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Category: Europe

  • MIL-OSI USA: ICYMI: Grassley Secures Argentine President Milei’s Partnership in Credit Suisse Investigation into Nazi-Linked Accounts

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) is welcoming Argentine President Javier Milei’s commitment to support Grassley’s ongoing investigation into Credit Suisse and its historic servicing of Nazi-linked accounts. This includes providing archival records documenting the use of Nazi “ratlines.” Ratlines were monetary and logistic pathways Nazis used to escape justice and flee to Latin America, including Argentina, following World War II.

    “In order to continue this work, I respectfully request possession of Argentina’s archival records relating to Nazi ratlines. This includes records dating to the time before, during, and following World War II that will help shed light on the planning and carrying out of the Nazi ratlines. The great people of Argentina’s support in helping the Senate Judiciary Committee obtain possession would assist the committee in advancing its corresponding oversight of this matter,” Grassley wrote to Milei.

    Grassley will chair a Senate Judiciary Committee hearing next week focused on stemming the tide of antisemitism.
    Read additional background from the Times of Israel.                                  

    Argentine president opening files on Nazi ‘ratlines’ that trafficked Eichmann, Mengele

    By Matt Lebovic

    February 24, 2025

    Argentinian President Javier Milei promised officials of the Simon Wiesenthal Center his full cooperation in granting access to documents related to the financing of so-called “ratlines” that helped Nazis escape Europe after the Holocaust. The promise was made in Buenos Aires at the presidential palace, Casa Rosada, during a meeting with Milei and activists on Tuesday.

    For decades, organizations including the Simon Wiesenthal Center, named after the famed Nazi hunter, have sought records related to unofficial escape routes taken by thousands of Nazis during the years after World War II. Up to 10,000 Nazis and other fascist war criminals escaped justice by fleeing to Argentina and other countries.

    “While some previous leaders promised full cooperation to get to the hard truths that involved Argentina’s past, Milei is the first to act with lightning speed to enable the SWC to uncover important pieces of the historic puzzle, especially as it related to involvement with Nazis before, during and after the Holocaust,” Rabbi Abraham Cooper, associate dean of the Simon Wiesenthal Center, told The Times of Israel.

    …

    During the SWC meeting on Tuesday, Jonathan Missner, managing partner at Stein, Mitchell, Beato & Missner, brought a letter from US Senator Charles Grassley, chairman of the US Senate Judiciary Committee. The letter — which was handed to Milei — requested the Argentinian leader’s assistance in uncovering how the ratlines were organized and funded. A copy of the letter was sent to US President Donald Trump.

    …

    Nazis’ escape routes

    Several countries in the Americas received Nazis, including Canada, the US, and Mexico. Nazis also fled to Australia, Spain, and Switzerland. In some cases, US intelligence officials used ratlines to pluck top Nazi scientists away from Soviet orbits.

    One of two primary escape routes went through Germany and Spain, then across the Atlantic to Argentina…

    Up to 5,000 Nazis are said to have settled in Argentina, including Holocaust “architect” Adolf Eichmann and Josef Mengele, one of the most recognizable — and wanted — Nazis. Traveling along a ratline in 1948, the notorious Auschwitz physician used the new identity of Helmut Gregor when fleeing Europe.

    “These files will be instrumental in obtaining justice, which is instrumental to honoring the memory of those who suffered and died in the Holocaust,” said Cooper. “Especially in a post-October 7 world, those who financed, facilitated, or otherwise assisted these ratlines must be held accountable,” he said.

    …

    “Words are one thing — actions are another. President Milei’s historic decision signals his unequivocal allyship with the Jewish community while reinforcing his commitment to accountability and transparency at home,” Missner told The Times of Israel.

    Support for harboring Nazi war criminals went right to the top in Argentina, according to historians. President Juan Peron was angered by the Nuremberg Trials and authorized key facets of the escape routes, making them a state affair. In addition to German Nazis, the Peron regime and other South American governments aided war criminals from Hungary, Croatia and elsewhere.

    “President Milei is a staunch ally of the global Jewish community and was eager to open these archives. He knows that confronting Argentina’s history of Nazi collaboration requires nothing less than full transparency, and the same principle undergirds his pursuit of justice for the AMIA bombing,” said Missner.

    -30-

    MIL OSI USA News –

  • MIL-OSI Russia: Technologies – Moscow begins preparations for the first stage of launching driverless metro trains

    Translartion. Region: Russians Fedetion –

    Source: Moscow Metro

    Maxim Liksutov reported that the first stage of the innovative train launch is planned to begin on the Big Circle Line in 2025 on the instructions of Moscow Mayor Sergei Sobyanin. A fifth-generation (5G) technological network will be created for unmanned traffic on the Big Circle Line. This will provide reliable and ultra-fast communication for interaction with the infrastructure.

    Moscow Metro, Driverless Train.

    The launch of unmanned traffic will be a historic event for the capital’s metro. This innovative project has significant potential and will serve as a platform for new technological solutions. Our priorities are safety and maintaining the shortest peak hour intervals in the world. After the Big Circle Line, we will gradually begin to implement the technology on other lines, – noted Maxim Liksutov.

    MIL OSI Russia News –

  • MIL-OSI Russia: Technology – Moscow begins preparations for the first stage of driverless metro train launch

    Source: Moscow Metro

    Maksim Liksutov announced that the first stage of launching the innovative train is planned to begin on the Big Circle Line in 2025, as instructed by Moscow Mayor Sergey Sobyanin. A fifth-generation (5G) technological network will be created for the driverless operation on the Big Circle Line. This will ensure reliable and ultra-fast communication for interaction with the infrastructure.

    Moscow Metro, Driverless Train.

    The launch of driverless operation will be a historic event for the capital’s metro. This innovative project has significant potential and will serve as a platform for new technological solutions. Our priorities are safety and maintaining the world’s shortest intervals during peak hours. After the Big Circle Line, we will gradually begin implementing the technology on other lines, — said Maksim Liksutov.

    MIL OSI Russia News –

  • MIL-OSI United Nations: From Protecting Civilians to Combating Crime, Preventing Conflict, United Nations Police Play Vital Role in Peacekeeping, Security Council Told

    Source: United Nations General Assembly and Security Council

    Note: Complete coverage of this afternoon’s meeting of the Security Council will be available 28 February.

    United Nations police are a critical part of the Organization’s peacekeeping architecture and must be adequately prepared, equipped and resourced to meet current and future challenges, the Security Council heard today, as it met to discuss UN support to conflict-affected countries.

    Jean-Pierre Lacroix, Under-Secretary-General for Peace Operations, said that today’s meeting offers the opportunity to discuss a critical question:  “How can we position United Nations police to be prepared for the future and the challenges that, even as they evolve, retain many known aspects?”  Such challenges, he noted, include lack of adherence to the rule of law, corruption, disregard for international law, transnational organized crime and human-rights violations.  Further, he underlined the need to work collectively to ensure that United Nations police are properly prepared, equipped and resourced “to meet whatever tomorrow brings”.

    Gap between Mandates, Capacity to Deliver

    However, he emphasized that “the gap between peacekeeping mandates and what the missions can, in practice, actually deliver has become increasingly apparent”.  Yet, the Action for Peacekeeping agenda continues to help close this gap, as do the areas prioritized within the Action for Peacekeeping Plus agenda.  Detailing several of these, he added that “rigorous and transparent monitoring of the performance and impact of peacekeeping operations provides the foundation for improving our operations”.  Through such an agenda, he concluded, “we are better placed to address today’s challenges to peace and security and, ultimately, to improve the lives of the people we serve”.

    “Although our footprint may be smaller today”, said Faisal Shahkar, United Nations Police Adviser, the tasks and responsibilities of the United Nations police remain complex.  This includes support to develop host-State policing capacities and institutions that underpin long-term stability and the rule of law.  Noting the need to enhance trust between missions, host-State Government institutions and host populations, he said that it is vital to address mis- and disinformation.  He also called for investment in training, highlighting the United Nations Police Commanders Course — “the crown jewel in the United Nations Police Training Architecture”.

    He also pointed out that United Nations police help reinforce the capacities of their host-State policing counterparts and support their operations, detailing several examples of this — including in the Central African Republic.  There, United Nations police provided extensive training for internal security forces, with a particular emphasis on human rights, gender-based violence and security in preparation for upcoming elections. Underlining the importance of skilled and knowledgeable police commanders, he urged:  “We need your support in ensuring that such officers — including highly skilled women and Francophone officers — are made available.”

    Maintaining Security towards Elections in Central African Republic

    Providing further detail on the situation in that country, Christophe Bizimungu, Chief of the Police Component of the United Nations Multidimensional Integrated Stabilization Mission in the Central African Republic (MINUSCA), said that the security situation there will undoubtedly be impacted by upcoming elections.  “In addition to physical security measures, we will contribute towards the prevention of election violence — particularly violence against women and hate speech,” he said.  Noting that United Nations police primarily focus on civilian protection, he said it is ready to support electoral security and ensure that civilians are not affected during this period.

    Ensuring Lasting Calm in Cyprus

    Mingzhu Xu, Senior Police Adviser, United Nations Peacekeeping Force in Cyprus (UNFICYP), also provided country-specific information on United Nations police activities.  She said that as one of the longest-running active missions UNFICYP has consistently upheld efforts to prevent the recurrence of conflict, contribute to the maintenance of law and order and facilitate a return to normal conditions.  While its role has expanded beyond monitoring and reporting in the last five years, she emphasized that the Force’s most-important role is conflict prevention: “Every day, UNPOL officers engage with a multitude of actors in the buffer zone, employing community-oriented policing to defuse tensions, broker compromises and generally keep the peace.”

    …

    MIL OSI United Nations News –

  • MIL-OSI USA: Fourteenth and Final Defendant Convicted in Federal Dog Fighting Case

    Source: US State of North Dakota

    All 14 defendants in a large-scale federal dog fighting case indicted last year in Albany, Georgia, have now been convicted. The U.S. District Court for the Middle District of Georgia has accepted the guilty pleas of the following defendants:

    • Tamichael Elijah, 48, of Donalsonville, Georgia;
    • Marvin Pulley, III, 53, of Donalsonville and Jakin, Georgia;
    • Brandon Baker, 42, of Panama City, Florida;
    • Christopher Travis Beaumont, 38, of Panama City, Florida;
    • Herman Buggs, Jr., 57, of Donalsonville, Georgia;
    • Terrance Davis, 46, of Pansey, Alabama;
    • Timothy Freeman, 27, of Bainbridge, Georgia;
    • Terelle Ganzy, 35, of Panama City, Florida;
    • Gary Hopkins, 67, of Donalsonville, Georgia;
    • Cornelious Johnson, 40, of Panama City, Florida;
    • Rodrecus Kimble, 44, of Donalsonville, Georgia;
    • Donnametric Miller, 42, of Donalsonville, Georgia;
    • Willie Russell, 43, of Blakely, Georgia; and
    • Fredricus White, 36, of Panama City, Florida.

    According to court documents filed in this case, the defendants all converged on a property in Donalsonville, Georgia, on April 24, 2022, where they held a large-scale dog fighting event. The defendants and others brought a total of 24 pit bull-type dogs to be fought that weekend in a series of matches. Law enforcement personnel who disrupted the event found numerous dogs inside crates in cars on the property.

    The participants used their cars to store dogs who had already been fought, as well as those whose handlers were awaiting their turn in the fighting pit. Some dogs were kept on chains on the property. Law enforcement rescued a total of 27 dogs, including one found in the pit with severe injuries and which died a shortly thereafter. Dogs in the cars also bore recent injuries and historical fighting scars.

    Under federal law, it is illegal not only to fight dogs in a venture that affects interstate commerce, but also to possess, train, transport, deliver, sell, purchase or receive dogs for fighting purposes.

    All defendants but Freeman pleaded guilty to felony conspiracy to violate the animal fighting prohibition of the federal Animal Welfare Act. Defendants Beaumont and Miller also pleaded guilty to sponsoring or exhibiting (i.e., handling) a dog in a dog fight. Defendants Baker, Davis, Ganzy, Johnson, Pulley, and White further pleaded guilty to possessing and transporting a dog for purposes of using the dog in an animal fighting venture. Freeman pleaded guilty to spectating at an animal fight. Defendants Miller and Pulley also pleaded guilty to the unlawful possession of a firearm by a person with a prior felony conviction.

    Russell is set to be sentenced on Feb. 28. The court has not yet set sentencing dates for the other defendants. Each defendant faces maximum penalties of five years in prison and a $250,000 fine per count of animal fighting charges. Miller also faces a maximum penalty of 10 years in prison and a $250,000 fine on the firearm charge, and Pulley faces a maximum penalty of 15 years in prison on his firearm charge.

    Principal Deputy Assistant Attorney General Adam Gustafson of the Justice Department’s Environment and Natural Resources Division (ENRD) and Acting U.S. Attorney C. Shanelle Booker for the Middle District of Georgia made the announcement.

    The U.S. Department of Agriculture’s Office of the Inspector General and detectives with the Seminole County, Georgia, Sheriff’s Office investigated the case. Detectives with the Bay County, Florda, Sheriff’s Office also provided invaluable assistance.

    Senior Trial Attorney Ethan Eddy and Trial Attorney Leigh Rendé of ENRD’s Environmental Crimes Section are prosecuting the case with assistance from Criminal Chief Leah McEwen of the U.S. Attorney’s Office for the Middle District of Georgia. Assistant U.S. Attorney Michael Morrill and Paralegal Kristi Cote for the Middle District of Georgia handled a parallel civil forfeiture proceeding to ensure that the dogs did not have to be returned to the defendants. The U.S. Attorney’s Offices for the Northern District of Florida and Middle District of Alabama also assisted with the dog rescue operation. 

    MIL OSI USA News –

  • MIL-OSI USA: Senators Reverend Warnock, Murray Introduce Legislation to Improve Children’s Health Care Access   

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senators Reverend Warnock, Murray Introduce Legislation to Improve Children’s Health Care Access   

    Senator Reverend Warnock introduced the Kids’ Access to Primary Care Act, which would incentivize more providers to participate in Medicaid and increase access to care for children and families by requiring Medicaid to pay at least the same rate as Medicare for primary care
    Senator Reverend Warnock recently addressed proposed Republican cuts to Medicaid at a press conference with Senate Democratic colleagues
    In Georgia, kids make up roughly 71 percent of all Medicaid enrollees
    Senator Reverend Warnock has long championed strengthening Medicaid
    Senator Reverend Warnock: “Right now, nearly half of our country’s children get health care through Medicaid, which is why it’s so troubling that Washington Republicans are fighting to make cuts to health care access”
    Washington, D.C. – Today, U.S. Senators Reverend Raphael Warnock (D-GA) and Patty Murray (D-WA), a senior member and former Chair of the Senate Health, Education, Labor and Pensions (HELP) Committee introduced the Kids’ Access to Primary Care Act. The bill would require Medicaid to pay at least the same rate as Medicare for primary care services, which would incentivize more providers to participate in Medicaid and increase access to care for children and families.
    “I’ve been in the Medicaid fight long before I got to the Senate, so I know the importance that affordable health care provides for so many Americans, including millions of children. In Georgia, kids make up over 70 percent of all Medicaid enrollees,” said Senator Reverend Warnock. “Right now, nearly half of our country’s children get health care through Medicaid, which is why it’s so troubling that Washington Republicans are fighting to make cuts to health care access. That is why the Kids’ Access to Primary Care Act is so important. This commonsense solution shouldn’t be a partisan issue, kids and parents deserve the peace of mind that comes with knowing you have health care access.”
    “Medicaid is a lifeline for tens of millions of American families, especially women and children—one in five women and nearly half of all children in America get their health care through Medicaid. Our legislation is a commonsense solution that would encourage more providers to see Medicaid patients and make it easier for families who rely on Medicaid to get timely care close to home,” said Senator Murray. “Right now, Republicans are doubling down on their plans to make deep cuts to Medicaid and rip away health care from millions of people who need it—it’s dangerous and flat-out-wrong. I’ll keep fighting back and working to strengthen Medicaid and bring down the cost of health care in America.”
    Right now, Medicaid pays a lower rate than Medicare for the same primary care procedures and services. This discrepancy severely reduces the number of providers who participate in Medicaid and limits access to health care for children and families. In Georgia alone, nearly 2 million individuals are insured through Medicaid, including over 1.4 million children who depend on the program for their health care needs. The Kids’ Access to Primary Care Act would improve Medicaid coverage by ensuring that providers are paid at least the same rate as they are for Medicare. Experts agree that higher Medicaid payment rates will broaden the provider network and increase access to care for Medicaid patients, including the more than half of children in the U.S who rely on Medicaid or the Children’s Health Insurance Program (CHIP).
    Senator Warnock has long championed efforts to expand affordable health care access, starting with his advocacy to close the health care coverage gap in Georgia. In addition to pushing for solutions to close the coverage gap, Senator Warnock led a delegation of Georgia lawmakers in urging the Centers for Medicare & Medicaid Services to provide tools to Medicaid non-expansion states like Georgia to help them protect health care access for Medicaid enrollees who lose eligibility after the end of the public health emergency declaration.
    In addition to Senators Murray and Warnock, the Kids’ Access to Primary Care Act is also cosponsored by Senators Cory Booker (D-NJ), Richard Blumenthal (D-CT), Ben Ray Luján (D-NM), Jeff Merkley (D-OR), and Peter Welch (D-VT). Congresswoman Kim Schrier, M.D. (D-WA-08) introduced the legislation in the House with Representatives Brian Fitzpatrick (R-PA-01) and Kathy Castor (D-FL-14).
    The legislation is supported by the American Academy of Pediatrics, American Academy of Family Physicians, Seattle Children’s Hospital, and the Washington State Medical Association.
    The full text of the legislation is HERE.

