Category: Entertainment

MIL-OSI: FirstCash Reports Record Fourth Quarter and Full-Year Operating Results; Accelerating Pawn Demand Drives Record Revenue & Earnings; Declares Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, Jan. 30, 2025 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,000 retail pawn stores and a leading provider of retail point-of-sale (“POS”) payment solutions, today announced operating results for the fourth quarter and full-year ended December 31, 2024. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.38 per share, which will be paid on February 28, 2025.

Mr. Rick Wessel, chief executive officer, stated, “FirstCash posted record fourth quarter and full year revenues and earnings primarily fueled by exceptionally strong pawn operating results. Same-store pawn receivables increased 12% in both the U.S. and Latin America (local currency basis) compared to last year. This marked the sixth consecutive quarter of double digit same-store pawn receivable growth in the U.S. The POS payment solutions segment (“AFF”) had solid profitability as well, and posted growth in transaction volumes and door counts for the quarter and year-to-date periods.

“A total of 16 pawn stores were added in the fourth quarter, including an acquisition of 10 stores coupled with six new store openings. For the full year, 99 pawn stores were opened or acquired, boosting the total store base to 3,026 locations. FirstCash’s cash flows and balance sheet remain strong and we believe that we are well positioned to fund further anticipated store growth in 2025 along with dividends and potential share buybacks.”

This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.

	Three Months Ended December 31,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2024		2023		2024		2023
Revenue	$	883,811	$	852,134	$	883,811	$	852,134
Net income	$	83,547	$	69,589	$	95,415	$	92,846
Diluted earnings per share	$	1.86	$	1.53	$	2.12	$	2.04
EBITDA (non-GAAP measure)	$	162,636	$	145,493	$	165,685	$	161,704
Weighted-average diluted shares		45,038		45,425		45,038		45,425

	Twelve Months Ended December 31,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2024		2023		2024		2023
Revenue	$	3,388,514	$	3,151,796	$	3,388,514	$	3,151,796
Net income	$	258,815	$	219,301	$	302,680	$	276,874
Diluted earnings per share	$	5.73	$	4.80	$	6.70	$	6.06
EBITDA (non-GAAP measure)	$	551,008	$	493,784	$	558,437	$	511,732
Weighted-average diluted shares		45,168		45,693		45,168		45,693

Consolidated Operating Highlights

Gross revenues totaled a record $3.4 billion in 2024, an increase of 8% on both a GAAP and constant currency basis compared to last year. Revenues totaled $884 million in the fourth quarter, an increase of 4% on a GAAP basis and 7% on a constant currency basis compared to the prior-year quarter.
Diluted earnings per share for 2024 increased 19% over last year on a GAAP basis while adjusted diluted earnings per share increased 11% compared to the prior year. For the fourth quarter, diluted earnings per share increased 22% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 4% compared to the prior-year quarter. These results were even more impressive in light of lower foreign currency exchange rates, which reduced 2024 earnings per share by approximately $0.06 for the fourth quarter and $0.04 for the full year compared to the prior-year periods.
Record net income for 2024 totaled $259 million on a GAAP basis while adjusted net income was a record $303 million, which represented increases of 18% and 9%, respectively, over the prior year.
Adjusted EBITDA for the full year was $558 million, an increase of $47 million, or 9%, compared to the prior year.

Store Base and Platform Growth

Pawn Stores – 16 pawn locations were added in Mexico during the fourth quarter, consisting of ten acquired stores and six de novo stores. For the full year, a total of 99 pawn locations were added, including 29 stores in the U.S. and 70 stores in Latin America.
As of December 31, 2024, the Company had 3,026 locations, comprised of 1,200 U.S. locations and 1,826 locations in Latin America.

Retail POS Payment Solutions (AFF) Merchant Partnerships – As of December 31, 2024, there were approximately 13,600 active retail and e-commerce merchant partner locations, representing a 17% increase in the number of active merchant locations compared to a year ago. Excluding certain furniture locations closed due to bankruptcies, the number of active doors increased over 25%.

U.S. Pawn Segment Operating Results

Fourth quarter 2024 segment pre-tax operating income was $112 million, an increase of $13 million, or 14%, compared to the prior-year quarter. The resulting segment pre-tax operating margin remained strong at 26% for the quarter.
Full year 2024 segment pre-tax operating income was $397 million, an increase of $61 million, or 18%, compared to the prior year. The resulting segment pre-tax operating margin was 25% for the full year, which equaled the prior year.
Pawn receivables grew significantly over the course of the fourth quarter, totaling almost $400 million by year end and increasing 15% compared to the prior year. The increase in total pawn receivables was driven by a 5% increase in the year-to-date weighted-average store count coupled with an impressive 12% same-store increase. On a two-year stacked basis, same-store pawn receivables were up 26%.
Pawn loan fees increased 11% for the fourth quarter and 16% for the full year, while on a same-store basis, pawn loan fee revenue increased 9% and 11% compared to both of the respective prior-year periods.
Retail merchandise sales increased 10% in the fourth quarter and 13% for the full year compared to the respective prior-year periods. Same-store retail sales increased 6% for both the quarter and full year compared to the respective prior-year periods, as the Company saw continued retail demand from value-conscious consumers.
Retail sales margins improved to a robust 43% in the fourth quarter compared to 42% in the prior-year quarter. Full year retail margins were 42% in 2024 compared to 43% in 2023.
Annualized inventory turnover was consistent at 2.8 times for both 2024 and 2023. Inventories aged greater than one year at December 31, 2024 remained extremely low at 1% of total inventories.
Operating expenses for the fourth quarter and full year increased 10% and 12%, respectively, as compared to the prior-year periods, primarily due to store additions and increased labor and variable compensation expenses. On a same-store basis, expenses increased 7% for the quarter and 5% for the full year compared to the respective prior-year periods.

Latin America Pawn Segment Operating Results

Note: Certain growth rates below are calculated on a constant currency basis, a non-GAAP financial measure defined at the end of this release. The average Mexican peso to U.S. dollar exchange rate for the fourth quarter of 2024 was 20.1 pesos / dollar, an unfavorable change of 14% versus the comparable prior-year period, and for the twelve-month period ended December 31, 2024 was 18.3 pesos / dollar, an unfavorable change of 3% versus the prior-year period.

While fourth quarter segment pre-tax operating income decreased 4% on a U.S. dollar basis compared to last year, it increased 7% on a constant currency basis. The resulting segment pre-tax operating margin was 20% for both the fourth quarter of 2024 and 2023.
For the full year of 2024, segment pre-tax operating income decreased 4% on a U.S. dollar basis compared to the prior year and decreased 2% on a constant currency basis. The resulting segment pre-tax operating margin was 19%, equaling the prior year.
While pawn receivables at December 31, 2024 decreased 5% on a U.S. dollar basis, they increased 13% on a constant currency basis compared to the prior year. On a same-store basis, pawn receivables decreased 6% on a U.S. dollar basis but increased 12% on a constant currency basis compared to the prior year.
While total and same-store pawn loan fees in the fourth quarter decreased 3% in U.S. dollars, they increased 10% on a constant currency basis compared to the prior-year quarter. For the full year, both total and same-store pawn loan fees increased 4%, or 7% on a constant currency basis, compared to the prior year.
Although retail merchandise sales in the fourth quarter of 2024 decreased 5% compared to the prior-year quarter, they increased 7% on a constant currency basis. Same-store retail merchandise sales in the fourth quarter of 2024 decreased 6% on a U.S. dollar basis while increasing 7% on a constant currency basis compared to the prior-year quarter. For the full year, retail merchandise sales increased 2%, or 4% on a constant currency basis, compared to the prior year, while same-store retail merchandise sales increased 1%, or 4% on a constant currency basis, compared to the prior year.
Retail margins were 34% for the fourth quarter of 2024 and 35% for the full year, both similar to prior-period results. Annualized inventory turnover was 4.2 times in 2024 versus 4.4 times in 2023, while inventories aged greater than one year at December 31, 2024 remained extremely low at 1%.
Operating expenses for the fourth quarter of 2024 decreased 5% in total but increased 7% on a constant currency basis compared to the prior-year quarter while full year operating expenses increased 7%, or 9% on a constant currency basis compared to last year. The increase in constant currency expenses from all stores reflected increased store counts and higher labor costs (due primarily to further increases in the federal minimum wage and other mandated benefit programs), along with other inflationary impacts.

American First Finance (AFF) – Retail POS Payment Solutions Segment Operating Results

Fourth quarter segment pre-tax operating income totaled $39 million, a decrease of 10% compared to the prior-year quarter. The anticipated decline in earnings was reflective of lower net revenue from its furniture vertical, partially offset by strong growth in non-furniture net revenues.
For the full year, segment pre-tax operating income remained strong at $129 million, a nominal decrease of 3% over the prior year.
Segment revenues for the quarter, comprised of lease-to-own (“LTO”) fees and interest and fees on finance receivables, decreased 1% compared to the prior-year quarter. Revenues for the full year increased 3% compared to the prior year.
Gross transaction volume of lease and loan originations during the fourth quarter increased $12 million, or 4%, compared to last year, driven primarily by the 17% increase in active merchant door counts and continued growth in non-furniture verticals. Excluding furniture, fourth quarter origination volume increased approximately 36%. For the full year, overall gross transaction volume increased 5% over the prior year and was up 27%, excluding furniture.
Combined gross leased merchandise and finance receivables outstanding at December 31, 2024 decreased 1% compared to the December 31, 2023 balances.
The combined lease and loan loss provision as a percentage of the total gross transaction volume originated was 29% for both 2024 and 2023. The resulting allowance on combined leased merchandise and finance receivables at December 31, 2024 was 42% compared to 40% in the prior year.
The average monthly net charge-off (“NCO”) rate for combined leased merchandise and finance receivable products for the full year 2024 was 5.3% compared to the prior-year rate of 5.0%, and was in line with the Company’s targeted range for NCO’s.

Cash Flow and Liquidity

Each of the Company’s three business segments generated significant operating cash flows in 2024. Consolidated operating cash flows for the full year grew 30% and totaled $540 million compared to $416 million in 2023.
Adjusted free cash flows (a non-GAAP measure) increased 24% to $262 million in 2024, compared to $212 million in the prior year.
The operating cash flows helped fund significant growth in earning assets and continued investments in the pawn store platform with a nominal increase in net debt. Key investments made in 2024 included:
- Pawn earning assets (pawn receivables and inventories) increased $69 million.
- A total of 38 pawn stores were acquired for a combined cash purchase price of $76 million.
- 61 new, or de novo, pawn stores were added for a total investment of $19 million in fixed assets and working capital.
- Real estate purchases totaling $86 million as the Company purchased the underlying real estate at 58 of its existing pawn stores, bringing the number of Company-owned properties to 400 locations.
Net debt at December 31, 2024 was $1.6 billion, a modest 5% increase over the prior year. Over $1.5 billion of the Company’s long-term financing remains fixed rate debt with favorable interest rates ranging from 4.625% to 6.875% and maturity dates that do not begin until 2028 and continue into 2032.
The Company’s net debt to adjusted EBITDA ratio was 2.8x at December 31, 2024.

Shareholder Returns

The Board of Directors declared a $0.38 per share first quarter cash dividend, which will be paid on February 28, 2025 to stockholders of record as of February 14, 2025. This represents an annualized dividend of $1.52 per share. Any future dividends are subject to approval by the Company’s Board of Directors.
During 2024, FirstCash repurchased $85 million of its common stock. The Company has $115 million available under the $200 million share repurchase program authorized in July 2023. Future share repurchases are subject to expected liquidity, acquisitions and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors.
Combined shareholder payouts in the form of cash dividends and stock repurchases were over $150 million in 2024 and have totaled almost $800 million over the last five years.
The Company generated a 13% return on equity and a 6% return on assets in 2024. Using adjusted net income for 2024, the adjusted return on equity was 15% while the adjusted return on assets was 7%.

2025 Outlook

The Company’s outlook for 2025 is highly positive given the continued growth in pawn receivables and expectations for further pawn store additions and AFF merchant partner growth. Anticipated conditions and trends for 2025 include the following:

Pawn Operations:

Pawn operations will continue to be the primary earnings driver, as the Company expects the contribution from the combined U.S. and Latin America pawn segments to be approximately 85% of total segment level pre-tax income for 2025.
The Company expects further growth in the pawn store base in 2025 through a combination of new store openings and potential acquisitions. Over the last five years, the Company has added an average of 115 new and acquired stores per year. The guidance presented below does not assume any material acquisition activity.

U.S. Pawn

U.S. Pawn is anticipated to contribute approximately 65% of total segment level pre-tax income for 2025.
Same-store pawn loans began 2025 up 12% compared to a year ago, with January balances to date up similarly. Given the strength of the 2024 same-store results, growth rates are expected to moderate slightly over the course of the year, but still result in strong pawn fee growth that is expected to be in a range of 8% to 11% for the full year.
Similar retail sales growth is projected for 2025, with retail margins expected to be in a normalized range targeted at approximately 42%.
Given the strong revenue momentum coupled with modest expense growth, the Company anticipates solid double-digit segment earnings growth in 2025 from this, its largest segment.

Latin America Pawn

LatAm Pawn is anticipated to contribute approximately 20% of total segment level pre-tax income for 2025.
U.S. dollar-reported results for Latin America in 2025 are expected to be impacted by the lower exchange rate for the Mexican peso, which has most recently been in a range 20 to 21 pesos per U.S. dollar compared to the average exchange rate of 18.3 to 1 in 2024.
Same-store pawn receivables began 2025 down 6% on a U.S. dollar basis but up 12% on a constant currency basis. Full year pawn fee growth is expected to remain in a range of 8% to 11% on a local currency basis while it is projected to be down in a range of 2% to 5% on a U.S. dollar basis, given the current exchange rate.
Retail sales in Latin America are also expected to track similarly to pawn fees in 2025 with consistent retail margins.
While operating expenses are expected to increase by 6% to 9% in Latin America on a local currency basis (given the enacted 10% increase in the Mexico minimum wage for 2025), expenses are anticipated to decline in a range of 3% to 6% on a U.S. dollar basis, which should dampen the overall currency impact on dollar-denominated segment earnings.

Retail POS Payment Solutions (AFF) Operations:

AFF is anticipated to contribute approximately 15% of total segment level pre-tax income for 2025.
As a result of recent merchant partner bankruptcies in the furniture sector (Conn’s HomePlus and American Freight), the Company anticipates first half 2025 origination volume being down to the prior year, given lower expected furniture originations, which are more seasonally weighted to the income tax refund season. Despite this headwind, full year origination volume for 2025 is expected to increase in a low single digit range compared to 2024, given continued growth in door counts and originations from new and other existing merchants. Excluding originations from Conn’s HomePlus and American Freight, origination volumes are expected to increase in a range of 20% to 25% over 2024.
While full year 2025 net revenues are forecast to decline in a range of 10% to 15% compared to the prior year due to lower LTO balances and first half originations, reduced operating expenses related to the changes in product mix and other expense reduction initiatives are expected to offset much of the decrease in net revenue. Resulting full year segment pre-tax income is expected to be flat to down only slightly compared to the prior year.

Tax Rates and Currency:

The full year 2025 effective income tax rate under current tax codes in the U.S. and Latin America is expected to range from 24% to 25%.
Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 per share.

Additional Commentary and Analysis

Mr. Wessel further commented on FirstCash’s 2024 operating results and the outlook for 2025, “Our core pawn segments continue to see exceptional growth in pawn receivables, pawn fees and retail sales. Strong sequential acceleration in same-store pawn receivable growth rates during the fourth quarter resulted in end of year increases in pawn receivables of 15% in the U.S. and 13% (constant currency basis) in Latin America compared to last year. We believe this growth continues to be driven by inflationary impacts and credit tightening for consumers with small, immediate cash needs. Furthermore, we saw excellent retail sales results in the fourth quarter, with same-store sales up 6% in the U.S. and 7% in LatAm (constant currency) compared to the prior-year quarter while maintaining strong gross margins, which we attribute to our deep value retail pricing, attractive interest-free layaway programs and excellent customer service.

“Our industry-leading pawn operations were further expanded in 2024 as we added almost 100 locations through new store openings across all markets, coupled with strategic acquisitions in the U.S. and Mexico. Over the last five years, we have opened or acquired more than 550 pawn locations and we began 2025 with a strong pipeline of new store openings already in process. While most of our new store openings will continue to be in Latin America, we currently have three store openings slated for growth markets in the U.S. Additionally, we continue to see accretive acquisition opportunities in multiple markets which can be funded from available cash and credit facilities.

“While a smaller component of FirstCash’s consolidated operations, AFF posted solid results in 2024 by contributing almost $130 million in segment earnings and generating meaningful cash flow. Although this was a difficult year in the retail furniture industry, given weak sales volumes and store closings at several retailers of size, AFF posted overall origination growth in 2024, driven by successful expansion in other vertical categories and its strong field sales channel.

“We began 2025 in a strong position to again deliver meaningful earnings growth with the current momentum in our core pawn business in both the U.S. and Latin America and opportunities for additional growth through pawnshop acquisitions and de novo store openings. AFF’s prospects remain positive as well, as it continues to grow and diversify its merchant base. On a consolidated basis, our strong cash flows and balance sheet position us well to support this growth, and combined with ongoing cash dividends and potential share repurchases, are expected to drive further shareholder returns,” concluded Mr. Wessel.

About FirstCash

FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash’s more than 3,000 pawn stores in the U.S. and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn segments in the U.S. and Latin America currently account for approximately 80% of segment earnings, with the remainder provided by its wholly owned subsidiary, AFF, which provides lease-to-own and retail finance payment solutions for consumer goods and services.

FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.

Forward-Looking Information

This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2025. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future, including the Consumer Financial Protection Bureau (the “CFPB”) lawsuit filed against the Company; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products, labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and higher gas prices, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity at merchant partners of the Company’s retail POS payment solutions business; impact of store closures, financial difficulties or even bankruptcies at the merchant partners of the Company’s retail POS payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
Revenue:
Retail merchandise sales	$	413,671		$	397,412		$	1,507,096		$	1,381,272
Pawn loan fees		189,984			178,238			737,126			658,536
Leased merchandise income		177,440			190,057			766,241			752,682
Interest and fees on finance receivables		70,507			59,571			245,891			233,818
Wholesale scrap jewelry sales		32,209			26,856			132,160			125,488
Total revenue		883,811			852,134			3,388,514			3,151,796

Cost of revenue:
Cost of retail merchandise sold		249,831			241,402			909,685			832,393
Depreciation of leased merchandise		97,937			103,631			433,306			411,455
Provision for lease losses		33,561			34,184			163,395			175,858
Provision for loan losses		41,736			32,459			143,827			123,030
Cost of wholesale scrap jewelry sold		27,058			22,809			108,769			101,821
Total cost of revenue		450,123			434,485			1,758,982			1,644,557

Net revenue		433,688			417,649			1,629,532			1,507,239

Expenses and other income:
Operating expenses		226,547			216,783			900,978			832,149
Administrative expenses		43,636			51,887			173,199			176,315
Depreciation and amortization		26,434			27,635			104,941			109,161
Interest expense		27,197			26,586			105,226			93,243
Interest income		(528	)		(216	)		(1,935	)		(1,469	)
Loss (gain) on foreign exchange		508			376			2,641			(1,529	)
Merger and acquisition expenses		42			4,252			2,228			7,922
Other expenses (income), net		319			(1,142	)		(522	)		(1,402	)
Total expenses and other income		324,155			326,161			1,286,756			1,214,390

Income before income taxes		109,533			91,488			342,776			292,849

Provision for income taxes		25,986			21,899			83,961			73,548

Net income	$	83,547		$	69,589		$	258,815		$	219,301

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)

	December 31,
	2024			2023
ASSETS
Cash and cash equivalents	$	175,095		$	127,018
Accounts receivable, net		73,325			71,922
Pawn loans		517,867			471,846
Finance receivables, net		147,501			113,901
Inventories		334,580			312,089
Leased merchandise, net		128,437			171,191
Prepaid expenses and other current assets		26,943			38,634
Total current assets		1,403,748			1,306,601

Property and equipment, net		717,916			632,724
Operating lease right of use asset		324,646			328,458
Goodwill		1,787,172			1,727,652
Intangible assets, net		228,858			277,724
Other assets		9,934			10,242
Deferred tax assets, net		4,712			6,514
Total assets	$	4,476,986		$	4,289,915

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	171,540		$	163,050
Customer deposits and prepayments		72,703			70,580
Lease liability, current		95,161			101,962
Total current liabilities		339,404			335,592

Revolving unsecured credit facilities		198,000			568,000
Senior unsecured notes		1,531,346			1,037,647
Deferred tax liabilities, net		128,574			136,773
Lease liability, non-current		225,498			215,485
Total liabilities		2,422,822			2,293,497

Stockholders’ equity:
Common stock		575			573
Additional paid-in capital		1,767,569			1,741,046
Retained earnings		1,411,083			1,218,029
Accumulated other comprehensive loss		(129,596	)		(43,037	)
Common stock held in treasury, at cost		(995,467	)		(920,193	)
Total stockholders’ equity		2,054,164			1,996,418
Total liabilities and stockholders’ equity	$	4,476,986		$	4,289,915

FIRSTCASH HOLDINGS, INC.
U.S. PAWN SEGMENT RESULTS
(UNAUDITED)

U.S. Pawn Operating Results and Margins (dollars in thousands)

	Three Months Ended
	December 31,
	2024			2023			Increase
Revenue:
Retail merchandise sales	$	267,251		$	243,697			10	%
Pawn loan fees		133,563			120,083			11	%
Wholesale scrap jewelry sales		23,201			17,463			33	%
Total revenue		424,015			381,243			11	%

Cost of revenue:
Cost of retail merchandise sold		153,641			141,406			9	%
Cost of wholesale scrap jewelry sold		19,755			14,941			32	%
Total cost of revenue		173,396			156,347			11	%

Net revenue		250,619			224,896			11	%

Segment expenses:
Operating expenses		131,439			119,627			10	%
Depreciation and amortization		7,371			6,799			8	%
Total segment expenses		138,810			126,426			10	%

Segment pre-tax operating income	$	111,809		$	98,470			14	%

Operating metrics:
Retail merchandise sales margin	43		%	42		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	26		%	26		%

FIRSTCASH HOLDINGS, INC.
U.S. PAWN SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

	Twelve Months Ended
	December 31,
	2024			2023			Increase
Revenue:
Retail merchandise sales	$	969,371		$	854,190			13	%
Pawn loan fees		505,262			435,762			16	%
Wholesale scrap jewelry sales		93,923			78,571			20	%
Total revenue		1,568,556			1,368,523			15	%

Cost of revenue:
Cost of retail merchandise sold		560,970			490,544			14	%
Cost of wholesale scrap jewelry sold		77,683			64,545			20	%
Total cost of revenue		638,653			555,089			15	%

Net revenue		929,903			813,434			14	%

Segment expenses:
Operating expenses		503,630			451,543			12	%
Depreciation and amortization		28,980			25,585			13	%
Total segment expenses		532,610			477,128			12	%

Segment pre-tax operating income	$	397,293		$	336,306			18	%

Operating metrics:
Retail merchandise sales margin	42		%	43		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	25		%	25		%

FIRSTCASH HOLDINGS, INC.
U.S. PAWN SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

U.S. Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

	As of December 31,
	2024			2023			Increase
Earning assets:
Pawn loans	$	396,667		$	344,152			15	%
Inventories		245,492			221,843			11	%
	$	642,159		$	565,995			13	%

Average outstanding pawn loan amount (in ones)	$	283		$	258			10	%

Composition of pawn collateral:
General merchandise	28		%	30		%
Jewelry	72		%	70		%
	100		%	100		%

Composition of inventories:
General merchandise	41		%	43		%
Jewelry	59		%	57		%
	100		%	100		%

Percentage of inventory aged greater than one year	1		%	1		%

Inventory turnover (trailing twelve months cost of merchandise sales divided by average inventories)	2.8 times			2.8 times

FIRSTCASH HOLDINGS, INC.
LATIN AMERICA PAWN SEGMENT RESULTS
(UNAUDITED)

Latin America Pawn Segment Results

Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section below for additional discussion of constant currency operating results.

