47       1,246,934     17,113     5.49  
    Total interest earning assets   57,651,650     861,863     5.98       56,772,950     834,765     5.88       56,802,565     814,257     5.73  
    Other assets   4,590,372             4,745,689             4,589,123        
    Total assets $ 62,242,022           $ 61,518,639           $ 61,391,688        
    Liabilities and shareholders’ equity                                  
    Interest bearing liabilities:                                  
    Savings, NOW and money market deposits $ 25,017,504   $ 235,371     3.76 %   $ 24,848,266   $ 231,597     3.73 %   $ 23,016,737   $ 201,916     3.51 %
    Time deposits   14,233,209     174,741     4.91       13,311,381     160,442     4.82       14,880,311     164,336     4.42  
    Short-term borrowings   81,251     451     2.22       97,502     691     2.83       436,518     5,189     4.75  
    Long-term borrowings (4)   3,324,992     39,488     4.75       3,319,195     39,051     4.71       2,495,512     29,159     4.67  
    Total interest bearing liabilities   42,656,956     450,051     4.22       41,576,344     431,781     4.15       40,829,078     400,600     3.92  
    Non-interest bearing deposits   11,158,521             11,223,562             11,951,398        
    Other liabilities   1,563,990             1,964,752             2,005,426        
    Shareholders’ equity   6,862,555             6,753,981             6,605,786        
    Total liabilities and shareholders’ equity $ 62,242,022           $ 61,518,639           $ 61,391,688        
                                       
    Net interest income/interest rate spread (5)     $ 411,812     1.76 %       $ 402,984     1.73 %       $ 413,657     1.81 %
    Tax equivalent adjustment       (1,314 )             (1,299 )             (1,239 )    
    Net interest income, as reported     $ 410,498             $ 401,685             $ 412,418      
    Net interest margin (6)         2.85             2.83             2.90  
    Tax equivalent effect         0.01             0.01             0.01  
    Net interest margin on a fully tax equivalent basis (6)         2.86 %           2.84 %           2.91 %

    _________

    (1) Interest income is presented on a tax equivalent basis using a 21 percent federal tax rate.
    (2) Loans are stated net of unearned income and include non-accrual loans.
    (3) The yield for securities that are classified as available for sale is based on the average historical amortized cost.
    (4) Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated statements of condition.
    (5) Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.
    (6) Net interest income as a percentage of total average interest earning assets.
       

    SHAREHOLDERS RELATIONS
    Requests for copies of reports and/or other inquiries should be directed to Tina Zarkadas, Assistant Vice President, Shareholder Relations Specialist, Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey, 07960, by telephone at (973) 305-3380, by fax at (973) 305-1364 or by e-mail at tzarkadas@valley.com.

    Contact:   Michael D. Hagedorn
        Senior Executive Vice President and
        Chief Financial Officer
        973-872-4885

    The MIL Network –

  • MIL-OSI: Nasdaq Announces Quarterly Dividend of $0.24 Per Share

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.24 per share on the company’s outstanding common stock. The dividend is payable on December 20, 2024 to shareholders of record at the close of business on December 6, 2024. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

    About Nasdaq

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

    Cautionary Note Regarding Forward-Looking Statements

    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, information regarding our dividend program and future payment obligations. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    Media Relations Contacts:

    Nick Jannuzzi
    +1.973.760.1741
    Nicholas.Jannuzzi@Nasdaq.com

    Nick Eghtessad
    +1.929.996.8894
    Nick.Eghtessad@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

  • MIL-OSI Economics: Thales and the Max Planck Institute for Plasma Physics set a world record in the field of nuclear fusion

    Source: Thales Group

    Headline: Thales and the Max Planck Institute for Plasma Physics set a world record in the field of nuclear fusion

    • Developed in collaboration with the Max Planck Institute for Plasma Physics specifically for the Wendelstein 7-X stellarator1, Thales’s TH1507U gyrotron has achieved a significant milestone by reaching a total output of 1.3 megawatts in radiofrequency at a frequency of 140 gigahertz for 360 seconds.
    • Thales’s gyrotron plays a crucial role in the Wendelstein 7-X stellarator project by providing heating and stabilization of the plasma, which are essential for reaching the temperatures required for magnetic confinement nuclear fusion.
    • The Wendelstein 7-X project not only aims to enhance the fundamental understanding of plasmas, but also to contribute to the development of commercial fusion reactors, thereby providing a pathway to a clean and sustainable energy source.
    View into the plasma vessel of Wendelstein 7 – X (November 2021) ©MPI for Plasma Physics, Jan Michael Hosan

    To achieve nuclear fusion, a process in which two light nuclei combine to form a heavier nucleus that releases massive energy, the magnetic confinement process requires heating a gas to create a plasma, which is then confined by a powerful magnetic field.

    Thales, a global leader in the design and manufacture of plasma heating systems, is the only European manufacturer of ‘gyrotron’ electronic tubes. These are high-power vacuum tubes used to heat plasma and reach temperatures 10 times higher than the sun’s core. This equipment is therefore essential to initiate nuclear fusion reactions by magnetic confinement. It was developed in collaboration with the European Gyrotron Consortium (EGYC), which aims to create an autonomous European source of highly reliable gyrotrons.

