Category: Entertainment

  • MIL-OSI USA: The Marshall Star for October 30, 2024

    Source: NASA

    Editor’s Note: Starting Nov. 4, the Office of Communications at NASA’s Marshall Space Flight Center will no longer publish the Marshall Star on nasa.gov. The last public issue will be Oct. 30. To continue reading Marshall news, visit nasa.gov/marshall.

    Blake Stewart, lead of the Thrust Vector Control Test Laboratory inside Building 4205 at NASA’s Marshall Space Flight Center, explains how his team tests the mechanisms that steer engine and booster nozzles of NASA’s SLS (Space Launch System) rocket to a group of Marshall team members Oct. 24. The employees were some of the more than 500 team members who viewed progress toward future Artemis flights on bus tours offered by the SLS Program. Building 4205 is also home to the Propulsion Research and Development Laboratory that includes 26 world-class labs and support areas that help the agency’s ambitious goals for space exploration. The Software Integration Lab and the Software Integration Test Facility are among the labs inside supporting SLS that employees visited on the tour. (NASA/Sam Lott)

    A group of Marshall team members gather below the development test article for the universal stage adapter that will be used on the second variant of SLS, called Block 1B. The universal stage adapter is located inside one of the high bays in building 4619. The universal stage adapter will connect the Orion spacecraft to the SLS exploration upper stage. With the exploration upper stage, which will be powered by four RL10-C3 engines, SLS will be capable of lifting more than 105 metric tons (231,000 pounds) from Earth’s surface. This extra mass capability enables SLS to send multiple large payloads to the Moon on the same launch. (NASA/Sam Lott)

    Marshall team members view the Orion Stage Adapters for the Artemis II and Artemis III test flights inside Building 4708. The Orion Stage Adapter, built at Marshall, connects the rocket’s interim cryogenic propulsion stage to the Orion spacecraft. The Orion Stage Adapter for Artemis II is complete and ready to be shipped to Kennedy Space Center. The Oct. 24 tours featured four stops that also included opportunities to see the Artemis III launch vehicle stage adapter, and the development test article for the SLS Block 1B universal stage adapter that will begin flying on Artemis IV. Additionally, programs and offices such as the Human Landing Systems Development Office and the Science and Technology Office hosted exhibits in the lobby of Building 4220, where employees gathered for the tours. (NASA/Jonathan Deal)
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    By Serena Whitfield
    In conjunction with National Disability Employment Awareness Month, NASA’s Marshall Space Flight Center held anagencywide virtual event hosted by the Office of Diversity and Equal Opportunity on Oct. 24.
    Marshall team members watched the Webex event in Building 4221.

    In alignment with the month’s national theme, “Access to Good Jobs for All,” the program highlighted the perspectives of people with disabilities in the workplace as they navigate the work lifecycle – from applying, to onboarding, career growth and advancement, and day-to-day engagements.
    The event began with Marshall Associate Director Roger Baird welcoming NASA team members.
    “NASA is dedicated to inclusive hiring practices and providing pathways for good jobs and career success for all employees, including workers with disabilities,” Baird said. “Some ways we do this is through targeted recruitment of qualified individuals with disabilities through accessible vacancy announcements, outreach to students with disabilities, and community partnerships.”
    NASA also utilizes Schedule A Authority, a non-competitive Direct Hiring Authority to hire people with disabilities without competition.
    Baird introduced event moderator Joyce Meier, logistics manager at Marshall, who welcomed panelists Casey Denham, Kathy Clark, Paul Spann, and Paul Sullivan, all NASA team members. The panelists from the disability community discussed their work lifecycles, lessons learned in the workplace, and shared a demonstration on colorblindness and its impact.
    Denham discussed some of the best practices for onboarding employees with neurodiversity, a term used to describe people whose brains develop or work differently than the typical brain.

    Clark talked about what can be done to continue raising awareness and advocating for disability rights. She said NASA empowers its workforce with knowledge so they can be informed allies to team members with disabilities and foster a safe and inclusive working environment. 
    Spann gave insight into practical steps employers can take to accommodate candidates with deafness, and Sullivan spoke about some key considerations NASA managers should keep in mind to make the job application process more accessible to candidates with low vision.
    Guest speaker Chip Dobbs, supply management specialist at Marshall, talked about his personal experiences with being deaf. Dobbs has worked at NASA for 29 years and said he has never let his disability hold him back, but instead uses it as a gateway to inspire and connect with others.
    The event ended with closing remarks from Tora Henry, director of the Office of Diversity and Equal Opportunity at Marshall. The virtual event placed importance on planning for NASA’s future by promoting equality and addressing the barriers people with disabilities face in the workplace. 
    “As we celebrate National Disability Employment Awareness Month, keep in mind that NASA’s mission of exploring the unknown and pushing the boundaries of human potential requires the contributions of every mind, skill set, and perspective,” Baird said. “Our commitment to inclusivity ensures that no talent goes untapped, and no idea goes unheard because together, we’re not just reaching for the stars, we’re showing the world what’s possible when everyone has a seat at the table.”
    A recording of the event is available here. Learn more about NASA’s agencywide resources for individuals with disabilities as well as the agency’s Disability Employment Program.
    Whitfield is an intern supporting the Marshall Office of Communications.
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    By Wayne Smith
    Farley Davis, manager of the Environmental Engineering and Occupational Health Office at NASA’s Marshall Space Flight Center, has received a 2024 Blue Marble Award from the agency.
    NASA’s Office of Strategic Infrastructure, Environmental Management Division presented the 2024 Blue Marble Awards on Oct. 8 at the agency’s Johnson Space Center. The Blue Marble Awards Program recognizes teams and individuals demonstrating exceptional environmental leadership in support of NASA’s missions and goals. In 2024, the awards included five categories: the Director’s Award, Environmental Quality, Excellence in Energy and Water Management, Excellence in Resilience or Climate Change Adaptation, and new this year: Excellence in Site Remediation. 

    Davis was recognized for “exceptional leadership and outstanding commitment above and beyond individual job responsibilities, to assist Marshall and the agency in enabling environmentally sound mission success.”
    “The award was unexpected, and I am very thankful to receive the Environmental Management Director’s Blue Marble Award,” said Davis, who has been at Marshall for 33 years. “Collectively, Marshall’s environmental engineering team has made this award possible with their diligent support for many years keeping the center’s environmental compliance at the forefront. I will cherish the award for the rest of my life.”
    June Malone, director of the Office of Center Operations at Marshall, credited Davis for his environmental leadership and mentoring team members.
    “Farley’s attitude of professionalism and personal responsibility for the development and implementation of well-grounded environmental programs has increased Marshall’s sustainability and prevented pollution,” Malone said. “His tireless leadership has resulted in compliance with federal, state, and local environmental laws and regulations, and his creative solution-oriented approaches to environmental stewardship have restored contaminated areas.”
    Charlotte Bertrand, director of the Environmental Management Division at NASA Headquarters, said it was an honor to select Davis for the 2024 Blue Marble Director’s Award.
    “Farley’s incredibly distinguished career with NASA reflects the award’s intention to recognize exceptional leadership by an individual in assisting the agency in enabling environmentally sound mission success,” Bertrand said.
    Please see the awards program for additional information.
    Smith, a Media Fusion employee and the Marshall Star editor, supports the Marshall Office of Communications.
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    By Wayne Smith
    When human exploration of Mars becomes a reality and more than just the stuff of science fiction, Brooke Rhodes will be eager to investigate what astronauts discover on the Red Planet.
    From listening to her talk about her work as an engineer at NASA’s Marshall Space Flight Center, it’s easy to grasp her excitement about the future of human space exploration and NASA’s Moon to Mars architecture.

    “I can’t wait for the Mars rovers to have some human company,” said Rhodes, who recently began a detail as the chief of Marshall’s Avionics and Software Ground Systems Test Branch. “I need to know if we can grow Mark Watney (of The Martian movie fame) quantities of potatoes up there. Everything we do to prepare to return humans to the Moon and establish a presence in deep space is building toward putting boots on Mars. It’s an honor and a privilege to be even a small part of it.”
    Rhodes also appreciates the responsibility she takes on in any form in NASA’s exploration missions to benefit humanity. After all, she has worked on hardware for the International Space Station and has had supporting roles for the Mars Ascent Vehicle and Artemis missions.
    “We at Marshall hold an incredible amount of responsibility: responsibility for the welfare of the crew on the space station, responsibility for the welfare of the crew on the Artemis missions, and even the welfare of humanity through the responsibility we have for science on the station and elsewhere,” said Rhodes, who is from Petal, Mississippi, and has worked at Marshall for seven years. “When your missions are as critical as ours, it’s nearly impossible to not be motivated.”
    Now, on to Mars.
    Question: What is your position and what are your primary responsibilities?
    Rhodes: I recently began the detail as the branch chief of the Avionics and Software Ground Systems Test Branch, ES53. Our branch is primarily responsible for the development of hardware-in-the-loop and software development facilities for the Artemis and MAV (Mars Ascent Vehicle) missions. My home organization is ES61, the Instrument Development, Integration and Test Branch, where I’ve been responsible for the integration and testing of International Space Station payloads for the past several years.

    Question: What has been the proudest moment of your career and why?
    Rhodes: One really cool moment that sticks out was the first time I saw hardware I had been responsible for being used in space. I spent several years as the integration and test lead of the Materials Science Research Rack (MSRR) Sample Cartridge Assemblies (SCAs) and we shipped our first batch of SCAs to the space station in 2018. That shipment was the culmination of years of intense effort and teamwork, so to see them onboard and about to enable materials science was an incredible feeling. There was a moment in particular that felt a bit surreal: prior to our SCA shipment the crew discovered they were missing a couple of fasteners from the onboard furnace, so we had those shipped to us from Europe and I packed them into the SCA flight foam before they shipped to the launch site. The next time I saw those fasteners they were being held up to a camera by one of the crew members, asking if those were the ones they needed for the furnace. Putting fasteners into foam didn’t take much effort, but what it represented was much bigger: being a small part of an international effort to enable science off the Earth, for the Earth, was an incredible moment I’ll carry with me for the rest of my career.
    Question: Who or what inspired you to pursue an education/career that led you to NASA and Marshall?
    Rhodes: I had a couple of lightbulb moments my junior year of high school that eventually set me on my current career path. I very specifically recall sitting in my physics I class and learning how to calculate the planetary motion of Jupiter and thinking I had never learned about anything cooler. Even then, though, NASA didn’t really enter my thoughts. Growing up, working for NASA didn’t even occur to me as something people could actually do – being a “rocket scientist” was just an abstract concept people threw around to indicate something was difficult.
    That changed later when the same teacher who had been teaching us planetary motion took us on a field trip to Kennedy Space Center. The tour guide showing us around the Vehicle Assembly Building was a young employee who said he had majored in aerospace engineering at the University of Tennessee. That was the second lightbulb moment: here was a young person from the Southeast, just like me, who had done something tangible in order to work for NASA. That seemed easy enough, so I decided to major in aerospace engineering at Mississippi State and one day work for NASA. That turned out to not be easy, but definitely doable.
    While at Mississippi State, I was able to complete three NASA internships, one at the Jet Propulsion Laboratory and two at Marshall. Eventually, I was hired on full-time at NASA’s Johnson Space Center, but wound up making my way back to Marshall, where I’ve been ever since. There’s no place on the planet better for enthusiasts of both aerospace engineering and football.

    Interestingly, my physics I teacher’s name was Mrs. Rhodes, and I used to joke with my classmates that I wanted to be Mrs. Rhodes when I grew up. I didn’t actually mean that literally, but then I married Matthew Rhodes and did, indeed, become Mrs. Rhodes.
    Question: What advice do you have for employees early in their NASA career or those in new leadership roles?
    Rhodes: Scary is good. If you aren’t stepping out of your comfort zone you probably aren’t growing, and if you’re experiencing imposter syndrome, you’re probably the right person for the job.
    Question: What do you enjoy doing with your time while away from work?
    Rhodes: While away from work I tend to invest too much of my mental wellbeing into football. To recover from the stresses of work and my football teams being terrible, I like to explore National Parks. The U.S. has some of the most diverse scenery anywhere in the world, and I love getting outside and exploring it.
    Smith, a Media Fusion employee and the Marshall Star editor, supports the Marshall Office of Communications.
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    Most stars form in collections, called clusters or associations, that include very massive stars. These giant stars send out large amounts of high-energy radiation, which can disrupt relatively fragile disks of dust and gas that are in the process of coalescing to form new planets.
    A team of astronomers used NASA’s Chandra X-ray Observatory, in combination with ultraviolet, optical, and infrared data, to show where some of the most treacherous places in a star cluster may be, where planets’ chances to form are diminished.

    The target of the observations was Cygnus OB2, which is the nearest large cluster of stars to our Sun – at a distance of about 4,600 light-years. The cluster contains hundreds of massive stars as well as thousands of lower-mass stars. The team used long Chandra observations pointing at different regions of Cygnus OB2, and the resulting set of images were then stitched together into one large image.
    The deep Chandra observations mapped out the diffuse X-ray glow in between the stars, and they also provided an inventory of the young stars in the cluster. This inventory was combined with others using optical and infrared data to create the best census of young stars in the cluster.
    In a new composite image, the Chandra data (purple) shows the diffuse X-ray emission and young stars in Cygnus OB2, and infrared data from NASA’s now-retired Spitzer Space Telescope (red, green, blue, and cyan) reveals young stars and the cooler dust and gas throughout the region.
    In these crowded stellar environments, copious amounts of high-energy radiation produced by stars and planets are present. Together, X-rays and intense ultraviolet light can have a devastating impact on planetary disks and systems in the process of forming.
    Planet-forming disks around stars naturally fade away over time. Some of the disk falls onto the star and some is heated up by X-ray and ultraviolet radiation from the star and evaporates in a wind. The latter process, known as “photoevaporation,” usually takes between five and 10 million years with average-sized stars before the disk disappears. If massive stars, which produce the most X-ray and ultraviolet radiation, are nearby, this process can be accelerated.
    The researchers using this data found clear evidence that planet-forming disks around stars indeed disappear much faster when they are close to massive stars producing a lot of high-energy radiation. The disks also disappear more quickly in regions where the stars are more closely packed together.
    For regions of Cygnus OB2 with less high-energy radiation and lower numbers of stars, the fraction of young stars with disks is about 40%. For regions with more high-energy radiation and higher numbers of stars, the fraction is about 18%. The strongest effect – meaning the worst place to be for a would-be planetary system – is within about 1.6 light-years of the most massive stars in the cluster.
    A separate study by the same team examined the properties of the diffuse X-ray emission in the cluster. They found that the higher-energy diffuse emission comes from areas where winds of gas blowing away from massive stars have collided with each other. This causes the gas to become hotter and produce X-rays. The less energetic emission probably comes from gas in the cluster colliding with gas surrounding the cluster.
    Two separate papers describing the Chandra data of Cygnus OB2 are available. The paper about the planetary danger zones, led by Mario Giuseppe Guarcello (National Institute for Astrophysics in Palermo, Italy), appeared in the November 2023 issue of the Astrophysical Journal Supplement Series, and is available here. The paper about the diffuse emission, led by Juan Facundo Albacete-Colombo (University of Rio Negro in Argentina) was published in the same issue of Astrophysical Journal Supplement, and is available here.
    NASA’s Marshall Space Flight Center manages the Chandra program. The Smithsonian Astrophysical Observatory’s Chandra X-ray Center controls science operations from Cambridge, Massachusetts, and flight operations from Burlington, Massachusetts.
    NASA’s Jet Propulsion Laboratory (JPL) managed the Spitzer Space Telescope mission for the agency’s Science Mission Directorate until the mission was retired in January 2020. Science operations were conducted at the Spitzer Science Center at Caltech. Spacecraft operations were based at Lockheed Martin Space in Littleton, Colorado. Data are archived at the Infrared Science Archive operated by IPAC at Caltech. Caltech manages JPL for NASA.
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    NASA recently evaluated initial flight data and imagery from Pathfinder Technology Demonstrator-4 (PTD-4), confirming proper checkout of the spacecraft’s systems including its on-board electronics as well as the payload’s support systems such as the small onboard camera. Shown is a test image of Earth taken by the payload camera, shortly after PTD-4 reached orbit. This camera will continue photographing the technology demonstration during the mission. 

    Payload operations are now underway for the primary objective of the PTD-4 mission – the demonstration of a new power and communications technology for future spacecraft. The payload, a deployable solar array with an integrated antenna called the Lightweight Integrated Solar Array and anTenna, or LISA-T, has initiated deployment of its central boom structure. The boom supports four solar power and communication arrays, also called petals. Releasing the central boom pushes the still-stowed petals nearly three feet away from the spacecraft bus. The mission team currently is working through an initial challenge to get LISA-T’s central boom to fully extend before unfolding the petals and beginning its power generation and communication operations.
    Small spacecraft on deep space missions require more electrical power than what is currently offered by existing technology. The four-petal solar array of LISA-T is a thin-film solar array that offers lower mass, lower stowed volume, and three times more power per mass and volume allocation than current solar arrays. The in-orbit technology demonstration includes deployment, operation, and environmental survivability of the thin-film solar array.  
    “The LISA-T experiment is an opportunity for NASA and the small spacecraft community to advance the packaging, deployment, and operation of thin-film, fully flexible solar and antenna arrays in space. The thin-film arrays will vastly improve power generation and communication capabilities throughout many different mission applications,” said John Carr, deputy center chief technologist at NASA’s Marshall Space Flight Center. “These capabilities are critical for achieving higher value science alongside the exploration of deep space with small spacecraft.”

    [embedded content]
    NASA teams are testing a key technology demonstration known as LISA-T, short for the Lightweight Integrated Solar Array and anTenna. It’s a super compact, stowable, thin-film solar array that when fully deployed in space, offers both a power generation and communication capability for small spacecraft. LISA-T’s orbital flight test is part of the Pathfinder Technology Demonstrator series of missions. (NASA)

    The Pathfinder Technology Demonstration series of missions leverages a commercial platform which serves to test innovative technologies to increase the capability of small spacecraft. Deploying LISA-T’s thin solar array in the harsh environment of space presents inherent challenges such as deploying large highly flexible non-metallic structures with high area to mass ratios. Performing experiments such as LISA-T on a smaller, lower-cost spacecraft allows NASA the opportunity to take manageable risk with high probability of great return. The LISA-T experiment aims to enable future deep space missions with the ability to acquire and communicate data through improved power generation and communication capabilities on the same integrated array.
    The PTD-4 small spacecraft is hosting the in-orbit technology demonstration called LISA-T. The PTD-4 spacecraft deployed into low Earth orbit from SpaceX’s Transporter-11 rocket, which launched from Space Launch Complex 4E at Vandenberg Space Force Base in California on Aug. 16. Marshall designed and built the LISA-T technology as well as LISA-T’s supporting avionics system. NASA’s Small Spacecraft Technology program, based at NASA’s Ames Research Center and led by the agency’s Space Technology Mission Directorate, funds and manages the PTD-4 mission as well as the overall Pathfinder Technology Demonstration mission series. Terran Orbital Corporation of Irvine, California, developed and built the PTD-4 spacecraft bus, named Triumph.
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    By Paola Pinto
    For more than two decades, the NASA Short-term Prediction Research and Transition Center (SPoRT) within the NASA Earth Science Office at Marshall Space Flight Center has been at the forefront of developing and maintaining decision-making tools for meteorological predictions.

    Jonathan Brazzell, a service hydrologist at the National Weather Service (NWS) office in Lake Charles, Louisiana, highlighted a recent example of SPoRT’s impact while he was doing forecasting for Texas streams.
    Brazzell, who manages the South Texas and South Louisiana regions, emphasized the practical applications and significant impacts of the Machine Learning model developed by NASA SPoRT to predict future stream heights, known as the SPoRT Streamflow A.I. During a heavy rainfall event this past spring, he noted the challenge of forecasting flooding beyond 48 hours. SPoRT has worked closely with the NWS offices to develop a machine learning tool capable of predicting river flooding beyond two days and powered by the SPoRT Land Information System.
    “Previously, we relied on actual gauge information and risk assessments based on predicted precipitation,” Brazzell said. “Now, with this machine learning, we have a modeling tool that provides a much-needed predictive capability.”
    During forecasted periods of heavy precipitation from early to mid-May, Brazzell monitored potential flooding events and their magnitude using NASA SPoRT’s Streamflow-AI, which provided essential support to the Pine Island Bayou and Big Cow Creek communities in south Texas.
    Streamflow A.I. enabled local authorities to provide advance notice, allowing residents to prepare adequately for the event. Due to the benefit of three to seven-day flood stage predictions, the accurate forecasts helped county officials decide on road closures and evacuation advisories; community officials advised residents to gather a seven-day supply of necessities and relocate their vehicles, minimizing disruption and potential damage.
    Brazzell highlighted specific instances where the machine learning outputs were critical. For example, during the event that peaked around May 6, Streamflow A.I. accurately predicted the rise in stream height, allowing for timely road closures and advisories. These predictions were shared with county officials and were pivotal in their decision-making process.

    Brazzell shared that integrating SPoRT’s machine learning capabilities with their existing tools, such as flood risk mapping, proved invaluable. Although the machine learning outputs had been operational for almost two years after Hurricane Harvey, this season has provided their first significant applications in real-time scenarios due to persistent conditions of below-normal precipitation and ongoing drought.
    He also mentioned the broader applications of Streamflow A.I., including its potential use in other sites beyond those currently being monitored. He expressed interest in expanding the use of machine learning stream height outputs to additional locations, citing the successful application in current sites as a compelling reason for broader implementation.
    NASA SPoRT users’ experiences emphasize how crucial advanced prediction technologies are in hydrometeorology and emergency management operations. Based on Brazzell’s example, it is reasonable to say that the product’s ability to provide accurate, timely data greatly improves decision-making processes and ensures public safety. The partnership between NASA SPoRT and operational agencies like NOAA/NWS and county response teams demonstrates how research and operations can be seamlessly integrated into everyday practices, making a tangible difference in communities vulnerable to high-impact events.
    As the Streamflow A.I. product continues to evolve and expand its applications, it holds significant promise for improving disaster preparedness and response efforts across various regions that experience different types of flooding events.
    The Streamflow-AI product provides a 7-day river height or stage forecasts at select gauges across the south/eastern U.S. You can find the SPoRT training item on Streamflow-AI here.
    Pinto is a research associate at the University of Alabama in Huntsville, specializing in communications and user engagement for NASA SPoRT.
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    NASA has selected All Native Synergies Company of Winnebego, Nebraska, to provide custodial and refuse collection services at the agency’s Marshall Space Flight Center.

    The Custodial and Refuse Collection Services III contract is a firm-fixed-price contract with an indefinite-delivery/indefinite-quantity provision. Its maximum potential value is approximately $33.5 million. The performance period began Oct. 23 and will extend four and a half years, with a one-year base period, four one-year options, and a six-month extension.
    This critical service contract provides custodial and refuse collection services for all Marshall facilities. Work under the contract includes floor maintenance, including elevators; trash removal; cleaning drinking fountains and restrooms; sweeping, mopping, and cleaning building entrances and stairways.
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    MIL OSI USA News

  • MIL-OSI Economics: Verizon and Wounded Warrior Project® partner to support at least 1,000 veterans with upskilling

    Source: Verizon

    Headline: Verizon and Wounded Warrior Project® partner to support at least 1,000 veterans with upskilling

    • Verizon and Wounded Warrior Project® are partnering to support at least 1,000 veterans with upskilling between Veterans Day 2024 and Veterans Day 2025.
    • The partnership leverages Verizon’s free Skill Forward program, a university backed, self-paced education opportunity available for any US resident over 17.
    • Verizon is committed to providing exclusive offers to active military, veterans and their families. Customers can take advantage of Mobile deals, discounts and savings with myPlan starting at just $25/month with 4 lines on Welcome Unlimited, plus 12% off all mobile perks. Customers can also save on Fios Home Internet starting at just $45/month, which can be bundled with the Mobile + Home Discount to unlock even more savings.
    • Beginning November 1st, active military, veterans and their families will automatically receive Set Up and Go – a white glove service that provides customers a personalized phone setup experience, on Verizon.

    BASKING RIDGE, NJ – Verizon and Wounded Warrior Project® are partnering to support at least 1,000 veterans with upskilling between this year’s Veterans Day and next year’s Veterans Day. The partnership leverages Verizon’s free Skill Forward program.

    Participants in Verizon Skill Forward can access more than 250 free, credentialed courses through edX from four-year universities and distinguished institutions. Spanning over 80 unique professional certificate programs, users can pursue skills in high growth job fields like AI, business, coding, communication, finance, IT and more. The platform also provides access to tips, industry-specific events, workshops and a job board to support users’ professional development and career transition.

    “We are proud and honored to be partnering with Wounded Warrior Project® to help veterans achieve their career dreams. With their resilience and adaptability, veterans are an asset to any organization. Verizon Skill Forward provides veterans – and any US resident 17 years and older – a pathway to in-demand, tech-forward careers, thanks to free, university-credentialed courses,” said Donna Epps, Verizon’s Chief Responsible Business Officer.

    “We’re grateful to Verizon for supporting wounded warriors as they build their careers and futures after service,” said Brea Kratzert Todd, WWP vice president of business development. “Verizon’s ongoing commitment to our mission helps us keep our promise to always be there for those who served.”

    According to a study from Call of Duty Endowment and ZipRecruiter, 33 percent of veterans are underemployed, despite having foundational skills and potential to thrive in a number of industries. The Verizon Skill Forward program is designed to pave a path to new career opportunities with free, university courses from edX.

    Discounts & Savings For Those Who Serve

    Verizon is committed to providing exclusive offers to active military, veterans and their families. Customers can take advantage of Mobile deals, discounts and savings with myPlan starting at just $25/month with 4 lines on Welcome Unlimited1.

    Customers can also save on Fios Home Internet starting at just $45/month, which can be bundled with the Mobile + Home Discount to unlock even more savings.2

    To check your eligibility and learn more about Verizon’s military and veteran community offers, visit

    1 Plus taxes & fees. Auto Pay and paper-free billing req’d. For personal lines only.

    Military discount: For eligible military; approved verification documents read. $10/mo account discount applied to single line; $25/mo account discount applied to 2-3 lines; $20/mo account discount applied to 4+ lines.

    Unlimited 5G / 4G LTE: For Unlimited Welcome plan, in times of congestion, your data may be temporarily slower than other traffic. After exceeding 30 GB/mo (for Unlimited Plus plan) or 60 GB/mo (for Unlimited Ultimate plan) of 5G Ultra Wideband, 5G, or 4G LTE Mobile Hotspot data, Mobile Hotspot speeds reduced to up to 3 Mbps when on 5G Ultra Wideband and 600 Kbps when on 5G / 4G LTE for the rest of month. Mobile Hotspot not included on Unlimited Welcome plan. Domestic data roaming at 2G speeds. 5G Ultra Wideband access included with Unlimited Plus and Unlimited Ultimate plans. 5G access requires a 5G capable device.

    2 Auto Pay: $10/mo savings available when you sign up for Auto Pay and paper-free billing.

    Mobile + Home Discount: Enrollment req’d. For existing postpaid mobile customers with a Verizon mobile plan (excludes prepaid, business and data-only plans) who then add and maintain a Fios Home Internet plan.

    Fios 1 Gig and Fios 2 Gig: $25/mo Mobile + Home Discount savings available.

    Fios 300 Mbps and 500 Mbps: $15/mo Mobile + Home Discount savings available. General: $99 setup and other terms may apply. Subject to credit approval.

    MIL OSI Economics

  • MIL-OSI USA: Tips for a Healthy and Safe Halloween

    Source: US State of Rhode Island

    The Rhode Island Department of Health (RIDOH) is reminding Rhode Islanders about Halloween safety precautions.

    Halloween street smarts

    Talk with kids about the risks of distracted walking. This includes texting, talking on or looking at a phone, and listening to music.

    Always accompany young children on their trick-or-treating rounds. Research shows that evenings from 6 p.m. to 9 p.m. are the riskiest times of day for child pedestrians.

    If your older children are trick-or-treating without you, plan and review a route that is acceptable to you. Agree on a specific time when they should return home.

    Older children should travel in groups and create a “buddy system.”

    Cross the street as a group at crosswalks.

    Stay on well-lit streets and always use the sidewalk. If no sidewalk is available, walk at the far edge of the roadway facing traffic.

    Caution kids to never enter a home or a car for a treat.

    Costume safety tips

    Plan costumes that are bright and reflective. Consider adding reflective tape or striping to costumes and trick-or-treat bags for greater visibility.

    Look for “flame resistant” on the costume labels. Wigs and accessories should also clearly indicate this.

    Hats should fit properly to prevent them from sliding over eyes and blocking vision.

    Consider non-toxic makeup and decorative hats as safer alternatives to masks.

    Do not use decorative contact lenses without an eye exam and a prescription from an eye care professional.

    Healthy Halloween tips

    Consider offering non-edible goodies to trick-or-treaters (such as spider rings, vampire fangs, pencils, or bubbles). Halloween is one of the trickiest days of the year for children with food allergies.

    Wait until children are home to sort and check treats before eating them.

    Enjoy sweets in moderation.

    Driving

    Drive slowly in residential neighborhoods.

    Watch for trick-or-treaters at intersections, medians, and on curbs.

    Watch for trick-or-treaters darting from between parked cars.

    Enter and exit driveways carefully.