Latin America Pawn Operating Results and Margins (dollars in thousands)

											Constant Currency Basis
											Three Months
											Ended
	Three Months Ended										December 31,			Increase /
	December 31,										2024			(Decrease)
	2024			2023			(Decrease)				(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales	$	147,412		$	155,310			(5)	%		$	166,927			7	%
Pawn loan fees		56,421			58,155			(3)	%			63,893			10	%
Wholesale scrap jewelry sales		9,008			9,393			(4)	%			9,008			(4)	%
Total revenue		212,841			222,858			(4)	%			239,828			8	%

Cost of revenue:
Cost of retail merchandise sold		96,718			100,870			(4)	%			109,445			9	%
Cost of wholesale scrap jewelry sold		7,303			7,868			(7)	%			8,278			5	%
Total cost of revenue		104,021			108,738			(4)	%			117,723			8	%

Net revenue		108,820			114,120			(5)	%			122,105			7	%

Segment expenses:
Operating expenses		60,918			63,976			(5)	%			68,628			7	%
Depreciation and amortization		5,170			5,466			(5)	%			5,754			5	%
Total segment expenses		66,088			69,442			(5)	%			74,382			7	%

Segment pre-tax operating income	$	42,732		$	44,678			(4)	%		$	47,723			7	%

Operating metrics:
Retail merchandise sales margin	34		%	35		%				34			%
Net revenue margin	51		%	51		%				51			%
Segment pre-tax operating margin	20		%	20		%				20			%

FIRSTCASH HOLDINGS, INC.
LATIN AMERICA PAWN SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

										Constant Currency Basis
										Twelve Months
										Ended
	Twelve Months Ended									December 31,			Increase /
	December 31,						Increase /			2024			(Decrease)
	2024			2023			(Decrease)			(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales	$	541,787		$	533,612			2	%	$	556,686			4	%
Pawn loan fees		231,864			222,774			4	%		238,305			7	%
Wholesale scrap jewelry sales		38,237			46,917			(19)	%		38,237			(19)	%
Total revenue		811,888			803,303			1	%		833,228			4	%

Cost of revenue:
Cost of retail merchandise sold		350,906			345,309			2	%		360,452			4	%
Cost of wholesale scrap jewelry sold		31,086			37,276			(17)	%		31,977			(14)	%
Total cost of revenue		381,992			382,585			—	%		392,429			3	%

Net revenue		429,896			420,718			2	%		440,799			5	%

Segment expenses:
Operating expenses		259,307			243,146			7	%		266,102			9	%
Depreciation and amortization		20,369			21,350			(5)	%		20,855			(2)	%
Total segment expenses		279,676			264,496			6	%		286,957			8	%

Segment pre-tax operating income	$	150,220		$	156,222			(4)	%	$	153,842			(2)	%

Operating metrics:
Retail merchandise sales margin	35		%	35		%				35		%
Net revenue margin	53		%	52		%				53		%
Segment pre-tax operating margin	19		%	19		%				18		%

FIRSTCASH HOLDINGS, INC.
LATIN AMERICA PAWN SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Latin America Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

										Constant Currency Basis
										As of
										December 31,
	As of December 31,									2024		Increase
	2024			2023			(Decrease)			(Non-GAAP)		(Non-GAAP)
Earning assets:
Pawn loans	$	121,200		$	127,694			(5)	%	$	143,805		13	%
Inventories		89,088			90,246			(1)	%		105,686		17	%
	$	210,288		$	217,940			(4)	%	$	249,491		14	%

Average outstanding pawn loan amount (in ones)	$	87		$	95			(8)	%	$	103		8	%

Composition of pawn collateral:
General merchandise	58		%	63		%
Jewelry	42		%	37		%
	100		%	100		%

Composition of inventories:
General merchandise	65		%	67		%
Jewelry	35		%	33		%
	100		%	100		%

Percentage of inventory aged greater than one year	1		%	1		%

Inventory turnover (trailing twelve months cost of merchandise sales divided by average inventories)	4.2 times			4.4 times

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS
(UNAUDITED)

Retail POS Payment Solutions Operating Results (dollars in thousands)

	Three Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Revenue:
Leased merchandise income	$	177,440	$	190,057		(7)	%
Interest and fees on finance receivables		70,507		59,571		18	%
Total revenue		247,947		249,628		(1)	%

Cost of revenue:
Depreciation of leased merchandise		98,266		104,114		(6)	%
Provision for lease losses		33,665		35,564		(5)	%
Provision for loan losses		41,736		32,459		29	%
Total cost of revenue		173,667		172,137		1	%

Net revenue		74,280		77,491		(4)	%

Segment expenses:
Operating expenses		34,190		33,180		3	%
Depreciation and amortization		705		772		(9)	%
Total segment expenses		34,895		33,952		3	%

Segment pre-tax operating income	$	39,385	$	43,539		(10)	%

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

	Twelve Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Revenue:
Leased merchandise income	$	766,241	$	752,682		2	%
Interest and fees on finance receivables		245,891		233,818		5	%
Total revenue		1,012,132		986,500		3	%

Cost of revenue:
Depreciation of leased merchandise		434,915		413,546		5	%
Provision for lease losses		163,937		177,418		(8)	%
Provision for loan losses		143,827		123,030		17	%
Total cost of revenue		742,679		713,994		4	%

Net revenue		269,453		272,506		(1)	%

Segment expenses:
Operating expenses		138,041		137,460		—	%
Depreciation and amortization		2,783		3,030		(8)	%
Total segment expenses		140,824		140,490		—	%

Segment pre-tax operating income	$	128,629	$	132,016		(3)	%

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Retail POS Payment Solutions Gross Transaction Volumes (dollars in thousands)

	Three Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Leased merchandise	$	124,590	$	170,278		(27)	%
Finance receivables		159,898		102,279		56	%
Total gross transaction volume	$	284,488	$	272,557		4	%

	Twelve Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Leased merchandise	$	568,635	$	623,069		(9)	%
Finance receivables		510,231		405,765		26	%
Total gross transaction volume	$	1,078,866	$	1,028,834		5	%

Retail POS Payment Solutions Earning Assets (dollars in thousands)

	As of December 31,						Increase /
	2024			2023			(Decrease)
Leased merchandise, net:
Leased merchandise, before allowance for lease losses	$	209,333		$	267,458			(22)	%
Less allowance for lease losses		(80,661	)		(95,752	)		(16)	%
Leased merchandise, net	$	128,672		$	171,706			(25)	%

Finance receivables, net:
Finance receivables, before allowance for loan losses	$	264,506		$	210,355			26	%
Less allowance for loan losses		(117,005	)		(96,454	)		21	%
Finance receivables, net	$	147,501		$	113,901			29	%

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Allowance for Lease and Loan Losses and Other Portfolio Metrics (dollars in thousands)

	Three Months Ended
	December 31,						Increase /
	2024			2023			(Decrease)
Allowance for lease losses:
Balance at beginning of period	$	93,823		$	105,472		(11)	%
Provision for lease losses		33,665			35,564		(5)	%
Charge-offs		(48,607	)		(46,986	)	3	%
Recoveries		1,780			1,702		5	%
Balance at end of period	$	80,661		$	95,752		(16)	%

Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	27		%	21		%
Average monthly net charge-off rate ⁽²⁾	7.1		%	5.8		%
Delinquency rate ⁽³⁾	24.4		%	21.7		%

Allowance for loan losses:
Balance at beginning of period	$	109,197		$	96,684		13	%
Provision for loan losses		41,736			32,459		29	%
Charge-offs		(35,751	)		(34,680	)	3	%
Recoveries		1,823			1,991		(8)	%
Balance at end of period	$	117,005		$	96,454		21	%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	26		%	32		%
Average monthly net charge-off rate ⁽²⁾	4.5		%	5.2		%
Delinquency rate ⁽³⁾	20.0		%	21.8		%

⁽¹⁾ Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

⁽²⁾ Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

⁽³⁾ Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

	Twelve Months Ended
		December 31,						Increase /
		2024			2023			(Decrease)
Allowance for lease losses:
Balance at beginning of period		$	95,752		$	79,576			20	%
Provision for lease losses			163,937			177,418			(8)	%
Charge-offs			(186,123	)		(167,952	)		11	%
Recoveries			7,095			6,710			6	%
Balance at end of period		$	80,661		$	95,752			(16)	%

Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	29			%	28		%
Average monthly net charge-off rate ⁽²⁾	6.3			%	5.4		%
Delinquency rate ⁽³⁾	24.4			%	21.7		%

Allowance for loan losses:
Balance at beginning of period		$	96,454		$	84,833			14	%
Provision for loan losses			143,827			123,030			17	%
Charge-offs			(130,812	)		(117,961	)		11	%
Recoveries			7,536			6,552			15	%
Balance at end of period		$	117,005		$	96,454			21	%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	28			%	30		%
Average monthly net charge-off rate ⁽²⁾	4.3			%	4.7		%
Delinquency rate ⁽³⁾	20.0			%	21.8		%

⁽¹⁾ Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

⁽²⁾ Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

⁽³⁾ Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

FIRSTCASH HOLDINGS, INC.
PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS

Pawn Operations

As of December 31, 2024, the Company operated 3,026 pawn store locations comprised of 1,200 stores in 29 U.S. states and the District of Columbia, 1,725 stores in 32 states in Mexico, 72 stores in Guatemala, 17 stores in El Salvador and 12 stores in Colombia.

The following tables detail pawn store count activity for the three and twelve months ended December 31, 2024:

	Three Months Ended December 31, 2024
	U.S.		Latin America		Total
Total locations, beginning of period	1,201		1,824		3,025
New locations opened	—		6		6
Locations acquired	—		10		10
Consolidation of existing pawn locations ⁽¹⁾	(1	)	(14	)	(15	)
Total locations, end of period	1,200		1,826		3,026


	Twelve Months Ended December 31, 2024
	U.S.		Latin America		Total
Total locations, beginning of period	1,183		1,814		2,997
New locations opened	1		60		61
Locations acquired	28		10		38
Consolidation of existing pawn locations ^{(1) (2)}	(12	)	(58	)	(70	)
Total locations, end of period	1,200		1,826		3,026

⁽¹⁾ Store consolidations were primarily acquired locations which have been combined with overlapping stores and for which the Company expects to maintain a significant portion of the acquired customer base in the consolidated location.

⁽²⁾ Includes 10 pawnshops located in Acapulco, Mexico that were severely damaged by a hurricane in the fall of 2023, which the Company elected to consolidate with other stores in this market. The Company expects to replace certain of these locations in this market over time as the city’s infrastructure recovers.

Retail POS Payment Solutions

As of December 31, 2024, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 13,600 active retail merchant partner locations, which is net of the closing of approximately 1,000 Conn’s HomePlus and American Freight locations due to bankruptcy during the fourth quarter of 2024. This compares to the active door count of approximately 11,600 locations at December 31, 2023.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(UNAUDITED)

The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow, adjusted return on equity, adjusted return on assets and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

While acquisitions are an important part of the Company’s overall strategy, the Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses and amortization of acquired AFF intangible assets. The Company does not consider these items to be related to the organic operations of the acquired businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the acquired businesses. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others.

The Company has certain leases in Mexico which are denominated in U.S. dollars. The lease liability of these U.S. dollar-denominated leases, which is considered a monetary liability, is remeasured into Mexican pesos using current period exchange rates, resulting in the recognition of foreign currency exchange gains or losses. The Company has adjusted the applicable financial measures to exclude these remeasurement gains or losses (1) because they are non-cash, non-operating items that could create volatility in the Company’s consolidated results of operations due to the magnitude of the end of period lease liability being remeasured and (2) to improve comparability of current periods presented with prior periods.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Adjusted Net Income and Adjusted Diluted Earnings Per Share

Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

The following table provides a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

	Three Months Ended December 31,										Twelve Months Ended December 31,
	2024		2023			2024		2023			2024		2023			2024		2023
	In Thousands		In Thousands			Per Share		Per Share			In Thousands		In Thousands			Per Share		Per Share
Net income and diluted earnings per share, as reported	$	83,547	$	69,589		$	1.86	$	1.53		$	258,815	$	219,301		$	5.73	$	4.80
Adjustments, net of tax:
Merger and acquisition expenses		31		3,271			—		0.07			1,706		6,089			0.04		0.13
Non-cash foreign currency loss (gain) related to lease liability		504		(607	)		0.01		(0.01	)		2,627		(1,778	)		0.06		(0.04	)
AFF purchase accounting and other adjustments		9,572		21,472			0.21		0.47			38,289		54,341			0.85		1.19
Other expenses (income), net		1,761		(879	)		0.04		(0.02	)		1,243		(1,079	)		0.02		(0.02	)
Adjusted net income and diluted earnings per share	$	95,415	$	92,846		$	2.12	$	2.04		$	302,680	$	276,874		$	6.70	$	6.06

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
Net income	$	83,547		$	69,589		$	258,815		$	219,301
Income taxes		25,986			21,899			83,961			73,548
Depreciation and amortization		26,434			27,635			104,941			109,161
Interest expense		27,197			26,586			105,226			93,243
Interest income		(528	)		(216	)		(1,935	)		(1,469	)
EBITDA		162,636			145,493			551,008			493,784
Adjustments:
Merger and acquisition expenses		42			4,252			2,228			7,922
Non-cash foreign currency loss (gain) related to lease liability		720			(867	)		3,755			(2,540	)
AFF purchase accounting and other adjustments ⁽¹⁾		—			13,968			—			13,968
Other expenses (income), net		2,287			(1,142	)		1,446			(1,402	)
Adjusted EBITDA	$	165,685		$	161,704		$	558,437		$	511,732

⁽¹⁾ For the three and twelve months ended December 31, 2023, amount represents other non-recurring costs included in administrative expenses related to a discontinued finance product.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Free Cash Flow and Adjusted Free Cash Flow

For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash, generated by business operations, that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
Cash flow from operating activities	$	198,149		$	99,105		$	539,958		$	416,142
Cash flow from investing activities:
Pawn loans, net ⁽¹⁾		(2,276	)		24,448			(71,999	)		(34,978	)
Finance receivables, net		(53,128	)		(27,448	)		(139,314	)		(115,442	)
Purchases of furniture, fixtures, equipment and improvements		(12,213	)		(13,425	)		(68,245	)		(60,148	)
Free cash flow		130,532			82,680			260,400			205,574
Merger and acquisition expenses paid, net of tax benefit		31			3,271			1,706			6,089
Adjusted free cash flow	$	130,563		$	85,951		$	262,106		$	211,663

⁽¹⁾ Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Adjusted Return on Equity and Adjusted Return on Assets

Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance.

Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands):

	Twelve Months Ended
	December 31, 2024
Adjusted net income ⁽¹⁾	$	302,680

Average stockholders’ equity (average of five most recent quarter-end balances)	$	2,014,721
Adjusted return on equity (trailing twelve months adjusted net income divided by average equity)	15		%

Average total assets (average of five most recent quarter-end balances)	$	4,345,922
Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets)	7		%

⁽¹⁾ See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.

Constant Currency Results

The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America, which are transacted in local currencies in Mexico, Guatemala and Colombia. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America, consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. See the Latin America pawn segment tables elsewhere in this release for additional reconciliation of certain constant currency amounts to as reported GAAP amounts.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Exchange Rates for the Mexican Peso, Guatemalan Quetzal and Colombian Peso

	December 31,		Favorable /
	2024	2023	(Unfavorable)
Mexican peso / U.S. dollar exchange rate:
End-of-period	20.3	16.9		(20)	%
Three months ended	20.1	17.6		(14)	%
Twelve months ended	18.3	17.8		(3)	%

Guatemalan quetzal / U.S. dollar exchange rate:
End-of-period	7.7	7.8		1	%
Three months ended	7.7	7.8		1	%
Twelve months ended	7.8	7.8		—	%

Colombian peso / U.S. dollar exchange rate:
End-of-period	4,409	3,822		(15)	%
Three months ended	4,348	4,070		(7)	%
Twelve months ended	4,071	4,328		6	%

FIRSTCASH HOLDINGS, INC.
INTERSEGMENT TRANSACTIONS
(UNAUDITED)

Intersegment transactions relate to the Company offering AFF’s LTO payment solution in its U.S. pawn stores and are eliminated to arrive at consolidated totals. For the three months ended December 31, 2024 and 2023, these intersegment amounts are as follows:

U.S. pawn retail merchandise sales includes $1.0 million and $1.6 million, respectively. Excluding these intersegment sales, consolidated U.S. retail merchandise sales totaled $266.3 million and $242.1 million, respectively.
U.S. pawn cost of retail merchandise sold includes $0.5 million and $0.9 million, respectively. Excluding these intersegment sales, consolidated U.S. cost of retail merchandise sold totaled $153.1 million and $140.5 million, respectively.
Retail POS payment solutions depreciation of leased merchandise includes $0.3 million and $0.5 million, respectively. Excluding these intersegment transactions, consolidated depreciation of leased merchandise totaled $97.9 million and $103.6 million, respectively.
Retail POS payment solutions provision for lease losses includes $0.1 million and $1.4 million, respectively. Excluding these intersegment transactions, consolidated provision for lease losses totaled $33.6 million and $34.2 million, respectively.

For the twelve months ended December 31, 2024 and 2023, these intersegment amounts are as follows:

U.S. pawn retail merchandise sales includes $4.1 million and $6.5 million, respectively. Excluding these intersegment sales, consolidated U.S. retail merchandise sales totaled $965.3 million and $847.7 million, respectively.
U.S. pawn cost of retail merchandise sold includes $2.2 million and $3.5 million, respectively. Excluding these intersegment sales, consolidated U.S. cost of retail merchandise sold totaled $558.8 million and $487.1 million, respectively.
Retail POS payment solutions depreciation of leased merchandise includes $1.6 million and $2.1 million, respectively. Excluding these intersegment transactions, consolidated depreciation of leased merchandise totaled $433.3 million and $411.5 million, respectively.
Retail POS payment solutions provision for lease losses includes $0.5 million and $1.6 million, respectively. Excluding these intersegment transactions, consolidated provision for lease losses totaled $163.4 million and $175.9 million, respectively.

As of December 31, 2024 and 2023, these intersegment amounts are as follows:

Retail POS payment solutions leased merchandise, net includes $0.2 million and $0.5 million, respectively. Excluding these intersegment transactions, consolidated net leased merchandise totaled $128.4 million and $171.2 million, respectively.

For further information, please contact:
Gar Jackson
Global IR Group
Phone: (817) 886-6998
Email: gar@globalirgroup.com

Doug Orr, Executive Vice President and Chief Financial Officer
Phone:    (817) 258-2650
Email:     investorrelations@firstcash.com
Website:  investors.firstcash.com

The MIL Network –

January 31, 2025

MIL-OSI United Kingdom: Fire risk! City residents urged to dispose of batteries responsibly

Source: City of Wolverhampton

The council has seen an increase in the number of batteries put in household and recycling bins for collection and this can have dangerous consequences.

Batteries can explode if damaged or crushed, causing fires which burn very quickly due to other waste in the bin and putting everything around them in danger.

This can cause serious damage to bin lorries, delay collections and put the lives of those in the cab at risk.

Batteries are found in a wide range of items including vapes, toothbrushes, toys, phones, laptops and even musical greeting cards.

Residents across Wolverhampton are being urged to please dispose of their batteries correctly to avoid putting people in danger.

The council’s Household Waste and Recycling Centres (Tips) at Shaw Road and Anchor Lane accept batteries, as do many supermarkets and shops.

They can also be picked up for free under our small electricals collection service. Batteries need to be placed in a small clear plastic bag, such as a sandwich bag, and put on top of your household waste or recycling bin by 6.30am on your collection day. Bags need to be tied.

Residents can find out about the service at Small electricals recycling.

Councillor Bhupinder Gakhal, cabinet member for resident services at City of Wolverhampton Council, said: “This is a very serious issue for our waste crews and one that can be solved by people thinking before they dispose of their batteries, and other items which may contain them.

“These types of battery fires spread rapidly and can damage refuse vehicles, but more importantly, can threaten the lives of our workers.

“We need to send out a strong reminder to people of the importance of safe recycling. Please, please dispose of your batteries safely and think of the safety of others.”

Figures released last year by the National Fire Chiefs Council (NFCC) and the campaign group Recycle Your Electricals showed that battery fires in bin lorries and at waste sites in the UK had reached an all time high.

More than 1,200 fires were recorded in 2023, an increase of 71% from 700 in 2022. Their research also stated that 6bn batteries were thrown away in the last year, over 3,000 a minute.

MIL OSI United Kingdom –

January 30, 2025
MIL-OSI: Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Jan. 30, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company was announced in the list of Top 25 most trusted crypto exchanges by Forbes. Ranking eight on the list, Bitget has reported an influx of users in the last year along with a multitude of upgrades and collaborations which has supported its position in entering the club. With top players such as Coinbase, Binance and Robinhood, the list highlights crypto exchanges from all over the globe.

Recently in its transparency report, Bitget recorded a 400% increase in its userbase surpassing 100M users in December and Spot trading volume increased from $160 billion in Q1 to $600 billion in Q4. Right from collaborating with Turkish national athletes, to legendary football league LALIGA to having new chiefs joining the company and the establishment of multiple licenses, Bitget has strengthened its position as a global leader, becoming the second largest crypto exchange ecosystem.

Bitget is focusing in its expansion markets via localized marketing, partnerships, and educational initiatives. The exchange offers simplified onboarding, fiat gateways, and localized customer support to ease access. Bitget also invests in blockchain education, strategic sponsorships, and incentive programs to retain users in high-growth regions. With the joining of Hon NG, CLO at Bitget, the team is heavily invested in compliance. Recently, Bitget achieved UK approval, a BSP license in El Salvador and even opened a new exchange in Vietnam to run it as per local requirements.

A recent report from CCData highlights Bitget’s success as the market share rose to 4.25%, surpassing its previous all-time high recorded in April 2024. Comparing the change in market share of the combined spot and derivatives market, Bitget, Coinbase and Crypto(dot)com were the biggest beneficiaries of 2024, increasing their market share by 4.05%, 3.89% and 3.39% to 10.5%, 5.43%, and 4.71% respectively.

Previously, Bitget Token (BGB) was ranked as one of the top 10 best-performing cryptocurrencies by Forbes for H1 2024. Since then, BGB has surpassed all expectations with a surge of over 1000% last year. By reducing BGB’s supply, enhancing utility, and expanding real-world applications, Bitget plans to strengthen more functionalities and products in the Bitget ecosystem driving sustainable growth and long-term value for holders.

Bitget’s debut on Forbes’ 2025 list of the world’s most trustworthy crypto exchanges highlights its remarkable growth and increasing credibility in the industry. With a strong BTC-ETH holding score and a focus on transparency, Bitget stands as one of the most secure crypto exchanges in the world. With transparent proof of reserves insuring 100% of its assets and a $600M Protection Fund safeguarding users, the exchange has accelerated its growth worldwide. The inclusion in the Forbes ranking list shows the exchange’s rising influence in the cryptospace.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bbcc6417-899e-4a61-92b8-900a237e68f3

The MIL Network –

January 30, 2025

MIL-OSI: Check Point Software Reports Fourth Quarter and 2024 Full Year Results

Source: GlobeNewswire (MIL-OSI)

TEL AVIV, Israel, Jan. 30, 2025 (GLOBE NEWSWIRE) — Check Point® Software Technologies Ltd. (NASDAQ: CHKP), today announced its financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Highlights

Calculated Billings* reached $959 million, an 11 percent increase year over year
Remaining Performance Obligation (RPO)**: $2.5 billion, a 12 percent increase year over year
Total Revenues: $704 million, a 6 percent increase year over year
Product, License & Subscription Revenues: $463 million, a 9 percent increase year over year
GAAP Operating Income: $254 million, representing 36 percent of revenues
Non-GAAP Operating Income: $306 million, representing 44 percent of revenues
GAAP EPS: $2.30, a 7 percent increase year over year
Non-GAAP EPS: $2.70, a 5 percent increase year over year

Full Year 2024 Highlights

Calculated Billings* reached $2,658 million, a 9 percent increase year over year
Total Revenues: $2,565 million, a 6 percent increase year over year
Security Subscriptions Revenues: $1,104 million, a 13 percent increase year over year
GAAP EPS: $7.46, a 5 percent increase year over year
Non-GAAP EPS: $9.16, a 9 percent increase year over year

“We delivered exceptional fourth quarter results, a wonderful way to transition into my new Executive Chairman role. The success in the quarter was underscored by strong 8 percent revenue growth in our core Quantum Force appliance business, our industry leading Harmony E-mail solution, and expanded adoption of the Infinity platform,” said, Gil Shwed, Founder and Chairman of the Board of Check Point Software. “I would like to thank Check Point’s customers, partners, and the Global Check Point Team for their contributions to our continued success. I look forward to Check Point achieving new heights under the leadership of our new Chief Executive Officer, Nadav Zafrir,” concluded, Mr. Shwed.