    The Wendelstein 7-X, world’s largest stellarator, launched its experimental campaign (OP2.2) in September 2024, following a year of maintenance. This research center is at the forefront of studying nuclear fusion through magnetic confinement. Located in Germany, its activities focus on the exploration and optimization of plasmas, which can reach temperatures of several million degrees Celsius in a stable and controlled state.

    Thales, a global leader in the design and manufacturing of plasma heating systems, is the only European manufacturer of “Gyrotron” electronic tubes. These high-power vacuum tubes are used to heat plasma to temperatures ten times greater than that of the sun’s core. This equipment is essential for initiating nuclear fusion reactions through magnetic confinement. It was developed in collaboration with the European GYrotron Consortium (EGYC)2, which aims to create an, autonomous European source of highly reliable gyrotrons. Operating at a strategic nominal frequency of 140 gigahertz (GHz), theses reactors can also adapt to other frequencies.

    Wendelstein 7-X, the world’s largest stellarator, is a cutting-edge research center for the study of nuclear fusion by magnetic confinement, inaugurated in 2015. Located in Germany, its activities focus on exploring and optimizing plasmas, which can reach temperatures of several million degrees Celsius, in a stable and controlled state. In September 2024, Wendelstein 7-X launched its experimental campaign.

    “The world record set by our Gyrotron marks a significant milestone in the race for fusion and illustrates our commitment to technological innovation and excellence. This technological breakthrough positions Thales at the forefront of high-power plasma heating solutions, essential for addressing the energy challenges of tomorrow.” said Charles-Antoine Goffin, Vice President of Microwave & Imaging Sub-Systems at Thales.

    Nuclear fusion is considered an opportunity to create a clean energy source as it does not generate greenhouse gases and is abundant as its resources being present in large quantities in nature. It is therefore identified as one of the solutions to address two crucial challenges: the need to reduce global carbon emissions and the ever-growing demand for energy in various sectors of the economy, such as transportation, construction, agriculture, and the digital industry.

    1A stellarator is a magnetic confinement device used in nuclear fusion research. It maintains a hot plasma by using a complex network of external coils to generate a helical magnetic field, without requiring internal electrical current. This configuration allows for continuous operation and reduces the risk of instabilities.

    2The European Gyrotron Consortium (EGYC) includes the Swiss Plasma Center (SPC), the École Polytechnique Fédérale de Lausanne (EPFL), the Karlsruhe Institute of Technology (KIT), the Euratom-Hellenic Association (HELLAS), the Institute for Plasma Science and Technology of the Italian National Research Council (ISTP-CNR), the Polytechnic University of Turin, and Thales, the industrial partner.

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Aurangabad District Central Co-operative Bank Limited, Bihar

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated October 22, 2024, imposed a monetary penalty of ₹1.25 lakh (Rupees One Lakh Twenty Five Thousand only) on The Aurangabad District Central Co-operative Bank Ltd., Bihar (the bank) for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’. This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of BR Act and section 25 of the Credit Information Companies (Regulation) Act, 2005.

    The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. Based on supervisory findings of contravention of statutory provisions / non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia, that the following charges against the Bank were sustained, warranting imposition of monetary penalty:

    The bank had failed to:

    1. transfer eligible amounts to the Depositor Education and Awareness Fund within the prescribed period; and

    2. submit credit information of its borrowers to any of the four Credit Information Companies.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1363

    MIL OSI Economics –

  • MIL-OSI Submissions: WHO – Regional health leaders agree to improve financing to achieve universal health coverage, prioritize digital health

    Source: World Health Organization (WHO)

    MANILA, 24 October 2024 – Health leaders from nations across Asia and the Pacific today endorsed action frameworks on health financing and digital health at the seventy-fifth session of the World Health Organization (WHO) Regional Committee for the Western Pacific.

    Health financing to achieve universal health coverage and sustainable development

    Despite recent reforms in health financing, public health spending in the Western Pacific Region remains inadequate to meet growing needs. In many countries, current policies have not yet achieved the goals of equitable service access and financial protection. As a result, families are being pushed into poverty from the financial burden of paying for health services. In 2019 alone, more than 300 million people in the Western Pacific faced catastrophic health costs. Medicines and outpatient care are the primary drivers of out-of-pocket spending, exposing critical coverage gaps in primary health care (PHC) systems.

    Increasing public health spending, prioritizing PHC and adopting comprehensive financing strategies to promote health in national development are essential to achieving universal health coverage(UHCUHC) and sustainable development.

    The Regional Committee, WHO’s governing body in the Western Pacific, today endorsed the Regional Action Framework for Health Financing to Achieve Universal Health Coverage and Sustainable Development in the Western Pacific. The Framework aims to improve health financing through five action domains: 1) greater reliance on public funding for health; 2) more equitable and efficient health spending; 3) financing PHC now and into the future; 4) strengthening governance for health financing; and 5) promoting health for all in economic and social policy.