    MIL OSI USA News –

  • MIL-OSI United Nations: US funding cuts confirmed, ending lifesaving support for women and girls

    Source: United Nations 2

    Humanitarian Aid

    The United States has cut $377 million worth of funding to the UN reproductive and sexual health agency, UNFPA, it was confirmed on Thursday, leading to potentially “devasting impacts”, on women and girls.

    “At 7pm on 26 February, UNFPA was informed that nearly all of our grants (48 as of now) with USAID and the US State Department have been terminated,” the UN agency said in a statement.

    “This decision will have devastating impacts on women and girls and the health and aid workers who serve them in the world’s worst humanitarian crises.”

    The USAID grants were designated to provide critical maternal healthcare, protection from violence, rape treatment and other lifesaving care in humanitarian settings.

    This includes UNFPA’s work to end maternal death, safely deliver babies and address horrific violence faced by women and girls in places like Gaza, Sudan and Ukraine.

    From Afghanistan to Ukraine

    The UN agency partners with 150 countries to provide access to a wide range of sexual and reproductive health services.

    Its goal is ending unmet needs for family planning, preventable maternal death, gender-based violence and harmful practices, including child marriage and female genital mutilation, by 2030.

    “These termination notices include grants for which we had previously received humanitarian waivers, as they were considered lifesaving interventions for the world’s most vulnerable women and girls,” UNFPA said.

    The grants funded programmes in countries including Afghanistan, Chad, the Democratic Republic of the Congo, Haiti, Mali, Sudan, Syria and its neighbouring countries, as well as Ukraine.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Police units need strong support says UN peacekeeping chief

    Source: United Nations MIL OSI b

    By Vibhu Mishra

    Peace and Security

    The head of UN peacekeeping operations on Thursday called for more investment in the UN Police service, highlighting the mounting challenges officers face in conflict affected regions.

    Briefing ambassadors in the Security Council, Jean-Pierre Lacroix, Peace Operations chief, emphasised that UN Police are critical to sustaining peace, operating in increasingly difficult conditions, in the face of organized crime, corruption, human rights violations and weak institutions.

    “Each of us here in this Chamber – Member States, Council members, host countries, and military, police and financial contributors – have a stake in the success of peacekeeping operations,” he said.

    “This is never truer than at times like these, when multilateralism is facing significant headwinds,” he added, urging sustained effort to ensure peacekeeping remains relevant and responsive to today’s challenges.

    Bridging the gap

    Mr. Lacroix noted that the gap between peacekeeping mandates and operational realities has grown, stating that efforts under the Action for Peacekeeping (A4P+) initiative have helped narrow it, improving the effectiveness of police components in UN missions.

    In the Central African Republic (CAR) for instance, UN Police are strengthening national security forces to protect civilians and uphold the rule of law, while in disputed Abyei, they have been instrumental in implementing a strategy to support rule of law to address governance challenges between Sudan and South Sudan.

    The UN is also enhancing police training and operations.  

    A revised UN Police Commanders Course was piloted recently in the Kenyan capital Nairobi, and a collaboration with the Elsie Initiative has improved gender-sensitive living areas in field missions, encouraging more women to serve.

    Technology and innovation

    Mr. Lacroix further highlighted the importance of technology and innovation in peacekeeping, which have enhanced situational awareness and coordination across missions.

    “Through A4P+, we are better placed to address today’s challenges and improve the lives of the people we serve,” he said, calling for greater investment in police training, capacity-building and resources.

    UN Photo/Eskinder Debebe

    Jean-Pierre Lacroix (on screen), Under-Secretary-General for Peace Operations, briefs the Security Council.

    Making a difference

    UN Police Adviser Faisal Shahkar highlighted the work of UN Police in making a tangible difference in host countries by building local capacities and reinforcing the rule of law.

    “In South Sudan, UNMISS Police, with specialized support from the UN Standing Police Capacity, elaborated an integrated strategic election security support plan providing essential technical advice to enhance security preparations for future elections in the country,” he said.

    He noted also capacity building initiatives by UNMISS Police for South Sudanese women officers to enhance their skills to assume leadership positions.

    Mis- and disinformation risks

    Despite these successes, trust between UN missions, host governments, and local populations remains a challenge, particularly due to misinformation and disinformation, Mr. Shakhar said.

    “Although our footprint may be smaller today than when I last briefed you [in November 2023], the United Nations Police’s tasks and responsibilities remain complex,” he said, calling on Member States for sustained leadership and continued political engagement.

    UNMISS

    UNMISS women police officers provide support during a protection of civilian mission in Juba, South Sudan.

    Impact on the ground

    Ambassadors also heard briefings from the heads of police components of the UN peacekeeping missions in the Central African Republic – MINUSCA, and in Cyprus (UNFICYP).

    Commissioner Christophe Bizimungu highlighted MINUSCA’s police efforts in stepping up efforts to ensure security ahead of the 2025 elections, supporting local security forces in preventing electoral violence, particularly against women.  

    It is also tackling rising hate crimes against the Muslim community in Haut Mbomou, where armed Azande militias pose a growing threat, as well as addressing seasonal livestock farming-related violence, deploying specialised units to prevent conflicts.

    UNFICYP Senior Police Adviser Xu Mingzhu, informed Council members of the Mission’s police role in preventing conflict and building trust, particularly through enhanced cooperation between Republic of Cyprus Police and Turkish Cypriot Police.

    The Mission is supporting exchange of information through joint contacts, while also helping ensure the safety of the buffer zone and facilitating civilian activities.

    UN Photo/Nektarios Markogiannis

    MINUSCA police officers interact with community members.

    MIL OSI United Nations News –

  • MIL-OSI Security: Fourteenth and Final Defendant Convicted in Federal Dog Fighting Case

    Source: United States Attorneys General

    All 14 defendants in a large-scale federal dog fighting case indicted last year in Albany, Georgia, have now been convicted. The U.S. District Court for the Middle District of Georgia has accepted the guilty pleas of the following defendants:

    • Tamichael Elijah, 48, of Donalsonville, Georgia;
    • Marvin Pulley, III, 53, of Donalsonville and Jakin, Georgia;
    • Brandon Baker, 42, of Panama City, Florida;
    • Christopher Travis Beaumont, 38, of Panama City, Florida;
    • Herman Buggs, Jr., 57, of Donalsonville, Georgia;
    • Terrance Davis, 46, of Pansey, Alabama;
    • Timothy Freeman, 27, of Bainbridge, Georgia;
    • Terelle Ganzy, 35, of Panama City, Florida;
    • Gary Hopkins, 67, of Donalsonville, Georgia;
    • Cornelious Johnson, 40, of Panama City, Florida;
    • Rodrecus Kimble, 44, of Donalsonville, Georgia;
    • Donnametric Miller, 42, of Donalsonville, Georgia;
    • Willie Russell, 43, of Blakely, Georgia; and
    • Fredricus White, 36, of Panama City, Florida.

    According to court documents filed in this case, the defendants all converged on a property in Donalsonville, Georgia, on April 24, 2022, where they held a large-scale dog fighting event. The defendants and others brought a total of 24 pit bull-type dogs to be fought that weekend in a series of matches. Law enforcement personnel who disrupted the event found numerous dogs inside crates in cars on the property.

    The participants used their cars to store dogs who had already been fought, as well as those whose handlers were awaiting their turn in the fighting pit. Some dogs were kept on chains on the property. Law enforcement rescued a total of 27 dogs, including one found in the pit with severe injuries and which died a shortly thereafter. Dogs in the cars also bore recent injuries and historical fighting scars.

    Under federal law, it is illegal not only to fight dogs in a venture that affects interstate commerce, but also to possess, train, transport, deliver, sell, purchase or receive dogs for fighting purposes.

    All defendants but Freeman pleaded guilty to felony conspiracy to violate the animal fighting prohibition of the federal Animal Welfare Act. Defendants Beaumont and Miller also pleaded guilty to sponsoring or exhibiting (i.e., handling) a dog in a dog fight. Defendants Baker, Davis, Ganzy, Johnson, Pulley, and White further pleaded guilty to possessing and transporting a dog for purposes of using the dog in an animal fighting venture. Freeman pleaded guilty to spectating at an animal fight. Defendants Miller and Pulley also pleaded guilty to the unlawful possession of a firearm by a person with a prior felony conviction.

    Russell is set to be sentenced on Feb. 28. The court has not yet set sentencing dates for the other defendants. Each defendant faces maximum penalties of five years in prison and a $250,000 fine per count of animal fighting charges. Miller also faces a maximum penalty of 10 years in prison and a $250,000 fine on the firearm charge, and Pulley faces a maximum penalty of 15 years in prison on his firearm charge.

    Principal Deputy Assistant Attorney General Adam Gustafson of the Justice Department’s Environment and Natural Resources Division (ENRD) and Acting U.S. Attorney C. Shanelle Booker for the Middle District of Georgia made the announcement.

    The U.S. Department of Agriculture’s Office of the Inspector General and detectives with the Seminole County, Georgia, Sheriff’s Office investigated the case. Detectives with the Bay County, Florda, Sheriff’s Office also provided invaluable assistance.

    Senior Trial Attorney Ethan Eddy and Trial Attorney Leigh Rendé of ENRD’s Environmental Crimes Section are prosecuting the case with assistance from Criminal Chief Leah McEwen of the U.S. Attorney’s Office for the Middle District of Georgia. Assistant U.S. Attorney Michael Morrill and Paralegal Kristi Cote for the Middle District of Georgia handled a parallel civil forfeiture proceeding to ensure that the dogs did not have to be returned to the defendants. The U.S. Attorney’s Offices for the Northern District of Florida and Middle District of Alabama also assisted with the dog rescue operation. 

    MIL Security OSI –

  • MIL-OSI United Kingdom: Prime Minister’s remarks at the White House Press Conference: Thursday 27 February

    Source: United Kingdom – Executive Government & Departments

    Speech

    Prime Minister’s remarks at the White House Press Conference: Thursday 27 February

    Prime Minister Keir Starmer’s opening remarks at the White House press conference.

    Thank you very much, Mr President.

    Thank you for your hospitality, thank you for your leadership.

    This has been a very good and very productive visit.

    And with your family roots in Scotland…

    And your close bond with His Majesty the King…

    It’s good to know…

    That the United Kingdom has a true friend in the Oval Office.

    And it was so good to see the bust of Winston Churchill back in its rightful place just a moment ago.

    But look, in a moment of real danger around the world…

    This relationship matters more than ever.

    We remain each other’s first partner in defence…

    Ready to come to the other’s aid…

    To counter threats, wherever and whenever they may arise.

    No two militaries are more intertwined than ours.

    No two countries have done more together to keep people safe.

    And in a few weeks’ time we’ll mark VE Day…

    The 80th anniversary of Victory in Europe.

    Britain and America fought side-by-side to make that happen –

    One of the greatest moments in our history.

    We stand side-by-side still, today…

    And we’re focused now…

    On bringing an enduring end to the barbaric war in Ukraine.

    Mr President, I welcome your deep, personal commitment…

    To bring peace and stop the killing.

    You have created a moment of tremendous opportunity…

    To reach an historic peace deal –

    A deal that would be celebrated in Ukraine and around the world.

    That is the prize.

    But we have to get it right.

    There’s a famous slogan in the United Kingdom…

    From after the Second World War –

    That is that we have to “win the peace.”

    And that’s what we must do now.

    Because it can’t be a peace that rewards the aggressor…

    Or that gives succour to regimes like Iran.

    We agree – history must be on the side of the peacemaker…

    Not the invader.

    So the stakes, they could not be higher.

    And we’re determined to work together to deliver a good deal.

    We’ve discussed a plan today…

    To reach a peace that is tough and fair…

    That Ukraine will help to shape…

    That is backed by strength –

    To stop Putin coming back for more.

    And I am working closely with other European leaders on this.

    And I am clear –

    That the UK is ready…

    To put boots on the ground and planes in the air to support a deal.

    Working together with our allies,

    Because that is the only way that peace that will last.

    Mr President, in this new era…

    You’re also right that Europe must step up.

    And let me tell you now –

    I see the growing threats we face…

    And so the UK is all in.

    This year we will be giving more military aid to Ukraine than ever.

    And just this week…

    I have set out how we are shouldering more of the security burden.

    We’re already one of the biggest spenders in NATO…

    And now we are going much further…

    Delivering Britain’s biggest sustained increase in defence spending since the Cold War.

    This isn’t just talk – it’s action.

    Rebalancing the transatlantic alliance…

    Making us all stronger…

    And standing up for our shared values and shared security…

    As Britain always has.

    Now, Mr President…

    It’s no secret we’re from different political traditions…

    But there is a lot that we have in common.

    We believe it’s not taking part that counts…

    What counts is winning.

    If you don’t win – you don’t deliver.

    And we’re determined to deliver for the working people of Britain and America –

    Who want – and deserve – to see their lives improve.

    So we’re both in a hurry to get things done.

    And that’s what the UK and the US do when we work together:

    We win – and we get things done.

    So we’ll do what it takes to keep our people safe… 

    We will also work together…

    To deliver some big economic wins that can benefit us both.

    We have $1.5 trillion invested in each other’s economies…

    Creating over 2.5 million jobs across both economies.

    Our trading relationship is not just strong –

    It is fair, balanced and reciprocal.

    We’re leaders together in so many areas…

    Ranked one and two in the world as investment destinations…

    One and two for universities…

    One and two for Nobel prizes…

    One and two in golf, as well – by the way…

    And we’re the only two western countries with trillion dollar tech sectors –

    Leaders in AI…

    And look, we take a similar approach on this issue.

    Instead of over-regulating these new technologies…

    We’re seizing the opportunities they offer.

    So we have decided today to go further…

    To begin work on a new economic deal…

    With advanced technology at its core…

    Look – our two nations, together…

    Shaped the great technological innovations of the last century.

    We have a chance now…

    To do the same for the 21st century…

    I mean – artificial intelligence could cure cancer…

    That could be a moonshot for our age…

    And that’s how we will keep delivering for our people.

    There are so many opportunities.

    Keep our nations strong…

    And fulfil the promise of greatness…

    That has always defined this relationship.

    Finally, to underline the importance of this bond…

    It was my privilege and honour to bring a letter with me today –

    From His Majesty the King…

    Not only sending his best wishes…

    But also inviting the President and the First Lady to make a State Visit to the United Kingdom…

    An unprecedented second State Visit – this has never happened before.

    It’s so incredible it will be historic.

    And I’m delighted that I can go back to His Majesty The King and tell him that President Trump has accepted the invitation.

    So thank you.

    Our teams will now work together to set a date.

    Mr President, we look forward to welcoming you in the United Kingdom.

    Thank you once again.

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Capital City Bank Group, Inc. Increases Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., Feb. 27, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Capital City Bank Group, Inc. (NASDAQ: CCBG) declared a quarterly cash dividend on its common stock of $0.24 per share. It represents a 4.35% increase over the prior quarter dividend of $0.23 per share. The dividend produces an annualized rate of $0.96 per common share and is payable on March 24, 2025 to shareowners of record as of March 10, 2025. The annualized dividend yield is 2.63% based on a closing stock price of $36.44 on February 26, 2025.

    About Capital City Bank Group, Inc.
    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.3 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 63 banking offices and 104 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

    For Information Contact:
    Jep Larkin
    Executive Vice President and Chief Financial Officer
    850.402.8450

    The MIL Network –

  • MIL-OSI United Kingdom: We must ensure UN policing has the capabilities it needs to effectively deliver mandates and tackle emerging challenges: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments

    Speech

    We must ensure UN policing has the capabilities it needs to effectively deliver mandates and tackle emerging challenges: UK statement at the UN Security Council

    Statement by Fergus Eckersley, UK Minister Counsellor, at the UN Security Council meeting on UN Peacekeeping Operations

    Let me start by recognising the contributions and sacrifices of the 6,100 UNPOL women and men currently deployed across 12 UN missions worldwide.

    As we’ve heard, UNPOL’s role is is fundamental to the successful delivery of the Action for Peacekeeping Plus Initiative (A4P+). Supporting and advising countries in crisis, conflict, and post-conflict situations, preventing crime, protecting life and property, and maintaining public order and safety.

    In particular, we support UNPOL’s vital work to protect civilians and maintain public safety, with full respect for the rule of law and international human rights law, contributing to more responsive and accountable policing by host nations.

    The United Kingdom also continues to champion the principles of the landmark WPS resolution 1325 on this, its 25th year, and are pleased to support – in collaboration with the UN Institute for Training and Research and police contributing countries – gender-responsive courses and training, including for sexual and gender-based violence investigations and police logistics.

    As we look to the future, we must ensure UN policing has the capabilities it needs to effectively deliver mandates and tackle emerging challenges. 

    This includes ensuring effective policing structures within the wider UN peacekeeping architecture, bringing in specialist expertise and, critically, making best use of new technologies.

    In conclusion, the United Kingdom remains committed to supporting UNPOL, in line with the principles of Action for Peacekeeping Plus, and to continuing to work together to ensure they contribute positively to peace and security around the world.