    If a teen driver is in your household, consider not allowing that person to drive after dark on Halloween. If you have a teen driver who will be driving, talk about precautions and set specific rules.

    Continue to take measures to prevent mosquito bites

    This has been a higher-than-average risk year for mosquito-borne diseases, including Eastern Equine Encephalitis (EEE), in Southeastern New England. Due to seasonably low mosquito populations, the risk of mosquito-borne disease has significantly decreased. However, mosquito biting can still occur during unusually warm weather, with Southeastern New England experiencing warm temperatures late this week, including on Halloween. Mosquitoes become less active at temperatures below 58 degrees and become largely inactive when temperatures fall below 50 degrees. Until the entire state experiences a true hard frost (defined as three consecutive hours below 32 degrees) which kills adult mosquitoes, the risk of mosquito-borne disease remains. For that reason, Rhode Islanders who will be outdoors on Halloween should continue to take mosquito bite prevention measures. These prevention measures are most important at sundown (and sunrise).

    Wear long-sleeved shirts and long pants.

    Use EPA-approved bug spray with at least 20% DEET. Alternatively, people can use a bug spray with one of the following active ingredients: Picaridin, IR3535, oil of lemon eucalyptus (OLE), para-menthane-diol (PMD), or 2-undecanone. People should not use bug spray with DEET on infants under two months of age.

    Put mosquito netting over baby carriages.

    Visit www.health.ri.gov/mosquito for additional mosquito prevention tips.

    MIL OSI USA News

  • MIL-OSI USA: Cambodia stops publishing details of new citizenships issued to foreigners – The Straits Times

    Source: United States Institute of Peace

    SINGAPORE – Cambodia has stopped publishing data on new citizenships issued by the kingdom to foreigners, in the wake of the $3 billion money laundering probe in Singapore.

    Checks by The Straits Times and investigative journalism group, Organised Crime and Corruption Reporting Project (OCCRP), showed that the last time new citizenship details were published was in February.

    The latest Royal Gazette, published on Sept 27, did not contain any new citizenship data.

    Observers had zoomed in on the ease of access to Cambodian citizenship and passports after it emerged that nine of the 10 foreigners arrested in August 2023 in the probe in Singapore held Cambodian passports.

    All 10 were originally from China, which does not recognise dual citizenship.

    In 2018, Cambodia moved to allow foreign immigrants to request citizenship through the naturalisation process.

    To be granted citizenship, foreigners have to maintain good behaviour and morality, and have no convictions for serious crime.

    They must also legally reside in Cambodia for more than seven years, be able to speak Khmer, and understand the local culture and history.

    Of the nine foreigners apprehended in Singapore, at least five were convicted for online gambling or were wanted by the authorities in China.

    They are Wang Dehai, Vang Shuiming, Su Jianfeng, Chen Qingyuan and Su Wenqiang.

    Another 17 associates of the 10 foreigners held Cambodian passports as well.

    They include Su Binghai, Su Yongcan, Wang Huoqiang, Su Shuiming, Su Shuijun, Su Fuxiang and Chen Mulin.

    Cambodia had averaged around 50 new citizens every month between January 2020 and August 2023, with details published monthly in the Royal Gazette.

    After the raids in Singapore, the kingdom granted citizenship status to only four individuals in total between September 2023 and December 2023.

    A representative from the Royal Embassy of Cambodia in Singapore told ST on Sept 18 that it could not confirm the figures as it does not have access to the data.

    The representative added that he was unable to confirm if Cambodia’s citizenship by investment scheme, or naturalisation process, is still in place.

    ST had also reached out to government spokesman Pen Bona, the Prime Minister’s spokesman Meas Sophorn, the office of the council of ministers, and Cambodia’s immigration office.

    Established in 1996, the kingdom’s law on nationality also allows foreigners to obtain citizenship through investment in the nation.

    Under the law, foreigners who invest a minimum of US$300,000 (S$384,000) in the country, or donate at least US$250,000 to the economy, will have the right to apply for citizenship.

    Mr Jacob Sims, a visiting expert on transnational crime at the United States Institute of Peace, told ST that for years, Cambodia’s citizenship for investment scheme has served as a channel for individuals from sophisticated organised crime syndicates to migrate.

    Said Mr Sims: “The removal of that data from the public record helps to obscure the nature of the relationship between Cambodian state actions and those criminals, as well as the sheer volume of monied crime actors Cambodia has absorbed in recent years.”

    By removing the once publicly available data, Cambodia can protect those who have purchased citizenship while shielding the government from international scrutiny, he said.

    Associate Professor Kristin Surak from the London School of Economics and Political Science said that not all countries strictly vet citizenship by investment applications.

    She added: “I would say the scheme is very easy to exploit in Cambodia because the government does not do its due diligence. It has issues with corruption and does not have an effective bureaucratic process to ensure applications are properly checked and vetted.”

    Name changes have also made it harder for the authorities to track criminals.

    Dr Surak, the author of The Golden Passport: Global Mobility For Millionaires, pointed out that many applicants in the past have changed their names.

    “This makes it extremely easy for someone to take on a new identity, making Cambodia a target for those with criminal intent to take advantage of,” she added.

    One such example is casino kingpin She Zhijiang. ST previously reported on She and his links to scam operations in Myanmar and Cambodia.

    She, who was originally from China, became a naturalised citizen of Cambodia in 2017. He then changed his name to Tang Kriang Kai.

    He was arrested in Thailand in August 2022 and is currently fighting deportation to China.

    Businessman David Yong, chief executive of Evergreen Group Holdings, had similarly obtained Cambodian citizenship.

    Yong, who is currently facing four charges in Singapore of falsifying accounts, obtained Cambodian citizenship some time in 2023 and changed his name to Duong Dara.

    He was arrested on Aug 1, just three months after he appeared in Netflix series Super Rich In Korea.

    Yong’s lawyer said in court that he had surrendered his Cambodian passport to the authorities in Phnom Penh in June 2024.

    In response, the authorities in Singapore said they wrote several times to their Cambodian counterparts in August to confirm the fact, but have yet to receive any reply.

    Of the 10 foreigners convicted in Singapore’s largest money laundering case, eight were deported to Cambodia – which has an extradition treaty with China.

    Wang Dehai was deported to the UK, while Vang Shuiming was deported to Japan.

    MIL OSI USA News

  • MIL-OSI: Climb Global Solutions Reports Record Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Net Income and Adjusted Net Income up more than 2x to $5.5 Million or $1.19 per Share and $7.1 million or $1.55 per share, respectively; Adjusted EBITDA up 96% to $9.9 Million

    Net Sales up 52% to $119.3 Million, with Adjusted Gross Billings Up 65% to $465.2 Million

    EATONTOWN, N.J., Oct. 30, 2024 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb”, the “Company”, “we”, or “our”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, is reporting results for the third quarter ended September 30, 2024.

    Third Quarter 2024 Summary vs. Same Year-Ago Quarter

    • Net sales increased 52% to $119.3 million.
    • Adjusted gross billings (a non-GAAP financial measure defined below) increased 65% to $465.2 million.
    • Net income increased more than 2x to $5.5 million or $1.19 per diluted share.
    • Adjusted net income (a non-GAAP financial measure defined below) also increased more than 2x to $7.1 million or $1.55 per diluted share.
    • Adjusted EBITDA (a non-GAAP financial measure defined below) increased 96% to $9.9 million.

    Management Commentary

    “Q3 was another period of exceptional growth for Climb as we generated record levels across all key financial metrics, while delivering on our acquisition objectives,” said CEO Dale Foster. “Our strong performance was driven by the execution of our core initiatives and the integration of DSS and DataSolutions into our operating platform. We also generated double-digit organic growth in both the U.S. and Europe as we deepened relationships with existing customers while signing new, innovative vendors to our line card.

    “Looking ahead, we will continue to leverage our global infrastructure to foster organic growth while actively evaluating M&A targets that complement our geographic footprint, expand our service and solution offerings and, most importantly, align with our high-performance culture. We expect to unlock additional synergies from our acquisitions and further improve operating leverage as we execute across our global platform. We believe that these initiatives, coupled with our proven track record of accretive M&A, will enable us to close out 2024 on a strong note and achieve another year of record results.”

    Dividend

    Subsequent to quarter end, on October 28, 2024, Climb’s Board of Directors declared a quarterly dividend of $0.17 per share of its common stock payable on November 15, 2024, to shareholders of record on November 11, 2024.

    Third Quarter 2024 Financial Results

    Net sales in the third quarter of 2024 increased 52% to $119.3 million compared to $78.5 million for the same period in 2023. This reflects organic growth from new and existing vendors, as well as contributions from the Company’s acquisitions of Douglas Stewart Software & Services, LLC (“DSS”) on July 31, 2024 and DataSolutions Holdings Limited (“DataSolutions”) on October 6, 2023. In addition, adjusted gross billings (“AGB”) in the third quarter of 2024 increased 65% to $465.2 million compared to $281.9 million in the year-ago period.

    Gross profit in the third quarter of 2024 increased 70% to $24.3 million compared to $14.3 million for the same period in 2023. The increase was driven by organic growth from new and existing vendors in both North America and Europe, as well as contributions from DSS and DataSolutions.

    Selling, general, and administrative (“SG&A”) expenses in the third quarter of 2024 were $13.9 million compared to $10.1 million in the year-ago period. SG&A from DSS and DataSolutions drove the majority of the increase as well as variable sales compensation attributed to the growth in AGB. SG&A as a percentage of adjusted gross billings decreased to 3.0% for the third quarter of 2024 compared to 3.6% in the year-ago period.

    Net income in the third quarter of 2024 increased more than 2x to $5.5 million or $1.19 per diluted share, compared to $2.4 million or $0.52 per diluted share for the same period in 2023. Net income was impacted by a $1.2 million charge related to a change in fair value of acquisition contingent consideration associated with DataSolutions. Adjusted net income also increased more than 2x to $7.1 million or $1.55 per diluted share, compared to $2.6 million or $0.56 per diluted share for the year-ago period. The Company’s earnings per diluted share in the third quarter of 2024 was negatively impacted by $0.05 in FX compared to the year-ago period.

    Adjusted EBITDA in the third quarter of 2024 increased 96% to $9.9 million compared to $5.1 million for the same period in 2023. The increase was primarily driven by organic growth from both new and existing vendors, as well as contribution from the Company’s acquisitions of DSS and DataSolutions. Effective margin, which is defined as adjusted EBITDA as a percentage of gross profit, increased 500 basis points to 41% compared to 36% for the same period in 2023.

    On September 30, 2024, cash and cash equivalents were $22.1 million compared to $36.3 million on December 31, 2023, while working capital decreased by $12.3 million during this period. The decrease in cash was primarily attributed to the cash paid at closing for the acquisition of DSS, $20.9 million, as well as the timing of receivable collections and payables. Climb had $0.9 million of outstanding debt on September 30, 2024, with no borrowings outstanding under its $50 million revolving credit facility.

    For more information on the non-GAAP financial measures discussed in this press release, please see the section titled, “Non-GAAP Financial Measures,” and the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.

    Conference Call

    The Company will conduct a conference call tomorrow, October 31, 2024, at 8:30 a.m. Eastern time to discuss its results for the third quarter ended September 30, 2024.

    Climb management will host the conference call, followed by a question-and-answer period.

    Date: Thursday, October 31, 2024
    Time: 8:30 a.m. Eastern time
    Toll-free dial-in number: (800) 274-8461
    International dial-in number: (203) 518-9814
    Conference ID: CLIMB
    Webcast: Climb’s Q3 2024 Conference Call

    If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

    The conference call will also be available for replay on the investor relations section of the Company’s website at www.climbglobalsolutions.com.

    About Climb Global Solutions

    Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

    Additional information can be found by visiting www.climbglobalsolutions.com.

    Non-GAAP Financial Measures

    Climb Global Solutions uses non-GAAP financial measures, including adjusted gross billings, adjusted net income and adjusted EBITDA, as supplemental measures of the performance of the Company’s business. Use of these financial measures has limitations, and you should not consider them in isolation or use them as substitutes for analysis of Climb’s financial results under generally accepted accounting principles in the United States of America (“U.S. GAAP”). The attached tables provide definitions of these measures and a reconciliation of each non-GAAP financial measure to the most nearly comparable measure under U.S. GAAP.

    Forward-Looking Statements

    The statements in this release, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, our ability to recognize the anticipated benefits of the acquisitions of Data Solutions Holdings Limited and Douglas Stewart Software & Services, LLC, the continued acceptance of the Company’s distribution channel by vendors and customers, the timely availability and acceptance of new products, product mix, market conditions, competitive pricing pressures, the successful integration of acquisitions, contribution of key vendor relationships and support programs, inflation, as well as factors that affect the software industry in general. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time in the Company’s filings with the Securities and Exchange Commission.

    Company Contact

    Drew Clark
    Chief Financial Officer
    (732) 389-0932
    Drew@ClimbGS.com

    Investor Relations Contact

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    (720) 330-2829
    CLMB@elevate-ir.com

             
    CLIMB GLOBAL SOLUTIONS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
      (Unaudited)
    (Amounts in thousands, except share and per share amounts)
             
        September 30, 2024   December 31, 2023
             
    ASSETS
             
    Current assets      
      Cash and cash equivalents $ 22,139     $ 36,295  
      Accounts receivable, net of allowance for doubtful accounts of $640 and $709, respectively   247,907       222,269  
      Inventory, net   4,445       3,741  
      Prepaid expenses and other current assets   6,629       6,755  
    Total current assets   281,120       269,060  
             
    Equipment and leasehold improvements, net   12,151       8,850  
    Goodwill   29,628       27,182  
    Other intangibles, net   46,041       26,930  
    Right-of-use assets, net   937       878  
    Accounts receivable long-term, net   752       797  
    Other assets   863       1,077  
    Deferred income tax assets   448       324  
             
    Total assets $ 371,940     $ 335,098  
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY
             
    Current liabilities      
      Accounts payable and accrued expenses $ 273,893     $ 249,648  
      Lease liability, current portion   533       450  
      Term loan, current portion   555       540  
    Total current liabilities   274,981       250,638  
             
      Lease liability, net of current portion   796       879  
      Deferred income tax liabilities   5,671       5,554  
      Term loan, net of current portion   334       752  
      Non-current liabilities   2,490       2,505  
             
    Total liabilities   284,272       260,328  
             
             
    Stockholders’ equity      
      Common stock, $.01 par value; 10,000,000 shares authorized, 5,284,500 shares      
      issued, and 4,606,790 and 4,573,448 shares outstanding , respectively   53       53  
      Additional paid-in capital   36,676       34,647  
      Treasury stock, at cost, 677,710 and 711,052 shares, respectively   (12,777 )     (12,623 )
      Retained earnings   62,560       53,215  
      Accumulated other comprehensive income (loss)   1,156       (522 )
    Total stockholders’ equity   87,668       74,770  
    Total liabilities and stockholders’ equity $ 371,940     $ 335,098  
             
    CLIMB GLOBAL SOLUTIONS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
    (Unaudited)
    (Amounts in thousands, except per share data)
                   
      Nine months ended   Three months ended
      September 30,   September 30,
        2024       2023       2024       2023  
                   
    Net Sales $ 303,847     $ 245,229     $ 119,349     $ 78,457  
                   
    Cost of sales, excluding depreciation and amortization expense   244,014       202,053       95,092       64,183  
                   
    Gross profit   59,833       43,176       24,257       14,274  
                   
                   
    Selling, general and administrative expenses   39,433       31,930       13,937       10,122  
    Depreciation & amortization expense   2,933       1,934       1,197       617  
    Acquisition related costs   1,201       277       609       246  
    Total selling, general and administrative expenses   43,567       34,141       15,743       10,985  
                   
    Income from operations   16,266       9,035       8,514       3,289  
                   
    Interest, net   755       760       198       318  
    Foreign currency transaction loss   (688 )     (100 )     (442 )     (140 )
    Change in fair value of acquisition contingent consideration   (1,152 )           (1,152 )      
    Income before provision for income taxes   15,181       9,695       7,118       3,467  
    Provision for income taxes   3,561       2,618       1,659       1,095  
                   
    Net income $ 11,620     $ 7,077     $ 5,459     $ 2,372  
                   
    Income per common share – Basic $ 2.54     $ 1.57     $ 1.19     $ 0.52  
    Income per common share – Diluted $ 2.54     $ 1.57     $ 1.19     $ 0.52  
                   
    Weighted average common shares outstanding – Basic   4,458       4,392       4,476       4,414  
    Weighted average common shares outstanding – Diluted   4,458       4,392       4,476       4,414  
                   
    Dividends paid per common share $ 0.51     $ 0.51     $ 0.17     $ 0.17  
                   
                   
    Reconciliation of GAAP and Non-GAAP Financial Measures (unaudited)            
    (Amounts in thousands, except per share data)              
                   
    The table below presents net sales reconciled to Adjusted Gross Billings (Non-GAAP) (1):        
                   
      Nine months ended   Three months ended
      September 30, September 30,   September 30,   September 30,
        2024       2023       2024       2023  
    Net sales $ 303,847     $ 245,229     $ 119,349     $ 78,457  
    Costs of sales related to sales where the Company is an agent   876,447       618,110       345,835       203,458  
    Adjusted gross billings (Non-GAAP) $ 1,180,294     $ 863,339     $ 465,184     $ 281,915  
                   

    (1) We define adjusted gross billings as net sales in accordance with US GAAP, adjusted for the cost of sales related to sales where the Company is an agent. We provided a reconciliation of adjusted gross billings to net sales, which is the most directly comparable US GAAP measure. We use adjusted gross billings of product and services as a supplemental measure of our performance to gain insight into the volume of business generated by our business, and to analyze the changes to our accounts receivable and accounts payable. Our use of adjusted gross billings of product and services as analytical tools has limitations, and you should not consider them in isolation or as substitutes for analysis of our financial results as reported under US GAAP. In addition, other companies, including companies in our industry, might calculate adjusted gross billings of product and services or similarly titled measures differently, which may reduce their usefulness as comparative measures.

      The table below presents net income reconciled to adjusted EBITDA (Non-GAAP) (2):
                     
        Nine months ended   Three months ended
        September 30, September 30,   September 30,   September 30,
          2024       2023       2024       2023  
                     
    Net income $ 11,620     $ 7,077     $ 5,459     $ 2,372  
      Provision for income taxes   3,561       2,618       1,659       1,095  
      Depreciation and amortization   2,933       1,934       1,197       617  
      Interest expense   266       94       105       45  
    EBITDA   18,380       11,723       8,420       4,129  
      Share-based compensation   2,810       3,422       904       687  
      Acquisition related costs   1,201       277       609       246  
    Adjusted EBITDA $ 22,391     $ 15,422     $ 9,933     $ 5,062  
                     
                     
        Nine months ended   Three months ended
        September 30, September 30,   September 30,   September 30,
    Components of interest, net   2024       2023       2024       2023  
                     
      Amortization of discount on accounts receivable with extended payment terms $ (23 )   $ (41 )   $ (6 )   $ (12 )
      Interest income   (998 )     (813 )     (297 )     (351 )
      Interest expense   266       94       105       45  
    Interest, net $ (755 )   $ (760 )   $ (198 )   $ (318 )
                     

    (2) We define adjusted EBITDA, as net income, plus provision for income taxes, depreciation, amortization, share-based compensation, interest and acquisition related costs. We define effective margin as adjusted EBITDA as a percentage of gross profit. We provided a reconciliation of adjusted EBITDA to net income, which is the most directly comparable US GAAP measure. We use adjusted EBITDA as a supplemental measure of our performance to gain insight into our businesses profitability when compared to the prior year and our competitors. Adjusted EBITDA is also a component to our financial covenants in our credit facility. Our use of adjusted EBITDA has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under US GAAP. In addition, other companies, including companies in our industry, might calculate adjusted EBITDA, or similarly titled measures differently, which may reduce their usefulness as comparative measures.

    The table below presents net income reconciled to adjusted net income (Non-GAAP) (3):
                   
      Nine months ended   Three months ended
    September 30, September 30,   September 30,   September 30,
      2024       2023       2024       2023  
                   
    Net income $ 11,620     $ 7,077     $ 5,459     $ 2,372  
    Acquisition related costs, net of income taxes   901       208       457       185  
    One-time CEO stock grant         1,796              
    Change in fair value of acquisition contingent consideration   1,152             1,152        
    Adjusted net income $ 13,673     $ 9,081     $ 7,068     $ 2,557  
                   
    Adjusted net income per common share – diluted $ 3.00     $ 2.03     $ 1.55     $ 0.56  
                                   

    (3) We define adjusted net income as net income excluding acquisition related costs, net of income taxes, the stock compensation expense recognized for the one-time CEO stock grant, and the change in fair value of acquisition contingent consideration. We provided a reconciliation of adjusted net income to net income, which is the most directly comparable U.S. GAAP measure. We use adjusted net income as a supplemental measure of our performance to gain insight into comparison of our businesses profitability when compared to the prior year. Our use of adjusted net income has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. In addition, other companies, including companies in our industry, might calculate adjusted net income, or similarly titled measures differently, which may reduce their usefulness as comparative measures.

    The MIL Network

  • MIL-OSI: Bitcoin Depot Schedules Third Quarter 2024 Conference Call for Wednesday, November 13th at 10:00 am ET

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Oct. 30, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, will hold a conference call and live audio webcast on Wednesday, November 13th at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) to discuss its financial results for the third quarter ended September 30, 2024. Bitcoin Depot plans to release results before the market open on the same day.

    Call Date: Wednesday, November 13, 2024  
    Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
    U.S. dial-in: 646-968-2525
    International dial-in: 888-596-4144
    Conference ID: 7631242

    The conference call will broadcast live and be available for replay here following the call.

    Please call the conference telephone number approximately 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.

    A replay of the call will be available beginning after 2:00 p.m. Eastern time on November 13, 2024, through November 20, 2024.

    U.S. replay number: 609-800-9909
    International replay number: 800-770-2030
    Conference ID: 7631242

    About Bitcoin Depot
    Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 8,000 kiosk locations as of July 1, 2024. Learn more at www.bitcoindepot.com

    Contacts:

    Investors 
    Cody Slach
    Gateway Group, Inc. 
    949-574-3860 
    BTM@gateway-grp.com

    Media 
    Christina Lockwood, Brenlyn Motlagh, Ryan Deloney 
    Gateway Group, Inc.
    949-574-3860 
    BTM@gateway-grp.com

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

    Key Financial Results

    • Net Income was $255 million, translating to diluted earnings per share (“EPS”) of $3.39, up 16% from a year ago
    • Adjusted EPS* increased 11% year-over-year to $4.16
      • Gross profit* increased 12% year-over-year to $1,128 million
      • Core G&A* increased 5% year-over-year to $359 million  
      • Adjusted EBITDA* increased 12% year-over-year to $566 million

    Key Business Results

    • Total advisory and brokerage assets increased 29% year-over-year to $1.6 trillion
      • Advisory assets increased 35% year-over-year to $892 billion
      • Advisory assets as a percentage of total assets increased to 56.0%, up from 53.5% a year ago
    • Total organic net new assets were $27 billion, representing 7% annualized growth
      • Excluding a $6 billion outflow related to a planned separation from misaligned large OSJs, total organic net new assets were $33 billion, translating to a 9% annualized growth rate
      • Organic net new advisory assets were $23 billion, representing 11% annualized growth. Excluding the impact of the planned separations, total organic net new advisory assets were $28 billion, translating to a 14% annualized growth rate.
    • Recruited assets(1)were $26 billion
      • Recruited assets over the trailing twelve months were $87 billion, up approximately 12% from a year ago
    • Advisor count(2)was 23,686, up 224 sequentially and 1,282 year-over-year
    • Total client cash balances were $46 billion, an increase of $2 billion sequentially and a decrease of $1 billion year-over-year
      • Client cash balances as a percentage of total assets were 2.9%, in-line with the prior quarter and down from 3.8% a year ago

    Key Capital and Liquidity Results

    • Corporate cash(3)was $708 million
    • Leverage ratio(4)was 1.61x
    • Dividends paid were $22.4 million

    Key Updates

    • M&A:
      • Atria Wealth Solutions, Inc. (“Atria”): In October 2024, closed the acquisition of Atria, a wealth management solutions holding company. Atria supports ~2,200 advisors and ~160 banks and credit unions, managing ~$110 billion of brokerage and advisory assets. Conversion is expected to be completed in mid-2025.
        • Estimated run-rate EBITDA has increased from $140 million at announcement to $150 million
      • The Investment Center, Inc. (“The Investment Center”): Announced a definitive agreement to acquire The Investment Center, a firm with ~240 advisors serving ~$9 billion of brokerage and advisory assets. We expect to close and convert the acquisition in the first half of 2025.
      • Liquidity & Succession: Deployed approximately $34 million of capital to close six deals, including our first three external practices
    • Prudential Advisors (“Prudential”): On track to onboard the retail wealth management business of Prudential during Q4
      • Estimated run-rate EBITDA has increased from $60 million at announcement to $70 million
    • Core G&A*:
      • While there are variable costs associated with supporting our strong levels of organic growth, given our ongoing focus on efficiency, we are tightening our 2024 Core G&A* outlook to a range of $1,475 million to $1,485 million
      • Additionally, we are increasing the range by $35 million to $40 million to include costs related to the acquisition of Atria and onboarding of Prudential, resulting in an updated range of $1,510 million to $1,525 million
    • Share Repurchases: We plan to resume our share repurchase program in Q4 2024, with an estimated $100 million of repurchases planned during the fourth quarter

    *See the Non-GAAP Financial Measures section and the endnotes to this release for further details about these non-GAAP financial measures

    SAN DIEGO, Oct. 30, 2024 (GLOBE NEWSWIRE) — LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”) today announced results for its third quarter ended September 30, 2024, reporting net income of $255 million or $3.39 per share. This compares with $224 million, or $2.91 per share, in the third quarter of 2023 and $244 million, or $3.23 per share, in the prior quarter.

    “I joined LPL with the mandate to accelerate our growth, and for the past six years, have worked closely with Matt Audette and the rest of our leadership team, to set our strategic vision, and to build and execute on the plan to achieve that vision,” said Rich Steinmeier, CEO. “Looking forward, our opportunity is clear – to assert our leadership and shape both the advisor and institutional markets. Our focus is on creating the culture, workplace environment, and capabilities, to achieve sustainable outperformance through becoming an indispensable partner to our advisors and institutions, while delivering long-term value to shareholders.”

    “We’re operating from a position of strength with a leadership team that is focused on supporting our advisors’ success through innovative solutions,” said Matt Audette, President and CFO. “In my expanded role, I look forward to the opportunity to help extend our leadership position in the advisor-mediated markets and to enhance value for our shareholders. Specific to the third quarter, we delivered strong organic growth in both our traditional and new markets. As a complement, we announced our acquisition of The Investment Center, and early in the fourth quarter we closed our acquisition of Atria. As we look ahead, we remain excited by the opportunities we have to serve and support our advisors, while continuing to deliver an industry leading value proposition.”

    Dividend Declaration

    The Company’s Board of Directors declared a $0.30 per share dividend to be paid on December 2, 2024 to all stockholders of record as of November 14, 2024.

    Conference Call and Additional Information

    The Company will hold a conference call to discuss its results at 5:00 p.m. ET on Wednesday, October 30, 2024. The conference call will be accessible and available for replay at investor.lpl.com/events.

    Contacts

    Investor Relations
    investor.relations@lplfinancial.com

    Media Relations
    media.relations@lplfinancial.com

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that the firm should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve(5), serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor (“RIA”) firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services, and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.

    Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    Forward-Looking Statements

    This press release contains statements regarding:

    • the amount and timing of the onboarding of acquired, recruited or transitioned brokerage and advisory assets, including Atria, Prudential and The Investment Center;
    • the Company’s future financial and operating results, growth, plans, priorities and business strategies, including forecasts and statements related to the Company’s core G&A expenses; and
    • future capabilities, future advisor service experience, future investments and capital deployment, including share repurchase activity and dividends, if any, and long-term shareholder value.