“I would like to thank Gil and the Board for the opportunity to lead such an exemplary organization. 2024 was a successful year and provides a great springboard for 2025 and beyond,” stated Nadav Zafrir, Chief Executive Officer of Check Point Software. “My first one hundred days are focused on meeting with customers and partners to understand the key challenges they face in today’s unprecedented threat environment. From my conversations so far, I have become increasingly confident that Check Point is uniquely positioned to address the cybersecurity demands of enterprises worldwide. Check Point’s future is bright, and we are focused on driving market share expansion and taking growth to the next levels,” stated Mr. Zafrir.

“After a successful fourth quarter and 2024, we are starting 2025 with an expanded executive team to balance our corporate and Go-To-Market leadership roles, and bring even more attention to customer facing functions,” said Nadav Zafrir, CEO of Check Point Software. Among the new roles joining the executive team is that of Chief Revenue Officer. Itai Greenberg will serve in this role, driving our global top-line revenue across our platform worldwide. He brings more than two decades of experience in product management and sales roles, having most recently served as Check Point’s Chief Strategy Officer and head of the Cloud and SASE businesses. Replacing Itai in the role of Chief Strategy Officer, we welcome Roi Karo to Check Point. Roi brings more than two decades of expertise in security, AI, and big data with a focus on strategy and planning.

In conclusion, after three successful years as Check Point’s President, Rupal Hollenbeck has chosen to conclude her tenure at the end of the first quarter and will remain available to support the smooth transition of the new executive team members. “I want to thank Rupal for her incredible work and dedication over the last three years during which the Go-To-Market organizations composition, reach, and focus was transformed all around the world. We wish her all the best in her future endeavors,” said Nadav Zafrir, CEO of Check Point Software. “We welcome Itai and Roi into their new executive team roles. I am excited about the opportunities before us, and I am more confident than ever that the best of Check Point is yet to come,” concluded, Mr. Zafrir.

Financial Highlights Commentary

Cash Balances, Marketable Securities & Short-Term Deposits: $2,784 million as of December 31, 2024, compared to $2,960 million as of December 31, 2023. The decrease in cash is primarily a result of $186 million net of cash consideration utilized for Cyberint Ltd. acquisition in 2024.
Share Repurchase Program: During the fourth quarter of 2024, the company repurchased approximately 1.7 million shares at a total cost of approximately $325 million. During full year 2024, we repurchased approximately 7.7 million shares at a total cost of approximately $1,300 million.
Cash Flow: Cash flow from operations was $1,059, which included $18 million of costs related to our currency hedging transactions, and acquisition-related costs were insignificant. This compares to $1,035 million in 2023, which included $39 million of costs related to our currency hedging transactions and $25 million in costs related to acquisitions.

For information regarding the non-GAAP financial measures discussed in this release, as well as a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures, please see “Use of Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Information.”

Conference Call and Webcast Information
Check Point will host a conference call with the investment community on January 30, 2025, at 8:30 AM ET/5:30 AM PT. To listen to the live webcast or replay, please visit the website www.checkpoint.com/ir.
First Quarter 2025 Investor Conference Participation Schedule

Wolfe Research March Madness 1×1 Conference
February 27, 2025, NY, NY – 1×1 meetings
Susquehanna Technology Conference
February 27, 2025, NY, NY – 1×1 meetings
Raymond James 2025 Institutional Investor Conference
March 3, 2025, Orlando, FL – Fireside & 1×1 meetings
Morgan Stanley 2025 Media, Telecommunications & Technology Conference
March 4, 2025, SF, CA – Fireside & 1×1 meetings
Roth Capital Partners 37^thAnnual Conference
March 17-18, 2025, Dana Point, CA – 1×1 meetings

Members of Check Point’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Check Point’s conference presentations are expected to be available via webcast on the company’s web site. To hear these presentations and access the most updated information please visit the company’s web site at www.checkpoint.com/ir. The schedule is subject to change.

Follow Check Point via:
Twitter: http://www.twitter.com/checkpointsw
Facebook: https://www.facebook.com/checkpointsoftware
Blog: http://blog.checkpoint.com
YouTube: http://www.youtube.com/user/CPGlobal
LinkedIn: https://www.linkedin.com/company/check-point-software-technologies

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (http://www.checkpoint.com) is a leading AI-powered, cloud-delivered cyber security platform provider protecting over 100,000 organizations worldwide. Check Point leverages the power of AI everywhere to enhance cyber security efficiency and accuracy through its Infinity Platform, with industry-leading catch rates enabling proactive threat anticipation and smarter, faster response times. The comprehensive platform includes cloud-delivered technologies consisting of Check Point Harmony to secure the workspace, Check Point CloudGuard to secure the cloud, Check Point Quantum to secure the network, and Check Point Infinity Core Services for collaborative security operations and services.

Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our management transitions, expectations regarding our products and solutions, and our participation in investor conferences and Check Point Experience (CPX) events and other events during the first quarter of 2025. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; customer acceptance and purchase of our existing solutions and new solutions; the market for IT security continuing to develop; competition from other products and services; appointments and departures of our executive officers; and general market, political, economic, and business conditions, including acts of terrorism or war. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2024. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Check Point uses non-GAAP measures of operating income, net income and earnings per diluted share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets and acquisition related expenses and the related tax affects. Check Point’s management believes the non-GAAP financial information provided in this release is useful to investors’ understanding and assessment of Check Point’s ongoing core operations and prospects for the future. Historically, Check Point has also publicly presented these supplemental non-GAAP financial measures to assist the investment community to see the company “through the eyes of management,” and thereby enhance understanding of its operating performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and as such has determined that it is important to provide this information to investors.

* Calculated Billings is a measure that we defined as total revenues recognized in accordance with GAAP plus the change in Total Deferred Revenues during the period

** Remaining Performance Obligation (RPO) is a measure that represents the total value of non-cancellable contracted products and/or services that are yet to be recognized as Revenue as of the period


CHECK POINT SOFTWARE TECHNOLOGIES LTD. CONSOLIDATED STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
Revenues:
Products and licenses	$	170.6	$	158.3	$	507.9	$	497.4
Security subscriptions		292.2		265.8		1,104.2		981.2
Total revenues from products and security subscriptions		462.8		424.1		1,612.1		1,478.6
Software updates and maintenance		240.9		239.4		952.9		936.1
Total revenues		703.7		663.5		2,565.0		2,414.7

Operating expenses:
Cost of products and licenses		29.6		28.0		97.8		99.3
Cost of security subscriptions		19.7		17.2		72.6		57.0
Total cost of products and security subscriptions		49.3		45.2		170.4		156.3
Cost of Software updates and maintenance		33.4		30.5		123.9		112.3
Amortization of technology		7.6		5.8		25.0		14.0
Total cost of revenues		90.3		81.5		319.3		282.6

Research and development		101.1		100.0		394.9		368.9
Selling and marketing		232.1		200.5		862.9		747.1
General and administrative		25.9		29.7		111.9		117.0
Total operating expenses		449.4		411.7		1,689.0		1,515.6

Operating income		254.3		251.8		876.0		899.1
Financial income, net		24.5		18.4		96.1		76.5
Income before taxes on income		278.8		270.2		972.1		975.6
Taxes on income (tax benefit)		21.3		21.0		126.4		135.3
Net income	$	257.5	$	249.2	$	845.7	$	840.3

Basic earnings per share	$	2.36	$	2.19	$	7.65	$	7.19
Number of shares used in computing basic earnings per share		109.2		114.0		110.6		116.9

Diluted earnings per share	$	2.30	$	2.15	$	7.46	$	7.10
Number of shares used in computing diluted earnings per share		112.1		115.9		113.4		118.3


CHECK POINT SOFTWARE TECHNOLOGIES LTD. SELECTED FINANCIAL METRICS (Unaudited, in millions, except per share amounts)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023

Revenues	$	703.7	$	663.5	$	2,565.0	$	2,414.7
Non-GAAP operating income		306.4		308.6		1,097.5		1,079.1
Non-GAAP net income		303.2		298.5		1,039.1		997.1
Diluted Non-GAAP Earnings per share	$	2.70	$	2.57	$	9.16	$	8.42
Number of shares used in computing diluted Non-GAAP Earnings per share		112.1		115.9		113.4		118.3


CHECK POINT SOFTWARE TECHNOLOGIES LTD. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (Unaudited, in millions, except per share amounts)

	Three Months Ended						Year Ended
	December 31,						December 31,
		2024			2023			2024			2023

GAAP operating income	$	254.3		$	251.8		$	876.0		$	899.1
Stock-based compensation (1)		29.8			39.9			149.7			145.3
Amortization of intangible assets and acquisition related expenses (2)		22.3			16.9			71.8			34.7
Non-GAAP operating income	$	306.4		$	308.6		$	1,097.5		$	1,079.1

GAAP net income	$	257.5		$	249.2		$	845.7		$	840.3
Stock-based compensation (1)		29.8			39.9			149.7			145.3
Amortization of intangible assets and acquisition related expenses (2)		22.3			16.9			71.8			34.7
Taxes on the above items (3)		(6.4	)		(7.5	)		(28.1	)		(23.2	)

Non-GAAP net income	$	303.2		$	298.5		$	1,039.1		$	997.1

Diluted GAAP Earnings per share	$	2.30		$	2.15		$	7.46		$	7.10
Stock-based compensation (1)		0.26			0.34			1.32			1.23
Amortization of intangible assets and acquisition related expenses (2)		0.20			0.15			0.63			0.29
Taxes on the above items (3)		(0.06	)		(0.07	)		(0.25	)		(0.20	)
Diluted Non-GAAP Earnings per share	$	2.70		$	2.57		$	9.16		$	8.42

Number of shares used in computing diluted Non-GAAP Earnings per share		112.1			115.9			113.4			118.3

(1) Stock-based compensation:
Cost of products and licenses	$	0.1		$	0.1		$	0.4		$	0.4
Cost of software updates and maintenance		2.0			2.4			8.2			7.3
Research and development		10.8			14.2			53.1			48.7
Selling and marketing		12.0			15.2			58.2			56.3
General and administrative		4.9			8.0			29.8			32.6
		29.8			39.9			149.7			145.3

(2) Amortization of intangible assets and acquisition related expenses:
Amortization of technology-cost of revenues		7.6			5.8			25.0			14.0
Research and development		1.7			2.0			6.5			7.0
Selling and marketing		13.0			9.1			40.3			13.7
		22.3			16.9			71.8			34.7
(3) Taxes on the above items		(6.4	)		(7.5	)		(28.1	)		(23.2	)
Total, net	$	45.7		$	49.3		$	193.4		$	156.8


CHECK POINT SOFTWARE TECHNOLOGIES LTD. CONDENSED CONSOLIDATED BALANCE SHEET DATA

(In millions)

ASSETS

	December 31,		December 31,
	2024 (Unaudited)		2023 (Audited)
Current assets:
Cash and cash equivalents	$	506.2	$	537.7
Marketable securities and short-term deposits		865.7		992.3
Trade receivables, net		728.8		657.7
Prepaid expenses and other current assets		92.7		70.0
Total current assets		2,193.4		2,257.7

Long-term assets:
Marketable securities		1,411.9		1,429.7
Property and equipment, net		80.8		80.4
Deferred tax asset, net		63.6		81.8
Goodwill and other intangible assets, net		1,897.1		1,748.5
Other assets		96.6		97.4
Total long-term assets		3,550.0		3,437.8

Total assets	$	5,743.4	$	5,695.5


LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Deferred revenues	$	1,471.3		$	1,413.8
Trade payables and other accrued liabilities		472.9			502.3
Total current liabilities		1,944.2			1,916.1

Long-term liabilities:
Long-term deferred revenues		529.0			493.9
Income tax accrual		448.5			436.1
Other long-term liabilities		32.3			28.4
		1,009.8			958.4

Total liabilities		2,954.0			2,874.5

Shareholders’ equity:
Share capital		0.8			0.8
Additional paid-in capital		3,052.8			2,732.5
Treasury shares at cost		(14,267.7	)		(13,041.2	)
Accumulated other comprehensive gain (loss)		(10.3	)		(39.2	)
Retained earnings		14,013.8			13,168.1
Total shareholders’ equity		2,789.4			2,821.0

Total liabilities and shareholders’ equity	$	5,743.4		$	5,695.5
Total cash and cash equivalents, marketable securities, and short-term deposits	$	2,783.8		$	2,959.7


CHECK POINT SOFTWARE TECHNOLOGIES LTD. SELECTED CONSOLIDATED CASH FLOW DATA

(Unaudited, in millions)

	Three Months Ended						Year Ended
	December 31,						December 31,
		2024			2023			2024			2023
Cash flow from operating activities:
Net income	$	257.5		$	249.2		$	845.7		$	840.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment		6.3			5.7			24.0			23.1
Amortization of intangible assets		19.2			13.5			59.6			24.3
Stock-based compensation		29.8			39.9			149.7			145.3
Realized loss on marketable securities		–			–			–			6.7
Increase in trade and other receivables, net		(337.1	)		(324.3	)		(78.9	)		(61.0	)
Increase in deferred revenues, trade payables and other accrued liabilities		273.0			270.6			59.7			65.5
Deferred income taxes, net		0.3			(18.8	)		(1.0	)		(9.5	)
Net cash provided by operating activities		249.0			235.8			1,058.8			1,034.7

Cash flow from investing activities:
Payment in conjunction with acquisitions, net of acquired cash		–			(3.8	)		(185.8	)		(458.8	)
Investment in property and equipment		(6.5	)		(4.7	)		(24.2	)		(18.6	)
Net cash used in investing activities		(6.5	)		(8.5	)		(210.0	)		(477.4	)

Cash flow from financing activities:
Proceeds from issuance of shares upon exercise of options		9.0			16.0			258.6			133.7
Purchase of treasury shares		(325.0	)		(313.2	)		(1,299.9	)		(1,287.6	)
Payments related to shares withheld for taxes		(1.5	)		(1.2	)		(18.6	)		(11.0	)
Net cash used in financing activities		(317.5	)		(298.4	)		(1,059.9	)		(1,164.9	)

Unrealized gain (loss) on marketable securities, net		(14.0	)		42.1			35.2			64.1

Decrease in cash and cash equivalents, marketable securities, and short-term deposits		(89.0	)		(29.0	)		(175.9	)		(543.5	)

Cash and cash equivalents, marketable securities, and short-term deposits at the beginning of the period		2,872.8			2,988.7			2,959.7			3,503.2

Cash and cash equivalents, marketable securities, and short-term deposits at the end of the period	$	2,783.8		$	2,959.7		$	2,783.8		$	2,959.7


Investors: Kip E. Meintzer Check Point Software Technologies, Ltd. +1.650.628.2040 ir@checkpoint.com	Media: Gil Messing Check Point Software Technologies, Ltd. +1.650.628.2260 press@checkpoint.com

The MIL Network –

January 30, 2025

MIL-OSI Australia: Doorstop interview, Shellharbour

Source: Australian Treasurer

Stephen Jones:

Well, after 15 years and 5 elections, I’ve decided that it’s time for me to hand the baton on to somebody else and this will be my last term of office as the member for Whitlam. I want to start by thanking this fantastic community for the trust and the faith that they’ve placed in me over 15 years, together we’ve done lots of great things. I want to thank the members of the Australian Labor Party who supported me over 5 elections. I’ve held our values dearly and always have had those values in the forefront as I’ve made the decisions that I’ve made as a local member and as a Minister in the Albanese government.

I want to thank the Prime Minister who’s been a friend of mine for many decades. I want to thank him for the faith that he’s placed in me and allowing me to be the Assistant Treasurer and the Minister for Financial Services in his government. The toughest job and the best job that I’ve ever had and it’s been an enormous honour. I want to thank all the amazing staff who are standing behind you, who are working for me and the staff that have worked with me over the last 15 years. Everything that I’ve done has been a group effort and in large part, it’s been a result of the amazing commitment, the loyalty, the dedication, and the brilliance of the people who’ve worked for them from the bottom of my heart, I want to thank you for everything that you’ve done for me.

I want to thank my family, my wife Brooke, Jess is with me here today, my daughter, my son, Patty. For the love and affection and my huge friendship network, for the support that they’ve given me over those 15 years. It’s been a long journey, but a great one. And an enormous honour. Together, we’ve done lots of things. I have had the pleasure of growing up in this fantastic region. And lived most of my life here and I’ve seen enormous changes over those years. We still make steel here and we still mine coal, but as a region, we’re much, much more.

We’ve got a world‑class university, which is on a yearly basis, graduating thousands of students, many of whom are the first in their generation ever go to university. And it’s giving them a great opportunity in life. We’re rebuilding the TAFE system, which is actually the reason I first came to the Illawarra when my father moved down here to be a TAFE teacher at Wollongong TAFE and its a sense of great pride to me that my government is prioritising TAFE and apprenticeships and fee‑free TAFE to ensure that whether you go to university or whether you take up a trade, you’ve got a path in life, which is going to give you a secure and decent job.

There’s new infrastructure for new suburbs. Anyone who has lived down here in the southern part of the Illawarra or up in the Southern Highlands will know where once there was farmland, there are now suburbs. Large parts of the electorate that I represent weren’t actually there when I was first to elected to parliament. I’ve really enjoyed getting to know and representing a diverse and vibrant community from the coast to the Hume Highway, and all the challenges that has entailed.

We’re building new infrastructure. More needs to be done in that area. I look with pride at the fact that we’re investing in social housing. There are kids who are down the road living in social and supported housing in Warilla because of the investments that we’ve put into this region. We’ve connected every house and business to the NBN. It was a big feature of my first campaign back in 2010 to connect the region and connect the businesses, and the things we now take for granted had to be fought for and had to be delivered. More to come in that area.

The National Disability Insurance Scheme, I worked in the disability sector here in the Illawarra before I was elected and I have a sense of great pride that I belong to a government that said, now’s the time and we’re going to make this second. Not perfect, more needs to be done, but we’ve got a scheme and people’s lives are immeasurably better because it took the courage and the conviction of the government that I was a part of back in 2010 to put that in place.

We’re rebuilding Medicare. It’s a huge priority. GP services are stretched here in the Illawarra, both the availability and the affordability, so Medicare, which I believe will be a key feature of the campaign, is more important now than ever and rebuilding Medicare after years of neglect, is a national priority.

I have also had the great honour of being a member of the government’s economic team. When we came into government, inflation was double what it is today, so we put a lot of work into bringing inflation down while supporting people. Many people who are saying we should just slash and burn. Australia would be in a recession today if we followed their advice and that would mean instead of millions of people being in work, there’d be millions of people who are out of work.

I left school in 1983 in this region. Some of you might remember, I remember what it was like when people were leaving school and couldn’t get a job and didn’t have hope for their future. So people will criticise the decisions we’ve made, but they were right. It means Australians, particularly young Australians are in jobs today and I’m proud of that. We’ve balanced our budgets, but we’ve done that in a responsible way. We’ve got full employment, something that I haven’t seen in my adult lifetime.

And as a minister, I’ve been really proud to prioritise consumer protections, new rights, and new methods for consumers to ensure that whether it’s at the supermarket or online, their rights are protected and their money is kept safe. I’ve got a bill in parliament next week, which I want to get passed. The Scams Prevention Framework, I’ve put a lot of work into that over the last 5 or 6 years when I started talking about it nobody was. Now everyone’s talking about it. I want to ensure that Australia is the safest place for Australians to do their business and the hardest place for criminals to rip Australians off. So my job is not done. I’ve got some work to do. I want to get legislation through parliament. The Prime Minister has asked that I stay on until the election in the role as Assistant Treasurer and Minister for Financial Services, I’ll continue to do that.

I’ll continue to fight for something I started as a scruffy union official in the mid‑80s. To fight for superannuation. I feel passionate about that. I want to ensure that this great national institution that started from zero is now the fourth largest pool of private savings anywhere in the world, tenth largest economy, fourth largest pool of superannuation savings. That’s an amazing achievement. A lot of people want to pull it apart, I’ve put a lot of work into saving it and ensuring that as of July this year, every worker gets 12 per cent of their salary on a fortnightly basis going into their pay. Nobody at the age of sixty thinks ‘I’ve got too much money in super’, nobody and that’s because of the great system that we have built.

We’re building financial advice so that people who retire and have access to the information and advice that they need. Now in a moment I’ll take some questions, and my media advisors will hate when I say this, people sometimes ask you into moments like this, what’s your legacy? I’ve always thought that people in my position they brag about their legacy, they’re Wallys. This is always a collective and a group effort and I strongly believe that we’re custodians. We look after something while we’re here. The truly greats have a legacy and the rest of us, we’re custodians and we do our best, we ensure that the system we inherited is looked after and improved along the way. And that’s where I put myself and it has been one of the great honours of my life to be the member for this amazing area, and a Minister in this fantastic government. Happy to take your questions.

Journalist:

I guess the big question is what has prompted the decision to call it quits?

Jones:

Thanks Glen. Fifteen years is a long time. The average length of time for a member of Parliament is 5 and a bit years. I’ve done 15. I’ve just reached the stage in my life where I think, it’s time for me to do something else, I don’t know what that is yet, frankly. I don’t know what that is yet. I’m taking a decision which some people might describe as courageous. I’m going to do something different, and I’m confident that the Labor party will select a candidate who’ll run in this election and uphold the values and stand for the things that people in this region need. Whether it’s free TAFE, better infrastructure, the future for our steel industry, rebuilding Medicare, I didn’t say enough about the steel industry by the way. There were times over my 15 years where it was touch and go. I remember in that first term of one between 2010 and 2013, it was direct intervention by the Gillard government which ensured that Port Kembla Steelworks continued to exist and if it didn’t make those interventions, which I was involved in, it wouldn’t have. It’s going from strength to strength today, it’s turning a profit and that’s a great thing and I’m proud to have been a part of that. Wherever I am, whatever I’m doing, I’ll be fighting for the future of manufacturing in this country and this region, that’s really important.

Journalist:

What achievements are you most proud of Stephen?

Jones:

Proud of being a part of a government that delivered the NDIS, delivered the National Broadband Network. I’m proud of a bunch of the conversations that I’ve either been a part of or lead or been a leader in. When I first stood up in, if you look back through your archives, Glen, you’ll see some front pages of the Illawarra Mercury, saying perhaps some unfavourable things about me for standing up on marriage equality. It was controversial then it’s the law of the land today. It was a part about trying to make that a mainstream issue. It’s about equality. I was proud of how an issue that’s on the agenda again today.

Some you might remember a bloke by the name of Robbie Waterhouse who was on our TV screens every 15 seconds back in 2012/13. I was annoyed that I’d take my kids to the sport and they’d hear more about the odds than the rules of the game and there weren’t a lot of voices jumping up then and saying, yeah, we’ve got knock this gambling advertising on the head and we reformed it and it’ll fall to others to do more in that space down the track.

Really proud of protecting superannuation, the former government tried to cancel the superannuation guarantee levy increases from 9.5 per cent to 12 per cent. I was proud back then when a lot of people thought that was a campaign that couldn’t be won, I said, this is a campaign that must be won. Worked with my good mate, Paul Keating, who I was talking to this morning and we agree this is a campaign that must be won, this is a Labor story, that must be protected for generations to come. Proud of that. We’ll continue to fight for superannuation.

Almost 3 years to the day. I was talking to my sister a couple days ago, the anniversary of the death of my nephew almost 3 years to the day, I got up in parliament and gave a speech which was very heartfelt as a father and an uncle about the conversation that the country was headed down. I don’t think it’s the role of parliament to be telling individuals who their identity is or parents how they should be parenting, and I felt that very personally, and more than that, I thought the conversation that the nation was involved in about people’s sexual identity and gender identity was not only wrong, it was incredibly harmful because this was sending a very clear message to people that they weren’t right and they weren’t loved. I thought that was not only wrong, I thought it was dangerous. What we say in parliament matters, the tone with which we use our voice matters and it was important to me. So, when you talk about legacy, I think some of it is how we set the public conversation and how we talk about things that matter and I’ve always tried to use my voice responsibly and that way to ensure, the people’s rights and values and dignity and individualism is protected.

Journalist:

And when did you use your voice to tell the prime minister that you were going to step down and what was his response for hearing that news?

Jones:

Anthony, the Prime Minister is a very old mate of mine and a great Australian and a great Prime Minister. I had the first conversation with him about 6 months ago just thinking about this, I love what I’m doing but I don’t know if I’ve another 3 years in me, I had the conversation again before Christmas and went away on leave to see whether it was going to pass, it didn’t. Anyone – some of you have – worked alongside me for many years know, I chuck everything at it. There’s no off button and you can only do that for so long. These people behind me deserve a bit more time. I’m not going to use that cliche line. But I actually do want my weekends back. And I want to spend a bit more time with the people I love. It’s true. It’s a bit hacky, but more than anything, I want to hand the baton over, I want to leave well, and I want to ensure that I go on and lead a new chapter in my life.

Journalist:

Are you confident that Whitlam will remain Labor heartland?