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Security: Northwest Arkansas Man Sentenced to More Than Four Years in Prison for Operating an Illegal Money Transmitting Business Using Pandemic Funds

    Source: Federal Bureau of Investigation (FBI) State Crime News

    FAYETTEVILLE – A Northwest Arkansas man was sentenced on February 20, to 51 months in Federal Prison, followed by three years of supervised release. Additionally, he was ordered to pay restitution of $725,558.00 on one count of operating an Illegal Money Transmitting Business. The Honorable Judge Timothy L. Brooks presided over the sentencing hearing, which took place in the United States District Court in Fayetteville.

    According to court documents, Richard Harold Stone, age 77, waived indictment by a grand jury and pleaded guilty to a criminal information charging him with conducting an unlicensed money transmitting business in the State of Arkansas. Stone was the President or Chief Officer of numerous businesses registered with the Arkansas Secretary of State, including: Partex Oman Corp., Renewable Energy Campus Arkansas, Inc., Stonetek Global Corp., and Tires 2 Energy, LLC. Stone also was associated with Environmental Energy & Finance Corp., a Delaware corporation. The advertised purpose of these businesses was developing technology and facilities to repurpose waste materials, such as tires, into useable fuel sources. None of these businesses were registered with the State of Arkansas as a money transmitting business, as required by Arkansas law (Arkansas Code, Section 23-55-806(b)&(c)).

    Between November 2020 and March 2021, Stone received through various bank accounts associated with the above entities and other accounts under his control, deposits of funds from applications made on behalf of unwitting victims for Paycheck Protection Program (PPP) loans, Economic Impact Disaster Loans (EIDL), and Pandemic Unemployment Assistance (PUA), totaling more than $600,000. After receiving these funds, Stone immediately transferred most of the funds by wire transfer to parties in locations including Berne, Switzerland; London, England; New York, NY; Chennai, India; and Mumbai, India.

    At the conclusion of Thursday’s sentencing hearing, Stone was immediately remanded to the custody of the U.S. Marshals Service.

    U.S. Attorney David Clay Fowlkes of the Western District of Arkansas made the announcement.

    The Internal Revenue Service-Criminal Investigation, Federal Bureau of Investigation, and Department of Labor Office of the Inspector General investigated the case.

    Assistant U.S. Attorney Hunter Bridges is prosecuting the case.

    Related court documents may be found on the Public Access to Electronic Records website at www.pacer.gov.

    MIL Security OSI –

  • MIL-OSI: HP Inc. Reports Fiscal 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) — HP (NYSE: HPQ)

    • First quarter GAAP diluted net earnings per share (“EPS”) of $0.59, within the previously provided outlook of $0.57 to $0.63 per share
    • First quarter non-GAAP diluted net EPS of $0.74, within the previously provided outlook of $0.70 to $0.76 per share
    • First quarter net revenue of $13.5 billion, up 2.4% from the prior-year period
    • First quarter net cash provided by operating activities of $0.4 billion, free cash flow of $0.1 billion
    • First quarter returned $0.4 billion to shareholders in the form of share repurchases and dividends
    • Estimated $300 million increase in Future Ready plan annualized gross run rate structural cost savings, to $1.9 billion by end of fiscal year 2025 and estimated $150 million increase in restructuring and other charges to approximately $1.2 billion by the end of fiscal year 2025
    HP Inc.’s fiscal 2025 first quarter financial performance
      Q1 FY25   Q1 FY24   Y/Y
    GAAP net revenue ($B) $ 13.5     $ 13.2     2.4 %
    GAAP operating margin   6.3 %       7.1 %     (0.8) pts
    GAAP net earnings ($B) $ 0.6     $ 0.6     (9)%
    GAAP diluted net EPS $ 0.59     $ 0.62     (5)%
    Non-GAAP operating margin   7.3 %       8.4 %     (1.1)pts
    Non-GAAP net earnings ($B) $ 0.7     $ 0.8     (13)%
    Non-GAAP diluted net EPS $ 0.74     $ 0.81     (9)%
    Net cash provided by operating activities ($B) $ 0.4     $ 0.1     209 %
    Free cash flow ($B) $ 0.1     $ 0.0     180 %
                       

    Notes to table
    Information about HP Inc.’s use of non-GAAP financial information is provided under “Use of non-GAAP financial information” below.

    Net revenue and EPS results
    HP Inc. and its subsidiaries (“HP”) announced fiscal 2025 first quarter net revenue of $13.5 billion, up 2.4% (up 3.3% in constant currency) from the prior-year period.

    “We are pleased with our Q1 performance, achieving revenue growth for the third straight quarter and advancing our strategy to lead the future of work,” said Enrique Lores, HP President and CEO. “Our progress was fueled by a strong commercial business in Personal Systems and momentum in our key growth areas, including AI PCs. We are focused on taking decisive action to address evolving market conditions in the near-term, while investing in our long-term growth.”

    “In Q1 we drove solid progress against our financial commitments for the year and are raising our Future Ready savings target from $1.6 to $1.9 billion dollars by the end of fiscal year 2025,” said Karen Parkhill, HP CFO. “We are holding our outlook for the year and remain focused on disciplined execution as we continue to invest for the future.”

    First quarter GAAP diluted net EPS was $0.59, down from $0.62 in the prior-year period and within the previously provided outlook of $0.57 to $0.63. First quarter non-GAAP diluted net EPS was $0.74, down from $0.81 in the prior-year period and within the previously provided outlook of $0.70 to $0.76. First quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $139 million, or $0.15 per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items.

    Asset management
    HP’s net cash provided by operating activities in the first quarter of fiscal 2025 was $0.4 billion. Accounts receivable ended the quarter at $4.2 billion, down 5 days quarter over quarter at 28 days. Inventory ended the quarter at $8.4 billion, up 9 days quarter over quarter to 72 days. Accounts payable ended the quarter at $16.5 billion, up 1 day quarter over quarter to 139 days.

    HP generated $70 million of free cash flow in the first quarter. Free cash flow includes net cash provided by operating activities of $374 million adjusted for net investments in leases from integrated financing of $(2) million and net investments in property, plant, equipment and purchased intangible of $302 million.

    HP’s dividend payment of $0.2894 per share in the first quarter resulted in cash usage of $0.3 billion. HP also utilized $100 million of cash during the quarter to repurchase approximately 2.7 million shares of common stock in the open market. HP exited the quarter with $2.9 billion in gross cash, which includes cash and cash equivalents of $2.9 billion, restricted cash of $14 million and short-term investments of $3 million included in other current assets. Restricted cash is related to amounts collected and held on behalf of a third party for trade receivables previously sold.

    Fiscal 2025 first quarter segment results

    • Personal Systems net revenue was $9.2 billion, up 5% year over year (up 5% in constant currency) with a 5.5% operating margin. Consumer PS net revenue was down 7% and Commercial PS net revenue was up 10%. Total units were down 1% with Consumer PS units down 11% and Commercial PS units up 6%.
    • Printing net revenue was $4.3 billion, down 2% year over year (down 1% in constant currency) with a 19.0% operating margin. Consumer Printing net revenue was up 5% and Commercial Printing net revenue was down 7%. Supplies net revenue was down 1% (flat in constant currency). Total hardware units were up 5%, with Consumer Printing units up 7% and Commercial Printing units flat.

    Outlook
    For the fiscal 2025 second quarter, HP estimates GAAP diluted net EPS to be in the range of $0.62 to $0.72 and non-GAAP diluted net EPS to be in the range of $0.75 to $0.85. Fiscal 2025 second quarter non-GAAP diluted net EPS estimates exclude $0.13 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items.

    For fiscal 2025, HP estimates GAAP diluted net EPS to be in the range of $2.86 to 3.16 and non-GAAP diluted net EPS to be in the range of $3.45 to $3.75. Fiscal 2025 non-GAAP diluted net EPS estimates exclude $0.59 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, non-operating retirement-related credits, tax adjustments, and the related tax impact on these items. For fiscal 2025, HP anticipates generating free cash flow in the range of $3.2 to $3.6 billion.

    HP’s outlook reflects the added cost driven by the current U.S. tariff increases on China, and associated mitigations. The company has made significant progress building a globally diverse supply chain, and by the end of fiscal year 2025, expects more than 90 percent of HP products sold in North America will be built outside of China. China will continue to be an important manufacturing hub for the rest of the world.

    More information on HP’s earnings, including additional financial analysis and an earnings overview presentation, is available on HP’s Investor Relations website at investor.hp.com.

    HP’s FY25 Q1 earnings conference call is accessible via audio webcast at www.hp.com/investor/2025Q1Webcast.

    About HP Inc.
    HP Inc. (NYSE: HPQ) is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit http://www.hp.com.

    Use of non-GAAP financial information
    To supplement HP’s consolidated condensed financial statements presented on a generally accepted accounting principles (“GAAP”) basis, HP provides net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt) financial measures. HP also provides forecasts of non-GAAP diluted net EPS and free cash flow. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below or elsewhere in the materials accompanying this news release. In addition, an explanation of the ways in which HP’s management uses these non-GAAP measures to evaluate its business, the substance behind HP’s decision to use these non-GAAP measures, the material limitations associated with the use of these non-GAAP measures, the manner in which HP’s management compensates for those limitations, and the substantive reasons why HP’s management believes that these non-GAAP measures provide useful information to investors is included under “Use of non-GAAP financial measures” after the tables below. This additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for net revenue, operating expense, operating profit, operating margin, other income and expenses, tax rate, net earnings, diluted net EPS, cash provided by operating activities or cash, cash equivalents, and restricted cash prepared in accordance with GAAP.

    Forward-looking statements
    This document contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, they could affect the business and results of operations of HP Inc. and its consolidated subsidiaries which may differ materially from those expressed or implied by such forward-looking statements and assumptions.

    All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, projections of net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings (including the fiscal 2023 plan), net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, demand, performance, market share or competitive performance relating to products or services; any statements concerning potential supply constraints, component shortages, manufacturing disruptions or logistics challenges; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims, disputes or other litigation matters; any statements of expectation or belief as to the timing and expected benefits of acquisitions and other business combination and investment transactions; and any statements of assumptions underlying any of the foregoing.   Forward-looking statements can also generally be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” and similar terms.

    Risks, uncertainties and assumptions that could affect our business and results of operations include factors relating to HP’s ability to execute on its strategic plans, including the previously announced initiatives, business model changes and transformation; the development and transition of new products and services and the enhancement of existing products and services to meet evolving customer needs and respond to emerging technological trends, including artificial intelligence; the use of artificial intelligence; the impact of macroeconomic and geopolitical trends, changes and events, including the ongoing military conflict in Ukraine, continued instability in the Middle East or tensions in the Taiwan Strait and South China Sea and the regional and global ramifications of these events; volatility in global capital markets and foreign currency, increases in benchmark interest rates, the effects of inflation and instability of financial institutions; risks associated with HP’s international operations and the effects of business disruption events, including those resulting from climate change; the need to manage (and reliance on) third-party suppliers, including with respect to supply constraints and component shortages, and the need to manage HP’s global, multi-tier distribution network and potential misuse of pricing programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services; the execution and performance of contracts by HP and its suppliers, customers, clients and partners, including logistical challenges with respect to such execution and performance; the competitive pressures faced by HP’s businesses; the impact of third-party claims of IP infringement; successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution, reseller and customer landscape; successfully competing and maintaining the value proposition of HP’s products, including supplies and services; challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales of HP’s products to unauthorized resellers or unauthorized resale of HP’s products or our uneven sales cycle; the hiring and retention of key employees; the results of our restructuring plans (including the fiscal 2023 plan), including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of our restructuring plans; the protection of HP’s intellectual property assets, including intellectual property licensed from third parties; disruptions in operations from system security risks, data protection breaches, or cyberattacks; HP’s ability to maintain its credit rating, satisfy its debt obligations and complete any contemplated share repurchases, other capital return programs or other strategic transactions; changes in estimates and assumptions HP makes in connection with the preparation of its financial statements; the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws; integration and other risks associated with business combination and investment transactions; our aspirations related to environmental, social and governance matters; potential impacts, liabilities and costs from pending or potential investigations, claims and disputes; the effectiveness of our internal control over financial reporting; and other risks that are described in HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and HP’s other filings with the Securities and Exchange Commission (“SEC”). HP’s fiscal 2023 plan includes HP’s efforts to take advantage of future growth opportunities, including but not limited to, investments to drive growth, investments in our people, improving product mix, driving structural cost savings and other productivity measures. Structural cost savings represent gross reductions in costs driven by operational efficiency, digital transformation, and portfolio optimization. These initiatives include but are not limited to workforce reductions, platform simplification, programs consolidation and productivity measures undertaken by HP, which HP expects to be sustainable in the longer-term. These structural cost savings are net of any new recurring costs resulting from these initiatives and exclude one-time investments to generate such savings. HP’s expectations on the longer-term sustainability of such structural cost savings are based on its current business operations and market dynamics and could be significantly impacted by various factors, including but not limited to HP’s evolving business models, future investment decisions, market environment and technology landscape.

    As in prior periods, the financial information set forth in this document, including any tax-related items, reflects estimates based on information available at this time. While HP believes these estimates to be reasonable, these amounts could differ materially from reported amounts in HP’s Annual Report on Form 10-K for the fiscal year ending October 31, 2025, Quarterly Reports on Form 10-Q for the fiscal quarters ending April 30, 2025 and July 31, 2025, and HP’s other filings with the SEC. The forward-looking statements in this document are made as of the date of this document and HP assumes no obligation and does not intend to update these forward-looking statements.

    HP’s Investor Relations website at investor.hp.com contains a significant amount of information about HP, including financial and other information for investors. HP encourages investors to visit its website from time to time, as information is updated, and new information is posted.   The content of HP’s website is not incorporated by reference into this document or in any other report or document HP files with the SEC, and any references to HP’s website are intended to be inactive textual references only.

    Editorial contacts

    HP Inc. Media Relations
    MediaRelations@hp.com

    HP Inc. Investor Relations
    InvestorRelations@hp.com

    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
    (Unaudited)
    (In millions, except per share amounts)
     
      Three months ended
      January 31, 2025   October 31, 2024   January 31, 2024
    Net revenue:          
    Products $ 12,695     $ 13,241     $ 12,419  
    Services   809       814       766  
    Total net revenue   13,504       14,055       13,185  
    Cost of net revenue:          
    Products   10,194       10,593       9,871  
    Services   470       461       426  
    Total cost of net revenue   10,664       11,054       10,297  
    Gross profit   2,840       3,001       2,888  
    Research and development   397       392       399  
    Selling, general and administrative   1,459       1,409       1,383  
    Restructuring and other charges   70       121       63  
    Acquisition and divestiture charges   6       12       27  
    Amortization of intangible assets   63       76       81  
    Total operating expenses   1,995       2,010       1,953  
    Earnings from operations   845       991       935  
    Interest and other, net   (141 )     (129 )     (142 )
    Earnings before taxes   704       862       793  
    (Provision for) benefit from taxes   (139 )     44       (171 )
    Net earnings $ 565     $ 906     $ 622  
               
    Net earnings per share:          
    Basic $ 0.60     $ 0.94     $ 0.63  
    Diluted $ 0.59     $ 0.93     $ 0.62  
               
    Cash dividends declared per share $ 0.58     $ —     $ 0.55  
               
    Weighted-average shares used to compute net earnings per share:          
    Basic   948       959       995  
    Diluted   957       971       1,002  
    HP INC. AND SUBSIDIARIES
    ADJUSTMENTS TO GAAP NET EARNINGS, EARNINGS FROM OPERATIONS,
    OPERATING MARGIN AND DILUTED NET EARNINGS PER SHARE
    (Unaudited)
    (In millions, except per share amounts)
     
      Three months ended
      January 31, 2025   October 31, 2024   January 31, 2024
      Amounts   Diluted
    net
    earnings
    per share    		   Amounts   Diluted
    net
    earnings
    per share    		   Amounts   Diluted
    net
    earnings
    per share
    GAAP net earnings $ 565     $ 0.59     $ 906     $ 0.93     $ 622     $ 0.62
    Non-GAAP adjustments:                      
    Restructuring and other charges   70       0.07       121       0.13       63       0.06
    Acquisition and divestiture charges   6       0.01       12       0.01       27       0.03
    Amortization of intangible assets   63       0.07       76       0.08       81       0.08
    Debt extinguishment costs   —       —       3       —       —       —
    Non-operating retirement-related credits    (5 )     (0.01 )     (2 )     —       (2 )     —
    Tax adjustments(a)   5       0.01       (216 )     (0.22 )     17       0.02
    Non-GAAP net earnings $ 704     $ 0.74     $ 900     $ 0.93     $ 808     $ 0.81
                           
    GAAP earnings from operations $ 845         $ 991         $ 935      
    Non-GAAP adjustments:                      
    Restructuring and other charges   70           121           63      
    Acquisition and divestiture charges   6           12           27      
    Amortization of intangible assets   63           76           81      
    Non-GAAP earnings from operations  $ 984         $ 1,200         $ 1,106      
                           
    GAAP operating margin   6.3  %         7.1  %         7.1  %    
    Non-GAAP adjustments   1.0  %         1.4  %         1.3  %    
    Non-GAAP operating margin   7.3  %         8.5  %         8.4  %    

    (a)     Includes tax impact on non-GAAP adjustments.