    Accelerating digital health transformation

    The Regional Committee also considered digital health – the use of information and communications technology to manage health and promote well-being – which is playing an increasingly significant role in transforming health care by leveraging technology to increase access to care. Digital health is growing rapidly in the Western Pacific Region. However, these changes bring about new challenges related to governance, coordination with a wide range of actors, sustainable financing, and the ethical and secure use of digital health tools and data.

    The Regional Action Framework on Digital Health in the Western Pacificendorsed by the Region’s health leaders today will guide countries and areas in developing national digital health plans. It will also facilitate collaboration with WHO to advance national digital health strategies aligned with country priorities. The Framework calls on countries to prioritize governance, socio-technical infrastructure, financing and economics, digital health solutions, and data in strengthening health systems in the era of digital transformation.

    Achieving transformative primary health care

    Although more than 45 years have passed since primary health care (PHC) was identified as the cornerstone for achieving Health for All in theDeclaration of Alma-Ata, many health systems in our Region remain hospital-centric, while PHC is understaffed and under resourced. With countries facing rapidly ageing populations, an increased burden of NCDs and health security risks, a worsening economic outlook and other changes, transformative PHC is more critical than ever.

    In a panel discussion held at the Regional Committee on Tuesday, delegates from Cambodia and Singapore and a representative of the Asian Development Bank discussed how a transformative PHC approach – which emphasizes keeping people healthy rather than only treating the sick, and the importance of active community engagement and effective communication – can improve health outcomes.

    Recognizing the need to support countries in achieving transformative PHC, the Regional Committee in 2022 endorsed the Regional Framework on the Future of Primary Health Care in the Western Pacific. It highlights five strategic areas for health system transformation, covering models of service delivery, individual and community empowerment, the health workforce, health financing and enabling healthy environments. WHO is supporting countries with implementation of the Regional Framework.

    Improving oral health

    On Wednesday, delegates from Malaysia, Tonga and Vanuatu participated in a panel discussion on oral health. In the Western Pacific Region, the rate of oral diseases such as tooth decay, gum disease and tooth loss has grown by 30% over the past 30 years. One in five adults over the age of 60 has lost all their teeth, causing difficulty in eating, poor nutrition and a lower quality of life.

    Oral diseases disproportionally affect poor and disadvantaged populations. But they are mostly preventable and can be treated in their early stages. Left unaddressed, they cause pain and reduce the quality of life of individuals affected. At the population level, they add to the burden of noncommunicable diseases and impact health systems and economies in the Region.

    The WHO Global Strategy and Action Plan on Oral Health (2023–2030)was developed in response to a 2021 World Health Assembly resolution calling for a shift in oral health policy planning from traditional restorative dental care to a focus on promoting oral health and preventing oral diseases. WHO is working to accelerate the implementation of the Global Strategy in the Western Pacific, making oral health an integral part of universal health coverage and improving access to essential oral health services for everyone, especially the vulnerable.

    Accreditation of non-State actors to attend Regional Committee meetings

    The Regional Committee for the Western Pacific also adopted a decision to formalize the procedure for non-State actors that are not already in official relations with WHO to be accredited as observers at their meetings. The decision highlights the valuable role that non-State actors play in society, recognizes their contributions to advancing public health and to supporting the achievement of WHO’s strategic objectives. It marks an important step towards strengthening regional health governance, and a more inclusive approach to knowledge sharing, dialogue and health policy making.

    Expected closure of the session, time and place of next year’s meeting

    The seventy-fifth session of the Regional Committee for the Western Pacific is expected to conclude tomorrow.

    Notes:

    The seventy-fifth session of the Western Pacific Regional Committee began on 21 October and is scheduled to conclude on 25 October at WHO’s Regional Office for the Western Pacific in Manila, Philippines. The agenda and timetable are available online. A livestream of proceedings, all other official documents, as well as fact sheets and videos on the issues to be addressed can be accessed here. For real-time updates, follow @WHOWPRO on Facebook, X, Instagram and YouTube and the hashtag #RCM75.

    Working with 194 Member States across six regions, WHO is the United Nations specialized agency responsible for public health. Each WHO region has a regional committee – a governing body composed of ministers of health and senior officials from Member States. Each regional committee meets annually to agree on health actions and to chart priorities for WHO’s work.

    The WHO Western Pacific Region is home to more than 1.9 billion people across 37 countries and areas: American Samoa (United States of America), Australia, Brunei Darussalam, Cambodia, China, Cook Islands, Fiji, French Polynesia (France), Guam (United States of America), Hong Kong SAR (China), Japan, Kiribati, the Lao People’s Democratic Republic, Macao SAR (China), Malaysia, the Marshall Islands, the Federated States of Micronesia, Mongolia, Nauru, New Caledonia (France), New Zealand, Niue, the Commonwealth of the Northern Mariana Islands (United States of America), Palau, Papua New Guinea, the Philippines, Pitcairn Islands (United Kingdom of Great Britain and Northern Ireland), the Republic of Korea, Samoa, Singapore, Solomon Islands, Tokelau, Tonga, Tuvalu, Vanuatu and Viet Nam, Wallis and Futuna (France).

    MIL OSI – Submitted News –