    These and any other statements that are not related to present facts or current conditions, or that are not purely historical, constitute forward-looking statements. They reflect the Company’s expectations and objectives as of October 30, 2024 and are not guarantees that expectations or objectives expressed or implied will be achieved. The achievement of such expectations and objectives involves risks and uncertainties that may cause actual results, levels of activity or the timing of events to differ materially from those expressed or implied by forward-looking statements. Important factors that could cause or contribute to such differences include:

    • the failure to satisfy the closing conditions applicable to the Company’s strategic relationship agreement with Prudential, or the Company’s purchase agreement with The Investment Center, including regulatory approvals;
    • difficulties and delays in onboarding the assets of acquired, recruited or transitioned advisors, including the receipt and timing of regulatory approvals that may be required;
    • disruptions in the businesses of the Company that could make it more difficult to maintain relationships with advisors and their clients;
    • the choice by clients of acquired or recruited advisors not to open brokerage and/or advisory accounts at the Company;
    • changes in general economic and financial market conditions, including retail investor sentiment;
    • changes in interest rates and fees payable by banks participating in the Company’s client cash programs, including the Company’s success in negotiating agreements with current or additional counterparties;
    • the Company’s strategy and success in managing client cash program fees;
    • fluctuations in the levels of advisory and brokerage assets, including net new assets, and the related impact on revenue;
    • effects of competition in the financial services industry and the success of the Company in attracting and retaining financial advisors and institutions, and their ability to provide financial products and services effectively;
    • whether the retail investors served by newly-recruited advisors choose to move their respective assets to new accounts at the Company;
    • changes in the growth and profitability of the Company’s fee-based offerings and asset-based revenues;
    • the effect of current, pending and future legislation, regulation and regulatory actions, including disciplinary actions imposed by federal and state regulators and self-regulatory organizations;
    • the cost of defending, settling and remediating issues related to regulatory matters or legal proceedings, including civil monetary penalties or actual costs of reimbursing customers for losses in excess of our reserves or insurance;
    • changes made to the Company’s services and pricing, including in response to competitive developments and current, pending and future legislation, regulation and regulatory actions, and the effect that such changes may have on the Company’s gross profit streams and costs;
    • execution of the Company’s capital management plans, including its compliance with the terms of the Company’s amended and restated credit agreement, the committed revolving credit facilities of the Company and LPL Financial, and the indentures governing the Company’s senior unsecured notes;
    • strategic acquisitions and investments, including pursuant to the Company’s Liquidity & Succession solution, and the effect that such acquisitions and investments may have on the Company’s capital management plans and liquidity;
    • the price, availability and trading volumes of shares of the Company’s common stock, which will affect the timing and size of future share repurchases by the Company, if any;
    • the execution of the Company’s plans and its success in realizing the synergies, expense savings, service improvements or efficiencies expected to result from its investments, initiatives and acquisitions, expense plans and technology initiatives;
    • whether advisors affiliated with Atria, Prudential, and The Investment Center will transition registration to the Company and whether assets reported as serviced by such financial advisors will translate into assets of the Company;
    • the performance of third-party service providers to which business processes have been transitioned;
    • the Company’s ability to control operating risks, information technology systems risks, cybersecurity risks and sourcing risks; and
    • the other factors set forth in the Company’s most recent Annual Report on Form 10-K, as may be amended or updated in the Company’s Quarterly Reports on Form 10-Q or other filings with the Securities and Exchange Commission. 

    Except as required by law, the Company specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this earnings release, and you should not rely on statements contained herein as representing the Company’s view as of any date subsequent to the date of this press release.

     
    LPL Financial Holdings Inc.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data)
    (Unaudited)
             
      Three Months Ended
        Three Months Ended
       
      September 30,
      June 30,
        September 30,
       
      2024
      2024
      Change 2023   Change
    REVENUE          
    Advisory $ 1,378,050     $ 1,288,163     7 % $ 1,081,562     27 %
    Commission:          
    Sales-based   429,132       423,070     1 %   311,792     38 %
    Trailing   377,400       363,976     4 %   331,808     14 %
    Total commission   806,532       787,046     2 %   643,600     25 %
    Asset-based:          
    Client cash   353,855       341,475     4 %   360,518     (2 %)
    Other asset-based   272,336       259,533     5 %   224,614     21 %
    Total asset-based   626,191       601,008     4 %   585,132     7 %
    Service and fee   145,729       135,000     8 %   135,648     7 %
    Transaction   58,546       58,935     (1 %)   50,210     17 %
    Interest income, net   49,923       47,478     5 %   40,773     22 %
    Other   43,423       14,139     n/m   (14,542 )   n/m
    Total revenue   3,108,394       2,931,769     6 %   2,522,383     23 %
    EXPENSE          
    Advisory and commission   1,948,065       1,819,027     7 %   1,488,432     31 %
    Compensation and benefits   266,415       274,000     (3 %)   243,759     9 %
    Promotional   164,538       136,125     21 %   131,645     25 %
    Depreciation and amortization   78,338       70,999     10 %   64,627     21 %
    Occupancy and equipment   69,879       69,529     1 %   61,339     14 %
    Interest expense on borrowings   67,779       64,341     5 %   48,363     40 %
    Amortization of other intangibles   32,461       30,607     6 %   27,760     17 %
    Brokerage, clearing and exchange   29,636       32,984     (10 %)   24,793     20 %
    Professional services   26,295       22,100     19 %   18,699     41 %
    Communications and data processing   17,916       19,406     (8 %)   19,634     (9 %)
    Other   59,724       62,580     (5 %)   75,660     (21 %)
    Total expense   2,761,046       2,601,698     6 %   2,204,711     25 %
    INCOME BEFORE PROVISION FOR INCOME TAXES   347,348       330,071     5 %   317,672     9 %
    PROVISION FOR INCOME TAXES   92,045       86,271     7 %   93,381     (1 %)
    NET INCOME $ 255,303     $ 243,800     5 % $ 224,291     14 %
    EARNINGS PER SHARE          
    Earnings per share, basic $ 3.41     $ 3.26     5 % $ 2.95     16 %
    Earnings per share, diluted $ 3.39     $ 3.23     5 % $ 2.91     16 %
    Weighted-average shares outstanding, basic   74,776       74,725     %   76,062     (2 %)
    Weighted-average shares outstanding, diluted   75,405       75,548     %   77,147     (2 %)
                                     
     
    LPL Financial Holdings Inc.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data)
    (Unaudited)
         
      Nine Months Ended
       
      September 30,
       
      2024
      2023
      Change
    REVENUE      
    Advisory $ 3,866,024     $ 3,050,184     27 %
    Commission:      
    Sales-based   1,237,437       896,825     38 %
    Trailing   1,102,587       973,386     13 %
    Total commission   2,340,024       1,870,211     25 %
    Asset-based:      
    Client cash   1,047,712       1,157,208     (9 %)
    Other asset-based   780,208       639,387     22 %
    Total asset-based   1,827,920       1,796,595     2 %
    Service and fee   412,901       377,757     9 %
    Transaction   174,739       146,081     20 %
    Interest income, net   140,926       116,103     21 %
    Other   110,222       52,088     112 %
    Total revenue   8,872,756       7,409,019     20 %
    EXPENSE      
    Advisory and commission   5,500,579       4,307,829     28 %
    Compensation and benefits   814,784       708,972     15 %
    Promotional   427,282       332,433     29 %
    Depreciation and amortization   216,495       179,058     21 %
    Occupancy and equipment   205,672       186,517     10 %
    Interest expense on borrowings   192,202       132,389     45 %
    Brokerage, clearing and exchange   93,152       80,067     16 %
    Amortization of other intangibles   92,620       78,593     18 %
    Professional services   61,674       51,011     21 %
    Communications and data processing   57,066       57,903     (1 %)
    Other   159,619       143,259     11 %
    Total expense   7,821,145       6,258,031     25 %
    INCOME BEFORE PROVISION FOR INCOME TAXES   1,051,611       1,150,988     (9 %)
    PROVISION FOR INCOME TAXES   263,744       302,293     (13 %)
    NET INCOME $ 787,867     $ 848,695     (7 %)
    EARNINGS PER SHARE      
    Earnings per share, basic $ 10.55     $ 10.97     (4 %)
    Earnings per share, diluted $ 10.45     $ 10.82     (3 %)
    Weighted-average shares outstanding, basic   74,688       77,339     (3 %)
    Weighted-average shares outstanding, diluted   75,424       78,439     (4 %)
                         
     
    LPL Financial Holdings Inc.
    Condensed Consolidated Statements of Financial Condition
    (In thousands, except share data)
    (Unaudited)
           
      September 30, 2024
      June 30, 2024
      December 31, 2023
    ASSETS
    Cash and equivalents $ 1,474,954     $ 1,318,894     $ 465,671  
    Cash and equivalents segregated under federal or other regulations   1,382,867       1,530,150       2,007,312  
    Restricted cash   104,881       109,618       108,180  
    Receivables from clients, net   622,015       563,923       588,585  
    Receivables from brokers, dealers and clearing organizations   53,763       74,432       50,069  
    Advisor loans, net   1,913,363       1,757,727       1,479,690  
    Other receivables, net   802,186       763,632       743,317  
    Investment securities ($94,694, $73,463 and $76,088 at fair value at September 30, 2024, June 30, 2024 and December 31, 2023, respectively)   111,096       89,853       91,311  
    Property and equipment, net   1,144,676       1,066,395       933,091  
    Goodwill   1,868,193       1,860,062       1,856,648  
    Other intangibles, net   782,426       783,031       671,585  
    Other assets   1,681,455       1,586,010       1,390,021  
    Total assets $ 11,941,875     $ 11,503,727     $ 10,385,480  
    LIABILITIES AND STOCKHOLDERS’ EQUITY
    LIABILITIES:      
    Client payables $ 2,039,140     $ 1,963,988     $ 2,266,176  
    Payables to brokers, dealers and clearing organizations   211,054       212,394       163,337  
    Accrued advisory and commission expenses payable   252,881       240,370       216,541  
    Corporate debt and other borrowings, net   4,441,913       4,442,840       3,734,111  
    Accounts payable and accrued liabilities   485,927       461,277       485,963  
    Other liabilities   1,739,209       1,667,511       1,440,373  
    Total liabilities   9,170,124       8,988,380       8,306,501  
    STOCKHOLDERS’ EQUITY:      
    Common stock, $0.001 par value; 600,000,000 shares authorized; 130,779,259, 130,746,590 shares and 130,233,328 shares issued at September 30, 2024, June 30, 2024 and December 31, 2023, respectively   131       131       130  
    Additional paid-in capital   2,059,207       2,038,216       1,987,684  
    Treasury stock, at cost — 55,968,552, 55,985,188 shares and 55,576,970 shares at September 30, 2024, June 30, 2024 and December 31, 2023, respectively   (4,102,319 )     (4,101,955 )     (3,993,949 )
    Retained earnings   4,814,732       4,578,955       4,085,114  
    Total stockholders’ equity   2,771,751       2,515,347       2,078,979  
    Total liabilities and stockholders’ equity $ 11,941,875     $ 11,503,727     $ 10,385,480  
                           
     
    LPL Financial Holdings Inc.
    Management’s Statements of Operations
    (In thousands, except per share data)
    (Unaudited)
     

    Certain information in this release is presented as reviewed by the Company’s management and includes information derived from the Company’s unaudited condensed consolidated statements of income, non-GAAP financial measures and operational and performance metrics. For information on non-GAAP financial measures, please see the section titled “Non-GAAP Financial Measures” in this release.

      Quarterly Results
      Q3 2024
      Q2 2024
      Change
      Q3 2023
      Change
    Gross Profit(6)          
    Advisory $ 1,378,050     $ 1,288,163     7 %   $ 1,081,562     27 %
    Trailing commissions   377,400       363,976     4 %     331,808     14 %
    Sales-based commissions   429,132       423,070     1 %     311,792     38 %
    Advisory fees and commissions   2,184,582       2,075,209     5 %     1,725,162     27 %
    Production-based payout(7)   (1,910,634 )     (1,812,050 )   5 %     (1,506,080 )   27 %
    Advisory fees and commissions, net of payout   273,948       263,159     4 %     219,082     25 %
    Client cash(8)   372,333       361,316     3 %     377,782     (1 %)
    Other asset-based(9)   272,336       259,533     5 %     224,614     21 %
    Service and fee   145,729       135,000     8 %     135,648     7 %
    Transaction   58,546       58,935     (1 %)     50,210     17 %
    Interest income, net(10)   31,428       27,618     14 %     23,485     34 %
    Other revenue(11)   3,392       6,621     (49 %)     4,113     (18 %)
    Total net advisory fees and commissions and attachment revenue   1,157,712       1,112,182     4 %     1,034,934     12 %
    Brokerage, clearing and exchange expense   (29,636 )     (32,984 )   (10 %)     (24,793 )   20 %
    Gross Profit(6)   1,128,076       1,079,198     5 %     1,010,141     12 %
               
    G&A Expense          
    Core G&A(12)   359,134       370,912     (3 %)     341,728     5 %
    Regulatory charges(13)   24,879       7,594     n/m   48,083     (48 %)
    Promotional (ongoing)(14)(15)   175,605       147,830     19 %     140,171     25 %
    Acquisition costs(15)   22,243       36,876     (40 %)     5,989     n/m
    Employee share-based compensation   20,289       19,968     2 %     15,748     29 %
    Total G&A   602,150       583,180     3 %     551,719     9 %
    EBITDA(16)   525,926       496,018     6 %     458,422     15 %
    Depreciation and amortization   78,338       70,999     10 %     64,627     21 %
    Amortization of other intangibles   32,461       30,607     6 %     27,760     17 %
    Interest expense on borrowings   67,779       64,341     5 %     48,363     40 %
    INCOME BEFORE PROVISION FOR INCOME TAXES   347,348       330,071     5 %     317,672     9 %
    PROVISION FOR INCOME TAXES   92,045       86,271     7 %     93,381     (1 %)
    NET INCOME $ 255,303     $ 243,800     5 %   $ 224,291     14 %
    Earnings per share, diluted $ 3.39     $ 3.23     5 %   $ 2.91     16 %
    Weighted-average shares outstanding, diluted   75,405       75,548     %     77,147     (2 %)
    Adjusted EBITDA(16) $ 566,169     $ 532,894     6 %   $ 504,411     12 %
    Adjusted EPS(17) $ 4.16     $ 3.88     7 %   $ 3.74     11 %
                                       
     
    LPL Financial Holdings Inc.
    Operating Metrics
    (Dollars in billions, except where noted)
    (Unaudited)
               
      Q3 2024
      Q2 2024
      Change
      Q3 2023
      Change
    Market Drivers          
    S&P 500 Index (end of period)   5,762       5,460     6 %     4,288     34 %
    Russell 2000 Index (end of period)   2,230       2,048     9 %     1,785     25 %
    Fed Funds daily effective rate (average bps)   527       533     (6bps)   526     1bps
               
    Advisory and Brokerage Assets(18)          
    Advisory assets $ 892.0     $ 829.1     8 %   $ 662.7     35 %
    Brokerage assets   700.1       668.7     5 %     575.7     22 %
    Total Advisory and Brokerage Assets $ 1,592.1     $ 1,497.8     6 %   $ 1,238.4     29 %
    Advisory as a % of Total Advisory and Brokerage Assets   56.0 %     55.4 %   60bps   53.5 %   250bps
               
    Assets by Platform          
    Corporate advisory assets(19) $ 618.8     $ 567.8     9 %   $ 444.4     39 %
    Independent RIA advisory assets(19)   273.2       261.3     5 %     218.3     25 %
    Brokerage assets   700.1       668.7     5 %     575.7     22 %
    Total Advisory and Brokerage Assets $ 1,592.1     $ 1,497.8     6 %   $ 1,238.4     29 %
               
    Centrally Managed Assets          
    Centrally managed assets(20) $ 138.1     $ 126.9     9 %   $ 100.5     37 %
    Centrally Managed as a % of Total Advisory Assets   15.5 %     15.3 %   20bps   15.2 %   30bps
                                 
     
    LPL Financial Holdings Inc.
    Operating Metrics
    (Dollars in billions, except where noted)
    (Unaudited)
                 
      Q3 2024
      Q2 2024
      Change   Q3 2023
      Change
    Organic Net New Assets (NNA)(21)            
    Organic net new advisory assets $ 23.2     $ 26.6     n/m   $ 22.7     n/m
    Organic net new brokerage assets   3.8       2.5     n/m     10.5     n/m
    Total Organic Net New Assets $ 27.0     $ 29.0     n/m   $ 33.2     n/m
                 
    Acquired Net New Assets(21)            
    Acquired net new advisory assets $ 0.5     $ 0.3     n/m   $     n/m
    Acquired net new brokerage assets   0.1       4.8     n/m         n/m
    Total Acquired Net New Assets $ 0.6     $ 5.0     n/m   $     n/m
                 
    Total Net New Assets(21)            
    Net new advisory assets $ 23.7     $ 26.8     n/m   $ 22.7     n/m
    Net new brokerage assets   3.8       7.2     n/m     10.5     n/m
    Total Net New Assets $ 27.5     $ 34.0     n/m   $ 33.2     n/m
                 
    Net brokerage to advisory conversions(22) $ 3.5     $ 3.7     n/m   $ 2.7     n/m
    Organic advisory NNA annualized growth(23)   11.2 %     13.4 %   n/m     13.7 %   n/m
    Total organic NNA annualized growth(23)   7.2 %     8.1 %   n/m     10.7 %   n/m
                 
    Net New Advisory Assets(21)            
    Corporate RIA net new advisory assets $ 24.0     $ 23.4     n/m   $ 17.0     n/m
    Independent RIA net new advisory assets   (0.3 )     3.4     n/m     5.7     n/m
    Total Net New Advisory Assets $ 23.7     $ 26.8     n/m   $ 22.7     n/m
    Centrally managed net new advisory assets(21) $ 4.4     $ 4.4     n/m   $ 4.4     n/m
                 
    Net buy (sell) activity(24) $ 37.7     $ 39.3     n/m   $ 35.6     n/m
                                   

    Note: Totals may not foot due to rounding.

     
    LPL Financial Holdings Inc.
    Client Cash Data
    (Dollars in thousands, except where noted)
    (Unaudited)
               
      Q3 2024
      Q2 2024
      Change
      Q3 2023
      Change
    Client Cash Balances (in billions)(25)          
    Insured cash account sweep $ 32.1     $ 31.0     4 %   $ 33.6     (4 %)
    Deposit cash account sweep   9.6       9.2     4 %     9.1     5 %
    Total Bank Sweep   41.7       40.2     4 %     42.7     (2 %)
    Money market sweep   2.3       2.3     %     2.6     (12 %)
    Total Client Cash Sweep Held by Third Parties   44.0       42.5     4 %     45.3     (3 %)
    Client cash account (CCA)(26)   1.8       1.5     20 %     1.5     20 %
    Total Client Cash Balances $ 45.8     $ 44.0     4 %   $ 46.9     (2 %)
    Client Cash Balances as a % of Total Assets   2.9 %     2.9 %   —bps   3.8 %   (90bps)
                                 

    Note: Totals may not foot due to rounding.

       
      Three Months Ended
      September 30, 2024 June 30, 2024 September 30, 2023
    Interest-Earnings Assets Average Balance
    (in billions)
    Revenue Net Yield (bps)(27)   Average Balance
    (in billions)
    Revenue Net Yield (bps)(27)   Average Balance
    (in billions)
    Revenue Net Yield (bps)(27)  
    Insured cash account sweep $ 31.1   $ 259,503   332   $ 31.7   $ 250,804   318   $ 34.5   $ 276,944   318  
    Deposit cash account sweep   9.2     92,765   400     9.0     89,070   399     9.1     81,826   357  
    Total Bank Sweep   40.3     352,268   348     40.7     339,874   336     43.6     358,770   326  
    Money market sweep   2.3     1,587   28     2.3     1,601   28     2.4     1,748   29  
    Total Client Cash Held By Third Parties   42.6     353,855   330     43.0     341,475   320     46.0     360,518   311  
    Client cash account (CCA)(26)   1.6     18,478   472     1.7     19,841   472     1.5     17,264   454  
    Total Client Cash   44.2     372,333   335     44.7     361,316   326     47.5     377,782   315  
    Margin receivables   0.5     11,199   885     0.5     10,521   889     0.5     10,740   883  
    Other interest revenue   1.5     20,229   533     1.3     17,097   545     0.9     12,745   576  
    Total Client Cash and Interest Income, Net $ 46.2   $ 403,761   348   $ 46.5   $ 388,934   337   $ 48.9   $ 401,267   326  
                                                     

    Note: Totals may not foot due to rounding.

     
    LPL Financial Holdings Inc.
    Monthly Metrics
    (Dollars in billions, except where noted)
    (Unaudited)
               
      September 2024 August 2024 Change July 2024 June 2024
    Advisory and Brokerage Assets(18)          
    Advisory assets $ 892.0   $ 869.5   3 % $ 850.6   $ 829.1  
    Brokerage assets   700.1     690.6   1 %   678.7     668.7  
    Total Advisory and Brokerage Assets $ 1,592.1   $ 1,560.1   2 % $ 1,529.3   $ 1,497.8  
               
    Organic Net New Assets (NNA)(21)          
    Organic net new advisory assets $ 11.0   $ 5.4   n/m $ 6.8   $ 9.2  
    Organic net new brokerage assets   0.5     1.1   n/m   2.2     1.6  
    Total Organic Net New Assets $ 11.4   $ 6.6   n/m $ 9.0   $ 10.8  
               
    Acquired Net New Assets(21)          
    Acquired net new advisory assets $ 0.2   $ 0.2   n/m $   $  
    Acquired net new brokerage assets   0.1       n/m        
    Total Acquired Net New Assets $ 0.3   $ 0.3   n/m $   $  
               
    Total Net New Assets(21)          
    Net new advisory assets $ 11.2   $ 5.7   n/m $ 6.8   $ 9.2  
    Net new brokerage assets   0.5     1.2   n/m   2.2     1.6  
    Total Net New Assets $ 11.7   $ 6.8   n/m $ 9.0   $ 10.8  
    Net brokerage to advisory conversions(22) $ 1.2   $ 1.3   n/m $ 1.0   $ 1.2  
               
    Client Cash Balances(25)          
    Insured cash account sweep $ 32.1   $ 30.4   6 % $ 31.1   $ 31.0  
    Deposit cash account sweep   9.6     9.3   3 %   9.1     9.2  
    Total Bank Sweep   41.7     39.7   5 %   40.2     40.2  
    Money market sweep   2.3     2.2   5 %   2.3     2.3  
    Total Client Cash Sweep Held by Third Parties   44.0     41.9   5 %   42.5     42.5  
    Client cash account (CCA)(26)   1.8     1.4   29 %   1.5     1.5  
    Total Client Cash Balances $ 45.8   $ 43.3   6 % $ 44.0   $ 44.0  
               
    Net buy (sell) activity(24) $ 12.2   $ 12.6   n/m $ 12.9   $ 12.1  
               
    Market Drivers          
    S&P 500 Index (end of period)   5,762     5,648   2 %   5,522     5,460  
    Russell 2000 Index (end of period)   2,230     2,218   1 %   2,254     2,048  
    Fed Funds effective rate (average bps)   513     533   (20bps)   533     533  
                               

    Note: Totals may not foot due to rounding.

     
    LPL Financial Holdings Inc.
    Financial Measures
    (Dollars in thousands, except where noted)
    (Unaudited)
               
      Q3 2024 Q2 2024 Change Q3 2023 Change
    Commission Revenue by Product          
    Annuities $ 481,852   $ 469,100   3 % $ 371,304   30 %
    Mutual funds   193,451     187,432   3 %   169,318   14 %
    Fixed income   55,707     53,192   5 %   42,286   32 %
    Equities   36,786     34,434   7 %   27,414   34 %
    Other   38,736     42,888   (10 %)   33,278   16 %
    Total commission revenue $ 806,532   $ 787,046   2 % $ 643,600   25 %
               
    Commission Revenue by Sales-based and Trailing      
    Sales-based commissions          
    Annuities $ 265,955   $ 260,188   2 % $ 183,974   45 %
    Mutual funds   42,310     42,981   (2 %)   34,718   22 %
    Fixed income   55,707     53,192   5 %   42,286   32 %
    Equities   36,786     34,434   7 %   27,414   34 %
    Other   28,374     32,275   (12 %)   23,400   21 %
    Total sales-based commissions $ 429,132   $ 423,070   1 % $ 311,792   38 %
    Trailing commissions          
    Annuities $ 215,897   $ 208,912   3 % $ 187,330   15 %
    Mutual funds   151,141     144,451   5 %   134,600   12 %
    Other   10,362     10,613   (2 %)   9,878   5 %
    Total trailing commissions $ 377,400   $ 363,976   4 % $ 331,808   14 %
    Total commission revenue $ 806,532   $ 787,046   2 % $ 643,600   25 %
               
    Payout Rate(7)   87.46 %   87.32 % 14bps   87.30 % 16bps
                           
     
    LPL Financial Holdings Inc.
    Capital Management Measures
    (Dollars in thousands, except where noted)
    (Unaudited)
           
      Q3 2024 Q2 2024 Q4 2023
    Cash and equivalents $ 1,474,954   $ 1,318,894   $ 465,671  
    Cash at regulated subsidiaries   (992,450 )   (828,145 )   (410,313 )
    Excess cash at regulated subsidiaries per the Credit Agreement   225,886     193,342     128,327  
    Corporate Cash(3) $ 708,390   $ 684,091   $ 183,685  
           
    Corporate Cash(3)      
    Cash at the Parent $ 435,109   $ 450,505   $ 26,587  
    Excess cash at regulated subsidiaries per the Credit Agreement   225,886     193,342     128,327  
    Cash at non-regulated subsidiaries   47,395     40,244     28,771  
    Corporate Cash $ 708,390   $ 684,091   $ 183,685  
           
    Leverage Ratio      
    Total debt $ 4,469,175   $ 4,471,850   $ 3,757,200  
    Total corporate cash   708,390     684,091     183,685  
    Credit Agreement Net Debt $ 3,760,785   $ 3,787,759   $ 3,573,515  
    Credit Agreement EBITDA (trailing twelve months)(28) $ 2,340,886   $ 2,260,165   $ 2,194,807  
    Leverage Ratio 1.61x 1.68x 1.63x
           
         
      September 30, 2024  
    Total Debt Balance Current Applicable
    Margin
    Interest Rate Maturity
    Revolving Credit Facility(a) $   ABR+37.5 bps / SOFR+147.5 bps 6.321 % 5/20/2029
    Broker-Dealer Revolving Credit Facility     SOFR+135 bps 6.310 % 5/19/2025
    Senior Secured Term Loan B   1,019,175   SOFR+185 bps(b) 7.051 % 11/12/2026
    Senior Unsecured Notes   500,000   5.700% Fixed 5.700 % 5/20/2027
    Senior Unsecured Notes   400,000   4.625% Fixed 4.625 % 11/15/2027
    Senior Unsecured Notes   750,000   6.750% Fixed 6.750 % 11/17/2028
    Senior Unsecured Notes   900,000   4.000% Fixed 4.000 % 3/15/2029
    Senior Unsecured Notes   400,000   4.375% Fixed 4.375 % 5/15/2031
    Senior Unsecured Notes   500,000   6.000% Fixed 6.000 % 5/20/2034
    Total / Weighted Average $ 4,469,175     5.661 %  
                   

    (a) Secured borrowing capacity of $2.25 billion at LPL Holdings, Inc. (the “Parent”).
    (b) The SOFR rate option is a one-month SOFR rate and subject to an interest rate floor of 0 bps.

     
    LPL Financial Holdings Inc.
    Key Business and Financial Metrics
    (Dollars in thousands, except where noted)
    (Unaudited)
               
      Q3 2024 Q2 2024 Change Q3 2023 Change
    Advisors          
    Advisors   23,686     23,462   1 %   22,404   6 %
    Net new advisors   224     578   (61 %)   462   (52 %)
    Annualized advisory fees and commissions per advisor(29) $ 371   $ 358   4 % $ 311   19 %
    Average total assets per advisor ($ in millions)(30) $ 67.2   $ 63.8   5 % $ 55.3   22 %
    Transition assistance loan amortization ($ in millions)(31) $ 69.1   $ 61.9   12 % $ 53.7   29 %
    Total client accounts (in millions)   8.7     8.6   1 %   8.2   6 %
               
    Employees   7,342     7,451   (1 %)   7,124   3 %
               
    Services Group          
    Services Group subscriptions(32)          
    Professional Services   1,890     1,892   %   1,867   1 %
    Business Optimizers   3,798     3,606   5 %   3,251   17 %
    Planning and Advice   735     665   11 %   456   61 %
    Total Services Group subscriptions   6,423     6,163   4 %   5,574   15 %
    Services Group advisor count   4,340     4,169   4 %   3,695   17 %
               
    AUM retention rate (quarterly annualized)(33)   97.0 %   98.4 % (140bps)   98.8 % (180bps)
               
    Capital Management          
    Capital expenditures ($ in millions)(34) $ 147.1   $ 128.9   14 % $ 95.0   55 %
    Acquisitions, net ($ in millions)(35) $ 34.1   $ 115.1   (70 %) $ 60.3   (43 %)
               
    Share repurchases ($ in millions) $   $   % $ 250.0   (100 %)
    Dividends ($ in millions)   22.4     22.4   %   22.8   (2 %)
    Total Capital Returned ($ in millions) $ 22.4   $ 22.4   % $ 272.8   (92 %)
                               

    Non-GAAP Financial Measures

    Management believes that presenting certain non-GAAP financial measures by excluding or including certain items can be helpful to investors and analysts who may wish to use this information to analyze the Company’s current performance, prospects and valuation. Management uses this non-GAAP information internally to evaluate operating performance and in formulating the budget for future periods. Management believes that the non-GAAP financial measures and metrics discussed below are appropriate for evaluating the performance of the Company.

    Adjusted EPS and Adjusted net income

    Adjusted EPS is defined as adjusted net income, a non-GAAP measure defined as net income plus the after-tax impact of amortization of other intangibles, acquisition costs, and certain regulatory charges, divided by the weighted average number of diluted shares outstanding for the applicable period. The Company presents adjusted net income and adjusted EPS because management believes that these metrics can provide investors with useful insight into the Company’s core operating performance by excluding non-cash items, acquisition costs, and certain regulatory charges that management does not believe impact the Company’s ongoing operations. Adjusted net income and adjusted EPS are not measures of the Company’s financial performance under GAAP and should not be considered as alternatives to net income, earnings per diluted share or any other performance measure derived in accordance with GAAP. For a reconciliation of net income and earnings per diluted share to adjusted net income and adjusted EPS, please see the endnote disclosures in this release.