    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED BALANCE SHEETS
    (Unaudited)
    (In millions)
     
      As of
      January 31, 2025   October 31, 2024
    ASSETS      
    Current assets:      
    Cash, cash equivalents and restricted cash $ 2,894     $ 3,253  
    Accounts receivable, net   4,188       5,117  
    Inventory   8,443       7,720  
    Other current assets   4,309       4,670  
    Total current assets   19,834       20,760  
    Property, plant and equipment, net   2,900       2,914  
    Goodwill   8,599       8,627  
    Other non-current assets   7,597       7,608  
    Total assets $ 38,930     $ 39,909  
           
    LIABILITIES AND STOCKHOLDERS’ DEFICIT      
    Current liabilities:      
    Notes payable and short-term borrowings $ 1,418     $ 1,406  
    Accounts payable   16,483       16,903  
    Other current liabilities   9,533       10,378  
    Total current liabilities   27,434       28,687  
    Long-term debt   8,273       8,263  
    Other non-current liabilities   4,295       4,282  
    Stockholders’ deficit   (1,072 )     (1,323 )
    Total liabilities and stockholders’ deficit $ 38,930     $ 39,909  
    HP INC. AND SUBSIDIARIES
    CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (In millions)
     
      Three months ended
      January 31, 2025   January 31, 2024
    Cash flows from operating activities:      
    Net earnings $ 565     $ 622  
    Adjustments to reconcile net earnings to net cash provided by operating activities:      
    Depreciation and amortization   197       205  
    Stock-based compensation expense   192       177  
    Restructuring and other charges   70       63  
    Deferred taxes on earnings   (23 )     (5 )
    Other, net   35       (20 )
    Changes in operating assets and liabilities, net of acquisitions:      
    Accounts receivables   966       446  
    Inventory   (751 )     (47 )
    Accounts payable   (397 )     (744 )
    Net investment in lease related to integrated financing   2       (62 )
    Taxes on earnings   12       49  
    Restructuring and other   (74 )     (87 )
    Other assets and liabilities   (420 )     (476 )
    Net cash provided by operating activities   374       121  
    Cash flows from investing activities:      
    Investment in property, plant, equipment and purchased intangible   (302 )     (158 )
    Purchases of available-for-sale securities and other investments   (3 )     —  
    Maturities and sales of available-for-sale securities and other investments   5       —  
    Collateral posted for derivative instruments   —       (70 )
    Net cash used in investing activities   (300 )     (228 )
    Cash flows from financing activities:      
    Proceeds from short-term borrowings with original maturities less than 90 days, net   —       100  
    Proceeds from debt   82       92  
    Payment of debt and associated costs   (50 )     (49 )
    Stock-based award activities and others   (92 )     (76 )
    Repurchase of common stock   (100 )     (500 )
    Cash dividends paid   (273 )     (275 )
    Net cash used in financing activities   (433 )     (708 )
    Decrease in cash, cash equivalents and restricted cash   (359 )     (815 )
    Cash, cash equivalents and restricted cash at beginning of period   3,253       3,232  
    Cash, cash equivalents and restricted cash at end of period $ 2,894     $ 2,417  

      

    HP INC. AND SUBSIDIARIES
    SEGMENT/BUSINESS UNIT INFORMATION
    (Unaudited)
    (In millions)
     
      Three months ended   Change (%)
      January 31, 2025   October 31, 2024   January 31, 2024   Q/Q   Y/Y
    Net revenue:                  
    Commercial PS $ 6,645     $ 6,522     $ 6,045     2 %     10 %
    Consumer PS   2,579       3,069       2,764     (16)%     (7)%
    Personal Systems   9,224       9,591       8,809     (4)%     5 %
    Supplies   2,826       2,865       2,863     (1)%     (1)%
    Commercial Printing   1,144       1,262       1,227     (9)%     (7)%
    Consumer Printing   299       325       285     (8)%     5 %
    Printing   4,269       4,452       4,375     (4)%     (2)%
    Corporate Investments(a)   11       11       2     NM     NM
    Total segment net revenue   13,504       14,054       13,186     (4)%     2 %
    Other(a)   —       1       (1 )   NM     NM
         Total net revenue $ 13,504     $ 14,055     $ 13,185     (4)%     2 %
                       
    Earnings before taxes:                  
    Personal Systems $ 507     $ 550     $ 537          
    Printing   810       874       872          
    Corporate Investments   (27 )     (37 )     (37 )        
    Total segment earnings from operations   1,290       1,387       1,372          
    Corporate and unallocated cost and other   (114 )     (102 )     (89 )        
    Stock-based compensation expense   (192 )     (85 )     (177 )        
    Restructuring and other charges   (70 )     (121 )     (63 )        
    Acquisition and divestiture charges   (6 )     (12 )     (27 )        
    Amortization of intangible assets   (63 )     (76 )     (81 )        
    Interest and other, net   (141 )     (129 )     (142 )        
         Total earnings before taxes $ 704     $ 862     $ 793          

    (a)     “NM” represents not meaningful.

    HP INC. AND SUBSIDIARIES
    SEGMENT OPERATING MARGIN SUMMARY
    (Unaudited)
     
      Three months ended   Change (pts)
      January 31, 2025   October 31, 2024   January 31, 2024   Q/Q   Y/Y
    Segment operating margin:                  
    Personal Systems  5.5 %     5.7 %     6.1 %     (0.2)pts   (0.6)pts
    Printing  19.0%     19.6 %     19.9 %     (0.6)pts   (0.9)pts
    Corporate Investments(a) NM     NM     NM     NM   NM
    Total segment  9.6 %     9.9 %     10.4 %     (0.3)pts   (0.8)pts
                             

    (a)     “NM” represents not meaningful.

    HP INC. AND SUBSIDIARIES
    CALCULATION OF DILUTED NET EARNINGS PER SHARE
    (Unaudited)
    (In millions, except per share amounts)
     
      Three months ended
      January 31, 2025   October 31, 2024   January 31, 2024
    Numerator:          
    GAAP net earnings $ 565   $ 906   $ 622
    Non-GAAP net earnings $ 704   $ 900   $ 808
               
    Denominator:          
    Weighted-average shares used to compute basic net earnings per share   948     959     995
    Dilutive effect of employee stock plans(a)   9     12     7
    Weighted-average shares used to compute diluted net earnings per share   957     971     1,002
               
    GAAP diluted net earnings per share $ 0.59   $ 0.93   $ 0.62
    Non-GAAP diluted net earnings per share $ 0.74   $ 0.93   $ 0.81

    (a)     Includes any dilutive effect of restricted stock units, stock options and performance-based awards. 

    Use of non-GAAP financial measures

    To supplement HP’s consolidated condensed financial statements presented on a GAAP basis, HP provides net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt). HP also provides forecasts of non-GAAP diluted net EPS and free cash flow.

    These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables above or elsewhere in the materials accompanying this news release.

    Use and economic substance of non-GAAP financial measures
    Net revenue on a constant currency basis excludes the effect of foreign currency exchange fluctuations calculated by translating current period revenues using monthly exchange rates from the comparative period and excluding any hedging impact recognized in the current period. Non-GAAP operating margin is defined to exclude the effects of any amounts relating to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets. Non-GAAP net earnings and non-GAAP diluted net EPS consist of net earnings or diluted net EPS excluding those same charges, non-operating retirement related (credits)/charges, debt extinguishment costs (benefit), tax adjustments and the amount of additional taxes or tax benefits associated with each non-GAAP item.

    HP’s management uses these non-GAAP financial measures for purposes of evaluating HP’s historical and prospective financial performance, as well as HP’s performance relative to its competitors. HP’s management also uses these non-GAAP measures to further its own understanding of HP’s segment operating performance. HP believes that excluding the items mentioned above for these non-GAAP financial measures allows HP’s management to better understand HP’s consolidated financial performance in relation to the operating results of HP’s segments, as HP’s management does not believe that the excluded items are reflective of ongoing operating results. More specifically, HP’s management excludes each of those items mentioned above for the following reasons:

    • Restructuring and other charges are (i) costs associated with a formal restructuring plan and are primarily related to employee separation from service and early retirement costs and related benefits, costs of real estate consolidation and other non-labor charges; and (ii) other charges, which includes non-recurring costs including those as a result of information technology rationalization efforts and transformation program management and are distinct from ongoing operational costs. HP excludes these restructuring and other charges (and any reversals of charges recorded in prior periods) for purposes of calculating these non-GAAP measures because HP believes that these costs do not reflect expected future operating expenses and excluding such expenses for purposes of calculating these non-GAAP measures is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • HP incurs cost related to its acquisitions and divestitures, which it would not have otherwise incurred as part of its operations. The charges are direct expenses such as third-party professional and legal fees, integration and divestiture-related costs, as well as non-cash adjustments to the fair value of certain acquired assets such as inventory and certain compensation charges related to cash settlement of restricted stock units and performance-based restricted stock units towards acquisitions. These charges related to acquisitions and divestitures are inconsistent in amount and frequency and are significantly impacted by the timing and nature of HP’s acquisitions or divestitures. HP believes that eliminating such expenses for purposes of calculating these non-GAAP measures is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • HP incurs charges relating to the amortization of intangible assets. Those charges are included in HP’s GAAP earnings, operating margin, net earnings and diluted net EPS. Such charges are significantly impacted by the timing and magnitude of HP’s acquisitions and any related impairment charges. Consequently, HP excludes these charges for purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • HP incurs debt extinguishment (benefit)/costs includes certain (gain)/loss related to repurchase of certain of its outstanding U.S. dollar global notes or termination of commitments under revolving credit facilities. These (gain)/loss resulting from debt redemption transactions are partially or more than offset by costs such as bond repurchase premiums, bank fees, unpaid accrued interests, etc. HP excludes these (benefit)/costs for the purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • Non-operating retirement-related (credits)/charges includes certain market-related factors such as interest cost, expected return on plan assets, amortized actuarial gains or losses, associated with HP’s defined benefit pension and post-retirement benefit plans. The market-driven retirement-related adjustments are primarily due to the changes in the value of pension plan assets and liabilities which are tied to financial market performance and HP considers these adjustments to be outside the operational performance of the business. Non-operating retirement-related (credits)/charges also include certain plan curtailments, settlements and special termination benefits related to HP’s defined benefit pension and post-retirement benefit plans. HP believes that eliminating such adjustments for purposes of calculating non-GAAP measures is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.
    • HP recorded tax adjustments including tax expenses and benefits from internal reorganizations, realizability of certain deferred tax assets, various tax rate and regulatory changes, and tax settlements across various jurisdictions. HP excludes these adjustments for the purposes of calculating these non-GAAP measures because HP believes doing so is useful to management and investors in evaluating HP’s current operating performance and comparing operating performance to other periods.

    Free cash flow is a non-GAAP measure that is defined as cash flow provided by (used in) operating activities adjusted for net investment in leases from integrated financing and net investments in property, plant, equipment and purchased intangible. Gross cash is a non-GAAP measure that is defined as cash, cash equivalents and restricted cash plus short-term investments and certain long-term investments that may be liquidated within 90 days pursuant to the terms of existing put options or similar rights. HP’s management uses free cash flow and gross cash for the purpose of determining the amount of cash available for investment in HP’s businesses, repurchasing stock and other purposes. HP’s management also uses free cash flow and gross cash to evaluate HP’s historical and prospective liquidity. Because gross cash includes liquid assets that are not included in cash, cash equivalents and restricted cash, HP believes that gross cash provides a helpful assessment of HP’s liquidity. Because free cash flow includes net cash provided by (used in) operating activities adjusted for net investment in leases from integrated financing and net investments in property, plant, equipment and purchased intangible. HP believes that free cash flow provides a useful assessment of HP’s liquidity and capital resources. Net cash (debt) is defined as gross cash less gross debt after adjusting the effect of unamortized premium/discount on debt issuance, debt issuance costs and gains/losses on interest rate swaps.

    Key Growth Areas
    Key Growth Areas represent HP’s businesses which management expects to collectively grow at a rate faster than HP’s core business with accretive margins in the longer term. HP’s Key Growth Areas are comprised of:

    Hybrid Systems: Video conferencing solutions, cameras, headsets, voice, and related software capabilities

    Advanced Compute Solutions: Diverse portfolio encompassing high-performance computing, mobile and desktop workstations, retail workstations, retail solutions, and emerging technologies to address complex computational tasks, data-intensive applications, and evolving industry needs.

    AI PC: PCs, excluding Workstations, equipped with dedicated hardware components like Neural Processing Units (NPUs), are designed to facilitate and enhance the execution of AI and machine learning tasks.

    Workforce Solutions: Managed services (Managed Print Service and Device-as-a-Service), digital services and lifecycle services

    Consumer Subscriptions: Instant Ink services, other consumer subscriptions and consumer digital services

    Industrial Graphics: Large Format Industrial, Page Wide Press (PWP), Indigo and Page Wide Industrial packaging solutions and supplies

    3D & Personalization: Portfolio of additive manufacturing solutions and supplies including end-to-end solutions such as moulded fiber, footwear and orthotics

    Material limitations associated with use of non-GAAP financial measures
    These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of HP’s results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:

    • Items such as amortization of intangible assets, though not directly affecting HP’s cash position, represent the loss in value of intangible assets over time. The expense associated with this change in value is not included in non-GAAP operating margin, non-GAAP net earnings and non-GAAP diluted net EPS, and therefore does not reflect the full economic effect of the change in value of those intangible assets.
    • Items such as restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets are excluded from non-GAAP operating margin. In addition, non-operating retirement-related (credits)/charges, debt extinguishment costs (benefit) and tax adjustments are excluded from non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings and non-GAAP diluted net EPS. These items can have a material impact on the equivalent GAAP earnings measure and cash flows.
    • HP may not be able to immediately liquidate the short-term and certain long-term investments included in gross cash, which may limit the usefulness of gross cash as a liquidity measure.

    Other companies may calculate the non-GAAP financial measures differently than HP, limiting the usefulness of those measures for comparative purposes.

    Compensation for limitations associated with use of non-GAAP financial measures
    HP accounts for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only supplementally. HP also provides reconciliations of each non-GAAP financial measure to its most directly comparable GAAP measure within this news release and in other written materials that include these non-GAAP financial measures, and HP encourages investors to review those reconciliations carefully.

    Usefulness of non-GAAP financial measures to investors
    HP believes that providing net revenue on a constant currency basis, non-GAAP total operating expense, non-GAAP operating profit, non-GAAP operating margin, non-GAAP other income and expenses, non-GAAP tax rate, non-GAAP net earnings, non-GAAP diluted net EPS, free cash flow, gross cash and net cash (debt) to investors in addition to the related GAAP financial measures provides investors with greater insight to the information used by HP’s management in its financial and operational decision making and allows investors to see HP’s results “through the eyes” of management. HP further believes that providing this information better enables HP’s investors to understand HP’s operating performance and financial condition and to evaluate the efficacy of the methodology and information used by HP’s management to evaluate and measure such performance and financial condition. Disclosure of these non-GAAP financial measures also facilitates comparisons of HP’s operating performance with the performance of other companies in HP’s industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.

    The MIL Network –

  • MIL-OSI: Stifel Reports January 2025 Operating Data

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Feb. 27, 2025 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported selected operating results for January 31, 2025 in an effort to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed.

    Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, “In January, client assets under administration reached $510 billion and fee-based assets grew to $197 billion, marking a 14% and 18% increase year-on-year. This growth was driven by stronger markets and a solid recruiting pipeline. Additionally, client money market and insured products rose 7% from the same period last year but the expected seasonal decline in Sweep deposits resulted in a 4% decrease during January.”

    Selected Operating Data (Unaudited)
      As of   % Change
    (millions) 1/31/2025 1/31/2024 12/31/2024   1/31/2024 12/31/2024
    Total client assets $ 509,671   $ 446,724   $ 501,402       14 %   2 %
    Fee-based client assets $ 197,298   $ 166,682   $ 192,705       18 %   2 %
    Private Client Group fee-based client assets $ 172,468   $ 146,729   $ 168,206       18 %   3 %
    Bank loans, net (includes loans held for sale) $ 21,118   $ 19,525   $ 21,311       8 %   (1 )%
    Client money market and insured product (1) $ 27,936   $ 26,144   $ 29,029       7 %   (4 )%
                                     

    (1) Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program, and Other Sweep cash.

    Company Information

    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

    Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271-3610 | www.stifel.com/investor-relations

    The MIL Network –

  • MIL-OSI USA: SEC Charges Justinas Butkus with Orchestrating $4 Million Fraud

    Source: Securities and Exchange Commission

    Butkus used fraudulent investment firms TBO Capital and Gray Capital to scam investors

    The Securities and Exchange Commission today filed charges against Justinas Butkus, of Lithuania, and two companies he owned and controlled, HMC Trading LLC and HMC Management LLC, for fraudulently raising approximately $4.1 million from 64 investors by selling interests in mutual funds that did not exist.

    As alleged in the SEC’s complaint, in late 2021, Butkus, under the alias Darius Karpavicius, operated fictitious investment firms TBO Capital Group and Gray Capital Group and offered investors shares in sham mutual funds through the firms’ websites, a press release, and internet advertisements, all of which made numerous materially false and misleading statements. According to the complaint, these websites and other materials falsely stated, among other things, that the TBO Capital and Gray Capital mutual funds were managed by industry professionals with decades of experience and achieved years of high-yield investment returns. In reality, the complaint alleges, the managers did not exist, their biographies were fake, and TBO Capital Group and Gray Capital Group never made any investments. Rather, as alleged, the entire operation was a fraud run by Butkus to enrich himself. Butkus allegedly used some of the investors’ money to operate his fraudulent scheme, but stole most for his personal benefit, such as dining at restaurants, cash withdrawals, and crypto asset purchases.