Jones:

I’ve never taken this seat for granted. I’ve always treated it as a seat that is marginal, and if you act like that the people will see that you’re not taking them or their issues for granted and they’ll respect that. And that’s the advice I will give to whoever succeeds me.

Journalist:

Any regrets? Anything you wish you could re‑do?

Jones:

There’s always things you thought you might have gone harder at, you might have gone, maybe I shouldn’t have said that this way, but, I always look forward, not backwards again, Liv, it’s been an honour of my life to represent a region that I love and that I grew up in and that has given so much to me. I hope people reflect on my time here and agree that I’ve given everything I could to it.

Journalist:

Are you going to remain here?

Jones:

I love this region and I’ll always be attached to it. I haven’t decided what I’m going to do next. In large part that’ll be driven by that. But frankly, if you had a choice between spending a summer afternoon on a beach in Sydney or a summer afternoon on any of the beaches around here, you wouldn’t linger too long on which place you’d go to, would you?

Journalist:

And in terms of the replacement, will the branches get to preselect their own candidate, or is that going to be something parachuted in by the Prime Minister?

Jones:

That’ll be a matter for the party to work through and I deeply respect the views and aspirations of the members in that respect, but I’m only one voice in that. I will continue to serve with all my heart, energy and strength until the election is determined. But matters of succession will be dealt with by others, I’m just one just one voice in it.

Journalist:

What does Labor need to do to stay in government given the polls are suggesting we’re heading towards a minority government?

Jones:

I think if people look at the bare facts and ask themselves, who’s got the better plan for the future, there is only one answer to that. If your concern is energy, then ensuring that you vote for the party that backed you in and gave you energy relief, instead of the party that voted against energy relief is a rational decision. If your concern is about having a new energy generation system, which is fit for the future, has got the best technology and is online over the next year or 2. You’ll go with Labor’s plan, not this nuclear fantasy which won’t generate one new watt of power for another 20 years. That is a recipe to provide every Australian household with an increase in their power bills of $1,200 a year. That’s nuts.

I think we’ve done a lot in the last 2 and a half years. We’ve restored workers rights, we’re rebuilding Medicare, we’ve balanced the budget twice, paid down $80 billion worth of debt, we’ve got a million Australians who are in work who wouldn’t otherwise be. We need another term to finish the job to ensure that we rebuild manufacturing in this region in this country through a Future Made in Australia. We rebuilt Medicare, we fixed the National Disability Insurance Scheme. And more than anything can I say this to you?

Australia’s got to have a big story. Australia is a great country and a big continent, it’s got to have a big story and there’s got to be a place in it for everyone. We don’t want to have a prime minister and a government that goes down the route of saying, my path to government is by dividing Australians and saying to some Australians there is no place in our national conversation for you and you’ve got to be invisible because I’ve got this view about Australia looks like and that’s the only view of Australia that I’m comfortable with and I think we’re better than that. I think the story of Australia, as I said once before, it’s the story of Breaker Morant, It’s the story of Puberty Blues, it’s the story Priscilla Queen of the Desert, it’s the story of Jedda, it’s the story of The Chant of Jimmie – it’s all of these stories. And to ignore one or some of them and say the only way to be Australian is the one that looks like me is un‑Australian.

Journalist:

And what’s it been like to be serving in an electorate named for perhaps the party’s greatest leader?

Jones:

He’s a great man. And it’s a great honour. As you can see I’ve got some of his key photos on the wall. He was a great man. Australia’s largest trading partner is China. You talk about economic management, Scott Morrison and the Liberals left our trading relationship with China in tatters. Over 3 years we’ve rebuilt it. It means farmers are selling produce into China that they were locked out of. It means iron ore is flowing into Chinese ports. It means our traded goods are moving into China and Australians are wealthier for it. That started with Gough Whitlam. That started with the Labor government when it was controversial to say we need to trade with every country in Asia, a Labor government did it and we are immeasurably wealthier as a country to today and we will be immeasurably wealthier as a country, over the next 3 years if we back in the Albanese government, the Future Made in Australia and a plan to build a better future that has a place in it for every Australian. Unless there’s any further questions.

Journalist:

Just one last one Stephen. I just want to ask one just about the news bargaining code. Who would you like to see take up the work negotiating with the tech giants?

Jones:

I will continue the work until the election on the news media bargaining code. I’ve been working closely with my colleague Michelle Roland on this, we will continue that work. I want to see a unity ticket across the parliament on this because when we are talking to the rest of the world, we should talk with one voice. Not as the blue team, or the red team or the green team or the brown team, or whatever, we should be talking with one voice. So I want a unity ticket across the parliament and I’ll continue to put as much energy over the next few months into that as I did over the last 6 months. Thanks so much.

MIL OSI News –

January 30, 2025
MIL-OSI New Zealand: Search continues for missing 24-year-old Travis

Source: New Zealand Police (District News)

Police are continuing the search for 24-year-old Travis, who has been missing since 17 January.

Travis travelled from Wellington to the Waikato region, where his vehicle was located burnt out on a Tolley Road farm in Ngaroma on 18 January.

Police coordinated a search of the area where his vehicle was located, utilising SAR staff. Private searches have also been carried out by family and friends.

Some personal items belonging to Travis were found during the search of the area, but there has been no sightings of Travis since 17 January.

Police would like to hear from anyone who has seen or heard from Travis since 17 January. We are also asking anyone in the wider Ngaroma area to check farm buildings, huts and any CCTV footage.

If anyone has any information that could help our enquiries, please update us online now or call 105.

Please use the reference number 250119/4439.

ENDS

Issued by Police Media Centre

MIL OSI New Zealand News –

January 30, 2025
MIL-OSI Banking: 2024/25 PDC World Darts Championship generates estimated $4.57 million in sponsorship revenue, reveals GlobalData

Source: GlobalData

2024/25 PDC World Darts Championship generates estimated $4.57 million in sponsorship revenue, reveals GlobalData

Posted in Sport

With seven brands sponsoring the 2024/25 Professional Darts Corporation (PDC) World Darts Championship, the competition’s largest sponsorship deal in terms of annual value was with Paddy Power. The title sponsorship agreement is worth an estimated $1.5 million a year for a period of three years. Overall, the championship is estimated to have generated $4.57 million in sponsorship revenue, reveals GlobalData, a leading data and analytics company.

GlobalData’s latest report, “Post Event Analysis – World Darts Championship 2024/25”, reveals that the event is involved in a media agreement with the pay-TV broadcaster Sky, worth in total an estimated $93.47 million to air the championship on its platform across the UK and Ireland up until January 2026.

Tom Subak-Sharpe, Sport Analyst at GlobalData, comments: “The PDC in 2024 was successful in agreeing to four new commercial deals with brands willing to partner with this year’s world championship. With the help of Luke Littler, darts is going from strength to strength, with more brands becoming intrigued into becoming associated with some of the sport’s biggest events, including its most prestigious competition, the World Darts Championship.”

Sky’s viewership for this year’s World Darts Championship final averaged 2.7 million, with a peak audience reaching 3.1 million. Though lower than last year, these are very encouraging figures for the PDC, still higher than any other non-football audience in the last 12 months.

Subak-Sharpe continues: “The fundamental reason for such strong viewership numbers is the pull that teenager Luke Littler has for the UK public. Littler remains one of the sought after sports stars in the UK, with the public eager to witness his journey to dominate the sport.”

Subak-Sharpe concludes: “The biggest event in darts continues to establish a very strong commercial footprint, as new brands have been added to the portfolio of the event. With darts growing in popularity across many countries, viewership of the World Darts Championship should remain positive for many years to come.”

MIL OSI Global Banks –

January 30, 2025
MIL-OSI Australia: AEC urging voter focus on digital literacy ahead of 2025 federal election [31 January 2025]
Source: Australian Electoral Commission

Updated: 31 January 2025

The AEC has today launched additional tools that aim to help voters navigate the increasingly complex information environment. The AEC’s message to ‘Stop and Consider’ comes with the nation set to go to the polls for the 2025 federal election in the coming months.

New voter guides

The voter’s guide to election communication is a new repository of information for voters. The materials it contains are easy to consume, providing contextual information about the election communication environment as well as a range of tangible tips and resources.

Tips to ‘Stop and Consider’

The AEC’s Stop and Consider advertising campaign is being expanded for the 2025 federal election. Digital and social ads will be seen more often during the election – they will include a new call to action, to ‘get tips’, and direct voters to the new Stop and Consider hub to find out how to spot misleading information about the electoral process.

Communication channel catalogue

The communication channel catalogue is a new web-based resource that outlines some of the communication channels used by campaigners during a federal election. The communication channels featured in the catalogue are ones that often lead to voter questions or concerns.

Communication tactics catalogue

The communication tactics catalogue outlines some key themes of misleading communication voters may face. Being familiar with such tactics allows voters to consume information.

AEC Disinformation Register

The Disinformation Register on electoral processes for the 2025 federal election is now live.

The AEC first published a register as a tool during the 2022 federal election. The AEC is not the arbiter of truth in election campaigning but is the authoritative source of information about how federal election processes work in Australia.

AI & elections: AEC snapshot

The use of AI in elections is a rapidly evolving environment. As part of the new voter’s guide to campaigning the AEC has produced a snapshot of that environment. There are also tips and suggestions relating to AI throughout the other areas of the web-based guide.

More ‘AEC TV’ explainers

An expanded range of short-form videos are now also available for voters on the AEC’s YouTube channel, AEC TV. These videos are a mix of new and existing explainer products that provide detailed information about Australia’s electoral system and the AEC’s processes. They will be distributed via various channels throughout the coming months.

Active social media presence

The AEC has maintained a very active social media presence during recent federal elections, by-elections and the 2023 referendum. This has provided regular fact-based contributions to online conversations about election processes.

The AEC has active accounts on Instagram, X, Threads, Facebook and LinkedIn. For each recent federal election AEC leaders have also held ‘Ask Me Anything’ (AMA) sessions on Reddit. While the channels where the AEC has an account have not changed recently, the agency is watching the environment closely and may opt to expand our presence ahead of, or during, the election period.

Media resources:
- Quotes attributable to Electoral Commissioner Jeff Pope – below.
- A range of high-res images are available for use.
- The AEC Newsroom provides a range of other valuable information and resources.
Quotes

Australian Electoral Commissioner Jeff Pope

“A federal election must be held in the next few months, so now is the perfect time to encourage all Australians to have a healthy degree of scepticism when it comes to what they see, hear or read.”

“In the lead-up to and during elections there’s lots of things said and written about how to vote.”

“While it’s not the AEC’s job to decide what’s true or not when it comes to political communication, we’re the experts when it comes to the electoral process.”

“People might come across false or misleading information about the process, including AI-generated content.”

“Research with voters last year found many are at risk of electoral process information that isn’t correct. The reality is anyone can be affected.”

“Australia has one of the most trusted electoral systems in the world. We all have a responsibility to protect it.”

“The AEC has tips on how to stop, check and consider – like what to look for, being aware of potentially manipulative tactics and how to not let emotion influence decisions.”

“One of the easiest things people can do once they’ve stopped and considered something is to simply ignore it if they’re not sure – or at the very least don’t share it if you can’t verify the information.”

“Simply learning about the process can help too – get information directly from the AEC on things like how to fill out ballot papers in line with the voting instructions, how votes are counted and how a result is determined.”

“Digital literacy is something we can all do – being vigilant when we encounter information – and supporting others to do the same.”

MIL OSI News –
January 30, 2025

MIL-OSI: CLIQ Digital Reports Preliminary 2024 Results

Source: GlobeNewswire (MIL-OSI)

CLIQ Digital Reports Preliminary 2024 Results

4Q sales declined q/q by 11% to €48m (-26% y/y)
Total customer acquisition costs in 4Q improved by 15% q/q (-45% y/y)
€21m EBITDA before special items realised in FY (€10m reported EBITDA)
€12m net cash position per year-end vs. €16m at end of 2023
Share buyback programme successfully completed

DÜSSELDORF, 30 January 2025 – The CLIQ Group announces today its preliminary and unaudited 2024 headline financial results. On 20 February 2025, the audited 2024 Annual Report will be published on the company’s website at https://cliqdigital.com/investors/financialreporting and presented by Management during an earnings call.

Performance

in millions of €	4Q 2024	3Q 2024	Δ	FY 2024	FY 2023	Δ
Sales	48	54	-11%	243	326	-26%
Expected average LTV (in €)	70	72	-2%	77	85	-10%
Total CAC¹	-11	-10	15%	-75	-135	-45%
EBITDA (before special items)	5	6	-15%	21	50	-57%
EBITDA margin²	10%	11%		9%	15%
Operating free cash flow	4	3	39%	3	19	-82%

Sales: In 4Q 2024, Group sales declined by 11% quarter-on-quarter to €48 million (3Q 2024: €54 million) mainly due to less customers. The expected average lifetime value (LTV) decreased quarter-on-quarter from €72 to €70 due to the higher churn rates resulting from new customer care tools in place at the card scheme companies, which consequently resulted in shorter average customer loyalty durations. However, the quarter-on-quarter Group sales decrease decelerated notably from -21% in 3Q 2024 to -11% in the fourth quarter.
Customer acquisition costs: The Group’s decision to strategically increase its focus on profitability was attributable for the lowering of the cost per acquisition (CPA).
EBITDA: Quarter-on-quarter, EBITDA before special items in 4Q 2024 decreased by 15% to €5 million (3Q 2024: €6 million) and the corresponding EBITDA margin was marginally lower at 10% (3Q 2024: 11%) predominantly as a result of the lower sales development and despite reduced cost of sales and operating expenses. €2 million special items related mostly to costs incurred from the “Fit For Future” transformation programme to restructure and optimise the Group’s operational structures. Reported EBITDA was stable at €3 million (3Q 2024: €3 million) and the EBITDA margin came in at 6% (3Q 2024: 5%).
Liquidity: Quarter-on-quarter, CLIQ increased its operating free cash flow by €1 million to €4 million in 4Q 2024 (3Q 2024: €3 million). In the full year 2024, the operating free cash flow decreased by €16 million to €3 million (2023: €19 million). The net cash position at the year-end close was €12 million (31/12/2023: €16 million) after buying back shares for €5.5 million and distributing €0.3 million in dividends in April 2024.

Share buyback programme

The Group successfully completed its share buyback programme ahead of schedule on 3 January 2025. In total, CLIQ bought back 646,871 own shares for €5.5 million at an average share price of €8.48, which equalled 9.9% of the total share capital issued.

Management Board statement

“2024 was a very tough year for CLIQ and also for my fellow shareholders as our business faced tougher market conditions and the new sales growth initiatives progressed slower than expected,” said Luc Voncken, CEO. “Although market conditions in 2025 remain unstable, we have fixed our foundations and now we must build the future with a fresh entrepreneurial spirit and a clear sense of renewal to tap into the growth opportunities that lie ahead of us.”

Contacts

Investor Relations:
Sebastian McCoskrie, s.mccoskrie@cliqdigital.com, +49 151 52043659

Media Relations:
Daniela Münster, daniela.muenster@h-advisors.global, +49 174 3358111

Financial calendar

Annual report 2024 & earnings call	Thursday	20 February 2025
Annual General Meeting 2025	Friday	11 April 2025
Financial report 1Q 2025 & earnings call	Thursday	8 May 2025
Half-year financial report 2025 & earnings call	Thursday	7 August 2025
Financial report 3Q/9M 2025 and earnings call	Thursday	6 November 2025

About CLIQ

The CLIQ Digital Group is a leading online performance marketing company selling subscription-based streaming services that bundle movies & series, music, audiobooks, sports and games to consumers worldwide. The Group licenses streaming content from partners, bundles it and sells the content through its numerous streaming services. Over the years, CLIQ Digital has become a specialist in online advertising and creating streaming services that are advertised towards specific consumer groups.

CLIQ Digital operated in 40 countries and employed 132 staff from 33 different nationalities as at 31 December 2024. The company is headquartered in Düsseldorf and has offices in Amsterdam, Paris and Toronto. CLIQ Digital is listed in the Scale segment of the Frankfurt Stock Exchange (ISIN: DE000A35JS40, GSIN/WKN: A35JS4) and is a constituent of the MSCI World Micro Cap Index.

Visit our website at https://cliqdigital.com/investors, where you will find all publications as well as further information about CLIQ Digital and please follow us on LinkedIn.

1 customer acquisition costs
2 before special items

The MIL Network –

January 30, 2025

MIL-OSI Russia: “Winter in Moscow”: what to buy at the “Chinese New Year” festival venues

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

The venues of the Chinese New Year in Moscow festival, which is held as part of the Winter in Moscow project, come alive to the sounds of traditional music, the aromas of oriental treats and the bright colours of festive decorations. The spirit of the Celestial Empire reigns there: the festival gives the opportunity to be transported to the noisy streets of Beijing or a cozy corner of Shanghai. The festive programme takes place on the main squares of the city. Souvenirs and unforgettable impressions await Muscovites and guests of the capital.

Tea ceremonies and fabulous treats

On Tverskaya Square you can find rare varieties of tea: pu’er, tieguanyin, longjing. There is a “Tea Workshop” site where guests can learn about the culture of Chinese tea drinking and also buy exquisite tableware for ceremonies.

Those with a sweet tooth will definitely appreciate Chinese desserts – mochi, mooncakes, “White Rabbit” and dried fruits. The culmination of the tasting will be fortune cookies.

In souvenir shops you can find terracotta warriors, elegant porcelain vases, fans with double-sided embroidery and even interior items in traditional Chinese style.

Souvenirs and entertainment for the whole family

At the festival, guests will be able to try their hand at the Chinese games of xiangqi, mahjong and go. These board games are captivating in their complexity and philosophy. For those who want to touch art, Tverskaya Square offers goods for Chinese painting: ink, rice paper, brushes.

Guests can expect souvenirs such as feng shui-style jewelry, interior items made of silk, copper and jade, bookmarks, ceramic plates and much more.

Chinese New Year is not only a holiday, but also a real extravaganza of tastes, colors and emotions. Everyone will be able to immerse themselves in the atmosphere of Eastern culture and take a piece of the Celestial Empire with them. More details you can find out by following the link.

From January 28 to February 9, a large-scale celebration of the New Year according to the Eastern calendar is taking place in Moscow for the second time. It has become a continuation of the events that were organized within the framework of the cross-cultural Years of Russia and China announced by the leaders of the two countries, timed to coincide with the 75th anniversary of the establishment of diplomatic relations. Russian and Chinese artists perform at nine central venues in Moscow, thematic quizzes and prize draws are held, master classes and lectures are organized, and guests can try exquisite dishes of Eastern cuisine. The central streets of the city are decorated in traditional Chinese style. A colorful program has been prepared for the guests of the festival, which will last 13 days.

Project “Winter in Moscow” — the main event of the season, which until February 28 brings together various events in the capital. Citizens and tourists are invited to remember traditions and history, warm up with tea and hot buns, go ice skating, watch ice shows, give gifts to people who find themselves in a difficult life situation, and show concern for those who need it.

Muscovites and guests of the capital are offered a huge selection of events in the open air and in cultural and sports institutions. The atmosphere of winter traditions has engulfed the entire city – more than 1.9 thousand sites are open. The largest festivals of the capital are organically woven into the project: “Moscow Estates”, “Moscow Tea Party”, “City of Light” and many others. All information about the project and the events of the winter season can be found in a special section of mos.ru.

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.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

https: //vv.mos.ru/nevs/ite/149466073/

MIL OSI Russia News –

January 30, 2025

MIL-OSI: STMicroelectronics Reports Q4 and FY 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

PR No: C3309C

STMicroelectronics Reports Q4 and FY 2024 Financial Results

Q4 net revenues $3.32 billion; gross margin 37.7%; operating margin 11.1%; net income $341 million
FY net revenues $13.27 billion; gross margin 39.3%; operating margin 12.6%; net income $1.56 billion
Business outlook at mid-point: Q1 net revenues of $2.51 billion and gross margin of 33.8%
Start of the company-wide program to resize global cost base*

Geneva, January 30, 2025 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the fourth quarter ended December 31, 2024. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported fourth quarter net revenues of $3.32 billion, gross margin of 37.7%, operating margin of 11.1%, and net income of $341 million or $0.37 diluted earnings per share.

Jean-Marc Chery, ST President & CEO, commented:

“FY24 revenues decreased 23.2% to $13.27 billion. Operating margin was 12.6% compared to 26.7% in FY23 and net income decreased 63.0% to $1.56 billion. We invested $2.53 billion in Net Capex (non-U.S. GAAP) while delivering free cash flow (non-U.S. GAAP) of $288 million.”
“Q4 net revenues were in line with the mid-point of our business outlook range driven by higher revenues in Personal Electronics offset by lower revenues in Industrial, while Automotive and CECP were as expected. Q4 gross margin of 37.7% was broadly in line with the mid-point of our business outlook range.”
“Our book-to-bill ratio remained below 1 in Q4 as we continued to face a delayed recovery and inventory correction in Industrial and a slowdown in Automotive, both particularly in Europe.”
“Our first quarter business outlook, at the mid-point, is for net revenues of $2.51 billion, decreasing year-over-year by 27.6% and decreasing sequentially by 24.4%; gross margin is expected to be about 33.8%, impacted by about 500 basis points of unused capacity charges.”
“For 2025, we plan to invest between $2.0 to $2.3 billion in Net Capex (non-U.S. GAAP).”

Quarterly Financial Summary (U.S. GAAP)

(US$ m, except per share data)	Q4 2024	Q3 2024	Q4 2023	Q/Q	Y/Y
Net Revenues	$3,321	$3,251	$4,282	2.2%	-22.4%
Gross Profit	$1,253	$1,228	$1,949	2.1%	-35.7%
Gross Margin	37.7%	37.8%	45.5%	-10 bps	-780 bps
Operating Income	$369	$381	$1,023	-3.3%	-64.0%
Operating Margin	11.1%	11.7%	23.9%	-60 bps	-1,280 bps
Net Income	$341	$351	$1,076	-2.6%	-68.3%
Diluted Earnings Per Share	$0.37	$0.37	$1.14	0%	-67.5%

* For each of the concerned countries, the start of the program will take place in accordance with applicable regulations.

Annual Financial Summary (U.S. GAAP)

(US$ m, except earnings per share data)	FY2024	FY2023	Y/Y
Net Revenues	$13,269	$17,286	-23.2%
Gross Profit	$5,220	$8,287	-37.0%
Gross Margin	39.3%	47.9%	-860 bps
Operating Income	$1,676	$4,611	-63.7%
Operating Margin	12.6%	26.7%	-1,410 bps
Net Income	$1,557	$4,211	-63.0%
Diluted Earnings Per Share	$1.66	$4.46	-62.8%

Fourth Quarter 2024 Summary Review

Reminder: On January 10, 2024, ST announced a new organization which implied a change in segment reporting starting Q1 2024. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

Net Revenues by Reportable Segment (US$ m)	Q4 2024	Q3 2024	Q4 2023	Q/Q	Y/Y
Analog products, MEMS and Sensors (AM&S) segment	1,198	1,185	1,418	1.1%	-15.5%
Power and discrete products (P&D) segment	752	807	965	-6.8%	-22.1%
Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group	1,950	1,992	2,383	-2.1%	-18.2%
Microcontrollers (MCU) segment	887	829	1,272	7.0%	-30.2%
Digital ICs and RF Products (D&RF) segment	481	426	623	13.0%	-22.8%
Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group	1,368	1,255	1,895	9.0%	-27.8%
Others	3	4	4	–	–
Total Net Revenues	$3,321	$3,251	$4,282	2.2%	-22.4%

Net revenues totaled $3.32 billion, representing a year-over-year decrease of 22.4%. Year-over-year net sales to OEMs and Distribution decreased 19.8% and 28.7%, respectively. On a sequential basis, net revenues increased 2.2%, in line with the mid-point of ST’s guidance.

Gross profit totaled $1.25 billion, representing a year-over-year decrease of 35.7%. Gross margin of 37.7%, 30 basis points below the mid-point of ST’s guidance, decreased 780 basis points year-over-year, mainly due to product mix and, to a lesser extent, to sales price and higher unused capacity charges.

Operating income decreased 64.0% to $369 million, compared to $1.02 billion in the year-ago quarter. ST’s operating margin decreased 1,280 basis points on a year-over-year basis to 11.1% of net revenues, compared to 23.9% in the fourth quarter of 2023.

By reportable segment¹, compared with the year-ago quarter:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

Analog products, MEMS and Sensors (AM&S) segment:

Revenue decreased 15.5% mainly due to decreases in Analog and in Imaging.
Operating profit decreased by 41.2% to $176 million. Operating margin was 14.7% compared to 21.1%.