    Gross profit

    Gross profit is calculated as total revenue less advisory and commission expense; brokerage, clearing and exchange expense; and market fluctuations on employee deferred compensation. All other expense categories, including depreciation and amortization of property and equipment and amortization of other intangibles, are considered general and administrative in nature. Because the Company’s gross profit amounts do not include any depreciation and amortization expense, the Company considers gross profit to be a non-GAAP financial measure that may not be comparable to similar measures used by others in its industry. Management believes that gross profit can provide investors with useful insight into the Company’s core operating performance before indirect costs that are general and administrative in nature. For a calculation of gross profit, please see the endnote disclosures in this release.

    Core G&A

    Core G&A consists of total expense less the following expenses: advisory and commission; depreciation and amortization; interest expense on borrowings; brokerage, clearing and exchange; amortization of other intangibles; market fluctuations on employee deferred compensation; promotional (ongoing); employee share-based compensation; regulatory charges; and acquisition costs. Management presents core G&A because it believes core G&A reflects the corporate expense categories over which management can generally exercise a measure of control, compared with expense items over which management either cannot exercise control, such as advisory and commission, or which management views as promotional expense necessary to support advisor growth and retention, including conferences and transition assistance. Core G&A is not a measure of the Company’s total expense as calculated in accordance with GAAP. For a reconciliation of the Company’s total expense to core G&A, please see the endnote disclosures in this release. The Company does not provide an outlook for its total expense because it contains expense components, such as advisory and commission, that are market-driven and over which the Company cannot exercise control. Accordingly, a reconciliation of the Company’s outlook for total expense to an outlook for core G&A cannot be made available without unreasonable effort.

    EBITDA and Adjusted EBITDA

    EBITDA is defined as net income plus interest expense on borrowings, provision for income taxes, depreciation and amortization, and amortization of other intangibles. Adjusted EBITDA is defined as EBITDA, a non-GAAP measure, plus acquisition costs and certain regulatory charges. The Company presents EBITDA and adjusted EBITDA because management believes that they can be useful financial metrics in understanding the Company’s earnings from operations. EBITDA and adjusted EBITDA are not measures of the Company’s financial performance under GAAP and should not be considered as alternatives to net income or any other performance measure derived in accordance with GAAP. For a reconciliation of net income to EBITDA and adjusted EBITDA, please see the endnote disclosures in this release.

    Credit Agreement EBITDA

    Credit Agreement EBITDA is defined in, and calculated by management in accordance with, the Company’s amended and restated credit agreement (“Credit Agreement”) as “Consolidated EBITDA,” which is Consolidated Net Income (as defined in the Credit Agreement) plus interest expense on borrowings, provision for income taxes, depreciation and amortization, and amortization of other intangibles, and is further adjusted to exclude certain non-cash charges and other adjustments, and to include future expected cost savings, operating expense reductions or other synergies from certain transactions. The Company presents Credit Agreement EBITDA because management believes that it can be a useful financial metric in understanding the Company’s debt capacity and covenant compliance under its Credit Agreement. Credit Agreement EBITDA is not a measure of the Company’s financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP. For a reconciliation of net income to Credit Agreement EBITDA, please see the endnote disclosures in this release.

    Endnote Disclosures

    (1) Represents the estimated total advisory and brokerage assets expected to transition to the Company’s primary broker-dealer subsidiary, LPL Financial, in connection with advisors who transferred their licenses to LPL Financial during the period. The estimate is based on prior business reported by the advisors, which has not been independently and fully verified by LPL Financial. The actual transition of assets to LPL Financial generally occurs over several quarters and the actual amount transitioned may vary from the estimate.

    (2) The terms “Financial Advisors” and “Advisors” refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial, an SEC-registered broker-dealer and investment advisor.

    (3) Corporate cash, a component of cash and equivalents, is the sum of cash and equivalents from the following: (1) cash and equivalents held at LPL Holdings, Inc., (2) cash and equivalents held at regulated subsidiaries as defined by the Company’s Credit Agreement, which include LPL Financial and The Private Trust Company, N.A., in excess of the capital requirements of the Company’s Credit Agreement (which, in the case of LPL Financial is net capital in excess of 10% of its aggregate debits, or five times the net capital required in accordance with Exchange Act Rule 15c3-1) and (3) cash and equivalents held at non-regulated subsidiaries.

    (4) Compliance with the Leverage Ratio is only required under the Company’s revolving credit facility.

    (5) The Company was named Top RIA custodian (Cerulli Associates, 2023 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S. (based on total revenues, Financial Planning magazine 1996-2022); and, among third-party providers of brokerage services to banks and credit unions, No. 1 in AUM Growth from Financial Institutions; No. 1 in Market Share of AUM from Financial Institutions; No. 1 in Market Share of Revenue from Financial Institutions; No. 1 on Financial Institution Market Share; No. 1 on Share of Advisors (2021-2022 Kehrer Bielan Research and Consulting Annual TPM Report). Fortune 500 as of June 2021.

    (6) Gross profit is a non-GAAP financial measure. Please see a description of gross profit under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a calculation of gross profit for the periods presented (in thousands):

      Q3 2024 Q2 2024 Q3 2023
    Total revenue $ 3,108,394   $ 2,931,769   $ 2,522,383  
    Advisory and commission expense   1,948,065     1,819,027     1,488,432  
    Brokerage, clearing and exchange expense   29,636     32,984     24,793  
    Employee deferred compensation   2,617     560     (983 )
    Gross profit $ 1,128,076   $ 1,079,198   $ 1,010,141  
                       

    (7) Production-based payout is a financial measure calculated as advisory and commission expense plus (less) advisor deferred compensation. The payout rate is calculated by dividing the production-based payout by total advisory and commission revenue. Below is a reconciliation of the Company’s advisory and commission expense to the production-based payout and a calculation of the payout rate for the periods presented (in thousands, except payout rate):

      Q3 2024 Q2 2024 Q3 2023
    Advisory and commission expense $ 1,948,065   $ 1,819,027   $ 1,488,432  
    (Less) Plus: Advisor deferred compensation   (37,431 )   (6,977 )   17,648  
    Production-based payout $ 1,910,634   $ 1,812,050   $ 1,506,080  
           
    Advisory and commission revenue $ 2,184,582   $ 2,075,209   $ 1,725,162  
           
    Payout rate   87.46 %   87.32 %   87.30 %
                       

    (8) Below is a reconciliation of client cash revenue per Management’s Statements of Operations to client cash revenue, a component of asset-based revenue, on the Company’s condensed consolidated statements of income for the periods presented (in thousands):

      Q3 2024 Q2 2024 Q3 2023
    Client cash on Management’s Statement of Operations   372,333   $ 361,316   $ 377,782  
    Interest income on CCA balances segregated under federal or other regulations(10)   (18,478 )   (19,841 )   (17,264 )
    Client cash on Condensed Consolidated Statements of Income $ 353,855   $ 341,475   $ 360,518  
                       

    (9) Consists of revenue from the Company’s sponsorship programs with financial product manufacturers, omnibus processing and networking services but does not include fees from client cash programs.

    (10) During the first quarter of 2024, the Company disaggregated the activity previously reported in the interest income and other, net line item into its interest income, net and other revenue components. Prior period amounts have been reclassified to conform to the current presentation. Below is a reconciliation of interest income, net per Management’s Statements of Operations to interest income, net on the Company’s condensed consolidated statements of income for the periods presented (in thousands):

      Q3 2024 Q2 2024 Q3 2023
    Interest income, net on Management’s Statement of Operations $ 31,428   $ 27,618   $ 23,485  
    Interest income on CCA balances segregated under federal or other regulations(8)   18,478     19,841     17,264  
    Interest income on deferred compensation   17     19     24  
    Interest income, net on Condensed Consolidated Statements of Income $ 49,923   $ 47,478   $ 40,773  
                       

    (11) During the first quarter of 2024, the Company disaggregated the activity previously reported in the interest income and other, net line item into its interest income, net and other revenue components. Prior period amounts have been reclassified to conform to the current presentation. Below is a reconciliation of other revenue per Management’s Statements of Operations to other revenue on the Company’s condensed consolidated statements of income for the periods presented (in thousands):

      Q3 2024 Q2 2024 Q3 2023
    Other revenue on Management’s Statement of Operations $ 3,392   $ 6,621   $ 4,113  
    Interest income on deferred compensation   (17 )   (19 )   (24 )
    Deferred compensation   40,048     7,537     (18,631 )
    Other revenue on Condensed Consolidated Statements of Income $ 43,423   $ 14,139   $ (14,542 )
                       

    (12) Core G&A is a non-GAAP financial measure. Please see a description of core G&A under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a reconciliation of the Company’s total expense to core G&A for the periods presented (in thousands):

      Q3 2024 Q2 2024 Q3 2023
    Core G&A Reconciliation      
    Total expense $ 2,761,046   $ 2,601,698   $ 2,204,711  
    Advisory and commission   (1,948,065 )   (1,819,027 )   (1,488,432 )
    Depreciation and amortization   (78,338 )   (70,999 )   (64,627 )
    Interest expense on borrowings   (67,779 )   (64,341 )   (48,363 )
    Brokerage, clearing and exchange   (29,636 )   (32,984 )   (24,793 )
    Amortization of other intangibles   (32,461 )   (30,607 )   (27,760 )
    Employee deferred compensation   (2,617 )   (560 )   983  
    Total G&A   602,150     583,180     551,719  
    Promotional (ongoing)(14)(15)   (175,605 )   (147,830 )   (140,171 )
    Acquisition costs(15)   (22,243 )   (36,876 )   (5,989 )
    Employee share-based compensation   (20,289 )   (19,968 )   (15,748 )
    Regulatory charges(13)   (24,879 )   (7,594 )   (48,083 )
    Core G&A $ 359,134   $ 370,912   $ 341,728  
                       

    (13) Regulatory charges for the three months ended September 30, 2024 include charges related to a potential settlement with the SEC to resolve the Company’s civil investigation of certain elements of the Company’s Anti-Money Laundering (“AML”) compliance program. Under the SEC’s proposed resolution, the Company would pay an $18.0 million civil monetary penalty, and the Company has recorded an $18.0 million charge for the quarter ended September 30, 2024. Regulatory charges for the three months ended September 30, 2023 include a $40.0 million charge to reflect the amount of the penalty related to the SEC’s civil investigation of the Company’s compliance with records preservation requirements for business-related electronic communications that was not covered by the Company’s captive insurance subsidiary. The Company reached a settlement with the staff of the SEC and paid the civil monetary penalty of $50.0 million in August 2024.

    (14) Promotional (ongoing) includes $13.0 million, $12.2 million and $10.8 million for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, of support costs related to full-time employees that are classified within Compensation and benefits expense in the condensed consolidated statements of income and excludes costs that have been incurred as part of acquisitions that have been classified within acquisition costs for the same periods.

    (15) Acquisition costs include the costs to setup, onboard and integrate acquired entities and other costs that were incurred as a result of the acquisitions. The below table summarizes the primary components of acquisition costs for the periods presented (in thousands):

      Q3 2024 Q2 2024 Q3 2023
    Acquisition costs      
    Fair value mark on contingent consideration(36) $ 5,849   $ 24,624   $  
    Compensation and benefits   8,352     6,827     1,345  
    Professional services   6,685     3,567     2,199  
    Promotional(14)   1,964     539     2,260  
    Other   (607 )   1,319     185  
    Acquisition costs $ 22,243   $ 36,876   $ 5,989  
                       

    (16) EBITDA and adjusted EBITDA are non-GAAP financial measures. Please see a description of EBITDA and adjusted EBITDA under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a reconciliation of net income to EBITDA and adjusted EBITDA for the periods presented (in thousands):

      Q3 2024 Q2 2024 Q3 2023
    EBITDA and adjusted EBITDA Reconciliation      
    Net income $ 255,303   $ 243,800   $ 224,291  
    Interest expense on borrowings   67,779     64,341     48,363  
    Provision for income taxes   92,045     86,271     93,381  
    Depreciation and amortization   78,338     70,999     64,627  
    Amortization of other intangibles   32,461     30,607     27,760  
    EBITDA $ 525,926   $ 496,018   $ 458,422  
    Regulatory charges(13)   18,000         40,000  
    Acquisition costs(15)   22,243     36,876     5,989  
    Adjusted EBITDA $ 566,169   $ 532,894   $ 504,411  
                       

    (17) Adjusted net income and adjusted EPS are non-GAAP financial measures. Please see a description of adjusted net income and adjusted EPS under the “Non-GAAP Financial Measures” section of this release for additional information. Below is a reconciliation of net income and earnings per diluted share to adjusted net income and adjusted EPS for the periods presented (in thousands, except per share data):

      Q3 2024 Q2 2024 Q3 2023
      Amount Per Share Amount Per Share Amount Per Share
    Net income / earnings per diluted share $ 255,303   $ 3.39   $ 243,800   $ 3.23   $ 224,291   $ 2.91  
    Regulatory charges(13)   18,000     0.24             40,000     0.52  
    Amortization of other intangibles   32,461     0.43     30,607     0.41     27,760     0.36  
    Acquisition costs(15)   22,243     0.29     36,876     0.49     5,989     0.08  
    Tax benefit   (14,650 )   (0.19 )   (17,816 )   (0.24 )   (9,143 )   (0.12 )
    Adjusted net income / adjusted EPS $ 313,357   $ 4.16   $ 293,467   $ 3.88   $ 288,897   $ 3.74  
    Diluted share count   75,405       75,548       77,147    
    Note: Totals may not foot due to rounding.            
                 

    (18) Consists of total advisory and brokerage assets under custody at the Company’s primary broker-dealer subsidiary, LPL Financial.

    (19) Assets on the Company’s corporate advisory platform are serviced by investment advisor representatives of LPL Financial. Assets on the Company’s independent RIA advisory platform are serviced by investment advisor representatives of separate registered investment advisor firms rather than representatives of LPL Financial.

    (20) Consists of advisory assets in LPL Financial’s Model Wealth Portfolios, Optimum Market Portfolios, Personal Wealth Portfolios and Guided Wealth Portfolios platforms.

    (21) Consists of total client deposits into advisory or brokerage accounts less total client withdrawals from advisory or brokerage accounts, plus dividends, plus interest, minus advisory fees. The Company considers conversions from and to brokerage or advisory accounts as deposits and withdrawals, respectively.

    (22) Consists of existing custodied assets that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage.

    (23) Calculated as annualized current period organic net new assets divided by preceding period assets in their respective categories of advisory assets or total advisory and brokerage assets.

    (24) Represents the amount of securities purchased less the amount of securities sold in client accounts custodied with LPL Financial.

    (25) Client cash balances include CCA and exclude purchased money market funds. CCA balances include cash that clients have deposited with LPL Financial that is included in Client payables in the condensed consolidated balance sheets. The following table presents purchased money market funds for the periods presented (in billions):

      Q3 2024 Q2 2024 Q3 2023
    Purchased money market funds $ 38.5   $ 35.7   $ 25.2  
                       

    (26) During the first quarter of 2024, the Company updated its definition of client cash account balances to exclude other client payables. Prior period disclosures have been updated to reflect this change as applicable.

    (27) Calculated by dividing revenue for the period by the average balance during the period.

    (28) EBITDA and Credit Agreement EBITDA are non-GAAP financial measures. Please see a description of EBITDA and Credit Agreement EBITDA under the “Non-GAAP Financial Measures” section of this release for additional information. Under the Credit Agreement, management calculates Credit Agreement EBITDA for a trailing twelve month period at the end of each fiscal quarter and in doing so may make further adjustments to prior quarters. Below are reconciliations of trailing twelve month net income to trailing twelve month EBITDA and Credit Agreement EBITDA for the periods presented (in thousands):

      Q3 2024 Q2 2024 Q4 2023
    EBITDA and Credit Agreement EBITDA Reconciliations      
    Net income $ 1,005,422   $ 974,410   $ 1,066,250  
    Interest expense on borrowings   246,618     227,201     186,804  
    Provision for income taxes   339,977     341,312     378,525  
    Depreciation and amortization   284,431     270,720     246,994  
    Amortization of other intangibles   121,238     116,537     107,211  
    EBITDA $ 1,997,686   $ 1,930,180   $ 1,985,784  
    Credit Agreement Adjustments:      
    Acquisition costs and other(15)(37) $ 236,007   $ 224,687   $ 110,170  
    Employee share-based compensation   78,425     73,884     66,024  
    M&A accretion(38)   26,265     28,843     30,268  
    Advisor share-based compensation   2,503     2,571     2,561  
    Credit Agreement EBITDA $ 2,340,886   $ 2,260,165   $ 2,194,807  
                       

    (29) Calculated based on the average advisor count from the current period and prior periods.

    (30) Calculated based on the end of period total advisory and brokerage assets divided by end of period advisor count.

    (31) Represents amortization expense on forgivable loans for transition assistance to advisors and institutions.

    (32) Refers to active subscriptions related to professional services offerings (CFO Solutions, Marketing Solutions, Admin Solutions, Advisor Institute, Bookkeeping, Partial Book Sales, CFO Essentials, and Digital Marketing) and business optimizer offerings (M&A Solutions, Digital Office, Resilience Plans and Assurance Plans), as well as planning and advice services (Paraplanning, Tax Planning, and High Net Worth Services) for which subscriptions are the number of advisors using the service.

    (33) Reflects retention of total advisory and brokerage assets, calculated by deducting quarterly annualized attrition from total advisory and brokerage assets, divided by the prior quarter total advisory and brokerage assets.

    (34) Capital expenditures represent cash payments for property and equipment during the period.

    (35) Acquisitions, net represent cash paid for acquisitions, net of cash acquired during the period.

    (36) Represents a fair value adjustment to our contingent consideration liabilities that is reflected in other expense in the condensed consolidated statements of income.

    (37) Acquisition costs and other primarily include acquisition costs, costs incurred related to the integration of the strategic relationship with Prudential, an $18.0 million regulatory charge recognized during the three months ended September 30, 2024 related to an investigation of the Company’s compliance with certain elements of the Company’s AML compliance program, and a $40.0 million regulatory charge recognized during the three months ended September 30, 2023 to reflect the amount of a penalty proposed by the SEC as part of its civil investigation of the Company’s compliance with records preservation requirements for business-related electronic communications stored on personal devices that have not been approved by the Company.

    (38) M&A accretion is an adjustment to reflect the annualized expected run rate EBITDA of an acquisition as permitted by the Credit Agreement for up to eight fiscal quarters following the close of the transaction.

    The MIL Network

  • MIL-OSI: iRhythm Technologies Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 30, 2024 (GLOBE NEWSWIRE) —  iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today reported financial results for the three months ended September 30, 2024.

    Third Quarter 2024 Financial Highlights

    • Revenue of $147.5 million, an 18% increase compared to third quarter 2023
    • Gross margin of 68.8%, a 260-basis point increase compared to third quarter 2023
    • Unrestricted cash, cash equivalents and marketable securities of $522.0 million as of September 30, 2024

    Recent Operational Highlights

    • Strong quarterly registration volume driven by record demand from existing accounts combined with another record quarter of new account openings in the United States and record registrations in the United Kingdom
    • Received FDA 510(k) clearance for updates previously made to the Zio AT device as letter to file
    • Expanded global reach with commercial launch of Zio monitor in Austria, the Netherlands, Switzerland, and Spain, and received Japanese PMDA regulatory approval for Zio monitor, highlighting our continued commitment to bringing our innovative digital healthcare solutions to millions of people worldwide
    • Entered into technology license agreement with BioIntelliSense to incorporate medical grade, connected, multi-sensor capabilities into our future ambulatory cardiac monitoring products, positioning us to expand the capabilities of our product platform
    • Upcoming data at American Heart Association’s Scientific Sessions 2024 in Chicago from November 16–18

    “The third quarter of 2024 was an exceptional quarter of execution as our teams drove significant demand in our core business, made substantial progress in expanding our Zio services into global markets, and established an important licensing agreement with an external partner to drive future platform capabilities for long term growth,” said Quentin Blackford, president and chief executive officer of iRhythm. “Third quarter revenue growth of over 18% year-over-year was driven by record volume demand from existing accounts, and our field teams were also able to open a record number of new accounts during the quarter while continuing our expansion into primary care channels. We were also very pleased to be able to celebrate one million patients having been registered for Zio monitor – our newest generation, long-term continuous monitoring system – in October and have officially launched our first commercial account using Aura – Epic’s specialty diagnostics and devices suite.”

    “We also made tangible progress towards long-term initiatives to drive future growth. For the first time ever, we have achieved more than 10,000 billable registrations in a single quarter in the UK, and we are excited that we have begun receiving physician orders following commercial launch in four additional European countries. Furthermore, we have recently received a FDA 510(k) clearance for updates to our Zio AT device associated with our FDA remediation efforts, an ongoing and critical priority for our teams to demonstrate our commitment to quality, compliance and performance. With strong execution across multiple growth levers and with additional catalysts on the horizon, we could not be more excited about the future of iRhythm.”

    Third Quarter Financial Results
    Revenue for the third quarter of 2024 was $147.5 million, up 18% from $124.6 million during the same period in 2023. The increase was driven by growth in demand for Zio services.

    Gross profit for the third quarter of 2024 was $101.5 million, up 23% from $82.5 million during the same period in 2023, while gross margin was 68.8%, up from 66.2% during the same period in 2023. The increase in gross profit was primarily due to increased volume of Zio services provided due to higher demand. The increase in gross margin was primarily due to operational efficiencies as well as the absence of increased reserves for excess Zio XT printed circuit board assembly (PCBA) components that were incurred during the prior year.

    Operating expenses for the third quarter of 2024 were $151.8 million, compared to $110.1 million for the same period in 2023. Adjusted operating expenses for the third quarter of 2024 were $143.8 million, compared to $107.1 million during the same period in 2023. The increase in adjusted operating expenses was primarily driven by a $32.1 million charge for license consideration payable to BioIntelliSense that was recognized on iRhythm’s unaudited condensed consolidated statements of operations as acquired in-process research and development (“IPR&D”) expense during the third quarter of 2024. In alignment with SEC guidance around non-GAAP financial measures relating to acquired IPR&D expense, iRhythm does not exclude expenses related to acquired IPR&D from its non-GAAP results.

    Net loss for the third quarter of 2024 was $46.2 million, or a diluted loss of $1.48 per share, compared with net loss of $27.1 million, or a diluted loss of $0.89 per share, for the same period in 2023. Adjusted net loss for the third quarter of 2024 was $39.2 million, or a diluted loss of $1.26 per share, compared with an adjusted net loss of $24.1 million, or a diluted loss of $0.79 per share, for the same period in 2023. The increase in net loss was primarily driven by a $32.1 million charge for license consideration payable to BioIntelliSense that was recognized on iRhythm’s unaudited condensed consolidated statements of operations as acquired IPR&D expense during the third quarter of 2024.

    Unrestricted cash, cash equivalents, and marketable securities were $522.0 million as of September 30, 2024.

    2024 Annual Guidance
    iRhythm projects revenue for the full year 2024 to grow approximately 18% to 19% compared to prior year results, ranging from approximately $582.5 million to $587.5 million. Gross margin for the full year 2024 is expected to range from 68.5% to 69.0%. iRhythm now expects adjusted EBITDA margin for the full year 2024 to range from approximately negative 2% to negative 1.5% of full year revenues. Adjusted EBITDA guidance includes license consideration payable to BioIntelliSense that is recognized on iRhythm’s consolidated statements of operations as acquired IPR&D expenses, including a charge of approximately $32 million of expense incurred during the third quarter of 2024. In alignment with SEC guidance around non-GAAP financial measures relating to acquired IPR&D expense, iRhythm will not exclude expenses related to acquired IPR&D from its non-GAAP results, which include adjusted EBITDA.

    Webcast and Conference Call Information
    iRhythm’s management team will host a conference call today beginning at 1:30 p.m. PT/4:30 p.m. ET. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.

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

    Reclassifications
    Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications have no impact on previously reported results of operations or financial position.

    Use of Non-GAAP Financial Measures
    We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including adjusted EBITDA, adjusted net loss, adjusted net loss per share and adjusted operating expenses. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. See the schedules attached to this press release for additional information and reconciliations of such non-GAAP financial measures. We have not reconciled our adjusted operating expenses and adjusted EBITDA estimates for full year 2024 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, a reconciliation of adjusted operating expenses and adjusted EBITDA estimates is not available without unreasonable effort.

    Adjusted EBITDA excludes non-cash operating charges for stock-based compensation expense, changes in fair value of strategic investments, impairment and restructuring charges, business transformation costs, and loss on extinguishment of debt. Business transformation costs include costs associated with professional services, employee termination and relocation, third-party merger and acquisition, integration, and other costs to augment and restructure the organization, inclusive of both outsourced and offshore resources.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements include statements regarding financial guidance, market opportunity, ability to penetrate the market, anticipated productivity improvements and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about October 30, 2024. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    IRHYTHM TECHNOLOGIES, INC.
    Condensed Consolidated Balance Sheets
    (In thousands, except par value)
    (unaudited)

     
      September 30, 2024   December 31, 2023
    Assets      
    Current assets:      
    Cash and cash equivalents $ 519,535     $ 36,173  
    Marketable securities   2,496       97,591  
    Accounts receivable, net   77,427       61,484  
    Inventory   15,032       13,973  
    Prepaid expenses and other current assets   13,419       21,591  
    Total current assets   627,909       230,812  
    Property and equipment, net   122,390       104,114  
    Operating lease right-of-use assets   45,570       49,317  
    Restricted cash, long-term   8,358        
    Goodwill   862       862  
    Long-term strategic investments   59,059       3,000  
    Other assets   45,540       45,039  
    Total assets $ 909,688     $ 433,144  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 7,593     $ 5,543  
    Accrued liabilities   73,958       83,362  
    Deferred revenue   3,031       3,306  
    Operating lease liabilities, current portion   15,522       15,159  
    Total current liabilities   100,104       107,370  
    Long-term senior convertible notes   645,821        
    Debt, noncurrent portion         34,950  
    Other noncurrent liabilities   17,978       1,012  
    Operating lease liabilities, noncurrent portion   74,019       79,715  
    Total liabilities   837,922       223,047  
    Stockholders’ equity:      
    Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at September 30, 2024 and December 31, 2023          
    Common stock, $0.001 par value – 100,000 shares authorized; 31,516 shares issued and 31,287 shares outstanding at September 30, 2024, respectively; and 30,954 shares issued and outstanding at December 31, 2023   31       31  
    Additional paid-in capital   854,363       855,784  
    Accumulated other comprehensive loss   (66 )     (112 )
    Accumulated deficit   (757,562 )     (645,606 )
    Treasury stock, at cost; 229 and 0 shares at September 30, 2024 and December 31, 2023, respectively   (25,000 )      
    Total stockholders’ equity   71,766       210,097  
    Total liabilities and stockholders’ equity $ 909,688     $ 433,144  
    IRHYTHM TECHNOLOGIES, INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (unaudited)

     
        Three Months Ended September 30,   Nine Months Ended September 30,
          2024       2023       2024       2023  
    Revenue, net   $ 147,538     $ 124,604     $ 427,514     $ 360,170  
    Cost of revenue     46,062       42,130       135,051       115,790  
    Gross profit     101,476       82,474       292,463       244,380  
    Operating expenses:                
    Research and development     15,694       16,309       52,378       44,828  
    Acquired in-process research and development     32,069             32,069        
    Selling, general and administrative     103,375       93,768       318,797       285,531  
    Impairment charges     641             641        
    Total operating expenses     151,779       110,077       403,885       330,359  
    Loss from operations     (50,303 )     (27,603 )     (111,422 )     (85,979 )
    Interest and other income (expense), net:                
    Interest income     6,456       1,717       16,198       4,619  
    Interest expense     (3,329 )     (927 )     (9,501 )     (2,709 )
    Loss on extinguishment of debt                 (7,589 )      
    Other income (expense), net     1,182       (108 )     772       (143 )
    Total interest and other income (expense), net     4,309       682       (120 )     1,767  
    Loss before income taxes     (45,994 )     (26,921 )     (111,542 )     (84,212 )
    Income tax provision     188       195       414       495  
    Net loss   $ (46,182 )   $ (27,116 )   $ (111,956 )   $ (84,707 )
    Net loss per common share, basic and diluted   $ (1.48 )   $ (0.89 )   $ (3.59 )   $ (2.78 )
    Weighted-average shares, basic and diluted     31,262       30,607       31,147       30,470  
    IRHYTHM TECHNOLOGIES, INC.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (in thousands, except per share data)
    (unaudited)

        Three Months Ended September 30,   Nine Months Ended September 30,
          2024       2023       2024       2023  
    Adjusted EBITDA reconciliation*                
    Net loss1   $ (46,182 )   $ (27,116 )   $ (111,956 )   $ (84,707 )
    Interest expense     3,329       927       9,501       2,709  
    Interest income     (6,456 )     (1,717 )     (16,198 )     (4,619 )
    Changes in fair value of strategic investments     (1,059 )           (1,059 )      
    Income tax provision     188       195       414       495  
    Depreciation and amortization     5,135       4,067       15,426       11,434  
    Stock-based compensation     17,158       21,008       59,970       53,358  
    Impairment charges     641             641        
    Business transformation costs     7,360       2,999       8,656       14,094  
    Loss on extinguishment of debt                 7,589        
    Adjusted EBITDA   $ (19,886 )   $ 363     $ (27,016 )   $ (7,236 )
                     
    Adjusted net loss reconciliation*                
    Net loss, as reported1   $ (46,182 )   $ (27,116 )   $ (111,956 )   $ (84,707 )
    Impairment charges     641             641        
    Business transformation costs     7,360       2,999       8,656       14,094  
    Changes in fair value of strategic investments     (1,059 )           (1,059 )      
    Loss on extinguishment of debt                 7,589        
    Adjusted net loss   $ (39,240 )   $ (24,117 )   $ (96,129 )   $ (70,613 )
                     
    Adjusted net loss per share reconciliation*                
    Net loss per share, as reported1   $ (1.48 )   $ (0.89 )   $ (3.59 )   $ (2.78 )
    Impairment charges per share     0.02             0.02        
    Business transformation costs per share     0.24       0.10       0.28       0.46  
    Changes in fair value of strategic investments per share     (0.03 )           (0.03 )      
    Loss on extinguishment of debt per share                 0.24        
    Adjusted net loss per share   $ (1.26 )   $ (0.79 )   $ (3.09 )   $ (2.32 )
    Weighted-average shares, basic and diluted     31,262       30,607       31,147       30,470  
                     
    Adjusted operating expense reconciliation*                
    Operating expense, as reported   $ 151,779     $ 110,077     $ 403,885     $ 330,359  
    Impairment charges     (641 )           (641 )      
    Business transformation costs     (7,360 )     (2,999 )     (8,656 )     (14,094 )
    Adjusted operating expense   $ 143,778     $ 107,078     $ 394,588     $ 316,265  

    *Certain numbers expressed may not sum due to rounding.
    1 Net loss for the three and nine months ended September 30, 2024 includes $32.1 million of acquired in-process research and development expense.