    “Butkus’ conduct was egregious: He went to great lengths to defraud unsuspecting investors using sophisticated websites, internet advertisements, and an alias complete with a doctored passport,” said Samuel Waldon, Acting Director of the SEC’s Division of Enforcement. “This case underscores the SEC’s unwavering commitment to hold individuals accountable for engaging in fraud that harms retail investors.”

    The SEC is refiling this action, which it voluntarily dismissed on January 11, 2024, against Butkus’s alias, “Darius Karpavicius,” through a dismissal without prejudice.

    The complaint, filed in federal court in Manhattan, charges Butkus, HMC Trading LLC, and HMC Management LLC with violating the registration and antifraud provisions of the federal securities laws and names another Butkus-controlled entity, DK Auto LLC, as a relief defendant. The SEC seeks permanent injunctive relief, disgorgement with prejudgment interest, and civil penalties against each of the defendants. It also seeks disgorgement with interest from the relief defendant.

    The SEC’s investigation was conducted by Benjamin Vaughn, Katherine H. Stella, and Andrea Fox with assistance from the Division of Enforcement’s Office of Investigative and Market Analytics. It was supervised by Peter Rosario, George Bagnall, and Stacy L. Bogert. The litigation will be led by Peter Lallas and supervised by James Connor. The SEC appreciates the assistance of Homeland Security Investigations’ New York Field Office and the U.S. Attorney’s Office for the Southern District of New York.

    MIL OSI USA News –

  • MIL-OSI Security: UNC Members Honor Legacy of Chipyong-ri at 74th Victory Ceremony

    Source: United States INDO PACIFIC COMMAND

    The annual ceremony in Chipyong-ni, South Korea, paid tribute to the French Battalion and the U.S. Army’s 23rd Infantry Regiment, 2nd Infantry Division. Their victory in February 1951 is credited with halting the Chinese offensive and turning the tide of the war.

    “It is a chilling reminder of the courage, discipline, effort, and will to win in the hardest of conditions that have to be inculcated in each of us to ensure victory and freedom,” said U.S. Army Col. Chris Choi, Future Operations Division Chief for the UNC, who represented the command at the ceremony.

    The ceremony drew representatives from several UNC member nations, including French Army Col. Olivier LeClercq, Director of Policy and Plans; New Zealand Warrant Officer Class One Grant Collins, Senior Enlisted Advisor; Netherlands Army Maj. Ekrem Karadeniz, Strategic Communication Staff Officer; and Australian Navy Lt. Cmdr. Brendan Trembath, Public Affairs Officer.

    Distinguished guests included the French ambassador to South Korea, the 2nd Infantry Division/ROK-U.S. Combined Division commander, the South Korean 11th Maneuver Division commander, and surviving veterans of the Korean War.

    The battle, also known as Jipyeong-ri, was a decisive victory for U.S. and French units of the 23rd Infantry Regiment against units of the Chinese People’s Volunteer Army. French Army Lt. Gen. Ralph Monclar famously volunteered to step down in rank to Lieutenant Colonel to fight in the war, demonstrating unwavering resolve in the face of adversity.

    The annual commemoration serves as a powerful reminder of the shared sacrifice and enduring partnership between South Korea and the UNC in ensuring peace and security on the Korean Peninsula and in the Indo-Pacific region.

    MIL Security OSI –

  • MIL-OSI: Diginex Limited Announces Relocation of Headquarters to London as Cornerstone for Global Expansion

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 27, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”) (Nasdaq: DGNX), an impact technology company specializing in environmental, social, and governance (ESG) issues, today announced that the Company will relocate its corporate headquarters to London, the United Kingdom, as part of its centralizing leadership to execute its strategic growth plans. On February 26, 2025, the Company signed a lease for office space with International Workplace Group for 18 months at 25 Wilton Road, Victoria, London, Greater London, SW1V 1LW, United Kingdom commencing on April 1, 2025, underscoring its commitment to establishing a strong base in one of the world’s leading financial hubs.

    By establishing its headquarters in London, Diginex Limited aims to enhance access to global financial markets, expand business operations, and strengthen opportunities for strategic partnerships and acquisitions in the European market and beyond. The upcoming move follows the Company’s recent cross-listing on the Frankfurt Stock Exchange (Open Market) and the Tradegate Exchange under the symbol “I0Q” as of February 20, 2025, as well as its engagement with German-based investor relations firm, Kirchhoff Consult GmbH.

    Diginex Limited’s Chief Executive Officer, Mark Blick, will relocate to London to lead the Company’s expansion in the region. The Company’s executive leadership team comprises of six senior leaders, including four British executives, one German, and one Swiss. The Company plans to hire additional senior executives in London to further support its growing operations and drive strategic initiatives. This decision strengthens Diginex Limited’s leadership presence in the European market, which has become an increasingly important region for its growth strategy. With this shift, Diginex Limited expects to be better positioned to intensify its focus on mergers and acquisitions across Europe and the United States, allowing key executives to be closer to potential M&A target companies and emerging opportunities.

    “We believe relocating our corporate headquarters to London is a welcome milestone in our strategic plan to grow by acquisition and places key executives closer to the company’s external M&A partners thus encouraging greater efficiency and more fluid decision making,” said Miles Pelham, Chairman of Diginex Limited. “This move strengthens our ability to engage with global investors, expand our leadership team, and accelerate future growth. With sustainability and regulatory frameworks playing a growing role in corporate governance, the relocation makes it easier to engage directly with organizations operating under the ISSB (International Sustainability Standards Board) and the CSRD (Corporate Sustainability Reporting Directive) frameworks.”

    As Diginex Limited continues its expansion, the Company remains dedicated to driving innovation in ESG solutions, supporting businesses in navigating regulatory landscapes, and delivering value to global clients across Europe, North America and Asia. 

    About Diginex Limited

    Diginex Limited is a Cayman Islands exempted company, with subsidiaries located in Hong Kong, the United Kingdom and the United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

    Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

    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 “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” 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 filings with the SEC.

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email:ir@diginex.com

    European IR Contact
    Jens Hecht
    Phone: +49.40.609186.82
    Email:jens.hecht@kirchhoff.de

    US IR Contact
    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global

    The MIL Network –

  • MIL-OSI: dLocal Reports 2024 Fourth Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Full Year 2024 results
    US$25.6 billion Total Payment Volume, up 45% year-over-year
    Revenue of US$746 million, up 15% year-over-year
    113% Net Revenue Retention Rate
    Gross Profit of US$295 million, up 6% year-over-year
    Adjusted EBITDA of US$189 million, down 7% year-over-year

    Fourth Quarter 2024
    US$7.7 billion Total Payment Volume, up 51% year-over-year and 18% quarter-over-quarter
    Revenue of US$204 million, up 9% year-over-year and 10% quarter-over-quarter
    106% Net Revenue Retention Rate
    Gross Profit of US$84 million, up 20% year-over-year and 7% quarter-over-quarter
    Adjusted EBITDA of US$57 million, up 16% year-over-year and 9% quarter-over-quarter

    • Record TPV of $26 billion, a strong growth to 45% YoY with mix continuing to move to newer more attractive markets, while core markets rebounded from Q3 softness;
    • Revenue and gross profits hitting record highs of $746 million and $295 million, respectively;
    • Adjusted EBITDA to GP margins closing out the year at 64%, but improving consistently as the year progressed.

    dLocal reports in US dollars and in accordance with IFRS as issued by the IASB

    MONTEVIDEO, Uruguay, Feb. 27, 2025 (GLOBE NEWSWIRE) — DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), a technology – first payments platform today announced its financial results for the fourth quarter ended December 31, 2024..

    As we walk through a review of our performance over the past quarter and year, and as we have repeatedly mentioned, we think of five pillars underpinning dLocal’s investment thesis:

    • A massive addressable market, given the untapped potential of emerging and frontier markets as they digitize payments and merchants go to market throughout the Global South. 85% of the world’s population resides in emerging markets1, and two thirds of global growth by 2035 will come from there2.
    • Consistent high top line growth, driven by a proven track record of delivering value to the world’s most sophisticated global digital merchants that has allowed us to capture a market leading share of this expanding TAM.
    • Attractive margin business with potential to deliver operational leverage once we have laid the foundational blocks and further scale benefits kick in.
    • Strong cash generating financial model as Net Income converts well into FCF.
    • Investment in product development capabilities to drive growth through new categories, products, feature innovations, and potential M&A activity.

    Our FY 2024 results affirm the investment thesis, highlighted by a record TPV of $26 billion, a strong TPV growth of 45% year-over-year, driven by a shift towards newer, more attractive markets, while core markets rebounded from Q3 softness. Additionally, revenue and gross profits reached record highs of $746 million and $295 million, respectively, with an adjusted EBITDA to GP margins closing the year at 64%, showing consistent improvement throughout the year. Furthermore, Net Income to FCF of Own funds3 conversion exited the year at a rate above 100%.

    These strong 2024 results should be seen in the context of a weak first quarter followed by progressively stronger quarter-over-quarter performance, and the continuation of an investment cycle aimed at achieving greater scalability for our business.

    Building on last quarter’s positive trend, our TPV grew over 50% year-over-year, despite a strong Q4 2023 comparison. Quarter-over-quarter, TPV growth accelerated to nearly 20%, driven by commerce seasonality, and strength in remittances and ride-hailing. In constant currency3, given general weakness in Emerging Markets currencies, those growth rates are even more impressive, about 30 points higher year-over-year.

    Revenues surpassed the milestone of over $200 million in Q4, representing a 9% year-over-year growth. In constant currencies4, revenue growth for the period would have been around 40% year-over-year.

    Our growth continues to reinforce our position as a trusted partner for global companies seeking to do business across emerging markets, with performance coming from a well diversified list of countries, with notable contributions from Argentina, Egypt, Other LatAm and Other Africa and Asia markets. As a result of our expansion into more frontier markets, we also continue to see solid growth in our cross-border volumes.

    In terms of profitability, we reached a record gross profit of $84 million, with a net take rate at 1.1%, reflecting the market dynamic where higher volumes drive lower take rates, increase in the payouts share, and the depreciation of emerging market currencies. To offset this, we are driving cost efficiencies through processor and broker renegotiations and improvements in our hedging strategy. We also continue our push into higher take rate markets and verticals, which over the long term, should partially offset the take rate compression.

    Despite the ongoing step up in investments in our engineering team, operational capabilities, and license portfolio to support our long-term growth ambitions, our Adjusted EBITDA hit a record $57 million in the quarter, with an adjusted EBITDA over gross profit margin improving quarter-over-quarter to 68%.

    Cash generation was also solid, as we continue to increase free cash available to deploy behind our capital allocation strategy. This sustained cash generation increases our flexibility when thinking through M&A, buybacks or re-investing in a disciplined manner back into the business.

    In 2024, we added 9 licenses and registrations, including the UK FCA’s Authorised Payment Institution license, which enhances our competitive edge and demonstrates our commitment to compliant practices and regulatory oversight.

    To sum up, Q4 marked the successful end to 2024 in terms of consistent TPV growth, controlled take rate decline, and balance of investment for future growth with a healthy margin and free cash profile.

    Looking ahead to our 2025 guidance5, we expect a strong TPV growth of 35% – 45% year-over-year, with a revenue growth of 25% – 35% year-over-year that shows this sustained momentum of our top line. We see gross profit growth of 20% – 25% year-over-year, and Adjusted EBITDA growth between 20% and 30% year-over-year.

    Considering those assumptions, we should expect a net take rate compression while delivering high TPV growth even at our scale. Over the midterm, we will work to maintain strong TPV while recognizing that given the extremely strong levels of TPV retention we deliver, our larger merchants will continue to attain lower pricing tiers. We will strive to offset this effect through growth in higher take rate new verticals, natural mix shift towards higher take rate frontier markets, and new revenue streams through product launches.

    This guidance highlights that our combination of revenue growth, margin structure and free cash generation is not that common. There are not that many companies today who are as profitable as we are, growing revenues at the pace we are growing, and consistently generating free cash.

    As known, our business thrives in fast-growing, dynamic markets with massive opportunities in digital payments across emerging markets, driven by strong demand and long-term growth trends. However, these markets also bring volatility from macroeconomic shifts, regulatory changes, and currency fluctuations. While we are confident in our long-term high-growth potential, providing mid-term guidance may not accurately reflect the predictability over a multi-year timeframe. For this reason, we have made the decision to discontinue mid-term guidance. We will continue to focus on delivering strong operational execution so as to hit the annual targets we disclose.

    Looking ahead to 2025, we are confident in our ability to sustain momentum. Our investments in technology, product innovation, and market expansion position us well for growth. Despite the volatility of emerging markets, our disciplined scaling, local expertise, and commitment to delivering value to merchants will differentiate us. Our strategy focuses on capturing the potential of digital payments in high-growth regions, driving operational efficiencies, and reinforcing market leadership. We are excited about the opportunities ahead and committed to executing with the same rigor and discipline that have defined our success.

    1 Source: Euromonitor International: Reaching the emerging middle class beyond BRIC; 2 Source: S&P Global Market Intelligence. 3 Please see Reconciliation of TPV and Revenue constant currency measures to reported results of Q4 2024 Earnings Presentation; 4 Please see Reconciliation of TPV and Revenue constant currency measures to reported results of Q4 2024 Earnings Presentation; 5 please see Full year 2025 outlook on slide 23 of Q4 2024 Earnings Presentation.

    Fourth quarter 2024 financial highlights

    • Total Payment Volume (“TPV”) reached a record US$7.7 billion in the fourth quarter, up 51% year-over-year compared to US$5.1 billion in the fourth quarter of 2023 and up 18% compared to US$6.5 billion in the third quarter of 2024. In constant currencies1, TPV growth for the period would have been 81% year-over-year.
    • Revenues amounted to US$204.5 million, up 9% year-over-year compared to US$188.0 million in the fourth quarter of 2023 and up 10% compared to US$185.8 million in the third quarter of 2024. This quarter-over-quarter increase was mostly driven by volume increase in Egypt, as well as positive results in Other LatAm and Other Africa and Asia, with notable performance in South Africa, Turkey, Colombia and Ecuador. In constant currencies1, revenue growth for the period would have been 42% year-over-year.
    • Gross profit was US$83.7 million in the fourth quarter of 2024, up 20% compared to US$69.7 million in the fourth quarter of 2023 and up 7% compared to US$78.2 million in the third quarter of 2024. The improvement in gross profit quarter-over-quarter was primarily due to volume growth in Argentina, Egypt, Nigeria and Turkey. These positive factors were partially offset by (i) Mexico, given the higher growth of Tier 0 merchants coupled with a shift in the payment mix; (ii) Brazil, given the lower take rates from the new Payment Orchestration option launched in the third quarter of 2024 (which positively allowed for volume recovery versus the prior quarter) and shift in the payment mix; and (iii) Other LatAm markets, that despite delivering positive volume performance, on a quarter-over-quarter comparison was impacted by the strong growth in Q3 from wider FX spreads in certain smaller markets, as disclosed in the previous quarterly results.
    • As a result, gross profit margin was 41% in this quarter, compared to 37% in the fourth quarter of 2023 and 42% in the third quarter of 2024.
    • Gross profit over TPV was at 1.1% decreasing from 1.4% in the fourth quarter of 2023 and from 1.2% compared to the third quarter of 2024.
    • Operating income was US$42.3 million, up 3% compared to US$41.0 million in the fourth quarter of 2023 and up 3% compared to US$41.1 million in the third quarter of 2024, as we resumed the pace of certain investments in building out our capabilities. In this context, operating expenses grew by 44% year-over-year, with most of the growth allocated to Product Development & IT capabilities, with these expenses increasing by 70% year-over-year while combined Sales and Marketing (S&M) and G&A expenses grew by 29%. On the sequential comparison, operating expenses increased 12% quarter-over-quarter, a reflection of (i) growth in combined S&M and G&A expenses, driven by continued investment in operating capabilities and marketing investments; and (ii) slightly down tech and development expenses as increases in headcount were offset by reductions in other IT expenditures.
    • As a result, Adjusted EBITDA was US$56.9 million, up 16% compared to US$49.2 million in the fourth quarter of 2023 and up 9% compared to US$52.4 million in the third quarter of 2024.
    • Adjusted EBITDA margin was 28%, compared to the 26% recorded in the fourth quarter of 2023 and 28% in the third quarter of 2024. On the annual comparison, the increase is explained by investments in core areas to drive efficiency and ensure future growth while maintaining our lean and disciplined structure. Adjusted EBITDA over gross profit of 68% decreased compared to 71% in the fourth quarter of 2023 and increased compared to 67% in the third quarter of 2024.
    • Net financial cost was US$1.1 million, compared to a finance income of US$1.0 million in the fourth quarter of 2023 and a cost of US$10.1 million in the third quarter of 2024, as explained in the Net Income section.
    • Our effective income tax rate increased to 27% from 8% last quarter, and stands at 20% on a year-to-date basis. In the fourth quarter of 2024, effective income tax rate was impacted by an income tax settlement related to previous periods. Excluding this tax settlement, our effective income tax rate stood at 16% for the fourth quarter and 17% for the year compared to 16% in 2023, as a result of slightly higher local-to-local share of pre-tax income.
    • Net income for the fourth quarter of 2024 was US$29.7 million, or US$0.10 per diluted share, up 4% compared to a profit of US$28.5 million, or US$0.10 per diluted share, for the fourth quarter of 2023 and up 11% compared to a profit of US$26.8 million, or US$0.09 per diluted share for the third quarter of 2024. During the current period, net income was mostly affected by the positive non-cash mark to market effect related to our Argentine bond investments, lower finance costs partially offset by higher taxes. Adjusted net income for the fourth quarter of 2024 was US$45.8 million, up 13% compared to US$40.6 million for the fourth quarter of 2023 and up 6% compared to US$43.4 million for the third quarter of 2024.
    • As of December 31, 2024, dLocal had US$425.2 million in cash and cash equivalents, including US$189.0 million of own funds and US$236.1 million of merchants’ funds. The consolidated cash position decreased by US$111.0 million from US$536.2 million as of December 31, 2023. When compared to the US$560.5 million cash position as of September 30, 2024, it decreased by US$135.4 million. The variation quarter-over-quarter is primarily explained by changes in merchant working capital, driven by: (i) increase in trade receivables due to temporary settlement delays before year-end; coupled with (ii) decrease in trade payables due to a shift in settlement periods with certain merchants and higher settlement of accumulated merchant balances.