Power and Discrete products (P&D) segment:

Revenue decreased 22.1%.
Operating profit decreased by 63.7% to $89 million. Operating margin was 11.9% compared to 25.4%.

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

Microcontrollers (MCU) segment:

Revenue decreased 30.2% mainly due to a decrease in GP MCU.
Operating profit decreased by 66.4% to $127 million. Operating margin was 14.3% compared to 29.8%.

Digital ICs and RF products (D&RF) segment:

Revenue decreased 22.8% mainly due to a decrease in ADAS (automotive ADAS and infotainment).
Operating profit decreased by 33.2% to $149 million. Operating margin was 31.0% compared to 35.7%.

Net income and diluted Earnings Per Share decreased to $341 million and $0.37 respectively compared to $1.08 billion and $1.14 respectively in the year-ago quarter. As a reminder, the fourth quarter 2023 net income included a one-time non-cash income tax benefit of $191 million.

Cash Flow and Balance Sheet Highlights

				Trailing 12 Months
(US$ m)	Q4 2024	Q3 2024	Q4 2023	Q4 2024	Q4 2023	TTM Change
Net cash from operating activities	681	723	1,480	2,965	5,992	-50.5%
Free cash flow (non-U.S. GAAP)²	128	136	652	288	1,774	-83.8%

Net cash from operating activities was $681 million in the fourth quarter compared to $1.48 billion in the year-ago quarter. For the full-year 2024, net cash from operating activities decreased 50.5% to $2.97 billion, which represents 22.3% of total revenues.

Net Capex (non-U.S. GAAP), were $470 million in the fourth quarter and $2.53 billion for the full year 2024. In the respective year-ago periods, net capital expenditures were $798 million and $4.11 billion.

Free cash flow (non-U.S. GAAP) was $128 million and $288 million in the fourth quarter and full year 2024, respectively, compared to $652 million and $1.77 billion in the year-ago respective periods.

Inventory at the end of the fourth quarter was $2.79 billion, compared to $2.88 billion in the previous quarter and $2.70 billion in the year-ago quarter. Days sales of inventory at quarter-end was 122 days, compared to 130 days in the previous quarter, and 104 days in the year-ago quarter.

In the fourth quarter, ST paid cash dividends to its stockholders totaling $88 million and executed a $92 million share buy-back, as part of its current share repurchase program.

ST’s net financial position (non-U.S. GAAP) was $3.23 billion as of December 31, 2024, compared to $3.18 billion as of September 28, 2024 and reflected total liquidity of $6.18 billion and total financial debt of $2.95 billion. Adjusted net financial position (non-U.S. GAAP), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.85 billion as of December 31, 2024.

Corporate developments

In Q4, we announced the launch of a new company-wide program to reshape our manufacturing footprint accelerating our wafer fab capacity to 300mm Silicon (Agrate and Crolles) and 200mm Silicon Carbide (Catania) and resizing our global cost base.

This program should result in strengthening our capability to grow our revenues with an improved operating efficiency resulting in annual cost savings in the high triple-digit million-dollar range exiting 2027. Specifically in terms of operating expenses (SG&A and R&D), ST expects annual cost savings totaling $300 to 360 million, exiting 2027, compared to the cost base of 2024.

Business Outlook

ST’s guidance, at the mid-point, for the 2025 first quarter is:

Net revenues are expected to be $2.51 billion, a decrease of 24.4% sequentially, plus or minus 350 basis points.
Gross margin of 33.8%, plus or minus 200 basis points.
This outlook is based on an assumed effective currency exchange rate of approximately $1.06 = €1.00 for the 2025 first quarter and includes the impact of existing hedging contracts.
The first quarter will close on March 29, 2025.

Conference Call and Webcast Information

ST will conduct a conference call with analysts, investors and reporters to discuss its fourth quarter and full year 2024 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until February 14, 2025.

Use of Supplemental Non-U.S. GAAP Financial Information

This press release contains supplemental non-U.S. GAAP financial information.

Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST’s consolidated financial statements prepared in accordance with U.S. GAAP.

See the Appendix of this press release for a reconciliation of ST’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

Forward-looking Information

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors:

changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and adversely impact the demand for our products;
uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macroeconomic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
the impact of intellectual property (“IP”) claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral by 2027 on scope 1 and 2 and partially scope 3;
epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers; and
the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations.

Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2023 as filed with the Securities and Exchange Commission (“SEC”) on February 22, 2024. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

About STMicroelectronics

At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

For further information, please contact:

INVESTOR RELATIONS:
Jérôme Ramel
EVP Corporate Development & Integrated External Communication
Tel: +41 22 929 59 20
jerome.ramel@st.com

MEDIA RELATIONS:
Alexis Breton
Corporate External Communications
Tel: + 33 6 59 16 79 08
alexis.breton@st.com

STMicroelectronics N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in millions of U.S. dollars, except per share data ($))

	Three months ended
	December 31,	December 31,
	2024	2023
	(Unaudited)	(Unaudited)

Net sales	3,301	4,262
Other revenues	20	20
NET REVENUES	3,321	4,282
Cost of sales	(2,068)	(2,333)
GROSS PROFIT	1,253	1,949
Selling, general and administrative expenses	(420)	(416)
Research and development expenses	(523)	(521)
Other income and expenses, net	59	11
Total operating expenses	(884)	(926)
OPERATING INCOME	369	1,023
Interest income, net	52	57
Other components of pension benefit costs	(3)	(5)
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST	418	1,075
Income tax (expense) benefit	(82)	6
NET INCOME	336	1,081
Net loss (income) attributable to noncontrolling interest	5	(5)
NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	341	1,076

EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	0.38	1.19
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	0.37	1.14

NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS	935.7	942.9

STMicroelectronics N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in millions of U.S. dollars, except per share data ($))

	Twelve months ended
	December 31,	December 31,
	2024	2023
	(Unaudited)	(Audited)

Net sales	13,217	17,239
Other revenues	52	47
NET REVENUES	13,269	17,286
Cost of sales	(8,049)	(8,999)
GROSS PROFIT	5,220	8,287
Selling, general and administrative expenses	(1,649)	(1,631)
Research and development expenses	(2,077)	(2,100)
Other income and expenses, net	182	55
Total operating expenses	(3,544)	(3,676)
OPERATING INCOME	1,676	4,611
Interest income, net	218	171
Other components of pension benefit costs	(15)	(19)
Loss on financial instruments, net	(1)	–
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST	1,878	4,763
Income tax expense	(313)	(541)
NET INCOME	1,565	4,222
Net income attributable to noncontrolling interest	(8)	(11)
NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	1,557	4,211

EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	1.73	4.66
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	1.66	4.46

NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS	939.3	944.2


STMicroelectronics N.V.
CONSOLIDATED BALANCE SHEETS
As at	December 31,	September 28,	December 31,
In millions of U.S. dollars	2024	2024	2023
	(Unaudited)	(Unaudited)	(Audited)
ASSETS
Current assets:
Cash and cash equivalents	2,282	3,077	3,222
Short-term deposits	1,450	977	1,226
Marketable securities	2,452	2,242	1,635
Trade accounts receivable, net	1,749	1,730	1,731
Inventories	2,794	2,875	2,698
Other current assets	1,007	1,062	1,295
Total current assets	11,734	11,963	11,807
Goodwill	290	303	303
Other intangible assets, net	346	354	367
Property, plant and equipment, net	10,877	11,258	10,554
Non-current deferred tax assets	464	547	592
Long-term investments	71	20	22
Other non-current assets	961	1,071	808
	13,009	13,553	12,646
Total assets	24,743	25,516	24,453

LIABILITIES AND EQUITY
Current liabilities:
Short-term debt	990	1,003	217
Trade accounts payable	1,323	1,585	1,856
Other payables and accrued liabilities	1,306	1,327	1,525
Dividends payable to stockholders	88	177	54
Accrued income tax	66	116	78
Total current liabilities	3,773	4,208	3,730
Long-term debt	1,963	2,112	2,710
Post-employment benefit obligations	377	397	372
Long-term deferred tax liabilities	47	60	54
Other long-term liabilities	904	935	735
	3,291	3,504	3,871
Total liabilities	7,064	7,712	7,601
Commitment and contingencies
Equity
Parent company stockholders’ equity
Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 898,175,408 shares outstanding as of December 31, 2024)	1,157	1,157	1,157
Additional Paid-in Capital	3,088	3,032	2,866
Retained earnings	13,459	13,118	12,470
Accumulated other comprehensive income	236	657	613
Treasury stock	(491)	(400)	(377)
Total parent company stockholders’ equity	17,449	17,564	16,729
Noncontrolling interest	230	240	123
Total equity	17,679	17,804	16,852
Total liabilities and equity	24,743	25,516	24,453


STMicroelectronics N.V.

SELECTED CASH FLOW DATA

Cash Flow Data (in US$ millions)	Q4 2024	Q3 2024	Q4 2023

Net Cash from operating activities	681	723	1,480
Net Cash used in investing activities	(1,259)	(601)	(1,610)
Net Cash from (used in) financing activities	(209)	(142)	336
Net Cash increase (decrease)	(795)	(15)	211

Selected Cash Flow Data (in US$ millions)	Q4 2024	Q3 2024	Q4 2023

Depreciation & amortization	451	440	414
Net payment for Capital expenditures	(501)	(601)	(798)
Dividends paid to stockholders	(88)	(80)	(60)
Change in inventories, net	(2)	(17)	219

Appendix
ST
New organization

On January 10, 2024, ST announced a new organization to deliver enhanced product development innovation and efficiency, time-to-market as well as customer focus by end market. This new organization implies a change in segment reporting which is applied from January 1, 2024.

ST moved from three reportable segments (ADG, AMS and MDG) to four reportable segments as follows:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
- Analog products, MEMS and Sensors (AM&S) segment, comprised of ST analog products, MEMS sensors and actuators, and optical sensing solutions.
- Power and Discrete products (P&D) segment comprised of discrete and power transistor products.

In this Press Release, “Analog” refers to ST analog products, “MEMS” to MEMS sensors and actuators and “Imaging” to optical sensing solutions.

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
- Microcontrollers (MCU) segment, comprised of general-purpose and automotive microcontrollers, microprocessors and connected security products (including EEPROM).
- Digital ICs and RF Products (D&RF) segment, comprised of automotive ADAS, infotainment, RF and communications products.

In this Press release, “Auto MCU” refers to Automotive microcontrollers and microprocessors, “GP MCU” to general purpose microcontrollers and microprocessors, “Connected Security” to connected security products (including EEPROM), “ADAS” to automotive ADAS and infotainment, “RF Communications” to RF and communications products.

Prior year quarters comparative information has been adjusted accordingly.

(Appendix – continued)
ST – Supplemental Financial Information

	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	FY 2024	FY 2023
Net Revenues By Market Channel (%)
Total OEM	73%	76%	73%	70%	70%	73%	66%
Distribution	27%	24%	27%	30%	30%	27%	34%

€/$ Effective Rate	1.09	1.08	1.08	1.09	1.08	1.08	1.08

Reportable Segment Data (US$ m)
Analog products, MEMS and Sensors (AM&S) segment
– Net Revenues	1,198	1,185	1,165	1,217	1,418	4,764	5,478
– Operating Income	176	175	144	185	300	680	1,191
Power and Discrete products (P&D) segment
– Net Revenues	752	807	747	820	965	3,126	3,852
– Operating Income	89	121	110	138	245	458	1,006
Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group
– Net Revenues	1,950	1,992	1,912	2,037	2,383	7,890	9,330
– Operating Income	265	296	254	323	545	1,138	2,197
Microcontrollers (MCU) segment
– Net Revenues	887	829	800	950	1,272	3,466	5,668
– Operating Income	127	116	72	185	378	499	2,018
Digital ICs and RF Products (D&RF) segment
– Net Revenues	481	426	516	475	623	1,898	2,272
– Operating Income	149	114	150	150	223	564	810
Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group
– Net Revenues	1,368	1,255	1,316	1,425	1,895	5,364	7,940
– Operating Income	276	230	222	335	601	1,063	2,828
Others ^(a)
– Net Revenues	3	4	4	3	4	15	16
– Operating Income (Loss)	(172)	(145)	(101)	(107)	(123)	(525)	(414)
Total
– Net Revenues	3,321	3,251	3,232	3,465	4,282	13,269	17,286
– Operating Income	369	381	375	551	1,023	1,676	4,611

^(a)Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment and restructuring charges, management reorganization costs, start-up and phase out costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes:

(US$ m)	*Q4 2024*	*Q3 2024*	*Q2 2024*	*Q1 2024*	*Q4 2023*	*FY 2024*	*FY 2023*
*Unused capacity charges*	*118*	*104*	84	63	57	*370*	*120*

(Appendix – continued)
ST
Supplemental Non-U.S. GAAP Financial Information
U.S. GAAP – Non-U.S. GAAP Reconciliation

The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST’s U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST’s on-going operating results, (ii) the ability to better identify trends in ST’s business and perform related trend analysis, and (iii) to facilitate a comparison of ST’s results of operations against investor and analyst financial models and valuations, which may exclude these items.

Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures)

Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. Starting Q4 2023, ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet. Reporting periods prior to Q4 2023 are not impacted.

ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited.

(US$ m)	Dec 31 2024	Sep 28 2024	June 29 2024	Mar 30 2024	Dec 31 2023
Cash and cash equivalents	2,282	3,077	3,092	3,133	3,222
Short term deposits	1,450	977	975	1,226	1,226
Marketable securities	2,452	2,242	2,218	1,880	1,635
Total liquidity	6,184	6,296	6,285	6,239	6,083
Short-term debt	(990)	(1,003)	(236)	(238)	(217)
Long-term debt ^(a)	(1,963)	(2,112)	(2,850)	(2,875)	(2,710)
Total financial debt	(2,953)	(3,115)	(3,086)	(3,113)	(2,927)
Net Financial Position	3,231	3,181	3,199	3,126	3,156
Advances received on capital grants	(385)	(366)	(402)	(351)	(152)
Adjusted Net Financial Position	2,846	2,815	2,797	2,775	3,004

^(a)Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $634 million equivalent, are currently undrawn.

(Appendix – continued)

Net Capex and Free Cash Flow (non-U.S. GAAP measures)

ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-U.S. GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period.

Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period.

ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies.

(US$ m)	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	FY 2024	FY 2023
Payment for purchase of tangible assets, as reported	(584)	(669)	(690)	(1,145)	(1,076)	(3,088)	(4,439)
Proceeds from sale of tangible assets, as reported	–	2	1	2	–	5	8
Proceeds from capital grants and other contributions, as reported	83	66	143	149	278	441	320
Advances from capital grants allocated to property, plant and equipment	31	36	18	27	–	111	–
Net Capex	(470)	(565)	(528)	(967)	(798)	(2,531)	(4,111)

Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any.

ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations.

Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies.

(US$ m)	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	FY 2024	FY 2023
Net cash from operating activities	681	723	702	859	1,480	2,965	5,992
Net Capex	(470)	(565)	(528)	(967)	(798)	(2,531)	(4,111)
Payment for purchase of intangible assets, net of proceeds from sale	(32)	(20)	(15)	(26)	(28)	(93)	(97)
Payment for purchase of financial assets, net of proceeds from sale	(51)	(2)	–	–	(2)	(53)	(10)
Free Cash Flow	128	136	159	(134)	652	288	1,774

¹See Appendix for the definition of reportable segments.

²Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why ST believes these measures are important.

Attachment

C3309C – Q424 Earnings PR – FINAL FOR PUBLICATION

The MIL Network –

January 30, 2025

MIL-OSI Russia: Sobyanin: 32 architectural monuments to be restored in Kuzminki estate in three years

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

The Kuzminki Estate (Vlakhernskoye) is the largest in terms of the number of cultural heritage sites in Moscow. There are about 40 architectural monuments from the late 18th – early 20th centuries, each with its own individual appearance, referring to the traditions of both the West and the East. Last year, the long-awaited restoration of the estate began. The plans for the next three years include putting 32 architectural monuments in order. About this in his blog Sergei Sobyanin said.

Famous architects and sculptors such as Ivan Zherebtsov, Rodion Kazakov, Ivan Egotov, Alessandro and Domenico Gilardi, Mikhail Bykovsky, Ivan Vitali, Pyotr Klodt, Andrey Voronikhin and others participated in the creation of the architectural ensemble of Kuzminki. The owners of the estate at different times were the barons Stroganov and the princes Golitsyn. The imperial persons – Peter I, Alexander II, Maria Feodorovna – visited here.

Today, the estate and the surrounding park are a favorite place for walks for Muscovites and tourists. The museum-reserve also houses the residence of Father Frost and the K.G. Paustovsky Museum. City festivals are held in summer and winter.

“The primary task is to put in order the buildings that form the core of the estate. The restorers are already working on 19 objects. Among them are the eastern and western wings of the main house, which form the front yard. The house itself has not survived, but the exquisite wings built by the architect Gilardi create the impression of mini-palaces,” the Moscow Mayor noted.

During the work, specialists will clean the white-stone elements, tidy up the historical stucco decoration and roof. Special attention will be paid to preserving the sculptures of lions that adorn the fence of the main courtyard, the entrances to the wings and the Round (Lion) Pier.

To date, the blind area in the outbuildings has been dismantled, the damaged plaster layer and floor coverings have been removed. And the original wooden windows and doors have been sent to workshops for careful restoration.

Sergei Sobyanin announced the start of restoration of the capital’s Kuzminki estate Sergei Sobyanin: 166 Moscow parks are cultural heritage sites

The soap house, or bath house, was built in the late 18th – early 19th century on the site of an older building of the same purpose. The Golitsyn bathhouse was given the appearance of a strict park pavilion, echoing the outbuildings of the main house. In the 20th century, it was rebuilt, suffered fires, and was restored.

The restoration of the soap house’s historical appearance continues. Specialized workshops will recreate the vases in the niches of the eastern facade, and clean the white-stone elements: steps, parapets, and basement. In addition, the unique copper roofing, typical of buildings of that time, will be put in order. Specialists have already started work, and the plastering of the walls and ceilings is currently being dismantled.

The forge was rebuilt in the early 1820s from a poultry yard, where many exotic birds were kept before the war of 1812. It is well preserved and requires rather aesthetic restoration. Specialists will have to put in order the white-stone parts of the central and two side porches, the basement and the blind area, and also adapt the building for modern use.

The laundry building on Slobodka, on the contrary, needs a comprehensive restoration. The work will affect the roof, windows and doors, as well as wooden stairs, panel parquet and stucco decoration.

The single-arch and triple-arch grottoes were the first objects in Kuzminki where restoration work began in the summer of 2024. More than 20 years have passed since their last restoration, so the white-stone elements were partially lost, and the remaining ones needed to be cleared.

In the single-arch grotto, specialists have already completed excavation work, installed waterproofing and a drainage system, and plastered the walls and ceiling. The three-arch grotto, which was used for theatrical productions and musical concerts during the holidays, has also been plastered. Now, craftsmen are working on installing a retaining slab and restoring the brick and white stone retaining wall.

Three-arched, Bolshoi, “Belvedere”: what grottoes can be found in Moscow estates Count Orlov’s Grotto has been restored for the first time in Neskuchny Garden

Specialists are also restoring the music pavilion, one of the most recognizable buildings on the estate. It is decorated with the same equestrian figures by sculptor Pyotr Klodt as the Anichkov Bridge in St. Petersburg. The only difference is that they are made of cast iron, not bronze.

Previously, the portico of columns was also crowned with a sculptural group of Apollo playing the lyre and two muses. In order to restore the historical appearance of the pavilion, it will be recreated during the work. In addition, the facades will be restored here. The white-stone row above the base will be plastered with the reconstruction of the rustication. Particular attention will be paid to the restoration of the stucco decor and cast-iron sculptures, and inside, the wooden floor made of larch will be put in order according to the existing model. Specialists have already begun installing scaffolding and are conducting trial clearings.

The restoration of the Lion’s, or Round, pier on the bank of the Upper Kuzminsky Pond is expected to be completed by the end of 2025. The Egyptian lions that adorn it will also be restored. They have already been dismantled and transported to specialized workshops. In addition, the fences will be put in order: lost elements will be replaced, and the cast-iron slabs of the observation deck will be cleaned and sorted out.

This year, the bridge with griffins will also be put in order. Soon, the floor lamps with mythical sculptures will move to the workshops, and after the main work on the pylons is completed, they will return to their historical place. In addition, the bridge covering will be restored with the organization of a modern water drainage system on it. At the final stage, architectural and artistic lighting will appear here.

In parallel, restoration of other objects will begin. For example, the interiors of the Orange Dacha (orange greenhouse) with an ancient Egyptian theme, which have survived to this day. After restoration, a unique wooden two-tiered chandelier with candlesticks in the form of lotus flowers, which survived the fire, will also return here.

In addition, the craftsmen will put the kitchen wing (Egyptian pavilion) in order. The architecture of this unique building of the estate ensemble used motifs of ancient Egyptian architecture. For example, the pediment is decorated with an image of the head of a sphinx.

“Once the work is completed, the estate buildings will house exhibitions and museum displays, and concerts and other events will be held,” the Moscow Mayor emphasized.

Sheremetev’s Grotto, Shchukin’s Theatre and Katyushas: Which Moscow Parks Have Preserved Historical Monuments Sobyanin spoke about architectural monuments that are being restored in Moscow

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.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //vv.mos.ru/mayor/tkhemes/12312050/

MIL OSI Russia News –

January 30, 2025
MIL-OSI Australia: Sydney to host Rugby World Cup final and semi-finals

Source: New South Wales Government 2

Headline: Sydney to host Rugby World Cup final and semi-finals

Published: 30 January 2025

Released by: The Premier, Minister for Jobs, Minister for Sport, Minister for Tourism

NSW is the big winner from the Men’s Rugby World Cup 2027 host city announcement, with our state set to host more games than any other, including both semi-finals and the final.

The third largest sporting event in the world, the Rugby World Cup has delivered decades of drama including Wallabies glory, extra-time heartbreak and Nelson Mandela hoisting the trophy alongside the Springboks.

All of that history, along with 24 national teams, an estimated 215,000 visitors, and hundreds of millions of global TV viewers, will culminate in NSW for six weeks in October and November in 2027.

The host city agreement has resulted in 17 of a total 52 games being played in NSW, with Newcastle hosting four pool matches and Sydney hosting 13 fixtures, including five pool matches, two Round of 16 matches, two quarter-finals, both semi-finals, the bronze final and the final set to take place at Stadium Australia on November 13.

Destination NSW estimates the tournament will inject more than $610 million into the state’s visitor economy and be Sydney’s biggest sport event in over 20 years.

In addition to the direct social and economic benefits, the right to host the finals will mean Sydney is centre stage for the global television audience, providing immeasurable marketing impact for the NSW visitor economy.

The announcement confirms NSW as a premier destination for world class sporting events including the FIFA Women’s World Cup 2023, Sail GP and the Sydney Marathon which recently gained world marathon major status.

Supporting major events is a key part of the Minns Labor Government’s strategy to grow the visitor economy. In October the government committed to a new ambitious growth target of $91 billion of visitor expenditure by 2035, a 40% increase on the previous 2030 goal.

Sydney has a proud Rugby World Cup history, having hosted six games during the inaugural tournament in 1987 and 16 games – including the final – when Australia last hosted in 2003. The NSW Government is also proud to support this year’s British and Irish Lions Tour while Australia will also host the Women’s Rugby World Cup 2029.

In the lead up to the event Chair of Destination NSW Sally Loane will lead a committee tasked with maximising the tourism opportunities of hosting the Men’s Rugby World Cup.

NSW Premier Chris Minns said:

“It’s great to see NSW come out on top – securing hosting rights to the Men’s Rugby World Cup 2027.

“Staging the finals and having more matches than any other state, demonstrates just how attractive NSW is as a destination for global sporting events.

“To all those keen rugby fans across the globe – it’s time to lock in your travel plans. Not only will you get to watch some fantastic sport, but you will also get to tour the best state in the world, home to extraordinary national parks and unparalleled Harbour views.”

Minister for Jobs and Tourism John Graham said:

“With more games than any other state, NSW will be the home of the tournament which means hundreds of thousands of fans will travel here and experience what our incredible state has to offer.”

“The stadiums and the streets of Sydney and Newcastle will be absolutely buzzing during the Men’s Rugby World Cup in 2027.

“Hosting world class events is a key part of our strategy to significantly grow the NSW visitor economy over the next ten years.”

“My message to rugby fans around the world is – come for the rucks and mauls, stay for the food, the wine, the beaches and cultural experiences!”

Minister for Sport Steve Kamper said:

“Men’s Rugby World Cup 2027 will be a festival of rugby union like no other that will inspire the next generation of players.