    The MIL Network

  • MIL-OSI: Magic Empire Global Limited Announces First Half 2024 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Oct. 30, 2024 (GLOBE NEWSWIRE) — Magic Empire Global Limited (“MEGL” or the “Company”) (NASDAQ: MEGL), a financial services provider in Hong Kong which principally engages in the provision of corporate finance advisory services, today announced its unaudited financial results for the six months ended June 30, 2024.

    Overview:

      Revenue increased by approximately 26.9% from approximately HK$6.1 million for the six months ended June 30, 2023 to approximately HK$7.7 million (US$1.0 million) for the six months ended June 30, 2024
         
      Net income decreased by approximately 13.6% from approximately HK$0.7 million for the six months ended June 30, 2023 to approximately HK$0.6 million (US$80,000) for the six months ended June 30, 2024
         

    Six Month Financial Results Ended June 30, 2024

    Revenue. Revenue increased by approximately 26.9% from approximately HK$6.1 million for the six months ended June 30, 2023 to approximately HK$7.7 million (US$1.0 million) for the six months ended June 30, 2024. During the six months ended June 30, 2024, the Hong Kong capital markets and the general economic environment in Hong Kong remained difficult. In view of the market conditions of Hong Kong market, we diversified our business to explore projects of listing in other key capital markets such as the United States and we completed two financial advisory projects for clients pursuing listing on Nasdaq and our revenue from financial and independent advisory services significantly increased from approximately HK$0.2 million for the six months ended June 30, 2023 to approximately HK$6.9 million (US$0.9 million) for the six months ended June 30, 2024. Revenue from compliance advisory services decreased from approximately HK$1.4 million for the six months ended June 30, 2023 to approximately HK$0.5 million (US$59,000) for the six months ended June 30, 2024 due to completion of several of our compliance advisory projects during the six months ended June 30, 2024 and the decrease in the number of new IPOs in the Hong Kong market.

    Selling, general and administrative expenses. Selling, general and administrative expenses increased by approximately 27.6% from approximately HK$7.2 million for the six months ended June 30, 2023 to approximately HK$9.2 million (US$1.2 million) for the six months ended June 30, 2024, which was mainly due to (i) increase in staff costs resulting from increase in payroll and bonus to our staff; (ii) increase in travelling, accommodation and entertainment expenses due to increase in travelling for business development initiatives; and (iii) increase in depreciation charge.

    Other income, net. Other net income increased by approximately 13.7% from approximately HK$1.9 million for the six months ended June 30, 2023 to approximately HK$2.1 million (US$0.3 million) for the six months ended June 30, 2024, which was mainly due to the increase in interest income resulting from the increase in average cash balance.

    Income tax expense. Income tax expense was nil for the six months ended June 30, 2024 (six months ended June 30, 2023: nil) as we have available tax losses brought forward.

    Net income. Net income decreased by 13.6% from approximately HK$0.7 million for the six months ended June 30, 2023 to approximately HK$0.6 million (US$80,000) for the six months ended June 30, 2024, which was mainly due to the increase in selling, general and administrative expenses, partially offset by increase in revenue.

    Basic and diluted EPS. Basic and diluted EPS were approximately HK$0.03 (US$0.004) per ordinary share for the six months ended June 30, 2024, as compared to HK$0.04 per ordinary share for the six months ended June 30, 2023, respectively.

    About Magic Empire Global Limited

    Magic Empire Global Limited is a financial services provider in Hong Kong which principally engage in the provision of corporate finance advisory services and underwriting services. Its service offerings mainly comprise (i) IPO sponsorship services; (ii) financial advisory and independent financial advisory services; (iii) compliance advisory services; and (iv) underwriting services. For more information, visit the Company’s website at http://www.meglmagic.com.

    Exchange Rate Information

    This announcement contains translations of certain HK$ amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from HK$ to US$ were made at the rate of HK$7.8083 to US$1.00, the exchange rate on June 28, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the HK$ or US$ amounts referred could be converted into US$ or HK$, as the case may be, at any particular rate or at all.

    Safe Harbor Statement

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

    Hong Kong:

    Magic Empire Global Limited
    Ms. Vivien Tai
    Tel: +852 3577 8770
    E-mail: meglir@giraffecap.com 

    MAGIC EMPIRE GLOBAL LIMITED

    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

        As of  
        December 31,
    2023
        June 30,
    2024
        June 30,
    2024
     
        HK$     HK$     US$  
    ASSETS                        
    Current assets:                        
    Cash     92,407,813       92,659,337       11,866,775  
    Accounts receivable     2,302,436       1,656,000       212,082  
    Interest receivables     449,550       346,457       44,370  
    Deposits and prepayments     1,096,249       1,055,783       135,213  
                             
    Total current assets     96,256,048       95,717,577       12,258,440  
                             
    Non-current assets:                        
    Property and equipment, net     1,695,006       1,504,509       192,681  
    Right-of-use assets     1,658,382       710,735       91,023  
    Long-term investment     38,647,738       38,647,738       4,949,571  
                             
    Total non-current assets     42,001,126       40,862,982       5,233,275  
    Total assets     138,257,174       136,580,559       17,491,715  
                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                        
    Current liabilities:                        
    Accruals and other payables     1,079,000       263,003       33,682  
    Contract liabilities     1,164,000       664,000       85,038  
    Operating lease liabilities     1,746,317       757,717       97,040  
                             
    Total current liabilities     3,989,317       1,684,720       215,760  
                             
    Total liabilities     3,989,317       1,684,720       215,760  
                             
    COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY                        
    Ordinary shares, US$0.0001 par value, 300,000,000 shares authorized, and 20,256,099 shares outstanding as of December 31, 2023 and June 30, 2024 respectively     15,826       15,826       2,027  
    Additional paid-in capital     138,662,858       138,662,858       17,758,393  
    Accumulated deficits     (4,410,827 )     (3,782,845 )     (484,465 )
    Total shareholders’ equity     134,267,857       134,895,839       17,275,955  
    Total liabilities and shareholders’ equity     138,257,174       136,580,559       17,491,715  

      

    MAGIC EMPIRE GLOBAL LIMITED

    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

        For the six months ended  
        June 30,
    2023
        June 30,
    2024
        June 30,
    2024
     
        HK$     HK$     US$  
    REVENUE     6,081,430       7,719,600       988,640  
                             
    OPERATING EXPENSES:                        
    Selling, general and administrative expenses     (7,230,225 )     (9,224,710 )     (1,181,399 )
    Total operating expenses     (7,230,225 )     (9,224,710 )     (1,181,399 )
                             
    INCOME FROM OPERATIONS     (1,148,795 )     (1,505,110 )     (192,759 )
                             
    OTHER INCOME (EXPENSE)                        
    Interest income     1,957,509       2,166,502       277,461  
    Other expenses     (81,527 )     (33,410 )     (4,279 )
    Total other income, net     1,875,982       2,133,092       273,182  
                             
    INCOME BEFORE INCOME TAXES     727,187       627,982       80,423  
    INCOME TAX EXPENSES                  
    NET INCOME     727,187       627,982       80,423  
                             
    WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES                        
    Basic and diluted     20,256,099       20,256,099       20,256,099  
                             
    EARNINGS PER SHARE                        
    Basic and diluted     0.04       0.03       0.004  

    The MIL Network

  • MIL-OSI Global: ‘A Different Man’ examines tensions between personal identity and societal expectations

    Source: The Conversation – Canada – By Billie Anderson, Ph.D. Candidate, Media Studies, Western University

    This story contains spoilers about ‘A Different Man.’

    A Different Man, a new film by Aaron Schimberg, offers a complex and nuanced portrayal of disability, one that both disabled and non-disabled audiences can learn from.

    The film premiered at notable festivals and is now playing in select theatres.

    In an era where disability is receiving long-overdue attention in cinema and films are under greater scrutiny to authentically represent disability, A Different Man pushes the conversation. It does so by emphasizing disability is not merely a challenge to overcome — but an integral part of the human experience.

    It’s crucial for audiences to seek out this film, as its limited release means that many may miss out on Schimberg’s provocative exploration of the tensions between identity, performance and societal expectations.




    Read more:
    Despite its Oscar win, CODA is still a film that depicts deafness as a burden


    Perceptions of disability

    The story centres on Edward (played by Sebastian Stan), a man with neurofibromatosis — a condition that causes tumours to grow on nerves.

    After living for a long time with the condition, Edward seeks out an experimental drug meant to “fix” his appearance. The drug is successful and overnight, Edward transforms from disfigured to conventionally attractive.

    The narrative hinges on Edward’s struggle with self-esteem issues that stem from societal perceptions of his disability. However, the change in his outward appearance only deepens his internal conflict: although Edward physically transforms, his struggles with self-perception and societal rejection persist.

    Trailer for ‘A Different Man.’

    This highlights a critical point made by disability studies scholars, including Rosemarie Garland-Thomson, who argue that our culture pressures disabled individuals to conform to non-disabled norms. Norms about how to look, sure, but also norms about how to behave, communicate and even think.

    Even when the visible markers of disability are removed, the underlying societal pressures and biases remain, illustrating that the true challenge lies not in the body itself, but in the societal structures that dictate what is considered an acceptable life.

    Embracing one’s identity

    This message, however, is turned on its head when audiences meet Oswald, played by Adam Pearson.

    Oswald, who has the same disability that Edward was just cured of, embodies a different relationship with his appearance; he is confident and self-assured, fully embracing his identity without the desire to conform to societal expectations.

    Oswald’s confidence is evident in how he navigates the world unapologetically, refusing to hide or downplay his appearance, a stark contrast to Edward’s desire for transformation. Pearson plays Oswald with a larger-than-life charisma, reminiscent of an Austin Powers type — loud, brash and fully aware of his own charm.

    This boldness not only serves as comic relief but also positions Oswald as a character who owns every room he walks into, subverting what disability studies scholars David T. Mitchell and Sharon L. Snyder argue are expectations of disabled people as passive or self-conscious figures.

    By embracing this energetic, self-assured persona, Oswald disrupts the traditional narrative that disabled people must seek a “cure” or hide their differences to be accepted or achieve happiness.

    His character challenges audiences to rethink the value society places on external appearance, demonstrating that self-acceptance can be far more powerful than fitting into conventional standards of beauty or normalcy.

    Through Oswald’s defiant approach, A Different Man invites viewers to question whether the real issue lies in disability or in society’s limited perceptions of what it means to live fully. Perhaps more than that, for disabled viewers, Oswald’s character offers a refreshing alternative — a model of self-acceptance that defies the pressure to overcome, and instead embrace, radical difference.

    Appearance and conformity

    This contrast raises important questions about the value society places on appearance and conformity. Through Oswald, the film critiques the prevailing belief that a “normal” life — a non-disabled life — is synonymous with happiness or fulfilment.

    Schimberg pushes back against reductive portrayals of disability that have long been seen in the film industry that either elicit pity or offer a misguided sense of inspiration. A Different Man offers a more nuanced and honest representation, capturing the complexity that disability can be: simultaneously challenging and liberating, visible yet invisible, empowering yet stigmatizing.

    With Edward and Oswald as richly developed characters, each embodies distinct relationships with their disabilities — neither character “incorrect” in their interpretation of their lived experience. These contradicting portrayals illustrate it is possible to craft authentic narratives that reflect the realities of disabled life, while also challenging our perception of disability, and highlighting the real struggles that disabled people overcome.

    Questions of identity

    One of the most striking aspects of A Different Man is how it handles identity. After Edward’s transformation, he adopts the name “Guy” and begins living a double life, even wearing a replica of his old face as a mask for a theatre role.

    This surreal detail critiques the performance of disability in the film industry — a theme Schimberg also explored in his 2018 film, Chained for Life.

    Disabled actors are often cast because of their differences, but they are still expected to perform that difference in ways that conform to able-bodied expectations.

    Authenticity in disability representation

    In A Different Man, the relationship between how disabled individuals are perceived by others and their own lived experiences raises crucial questions about authenticity in disability representation.

    Can a non-disabled actor like Sebastian Stan authentically portray a disabled character? Or does it reinforce the objectification of disabled bodies? Schimberg invites the audience to grapple with these questions.




    Read more:
    Mad Max: Fury Road was a pioneering portrayal of disability. Furiosa is a letdown


    Such questions and a shift toward complexity is critical as audiences and filmmakers increasingly recognize the need for inclusive storytelling that goes beyond race and gender to encompass disability.

    As disability studies scholars Mitchell and Snyder argue, narratives that embrace multifaceted identities can disrupt the status quo, offering new insights into how society views disabled individuals outside of the cinema.

    A Different Man serves as a roadmap for these richer portrayals, inviting viewers to engage with the complexities of identity, societal expectations and the human body. The film signifies a reimagining of cinema’s potential to elevate marginalized voices and foster a deeper understanding of diverse experiences that shape people’s stories about disability.

    Billie Anderson 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. ‘A Different Man’ examines tensions between personal identity and societal expectations – https://theconversation.com/a-different-man-examines-tensions-between-personal-identity-and-societal-expectations-241100

    MIL OSI – Global Reports

  • MIL-OSI New Zealand: Your rates in action – an Auckland that is thriving and beautiful

    Source: Auckland Council

    1 July 2024

    Your rates help deliver a wide range of day-to-day activities and services, and support investment in Auckland’s assets.

    For 2024/2025, Auckland has some of the lowest rates rises in the country, at 6.8 per cent for the average value residential property. 

    We are working hard to keep your rates down by carefully balancing the need to strengthen the financial and physical resilience of Auckland, while investing where it is needed most to manage growth.

    What your rates deliver

    Your rates support community services and activities that make Auckland thriving and beautiful. This includes improving public transport, maintaining parks, providing local and regional events, delivering environmental services, rubbish collection and a variety of community facilities and services.

    A rising population means your rates need to work hard to meet increasing demand for the activities and services council provides and supports.

    Where we are investing

    We’ve been planning for the region’s growth and have just completed our Long-term Plan 2024-2034, which sets out how Auckland Council will use your rates to improve the daily lives of Aucklanders.

    This includes making the most of what we have and investing where it is needed most. This involves extensive investment in capital projects across the region, as well as funding many services for Aucklanders.

    In the next 10 years, your rates will help deliver:

    More travel choices
    Better public transport and new travel solutions (including a $50 capped weekly public transport pass).

    Safer, improved transport
    Investments to alleviate congestion, improve public transport and address safety issues.

    Flood protection
    Reducing existing flood risks, prevention, awareness and preparation.

    Rejuvenated neighbourhoods
    Regeneration continuing in Wynyard Quarter, City Centre, Takapuna, Northcote, Henderson, Avondale, Maungawhau, Panmure, Onehunga, Papatoetoe, Manukau, Pukekohe and Ormiston.

    Community investment
    Increased sports and recreation facilities through a $35 million fund, continued library and digital services, community-led arts and cultural activities, and local development. Local boards have a new, fairer funding model to support local communities.

    A transformed city centre
    A City Centre Masterplan will deliver a vibrant city centre, regenerating midtown to benefit from the City Rail Link and progress toward transforming Wynyard Point, the port and waterfront.

    A safer city
    We are increasing community patrols and CCTV surveillance to keep people safe in our city centres.

    Food scraps collection
    All urban households will have weekly kerbside food scraps collection. Rates-funded refuse collection will also be phased in for North Shore, Waitakere, Papakura, Franklin and Rodney.

    A growing Auckland economy
    Promoting Auckland as a great place to live, work, invest, study and visit – continuing our large cultural events and securing international and domestic events.

    Well-managed local government
    The Auckland Future Fund will help improve the financial and physical resilience of the council. The council will also be progressing Maori outcomes and continuing with storm recovery activities.

    Want to learn more?

    Our Long-term Plan 2024-2034 is our 10-year plan for Auckland.

    It focuses on our physical and financial resilience, while investing where it is needed most to manage growth. We are doing this in a way that recognises cost of living concerns and provides the greatest benefit to our communities.

    To learn more about all the investment priorities where your rates will go in the coming decade, see the Long-term Plan 2024-2034.

    MIL OSI New Zealand News

  • MIL-OSI: Altair Signs Definitive Agreement with Siemens to be Acquired for $10.6 Billion

    Source: GlobeNewswire (MIL-OSI)

    TROY, Mich., Oct. 30, 2024 (GLOBE NEWSWIRE) — Altair (Nasdaq: ALTR), a global leader in computational intelligence, today announced that it has entered into a definitive agreement to be acquired by Siemens, a leading technology company focused on industry, infrastructure, mobility, and healthcare. Altair stockholders will receive $113.00 per share in cash, representing an equity value of approximately $10.6 billion.  The $113.00 per share cash consideration represents a 19% premium to the closing price of Altair common stock on October 21, 2024, the last trading day prior to media speculation regarding a potential transaction, and a 13% premium to Altair’s unaffected all-time high closing price.

    “This acquisition represents the culmination of nearly 40 years in which Altair has grown from a startup in Detroit to a world-class software and technology company. We have added thousands of customers globally in manufacturing, life sciences, energy and financial services, and built an amazing workforce, and innovative culture,” said James Scapa, Altair’s founder and CEO. “We believe this combination of two strongly complementary leaders in the engineering software space brings together Altair’s broad portfolio in simulation, data science, and HPC with Siemens’ strong position in mechanical and EDA design.  Siemens’ outstanding technology, strategic customer relationships, and honest, technical culture is an excellent fit for Altair to continue its journey driving innovation with computational intelligence.”

    “Acquiring Altair marks a significant milestone for Siemens. This strategic investment aligns with our commitment to accelerate the digital and sustainability transformations of our customers by combining the real and digital worlds. The addition of Altair’s capabilities in simulation, high performance computing, data science, and artificial intelligence together with Siemens Xcelerator will create the world’s most complete AI-powered design and simulation portfolio,” said Roland Busch, President and CEO of Siemens AG. “It is a logical next step: we have been building our leadership in industrial software for the last 15 years, most recently, democratizing the benefits of data and AI for entire industries.”

    Approvals and Timing

    The transaction, which was unanimously approved by the Altair Board of Directors, is expected to close in the second half of 2025, following the receipt of regulatory approvals, Altair stockholder approval and the satisfaction of customary closing conditions. Upon completion of the transaction, Altair’s common stock will no longer be listed on any public stock exchange.

    Third Quarter 2024 Financial Results

    In a separate press release, Altair today announced its third quarter fiscal year 2024 financial results.  The press release is available on the Investor Relations section of the Company’s website.  In light of the announced transaction with Siemens, Altair has cancelled its earnings conference call previously scheduled for 5:00 p.m. ET / 2:00 p.m. PT this afternoon, October 30, 2024.

    Advisors

    Citi and J.P. Morgan Securities LLC are serving as financial advisors to Altair, and Davis Polk & Wardwell LLP and Lowenstein Sandler LLP are serving as the Company’s legal advisors.  

    About Altair
    Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com

    About Siemens

    Siemens AG (Berlin and Munich) is a leading technology company focused on industry, infrastructure, mobility, and healthcare. The company’s purpose is to create technology to transform the everyday, for everyone. By combining the real and the digital worlds, Siemens empowers customers to accelerate their digital and sustainability transformations, making factories more efficient, cities more livable, and transportation more sustainable. Siemens also owns a majority stake in the publicly listed company, Siemens Healthineers, a leading global medical technology provider shaping the future of healthcare. In fiscal 2023, which ended on September 30, 2023, the Siemens Group generated revenue of €74.9 billion and net income of €8.5 billion. As of September 30, 2023, the company employed around 305,000 people worldwide on the basis of continuing operations. Further information is available on the Internet at www.siemens.com.

    Important Information and Where to Find It

    This communication relates to a proposed transaction between Altair and Siemens Industry Software Inc. (“Parent”). In connection with this proposed transaction, Altair will file a Current Report on Form 8-K with further information regarding the terms and conditions contained in the definitive transaction agreements and a proxy statement on Schedule 14A or other documents with the United States Securities and Exchange Commission (the “SEC”). This communication is not a substitute for any proxy statement or other document that Altair may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF ALTAIR ARE URGED TO READ THE PROXY STATEMENT, INCLUDING THE DOCUMENTS INCORPORATED BY REFERENCE INTO THE PROXY STATEMENT, AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The definitive proxy statement, when available, will be mailed to stockholders of Altair as applicable. Investors and security holders will be able to obtain free copies of these documents, when available, and other documents filed with the SEC by Altair through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Altair will be available free of charge on Altairs internet website at https://investor.altair.com or by contacting Altair’s primary investor relations contact by email at ir@altair.com or by phone at (248) 614-2400.

    Participants in Solicitation

    Altair, Parent, Siemens AG, their respective directors and certain of their respective executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of Altair, their ownership of Altair common shares, and Altair’s transactions with related persons is set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 22, 2024 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0001701732/000095017024018804/altr-20231231.htm), in its proxy statement on Schedule 14A for its 2024 Annual Meeting of Stockholders in the sections entitled “Corporate Governance Matters,” “Security Ownership of Certain Beneficial Owners and Management” and “Transactions with Related Persons”, which was filed with the SEC on April 5, 2024 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0001701732/000119312524087903/d722499ddef14a.htm), certain of its Quarterly Reports on Form 10-Q and certain of its Current Reports on Form 8-K.

    These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.

    No Offer or Solicitation

    This communication is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    Forward Looking Statements

    This communication contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact, including statements regarding the proposed transaction, including the expected timing and closing of the proposed transaction; Altair’s ability to consummate the proposed transaction; the expected benefits of the proposed transaction and other considerations taken into account by the Altair Board of Directors in approving the proposed transaction; the amounts to be received by stockholders and expectations for Altair prior to and following the closing of the proposed transaction, may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future of Altair based on current expectations and assumptions relating to Altair’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: (i) the timing to consummate the proposed transaction, (ii) the risk that a condition of closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur, (iii) the risk that a regulatory approval that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated, (iv) the diversion of management time on transaction-related issues, (v) risks related to disruption of management time from ongoing business operations due to the proposed transaction, (vi) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of Altair, (vii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Altair to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, (viii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, dated October 30, 2024, with Siemens (the “Merger Agreement”), including in circumstances requiring Altair to pay a termination fee, (ix) the risk that competing offers will be made; (x) unexpected costs, charges or expenses resulting from the merger, (xi) potential litigation relating to the merger that could be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto, (xii) worldwide economic or political changes that affect the markets that Altair’s businesses serve which could have an effect on demand for Altair’s products and impact Altair’s profitability and (xiii) disruptions in the global credit and financial markets, including diminished liquidity and credit availability, changes in international trade agreements, including tariffs and trade restrictions, cyber-security vulnerabilities, foreign currency volatility, swings in consumer confidence and spending, raw material pricing and supply issues, retention of key employees, increases in fuel prices, and outcomes of legal proceedings, claims and investigations. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Altair’s filings with the SEC, including the risks and uncertainties identified in Part I, Item 1A – Risk Factors of Altair’s Annual Report on Form 10-K for the year ended December 31, 2023 and in Altair’s other filings with the SEC. The list of factors is not intended to be exhaustive.

    These forward-looking statements speak only as of the date of this communication, and Altair does not assume any obligation to update or revise any forward-looking statement made in this communication or that may from time to time be made by or on behalf of Altair.

    Media Relations
    Jennifer Ristic
    216-849-3109
    jristic@altair.com 

    Investor Relations
    Stephen Palmtag
    669-328-9111
    spalmtag@altair.com 

    The MIL Network

  • MIL-OSI Australia: Outstanding service recognised at Wallan

    Source: Victoria Country Fire Authority

    Deputy Group Officer Peter Roylance received the CFA Outstanding Service Medal (pictured with his wife Jenny)

    Wallan Fire Brigade Members and their families and friends gathered on Saturday 19 October to recognise more than 350 years of combined service to CFA and the community.

    More than 80 past and present CFA members, family and friends were joined by Interim CEO Robyn Harris and Acting Commander Paul Brislin at the Wallan Bowls Club for the annual Wallan Fire Brigade presentation dinner.

    Captain Tim Benetti thanked members for their tireless commitment to the brigade and acknowledged the family support that enables CFA volunteers to do what they do.

    “You are the lifeblood of the brigade and I’d like to thank all of you for the time you’ve given to helping protect our community over the past 12 months,” Tim said.

    “I’d like to thank the unsung heroes – the wives, husbands, partners, mums, dads, children and others…. a heartfelt thank you from a captain who’s job would be much more difficult if it wasn’t for your support.”

    Tim also spoke about the incredibly busy year for the brigade, responding to 336 calls last financial year – the busiest year in the brigade’s 87-year history – and the brigade’s achievements including the delivery of the new heavy tanker in May.

    Interim CEO Robyn Harris and Acting Commander Paul Brislin presented CFA service awards to Kacie Graham (five years), Brenton Allan and Chris Hill (10 years), Taylor Campbell, Chris Walker, Braydan Fletcher, Hayley Hanson, Justin Cardiff, Andrew South and Sue Howitt (15 years), Hayden McMennemin (20 years) and John Meldrum (35 years).

    National Emergency Medals for the 2019-20 bushfires were presented to Andrew South, Hayley Hanson, Peter Roylance and Nathan Anderson. 

    National Medals were presented to Justin Cardiff, Travis Gray, Andrew South, Allie Tuddin, John Tuddin, Nathan Anderson (1st Clasp), Deb Hanson (1st Clasp) and Colin Prentice (1st Clasp).

    Deputy Group Officer and Brigade President Peter Roylance, who MCd the evening, was presented with the CFA’s highest internal award, the Outstanding Service Medal to recognise his more than half a century dedicated to the protection of life and property from fire and other emergencies.

    Peter joined Epping Fire Brigade in 1971 at age 15 and has maintained an exceptional level of commitment to CFA throughout his volunteer service. He has held an elected leadership role in a brigade or group (often at the same time) for the past 49 years and has mentored countless volunteers on their CFA journeys.

    In accepting his award, Peter thanked his family and brigade members for their support and reflected on his years of service.

    “These things don’t happen without family support and that’s been a big part of my achievement throughout the years of service,” Peter said.

    “I just love being there and listening to the different opinions and the conversations, from the newest member of the organisation to the 70-year-old member. It all means something in the big mix of things.

    “The fire brigade became my real passion at age 15, because in those days you could become a senior firefighter at 15. From the word go, I was just totally dedicated totally to CFA and it has just been there all that time.

    “Thank you very much. I’m just absolutely stoked.”

    The evening’s formalities concluded with the presentation of internal brigade awards to Captain Tim Benetti, Firefighter Edward Martin and Firefighter Chris Answer, and the unveiling of a new Brigade Life Members honour board.

    Live music and raffles entertained members into the night.

    Photos courtesy of Uniform Photography.

    Submitted by Christopher Brockwell

    MIL OSI News

  • MIL-OSI Global: I research rap lyrics and testified in a Toronto rapper’s murder trial

    Source: The Conversation – Canada – By Jabari M. Evans, Assistant Professor of Race and Media, School of Journalism and Mass Communications, University of South Carolina

    Toronto rapper Top5 appearing in his music video ‘Movie’ featuring the rappers Why G and Bundog. The Crown recently stayed murder charges against Top5 after a judge ruled his lyrics and social media content could not be used as evidence. (YouTube/Top5)

    In May, I was in my office grading papers when an email came through from Arika, a paralegal working for Toronto lawyer Gary Grill. They were reaching out to me about potentially serving as an expert witness in a murder trial. The case involved Hassan Ali, better known as the rapper Top5, who was charged in 2021 with first-degree murder in the shooting of 20-year-old accounting student Hashim Omar Hashi.

    Arika mentioned that they had come across my research on drill rap and hoped I could testify on the inadmissibility of rap lyrics and music videos as criminal evidence. Without hesitation, I agreed.

    As an academic expert on hip-hop culture, Black youth, the music industry and the digitization of artistic expression, my research explores the intersection of cultural production, race and legal systems, focusing particularly on drill music culture.

    Drill music is a subgenre of hip-hop that originated in Chicago, characterized by its gritty, raw lyrics focused on street life, violence and survival, often reflecting the harsh realities of inner-city environments.