    1Please see Reconciliation of TPV and Revenue constant currency measures to reported results of Q4 2024 Earnings Presentation.

    The following table summarizes our key performance metrics:

      Three months ended December 31 Twelve months ended December 31
      2024 2023 % change 2024 2023 % change
    Key Performance metrics (In millions of US$ except for %)
    TPV 7,714 5,111 51% 25,575 17,677 45%
    Revenue 204.5 188.0 9% 746.0 650.4 15%
    Gross Profit 83.7 69.7 20% 294.7 276.9 6%
    Gross Profit margin 41% 37% 4p.p 40% 43% -3p.p
    Adjusted EBITDA 56.9 49.2 16% 188.7 202.3 -7%
    Adjusted EBITDA margin 28% 26% 2p.p 25% 31% -6p.p
    Adjusted EBITDA/Gross Profit 68% 71% -3p.p 64% 73% -9p.p
    Profit 29.7 28.5 4% 120.5 149.1 -19%
    Profit margin 15% 15% -1p.p 16% 23% -7p.p
                 

    Fourth quarter 2024 business highlights

    • During the fourth quarter of 2024, pay-ins TPV increased 44% year-over-year and 15% quarter-over-quarter to US$5.3 billion, accounting for 69% of the TPV.
    • Pay-outs TPV increased by 68% year-over-year and 26% quarter-over-quarter to US$2.4 billion, accounting for the remaining 31% of the TPV.
    • Cross-border TPV increased by 67% year-over-year and 23% quarter-over-quarter to US$3.7 billion. Cross-border volume accounted for 48% of the TPV in the fourth quarter of 2024.
    • Local-to-local TPV increased by 38% year-over-year and 14% quarter-over-quarter to US$4.0 billion. Local-to-local volume accounted for 52% of the TPV in the fourth quarter of 2024.
    • LatAm revenue increased 16% year-over-year to US$152.9 million, accounting for 75% of total revenue. On the annual comparison, the growth was primarily driven by (i) volume growth in Argentina; and (ii) strong performance of Other LatAm, particularly in Colombia. This result was partially offset by Brazil due to (i) lower take rates from the new Payment Orchestration option launched in the third quarter of 2024; and (ii) shift in the payment mix. Sequentially, LatAm revenue grew by 5%, mainly driven by the performance of Other LatAm, especially in Colombia and Ecuador. The positive result was offset by (i) Argentina, impacted by the lower FX spreads; (ii) Brazil, as previously explained; and (iii) Mexico, due to higher growth of Tier 0 merchants coupled with a shift in the payment mix.
    • In the Africa and Asia region, revenue decreased by 9% year-over-year, primarily driven by Nigeria due to the Naira devaluation in February of 2024; partially offset by (i) the strong growth performance in Egypt; and (ii) in Other Africa and Asia, particularly the performance in South Africa in the commerce vertical. Those regions are also the main drivers of the sequential increase.
    • LatAm gross profit increased by 3% year-over-year and 1% quarter-over-quarter to US$56.4 million, accounting for 67% of total gross profit. Most of the year-over-year increase is explained by the volume growth in Argentina, Mexico, and other LatAm markets, which were mostly offset by Brazil as just explained, and currency devaluations. Sequentially, the growth was mainly driven by Argentina’s positive performance; offset by drivers in Mexico and Brazil, as explained previously. Other Latam markets, which continue to grow TPV, were negatively impacted quarter-over-quarter due to the strong Q3 growth from wider FX spreads in smaller markets, as previously disclosed.
    • Africa and Asia gross profit increased by 82% year-over-year to US$27.3 million, accounting for the remaining 33% of total gross profit. This annual comparison is explained by TPV growth in Egypt, ramp-up of commerce merchants in South Africa, and positive performance in Other Africa and Asia markets, including Turkey and Vietnam. Sequentially, gross profit increased by 21%, attributable to the positive performance in Egypt, Nigeria and Turkey in categories such as remittances, financial services, ads and streaming.
    • During the quarter, Revenue from Existing Merchants reached US$198.3 million compared to US$ 179.9 million in the third quarter of 2024. On the annual comparison, Revenue from Existing Merchants increased by 13% and the net revenue retention rate, or NRR, reached 106%.
    • Revenue from New Merchants accounted for US$6.1 million in the fourth quarter of 2024 compared to US$11.8 million in the same quarter of the prior year.

    The tables below present the breakdown of dLocal’s TPV by product and type of flow:

    In millions of US$ except for % Three months ended December 31 Twelve months ended December 31
      2024 % share 2023 % share 2024 % share 2023 % share
    Pay-ins 5,340 69% 3,701 72% 17,902 70% 12,823 73%
    Pay-outs 2,373 31% 1,410 28% 7,673 30% 4,855 27%
    Total TPV 7,714 100% 5,111 100% 25,575 100% 17,677 100%
                     
    In millions of US$ except for % Three months ended December 31 Twelve months ended December 31
      2024 % share 2023 % share 2024 % share 2023 % share
    Cross-border 3,740 48% 2,235 44% 11,902 47% 8,670 49%
    Local-to-local 3,974 52% 2,876 56% 13,673 53% 9,007 51%
    Total TPV 7,714 100% 5,111 100% 25,575 100% 17,677 100%
                     

    The tables below present the breakdown of dLocal’s revenue by geography:

    In millions of US$ except for % Three months ended December 31 Twelve months ended December 31
      2024 % share 2023 % share 2024 % share 2023 % share
    Latin America 152.9 75% 131.5 70% 562.2 75% 492.7 76%
    Brazil 33.7 16% 50.2 27% 152.0 20% 159.0 24%
    Argentina 25.1 12% 10.5 6% 85.5 11% 75.1 12%
    Mexico 40.5 20% 35.6 19% 149.2 20% 116.8 18%
    Chile 13.5 7% 14.9 8% 51.2 7% 55.7 9%
    Other LatAm 40.1 20% 20.3 11% 124.4 17% 86.1 13%
                     
    Africa & Asia 51.6 25% 56.5 30% 183.8 25% 157.7 24%
    Nigeria 2.9 1% 28.4 15% 13.3 2% 84.0 13%
    Egypt 21.4 10% 18.4 10% 94.0 13% 36.7 6%
    Other Africa & Asia 27.4 13% 9.7 5% 76.5 10% 37.0 6%
                     
    Total Revenue 204.5 100% 188.0 100% 746.0 100% 650.4 100%
                     

    The tables below present the breakdown of dLocal’s gross profit by geography:

    In millions of US$ except for % Three months ended December 31 Twelve months ended December 31
      2024 % share 2023 % share 2024 % share 2023 % share
    Latin America 56.4 67% 54.7 79% 214.2 73% 228.7 83%
    Brazil 14.8 18% 25.5 37% 67.3 23% 78.8 28%
    Argentina 9.2 11% 4.0 6% 28.7 10% 48.7 18%
    Mexico 10.9 13% 9.3 13% 42.5 14% 34.7 13%
    Chile 9.2 11% 9.1 13% 33.1 11% 34.0 12%
    Other LatAm 12.4 15% 7.0 10% 42.6 14% 32.6 12%
                     
    Africa & Asia 27.3 33% 15.0 21% 80.5 27% 48.1 17%
    Nigeria 2.4 3% 1.5 2% 6.6 2% 5.8 2%
    Egypt 16.0 19% 9.6 14% 48.4 16% 26.1 9%
    Other Africa & Asia 8.9 11% 3.9 6% 25.5 9% 16.2 6%
                     
    Total Gross Profit 83.7 100% 69.7 100% 294.7 100% 276.9 100%
                     

    Special note regarding Adjusted EBITDA and Adjusted EBITDA Margin

    dLocal has only one operating segment. dLocal measures its operating segment’s performance by Revenues, Adjusted EBITDA and Adjusted EBITDA Margin, and uses these metrics to make decisions about allocating resources.

    Adjusted EBITDA as used by dLocal is defined as the profit from operations before financing and taxation for the year or period, as applicable, before depreciation of property, plant and equipment, amortization of right-of-use assets and intangible assets, and further excluding the finance income and costs, impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges,other operating gain/loss,other non-recurring costs, and inflation adjustment. dLocal defines Adjusted EBITDA Margin as the Adjusted EBITDA divided by consolidated revenues.

    Although Adjusted EBITDA and Adjusted EBITDA Margin may be commonly viewed as non-IFRS measures in other contexts, pursuant to IFRS 8, (“Operating Segments”), Adjusted EBITDA and Adjusted EBITDA Margin are treated by dLocal as IFRS measures based on the manner in which dLocal utilizes these measures. Nevertheless, dLocal’s Adjusted EBITDA and Adjusted EBITDA Margin metrics should not be viewed in isolation or as a substitute for net income for the periods presented under IFRS. dLocal also believes that its Adjusted EBITDA and Adjusted EBITDA Margin metrics are useful metrics used by analysts and investors, although these measures are not explicitly defined under IFRS. Additionally, the way dLocal calculates operating segment’s performance measures may be different from the calculations used by other entities, including competitors, and therefore, dLocal’s performance measures may not be comparable to those of other entities. Finally, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA because dLocal cannot reliably predict certain of their necessary components, such as impairment gains/(losses) on financial assets, transaction costs, and inflation adjustment.

    The table below presents a reconciliation of dLocal’s Adjusted EBITDA to net income:

    $ in thousands Three months ended December 31 Twelve months ended December 31
      2024 2023 2024 2023
    Profit for the period 29,701 28,481 120,469 149,086
    Income tax expense 11,090 7,476 30,550 29,428
    Depreciation and amortization 4,888 3,604 17,177 12,225
    Finance income and costs, net 1,085 (996) (17,174) (11,394)
    Share-based payment non-cash charges 6,339 4,850 23,780 11,922
    Other operating loss¹ 1,307 – 5,257 –
    Impairment loss / (gain) on financial assets 533 (657) 440 (3,136)
    Inflation adjustment 392 6,040 6,655 12,537
    Other non-recurring costs² 1,571 434 1,571 1,663
    Adjusted EBITDA 56,906 49,232 188,725 202,332
             

    Note: 1 The company wrote-off certain amounts related to merchants/processors off-boarded by dLocal. 2 Other non-recurring costs consist of costs not directly associated with our core business activities, including costs associated with addressing the allegations made by a short-seller report and certain class action and other legal and regulatory expenses (which include fees from counsel, global expert services and a forensic accounting advisory firm) in 2023 and 2024.

    Special note regarding Adjusted Net Income

    Adjusted Net Income is a non-IFRS financial measure. As used by dLocal, Adjusted Net Income is defined as the profit for the period (net income) excluding impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges, and other operating (gain)/loss, in line with our Adjusted EBITDA calculation (see detailed methodology for Adjusted EBITDA on page 13). It further excludes the accounting non-cash charges related to the fair value gain from the Argentine dollar-linked bonds, the exchange difference loss from the intercompany loan denominated in USD that we granted to our Argentine subsidiary to purchase the bonds, and the hedging cost associated with the Argentina treasury notes. In addition, it excludes the inflation adjustment based on IFRS rules for hyperinflationary economies. We believe Adjusted Net Income is a useful measure for understanding our results of operations while excluding certain non-cash effects such as currency devaluation, inflation, and hedging costs. Our calculation for Adjusted Net Income may differ from similarly-titled measures presented by other companies and should not be considered in isolation or as a replacement for our measure of profit for the period as presented in accordance with IFRS.

    The table below presents a reconciliation of dLocal’s Adjusted net income:

    $ in thousands Three months ended December 31 Twelve months ended December 31
      2024 2023 2024 2023
    Net income as reported 29,701 28,481 120,469 149,086
    Inflation adjustment 392 6,040 6,655 12,537
    Loan – exchange difference 2,332 51,858 22,602 81,024
    Argentina Treasury Notes Hedging Costs 5,536 – 9,808 –
    Fair value loss / (gain) of financial assets at FVTPL (5,115) (50,754) (38,609) (78,640)
    Impairment loss / (gain) on financial assets 533 (657) 440 (3,135)
    Share-based payment non-cash charges 6,339 4,850 23,780 11,922
    Other operating loss¹ 1,307 – 5,257 –
    Other non-recurring costs³ 1,571 434 1,571 1,663
    Tax effect on adjustments (1,310) 386 (899) 834
    Adjusted net income 45,828 40,638 155,616 175,291
             

    Unaudited quarterly results.

    Note: 1 The company wrote-off certain amounts related to merchants/processors off-boarded by dLocal. 2 In Q4 2024, income tax was impacted by an income tax settlement related to previous periods, as disclosed in the Note 12 – Income Tax. 3 Other non-recurring costs consist of costs not directly associated with our core business activities, including costs associated with addressing the allegations made by a short-seller report and certain class action and other legal and regulatory expenses (which include fees from counsel, global expert services and a forensic accounting advisory firm) in 2023 and 2024.

    Earnings per share

    We calculate basic earnings per share by dividing the profit attributable to owners of the group by the weighted average number of common shares outstanding during the three-month and twelve-month periods ended December 31, 2024 and 2023.

    Our diluted earnings per share is calculated by dividing the profit attributable to owners of the group of dLocal by the weighted average number of common shares outstanding during the period plus the weighted average number of common shares that would be issued on conversion of all dilutive potential common shares into common shares.

    The following table presents the information used as a basis for the calculation of our earnings per share:

      Three months ended December 31 Twelve months ended December 31
      2024 2023 2024 2023
    Profit attributable to common shareholders (USD) 29,682,000 28,515,000 120,416,000 148,964,000
    Weighted average number of common shares 280,443,489 290,657,015 290,014,019 291,982,305
    Adjustments for calculation of diluted earnings per share 14,417,466 5,008,261 15,122,271 10,976,123
    Weighted average number of common shares for calculating diluted earnings per share 294,860,956 295,665,276 305,136,290 302,958,428
    Basic earnings per share 0.11 0.10 0.42 0.51
    Diluted earnings per share 0.10 0.10 0.39 0.49
             

    This press release does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” nor a financial statement as defined by International Accounting Standards 1 “Presentation of Financial Statements”. The quarterly financial information in this press release has not been audited, whereas the annual results for the year ended December 31, 2024 and 2023 are audited.

    Conference call and webcast
    dLocal’s management team will host a conference call and audio webcast on February 27, 2025 at 5:00 p.m. Eastern Time. Please click here to pre-register for the conference call and obtain your dial in number and passcode.

    The live conference call can be accessed via audio webcast at the investor relations section of dLocal’s website, at https://investor.dlocal.com/. An archive of the webcast will be available for a year following the conclusion of the conference call. The investor presentation will also be filed on EDGAR at www.sec.gov.

    About dLocal
    dLocal powers local payments in emerging markets, connecting global enterprise merchants with billions of emerging market consumers in more than 40 countries across Africa, Asia, and Latin America. Through the “One dLocal” platform (one direct API, one platform, and one contract), global companies can accept payments, send pay-outs and settle funds globally without the need to manage separate pay-in and pay-out processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market.

    Definition of selected operational metrics
    “API” means application programming interface, which is a general term for programming techniques that are available for software developers when they integrate with a particular service or application. In the payments industry, APIs are usually provided by any party participating in the money flow (such as payment gateways, processors, and service providers) to facilitate the money transfer process.

    “Cross-border” means a payment transaction whereby dLocal is collecting in one currency and settling into a different currency and/or in a different geography.

    “Local payment methods” refers to any payment method that is processed in the country where the end user of the merchant sending or receiving payments is located, which include credit and debit cards, cash payments, bank transfers, mobile money, and digital wallets.

    “Local-to-local” means a payment transaction whereby dLocal is collecting and settling in the same currency.

    “Net Revenue Retention Rate” or “NRR” is a U.S. dollar-based measure of retention and growth of dLocal’s merchants. NRR is calculated for a period or year by dividing the Current Period/Year Revenue by the Prior Period/Year Revenue. The Prior Period/Year Revenue is the revenue billed by us to all our customers in the prior period. The Current Period/Year Revenue is the revenue billed by us in the current period to the same customers included in the Prior Period/Year Revenue. Current Period/Year Revenue includes revenues from any upselling and cross-selling across products, geographies, and payment methods to such merchant customers, and is net of any contractions or attrition, in respect of such merchant customers, and excludes revenue from new customers on-boarded in the preceding twelve months. As most of dLocal revenues come from existing merchants, the NRR rate is a key metric used by management, and we believe it is useful for investors in order to assess our retention of existing customers and growth in revenues from our existing customer base.

    “Pay-in” means a payment transaction whereby dLocal’s merchant customers receive payment from their customers.

    “Pay-out” means a payment transaction whereby dLocal disburses money in local currency to the business partners or customers of dLocal’s merchant customers.