“The choice of Sydney to host the tournament’s final match – along with both semi-finals and the bronze final – reflects the city’s position as world class sporting events capital, and the NSW Government is excited to welcome the world’s best rugby teams – and their fans – in 2027.

“For 6 weeks, we are going to be centre stage for the sporting world.

World Rugby Chair, Brett Robinson said:

“We are delighted to reach another significant milestone on our journey to Men’s Rugby World Cup 2027. The selection of these incredible host cities reflects our commitment to bring Rugby World Cup to Australians’ backyard and maximise the tournament’s positive impact and sporting legacy in all host communities.

“Australia’s iconic cities and rich culture will create an extraordinary atmosphere for fans and players alike, uniting an entire nation for six unforgettable weeks. We look forward to working with host cities to make this tournament one for the ages.”

MIL OSI News –

January 30, 2025
MIL-Evening Report: Marape calls US climate backtracking ‘irresponsible’ in rethink plea to Trump

PNG Post-Courier

In a fervent appeal to the global community, Prime Minister James Marape of Papua New Guinea has called on US President Donald Trump to “rethink” his decision to withdraw from the Paris Agreement and current global climate initiatives.

Marape’s plea came during the World Economic Forum Annual Meeting held in Davos, Switzerland, on 23 January 2025.

Expressing deep concern for the impacts of climate change on Papua New Guinea and other vulnerable Pacific Island nations, Marape highlighted the dire consequences these nations face due to rising sea levels and increasingly severe weather patterns.

“The effects of climate change are not just theoretical for us; they have real, devastating impacts on our fragile economies and our way of life,” he said.

The Prime Minister emphasised that while it was within President Trump’s prerogative to prioritise American interests, withdrawing the United States — the second-largest emitter of carbon dioxide– from the Paris Agreement without implementing measures to curtail coal power production was “totally irresponsible”, Marape said.

“As a leader of a major forest and ocean nation in the Pacific region, I urge President Trump to reconsider his decision.”

He went on to point out the contradiction in the US stance.

US not closing coal plants
“The United States is not shutting down any of its coal power plants yet has chosen to withdraw from critical climate efforts. This is fundamentally irresponsible.

“The science regarding our warming planet is clear — it does not lie,” he said.

Marape further articulated that as the “Leader of the Free World,” Trump had a moral obligation to engage with global climate issues.

[embedded content]
PNG Prime Minister James Marape’s plea to President Trump. Video: PNGTV

“It is morally wrong for President Trump to disregard the pressing challenges of climate change.

He must articulate how he intends to address this critical issue,” he added, stressing that effective global leaders had a responsibility not only to their own nations but also to the planet as a whole.

In a bid to advocate for small island nations that are bearing the brunt of climate impacts, PM Marape announced plans to bring this issue to the upcoming Pacific Islands Forum (PIF).

He hopes to unify the voices of PIF member countries in a collective statement regarding the US withdrawal from climate negotiations.

US revived Pacific relations
“The United States has recently revitalised its relations with the Pacific. It is discouraging to see it retreating from climate discussions that significantly affect our region’s efforts to mitigate climate change,” he said.

Prime Minister Marape reminded the international community that while larger nations might have the capacity to withstand extreme weather events such as typhoons, wildfires, and tornadoes, smaller nations like Papua New Guinea could not endure such impacts.

“For us, every storm and rising tide represents a potential crisis. Big nations can afford to navigate these challenges, but for us, the stakes are incredibly high,” he said.

Marape’s appeal underscores the urgent need for collaborative and sustained global action to combat climate change, particularly for nations like Papua New Guinea, which are disproportionately affected by environmental change.

Republished with permission.

MIL OSI Analysis – EveningReport.nz –

January 30, 2025
MIL-OSI New Zealand: Homicide investigation in Otaika

Source: New Zealand Police (National News)

Police are treating the death of a motorcyclist in Otaika as suspicious, and a homicide investigation is now underway.

A man’s body was discovered in a creek adjacent to Otaika Valley Road, State Highway 15, after 5am on 29 January.

Whangārei CIB is launching an appeal for any witnesses or motorists travelling through the area on Tuesday night or in the early hours of Wednesday.

Acting Detective Senior Sergeant Shane Pilmer says a post-mortem examination is currently ongoing.

“Formal identification procedures have not yet been completed, but we anticipate releasing further details about the victim once this process is complete,” he says.

“Our investigation team are working with the family, who are coming to terms with their loved one succumbing to foul play.”

Police believe the homicide occurred between 7pm and 11pm on 28 January, in a layby opposite to the entrance to the Otaika Valley Scenic Reserve.

There are two key appeals the investigation team are making today.

Firstly, any sightings of the blue and silver coloured road bike that was found parked in the layby area.

“We are particularly interested in any sightings of this bike between 8pm on 28 January through to 5am on 29 January,” acting Detective Senior Sergeant Pilmer says.

Secondly, anyone with dashcam or CCTV footage around key locations between 7pm on 28 January and 5am on 29 January should contact Police.

Those areas of interest are along Otaika Valley Road, between the intersections with State Highway 14, Maungatapere, and Loop and Cemetery Roads, in Otaika.

“I am asking anyone with a dashcam or CCTV cameras to prioritise checking these now, and contact our investigation team,” acting Detective Senior Sergeant Pilmer says.

An online portal has been set up for any footage or photographs to be uploaded.

Please go to https://distant.nc3.govt.nz

Acting Detective Senior Sergeant Pilmer says: “Our investigation is still in the very early stages, and our team will work hard to ensure we get answers as to why this homicide has occurred.”

Anyone with further information should call Police on 105 and reference the file number 250129/0335.

Information can also be provided anonymously via Crime Stoppers on 0800 555 111.

ENDS.

Jarred Williamson/NZ Police

MIL OSI New Zealand News –

January 30, 2025
MIL-OSI USA: Durbin: President Trump’s Proposed Freeze On NIH’s Work Is Cruel And Will Have Life Or Death Consequences

US Senate News:

Source: United States Senator for Illinois Dick Durbin
January 29, 2025
WASHINGTON – In a speech on the Senate floor, U.S. Senate Democratic Whip Dick Durbin (D-IL) spoke on the serious consequences the Trump Administration’s plan to freeze federal assistance would have on the National Institutes of Health (NIH) and medical research. NIH supports more than 400,000 jobs nationwide—jobs focused on conducting vital medical research that leads to new cures and treatments that improve and save lives. Each year, NIH awards nearly $38 billion in research grants to all 50 states and the District of Columbia. They support hundreds of thousands of jobs, generate $92 billion in economic activity, and facilitate life-saving medical research.
On Monday night, President Trump ordered a stop to federal grant funding, including at NIH. Today, the White House Office of Management and Budget (OMB) and the White House Press Secretary sent out conflicting information related to whether or not the freeze had been rescinded.
Durbin said, “Because of work funded by NIH with taxpayer dollars, people with cancer are living longer and even being cured, HIV/AIDS is no longer a death sentence, and groundbreaking treatments exist to slow the progression of neurological disorders such as ALS and dementia. Chances are, if you or a loved one take any medication, you have NIH to thank—because 99 percent of drugs approved over the past decade benefited from NIH research funding. And, chances are, if you or a loved one ever get sick and are wondering what options exist to save your life, your doctor will suggest a treatment developed with NIH funding.”
“Do you know what the leading causes of death are in the U.S.? The number one cause of death in the United States is heart disease,” Durbin continued. “But there are others. Cancer; unintentional injuries, such as drug overdoses; stroke; respiratory disease; Alzheimer’s; and diabetes. NIH researchers work every day to find breakthroughs to save lives in America from these leading causes of death in the U.S. When you freeze this agency’s work, when you tell your researchers to stay home and not to spend a penny because it can’t be compensated, it means you’re putting a stop to the research that critically is trying to keep us alive. You handicap our nation’s effort to develop new cures and treatments that address the top causes of death.”
Durbin continued, “NIH is considered the world’s leader in biomedical research—providing treatments and cures that other people across the world dream of. President Trump’s proposed freeze on NIH’s work is cruel and will have life or death consequences. If your parent has dementia, you want NIH’s work to continue. If your husband or wife has been diagnosed with glioblastoma, ALS, or Parkinson’s, you need NIH’s work to continue. If you have a child diagnosed with a rare childhood cancer or heart condition—you are desperate for NIH’s work to continue.”
“This should not be a partisan issue,” Durbin concluded. “Over the past decade, Congress has, on a bipartisan basis, increased NIH’s budget by 60 percent because we believe in their work. This federal freeze must not be allowed to take effect. I would hope my Republican colleagues would join me in calling on President Trump to reconsider this harmful policy. Lives depend on it.”
Video of Durbin’s remarks on the Senate floor is available here.
Audio of Durbin’s remarks on the Senate floor is available here.
Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.
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MIL OSI USA News –

January 30, 2025
MIL-OSI USA: Durbin: Many Insurrectionists Pardoned By President Trump Pose a Clear Threat To Public Safety

US Senate News:

Source: United States Senator for Illinois Dick Durbin
January 29, 2025
In his speech on the Senate floor, Durbin recounts the threats posed by insurrectionists who have been released by President Trump’s pardons just nine days ago
WASHINGTON – In a speech on the Senate floor today, U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, rebuked President Trump for his pardon of approximately 1,500 January 6th insurrectionists, several of whom have already been rearrested or are wanted for vile crimes committed prior to January 6, 2021, including soliciting a sexual relationship with a minor. Because of President Trump’s pardons, dangerous individuals, who have recently made extreme statements calling for more violence, are threatening public safety.
Durbin began his remarks by recalling his own experience in the Capitol on January 6, 2021.
“I was in this chair when the mob that you’ve seen on television, in the videos over and over again, were taking control of this Capitol. Presiding over the United States Senate—we were all in our seats—was the Vice President of the United States. We were counting the electoral votes in each state to decide who was the official winner of the presidential election. It was happening right after President Trump had his rally not far from here and told his supporters and demonstrators [to] come up to the Capitol building, which they did in vast numbers,” Durbin began. “They didn’t just come here for a casual visit. They came to break down the doors and break down the windows and to invade this building.”
“The net result is a lot of brave men and women, who were part of the Capitol police force and the D.C. police force, stood in their way and tried to stop them and were beaten back. Over 140 of these officers were seriously injured by the demonstrators and the insurrectionists coming into this building. Several lost their lives. That was the reality of what happened,” Durbin said. “The net result was one of the largest prosecutions in the history of the United States, ultimately hundreds of them paid a price for that violent activity on January 6 and what they did to our police.”
During the siege of the Capitol that day, over 80 U.S. Capitol Police Officers were assaulted, as well as more than 60 officers from the Washington, D.C. Metropolitan Police Department. As a result of the insurrection, five law enforcement officers died and at least 140 officers were seriously injured.
“The men and women, who were dedicated to their cause, did things that were outrageous in terms of desecrating this building. The United States Capitol Building, a symbol of America, they desecrated it, and they had to be stopped. A lot of brave men and women in uniform risked their lives, some gave their lives as a consequence of it,” Durbin said.
Last week, President Trump, who incited the violence, commuted the sentences of 14 individuals and granted full, complete, and unconditional pardons to approximately 1,500 others convicted of offenses related to the January 6th attack. Many of the perpetrators have shown a stunning lack of remorse following their violent assaults on the brave members of the U.S. Capitol Police and D.C.’s Metropolitan Police Department who protected the Capitol that day.
“You would think these men, largely men, who had served time in jail, some of them for lengthy sentences up to 20 years, when they were released with this pardon by President Trump would go about their business and resume a normal, law-abiding life. That was not the fact,” Durbin continued.
Durbin then spoke about the vial crimes of insurrectionists who were released with President Trump’s pardon just nine days ago. At least one of the rioters has already returned to jail while another is wanted for a sex crime involving a minor.
“Matthew Huttle, released by President Trump by pardon, [was] shot and killed by the Indiana State Police earlier this week after a traffic stop when he resisted arrest while in possession of a firearm,” Durbin said. “Daniel Ball has already been rearrested since he was released with the Trump pardon, on gun charges related to past convictions for domestic violence by strangulation and battery against a law enforcement officer.”
“Andrew Taake, assaulted the police at the Capitol with bear spray and a metal whip, [is] now wanted in the State of Texas for soliciting a minor for sex, a felony carrying up to ten years in prison,” said Durbin.
“Enrique Tarrio, the head of the Proud Boys organization, a domestic terrorist group which has been identified for many years. He was convicted of seditious conspiracy on January 6 for his role in planning that riot. Here’s what he said after his release, ‘Success is going to be retribution. Now it’s our turn,’” Durbin continued.
“Stewart Rhodes, the head of the Oath Keepers, another domestic terrorist group, convicted of seditious conspiracy for his role in planning the riot, said after his pardon by Trump and release, ‘The people who did this, they need to feel the heat. They need to be put behind bars and they need to be prosecuted.’ He said January 6 should be remembered as ‘Patriots’ Day’ and said he has no regrets, ‘Because we did the right thing,’” Durbin said.
“Jacob Chansley, the so-called ‘QAnon Shaman’ posted on X after his pardon, ‘NOW I AM GONNA BUY SOME MF GUNS!!!’ and ‘EVERYTHING done in the dark WILL come to light!’”Durbin said.
Durbin concluded his remarks, noting that law enforcement may have to engage with these insurrectionists who violently attacked Capitol Police Officers on January 6, 2021.
“Sadly, for law enforcement officers across the country, they are going to face many of these people again,” Durbin concluded.
Video of Durbin’s remarks on the floor is available here.
Audio of Durbin’s remarks on the floor is available here.
Footage of Durbin’s remarks on the floor is available here for TV Stations.
Earlier this week, Durbin joined more than 40 of his Senate colleagues in introducing a resolution condemning President Trump’s pardons of more than 1,500 individuals who were found guilty of assault Capitol Police Officers on January 6, 2021. Yesterday, U.S. Senator Patty Murray (D-WA) brought the resolution to the floor, but its passage was blocked by U.S. Senator John Barrasso (R-WY).
According to the U.S. Attorney’s Office for the District of Columbia, approximately 1,572 defendants have been federally charged with crimes associated with the attack of the U.S. Capitol on January 6th. This includes approximately 598 charged with assaulting, resisting, or impeding law enforcement agents or officers or obstructing those officers during a civil disorder, including approximately 171 defendants charged with using a deadly or dangerous weapon or causing serious bodily injury to an officer. As proven in Court, the weapons used and carried on Capitol grounds during the January 6th attack include firearms; OC spray; tasers; edged weapons, including a sword, axes, hatchets, and knives; and makeshift weapons, such as destroyed office furniture, fencing, bike racks, stolen riot shields, baseball bats, hockey sticks, flagpoles, PVC piping, and reinforced knuckle gloves.
Last week, Durbin delivered a speech on the Senate floor further denouncing President Trump’s decision to pardon the violent insurrectionists.
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MIL OSI USA News –

January 30, 2025
MIL-OSI NGOs: Study shows Big Oil fueled deadly wildfires in Los Angeles

Source: Greenpeace Statement –

San Francisco, CA (January 29, 2025) – The latest study by the World Weather Attribution on the devastating wildfires in Los Angeles, confirmed that climate change, fueled by fossil fuel burning, made the fires 35% more likely. The analysis shows these flammable conditions will only worsen if we continue down the path of inaction. In response to the study, Zachary Norris, Greenpeace USA California Climate Director, said:

“Climate change has been making California wildfires larger, faster and more deadly for years. All 8 of the state’s largest fires have all occurred in the last 7 years. But the fires in Los Angeles have also shown that as droughts stretch longer, rainfall drops, and temperatures rise, entire communities are being devastated. These fires were 35% more likely to occur because of climate change, which is primarily caused by the burning of oil, gas, and coal, and if we don’t change course, these flammable conditions will only intensify. While Big Oil companies continue to pull in billions in profits, we’re paying the price in lives lost and homes destroyed. But it doesn’t have to be this way – it’s time to stop drilling and start paying for the damage they’ve caused.”

Contact: Gigi Singh, Communications Manager at Greenpeace USA
(+1) 631-404-9977, [email protected]

Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

MIL OSI NGO –

January 30, 2025
MIL-OSI Submissions: Australia – International project to support Australia’s transition to clean energy with next-gen electrolysers – Swinburne University

Source: Swinburne University

An international team is developing new electrolysers to support Australia’s transition to clean energy.

Led by Swinburne University of Technology researchers Associate Professor Rosalie Hocking and Associate Professor Andrew Ang, the project will strengthen Australia’s capability in domestic manufacturing for renewable technologies, positioning the country as a leader in the global energy transition.

“This grant enables us to tackle key challenges in scaling up electrolysers by innovating catalyst design and electrode manufacturing, advancing CO₂ reduction technologies for a sustainable energy future,” says Associate Professor Hocking.

Hydrogen electrolysers enable the production of clean hydrogen from water using renewable electricity. This process provides a high-energy, low-emission alternative for sectors that are challenging to electrify, such as heavy transport and industrial processing.

By 2050, CSIRO predicts that manufacturing of hydrogen electrolysers industry could generate $1.7 billion in revenue and 4,000 jobs, plus $1.2 billion and 1,000 jobs from installation services. Associate Professor Ang says a key part of making this a reality is reducing costs.

“The cost of manufacturing is often overlooked in new technologies despite being a critical consideration in any scalable technology.”

“By scaling up these cutting-edge electrode systems, the project will contribute to the development of next-generation electrolysers that support Australia’s transition to clean energy.”

The international collaboration between Swinburne’s Chemistry and Mechanical Engineering team and Rajamangala University of Technology Phra Nakhon (RMUTP) in Thailand will examine innovative ways to fabricate catalysts materials and Australia’s capacity to scale those technologies.

This project aims to develop innovative copper oxide (CuOx) and multimetal oxide catalyst systems for the production of value-added C2+ products, such as hydrocarbons and syngas, using renewable energy in proton exchange membrane (PEM) electrolysers.

By advancing catalyst design and optimising manufacturing techniques, the project addresses key challenges related to cost and scalability in the deployment of hydrogen production technologies.

Associate Professor Hocking says that international partnerships are essential for building Australia’s science and research capabilities.

“Employing innovative techniques like thermal spray will help position Australia as a global leader in renewable technology development.”

MIL OSI – Submitted News –

January 30, 2025
MIL-OSI USA: Cramer, Colleagues Introduce Legislation to Protect AM Radio

US Senate News:

Source: United States Senator Kevin Cramer (R-ND)
WASHINGTON, D.C. – Each week, nearly 47 million Americans rely on AM radio to deliver updates on news, sports, weather, and emergency alerts. Despite this, several car manufacturers proposed removing AM radio in their newer vehicles.
U.S. Senator Kevin Cramer (R-ND) joined U.S. Senators Ted Cruz (R-TX) and Ed Markey (D-MA) in introducing the bipartisan, bicameral AM Radio for Every Vehicle Act. The legislation aims to address critical public safety and communication challenges by ensuring broadcast AM radio remains accessible in all passenger vehicles, including electric vehicles.
If enacted, the bill would require the Department of Transportation (DOT) to issue a rule requiring new vehicles to maintain access to broadcast AM radio at no additional cost to the consumer and provide small vehicle manufacturers at least four years after the date DOT issues the rule to comply. The AM Radio for Every Vehicle Act also requires automakers to inform consumers, during the period before the rule takes effect, that the vehicles do not maintain access to broadcast AM radio.
“AM radio connects millions of listeners across the country to reliable news, critical emergency alerts, and vital weather updates every week,” said Cramer. “I joined my colleagues in reintroducing the AM Radio for Every Vehicle Act to prevent automakers from removing this essential communication tool from vehicles. We must keep Americans safe, and this legislation will protect life-saving access to necessary alerts, while preserving emergency communication infrastructure.”
“During weather disasters or power outages, AM radio is consistently the most reliable form of communication and is critical to keep millions of Texans safe. AM radio has long been a haven for people to express differing viewpoints, allowing free speech and our robust democratic process to flourish for decades. I am honored to once again partner with Sen. Markey on this bipartisan legislation on behalf of our constituents who depend on AM radio and public airwaves for access to news, music, talk, and emergency alerts,” said Senator Cruz.
“As we witness more tragic climate change-induced disasters like the wildfires in Los Angeles, broadcast AM radio continues to be a critical tool for communication. AM radio is a lifeline for people across the country for news, sports, and especially emergency information,” said Senator Markey. “Tens of millions of listeners across the country have made clear that they want AM radio to remain in their vehicles. Our AM Radio for Every Vehicle Act heeds their words and ensures that this essential tool doesn’t get lost on the dial.”
Additional cosponsors include U.S. Senators Tammy Baldwin (D-WI), John Barrasso (R-WY), Marsha Blackburn (R-TN), Richard Blumenthal (D-CT), Katie Britt (R-AL), Ted Budd (R-NC), Maria Cantwell (D-WA), Shelley Moore Capito (R-WV), Tom Cotton (R-AR), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Chuck Grassley (R-IA), Josh Hawley (R-MO), Maggie Hassan (D-NH), Mazie Hirono (D-HI), Jim Justice (R-WV), Angus King (I-ME), Amy Klobuchar (D-MN), James Lankford (R-OK), Ben Ray Luján (D-NM), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Jeff Merkley (D-OR), Jerry Moran (R-KS), Chris Murphy (D-CT), Jack Reed (D-RI), Pete Ricketts (R-NE), Bernie Sanders (I-VT), Rick Scott (R-FL), Jeanne Shaheen (D-NH), Tim Sheehy (R-MT), Tina Smith (D-MN), Dan Sullivan (R-AK), Ron Wyden (D-OR), Todd Young (R-IN), John Barrasso (R-WY), Jim Banks (R-IN), and John Hoeven (R-ND).
Click here for bill text.

MIL OSI USA News –

January 30, 2025
MIL-OSI USA: Senators Markey and Cruz Reintroduce Bill to Keep AM Radio in New Vehicles

US Senate News:

Source: United States Senator for Massachusetts Ed Markey
Bill Text (PDF)
Washington (January 29, 2025) – Senator Edward J. Markey (D-Mass.), member of the Senate Commerce, Science, and Transportation Committee, and Ted Cruz (R-Texas), Chairman of the Senate Commerce, Science, and Transportation Committee, today reintroduced the AM Radio for Every Vehicle Act. This legislation would direct the National Highway Traffic Safety Administration (NHTSA) to require automakers to maintain AM broadcast radio in their new vehicles at no additional charge.
“As we witness more tragic climate change-induced disasters like the wildfires in Los Angeles, broadcast AM radio continues to be a critical tool for communication. AM radio is a lifeline for people across the country for news, sports, and especially emergency information,” said Senator Markey. “Tens of millions of listeners across the country have made clear that they want AM radio to remain in their vehicles. Our AM Radio for Every Vehicle Act heeds their words and ensures that this essential tool doesn’t get lost on the dial.”
“During weather disasters or power outages, AM radio is consistently the most reliable form of communication and is critical to keep millions of Texans safe. AM radio has long been a haven for people to express differing viewpoints, allowing free speech and our robust democratic process to flourish for decades. I am honored to once again partner with Sen. Markey on this bipartisan legislation on behalf of our constituents who depend on AM radio and public airwaves for access to news, music, talk, and emergency alerts,” said Senator Cruz.
Cosponsors in the Senate include Senators Tammy Baldwin (D-Wisc.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Richard Blumenthal (D-Conn.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Maria Cantwell (D-Wash.), Shelley Moore Capito (R-W.V.), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Chuck Grassley (R-Iowa), Josh Hawley (R-Mo.), Maggie Hassan (D-N.H.), Mazie Hirono (D-Hawaii), Jim Justice (R-W.V.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), James Lankford (R-Okla.), Ben Ray Luján (D-N.M.), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Jeff Merkley (D-Ore.), Jerry Moran (R-Kan.), Chris Murphy (D-Conn.), Jack Reed (D-R.I.), Pete Ricketts (R-Neb.), Bernie Sanders (I-Vt.), Rick Scott (R-Fla.), Jeanne Shaheen (D-N.H.), Tim Sheehy (R-Mont.), Tina Smith (D-Minn.), Dan Sullivan (R-Alaska), Ron Wyden (D-Ore.), Todd Young (R-Ind.), John Barrasso (R-Wy.), Jim Banks (R-Ind.), and John Hoeven (R-N.D.).
In May 2023, Senators Markey and Cruz led their colleagues in introducing the AM Radio for Every Vehicle Act. The AM Radio for Every Vehicle Act passed through the Senate Commerce Committee in July 2023 and passed through the House Energy and Commerce Committee in September 2024.