    Lyrics as evidence

    In September, a judge ruled that Top5’s social media posts, music videos and lyrics were inadmissible as evidence, recognizing that much of what he posted was part of his artistic persona. As a result, the charges against him were stayed.

    The Canadian legal system, like its U.S. counterpart, has allowed these forms of creative expression to be weaponized against artists. This was evident in the case of Chael Mills and Lavare Williams, where rap lyrics were used as evidence contributing to their convictions for murder. That case (and others like it) opened the door for rap lyrics to be used against artists in court, further entrenching harmful stereotypes about Black men and violence. This practice is unjust and perpetuates racial biases.

    Though Top5’s lyrics didn’t explicitly threaten the victim in this case, the prosecution used songs and social media posts in which he alludes to the Go Getem Gang (his crew) being a criminal group. In 2023, he appeared in a music video while in prison where he said: “I was 18 when I bought a gun, 22 when I shot your son.”

    Using rap lyrics and music videos as evidence is not only unfair but it perpetuates the dangerous assumption that rappers’ personas are entirely authentic representations of who they are. This often results in creative expression being misinterpreted as autobiographical fact, jeopardizing someone’s freedom based on their art.

    However, when I delved into Top5’s online presence, I was struck by just how sensational his persona was. Beyond the music videos, he is an avid vlogger and live streamer, frequently discussing recent shootings, open cases involving his friends and making overt threats toward his rivals — all while name-dropping his connections, including Drake. He was using social media in a way that blurred the line between artistic performance and self-incrimination.

    This placed me in a difficult moral position. Reviewing all the evidence and seeing Top5’s brazen online behaviour made me wonder whether defending him would undermine my larger argument: that rap lyrics and videos shouldn’t be used as evidence because they are artistic expressions, not confessions.

    However, this internal debate led me to reaffirm my stance: the very assumptions I was grappling with were precisely what I had been fighting against. Even if Top5 seemed to push the boundaries, it was still unjust for the legal system to interpret his art and social media as literal truths.

    ‘Heard of Me’ by Top5 featuring Why G.

    Clout chasing

    What became clear to me was that Top5, like many young rappers, was caught in the grip of clout chasing — a phenomenon driven by the need for attention and validation in today’s social media age.

    Clout chasing isn’t just about gaining followers; it reflects deeper issues in society, especially among Black youth.

    As sociologist Elijah Anderson described, the tension between earning respect in the streets and striving for middle-class success is central to understanding drill rappers like Top5. On one side, Black youth are encouraged to adopt “decency” as defined by white society and achieve upward mobility through socially acceptable means.

    On the other, they must navigate the “code of the streets,” where respect is earned through fearlessness and survival, often in defiance of mainstream societal norms.

    Top5’s rise illustrates this tension vividly. His strategy for visibility online relied heavily on broadcasting the most sensational aspects of his life — threats, rivalries and bravado — all while crafting a persona as a street entrepreneur.

    However, Top5’s lyrics, videos and social media posts exist in a gray area between reality and performance art. What Hassan Ali creates as Top5 is a carefully constructed character, not a confession to crimes.

    This distinction is crucial in understanding why these forms of expression should not be used as evidence in court. The very nature of rap as a genre involves exaggeration, metaphor and artistic license, and treating it as literal truth is both unjust and misleading.

    The broader implications of clout chasing and the digital age on legal proceedings are significant. Top5’s use of digital clout is, in many ways, a symptom of what some scholars have called “emotional illiteracy” among some young Black men — a kind of bravado or fearlessness that manifests as aggression or recklessness online.

    Yet, this behaviour is often misunderstood. It’s not about incriminating oneself. It’s about asserting one’s worth and survival in a society that has long marginalized young Black voices.

    A trailer for ‘As We Speak: Rap Music on Trial,’ a documentary that explores the weaponization of rap lyrics in the U.S. criminal justice system.

    Legal implications

    The judge’s decision in Top5’s case was groundbreaking. It underscored that even in an era of social media oversharing, courts must be careful not to conflate performance with reality. For the first time, a court acknowledged that an artist’s social media content could be as much a part of their creative self-expression as their lyrics or music videos.

    This ruling was not only significant for rap and hip-hop artists who have long been subjected to legal scrutiny based on their work. It also signals a growing recognition that creative expression — whether in the form of lyrics, videos or even Instagram posts — cannot be treated as literal fact without risking injustice.

    As rap music continues to evolve and engage with social issues, it’s imperative that the legal system evolves alongside it, developing a more nuanced understanding of artistic expression in the digital age.

    Using rap music as evidence in criminal trials is not just a legal issue but a cultural one. It speaks to how society views Black art and Black lives. By treating rap lyrics as confessions, the legal system perpetuates harmful stereotypes about Black men as inherently violent or criminal.

    The decision in Top5’s case represents a step forward, but the fight for justice is far from over. We must remain vigilant in protecting the creative freedoms of all artists, regardless of how controversial their work may seem.

    Jabari M. Evans 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. I research rap lyrics and testified in a Toronto rapper’s murder trial – https://theconversation.com/i-research-rap-lyrics-and-testified-in-a-toronto-rappers-murder-trial-241884

    MIL OSI – Global Reports

  • MIL-OSI Security: Former Officer Pleads Guilty to Embezzling More than $30,000 from DC Department of Corrections Union

    Source: Office of United States Attorneys

               WASHINGTON – Andra Parker, 65, of Capitol Heights, Maryland, pleaded guilty today to wire fraud for embezzling tens of thousands of dollars from a D.C. Department of Corrections Labor Union.

               The guilty plea was announced by U.S. Attorney Matthew M. Graves, FBI Acting Special Agent in Charge David Geist of the Washington Field Office Criminal and Cyber Division, and Special Agent in Charge Troy W. Springer of the National Capital Region, U.S. Department of Labor – Office of Inspector General (DOL-OIG).

               Parker, a former D.C. Corrections officer, served as Chairman of the Labor Committee, an organization that represents all members of the D.C. Department of Corrections, from June 2018 through approximately April 2019. As Chairman, Parker had full access to the Labor Committee’s bank accounts to carry out his official duties and was issued a debit card.

               As part of his guilty plea, Parker admitted that he misappropriated more than $30,000 of union funds to pay for unofficial travel, lodging, and entertainment for him and his friends. For example, he spent more than $7,000 on a trip to New York city for his friends and him, including $4,000 on rooms and expenses at a Times Square hotel, more than $370 on tickets to a New York Knicks game, and an additional $616 on tickets to Summer: The Donna Summer Musical. He also spent more than $2,000 in union funds to purchase four tickets to a Diana Ross concert in North Bethesda, Maryland.

               The Honorable Rudolph Contreras, who accepted Parker’s guilty plea, scheduled sentencing for March 6, 2025. 

               This case was investigated by the FBI’s Washington Field Office and the DOL-OIG. Assistance was also provided by the DOL – Office of Labor-Management Standards.

               This case is being prosecuted by Assistant U.S. Attorneys Joshua Gold and Kondi Kleinman of the Fraud, Public Corruption, and Civil Rights Section, with assistance from Paralegal Specialist Sonalika Chaturvedi.

    23cr0186

    MIL Security OSI

  • MIL-OSI Australia: Working together to enhance community safety in Hobart

    Source: Tasmania Police

    Working together to enhance community safety in Hobart

    Thursday, 31 October 2024 – 9:57 am.

    Tasmania Police and City of Hobart council staff have again collaborated to conduct a public safety operation in Hobart’s CBD.
    Inspector John Toohey said the effort conducted last night demonstrated an ongoing united approach to community safety and security, after a successful operation in July.
    “Last night our combined resources, including Hobart Police, Taskforce Saturate, and the Dog Handler Unit, worked alongside City of Hobart staff to monitor CCTV in real-time and provide an enhanced response capability,” he said.
    “As a result of the operation, five arrests were made, two summonses issued, one person was referred to the drug diversion process, two will be dealt with under the Youth Justice Act and three people were issued infringement notices.”
    “Offences included breaching a police family violence order, breach of a restraint order, stealing, breaching bail, possess a controlled drug or plant, possess thing used to administer a controlled drug, possess an open container of liquor, possess a dangerous article and possess ammunition when not the holder of a firearm licence.”
    “These collaborative efforts are crucial in ensuring Hobart continues to be a safe and enjoyable place for everyone.”
    “We encourage all community members to support this initiative by staying vigilant and reporting any incidents to police.”
    Hobart Lord Mayor Anna Reynolds highlighted the importance of the City’s collaboration with Tasmania Police in promoting community safety, following similar successful operations in Wellington Court and at Salamanca.
    “Our aim is to make Hobart’s CBD and surrounding areas safe, welcoming, and vibrant, supporting businesses and ensuring everyone enjoys the city,” Cr Reynolds said.
    “With our partnership with Tasmania Police, we’re building a strong community and instilling confidence.
    “This safety blitz is a proactive way to enhance Hobart’s atmosphere, and we’re committed to creating a harmonious public space.”
    “We encourage everyone to support this effort by staying aware, reporting incidents, and looking out for one another.
    “Together, we can keep Hobart safe and enjoyable for all.”
    Results:
    A 32-year-old man was arrested and charged with breaching a Police Family Violence Order and breach of bail, he was detained for court.
    A 15-year-old girl was arrested for breaching a restraint order and stealing, she has been released and summonsed.
    A 14-year-old girl was arrested and charged with stealing; she was bailed to appear.
    A 16-year-old girl was arrested and charged with stealing; she was bailed to appear.
    A 56-year-old man was taken into custody for public intoxication, he will be released when sober.
    A 24-year-old man will be summonsed for possess thing used for the administration of a controlled drug.
    A 20-year-old man will be summonsed for possess ammunition when not the holder of a firearm licence and possess a controlled weapon, namely pepper spray.
    A 37-year-old man has been referred to the drug diversion process after being found in possession of a controlled drug, namely LSD.
    A 35-year-old man was issued a liquor infringement notice for possessing an open container of liquor in a public place.
    A 23-year-old man was issued a liquor infringement notice for possessing an open container of liquor in a public place.
    A 17-year-old girl will be dealt with under the Youth Justices Act for possess thing used for the administration of a controlled drug.
    A 14-year-old girl will be dealt with under the Youth Justices Act after being found in possession of a controlled drug, namely cannabis.
    17 formal directions to leave the CBD were also issued.

    MIL OSI News

  • MIL-OSI Australia: APRA increasing scrutiny of expenditure by superannuation trustees

    Source: Allens Insights

    Increased surveillance and potential for enforcement action 8 min read

    APRA recently announced in a letter to all superannuation trustees that it will intensify scrutiny of ‘fund-level expenditure to hold RSE Licensees accountable to improve practices’ and ‘reduce spending that is deemed to not be in members’ best financial interests’.

    In this Insight, we highlight what APRA plans to do over the coming 12 months through surveillance and enforcement action and areas of its likely focus, and then set out practical steps trustees can take now to prepare for increased scrutiny and possible enforcement action from APRA.

    What APRA plans to do about trustee expenditure

    Over the next 12 months, APRA will prioritise its supervision of fund expenditure where member benefit is not immediately evident or may not be reasonably justified. It is this expenditure which we assume is at risk of being deemed not to be in members’ best financial interests by APRA.

    APRA Deputy Chair Margaret Cole also warned this week that APRA is prepared to ‘test the limits of the law’ in this area if needed, which we interpret to mean a willingness to commence proceedings even where there may be legal uncertainty about the application of the law to expenditure by trustees.

    APRA will take a targeted approach, partly informed by expense data that RSE licensees were required to submit to APRA. It will initially focus on ‘discretionary expenditure’ such as travel, entertainment and conferences, outliers (which we take to mean RSE licensees with higher expenses than their peers), and particular types of payees and payments.

    It says its focus will be informed by ‘market intelligence and matters of public interest’. The reference to ‘public interest’ suggests APRA may be reacting to issues raised in the media or public criticism of individual funds and their expenses, and APRA may be more likely to target these trustees for scrutiny and enforcement action.

    APRA’s interest in trustee expenditure is not new, but its announcements are a warning to trustees that it is looking closely at this area and wants to be seen to be taking action against trustees who are not complying with their obligations.

    APRA is already engaging with a number of trustees following its review of initial expense data. The review isn’t finished and APRA has said trustees can expect it to issue notices requiring information that demonstrates how trustees determined that expenditure is in members’ best financial interests. In reviewing expenditure decisions, APRA will consider governance, conflicts of interest and attestations from management (as recommended under the updated SPG 515 from 1 July 2025) and the role of accountable persons under the Financial Accountability Regime (FAR). It has foreshadowed imposing rectification measures where warranted, and will make enforcement actions public where appropriate.

    The focus on expenditure by trustees ties in with APRA’s stated aim in the 2024-25 corporate plan of improving transparency around expenses and a focus on compliance by trustees with the updated SPS 515, which commences from 1 July 2025. APRA flagged in the plan that it will use the new, more detailed expense data it receives ‘to identify trustees with outlying expenditure for certain discretionary expense categories and will intensify supervisory efforts accordingly’.

    Steps trustees can take to anticipate APRA action

    Given APRA’s clear warning that it will focus on trustee compliance with expenditure obligations in the next 12 months, including increased surveillance and potential for enforcement action, trustees should take steps now to prepare and anticipate issues APRA may raise. Failure to do so may itself open trustees to criticism. This could include:

    1. Reviewing compliance of existing expenditure management policies and processes

    While APRA’s level of scrutiny and apparent willingness to take enforcement action are new, the obligations are not.

    Trustees have obligations under the SIS Act to perform their duties and exercise their powers in the best financial interests of beneficiaries, to give priority to beneficiaries’ interests where there is a conflict, and to comply with the sole purpose test. They are also subject to existing requirements in SPS 515 to demonstrate that decisions about business operations that result in significant expenditure will contribute to meeting the trustee’s strategic objectives.

    All trustees should have governance policies and processes in place for complying with these requirements. This would include an expenditure management policy and procedures for reviewing and approving expenditure, including escalation of decisions to senior management or the board for significant decisions.

    Trustees should check that their policies and procedures are up to date and that they are following their own policies and procedures when making decisions about budgets and expenses. Those people who will become their accountable persons should be taking reasonable steps now to make sure they are being applied.

    It is these things that will enable trustees to demonstrate to APRA that they have complied with their duties in making expenditure decisions if required.

    2. Reviewing high-risk expenses

    APRA is likely to focus its scrutiny on certain types of expenses, including advertising, sponsorships, corporate entertainment, political donations and related-party transactions.

    Trustees may want to review these categories of expenses—particularly where they are significant or where the link to financial interests of beneficiaries is not evident. A good starting point would be expense data that has been reported to APRA, as APRA will use the same data to identify areas for further scrutiny.

    Trustees should test whether they can demonstrate that good governance processes were followed when approving expenses and that the decisions were consistent with the trustee’s obligations. They should identify documents and information that could be produced to evidence the approval process if APRA raises concerns.

    An internal review could bring to light expenditure decisions that potentially lack justification on the available information, in which case the trustee may need to reconsider the decisions or identify and document any additional information available to support the decisions. It is important to remember that some expenditure may have an indirect connection to members’ best financial interests and can be justified on this basis—such as spending on employee benefits that assists in recruitment and retention of good employees that ultimately benefits members.

    3. Checking on progress in implementing updated SPS 515 and SPG 515

    The updated SPS 515 was finalised in July 2024 and takes effect from 1 July 2025. It includes additional requirements around expenditure management that apply to all expenditure decisions (not just to ‘significant expenditure’), and the new SPG 515 includes revised guidance with a focus on trustees’ duties to act in the best financial interests of beneficiaries, more scrutiny of expenditure that involves conflicts or provides incidental benefits to third parties, and greater focus on accountability around expenditure decisions.

    Trustees will need to review and update their policies, procedures and governance arrangements to address the new requirements and APRA’s expectations by 1 July 2025. Trustees should be in a position to provide APRA with an update on progress in this area, including timeframes and anticipated changes to their existing arrangements.

    4. Testing whether some expenses may be outside the regulatory regime

    The requirements in SPS 515 and the guidance in SPG 515 purport to apply broadly to ‘expenditure decisions’ by an RSE Licensee ‘relating to its business operations’. There is an important unresolved issue around how far APRA’s scrutiny will go, and whether it will extend beyond the use by trustees of fund assets for expenses.

    There is an important distinction between trustee business models that is not acknowledged in SPS 515 or SPG 515. Some trustees pay expenses directly from fund assets relying on their right of indemnity or exoneration. Other trustees charge a fee for their services and then meet expenses out of their personal assets. Many trustees do both—with the proportion of expenses coming from fund assets or personal assets varying depending on the trustee’s business model.

    The source of funding for expenses has important implications for the trustee’s obligations in relation to expenditure decisions. Trustees are required to comply with the SIS Act obligations to act in the best financial interests of beneficiaries, give priority to their interests and ensure consistency with the sole purpose test only where they are performing a trustee’s duties or exercising a trustee’s powers. In spending their own money, they are doing neither of these things (although some restrictions apply to the use of trustee capital which is maintained to meet operational risk loss events).

    It is not at all clear whether SPS 515 and SPG 515 acknowledge this distinction. While the guidance refers to the requirement to ‘have robust governance and oversight of fund expenditure’, which suggests it is intended to apply only to expenses paid from fund assets, SPS 515 imposes requirements on a trustee when it makes ‘an expenditure decision relating to its business operations’. On its face, this appears to apply equally to expenditure from fund assets or the trustee’s personal assets.

    In its letter to trustees, APRA says it will prioritise supervisory attention on ‘fund expenditure’. Whether it gives this a narrower meaning confined to trustees spending fund money, or whether it includes a broader range of expenditure by trustees, is yet to be seen. This could be one area where it decides to ‘test the limits of the law’. SPS 515 also includes new obligations in relation to the setting of fees—including to ensure the fee is ‘appropriate and proportionate, having regard to factors such as the arm’s-length value of the features and services that the fee relates to’. While this raises separate issues, it could provide another means for APRA to regulate the ability of trustees to pay for expenses out of their own funds.

    5. Preparing a ‘playbook’ for responding to APRA notices or enforcement action

    Given APRA has issued a letter to trustees saying it intends to increase scrutiny on expenditure and issue notices to trustees, trustees should prepare now to be able to respond to those notices in an efficient and cost-effective way.

    We suggest trustees plan now:

    • A process to ensure that, when a notice is received, it is quickly referred to those responsible for preparing a response, to avoid wasting time in the initial phase.
    • The resources available and governance arrangements to be followed in responding to any notice, including identifying key accountable individuals and specifying roles and responsibilities, identifying advisers who will be briefed to assist in any response, setting out a process for obtaining input from a range of stakeholders, and setting out the approval and escalation process, including indicative timeframes required for review of draft responses.
    • Collating relevant policy and procedures documents so they can be quickly produced and, to the extent possible, preparing draft responses in relation to governance arrangements and key areas of likely scrutiny.
    • Preparing a public relations and press engagement strategy in the event issues are first raised in the media or come to light following an APRA notice (although given the nature of the investigations, having regard to the interests of members).

    The plan should have input from key senior management and individuals who will be involved in any response.

    What’s next?

    APRA’s focus on fund expenditure over the coming 12 months will require trustees to consider their expenditure management arrangements again, and potentially to respond to scrutiny of their governance or individual expenditure decisions. APRA’s warning gives trustees a rare opportunity to anticipate issues and prepare a response plan ahead of time. A failure to do so could itself be cause for criticism by APRA.

    MIL OSI News

  • MIL-OSI Asia-Pac: 2024 Edition of “Hong Kong Annual Digest of Statistics” published

    Source: Hong Kong Government special administrative region

    2024 Edition of “Hong Kong Annual Digest of Statistics” published
    2024 Edition of “Hong Kong Annual Digest of Statistics” published
    ***************************************************************************

         The 2024 Edition of the “Hong Kong Annual Digest of Statistics” was published by the Census and Statistics Department (C&SD) today (October 30). The Digest is available for downloading at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1010003&scode=460).      The Digest is a comprehensive and convenient collection of official statistics. It contains some 300 statistical tables on a wide range of topics, including: – Population- Labour- External trade- National income and Balance of Payments- Prices- Business performance- Innovation and technology- Energy- Housing and property- Government accounts, finance and insurance- Transport, communications and tourism- Education- Health- Social welfare- Law and order- Culture, entertainment and recreation- Environment, climate and geography      This Digest aims to provide key annual statistical series on various aspects of the social and economic developments of Hong Kong. Most of the data series presented reflect the latest situation covering a time span of the last decade, enabling readers to understand the trends of development in recent years. Descriptions of the scope of the statistical data and definitions of the terms used in this Digest are provided in the “Concepts and methods” in each chapter.      Enquiries about the “Hong Kong Annual Digest of Statistics” can be directed to the Statistical Information Dissemination Section (1) of the C&SD (Tel: 2582 5073; email: gen-enquiry@censtatd.gov.hk).

     
    Ends/Wednesday, October 30, 2024Issued at HKT 16:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI: Netcompany – Final transactions in connection with share buyback programme

    Source: GlobeNewswire (MIL-OSI)

    Company announcement
    No. 47/2024

                                                     30 October 2024

    On 14 August 2024, Netcompany Group A/S (“Netcompany”) announced that a share buyback programme of up to DKK 150m and a maximum of 1,000,000 shares had been initiated with the purpose of adjusting Netcompany’s capital structure and meeting its obligations relating to share-based incentive programmes.

    The share buyback programme is executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and the provisions of Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the “Safe Harbour Regulation”). The share buyback programme was set to end no later than 29 October 2024.

    Today, Netcompany announces the final transactions carried out under the current share buyback programme.

    The following transactions have been executed in the period 25 October 2024 to 29 October 2024:

      Number of shares Average purchase price, DKK Transaction value, DKK
    25-10-2024  4,000  308.07  1,232,280
    28-10-2024  4,000  308.59  1,234,360
    29-10-2024  6,500  309.67  2,012,855
    Accumulated for the period 14,500  4,479,495
    Accumulated under the programme 495,800 149,990,713

    Detailed information on all transactions under the share buyback programme during the period is included in the attached appendix.

    Following the above transactions, Netcompany owns a total of 2,228,909 treasury shares corresponding to 4.5% of the total share capital.

    Additional information
    For additional information, please contact:

    Netcompany Group A/S
    Thomas Johansen, CFO, +45 51 19 32 24
    Frederikke Linde, Head of IR, +45 60 62 60 87

    Attachments

    The MIL Network

  • MIL-OSI Russia: Cinema Park “Moskino” invites you to a historical program in honor of National Unity Day

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    On November 3 and 4, the Moskino Cinema Park will present a large-scale historical reconstruction for National Unity Day. The holiday is dedicated to an important event in Russian history that united the country — the liberation of Moscow from Polish-Lithuanian occupation in 1612. City residents and tourists will be able to travel back to those times, get acquainted with the daily life of the residents and see how the militia of Kuzma Minin and Dmitry Pozharsky defeats the invaders in a decisive battle.

    “150 reenactors from Moscow, Vologda, Nizhny Novgorod, Tolyatti and Kaluga will take part in recreating the atmosphere and events of the 17th century. Visitors will be treated to more than 60 historical shows, master classes, lectures, concerts and performances,” she said.

    Natalia Sergunina, Deputy Mayor of Moscow.

    The main part of the program will take place in the Cathedral Square decorations. At 11:00 on November 3 and 4, guests are invited to watch the troop parade, at 12:00 — the performance of horsemen, at 13:00 — maneuvers and drill training of riflemen and pikemen. The largest will be the reconstruction of the decisive battle of the second people’s militia led by Prince Dmitry Pozharsky with the Polish-Lithuanian army, the victory in which helped lead the country out of the Time of Troubles. The event will begin at 17:00.

    Craft classes and interactive activities will be held from 10:00 to 18:00. The territory will house a camp, command headquarters, folk theater, archery range, as well as mints and printing houses. Craftsmen will offer to master the art of blacksmithing and pottery, calligraphy, practice throwing a lasso and pikemanship. Also planned are performances by artists of the court and puppet theaters, lectures on musical instruments of those times and old Russian games.

    Tours of exhibitions of national costumes, military equipment and the everyday life of Muscovites in the 17th century will help you to immerse yourself in the atmosphere of the era.

    On the Gonzaga Theatre site, folk music and dance groups will perform at 12:00 on the weekend. On Sunday at 17:00, there will be a meeting with producer and director Eduard Boyakov. In December, he will organize a multimedia show in the cinema park, the plot of which is connected with the events of the Time of Troubles.

    On November 3 and 4, the Uyezdny Gorod set will host an immersive performance based on the novel by Ilya Ilf and Yevgeny Petrov, The Twelve Chairs. In addition, at various venues, those wishing to do so will be able to take part in filming scenes based on cult films such as The Man from Boulevard des Capucines and Buratino, as well as take photos as the characters from the films.

    Additional information and conditions of visit are published on the websitecinema park “Moskino”.

    How to get there, where to buy a ticket and what to take with you: instructions for guests of the Moskino cinema park

    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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://vvv.mos.ru/nevs/item/145912073/

    MIL OSI Russia News

  • MIL-OSI United Kingdom: BLOG: Sound Connections – How Liverpool and New York are Striking the Right Chord for Music Tourism

    Source: City of Liverpool

    Following a trade and investment mission to the United States, Liverpool’s Head of UNESCO City of Music, Kevin McManus spent some time in New York looking at ways in which to boost music tourism to Liverpool. He writes about how the trip explored how more meaningful links can be developed between the two great music cities.

    You can make a good argument that the two greatest music cities in the world are Liverpool and New York.  ( Nashville, Memphis and New Orleans may try and force themselves into the reckoning as well but let’s ignore them for now…!)

    I was fortunate enough to recently spend a couple of days in New York as part of a Liverpool City Region Combined Authority mission to the US and was keen to look at what opportunities there are to link the two cities’ music sectors to our mutual advantage.

    There are no two ways about it, New York is an amazing city with an incredible music heritage which is why almost every musician wants to play there. New York is still a hugely important centre for the music industry and I was there to see what meaningful links we could begin to develop between the two cities. Historically of course The Beatles led the British music invasion of the US in the ‘60s and the Strawberry Fields corner of Central Park is a memorial to the life of John Lennon.

    There are more recent success stories such as that of Sentric Music, the Liverpool founded music publisher which still has its HQ in our city, but has its North American base in New York. I caught up with the Sentric team who are steadily building the company’s US profile which is great advertisement for the fact that you can grow a global music business from Liverpool.

    We had a really useful, practical session with Visit Britain and we were able to talk to them about the strength of the Liverpool music brand and how we could work together to grow music tourism to the city.

    We tried to make the most of our visit by meeting with key people from the sector and a big thanks to a former colleague Vanessa Reed, now President of New Music USA, for introducing me to Shira Gans (from the New York Mayor’s Office) and Erika Elliott from Summer Stage.  

    It was a joy to meet Shira and Erika as well as catching up with Vanessa and they gave us so much food for thought as well as being receptive to developing a meaningful relationship with us. Hopefully these links will lead to opportunities for our artists and music businesses in the US.

    Of course it wasn’t all one way.

    We wanted to find out more about what was happening in New York, but at the same time we wanted the chance to share our exciting plans. We have an awful lot to be proud of at the moment in terms of our music sector and the ambition we are demonstrating through initiatives such as Accelerator City and our plans for a Music Hub and an immersive music attraction.
    Supported by the City Region Music Board Liverpool, music is going places and part of the mission is to say to music businesses in the US that if they are looking for a UK or a European base then they should look to Liverpool first.

    MIL OSI United Kingdom

  • MIL-OSI Security: NATO Acting Deputy Secretary General to visit Croatia

    Source: NATO

    On Wednesday, 30 October 2024, the NATO Acting Deputy Secretary General, Ambassador Boris Ruge, will travel to Zagreb, Croatia.

    Ambassador Ruge will meet with the Prime Minister, Mr Andrej Plenković, and the Deputy Prime Minister and Minister of Defence, Mr Ivan Anušić.

    He will also attend a joint session of the Foreign Affairs Committee and the Delegation of the Croatian Parliament to the NATO Parliamentary Assembly (NPA), at the Croatian Parliament.

    The event will be streamed live on the Croatian Parliament’s YouTube channel.

    For more information:

    For general queries: contact the NATO Press Office
    Follow us on X: @NATO, @RugeBoris and @NATOPress

    MIL Security OSI

  • MIL-OSI Europe: Frontex reintegration assistance: supporting returnees in their home countries

    Source: Frontex

    Frontex is responsible for implementing the EU Reintegration Programme (EURP), which helps individuals who return both voluntarily and non-voluntarily to their home countries re-establish their lives. The programme provides a range of support services, from accommodation to starting a business, helping returnees to integrate into their communities and build a sustainable future. The Agency works closely with local partners to ensure the successful implementation of these services, while also monitoring the delivery to ensure they meet the EU standards.

    In the past months, Frontex has conducted several monitoring missions in different regions as part of its commitment to ensuring the effectiveness of the reintegration programme. These missions help the Agency assess the support provided to returnees, gather feedback from beneficiaries, and identify areas for improvement. Recent monitoring missions were carried out in Morocco, Bangladesh, and Armenia, offering valuable insights into the programme’s impact on returnees’ lives.