    “Revenue from New Merchants” means the revenue billed by us to merchant customers that we did not bill revenues in the same quarter (or period) of the prior year.

    “Revenue from Existing Merchants” means the revenue billed by us in the last twelve months to the merchant customers that we billed revenue in the same quarter (or period) of the prior year.

    “TPV” dLocal presents total payment volume, or TPV, which is an operating metric of the aggregate value of all payments successfully processed through dLocal’s payments platform. Because revenue depends significantly on the total value of transactions processed through the dLocal platform, management believes that TPV is an indicator of the success of dLocal’s global merchants, the satisfaction of their end users, and the scale and growth of dLocal’s business.

    Rounding: We have made rounding adjustments to some of the figures included in this interim report. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

    Forward-looking statements
    This press release contains certain forward-looking statements. These forward-looking statements convey dLocal’s current expectations or forecasts of future events, including guidance in respect of total payment volume, revenue, gross profit and Adjusted EBITDA. Forward-looking statements regarding dLocal and amounts stated as guidance are based on current management expectations and involve known and unknown risks, uncertainties and other factors that may cause dLocal’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and “Cautionary Statement Regarding Forward-Looking Statements” sections of dLocal’s filings with the U.S. Securities and Exchange Commission. Unless required by law, dLocal undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof. In addition, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA, because dLocal cannot reliably predict certain of their necessary components, such as impairment gains/(losses) on financial assets, transaction costs, and inflation adjustment.

    dLocal Limited
    Certain financial information
    Consolidated Condensed Interim Statements of Comprehensive Income for the three-month and twelve-month periods ended December 31, 2024 and 2023
    (All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)

      Three months ended December 31 Twelve months ended December 31
      2024 2023 2024 2023
    Continuing operations        
    Revenues 204,491 188,005 745,974 650,351
    Cost of services (120,780) (118,286) (451,301) (373,492)
    Gross profit 83,711 69,719 294,673 276,859
             
    Technology and development expenses (6,822) (4,024) (25,625) (12,650)
    Sales and marketing expenses (5,598) (4,710) (21,626) (17,120)
    General and administrative expenses (27,183) (20,641) (101,225) (70,568)
    Impairment (loss)/gain on financial assets (533) 657 (440) 3,136
    Other operating (loss)/gain (1,307) – (5,257) –
    Operating profit 42,268 41,001 140,500 179,657
    Finance income 12,036 57,913 66,875 128,228
    Finance costs (13,121) (56,917) (49,701) (116,834)
    Inflation adjustment (392) (6,040) (6,655) (12,537)
    Other results (1,477) (5,044) 10,519 (1,143)
    Profit before income tax 40,791 35,957 151,019 178,514
    Income tax expense (11,090) (7,476) (30,550) (29,428)
    Profit for the period 29,701 28,481 120,469 149,086
             
    Profit attributable to:        
    Owners of the Group 29,682 28,515 120,416 148,964
    Non-controlling interest 19 (34) 53 122
    Profit for the period 29,701 28,481 120,469 149,086
             
    Earnings per share (in USD)        
    Basic Earnings per share 0.11 0.10 0.42 0.51
    Diluted Earnings per share 0.10 0.10 0.39 0.49
             
    Other comprehensive income        
    Items that may be reclassified to profit or loss:        
    Exchange difference on translation on foreign operations (4,417) (9,054) (11,188) (7,713)
    Other comprehensive income for the period, net of tax (4,417) (9,054) (11,188) (7,713)
    Total comprehensive income for the period, net of tax 25,284 19,427 109,281 141,373
             
    Total comprehensive income for the period        
    Owners of the Group 25,311 19,463 109,290 141,255
    Non-controlling interest (27) (36) (9) 118
    Total comprehensive income for the period 25,284 19,427 109,281 141,373
             

    dLocal Limited
    Certain financial information
    Consolidated Condensed Interim Statements of Financial Position as of December 31, 2024 and December 31, 2023
    (All amounts in thousands of U.S. dollars)

      December 31, 2024   December 31, 2023
    ASSETS      
    Current Assets      
    Cash and cash equivalents 425,172   536,160
    Financial assets at fair value through profit or loss 129,319   102,677
    Trade and other receivables 496,713   363,374
    Derivative financial instruments 2,874   2,040
    Other assets 18,805   11,782
    Total Current Assets 1,072,883   1,016,033
           
    Non-Current Assets      
    Financial assets at fair value through profit or loss –   1,710
    Trade and other receivables 18,044   –
    Deferred tax assets 5,367   2,217
    Property, plant and equipment 3,377   2,917
    Right-of-use assets 3,645   3,689
    Intangible assets 63,318   57,887
    Other assets 4,695   –
    Total Non-Current Assets 98,446   68,420
    TOTAL ASSETS 1,171,329   1,084,453
           
    LIABILITIES      
    Current Liabilities      
    Trade and other payables 597,787   602,493
    Lease liabilities 1,137   626
    Tax liabilities 21,515   20,800
    Derivative financial instruments 6,227   948
    Financial liabilities 50,455   –
    Provisions 500   362
    Total Current Liabilities 677,621   625,229
           
    Non-Current Liabilities      
    Deferred tax liabilities 1,858   753
    Lease liabilities 2,863   3,331
    Total Non-Current Liabilities 4,721   4,084
    TOTAL LIABILITIES 682,342   629,313
           
    EQUITY      
    Share Capital 570   591
    Share Premium 186,769   173,001
    Treasury Shares (200,980)   (99,936)
    Capital Reserve 33,438   21,575
    Other Reserves (20,934)   (9,808)
    Retained earnings 490,024   369,608
    Total Equity Attributable to owners of the Group 488,887   455,031
    Non-controlling interest 100   109
    TOTAL EQUITY 488,987   455,140
    TOTAL EQUITY AND LIABILITIES 1,171,329   1,084,453
           

    dLocal Limited
    Certain interim financial information
    Consolidated Statements of Cash flows for the three-month and twelve-month periods ended December 31, 2024 and 2023
    (All amounts in thousands of U.S. dollars)

      Three months ended December 31 Twelve months ended December 31
      2024 2023 2024 2023
    Cash flows from operating activities        
    Profit before income tax 40,791 35,957 151,019 178,514
    Adjustments:        
    Interest Income from financial instruments (6,921) (7,159) (28,266) (49,588)
    Interest charges for lease liabilities 370 110 501 578
    Other interests charges 739 2,503 3,758 5,623
    Finance expense related to derivative financial instruments (627) 5,497 19,462 28,013
    Net exchange differences 5,914 50,100 24,787 82,620
    Fair value loss/(gain) on financial assets at FVPL (3,922) (50,754) (37,416) (78,640)
    Amortization of Intangible assets 4,364 3,251 15,511 10,816
    Depreciation and disposals of PP&E and right-of-use 652 353 1,884 1,409
    Share-based payment expense, net of forfeitures 6,339 4,850 23,780 11,922
    Other operating gain 786 – 4,736 –
    Net Impairment loss/(gain) on financial assets 533 2,796 440 318
    Inflation adjustment and other financial results (5,704) 9,041 (17,063) 9,041
      43,313 56,546 163,133 200,626
    Changes in working capital        
    Increase in Trade and other receivables (109,487) (51,154) (162,645) (123,246)
    Decrease / (Increase) in Other assets 4,128 13,258 5,427 45,007
    Increase / (Decrease) in Trade and Other payables (70,700) 52,654 (6,957) 194,619
    Increase / (Decrease) in Tax Liabilities (3,835) (6,591) (3,184) (10,967)
    Increase / (Decrease) in Provisions 222 (275) 138 (1,111)
    Cash (used) / generated from operating activities (136,359) 64,438 (4,088) 304,928
    Income tax paid (4,773) (2,996) (28,696) (11,475)
    Net cash (used) / generated from operating activities (141,132) 61,442 (32,784) 293,453
             
    Cash flows from investing activities        
    Acquisitions of Property, plant and equipment (427) 21 (1,705) (965)
    Additions of Intangible assets (5,699) (4,758) (20,942) (17,260)
    Acquisition of financial assets at FVPL (14,852) (15,847) (121,468) (117,517)
    Collections of financial assets at FVPL – 3,721 108,097 1,487
    Interest collected from financial instruments 6,921 7,159 28,266 49,588
    Payments for investments in other assets at FVPL (10,000) – (10,000) –
    Net cash (used in) / generated investing activities (24,057) (9,704) (17,752) (84,667)
             
    Cash flows from financing activities        
    Repurchase of shares – – (101,067) (97,929)
    Share-options exercise paid 358 – 1,853 153
    Interest payments on lease liability (370) (110) (501) (578)
    Principal payments on lease liability (112) (315) (552) (1,103)
    Finance expense paid related to derivative financial instruments (8) (7,640) (15,017) (28,443)
    Net proceeds from financial liabilities 33,653 – 50,428 –
    Interest payments on financial liabilities (1,633) – (2,281) –
    Other finance expense paid (327) (2,851) (1,450) (5,971)
    Net cash used in by financing activities 31,561 (10,916) (68,587) (133,871)
    Net increase in cash flow (133,628) 40,822 (119,123) 74,915
             
    Cash and cash equivalents at the beginning of the period 560,533 498,165 536,160 468,092
    Net (decrease)/increase in cash flow (133,628) 40,822 (119,123) 74,915
    Effects of exchange rate changes on inflation and cash and cash equivalents (1,732) (2,827) 8,135 (6,847)
    Cash and cash equivalents at the end of the period 425,172 536,160 425,172 536,160
             

    Investor Relations Contact:
    investor@dlocal.com

    Media Contact:
    media@dlocal.com

    The MIL Network –

  • MIL-OSI: PubMatic Announces Fourth Quarter and Fiscal Year Ended 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    FY Revenue of $291.3 million, up 9% over 2023;

    Delivered FY 2024 net income of $12.5 million or 4% margin;

    FY adjusted EBITDA increased 23% over 2023 and was $92.3 million or 32% margin;

    Revenue in Q4 from CTV more than doubled year over year and represented 20% of total revenue;

    Supply Path Optimization represented 53% of total activity in 2024;

    Repurchased 4.3 million shares in 2024, representing 7.9% of fully diluted shares as of December 31, 2024

    NO-HEADQUARTERS/REDWOOD CITY, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) — PubMatic, Inc. (Nasdaq: PUBM), an independent technology company delivering digital advertising’s supply chain of the future, today reported financial results for the fourth quarter and fiscal year ended December 31, 2024.

    “Revenue growth in the year more than doubled over 2023, driven by strength in CTV, emerging revenue streams, and marquee customers choosing PubMatic to build and scale their ad businesses. Our revenue mix is evolving; in the fourth quarter, CTV more than doubled to 20% of total revenue. These achievements mark an inflection point in our underlying business that highlights critical scale on our platform and a significant shift in ad buying toward channels with the highest consumer engagement such as CTV, mobile app and commerce media,” said Rajeev Goel, co-founder and CEO at PubMatic. “Today, our omnichannel platform serves publishers, media buyers, commerce media networks, and curation/data providers, all of which are turning to sell side technology for critical end-to-end solutions needed to build their ad businesses. As we look to 2025, we expect accelerated growth in our underlying business as ad buyers seek premium, brand safe, curated inventory in the open internet.”

    Fiscal Year 2024 Financial Highlights

    • Revenue for the full year 2024 was $291.3 million, an increase of 9% over $267.0 million in 2023;
    • Gross profit was $190.2 million, or 65% margin, an improvement of 250 basis points over 2023;
    • Revenue from omnichannel video in 2024 grew 37% over the same period last year;
    • Net dollar-based retention1 was 107% for the year ended December 31, 2024;
    • GAAP net income was $12.5 million with a margin of 4%, or $0.23 per diluted share in 2024, an increase over net income2 of $8.9 million with a margin of 3%, or $0.16 per diluted share in 2023;
    • Adjusted EBITDA was $92.3 million, or 32% margin, an increase over adjusted EBITDA of $75.3 million, or 28% margin, in 2023;
    • Non-GAAP net income was $42.5 million, or $0.78 per non-GAAP diluted share in 2024, an increase over non-GAAP net income of $32.0 million, or $0.57 per non-GAAP diluted share in 2023;
    • Net cash provided by operating activities in 2024 was $73.4 million, compared to $81.1 million in the full year 2023;
    • Generated free cash flow of $34.9 million in 2024, down 34% over 2023;
    • Ended 2024 with total cash, cash equivalents, and marketable securities of $140.6 million with no debt, a decrease of 20% over the full year 2023; and
    • Through December 31, 2024, used $134.6 million in cash to repurchase 8.3 million shares of Class A common stock with $40.4 million available from the 2024 repurchase program.

    Fourth Quarter 2024 Financial Highlights

    • Revenue in the fourth quarter of 2024 was $85.5 million, an increase of 1% over $84.6 million in the same period of 2023;
    • GAAP net income was $13.9 million with a margin of 16%, or $0.26 per diluted share in the fourth quarter, compared to GAAP net income of $18.7 million with a margin of 22%, or $0.34 per diluted share in the same period of 2023;
    • Adjusted EBITDA was $37.6 million, or 44% margin, compared to $38.9 million, or 46% margin in the same period of 2023;
    • Non-GAAP net income was $21.4 million, or $0.41 per non-GAAP diluted share in the fourth quarter, compared to non-GAAP net income of $24.4 million, or $0.45 per non-GAAP diluted share in the same period of 2023; and
    • Net cash provided by operating activities was $18.0 million, compared to $28.7 million in the same period of 2023.

    The section titled “Non-GAAP Financial Measures” below describes our usage of non-GAAP financial measures. Reconciliations between historical GAAP and non-GAAP information are contained at the end of this press release following the accompanying financial data.

    “In 2024, we delivered record share of revenue for CTV, mobile app and emerging revenues, and achieved an all-time high of Supply Path Optimization activity. We also significantly expanded our margins, once again, demonstrating the strength of our durable model and our strategic commitment to steward both operational excellence and targeted investments for growth,” said Steve Pantelick, CFO at PubMatic. “In Q4, strong growth in the underlying business helped offset softer spending from the large DSP buyer we previously called out mid year. Going forward, we are taking a conservative approach as it relates to this buyer, and expect total revenues to grow year over year in the second half of the year once we lap this impact at the end of Q2 2025. Our underlying business, which excludes revenue from this DSP and political, is targeted to grow 15%+ and represent over two thirds of total company revenues in 2025.”

    Business Highlights

    Omnichannel platform drives revenue in key secular growth areas

    • Full year revenue from high value formats and channels, mobile and omnichannel video3, grew 17% over 2023.
    • In Q4, revenue from omnichannel video, which includes CTV, grew 37% year-over-year.
    • CTV reached scale, and was 20% of revenue in the fourth quarter, driven by growing inventory supply, SPO relationships, and strength in political advertising.
    • Revenue from mobile app grew 16% over 2023 as we scaled to over 900 mobile app publishers.

    High consumer engagement channels fuel ad demand and sell-side data curation

    • New and expanded partnerships announced in 2024 with premium streaming brands including Roku, Dish Media, Disney+ Hotstar, TCL and Xumo. We now work with 80% of the top 30 streaming publishers.
    • The number of Activate customers grew nearly 6x over 2023.
    • Supply Path Optimization represented 53% of total activity on our platform in 2024, up from 45% in 2023.
    • Connect drives more performant, targeted ad campaigns across the open internet, offering 190 data sets to ad buyers on PubMatic. Connect is a leading platform for data providers and curators to integrate first-party data, package inventory, sell to, and optimize outcomes for ad buyers.

    Focused investments drive long-term growth opportunities

    • More than doubled total addressable market to over $120 billion via products that address four key stakeholders across the digital advertising ecosystem: publishers, media buyers, curators and data providers, and commerce media networks.
    • Contribution from emerging revenue streams, which expand beyond ad monetization services, doubled from 2023.

    Recent product launches

    • Launched CTV Marketplaces, offering ad buyers pre-curated CTV inventory available only on PubMatic, built directly from our sell side technology. CTV Marketplaces allows publishers to unlock more value from their inventory and provides ad buyers off-the-shelf, easy to buy premium content and targeted audiences, including curated live sports inventory.
    • Launched Creative Category Manager, a generative AI solution that scans and classifies each video ad creative on granular criteria. First used to unlock millions of dollars in political ad spend, it drove significant CTV revenue. This gen AI solution will soon expand to other use cases and verticals.
    • Launched PubMatic Assistant, a gen AI powered reporting tool that allows publishers to request any report or data using simple plain language text queries. As a result, publishers can streamline analytics, enhance productivity and unlock new growth opportunities by uncovering insights in big data. This powerful tool removes barriers to adoption and drives increased platform usage.

    2024 operating priorities drove profitable growth

    • Aligned with our growth investments, increased global headcount in 2024 by 11% over 2023, adding new team members across product management, engineering and go-to-market teams to accelerate long-term revenue growth.
    • Infrastructure optimization initiatives and investments drove nearly 263 trillion impressions processed in 2024, an increase of 25% over 2023.
    • Cost of revenue per million impressions processed decreased 18% on a trailing twelve month period, as compared to the prior period.
    • Scaled adoption of generative AI drove increased engineering productivity by 15%+ which led to faster software development, testing and release processes.

    Financial Outlook

    Q1 outlook includes the continued headwind from one of our top DSP buyers that revised its auction approach in late May 2024. Adjusted EBITDA expectation assumes a negative FX impact predominately from Euro and Pound Sterling expenses. It also assumes that general market conditions do not significantly deteriorate as it relates to current macroeconomic and geopolitical conditions.