MIL OSI USA News –

January 30, 2025
MIL-OSI: Parkway International Capital Group Funds $17.5 Million Senior Living Refinance

Source: GlobeNewswire (MIL-OSI)

HENDERSON, Nev., Jan. 29, 2025 (GLOBE NEWSWIRE) — Parkway International Capital Group (PIC Group) has successfully closed a $17.5 million refinance loan for a premier senior living development in Henderson, Nevada, demonstrating its expertise in large-scale, customized financing solutions.

Why the Borrower Chose PIC Group
The borrower, a leading healthcare and senior living developer with over $500 million in completed projects, selected PIC Group for its:

* Industry Expertise: Proven success in senior living financing
* Efficient Execution: Closing within 20 days
* Tailored Solutions: Structuring that delivered cost savings and flexibility

Addressing Growing Market Demand
The project, a 150-unit senior living community with independent living, assisted living, and memory care services, meets rising demand in Henderson, where the senior population continues to grow. This aligns with a projected 44% increase in demand for senior housing by 2030 (NIC data).

Financial Highlights
* Loan Amount: $17.5 million
* Loan Term: 36 Months, up to 5 years amortization
* Interest Rate: Fixed at 8.98%
* Loan-to-Value (LTV): 75%, ensuring liquidity and equity balance

The refinance reduced the borrower’s annual debt service by $450,000 and provided capital for future projects.

About Parkway International Capital Group
PIC Group specializes in innovative commercial financing for high-value projects, partnering with clients to deliver tailored solutions and exceptional results.

Media Contact

Marvin Fincham
Visit our website at pic-group.net
Email us at loans@pic-group.net

The MIL Network –

January 30, 2025
MIL-OSI Australia: Designing the Cultural Heart of Ipswich

Source: Australian Ministers 1

The Ipswich CBD will soon begin its transformation thanks to a $3.8 million investment from the Albanese Government to fund detailed upgrade designs.

The Ipswich Central Heart: Art, Commerce and Urban Greening project is being funded through Stream One of the Australian Government’s urban Precincts and Partnerships Program (uPPP).

The project will develop designs for the expansion of the Ipswich Art Gallery and the redevelopment of the Ipswich Civic Centre. It will also include planning for a streetscape refresh of Brisbane Street, the integration of the Inner CBD Cycle Network and additional urban greening initiatives.

The planned precinct aims to enhance economic development by creating new local job opportunities, in addition to supporting the investment already underway in Ipswich Central.

It will also deliver an arts and cultural precinct, providing a place for artists and performers to collectively work and create.

City of Ipswich will work collaboratively alongside the Office of the Queensland Government Architect, Queensland Health, West Moreton Health, and the Department of Transport and Main Roads throughout this planning project.

Stream One of the uPPP funds the design of places that contribute to local economic growth and revitalise urban spaces to meet the needs of growing communities.

This funding demonstrates the Albanese Government’s commitment to valuing local voices and developing partnerships that will help build Australia’s future in the long term.

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

“The Albanese Government’s urban Precincts and Partnerships Program is about reusing and reimagining our urban spaces to better serve the people who live in them.

“The Ipswich CBD has enormous potential and this funding is the first critical step in realising this project.”

Quotes attributable to Assistant Minister for Regional Development, Anthony Chisholm:

“This new precinct, right in the heart of Ipswich, will improve arts and cultural experiences for the local community and help secure Ipswich’s status as a cultural hub in the south east.

“This is yet another demonstration of the Federal Government’s ongoing commitment to back local priority infrastructure and community projects in our town centres.”

Quotes attributable to Member for Blair, Shayne Neumann:

“This $3.8 million investment from the Albanese Government in Ipswich’s heart will boost local businesses and jobs, in addition to supporting the investment already underway in Ipswich Central to make our city more vibrant and liveable.

“Ipswich is one of the fastest growing regions in Australia, and this funding will help drive a thriving arts and cultural zone in our city centre that can be used by our diverse arts and entertainment community.”

Quotes attributable to Ipswich Deputy Mayor, Cr Nicole Jonic:

“We want to build an Ipswich that provides not only jobs and opportunities, but access to arts, culture and recreation.

“The Ipswich Central Heart: Art, Commerce and Urban Greening project will help us create a modern city where people can work, play and have pride in where they live.

“This much-needed Federal funding will enhance the capacity of Ipswich Central cultural assets, like the Ipswich Art Gallery and Ipswich Civic Centre, and improve connectivity between these venues and our revitalised CBD.”

MIL OSI News –

January 30, 2025
MIL-OSI USA: New Dog Man PSA Campaign, DreamWorks Animation, the Ad Council and FEMA Partnered to Encourage Kids to Help Prepare for Emergencies

Source: US Federal Emergency Management Agency

Headline: New Dog Man PSA Campaign, DreamWorks Animation, the Ad Council and FEMA Partnered to Encourage Kids to Help Prepare for Emergencies

New Dog Man PSA Campaign, DreamWorks Animation, the Ad Council and FEMA Partnered to Encourage Kids to Help Prepare for Emergencies

DreamWorks Animation’s Dog Man, based on the best-selling Dav Pilkey books, arrives in theaters Jan. 31, 2025WASHINGTON — FEMA’s Ready Campaign and the Ad Council have partnered with DreamWorks Animation’s new film, Dog Man, based on the best-selling Dav Pilkey book series, for a national public service advertising (PSA) campaign. The campaign features the beloved canine crime-fighting hero spreading the message to children across the nation about the importance of being ready for the unexpected. In DreamWorks Animation’s upcoming film, in theaters Jan. 31, 2025, Dog Man must lean on his crime-fighting skills and planning abilities to stop the evil plots of Petey, the feline supervillain. His planning skills are being brought to life in the new PSA campaign, launching today, where Dog Man encourages kids to help their families prepare for emergencies. The initiative includes billboards and bus shelter advertising, as well as 30- and 15-second PSAs in both English and Spanish languages that are airing in donated media across the country.”Empowering our children to be active participants in disaster preparedness is vital to creating a more prepared nation,” said Lucas Hitt Acting Associate Administrator for FEMA’s Office of External Affairs. “This collaboration presents a unique opportunity to engage America’s youth in a relatable and impactful way, harnessing the beloved characters of DreamWorks Animation’s Dog Man to give the entire family the tools they need to be ready for anything.”Ready campaign messaging includes a four-step approach to preparedness:Be informed about different types of emergencies that could occur and their appropriate protective action.Make a family emergency plan including information on how to reconnect and reunite. Build emergency supply kits to ensure preparedness whether at home, at work or in the car. Get involved by finding opportunities to support community preparedness. The new creatives are an extension of FEMA and the Ad Council’s ongoing partnership on the Ready campaign, which has helped generate more than 128 million visitors to Ready.gov and Listo.gov in Spanish language since its launch in 2003. The Ready Campaign is designed to educate and empower all Americans to prepare for and respond to disasters including earthquakes, tornadoes, floods and wildfires. Launched in 2016 by Dav Pilkey—the #1 global bestselling author and award-winning illustrator of the Captain Underpants books—the Dog Man Scholastic series now includes 13 books. The series is one of the bestselling graphic novel series of all time with more than 60 million copies in print and translations in 47 languages. The series’ 2024 releases include Dog Man: The Scarlet Shedder, which became the #1 bestselling book in the U.S. and internationally and Dog Man: Big Jim Begins, published Dec. 3, 2024. For more information on what to do before, during or after emergencies, visit Ready.gov and Listo.gov in Spanish language. Television stations can download advertisements from the Ad Council’s website. The PSA video is also available to view on ready.gov/videos. About FEMA and the Ready CampaignFEMA’s mission is helping people before, during and after disasters. FEMA’s Ready Campaign, launched in Feb. 2003, is a national public service campaign designed to educate and empower the American people to prepare for, respond to and mitigate emergencies and disasters. The goal of the campaign is to promote preparedness through public involvement.Ready and its Spanish language version Listo ask individuals to do four key things:• Stay informed about the different types of emergencies that could occur and their appropriate responses.• Make a family emergency plan.• Build an emergency supply kit.• Get involved in your community by taking action to prepare for emergencies.Follow FEMA on social media at: FEMA Blog on fema.gov, @FEMA or @FEMAEspanol on X, FEMA or FEMA Espanol on Facebook, @FEMA on Instagram, and via FEMA YouTube channel.Follow Ready on social media at @ReadyGov on X, Ready on Facebook and ReadyGov on Instagram. The social media links provided are for reference only. FEMA does not endorse any non-government websites, companies or applications. About the Ad Council The Ad Council convenes creative storytellers to educate, unite and uplift audiences by opening hearts, inspiring action and accelerating change. For more than 80 years, the nonprofit organization and its partners in advertising, media, marketing and tech have been behind some of the country’s most iconic social impact campaigns – Smokey Bear, A Mind Is a Terrible Thing to Waste, Love Has No Labels, Tear the Paper Ceiling and many more. With a current focus on mental health, gun violence prevention, combating hate and bias, the overdose crisis and other critical issues, the Ad Council’s national campaigns encompass advertising and media content, ground game and community efforts, trusted messenger and influencer engagement, employer programs and other innovative strategies.To learn more or get involved, visit AdCouncil.org, join the Ad Council’s communities on Facebook, Instagram, LinkedIn and X, and view campaign creative on YouTube. About DreamWorks Animation’s Dog ManPart dog, part man, all hero. From DreamWorks Animation—creators of the beloved blockbuster franchises Kung Fu Panda, How to Train Your Dragon and The Boss Baby—comes the canine-crime-fighting film adaptation of Dav Pilkey’s New York Times bestselling literary phenomenon: Dog Man. When a faithful police dog and his human police officer owner are injured together on the job, a harebrained but life-saving surgery fuses the two of them together and Dog Man is born. Dog Man is sworn to protect and serve—and fetch, sit and roll over. As Dog Man embraces his new identity and strives to impress his Chief (Lil Rel Howery, Get Out, Free Guy), he must stop the pretty evil plots of feline supervillain Petey the Cat (Pete Davidson; Saturday Night Live, The King of Staten Island). Petey’s latest plan is to clone himself, creating the kitten Lil Petey, to double his ability to do crime stuff. Things get complicated, though, when Lil Petey forges an unexpected bond with Dog Man. When Lil Petey falls into the clutches of a common enemy, Dog Man and Petey reluctantly join forces in an action-packed race against time to rescue the young kitten. In the process, they discover the power of family (and kittens!) to bring even the most hostile foes together. Dog Man also stars Isla Fisher (Wedding Crashers, Rango) as TV reporter Sarah Hatoff, Poppy Liu (Hacks, The Afterparty) as Petey’s assistant, Butler, Emmy nominee Stephen Root (Barry, King of the Hill) as Grampa, Billy Boyd (the Lord of the Rings franchise, Seed of Chucky) as Sarah’s cameraman, Seamus, and Emmy and Golden Globe winner Ricky Gervais (The Office, Extras) as Flippy the fish.Dog Man is directed by Emmy winner Peter Hastings (The Epic Tales of Captain Underpants, Kung Fu Panda: Legends of Awesomeness), whose credits include the groundbreaking animated series Animaniacs and Pinky and the Brain. The film is produced by Karen Foster (Spirit Untamed), who served as co-producer on DreamWorks Animation’s How to Train Your Dragon. About DreamWorks AnimationDreamWorks Animation (DWA), a division of the Universal Filmed Entertainment Group, within NBCUniversal, a subsidiary of Comcast Corporation, is a global family entertainment company with feature film and television brands. The company’s deep portfolio of intellectual property is supported by a robust, worldwide consumer products practice, which includes licensing and location-based entertainment venues around the world. DWA’s feature film heritage includes many of the world’s most beloved characters and franchises, including Shrek, Madagascar, Kung Fu Panda, How to Train Your Dragon, Spirit, Trolls, The Boss Baby and 2022’s The Bad Guys and Puss in Boots: The Last Wish have amassed more than $16 billion in global box office receipts. DreamWorks Animation’s television studio is one of the world’s leading producers of high-quality, animated family programming, reaching consumers in more than 190 countries with a diverse array of award-winning original content through streaming and linear broadcasters.About Universal PicturesUniversal Pictures is a division of Universal Studios. Universal Studios is part of NBCUniversal. NBCUniversal is one of the world’s leading media and entertainment companies in the development, production and marketing of entertainment, news and information to a global audience. NBCUniversal owns and operates a valuable portfolio of news and entertainment networks, a premier motion picture company, significant television production operations, a leading television stations group and world-renowned theme parks. NBCUniversal is a subsidiary of Comcast Corporation.
erika.suzuki
Wed, 01/29/2025 – 20:06

MIL OSI USA News –

January 30, 2025
MIL-OSI Global: Meditation and mindfulness at work are welcome, but do they help avoid accountability for toxic culture?

Source: The Conversation – France (in French) – By Raysa Geaquinto Rocha, Assistant Professor at the Vrije Universiteit Amsterdam and lecturer, University of Essex

In an age when home offices, hybrid work arrangements and blurred boundaries between work and personal life are the norm, a recently established narrative is intensifying: the integration of spirituality into business.

This idea involves deliberately incorporating personal values and meaningful purpose into all aspects of organisational life – from individual expression to workplace practices and corporate identity. It’s an approach that seeks to cultivate environments where employees can find deeper meaning in their work while contributing to both economic and social progress, as my past research in the Journal of Business Ethics shows.

Spirituality in business transcends traditional management methods by acknowledging the inner lives of workers, promoting their personal growth and fostering genuine community connections. According to a 2016 interview with Eileen Fisher, the founder and then CEO of a $450-million fashion brand, company meetings opened with the ring of a meditation bell followed by a minute of silence. Fisher said the practice allows employees “to get in touch with what they’re there for and what matters to them and show up a little differently” and has contributed to the company’s recognised leadership in sustainability and women’s advocacy.

But are all corporate efforts like these genuine attempts to foster well-being, or can they instead be strategies to rebrand productivity demands?

Spiritual well-being in business

The incorporation of spirituality into the workplace represents a shift in how businesses approach leadership, employee wellbeing and corporate culture.

Take ice-cream maker Ben & Jerry’s partnership with Greyston Bakery, a leader in social enterprise. Under their “linked prosperity” model, Ben & Jerry’s sources all brownies for its Chocolate Fudge Brownie flavour from Greyston, which operates with an “open hiring” policy that does not require a background check for applicants and provides “help with child care, housing and ESL (English as a second language) classes”. The partnership shows how valuing human dignity and community empowerment can reshape conventional business practices into drivers of social change.

Spiritual integration manifests in plenty of other ways, too. Morning gatherings can become spaces for shared reflection rather than mere status updates. Dedicated quiet rooms can offer sanctuary for contemplation or prayer. Through mentorship relationships and community service initiatives, workplaces can evolve into environments where individuals can explore deeper questions about purpose. US outdoor clothing company Patagonia describes how it offers paid environmental internships and flexible policies that enable employees to align their work lives with how they see their authentic selves. These offerings reflect the idea that while people come to work to earn a living, they stay and thrive when work nourishes their spirit.

The trend of integrating spirituality into the workplace taps into the practical wisdom of spiritual traditions, honed over millennia, to foster attributes like mindfulness, compassion and interconnectedness. But despite its benefits, integration – or lip service to it – risks becoming a convenient excuse for businesses to shift the responsibility for stress and burn-out onto employees instead of addressing systemic issues.

The rise and fall of WeWork illustrates this phenomenon. As documented in both Hulu’s “WeWork: or the Making and Breaking of a $47 Billion Unicorn” and Apple TV+’s dramatic series “WeCrashed”, the workspace company masterfully leveraged spiritual rhetoric to attract young professionals. While the company promoted meditation spaces and wellness initiatives, these benefits masked issues including unsustainable work expectations, questionable management practices and a sexual assault claim. The disconnect between WeWork’s offerings and operational reality demonstrates how companies can appropriate spiritual practices only as a veneer.

When suits start talking spirit

When McKinsey & Company, a US management consulting firm that epitomizes corporate pragmatism, releases a podcast titled “Beyond 9 to 5: The power of spiritual health in the workplace”, it is clear that spirituality in business has moved beyond the fringe.

McKinsey’s global survey of 41,000 respondents, detailed in their May 2024 report “In search of self and something bigger: A spiritual health exploration”, found that spiritual health matters deeply to employees. But does this data reflect a genuine commitment to spirituality, or is it just a reflection of its currency in the corporate world?

After almost half a century of research on spirituality in business, it has become a mature field. The Academy of Management, “an association for management and organizational scholars”, recognised Management, Spirituality, and Religion as a Division, [“reflecting”] a broad range of member interests”. Still, the corporate world’s interest is raising eyebrows: the suspicion remains that spirituality is merely being repackaged as a tool for enhancing productivity. In his 2019 book “McMindfulness: How Mindfulness Became the New Capitalist Spirituality”, Ronald Purser illustrates this concern through Google’s “Search Inside Yourself” programme. While marketed as a path to employee wellness, the initiative exemplifies how meditation and mindfulness can be transformed into performance-enhancement tools, asking workers to develop “resilience” rather than addressing the root causes of workplace stress.

The whole self at work

The concept of bringing one’s “whole self” to work – a cornerstone of the Industry 5.0 concept promoted by the European Commission – emphasises employee authenticity. The idea of spirituality in the workplace intertwines with the idea of authentic self-expression, encompassing the recognition of one’s beliefs, values and quest for deeper meaning. These are dimensions historically excluded from professional settings. The idea is to create an environment where people can align their deepest motivations with their work.

While this ideal is noble in concept, it also raises complex questions about which aspects of our “whole selves” are appropriate to bring into the workplace. In 2015, the US Supreme Court ruled in favour of a job applicant whom the clothing company Abercrombie & Fitch refused to hire because her hijab conflicted with its dress code. Delta Airlines’ uniform policy revision last July illuminates the ongoing complexity of the issue. Following a controversy that began when a passenger made a social media post describing two flight attendants’ Palestinian flag pins – which were permitted under existing policy – as “Hamas badges”, the airline banned all national flag pins except US ones.

Juggling multiple selves

The promise of integrating our identities more seamlessly instead of compartmentalizing them features in the Apple TV series Severance. The show presents a dystopian take on work-life balance in which employees surgically separate their work and personal memories, inviting us to reflect on the identities we balance in our professional and personal lives. The character of Mark Scout, whose “innie” (work self) develops genuine connections with colleagues like Helly, demonstrates how even artificially separated selves seek authentic relationships and meaning. However, when these connections begin to flourish, employer Lumon Industries’ harsh punishments and control mechanisms kick in – suggesting that true workplace innovation and collaboration can only emerge when we’re allowed to bring our whole, unsevered selves to work.

By acknowledging and nurturing the various aspects of our personalities, we might attain new levels of connection in the workplace. But could the integration of spirituality and work lead to an environment where employees are perpetually “on”? A risk lies in creating a culture where work infiltrates every aspect of life, leaving no true respite. The very practices meant to nurture the spirit could paradoxically become tools that further blur the boundaries between professional obligations and personal renewal. A constant connection to work erodes personal boundaries, which can lead to stress and dissatisfaction that spills over into personal life. Addressing this “shadow side” is essential if we are to answer the question “Do you believe in life after work?” with a resounding yes.

A balanced approach

The integration of spirituality into business requires genuine commitment. While spiritual practices can bring multiple benefits, they must emerge from authentic values rather than serving as a quick fix for systemic issues.

Since the 1980s, when major corporations first explored Eastern spirituality, workplace spirituality has evolved into a $7.9 billion meditation market. But as companies invest in meditation apps and mindfulness programmes, they often fail to address the root causes of workplace stress and burn-out. Today, well-intentioned apps like CHILL Anywhere risk functioning as band-aids that place the burden of stress management on employees, instead of examining issues like unrealistic workloads, inadequate compensation, toxic leadership or prejudice.

Instrumentalizing spiritual practices into productivity tools fundamentally misses the point: true spirituality in business requires organizations to critically examine and transform the structural conditions that create employee suffering in the first place. Until companies commit to addressing these foundational issues, meditation rooms and mindfulness apps will remain superficial solutions that enable rather than challenge harmful workplace dynamics.

The future workplace should aim to harmonise profit and purpose, recognising that employee well-being is integral to long-term success. Spirituality in business manifests when organisations commit to both business excellence and human flourishing – addressing foundational concerns while nurturing deeper meaning and purpose. Only then can the promise of bringing our whole selves to work become a reality worth believing in.

Raysa Geaquinto Rocha ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

– ref. Meditation and mindfulness at work are welcome, but do they help avoid accountability for toxic culture? – https://theconversation.com/meditation-and-mindfulness-at-work-are-welcome-but-do-they-help-avoid-accountability-for-toxic-culture-244587

MIL OSI – Global Reports –

January 30, 2025
MIL-OSI USA: Durbin: If Your Goal Is To Make America Great Again, Why Would You Start By Cutting Basic Services For Families?

US Senate News:

Source: United States Senator for Illinois Dick Durbin

January 29, 2025

In a speech on the Senate floor, Durbin listed the critical programs—VAWA funding, veterans’ support, early education programs—that were thrown into chaos by the OMB memo that put ahold on federal funding

WASHINGTON – In a speech on the Senate floor last night, U.S. Senate Democratic Whip Dick Durbin (D-IL) denounced the Trump Administration’s decision to issue an Office of Management and Budget (OMB) memo to “temporarily pause all activities related to obligation or disbursement of trillions of dollars of Federal financial assistance,” which caused mass confusion about the funding and operations of hundreds of government-funded programs ranging from Medicaid, to Head Start, to Violence Against Women Act grants. Shortly before the federal funding freeze began, U.S. District Court Judge Loren L. Alikhan, who was confirmed under Durbin’s tenure as Chair of the Senate Judiciary Committee, temporarily blocked the move by the Trump Administration.

In his remarks, Durbin emphasized that the Trump Administration does not have the authority to institute a federal funding freeze as Congress holds the constitutional power of the purse.

“He [Acting OMB Director Matthew Vaeth] sent out a letter, or memo, that basically called for a temporary pause in government spending. By what authority did he do that? I don’t know. I’ve been in Congress for a few years. I’ve never quite seen anyone with an ‘Acting’ before their name have this much authority and power, but he had a lot. He has taken to himself the decision-making that affects families all over the United States, including in my State of Illinois,” Durbin said.

“But he [Vaeth] basically paused federal spending… so that these recipients could answer the basic questions as to whether they’re loyal to his point of view. He referred to those who didn’t agree with him as Marxists, as in Karl Marx… Who is this guy? How does he have this much authority? How is he able to say things like that that are so blatantly political?” Durbin said.

The memo caused immediate panic across the country as states’ Medicaid portals shut down and Head Start programs worried that they would not be open the following day to provide critical child care. The Trump Administration failed, when asked repeatedly, to provide clear guidance about what programs would be safe from being defunded.

“This poorly conceptualized, poorly communicated policy has created mass confusion in my state and across the nation. Worst yet, it has endangered [the] health, safety, [and] welfare of Americans across the country. The proposed freeze mandates that the government ‘temporarily pause’ the disbursement of key funds… We’re going to temporarily pause reimbursement to local units of government and charities, for example, while we decide whether they’re living up to the standards of Donald Trump in terms of his political values,” Durbin continued.

Durbin read out some of the programs that were thrown into chaos by the OMB memo, beginning with Head Start and domestic violence survivor programs.

“For many families, Head Start is day care. Head Start is Pre-K. Head Start is a chance for kids in tough family circumstances to have a fighting chance. Of course, the Head Start agencies need to get their federal funds to keep the lights on, to feed the kids, to make sure they can heat the buildings in the winter,” Durbin said.

“The other one is violence against women. The groups are calling us in Illinois. They call me because the Senate Judiciary Committee, which I serve on, authored this bill years ago. A Senator from Delaware at the time, Joe Biden, introduced this legislation. What it boils down to, is if you’re a victim of domestic violence, there are grants available to provide safe and secure places for you to stay, rather than [keeping you] in these horrible, violent situations at home. What are we going to do with Mr. Vaeth’s idea to put this on temporary pause?” Durbin said.

Durbin continued providing examples of threatened federal funding, including natural disaster relief, veterans benefits, and small business loans. Durbin pointed to the double standard of pausing federal aid to small businesses when major corporations, including Elon Musk’s company, Tesla, has received support from the federal government to stave off bankruptcy.

“Natural disaster relief speaks for itself. You think of the poor folks in California trying to recover from their wildfires. Think of the flooding, hurricanes, all the other events that take place. There are people who need a helping hand,” Durbin said.

“So many aspects of business rely on just a helping hand to get started. If you think loans to businesses are for little businesses, keep in mind that in 2009, Elon Musk came to the Obama Administration and asked for a loan so that his Tesla car company wouldn’t go into bankruptcy. There are a lot of smaller businesses just as desperate to get a helping hand,” Durbin said.