    Monitoring missions to Morocco, Bangladesh, and Armenia

    One of these missions took place in Morocco, where the Agency brought a visit to its local reintegration partner, Fondation Orient-Occident (FOO), to discuss technical issues encountered with the EURP delivery. The reintegration assistance provided in Morocco includes professional training and business start-up support, which helps returnees become self-sufficient and contribute to their local economy.

    During the mission, Frontex officers and fundamental right monitor had an opportunity to discuss with FOO staff daily challenges related to their work as well as its results. FOO workers explained that the reintegration programme helped the returnees to establish small businesses, using financial support to purchase equipment and launch their ventures. Despite some challenges with accessibility in rural areas, FOO colleagues ensured that EURP beneficiaries were satisfied in general with the assistance received, and in particular with  securing income-generating activities.

    “Reintegration support allows returnees to come back to their countries with a sense of dignity. NGOs working in the area of reintegration need to navigate a complex landscape to successfully provide the assistance,” shared Ewa, a reintegration specialist.  

    “Fondation Orient Occident impressed us with their premises and facilities at the Headquarter in Rabat, which invite people to discuss, learn, create, work, and simply spend time together. They have rooms dedicated to different activities such as crafting, music, conference room, as well as some dedicated to children care and education. Migrants have opportunity to expose and sell their products in a small marketplace situated in the heart of the FOO Headquarter,” added Karolina, a reintegration expert.

    In Bangladesh, the mission revealed the impact of the reintegration programme on returnees’ livelihoods. The local partner, BRAC, works with returnees to provide comprehensive support, including medical care, psychological services, and financial aid. Many returnees have used this financial assistance to start small businesses, with some beneficiaries investing in livestock, such as cows, to provide ongoing income for their families. One of the highlights of the mission was visiting a farm where returnees proudly showcased the cows they had purchased with funds from the programme, enabling them to support themselves and their communities.

    Frontex observed that the EU Reintegration Programme is successfully meeting returnees’ essential needs while offering them a path to sustainable reintegration. Returnees expressed their satisfaction with the support received, praising the programme for providing them with the means to rebuild their lives and establish stable incomes. The mission also identified opportunities for improving the programme’s delivery to ensure it continues to meet the needs of returnees in the most efficient way possible.

    “It was fascinating to see how reintegration assistance is implemented on the ground. Visiting cattle markets, meeting returnees at their farms or businesses, and witnessing the positive impact of the programme was very insightful. I was impressed by BRAC’s dedication and professionalism, going beyond the EURP provisions to support returnees, sometimes using their own resources. Seeing their work across all districts was truly inspiring,” said Robert, a reintegration expert.

    “Our visit allowed us to see the real people behind the program documentation, both the counsellors and the beneficiaries. The honesty with which they shared their experiences, successes, and challenges, as well as their migration stories allowed us to understand their reality better,” added Natalia, EURP reintegration specialist.

    “Living conditions in countries like Bangladesh are difficult. Reintegration programmes are essential to making a real impact, helping people stay and rebuild their lives,” concluded Grigorios Tsioukas, Frontex Deputy Fundamental Rights Officer.

    The most recent mission took place in Armenia to monitor the delivery of assistance to returnees provided by Frontex local reintegration partner, Armenian Caritas. The mission allowed Frontex to assess how financial assistance and economic counselling help returnees re-establish themselves in their communities. During the mission, the team met several returnees who had used financial assistance to launch small businesses, such as a returnee who opened a fruit and vegetable shop and a taxi driver.

    Returnees expressed satisfaction with the assistance they received, highlighting the importance of business support in helping them become self-sufficient. The mission team, which included a Fundamental Rights Monitor, found that Armenian Caritas’ services align with the programme specifications and EU standards.

    Katarzyna, EURP reintegration specialist explains how important support for vulnerable groups is: “To fully understand the reintegration processes, its essential to recognise the unique characteristics of Armenia, where the migration landscape primarily involves families with children and elderly. Support for vulnerable groups is especially important and requires communication and coordination between the Member State, Frontex and Reintegration Partner to ensure timely and tailored assistance. Armenian Caritas is a very well-established organisation able to refer returnees to other services for specialised support, such as medical clinics or social services.”

    More about Frontex reintegration assistance

    The EU Reintegration Programme offers comprehensive support to individuals returning voluntarily to their home countries, including financial aid, healthcare, vocational training, and psychological support. Frontex’s monitoring missions help ensure that these services meet returnees’ needs and meet the EU standards. The Agency works with local reintegration partners to ensure returnees can successfully rebuild their lives and become active members of their communities.

    Click here for more information.

    MIL OSI Europe News

  • MIL-OSI Economics: Northern Ireland Named As The UK’s Future ‘Silicon Valley’

    Source: Samsung

     

     
    LONDON, UK – October 30, 2024 – Samsung Electronics Co. (UK) Ltd has unveiled that Northern Ireland is set to become the ‘Silicon Valley’ of the United Kingdom, with a staggering 77% of young people in the country looking to pursue a career in technology. The findings align with data from the Intellectual Property Office, which shows that patent applications have increased by 33% in Northern Ireland between 2022-23, compared to an increase of just 11% in London.
     
    Whilst a high proportion of young people living in the Capital are considering working in technology (69%), other potential hotbeds for future innovators include the West Midlands (63%), North-East (63%), East of England (62%), East Midlands (61%) and Yorkshire and The Humber (57%).
     
    In terms of cities, Coventry scored highly (79%), with Cambridge (76%) and Birmingham (71%) also being seen as future hotbeds for inventions and tech.
     
    When it comes to motivation, almost half (48%) of young people polled were confident that they could invent or develop a technology product that would positively impact society. This desire for ‘tech for good’ can also be seen amongst the 85% of young people who believe that a career in technology would allow them to positively contribute to society, and the 20% who would be interested in working in tech start-ups with societal purpose. Other key areas of technology young people aspire to have a career in include app development (41%), cybersecurity (35%), AI for Good (31%) and health-based technology (30%).
     
    The findings have been released as Samsung launches its fifth Solve for Tomorrow competition, which aims to find and support young innovators across the UK.
     
    The research revealed that although young people are particularly ambitious when it comes to their ability to make positive change to the world through tech, they are facing challenges in making this a reality. In fact, the study found 39 per cent of those polled believe there are too few resources for them to make a change in society through technology. This is despite a third (33%) believing they have what it takes to create the next big tech invention.
     

     
    Breaking Barriers To Entry
     
    Despite the ambition of young people across the country, there’s still a strong sense that making a change in the world through tech isn’t an option for everyone. When asked, 96% of young people believed there are barriers to entering the tech industry, and 65% believe that their personal background impacts their ability to harness their creativity through tech.
     
    A lack of education (40%), practical experience (36%) and lack of contacts or mentors in the industry (31%) were listed as the top barriers to entry for young people.
     
    Samsung’s Solve for Tomorrow competition asks 16–25-year-olds to come up with ideas that help solve societal challenges, then help bring them to life through offering free educational workshops, mentoring, funding and support.
     

     
    Commenting on the competition launch, Soohyun Jessie Park, Head of Corporate Social Responsibility at Samsung Electronics UK, said: “We’re beyond excited to kick-off our fifth year of Solve for Tomorrow. Innovation is for everyone and no young person should ever feel discouraged to pursue a good idea. This is why we’re proud to be working with our partners Social Mobility Foundation and InnovateHer again this year. Our research shows the UK is full of young people with confidence and potential, but they still feel like they don’t have the support they need to make a difference through tech. That’s what the Solve for Tomorrow programme aims to address.”
     
    Applications to the competition are now open, following a panel discussion launch event held at Samsung KX to inspire future changemakers, and featuring rapper and entrepreneur, Krept. The competition offers two age categories – 16-18 and 18-25. Winning teams in both categories receive £10,000 cash prize in funding, and three months expert mentoring with a personalised action plan, to help bring their ideas to life. Young people across the country can visit the Solve For Tomorrow website for more information, and enter here.
     

     
    About his role as a Solve for Tomorrow ambassador, British musician, broadcaster and entrepreneur, Krept. said: “As an entrepreneur, I’ve been in the position where you have an idea but you don’t know how to make it a reality. It’s a struggle everyone faces, but unfortunately, it’s easier for some to get around that than others. Programmes like Solve for Tomorrow from Samsung are great – they help remove the barriers young people face, whether it’s not having a degree or not knowing the right person – I’m thrilled to be involved in this initiative.”
     
    Talking at the panel event at KX, Sarah Atkinson, CEO of Social Mobility Foundation, said of the programme partnership: “Talent is everywhere, but opportunity is not. At The Social Mobility Foundation, we work towards creating a culture where young people from all social backgrounds can thrive, leading to more representation and innovation. Solve for Tomorrow equips and empowers young minds to create solutions to real-world issues and we are proud to be partnering again with Samsung on this exciting initiative.”
     
    Chelsea Slater, CEO at InnovateHer, also commented: “We’re thrilled to partner with Samsung on the Solve for Tomorrow initiative, which aligns perfectly with InnovateHer’s mission to empower the next generation of diverse innovators. This programme gives young people, especially girls, the opportunity to tackle real-world problems using technology, while building essential skills for the future. By working together, we’re ensuring that more young women are inspired, included, and equipped to lead in the tech industry—helping to create a more inclusive and innovative future for everyone.”
     
    To enter this year’s competition, go to: www.samsung.com/uk/solvefortomorrow/competition/
     
    Methodology Consumer research was commissioned to 1,000 UK teenagers aged 13-19 between the 4th and 10th October 2024 by OnePoll. Onepoll are members of ESOMAR and comply with the ESOMAR guidelines for online research.
    Patent information was obtained via the Intellectual Property Office.
     

    MIL OSI Economics

  • MIL-OSI Asia-Pac: TRAI releases Consultation Paper on ‘Framework for Service Authorizations for provision of Broadcasting Services under the Telecommunications Act, 2023’

    Source: Government of India (2)

    Posted On: 30 OCT 2024 1:06PM by PIB Delhi

    The Telecom Regulatory Authority of India (TRAI) has today released a Consultation Paper on ‘Framework for Service Authorizations for provision of Broadcasting Services under the Telecommunications Act, 2023’.

    The Ministry of Information and Broadcasting (MIB) through a letter dated 25th July 2024, sent a reference to TRAI informing that the Telecommunications Act, 2023 has been published in the Official Gazette of India. Section 3(1)(a) of the Telecommunications Act, 2023, which is yet to be notified, provides for obtaining an authorization by any entity/ person intending to provide telecommunication services, subject to such terms and conditions, including fees or charges, as may be prescribed.

    In respect of the broadcasting services, the reference has apprised that many broadcasting platforms (which employ radio waves and spectrum for offering services) viz. DTH, HITS, IPTV, Uplinking/Downlinking of television channels (including teleports), SNG, DSNG, Community Radio, FM Radio etc. are issued license/ permission/ registration by MIB under Section 4 of the Indian Telegraph Act, 1885, which is replaced by the Telecommunications Act, 2023.

    The Ministry also shared a background note providing the details of the policy guidelines of various licenses/ permissions/ registrations issued by MIB and the relevant sections of the Telecommunications Act, 2023 that may have a bearing on the terms and conditions of authorizations.

    MIB, through the said letter dated 25.07.2024, under Section 11(1)(a) of the TRAI Act, 1997, requested TRAI to provide its recommendations on the terms and conditions, including fees or charges; for authorization to provide broadcasting services, with the objective of aligning it to the Telecommunications Act, 2023 and harmonizing the terms and conditions across various service providers, so that the terms and conditions for the authorizations of broadcasting services may be notified as Rules under the Telecommunications Act, 2023.

    Accordingly, a Consultation Paper on ‘Framework for Service Authorizations for provision of Broadcasting Services under the Telecommunications Act, 2023’ has been placed on the TRAI’s website (www.trai.gov.in) for seeking comments/ counter comments from the stakeholders. Written comments on the issues raised in the Consultation Paper are invited from stakeholders by 20th November 2024 and counter-comments by 27th November 2024, respectively.

    The comments/ counter-comments may be sent, preferably by email to  advbcs-2@trai.gov.in and jtadvisor-bcs@trai.gov.in. For any clarification/ information, Shri Deepak Sharma, Advisor (Broadcasting & Cable Services), TRAI may be contacted at Tel. No. +91-11- 20907774.

    ****

    SB/DP/ARJ

    (Release ID: 2069479) Visitor Counter : 81

    MIL OSI Asia Pacific News

  • MIL-OSI USA: DLNR News Release – STATEWIDE CELEBRATIONS FOR ARBOR DAY THIS WEEKEND, Oct. 29, 2024

    Source: US State of Hawaii

    DLNR News Release – STATEWIDE CELEBRATIONS FOR ARBOR DAY THIS WEEKEND, Oct. 29, 2024

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

     

    DEPARTMENT OF LAND AND NATURAL RESOURCES

     

    JOSH GREEN, M.D.
    GOVERNOR

     

    DAWN CHANG
    CHAIRPERSON

     

    NEWS RELEASE 

     

    FOR IMMEDIATE RELEASE

    October 29, 2024

     

    STATEWIDE CELEBRATIONS FOR ARBOR DAY THIS WEEKEND

     

    (HONOLULU) – Arbor Day in Hawaiʻi is Nov. 2, a day to honor and celebrate trees where we live, work, learn and play. Communities across the state are hosting a variety of tree-focused events this Saturday with tree giveaways, educational booths, and volunteer tree plantings.

     

    Kaulunani, the urban and community forestry program of the DLNR Division of Forestry and Wildlife (DOFAW), supports various Arbor Day events annually. This year promises a range of opportunities for participants to connect with trees, from learning about those that provide food to native trees that thrive in Hawaiʻi and support unique ecosystems.

     

    In South Kona on Hawaiʻi Island, the Hawaiʻi ʻUlu Cooperative and Amy Greenwell Ethnobotanical Garden are partnering to host an Arbor Day celebration that focuses on food security and building community. The event will take place at the Greenwell Garden on Nov. 2, from 9 a.m. to 2 p.m. and feature a native plant sale, food trucks, hula, music, keiki activities, garden tours and more.

     

    “Growing ʻulu enhances community wellbeing and culture by providing connection to place, local history and nourishment,” said Dana Shapiro, co-founder and CEO of the Hawaiʻi ʻUlu Cooperative. “The West Hawaiʻi community historically supported Kaluʻulu, one of the largest ʻulu agroforests of Hawaiʻi, and we want to educate residents about this historic region and its past agricultural abundance.”

     

    Community members are encouraged to bring family and friends. At many events, local experts will be on hand to share their experience and insights.

     

    “We invite all residents to come together to plant trees and grow our shared community forests in Hawaiʻi,” said Dr. Heather McMillen, DOFAW urban and community forester. “Every tree we plant and care for contributes to the health of our islands and creates a hopeful future for our keiki.”

     

    Events across the state on Nov. 2 include:

     

    • Kauaʻi: Garden Island Resource Conservation & Development will host its annual tree giveaway and education event at Kukui Grove Shopping Center in Līhuʻe.
    • Oʻahu: The Urban Garden Center in Pearl City will give away grafted fruit trees.
    • Molokaʻi: Molokaʻi Land Trust in Kualapuʻu will host its second annual native tree giveaway.
    • Maui: Maui Nui Botanical Gardens in Kahului will host its annual Arbor Day Garden Expo & tree giveaway.

     

    For additional information and to find an event near you, visit Kaulunani.org to view a list of celebrations by island and location.

    # # #

    RESOURCES

    (All images/video courtesy: DLNR)

    Photographs – Arbor Day 2024 (various):

    https://www.dropbox.com/scl/fo/j6cpflo99mbbkpdg5bbjq/AFT3-aUA1hqYhhK8gLYkZJ4?rlkey=2qbl9bg9dgogrb6cep6nc5zsw&st=cyiggymo&dl=0

     

    Arbor Day Hawaiʻi Kaulunani Website: https://dlnr.hawaii.gov/forestry/lap/kaulunani/arbor-day-in-hawaii/

     

    Benefits of Trees: https://dlnr.hawaii.gov/forestry/lap/kaulunani/why-trees/ https://vibrantcitieslab.com/

     

    Sign up to receive an ʻulu tree at the South Kona Arbor Day event: https://docs.google.com/forms/d/e/1FAIpQLSdvYOWhL7zuaG6SQcUD8jwJE0stErcU2AQXKlp_vIw_rGLOfA/viewform?usp=sf_link

     

     

    Media Contact: 

    Ryan Aguilar

    Communications Specialist

    Hawaiʻi Dept. of Land and Natural Resources

    808-587-0396

    [email protected]

    MIL OSI USA News

  • MIL-OSI: Dayforce Reports Third Quarter 2024 Results¹

    Source: GlobeNewswire (MIL-OSI)

    Dayforce® recurring revenue of $333.2 million, up 19%

    Total revenue of $440.0 million, up 17%

    Year-to-date net cash provided by operating activities of $200.1 million, up 54%

    MINNEAPOLIS and TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Dayforce, Inc. (“Dayforce” or the “Company”) (NYSE:DAY) (TSX:DAY), a global leader in human capital management (“HCM”) technology, today announced its financial results for the third quarter ended September 30, 2024.

    “Our dedicated team achieved excellent results in the third quarter, positioning us to finish 2024 with strength,” said David Ossip, Chair and CEO of Dayforce. “Dayforce recurring revenue grew 19% year-over-year, and year-to-date cash flows from operating activities were up 54%, underscoring our ability to both grow and generate profits at scale. We continue to see organizations across the globe realize greater value as they simplify their people operations with the all-in-one Dayforce platform.”

    “In the third quarter, we repurchased approximately $30 million worth of shares under our $500 million share repurchase program that we launched last quarter highlighting our progress in enhancing our overall profit profile and the flexibility of our cash-generative business model,” said Jeremy Johnson, CFO of Dayforce. “Looking forward, we are excited to meet many of our investors in-person at our inaugural Investor Day alongside our Dayforce Discover conference in Las Vegas where we will outline our strategy for future growth.” 

    Financial Highlights for the Third Quarter 20241

    • Total revenue was $440.0 million, an increase of 16.6%, or 16.7% on a constant currency basis.
    • Dayforce recurring revenue was $333.2 million, an increase of 19.2%, or 19.3% on a constant currency basis. Excluding float revenue, Dayforce recurring revenue was $292.0 million, an increase of 18.9%, or 19.0% on a constant currency basis.
    • Cloud recurring gross margin was 79.0%, compared to 77.0%. Adjusted cloud recurring gross margin was 79.9%, compared to 78.3%.
    • Operating profit was $20.8 million compared to $26.5 million. Adjusted operating profit was $103.2 million compared to $89.4 million.
    • Net income was $2.0 million, compared to net loss of $3.8 million. Adjusted net income was $74.5 million, compared to $58.3 million.
    • Adjusted EBITDA was $126.1 million, compared to $107.2 million.
    • Diluted net income per share was $0.01, compared to diluted net loss per share of $0.02. Adjusted diluted net income per share was $0.47, compared to $0.37.
    • Net cash provided by operating activities for the nine months ended September 30, 2024 was $200.1 million, compared to $129.6 million for the nine months ended September 30, 2023. Free cash flow for the nine months ended September 30, 2024 was $117.3 million, compared to $41.3 million for the nine months ended September 30, 2023.

    Supplemental Detail

    • 6,730 customers were live on the Dayforce platform as of September 30, 2024, an increase of 73 customers since June 30, 2024 and an increase of 384 customers since September 30, 2023, or 6.1% year-over-year.2
    • Dayforce recurring revenue per customer was $159,496 for the trailing twelve months ended September 30, 2024, an increase of 14.9%.3
    • The average float balance for Dayforce’s customer funds during the quarter was $4.48 billion and the average yield on Dayforce’s float balance was 4.0%, an increase of 20 basis points year-over-year. Float revenue from invested customer funds was $45.6 million for the three months ended September 30, 2024.
    • The average U.S. dollar to Canadian dollar foreign exchange rate was $1.36 for the three months ended September 30, 2024, compared to $1.34 for the three months ended September 30, 2023. Dayforce presents percentage change in revenue on a constant currency basis in order to exclude the effect of foreign currency rate fluctuations, which it believes is useful to management and investors. Percentage change in revenue was calculated on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period.

    1 The financial highlights are on a year-over-year basis, unless otherwise stated. All financial results are reported in United States (“U.S.”) dollars and in accordance with accounting principles generally accepted in the U.S. (“GAAP”), unless otherwise stated.
    2 Excluding Ascender, ADAM HCM, and eloomi.
    3 Excluding float revenue, Ascender, ADAM HCM, and eloomi revenue, and on a constant currency basis. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.

    Business Highlights

    • Dayforce was named a Leader in the 2024 Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises for the fifth consecutive year in October 2024. The Company also scored highest in both North American Compliance Suite 1,000-2,500 and North American Compliance Suite 2,500+ in the 2024 Critical Capabilities report for Cloud HCM Suites for Enterprises with 1000+ Employees.
    • The Company earned a 2024 Top HR Products of the Year Award from Human Resources Executive Magazine for Dayforce Career Explorer and placed on the Constellation ShortList™ within four categories: Workforce Management Suites, HCM Suites with a North American Focus, Global HCM Suites, and Payroll for North American SMBs.
    • Dayforce attained a five-star rating for the second year in a row on Newsweek’s list of America’s Greenest Companies 2025, recognized by TIME Magazine as one of the World’s Most Sustainable Companies 2024, named a Top 10 company for workers by JUST Capital, placed on the Most Loved Workplaces list for young professionals, and awarded a TrustRadius Tech Cares award for the company’s efforts in social responsibility and volunteerism.

    Sales Highlights

    • A North American hospitality company that specializes in managing and developing luxury hotels and resorts selected the full Dayforce suite to support 22,000 employees across U.S., Mexico, and Canada.
    • A major multi-brand Australian retailer has selected Dayforce as its unified HCM solution to support their 12,000 employees across Australia and New Zealand.
    • A global manufacturing and distribution leader, operating in over 12 countries, selected the full Dayforce suite to enhance the experience of 8,500 employees across the United States and Canada.
    • A wholesale distributor of food service and janitorial supplies, with 7,200 employees in the U.S. and Canada chose Dayforce as its comprehensive human capital management solution, opting for the full Dayforce suite of products with Managed Benefits.
    • A world-leading manufacturer and retailer of footwear chose the full Dayforce suite to support its 5,300 employees globally.
    • A U.S.-based online gaming and sports entertainment company chose Dayforce Managed Payroll Services to support its 4,100 employees across the U.S., Canada, and the United Kingdom (“U.K.”).
    • A U.K.-based clothing retailer chose the full Dayforce Talent suite and Global Payroll to effectively manage its workforce of 3,800 employees across 12 countries.
    • A U.S. construction company selected the full Dayforce suite for consolidating and modernizing its systems across 48 states and 32 unique FEINs for its 3,500 employees.
    • A regional commuter railroad corporation in the U.S. has chosen Dayforce as its unified HCM solution, including the full Talent Suite, to effectively manage its workforce of 3,300 employees.
    • A global manufacturer and distributor of medical devices operating in 33 countries, chose Dayforce for Global Pay, Time, and Managed Benefits in the U.S. to support 2,300 employees.

    New Customer Highlights

    • A British multinational hotel and restaurant company with 38,000 employees went live across the U.K. with Dayforce Managed Payroll, HR, Workforce Management, and Talent.
    • A prominent U.S. manufacturer recently went live with Dayforce HR, Payroll, Time, Wallet, Document Management for its 10,000 employees.
    • A U.K. fashion retailer with 400 stores and 10,000 employees has recently implemented Dayforce HR, Workforce Management, Payroll, and Dayforce Wallet.
    • A leading senior living organization recently deployed the full Dayforce suite, supporting 6,300 active employees across the U.S.
    • A well-established U.S. logistics company has gone live with the full Dayforce suite to support its 5,200 employees.
    • A well-established U.S.-based insurance company has gone live with the full Dayforce suite supporting its 4,800 employees across North America.
    • A North American technology company migrated to Dayforce Managed Payroll to support nearly 4,700 U.S. employees.
    • A global office furniture manufacturer has implemented Dayforce HR, Payroll, Time, Analytics, and Dayforce Wallet for almost 4,000 U.S. employees.
    • A U.S.-based energy services company with 1,200 employees has implemented Dayforce Payroll, Benefits, Time, Core HR, Onboarding, and Recruiting.
    • A nonprofit organization dedicated to the governance and promotion of golf in America recently undertook a full-suite implementation of Dayforce to support its 400 employees.

    Product Roadmap Highlights

    In the third quarter, Dayforce launched new product capabilities to help Dayforce customers realize quantifiable value through enriched workforce engagement, enhanced analytics, and improved employee financial wellness, and to update their compliance capabilities.

    • The new Dayforce Learning was announced, with enhancements that will better equip organizations with the advanced learning and development capabilities needed to grow, engage, and enrich their workforces.
    • Dayforce People Analytics enhancements include:
      • Measures, a new KPI and performance management tool, that surfaces performance across 28+ metrics, allowing organizations to configure intelligent nudges that can surface changes requiring their attention
      • Data Cards display Measures in the Advanced Experience Hub, embedding awareness of performance metrics across the organization
      • Machine learning enhanced prediction gives organizations a view into future performance
    • Dayforce Wallet updates include a new Savings feature, which allows users to route some of their earnings into a saving plan, a new Cashless Tips feature, which allows employers to pay out pre-tax or net tips by automating their distribution at the end of a shift, and a new Dayforce Wallet widget that integrates on-demand pay into Dayforce Hub, allowing employees to view and request available pay directly. As of September 30, 2024, over 1,290 customers were live on Dayforce Wallet.
    • Dayforce Payroll enhancements include a reimagined payroll experience that offers real-time insight into pay variances, helping users detect anomalies by highlighting areas needing attention.
    • 240+ compliance updates up to the end of the third quarter, will bolster the Company’s industry-leading position in compliance by addressing changes in regional taxes, workers’ compensation, garnishments, and multiple state and city rate changes.

    Business Outlook

    Based on information available as of October 30, 2024, Dayforce is issuing the following guidance for the fourth quarter and full year of 2024 as indicated below. Comparisons are on a year-over-year basis, unless stated otherwise.

    Guided Metrics   Full Year 2024   Fourth Quarter 2024
    Total revenue   $1,747 million to $1,752 million, an increase of 15% to 16% on a GAAP basis or 16% on a constant currency basis.   $452 million to $457 million, an increase of 13% to 14% on a GAAP basis or 13% to 15% on a constant currency basis.
    Dayforce recurring revenue, excluding float   $1,163 million to $1,168 million, an increase of 21% on a GAAP and on a constant currency basis.   $311 million to $316 million, an increase of 21% to 23% on a GAAP and on a constant currency basis.
    Float revenue   $192 million   $37 million
    Adjusted EBITDA   $492 million to $507 million   $120 million to $135 million

    Dayforce is also providing an initial outlook for full year 2025 as follows:

    • Total revenue growth, excluding float, between 14% and 15%, on a constant currency basis
    • Adjusted EBITDA margin above 31%
    • Free cash flow as a percentage of total revenue above 12%

    Dayforce has not reconciled the Adjusted EBITDA ranges, Adjusted EBITDA margin, or free cash flow for the fourth quarter or full years of 2024 or 2025 to the directly comparable GAAP financial measures because applicable information for the future period, on which these reconciliations would be based, is not available without unreasonable efforts due to uncertainty regarding, and the potential variability of, depreciation and amortization, share-based compensation expense and related employer taxes, changes in foreign currency exchange rates, and other items.

    Foreign Exchange

    For the fourth quarter of 2024, Dayforce’s guidance assumes an average U.S. dollar to Canadian dollar foreign exchange rate of $1.38, which results in an average rate of $1.37 for the full year of 2024, compared to an average rate of $1.36 and $1.35 for the fourth quarter and full year of 2023, respectively.

    Conference Call Details

    Dayforce will host a live webcast and conference call to discuss the third quarter 2024 earnings at 8:00 a.m. Eastern Time on October 30, 2024. Those wishing to participate via the webcast should access the call through the Investor Relations section of the Dayforce website. Those wishing to participate via the telephone may dial in at 877-497-9071 (USA) or 201-689-8727 (International). The webcast replay will be available through the Investor Relations section of the Dayforce website.

    About Dayforce

    Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, Pay, Time, Talent, and Analytics equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.

    Forward-Looking Statements

    This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward-looking statements. Forward-looking statements give Dayforce’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance, and business. Users can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements in this press release include statements relating to the fourth quarter and full fiscal years of 2024 and 2025, as well as those relating to future growth initiatives. These statements may include words such as “anticipate,” “estimate,” “expect,” “assume”, “project,” “seek,” “plan,” “intend,” “believe,” “will,” “may,” “could,” “continue,” “likely,” “should,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on assumptions that Dayforce has made in light of its industry experience and its perceptions of historical trends, current conditions, expected future developments and other factors that it believes are appropriate under the circumstances. As users consider this press release, it should be understood that these statements are not guarantees of performance or results. These assumptions and Dayforce’s future performance or results involve risks and uncertainties (many of which are beyond its control). In particular:

    • its inability to maintain its high Cloud solutions growth rate, manage its domestic and international growth effectively, or execute on its growth strategy;
    • the impact of disruptions to the movement of funds to initiate payroll-related transactions on behalf of  customers;
    • its failure to manage its aging technical operations infrastructure;
    • system breaches, interruptions or failures, including cyber-security breaches, identity theft, or other disruptions that could compromise customer information or sensitive company information, including its ongoing consent order with the Federal Trade Commission regarding data protection;
    • its failure to comply with applicable privacy, data protection, information security, and financial services laws, regulations and standards;
    • its inability to successfully compete in the markets in which Dayforce operates and expand its current offerings into new markets or further penetrate existing markets due to competition;
    • its failure to properly update its solutions to enable its customers to comply with applicable laws;
    • its failure to provide new or enhanced functionality and features, including those that may involve artificial intelligence or machine learning;
    • its inability to maintain necessary third-party relationships, and third-party software licenses, and identify errors in the software it licenses;
    • its inability to offer and deliver high-quality technical support, implementation, and professional services;
    • its inability to attract and retain senior management employees and highly skilled employees;
    • the impact of its outstanding debt obligations on its financial condition, results of operations, and value of its common stock;
    • its ability to maintain effective internal control over financial reporting, and the effect of the existing material weakness in its internal control over financial reporting on its business, financial condition, and results of operations; or
    • the impact of adverse economic and market conditions on its business, operating results, or financial condition.