Durbin concluded his remarks by criticizing the Trump Administration for claiming to support American families while attempting to tear away the basic services and programming that Americans rely on. Durbin underscored that President Trump’s own team could not answer basic questions about the policy he attempted to institute.

“If your goal is to ‘Make America Great Again,’ why start by cutting these basic services for families and deserving people across this country?” Durbin said. “We’re better than that. I’m proud of a nation that cares for people that need a helping hand. I’m not ashamed to say that.”

“Even the President’s own Press Secretary a few minutes ago was unable to even answer the questions about what was going on with this OMB Director. You know why? Because this move is nothing more than a power grab designed to target the most vulnerable and disguise it as a way ‘to analyze government spending,’” Durbin said. “The President is blatantly violating the law by holding up these vital funds across America.”

“This measure [temporary pause by the federal judge] is only delaying chaos and uncertainty if it’s President Trump’s determined effort to make sure that this happens. We will not stand idly by while the President plays fast and loose with our nation’s laws and the American peoples’ lives and livelihoods. We can have fiscal responsibility, we could have a budget we’re proud of, but this action taken by a fellow last night, somewhere in the bowels of a building here in Washington, is hurting people all across America. You can’t help American families be great if you don’t give them a fighting chance,” Durbin concluded.

Video of Durbin’s remarks on the Senate floor is available here.

Audio of Durbin’s remarks on the Senate floor is available here.

Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.

-30-

MIL OSI USA News –

January 30, 2025
MIL-OSI Economics: Eyedea’s AI-powered visual recognition software protected and monetized by Thales Sentinel Platform
Source: Thales Group

Headline: Eyedea’s AI-powered visual recognition software protected and monetized by Thales Sentinel Platform

29 Jan 2025

Share this article
- Thales Sentinel protects Eyedea technologies based on artificial intelligence and machine learning, assuring customers that software is secure, trusted and validated
- Enables Eyedea to scale revenue streams and focus on technology innovation
Thales today announced a collaboration with the visual recognition technology company Eyedea, enabling the company to deploy and protect its AI-powered and machine learning visual recognition software for customers around the world using Thales Sentinel, the world’s leading software monetization and protection platform.

With high-profile, security-conscious customers including international and national police organisations such as Interpol, Europol and the Czech Police, Eyedea was originally established in 2006 by a research group from the Czech Technical University in Prague’s Centre for Machine Perception.

The company offers AI visual recognition software that can classify things such as vehicle make and models, number plates, train carriage numbers and more, from CCTV footage. From standard traffic cameras, their technology recognises activities such as distracted drivers, unfastened or fastened seatbelts, and counts passengers for use in environments like carpool lanes. In addition, Eyedea’s technology can make human factors and vehicle license plates unidentifiable in image data, ensuring compliance with GDPR and other local data protection laws.

“We’re very proud of the long-standing relationship we’ve built with Eyedea. Thales Sentinel has been able to offer IP protection and flexible packaging as their AI-based software has grown to support hundreds of public and private customers worldwide. We look forward to continuing to work together as Eyedea further innovates and evolves its AI technology,” commented Damien Bullot, Vice President Software Monetization at Thales.

“Thales Sentinel is essential for us to go-to-market in a secure and assured way. Our customers need to be able to trust that access to our software is safeguarded, while we need to protect our IP and manage the active deployments we have. Thales Sentinel does a fantastic job of handling both, and our long-standing partnership with them allows us to scale our revenue streams, and focus more of our time on technology innovation, as time goes on,” said Martin Urban, CEO at Eyedea.

Eyedea’s customers use its AI recognition software by embedding it into existing hardware and software they’re using. This is delivered via software development kits (SDKs) supplied by Eyedea, alongside a Thales Sentinel license on a hardware key. The combination of the hardware key along with the SDK not only provides assurance to customers that their access to the software is safeguarded, but also that the team at Eyedea can be sure there’s no unauthorised use or tampering of their software.

The Sentinel Envelope secures the software from breaches, and the Sentinel Licensing further enables Eyedea to offer varying packaging tiers based on customer requirements. This includes the flexibility to offer customers a free three-month trial which expires based on time or volume of usage, which customers can then opt to purchase as a one-year license.

About Thales

Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence & Security, Aeronautics & Space, and Cyber & Digital.

It develops products and solutions that help make the world safer, greener and more inclusive.

The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.
MIL OSI Economics –
January 30, 2025
MIL-Evening Report: Women don’t have a ‘surge’ in fertility before menopause – but surprise pregnancies can happen, even after 45

Source: The Conversation (Au and NZ) – By Karin Hammarberg, Adjunct Senior Research Fellow, Global and Women’s Health, School of Public Health & Preventive Medicine, Monash University

IKO-studio/Shutterstock

Every now and then we see media reports about celebrities in their mid 40s having surprise pregnancies. Or you might hear stories like these from friends or relatives, or see them on TV.

Menopause signals the end of a woman’s reproductive years and happens naturally between age 45 and 55 (the average is 51). After 12 months with no periods, a woman is considered postmenopausal.

While the chance of pregnancy is very low in the years leading up to menopause – the so called menopausal transition or perimenopause – the chance is not zero.

So, what do we know about the chance of conceiving naturally after age 45? And what are the risks?

Is there a spike in fertility before menopause?

The hormonal changes that accompany perimenopause cause changes to the menstrual cycle pattern, and some have suggested there can be a “surge” in fertility at perimenopause. But there’s no evidence this exists.

In the years leading up to menopause, a woman’s periods often become irregular, and she might have some of the common symptoms of menopause such as hot flushes and night sweats.

This might lead women to think they have hit menopause and can’t get pregnant anymore. But while pregnancy in a woman in her mid 40s is significantly less likely compared to a woman in her 20s or 30s, it’s still possible.

The stats for natural pregnancies after age 45

Although women in their mid- to late 40s sometimes have “miracle babies”, the chance of pregnancy is minimal in the five to ten years leading up to menopause.

The monthly chance of pregnancy in a woman aged 30 is about 20%. By age 40 it’s less than 5% and by age 45 the chance is negligible.

We don’t know exactly how many women become pregnant in their mid to late 40s, as many pregnancies at this age miscarry. The risk of miscarriage increases from 10% in women in their 20s to more than 50% in women aged 45 years or older. Also, for personal or medical reasons some pregnancies are terminated.

According to a review of demographic data on age when women had their final birth across several countries, the median age was 38.6 years. But the range of ages reported for last birth in the reviewed studies showed a small proportion of women give birth after age 45.

Having had many children before seems to increase the odds of giving birth after age 45. A study of 209 women in Israel who had conceived spontaneously and given birth after age 45 found 81% had already had six or more deliveries and almost half had had 11 or more previous deliveries.

Conceiving naturally at age 45 plus is not unheard of.
pixelheadphoto digitalskillet/Shutterstock

There’s no reliable data on how common births after age 45 are in Australia. The most recent report on births in Australia show that about 5% of babies are born to women aged 40 years or older.

However, most of those were likely born to women aged between 40 and 45. Also, the data includes women who conceive with assisted reproductive technologies, including with the use of donor eggs. For women in their 40s, using eggs donated by a younger woman significantly increases their chance of having a baby with IVF.

What to be aware of if you experience a late unexpected pregnancy

A surprise pregnancy late in life often comes as a shock and deciding what to do can be difficult.

Depending on their personal circumstances, some women decide to terminate the pregnancy. Contrary to the stereotype that abortions are most common among very young women, women aged 40–44 are more likely to have an abortion than women aged 15–19.

This may in part be explained by the fact older women are up to ten times more likely to have a fetus with chromosomal abnormalities.

There are some extra risks involved in pregnancy when the mother is older. More than half of pregnancies in women aged 45 and older end in miscarriage and some are terminated if prenatal testing shows the fetus has the wrong number of chromosomes.

This is because at that age, most eggs have chromosomal abnormalities. For example, the risk of having a pregnancy affected by Down syndrome is one in 86 at age 40 compared to one in 1,250 at age 20.

There are some added risks associated with pregnancy when the mother is older.
Natalia Deriabina/Shutterstock

Apart from the increased risk of chromosomal abnormalities, advanced maternal age also increases the risk of stillbirth, fetal growth restriction (when the unborn baby doesn’t grow properly), preterm birth, pre-eclampsia, gestational diabetes and caesarean section.

However, it’s important to remember that since the overall risk of all these things is small, even with an increase, the risk is still small and most babies born to older mothers are born healthy.

Multiple births are also more common in older women than in younger women. This is because older women are more likely to release more than one egg if and when they ovulate.

A study of all births in England and Wales found women aged 45 and over were the most likely to have a multiple birth.

The risks of babies being born prematurely and having health complications are higher in twin than singleton pregnancies, and the risks are highest in women of advanced maternal age.

What if you want to become pregnant in your 40s?

If you’re keen to avoid pregnancy during perimenopause, it’s recommended you use contraception.

But if you want to get pregnant in your 40s, there are some things you can do to boost your chance of conceiving and having a healthy baby.

These include preparing for pregnancy by seeing a GP for a preconception health check, taking folic acid and iodine supplements, not smoking, limiting alcohol consumption, maintaining a healthy weight, exercising regularly and having a nutritious diet.

If you get good news, talking to a doctor about what to expect and how to best manage a pregnancy in your 40s can help you be prepared and will allow you to get personalised advice based on your health and circumstances.

Karin Hammarberg does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Women don’t have a ‘surge’ in fertility before menopause – but surprise pregnancies can happen, even after 45 – https://theconversation.com/women-dont-have-a-surge-in-fertility-before-menopause-but-surprise-pregnancies-can-happen-even-after-45-247454

MIL OSI Analysis – EveningReport.nz –

January 30, 2025
MIL-OSI Asia-Pac: Dr. Mansukh Mandaviya Chairs National Conference with Labour Ministers and Secretaries of States & UTs in New Delhi

Source: Government of India (2)

Dr. Mansukh Mandaviya Chairs National Conference with Labour Ministers and Secretaries of States & UTs in New Delhi

Union Minister Launches Occupational Shortage Index (OSI) and State and Union Territory Microsites under e-Shram

All 36 States/UTs Expected to Complete Pre-publication of Harmonized Draft Rules in line with Labour Codes by 31st March 2025

Discussions on Day 1 focused on Labour Reforms, ESIC Medical Facilities and Healthcare Infrastructure Reforms, Initiatives including the National Career Service (NCS) portal and the Model Career Centres (MCC)

Posted On: 29 JAN 2025 8:16PM by PIB Delhi

The two-day National level meeting with Labour Ministers and Secretaries of States & UTs, held in New Delhi, under the Chairmanship of Dr. Mansukh Mandaviya, Union Minister for Labour & Employment and Youth Affairs & Sports, commenced today. Sushri Shobha Karandlaje, Hon’ble Minister of State for Ministry of Labour and Employment, along with Hon’ble Labour Ministers from various States/UTs, were present during the meetings. Ms Sumita Dawra, Secretary, set the context for the deliberations.

Delivering his inaugural address, Dr. Mandaviya emphasized on the need for undertaking labour reforms, which are crucial for realizing the vision of Viksit Bharat by 2047. He underscored that a fine balance between workers’ welfare and industrial growth must remain at the core of all policy decisions. He urged all States and UTs to participate in knowledge-sharing on reforms undertaken by them, in the spirit of cooperative federalism, and their inputs will be transformed into a comprehensive action plan to take forward the employment and labour reform agenda in India.

Spread over two days (29^th & 30^th January 2025), these meetings are focusing on laying the groundwork for Labour Reforms, Social Security for Organized and Unorganized Workers including Gig and Platform Workers and expanding ESIC medical and healthcare services. There is equal focus on interventions for matching demand and supply in the labour market, promoting employment generation and employability through National Career Service (NCS) Portal and Model Career Centres (MCC), etc.

Attended by Labour Ministers and senior officials from States/UTs, these meetings provide a platform for showcasing the reforms undertaken by States in line with the labour codes and promote cross learnings and knowledge sharing.

During day one, discussions were focused on (i) Labour Reforms; (ii) ESIC medical facilities and healthcare infrastructure reforms; and (iii) Initiatives including the National Career Service (NCS) portal and the Model Career Centres (MCC).

Labour Reforms

Several States have undertaken reforms in line with labour codes under the existing Acts. These reforms are aimed at promoting greater ease of doing business, reduction in compliance burden, decriminalisation, promoting women participation in the workforce, and other employment and labour related interventions, leading to a friendlier ecosystem of labour regulations. Such interventions promote both employment generation and labour welfare, leading us on the path of Viksit Bharat by 2047.

It was noted that over eighteen States/UTs have already implemented majority of the reforms and more than 32 States/UTs have pre-published the draft rules under the four Labour Codes, while the remaining States/UTs have made satisfactory progress, during the year. All 36 States/UTs expected to complete pre-publication of harmonized draft rules in line with the labour codes, by 31^st March 2025.

ESIC Medical Facilities and Healthcare Infrastructure Reforms

Focussed discussions on (i) convergence of ESIC with PM-ABJAY; (ii) utilization of State Primary Health Centres (PHCs) and Community Health Centres (CHCs) for Primary/Secondary Medical Care; (iii) formation of State ESI Society; (iv) implementation of Dhanwantari Module in ESIS hospitals/ dispensaries and (v) designating Medical Colleges and Charity Hospitals as ESIC hospitals, was also one of the key highlights of the day.

Leveraging the existing healthcare infrastructure including PM-ABJAY hospitals, PHCs / CHCs with upgradation of necessary medical facilities was emphasized to provide comprehensive benefits, especially in the underserved areas.

Promoting Employability and Employment Generation

On day one, Dr. Mansukh Mandaviya, Union Minister for Labour & Employment and Youth Affairs & Sports launched two significant initiatives – Occupational Shortage Index (OSI) and State and Union Territory Microsites under the e-Shram initiative. The OSI is a landmark initiative aimed at matching labour market demand and supply and enhancing employment outcomes across India. The eShram microsites would facilitate two-way integration and provide a one-stop-solution to unorganized workers for seamless access of social security and welfare, employment opportunities, skilling programmes, etc.

During the session, States’ role in promoting the usage of National Career Service (NCS) portal and Model Career Centre (MCC) facilities was presented. States were urged to complete digitization of employment portals and integration with NCS on priority so that job seekers can widely gain from the one-stop solution for career-related services and physical hubs for career counseling and employment facilitation.

Several useful insights and suggestions were shared by participants during day one. The Ministry in collaboration with States/UTs is compiling a comprehensive action plan to implement reforms in a focused manner.

The day concluded with vibrant cultural programme showcasing the rich cultural heritage of India.

*****

Himanshu Pathak

(Release ID: 2097446) Visitor Counter : 22

MIL OSI Asia Pacific News –

January 30, 2025
MIL-OSI Europe: Debates – Wednesday, 29 January 2025 – Brussels – Revised edition

Source: European Parliament

Corrie Hermann. – Dear President of the European Parliament, dear Roberta Metsola, dear Presidents, dear Members, Commissioners, excellencies, distinguished guests, this story about one Holocaust victim is dedicated to every one of the 6 million victims whom we deplore today.

My father, Hermann Pál, was born on 27 March 1902 in Budapest, in a well-to-do family. At the time, Budapest was still the second capital of the Habsburg Empire – the era which Stefan Zweig depicts in Die Welt von Gestern. The Jewish citizenry had become gradually an integral part of the community, and joined intensively in the professional, cultural and financial life.

Hermann Pál was intelligent and musical, and was admitted, at the age of 15, as a cello student at the famous Franz Liszt Academy, established in 1875 – the cradle of many generations of top musicians from Hungary. His best friend became the violinist Székely Zoltán, who would become a worldwide-known soloist and the first violinist of the New Hungarian String Quartet. Pál developed not only as a cellist but also as a composer. His teachers were Kodály and Bartók.

Even before the formal completion of his training, he reaped his first success in a private concert at the house of Arnold Schönberg with the ‘Sonata for Cello Solo’, which Kodály had composed a few years earlier. A performance of this sonata at a concert in Switzerland, which was organised by the International Society of Contemporary Music, was the first step in his international career.

But in the meantime, the First World War had raged in Europe. The Habsburg Empire was no more. Hungary’s wings had been clipped by the Trianon Treaty, and the new leader, Admiral Horthy, was the first one to introduce antisemitic laws. The young cellist went to Berlin and changed his name from the Hungarian Hermann Pál to Paul Hermann.

In Berlin, musical life was blooming. Paul took lessons at the Staatliche Academische Hochschule für Musik. To earn a living, he became a teacher at the progressive Volksmusikschule Berlin-Neukölln and he played in all kinds of ensembles: Baroque music, the great classics – Haydn, Mozart, Beethoven – and contemporary compositions by Hindemith, Ernst Toch and, of course, Kodály and Bartók.

The tie with Zoltán Székely was to endure all his life. Zoltán had settled in the Netherlands. Together they gave concerts which were favourably reviewed in the Netherlands, Germany and England. In London they stayed often at the house of a Dutch couple, Jacob de Graaff and Louise Bachiene. De Graaff was a wealthy businessman. He and his wife were lovers of art and music, and liked to entertain young artists. They admired the two musicians so much that in 1927 they bought a Stradivarius violin for Zoltán and, in 1928, a Gagliano cello for Paul. That cello has a leading part in this story.

Louise de Graaff corresponded frequently with relations in the Netherlands, and when Paul Hermann was scheduled to play in Amsterdam, she urged her young niece, Ada Weevers, to go to the concert and meet the artist. This meeting was such a success that they became engaged and married in 1931. They settled in an apartment in a new Berlin quarter, Charlottenburg. I was born in 1932 and there are pictures of my father holding me on the balcony.

But in 1933 came bad luck. On 30 January, Hitler became Reichskanzler in Germany and a threatening atmosphere for Jewish people becomes immediately acute. Jews are fired from public functions. Paul Hermann loses his job. The little family seeks refuge with Ada’s parents in the Netherlands. In the summer holiday, they stay near the seaside and, when swimming, Ada gets caught in a vortex in the waves and nearly drowns. She inhales water, it leads to pneumonia and she dies a few months later.

Paul Hermann joins Hungarian colleagues in Brussels. Together they perform as the Gertler Quartet. They tour Belgium, France, Switzerland, Italy, Hungary. He has left me with my maternal grandparents; a younger sister of my mother takes loving care of me. Every time my father visits is delightful. The whole family adores him.

After a few years in Brussels, Paul Hermann moves to Paris and continues his international career. On 4 August 1939, I turned seven. I remember him coming, always with his cello. Only recently, I found a letter my father wrote to a friend telling me about all the difficulties he had to get permission from the French authorities to cross the border to Holland. Foreign Jews are already under suspicion.

But I only know it’s my birthday, a party. As a present, my father gives me the new French book, ‘Histoire de Babar, le petit éléphant‘, and he teaches me my first French words: ‘Babar entre dans l’ascenseur, il monte dix fois en haut et descend dix fois en bas mais le garçon lui dit “ce n’est pas un joujou, monsieur l’éléphant”‘.

But again, the atmosphere is threatening. War breaks out at the end of August. Borders are closing. All foreign visitors return hastily. That winter, Western Europe is mobilised, but the fighting is in the east. We can still correspond. But in the spring, Hitler looks toward France. The French army is preparing the defence. Paul Hermann joins a régiment de marche de volontaires étrangers to assist the French army. In June, the Germans are in Paris. Northern France, Belgium and the Netherlands are occupied and under German rule. As a schoolchild, I remember the little boards everywhere: ‘Verboden voor Joden‘.

In France, the southern region is at first not occupied. People feel relatively safe there. Hermann and his cello stay first with the de Graaff couple, who have moved from London to the region south of Bordeaux, but then he moves to a room in Toulouse. He has some pupils and can give a few recitals. Censorship makes corresponding very difficult. We get only very few letters.

Sometimes he can visit Ada’s brother, Jan Weevers, who has an agricultural business in a village about 150 km from Toulouse. This brother-in-law supports him as much as he can. But in 1942, all France is occupied. The terror of the Gestapo reigns also in Toulouse. In Budapest, Berlin, Paris, Paul Hermann has been able to flee from antisemitism. Now this is not possible anymore. He takes false papers, names himself de Cotigny and hopes for the best.

But on 21 April 1944, he is arrested in a street raid, taken to the Toulouse prison and transported to Drancy, the assembling camp near Paris, from where the transports for the concentration camps departed.

In May 1944, he is put in a wagon with 60 other men as a part of transport number 73 from Drancy. While the train is waiting at the station, he manages to write a note to his brother-in-law and throws it out of the train. A kind passenger, who probably realises this could be a last message, posts it. Miraculously, it reaches Jan Weevers. It reads:

«On nous a dit que nous allions travailler à l’Organisation Todt. Nous sommes pleins d’espoir malgré tout. Quant à mes instruments, je te prie de sauver ce que tu peux.»

There is hardly any transportation, but Jan Weevers manages to go to Toulouse, where Paul’s rooms have been sealed by the Gestapo. Spoils of war. He forces a window and exchanges the precious Gagliano cello for a cheap student’s instrument. He takes it home. Paul’s cello is saved.

Transport 73 is not put to work for the organisation Todt. It is sent all through Europe to Kaunas in Lithuania. We don’t know what happened, but only a handful of the 900 prisoners who arrived in Kaunas will return after the war.

In the Netherlands, 1944-1945 is the hardest year of the war. There is no food, no heating. The infrastructure is heavily destructed. In May 1945, the Canadians entered the city where we lived. The Nazi regime capitulates, and it is immense joy.

Only weeks later, we hear what has happened in France. Investigations by Jan Weevers have been in vain. Will Paul Hermann return? In Tony Judt’s standard book Postwar, we read about the chaos in Middle Europe: many millions of displaced persons roam in deplorable conditions through what is left of Germany. Some returned home after months or years. Many don’t. Gradually we realise Paul will never come back.

Surrounded by a beloved extended family, I grow up, go to the university to study medicine, marry, have a family. As a doctor, I work mainly in public health. And at the end of my career, I am elected in the Netherlands Parliament for the Green Party. After retirement, I am reminded of a pile of handwritten music scores which have been laying around for more than 60 years. They are old compositions of my father. He played music with his colleagues in all kinds of combinations.

The Dutch foundation Forbidden Music Regained, which focuses on the work of composers who were persecuted by the Nazis, is interested. They are greatly impressed by the quality of the music, and organise concerts and recordings. My son Paul, named after his grandfather, develops into the coordinator of this legacy and makes it accessible to musicians all over the world.

When he’s visiting cousins in Los Angeles, they introduce him to the Recovered Voices project of the Los Angeles Colburn School of Music, which is also aimed at persecuted composers. Top cellist Clive Greensmith is enthusiastic about Hermann’s music, especially about a draft for a piece for cello and orchestra. Paul has a friend, an Italian composer, Fabio Conti, who makes the draft into a complete piece for cello and orchestra using themes from other Hermann compositions. Greensmith plays the premiere in 2018, in Lviv, Ukraine.

But another staff member in Los Angeles, Carla Shapreau, says: ‘Yes, this is the music. But where is that Gagliano cello?’ In 1953, Jan Weevers took the cello to the Netherlands. It has been sold to finance my studies, but we don’t know who bought it.

Carla enlists the help of Oxford-based biography writer Kate Kennedy, who is working on a book about the duality of cellists and their cellos. Kate also gets under the spell of the Hermann story, and she looks for the cello literally all over the world – asking cellists, luthiers, instrument dealers, music schools, browsing through auction catalogues. Who knows the whereabouts of a Gagliano cello made in 1730 with the text ‘Ego sum anima musicae’ – I am the soul of music – on the side? But Kate does not find it. The publication date of her book nears; she feels defeated.

The book Cello is published. Cellists everywhere read it. And then Kate gets a mail from a Chinese cello professor, Jian Wang, acting as jury member for the Concours Reine Elisabeth here in Brussels in 2022. He has noticed a cello. It is in the possession of the Robert Schumann Musik Hochschule in Düsseldorf, and only their best students are permitted to play it. At a presentation of Kate’s book Cello in the Wigmore Hall in London, where my father performed 100 years ago, Australian Sam Lucas plays, on Paul Hermann’s cello, one of his compositions.

Between 1920 and 1940, Paul Hermann played the same cello in all Western and Central Europe. Searching for this icon of European culture has connected people from all over the world: from Europe to Los Angeles to China to Australia. And its amazing story has captured interest everywhere.

For me, this is a reunion in spirit with the father whom I have missed for 85 years.

Hitler has burned books, destroyed paintings and buildings, murdered millions of people. But music is invincible.

Ego sum anima musicae. Freude, schöner Götterfunken. Alle Menschen werden Brüder.

MIL OSI Europe News –

January 30, 2025

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