    Although Dayforce has attempted to identify important risk factors, additional factors or events that could cause Dayforce’s actual performance to differ from these forward-looking statements may emerge from time to time, and it is not possible for Dayforce to predict all of them. Should one or more of these risks or uncertainties materialize, or should any of Dayforce’s assumptions prove incorrect, its actual financial condition, results of operations, future performance, and business may vary in material respects from the performance projected in these forward-looking statements. In addition to any factors and assumptions set forth above in this press release, the material factors and assumptions used to develop the forward-looking information include, but are not limited to: the general economy remains stable; the competitive environment in the HCM market remains stable; the demand environment for HCM solutions remains stable; Dayforce’s implementation capabilities and cycle times remain stable; foreign exchange rates, both current and those used in developing forward-looking statements, specifically U.S. dollar to Canadian dollar, remain stable at, or near, current rates; Dayforce will be able to maintain its relationships with its employees, customers, and partners; Dayforce will continue to attract qualified personnel to support its development requirements and the support of its new and existing customers; and that the risk factors noted above, individually or collectively, do not have a material impact on Dayforce. Any forward-looking statement made by Dayforce in this press release speaks only as of the date on which it is made. Dayforce undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

       
    Dayforce, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)
     
       
        September 30,     December 31,  
        2024     2023  
    (In millions, except per share data)            
    Assets            
    Current assets:            
    Cash and equivalents   $ 494.1     $ 570.3  
    Restricted cash           0.8  
    Trade and other receivables, net     255.8       228.8  
    Prepaid expenses and other current assets     153.3       126.7  
    Total current assets before customer funds     903.2       926.6  
    Customer funds     4,000.7       5,028.6  
    Total current assets     4,903.9       5,955.2  
    Right of use lease assets, net     14.7       19.1  
    Property, plant, and equipment, net     228.3       210.1  
    Goodwill     2,394.5       2,293.9  
    Other intangible assets, net     228.3       230.2  
    Deferred sales commissions     215.6       192.1  
    Other assets     131.7       110.3  
    Total assets   $ 8,117.0     $ 9,010.9  
                 
    Liabilities and stockholders’ equity            
    Current liabilities:            
    Current portion of long-term debt   $ 7.3     $ 7.6  
    Current portion of long-term lease liabilities     6.0       7.0  
    Accounts payable     73.1       66.7  
    Deferred revenue     42.7       40.2  
    Employee compensation and benefits     77.9       92.9  
    Other accrued expenses     66.3       30.4  
    Total current liabilities before customer funds obligations     273.3       244.8  
    Customer funds obligations     4,004.6       5,090.1  
    Total current liabilities     4,277.9       5,334.9  
    Long-term debt, less current portion     1,209.9       1,210.1  
    Employee benefit plans     25.0       27.7  
    Long-term lease liabilities, less current portion     14.0       18.9  
    Other liabilities     34.2       21.1  
    Total liabilities     5,561.0       6,612.7  
    Commitments and contingencies            
    Stockholders’ equity:            
    Common stock, $0.01 par, 500.0 shares authorized, 157.8 and 156.3 shares issued and outstanding, respectively     1.6       1.6  
    Additional paid in capital     3,291.5       3,151.1  
    Accumulated deficit     (340.5 )     (317.8 )
    Accumulated other comprehensive loss     (396.6 )     (436.7 )
    Total stockholders’ equity     2,556.0       2,398.2  
    Total liabilities and stockholders’ equity   $ 8,117.0     $ 9,010.9  
       
    Dayforce, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
     
       
        Three Months Ended
    September 30,
        Nine Months Ended
    September 30,
     
        2024     2023     2024     2023  
    (In millions, except per share data)                        
    Revenue:                        
    Recurring   $ 375.9     $ 325.4     $ 1,123.6     $ 958.2  
    Professional services and other     64.1       52.1       171.2       155.8  
    Total revenue     440.0       377.5       1,294.8       1,114.0  
    Cost of revenue:                        
    Recurring     87.4       80.5       265.1       239.4  
    Professional services and other     75.1       66.1       210.8       197.0  
    Product development and management     55.4       53.3       166.8       153.5  
    Depreciation and amortization     20.8       17.1       58.6       47.4  
    Total cost of revenue     238.7       217.0       701.3       637.3  
    Gross profit     201.3       160.5       593.5       476.7  
    Selling and marketing     86.4       61.8       248.5       177.5  
    General and administrative     94.1       72.2       269.4       204.9  
    Operating profit     20.8       26.5       75.6       94.3  
    Interest expense, net     8.8       8.9       33.2       27.2  
    Other (income) expense, net     (6.3 )     5.1       5.7       6.6  
    Income before income taxes     18.3       12.5       36.7       60.5  
    Income tax expense     16.3       16.3       29.4       51.3  
    Net income (loss)   $ 2.0     $ (3.8 )   $ 7.3     $ 9.2  
    Net income (loss) per share:                        
    Basic   $ 0.01     $ (0.02 )   $ 0.05     $ 0.06  
    Diluted   $ 0.01     $ (0.02 )   $ 0.05     $ 0.06  
    Weighted average shares outstanding:                        
    Basic     158.1       155.7       157.6       155.0  
    Diluted     159.7       155.7       159.9       158.2  
       
    Dayforce, Inc.
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
     
       
        Nine Months Ended
    September 30,
     
        2024     2023  
    (In millions)            
    Cash flows from operating activities            
    Net income   $ 7.3     $ 9.2  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Deferred income tax (benefit) expense     (27.5 )     13.9  
    Depreciation and amortization     151.5       84.1  
    Amortization of debt issuance costs and debt discount     3.2       3.3  
    Loss on debt extinguishment     4.3        
    Provision for doubtful accounts     4.7       4.2  
    Net periodic pension and postretirement cost     7.6       0.9  
    Share-based compensation expense     118.4       118.0  
    Change in fair value of contingent consideration     9.0       11.8  
    Other     (1.2 )     0.3  
    Changes in operating assets and liabilities, excluding effects of acquisitions:            
    Trade and other receivables     (26.2 )     (62.0 )
    Prepaid expenses and other current assets     (4.5 )     (20.1 )
    Deferred sales commissions     (22.9 )     (25.9 )
    Accounts payable and other accrued expenses     5.9       8.5  
    Deferred revenue     (6.5 )     7.5  
    Employee compensation and benefits     (16.1 )     (23.2 )
    Accrued taxes     22.5       11.0  
    Payment of contingent consideration     (20.9 )      
    Other assets and liabilities     (8.5 )     (11.9 )
    Net cash provided by operating activities     200.1       129.6  
                 
    Cash flows from investing activities            
    Purchases of customer funds marketable securities     (483.2 )     (252.0 )
    Proceeds from sale and maturity of customer funds marketable securities     283.4       326.4  
    Purchases of marketable securities     (10.0 )      
    Proceeds from sale and maturity of marketable securities     7.6        
    Expenditures for property, plant, and equipment     (8.7 )     (15.4 )
    Expenditures for software and technology     (74.1 )     (72.9 )
    Acquisition costs, net of cash acquired     (173.1 )      
    Other           (1.0 )
    Net cash used in investing activities     (458.1 )     (14.9 )
                 
    Cash flows from financing activities            
    (Decrease) increase in customer funds obligations, net     (1,049.9 )     311.0  
    Proceeds from issuance of common stock under share-based compensation plans     22.0       40.3  
    Repurchases of common stock     (28.8 )      
    Proceeds from debt issuance     650.0        
    Repayment of long-term debt obligations     (646.5 )     (6.0 )
    Payment of debt refinancing costs     (11.4 )      
    Payment of contingent consideration     (3.0 )      
    Net cash (used in) provided by financing activities     (1,067.6 )     345.3  
                 
    Effect of exchange rate changes on cash, restricted cash, and equivalents     (18.2 )     5.1  
    Net (decrease) increase in cash, restricted cash, and equivalents     (1,343.8 )     465.1  
    Cash, restricted cash, and equivalents at beginning of period     3,421.4       3,151.2  
    Cash, restricted cash, and equivalents at end of period   $ 2,077.6     $ 3,616.3  
                 
    Reconciliation of cash, restricted cash, and equivalents to the condensed consolidated balance sheets            
    Cash and equivalents   $ 494.1     $ 510.3  
    Restricted cash           0.8  
    Restricted cash and equivalents included in customer funds     1,583.5       3,105.2  
    Total cash, restricted cash, and equivalents   $ 2,077.6     $ 3,616.3  
       
    Dayforce, Inc.
    Revenue Financial Measures
    (Unaudited)
     
       
        Three Months Ended September 30,     Percentage change in revenue     Impact of
    changes in
    foreign
    currency (a)
        Percentage change in revenue on a constant currency basis (a)  
        2024     2023     2024 vs. 2023           2024 vs. 2023  
        (In millions)                    
    Revenue:                              
    Recurring revenue:                              
    Dayforce recurring, excluding float   $ 292.0     $ 245.6       18.9 %     (0.1 )%     19.0 %
    Dayforce float     41.2       34.0       21.2 %     (0.3 )%     21.5 %
    Total Dayforce recurring     333.2       279.6       19.2 %     (0.1 )%     19.3 %
    Powerpay recurring, excluding float     20.2       19.6       3.1 %     (2.0 )%     5.1 %
    Powerpay float     4.2       4.4       (4.5 )%     (2.2 )%     (2.3 )%
    Total Powerpay recurring     24.4       24.0       1.7 %     (2.0 )%     3.7 %
    Total Cloud recurring     357.6       303.6       17.8 %     (0.3 )%     18.1 %
    Other recurring (b)     18.3       21.8       (16.1 )%     0.9 %     (17.0 )%
    Total recurring revenue     375.9       325.4       15.5 %     (0.2 )%     15.7 %
    Professional services and other (c)     64.1       52.1       23.0 %     (— )%     23.0 %
    Total revenue   $ 440.0     $ 377.5       16.6 %     (0.1 )%     16.7 %
    a) Dayforce has calculated percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.
    b) Float attributable to Other recurring was $0.2 million and $0.4 million for the three months ended September 30, 2024, and 2023, respectively.
    c) For the three months ended September 30, 2024, Professional services and other consisted of $61.8 million and $2.3 million associated with Dayforce and Other, respectively. For the three months ended September 30, 2023, Professional services and other consisted of $48.2 million, $3.8 million, and $0.1 million associated with Dayforce, Other, and Powerpay, respectively.
        Nine Months Ended September 30,     Percentage change in revenue    
    Impact of

    changes in
    foreign
    currency (a)
        Percentage change in revenue on a constant currency basis (a)  
        2024     2023     2024 vs. 2023           2024 vs. 2023  
        (In millions)                    
    Revenue:                              
    Recurring revenue:                              
    Dayforce recurring, excluding float   $ 852.1     $ 706.5       20.6 %     (0.2 )%     20.8 %
    Dayforce float     139.9       112.5       24.4 %     (0.2 )%     24.6 %
    Total Dayforce recurring     992.0       819.0       21.1 %     (0.2 )%     21.3 %
    Powerpay recurring, excluding float     60.6       58.8       3.1 %     (1.2 )%     4.3 %
    Powerpay float     14.4       13.4       7.5 %     (0.7 )%     8.2 %
    Total Powerpay recurring     75.0       72.2       3.9 %     (1.1 )%     5.0 %
    Total Cloud recurring     1,067.0       891.2       19.7 %     (0.3 )%     20.0 %
    Other recurring (b)     56.6       67.0       (15.5 )%     (1.0 )%     (14.5 )%
    Total recurring revenue     1,123.6       958.2       17.3 %     (0.3 )%     17.6 %
    Professional services and other (c)     171.2       155.8       9.9 %     (0.2 )%     10.1 %
    Total revenue   $ 1,294.8     $ 1,114.0       16.2 %     (0.3 )%     16.5 %
    a) Dayforce has calculated percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.
    b) Float attributable to Other recurring was $0.9 million and $1.6 million for the nine months ended September 30, 2024, and 2023, respectively.
    c) For the nine months ended September 30, 2024, Professional services and other consisted of $164.4 million, $6.6 million, and $0.2 million associated with Dayforce, Other, and Powerpay, respectively. For the three months ended September 30, 2023, Professional services and other consisted of $144.6 million, $11.1 million, and $0.1 million associated with Dayforce, Other, and Powerpay, respectively.
       
    Dayforce, Inc.
    Share-Based Compensation Expense and Related Employer Taxes
    (Unaudited)
     
       
        Three Months Ended
    September 30,
        Nine Months Ended
    September 30,
     
        2024     2023     2024     2023  
        (in millions)  
    Cost of revenue – Cloud   $ 3.0     $ 3.9     $ 9.6     $ 11.9  
    Cost of revenue – Other     0.6       0.5       1.7       1.2  
    Professional services and other     4.0       4.4       11.7       13.5  
    Product development and management     8.1       7.8       25.0       25.7  
    Sales and marketing     9.4       6.4       27.2       19.0  
    General and administrative     14.5       13.4       43.2       47.0  
    Total   $ 39.6     $ 36.4     $ 118.4     $ 118.3  
       
    Dayforce, Inc.
    Reconciliation of GAAP to Non-GAAP Financial Measures
    (Unaudited)
     
       
    The following tables reconcile Dayforce’s reported results to its non-GAAP financial measures:  
       
        Three Months Ended September 30, 2024  
        As reported     As reported margins (a)     Share-based
    compensation
        Amortization     Other (b)     As adjusted (b)     As adjusted margins (a)  
        (Dollars in millions, except per share data)  
    Cost of Cloud recurring revenue   $ 75.1       79.0 %   $ 3.0     $     $ 0.1     $ 72.0       79.9 %
                                               
    Operating profit   $ 20.8       4.7 %   $ 39.6     $ 29.6     $ 13.2     $ 103.2       23.5 %
                                               
    Net income   $ 2.0       0.5 %   $ 39.6     $ 29.6     $ 3.3     $ 74.5       16.9 %
    Interest expense, net     8.8                               8.8        
    Income tax expense (c)     16.3                         (4.0 )     20.3        
    Depreciation and amortization     52.1                   29.6             22.5        
    EBITDA   $ 79.2           $ 39.6     $     $ 7.3     $ 126.1       28.7 %
                                               
    Net income per share – diluted (d)   $ 0.01           $ 0.25     $ 0.19     $ 0.02     $ 0.47        
    a) Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net (loss) income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
    b) The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $9.0 million related to the fair value adjustment for the DataFuzion contingent consideration, $3.2 million of restructuring expenses, $3.2 million of costs associated with the planned termination of its frozen U.S. pension plan, $1.0 million of fees associated with initiating the receivables securitization program, and $9.1 million of foreign exchange gain, along with a $4.0 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
    c) Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
    d) GAAP and Adjusted diluted net income per share are calculated based upon 159.7 million weighted average shares of common stock.
        Three Months Ended September 30, 2023  
        As reported     As reported margins (a)     Share-based
    compensation
        Amortization     Other (b)     As adjusted (b)     As adjusted margins (a)  
        (Dollars in millions, except per share data)  
    Cost of Cloud recurring revenue   $ 69.9       77.0 %   $ 3.9     $     $     $ 66.0       78.3 %
                                               
    Operating profit   $ 26.5       7.0 %   $ 36.4     $ 20.5     $ 6.0     $ 89.4       23.7 %
                                               
    Net (loss) income   $ (3.8 )     (1.0 )%   $ 36.4     $ 20.5     $ 5.2     $ 58.3       15.4 %
    Interest expense, net     8.9                               8.9        
    Income tax expense (c)     16.3                         (5.5 )     21.8        
    Depreciation and amortization     38.7                   20.5             18.2        
    EBITDA   $ 60.1           $ 36.4     $     $ 10.7     $ 107.2       28.4 %
                                               
    Net (loss) income per share – diluted (d)   $ (0.02 )         $ 0.23     $ 0.13     $ 0.03     $ 0.37        
    a) Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
    b) The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $4.7 million of foreign exchange loss, $4.6 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, $1.2 million of restructuring expenses, and $0.2 million related to the abandonment of certain leased facilities, along with a $5.5 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
    c) Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
    d) GAAP diluted net loss per share is calculated based upon 155.7 weighted average shares of common stock, and Adjusted diluted net income per share is calculated based upon 158.8 million weighted average shares of common stock.
        Nine Months Ended September 30, 2024  
        As reported     As reported margins (a)     Share-based
    compensation
        Amortization     Other (b)     As adjusted (b)     As adjusted margins (a)  
        (Dollars in millions, except per share data)  
    Cost of Cloud recurring revenue   $ 228.5       78.6 %   $ 9.6     $     $ 0.9     $ 218.0       79.6 %
                                               
    Operating profit   $ 75.6       5.8 %   $ 118.4     $ 87.5     $ 25.7     $ 307.2       23.7 %
                                               
    Net income   $ 7.3       0.6 %   $ 118.4     $ 87.5     $ 5.5     $ 218.7       16.9 %
    Interest expense, net     33.2                               33.2        
    Income tax expense (c)     29.4                         (27.0 )     56.4        
    Depreciation and amortization     151.5                   87.5             64.0        
    EBITDA   $ 221.4           $ 118.4     $     $ 32.5     $ 372.3       28.8 %
                                               
    Net income per share – diluted (d)   $ 0.05           $ 0.74     $ 0.55     $ 0.03     $ 1.37        
    a) Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
    b) The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $15.7 million of restructuring expenses, $9.7 million of costs associated with the planned termination of its frozen U.S. pension plan, $9.0 million related to the fair value adjustment for the DataFuzion contingent consideration, $1.0 million of fees associated with initiating the receivables securitization program, and $2.9 million of foreign exchange gain, along with a $27.0 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
    c) Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
    d) GAAP and Adjusted diluted net income per share are calculated based upon 159.9 million weighted average shares of common stock.
        Nine Months Ended September 30, 2023  
        As reported     As reported margins (a)     Share-based
    compensation
        Amortization     Other (b)     As adjusted (b)     As adjusted margins (a)  
        (Dollars in millions, except per share data)  
    Cost of Cloud recurring revenue   $ 204.8       77.0 %   $ 11.9     $     $     $ 192.9       78.4 %
                                               
    Operating profit   $ 94.3       8.5 %   $ 118.3     $ 32.7     $ 15.6     $ 260.9       23.4 %
                                               
    Net income   $ 9.2       0.8 %   $ 118.3     $ 32.7     $ (1.8 )   $ 158.4       14.2 %
    Interest expense, net     27.2                               27.2        
    Income tax expense (c)     51.3                         (22.7 )     74.0        
    Depreciation and amortization     84.1                   32.7             51.4        
    EBITDA   $ 171.8           $ 118.3     $     $ 20.9     $ 311.0       27.9 %
                                               
    Net income per share – diluted (d)   $ 0.06           $ 0.75     $ 0.21     $ (0.01 )   $ 1.00        
    a) Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
    b) The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $11.8 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, $5.3 million of foreign exchange loss, $3.4 million of restructuring expenses, and $0.4 million related to the abandonment of certain leased facilities, along with a $22.7 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
    c) Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
    d) GAAP and Adjusted diluted net income per share are calculated based upon 158.2 million weighted average shares of common stock.
       
    Dayforce, Inc.
    Reconciliation of Free Cash Flow
    (Unaudited)
     
       
        Three Months Ended
    September 30,
        Nine Months Ended
    September 30,
     
        2024     2023     2024     2023  
        (In millions)  
    Net cash provided by operating activities   $ 91.8     $ 36.6     $ 200.1     $ 129.6  
    Expenditures for property, plant, and equipment     (2.0 )     (5.3 )     (8.7 )     (15.4 )
    Expenditures for software and technology     (26.4 )     (26.5 )     (74.1 )     (72.9 )
    Free cash flow   $ 63.4     $ 4.8     $ 117.3     $ 41.3  


    Non-GAAP Financial Measures

    Dayforce uses certain non-GAAP financial measures in this release including:

    Non-GAAP Financial Measure   GAAP Financial Measure
    EBITDA   Net (loss) income
    Adjusted EBITDA   Net (loss) income
    Adjusted EBITDA margin   Net profit margin
    Adjusted Cloud recurring gross margin   Cloud recurring gross margin
    Adjusted operating profit   Operating profit
    Adjusted operating profit margin   Operating profit margin
    Adjusted net income   Net (loss) income
    Adjusted net profit margin   Net profit margin
    Adjusted diluted net income per share   Diluted net (loss) income per share
    Free cash flow   Net cash provided by operating activities
    Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis   Percentage change in revenue, including total revenue and revenue by solution
    Dayforce recurring revenue per customer   No directly comparable GAAP measure

    Dayforce believes that these non-GAAP financial measures are useful to management and investors as supplemental measures to evaluate its overall operating performance including comparison across periods and with competitors. Dayforce’s management team uses these non-GAAP financial measures to assess operating performance because these financial measures exclude the results of decisions that are outside the normal course of its business operations, and are used for internal budgeting and forecasting purposes both for short- and long-term operating plans. Additionally, Adjusted EBITDA is a component of its management incentive plan and Adjusted Cloud recurring gross margin and Adjusted operating profit are components of certain performance based equity awards for its named executive officers. Additionally, Dayforce believes that the non-GAAP financial measure free cash flow is meaningful to investors because it is a measure of liquidity that provides useful information in understanding and evaluating the strength of Dayforce’s liquidity and future ability to generate cash that can be used for strategic opportunities or investing in its business. The exclusion of capital expenditures facilitates comparisons of Dayforce’s liquidity on a period-to-period basis and excludes items that management does not consider to be indicative of Dayforce’s liquidity.

    These non-GAAP financial measures are not required by, defined under, or presented in accordance with, GAAP, and should not be considered as alternatives to Dayforce’s results as reported under GAAP, have important limitations as analytical tools, and its use of these terms may not be comparable to similarly titled measures of other companies in its industry. Dayforce’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by similar items to those eliminated in this presentation. Please refer to Dayforce’s full financial results, including further discussion of non-GAAP financial measures, on the Investor Relations portion of its website at investors.dayforce.com.

    Dayforce defines its non-GAAP financial measures as follows:

    • EBITDA is defined as net (loss) income before interest, taxes, depreciation, and amortization, and Adjusted EBITDA is EBITDA, as adjusted to exclude share-based compensation expense and related employer taxes, and certain other items.
    • Adjusted EBITDA margin is determined by calculating the percentage Adjusted EBITDA is of total revenue.
    • Adjusted Cloud recurring gross margin is defined as Cloud recurring gross margin, as adjusted to exclude share-based compensation and related employer taxes, and certain other items, as a percentage of total Cloud recurring revenue.
    • Adjusted operating profit is defined as operating profit, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items.
    • Adjusted net income is defined as net (loss) income, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items, all of which are adjusted for the effect of income taxes.
    • Adjusted net profit margin is determined by calculating the percentage Adjusted net income is of total revenue.
    • Adjusted diluted net income per share is calculated by dividing adjusted net income by diluted weighted average common shares outstanding. When adjusted diluted net income per share is positive, diluted weighted average common shares outstanding incorporate the effect of dilutive equity instruments.
    • Free cash flow is defined as net cash provided by operating activities, as adjusted to exclude capital expenditures.
    • Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis is calculated by applying the average foreign exchange rate in effect during the comparable prior period.
    • Dayforce recurring revenue per customer is an indicator of the average size of Dayforce recurring revenue customers. To calculate Dayforce recurring revenue per customer, the Company starts with Dayforce recurring revenue on a constant currency basis by applying the same exchange rate to all comparable periods for the trailing twelve months and excludes float revenue and Ascender, ADAM HCM, and eloomi revenue. This amount is divided by the number of live Dayforce customers at the end of the trailing twelve month period, excluding Ascender, ADAM HCM, and eloomi. The Company has not reconciled the Dayforce recurring revenue per customer because there is no directly comparable GAAP financial measure.

    Source: Dayforce, Inc.

    For further information, please contact:

    Investor Relations
    1-844-829-9499
    investors@dayforce.com

    Public Relations
    1-647-417-2117
    teri.murphy@dayforce.com

    The MIL Network

  • MIL-OSI: Amplify ETFs Declares October Income Distributions for its Income ETFs

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Amplify ETFs announces October income distributions for its income ETFs.

    ETF Name Ticker Amount per Share Ex-Date Record Date Payable Date
    Amplify Samsung SOFR ETF SOFR $ 0.40475 10/30/24 10/30/24 10/31/24
    Amplify Cash Flow High Income ETF HCOW $ 0.17240 10/30/24 10/30/24 10/31/24
    Amplify CWP Enhanced Dividend Income ETF DIVO $ 0.16419 10/30/24 10/30/24 10/31/24
    Amplify CWP International Enhanced Dividend Income ETF IDVO $ 0.15609 10/30/24 10/30/24 10/31/24
    Amplify CWP Growth & Income ETF QDVO $ 0.15131 10/30/24 10/30/24 10/31/24
    Amplify Natural Resources Dividend Income ETF NDIV $ 0.12455 10/30/24 10/30/24 10/31/24
    Amplify High Income ETF YYY $ 0.12000 10/30/24 10/30/24 10/31/24

    About Amplify ETFs
    Amplify ETFs, sponsored by Amplify Investments, has over $10 billion in assets across its suite of ETFs (as of 10/21/2024). Amplify ETFs deliver expanded investment opportunities for investors seeking growth, income, and risk-managed strategies across a range of actively managed and index-based ETFs. Learn more visit AmplifyETFs.com.

    Sales Contact:
    Amplify ETFs
    855-267-3837
    info@amplifyetfs.com
    Media Contacts:
    Gregory FCA for Amplify ETFs
    Kerry Davis
    610-228-2098
    amplifyetfs@gregoryfca.com

    This information is not intended to provide and should not be relied upon for accounting, legal or tax advice, or investment recommendations. To receive a distribution, you must be a registered shareholder of the fund on the record date. Distributions are paid to shareholders on the payment date. There is no guarantee that distributions will be made in the future. Your own trading will also generate tax consequences and transaction expenses. Past distributions are not indicative of future distributions. Please consult your tax professional or financial adviser for more information regarding your tax situation.

    Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in Amplify Funds’ statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectuses carefully before investing.

    Investing involves risk, including the possible loss of principal.

    Amplify ETFs are distributed by Foreside Services, LLC.

    The MIL Network

  • MIL-OSI: Navient posts third quarter 2024 financial results

    Source: GlobeNewswire (MIL-OSI)

    HERNDON, Va., Oct. 30, 2024 (GLOBE NEWSWIRE) — Navient (Nasdaq: NAVI) today posted its 2024 third quarter financial results. Complete financial results are available on the company’s website at Navient.com/investors. The materials will also be available on a Form 8-K on the SEC’s website at www.sec.gov.

    Navient will hold a live audio webcast today, Oct. 30, 2024, at 8 a.m. ET, hosted by David Yowan, president and CEO, and Joe Fisher, CFO.

    Analysts and investors who wish to ask questions are requested to pre-register at Navient.com/investors at least 15 minutes ahead of start time to receive their personal dial-in access details. Others who wish to join in listen-only mode do not need to pre-register and may simply visit Navient.com/investors to access the webcast.

    Supplemental financial information and presentation slides used during the call will be available no later than the start time. A replay of the webcast will be available approximately two hours after the event’s conclusion.

    About Navient
    Navient (Nasdaq: NAVI) provides technology-enabled education finance and business processing solutions that simplify complex programs and help millions of people achieve success. Our customer-focused, data-driven services deliver exceptional results for clients in education and government. Learn more at navient.com.

    Contact:
    Media: Paul Hartwick, 302-283-4026, paul.hartwick@navient.com   
    Investors: Jen Earyes, 703-984-6801, jen.earyes@navient.com

    The MIL Network

  • MIL-OSI: Dragonfly Energy to Report Third Quarter 2024 Financial and Operational Results on November 14, 2024

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., Oct. 30, 2024 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), maker of Battle Born Batteries® and an industry leader in energy storage, today announced that the Company will release its financial and operational results for the third quarter ended September 30, 2024 after market close on Thursday, November 14, 2024. The earnings press release will be followed by a conference call on November 14, 2024 at 5:00 PM Eastern Time.

    Interested investors and other parties may access the live webcast via the link found here or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (800) 549-8228, toll-free in North America, or for international callers +1 (289) 819-1520, and referencing conference ID: 64729. Please log in to the webcast or dial in for the call at least 10 minutes prior to the start of the event.

    An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.

    About Dragonfly Energy
    Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

    To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.dragonflyenergy.com/investors.

    Investor Relations
    Caldwell Bailey
    DragonflyIR@icrinc.com

    Source: Dragonfly Energy Holdings Corp.

    The MIL Network