    Accordingly, we estimate the following:

    For the first quarter of 2025, we expect the following:

    • Revenue to be in the range of $61 million to $63 million.
    • Adjusted EBITDA to be in the range of $5 million to $7 million.

    Although we provide guidance for adjusted EBITDA and free cash flow, we are not able to provide guidance for net income, the most directly comparable GAAP measure. Certain elements of the composition of GAAP net income, including stock-based compensation expenses, are not predictable, making it impractical for us to provide guidance on net income or to reconcile our adjusted EBITDA guidance to net income without unreasonable efforts. For the same reason, we are unable to address the probable significance of the unavailable information.

    Conference Call and Webcast details

    PubMatic will host a conference call to discuss its financial results on Thursday, February 27, 2025 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). A live webcast of the call can be accessed from PubMatic’s Investor Relations website at https://investors.pubmatic.com. An archived version of the webcast will be available from the same website after the call.

    Non-GAAP Financial Measures

    In addition to our results determined in accordance with U.S. generally accepted accounting principles (GAAP), including, in particular operating income, net cash provided by operating activities, and net income, we believe that adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP earnings per share and free cash flow, each a non-GAAP measure, are useful in evaluating our operating performance. We define adjusted EBITDA as net income adjusted for stock-based compensation expense, depreciation and amortization, unrealized loss and impairment of equity investment, interest income, acquisition-related and other expenses, and provision for income taxes. Adjusted EBITDA margin represents adjusted EBITDA calculated as a percentage of revenue. We define non-GAAP net income as net income adjusted for unrealized loss on equity investments, stock-based compensation expense, acquisition-related and other expenses, and adjustments for income taxes. We define non-GAAP free cash flow as net cash provided by operating activities reduced by purchases of property and equipment and capitalized software development costs.

    In addition to operating income and net income, we use adjusted EBITDA and non-GAAP net income as measures of operational efficiency. We believe that these non-GAAP financial measures are useful to investors for period to period comparisons of our business and in understanding and evaluating our operating results for the following reasons:

    • Adjusted EBITDA and non-GAAP net income are widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as stock-based compensation expense, depreciation and amortization, interest expense, and provision for income taxes that can vary substantially from company to company depending upon their financing, capital structures and the method by which assets were acquired; and,
    • Our management uses adjusted EBITDA and non-GAAP net income in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of operating performance and the effectiveness of our business strategies and in communications with our board of directors concerning our financial performance; and adjusted EBITDA provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

    Our use of non-GAAP financial measures has limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows:

    • Adjusted EBITDA does not reflect: (a) changes in, or cash requirements for, our working capital needs; (b) the potentially dilutive impact of stock-based compensation; or (c) tax payments that may represent a reduction in cash available to us;
    • Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; and
    • Non-GAAP net income does not include: (a) unrealized losses resulting from our equity investment; (b) the potentially dilutive impact of stock-based compensation; (c) income tax effects for stock-based compensation and unrealized losses from our equity investment; or (d) acquisition-related and other expenses.

    Because of these and other limitations, you should consider adjusted EBITDA and non-GAAP net income along with other GAAP-based financial performance measures, including net income and our GAAP financial results.

    Forward Looking Statements

    This press release contains “forward-looking statements” regarding our future business expectations, including our guidance relating to our revenue and adjusted EBITDA for the first quarter of 2025, our expectations regarding our adjusted EBITDA, free cash flow, capital expenditures, future hiring, future market growth, our long-term revenue growth, target revenue and our ability to gain market share. These forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions and may differ materially from actual results due to a variety of factors including: our dependency on the overall demand for advertising and the channels we rely on; our existing customers not expanding their usage of our platform, or our failure to attract new publishers and buyers; our ability to maintain and expand access to spend from buyers and valuable ad impressions from publishers; the rejection of the use of digital advertising by consumers through opt-in, opt-out or ad-blocking technologies or other means; our failure to innovate and develop new solutions that are adopted by publishers; the war between Ukraine and Russia and the resumption of conflict between Israel and Palestine, and the related measures taken in response by the global community; the impacts of inflation as well as fiscal tightening and volatile interest rates; public health crises, including the resulting global economic uncertainty; limitations imposed on our collection, use or disclosure of data about advertisements; the lack of similar or better alternatives to the use of third-party cookies, mobile device IDs or other tracking technologies if such uses are restricted; any failure to scale our platform infrastructure to support anticipated growth and transaction volume; liabilities or fines due to publishers, buyers, and data providers not obtaining consents from consumers for us to process their personal data; any failure to comply with laws and regulations related to data privacy, data protection, information security, and consumer protection; and our ability to manage our growth. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. For more information about risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our SEC filings, including but not limited to, our annual report on Form 10-K and quarterly reports on From 10-Q, copies of are available on our investor relations website at https://investors.pubmatic.com and on the SEC website at www.sec.gov. All information in this press release is as of February 27, 2025. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    About PubMatic

    PubMatic is an independent technology company maximizing customer value by delivering digital advertising’s supply chain of the future. PubMatic’s sell-side platform empowers the world’s leading digital content creators across the open internet to control access to their inventory and increase monetization by enabling marketers to drive return on investment and reach addressable audiences across ad formats and devices. Since 2006, PubMatic’s infrastructure-driven approach has allowed for the efficient processing and utilization of data in real time. By delivering scalable and flexible programmatic innovation, PubMatic improves outcomes for its customers while championing a vibrant and transparent digital advertising supply chain.

     
     
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (unaudited)
     
        December 31,
    2024    		   December 31,
    2023
    ASSETS        
    Current assets        
    Cash and cash equivalents   $ 100,452     $ 78,509  
    Marketable securities     40,135       96,835  
    Accounts receivable, net     424,814       375,468  
    Prepaid expenses and other current assets     10,145       11,143  
    Total current assets     575,546       561,955  
    Property, equipment and software, net     58,522       60,729  
    Operating lease right-of-use assets     44,402       21,102  
    Acquisition-related intangible assets, net     4,284       5,864  
    Goodwill     29,577       29,577  
    Deferred tax assets     24,864       13,880  
    Other assets, non-current     2,324       2,136  
    TOTAL ASSETS   $ 739,519     $ 695,243  
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Current liabilities        
    Accounts payable   $ 386,602     $ 347,673  
    Accrued liabilities     26,365       25,684  
    Operating lease liabilities, current     5,843       6,236  
    Total current liabilities     418,810       379,593  
    Operating lease liabilities, non-current     39,538       15,607  
    Other liabilities, non-current     3,908       3,844  
    TOTAL LIABILITIES     462,256       399,044  
    Stockholders’ Equity        
    Common stock     6       6  
    Treasury stock     (146,796 )     (71,103 )
    Additional paid-in capital     275,304       230,419  
    Accumulated other comprehensive loss     (636 )     (4 )
    Retained earnings     149,385       136,881  
    TOTAL STOCKHOLDERS’ EQUITY     277,263       296,199  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 739,519     $ 695,243  
     
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (unaudited)
     
        Three Months Ended December 31,   Year Ended December 31,
          2024     2023     2024     2023
    Revenue   $ 85,502   $ 84,600   $ 291,256   $ 267,014
    Cost of revenue(1)     24,935     24,208     101,027     99,229
    Gross profit     60,567     60,392     190,229     167,785
    Operating expenses:(1)                
    Technology and development     7,831     6,846     33,263     26,727
    Sales and marketing     23,763     20,353     95,369     82,803
    General and administrative(2)     14,171     12,780     57,670     56,219
    Total operating expenses     45,765     39,979     186,302     165,749
    Operating income     14,802     20,413     3,927     2,036
    Total other income, net     3,618     2,632     13,847     8,469
    Income before income taxes     18,420     23,045     17,774     10,505
    Provision for income taxes     4,521     4,343     5,270     1,624
    Net income   $ 13,899   $ 18,702   $ 12,504   $ 8,881
    Net income per share attributable to common stockholders:                
    Basic   $ 0.29   $ 0.37   $ 0.25   $ 0.17
    Diluted   $ 0.26   $ 0.34   $ 0.23   $ 0.16
    Weighted-average shares used to compute net income per share attributable to common stockholders:                
    Basic     47,993     50,659     49,213     51,760
    Diluted     52,623     54,940     54,294     56,027
     
    (1)Stock-based compensation expense includes the following:
    STOCK BASED COMPENSATION EXPENSE
    (In thousands)
    (unaudited)
     
        Three Months Ended December 31,   Year Ended December 31,
          2024     2023     2024     2023
    Cost of revenue   $         438   $         383   $         1,855   $         1,472        
    Technology and development             1,625             1,137             6,313             4,346        
    Sales and marketing             3,247             2,589             13,407             10,462        
    General and administrative             4,099             3,228             16,101             12,582        
    Total stock-based compensation   $         9,409   $         7,337   $         37,676   $         28,862        
     

    (2)On June 30, 2023, a Demand Side Platform buyer of our platform filed for Chapter 11 bankruptcy. As a result of this bankruptcy, we recorded incremental bad debt expense of $5.7 million which is reflected in our GAAP net income and adjusted EBITDA results for the year ended December 31, 2023.

     
    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
    (In thousands)
    (unaudited)
     
        December 31,
          2024       2023  
    CASH FLOW FROM OPERATING ACTIVITIES:        
    Net Income   $ 12,504     $ 8,881  
    Adjustments to reconcile net income to net cash provided by operating activities:        
    Depreciation and amortization     45,352       44,770  
    Stock-based compensation     37,676       28,862  
    Provision for doubtful accounts     —       5,675  
    Deferred income taxes     (10,984 )     (13,406 )
    Accretion of discount on marketable securities     (4,117 )     (4,093 )
    Non-cash lease expense     6,801       6,145  
    Other     (25 )     45  
    Changes in operating assets and liabilities:        
       Accounts receivable     (49,345 )     (75,716 )
       Prepaid expenses and other current assets     (5,826 )     3,918  
       Accounts payable     38,096       79,687  
       Accrued liabilities     9,627       3,035  
       Operating lease liabilities     (6,531 )     (5,789 )
       Other liabilities, non-current     197       (893 )
    Net cash provided by operating activities     73,425       81,121  
    CASH FLOWS FROM INVESTING ACTIVITIES:        
    Purchases of and deposits on property and equipment     (17,592 )     (10,601 )
    Capitalized software development costs     (20,936 )     (17,687 )
    Purchases of marketable securities     (142,016 )     (140,603 )
    Proceeds from sales of marketable securities     —       18,873  
    Proceeds from maturities of marketable securities     202,858       111,000  
    Net cash provided by (used in) investing activities     22,314       (39,018 )
    CASH FLOWS FROM FINANCING ACTIVITIES:        
    Payment of business combination indemnification claims holdback     (2,148 )     —  
    Proceeds from issuance of common stock for employee stock purchase plan     2,368       1,869  
    Proceeds from exercise of stock options     1,765       1,549  
    Principal payments on finance lease obligations     (131 )     (126 )
    Payments to acquire treasury stock     (75,332 )     (59,268 )
    Net cash used in financing activities     (73,478 )     (55,976 )
    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     22,261       (13,873 )
    Effect of foreign currency on cash     (318 )     —  
    CASH AND CASH EQUIVALENTS – Beginning of year     78,509       92,382  
    CASH AND CASH EQUIVALENTS – End of year   $ 100,452     $ 78,509  
     
    RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDA AND NON-GAAP NET INCOME
    (In thousands, except per share amounts)
    (unaudited)
     
        Three Months Ended December 31,   Year Ended December 31,
          2024       2023       2024       2023  
    Reconciliation of net income:                
    Net income   $ 13,899     $ 18,702     $ 12,504     $ 8,881  
    Add back (deduct):                
    Stock-based compensation     9,409       7,337       37,676       28,862  
    Depreciation and amortization     11,421       11,039       45,352       44,770  
    Interest income     (1,604 )     (2,515 )     (8,477 )     (8,828 )
    Provision for income taxes     4,521       4,343       5,270       1,624  
    Adjusted EBITDA1   $ 37,646     $ 38,906     $ 92,325     $ 75,309  
                     
    Revenue   $ 85,502     $ 84,600     $ 291,256     $ 267,014  
    Adjusted EBITDA margin     44 %     46 %     32 %     28 %
        Three Months Ended December 31,   Year Ended December 31,
          2024       2023       2024       2023  
    Reconciliation of net income per share:                
    Net income   $ 13,899     $ 18,702     $ 12,504     $ 8,881  
    Add back (deduct):                
    Stock-based compensation     9,409       7,337       37,676       28,862  
    Adjustment for income taxes     (1,865 )     (1,590 )     (7,728 )     (5,695 )
    Non-GAAP net income1   $ 21,443     $ 24,449     $ 42,452     $ 32,048  
    GAAP diluted EPS   $ 0.26     $ 0.34     $ 0.23     $ 0.16  
    Non-GAAP diluted EPS   $ 0.41     $ 0.45     $ 0.78     $ 0.57  
    GAAP weighted average shares outstanding—diluted     52,623       54,940       54,294       56,027  
    Non-GAAP weighted average shares outstanding—diluted     52,623       54,940       54,294       56,027  
     
    SUPPLEMENTAL CASH FLOW INFORMATION
    COMPUTATION OF FREE CASH FLOW, A NON-GAAP MEASURE
    (In thousands)
    (unaudited)
     
        Three Months Ended December 31,   Year Ended December 31,
          2024       2023       2024       2023  
    Reconciliation of cash provided by operating activities:                
    Net cash provided by operating activities   $ 18,048     $ 28,674     $ 73,425     $ 81,121  
    Less: Purchases of property and equipment     (4,324 )     (5,177 )     (17,592 )     (10,601 )
    Less: Capitalized software development costs     (4,868 )     (3,962 )     (20,936 )     (17,687 )
    Free cash flow   $ 8,856     $ 19,535     $ 34,897     $ 52,833  
     

    1 Net income, Adjusted EBITDA, and Non-GAAP net income for the twelve months ended December 31, 2024 include other income of $4.0 million related to our efforts to build and test integrations with the Google Privacy Sandbox.

    1 Net dollar-based retention is calculated by starting with the revenue from publishers in the trailing twelve months ended December 31, 2023 (“Prior Period Revenue”). We then calculate the revenue from these same publishers in the trailing twelve months ended December 31, 2024 (“Current Period Revenue”). Current Period Revenue includes any upsells and is net of contraction or attrition, but excludes revenue from new publishers. Our net dollar-based retention rate equals the Current Period Revenue divided by Prior Period Revenue. Net dollar-based retention rate is an important indicator of publisher satisfaction and usage of our platform, as well as potential revenue for future periods.
    2 Fiscal year 2023 GAAP net income includes approximately $5.7 million of incremental bad debt expense related to the bankruptcy of a Demand Side Platform buyer of our platform.
    3 Omnichannel video spans across desktop, mobile and CTV devices.

    The MIL Network –

  • MIL-OSI: ARRAY Technologies, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter 2024 Financial Highlights

    • Revenue of $275.2 million
    • Gross Margin of 28.5%
    • Adjusted gross margin(1) of 29.8%
    • Net loss to common shareholders of $(141.2) million
      • Net loss to common shareholders inclusive of $74.0 million non-cash goodwill impairment charge and $91.9 million non-cash long-lived intangible asset write-down associated with the 2022 STI acquisition
    • Adjusted EBITDA(1) of $45.2 million
    • Net loss per basic and diluted share of $(0.93)
    • Adjusted net income per diluted share(1) of $0.16

    Full Year 2024 Financial Highlights

    • Revenue of $915.8 million
    • Gross Margin of 32.5%
    • Adjusted gross margin (1) of 34.1%
    • Net loss to common shareholders of $(296.1) million
      • Net loss to common shareholders inclusive of $236.0 million non-cash goodwill impairment charge and $91.9 million non-cash long-lived intangible asset write-down associated with the 2022 STI acquisition
    • Adjusted EBITDA(1) of $173.6 million
    • Net loss per basic and diluted share of $(1.95)
    • Adjusted net income per diluted share(1) of $0.60
    • Free cash flow(1) of $135.4 million
    • Total executed contracts and awarded orders at December 31, 2024 were $2.0 billion

    ALBUQUERQUE, N.M., Feb. 27, 2025 (GLOBE NEWSWIRE) — ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a global leader in utility-scale solar tracking, today announced financial results for its fourth quarter and full year ended December 31, 2024.

    “ARRAY delivered strong fourth quarter and full year 2024 results, we exceeded the mid-point of our fourth quarter revenue guidance and achieved record gross margin on the full year. Our ongoing focus on operational execution continues to translate into robust profitability and healthy cash flow. We finished 2024 with an orderbook of $2 billion, representing 10% year-on-year growth. We are pleased with our results, which delivered significant progress in both market share and commercial growth. Thank you to our employees for their continued focus and hard work. Additionally, we are on track to deliver 100% domestic content solar trackers by the first half of 2025. Our OmniTrack™ product continues to gain traction in the market, and now accounts for over 20% of our orderbook. We are excited about our investment in Swap Robotics, a disruptive technology driving automation in PV installations. We believe the integration of Swap Robotics technology into our product portfolio will drive project efficiencies and cost savings for our customers,” said Chief Executive Officer, Kevin G. Hostetler.

    Mr. Hostetler continued, “While persistent headwinds, including permitting and interconnection delays, shortages of high-voltage circuit breakers and transformers, and labor constraints—continue to impact project timelines in the United States, we experienced the market stabilizing by year-end, in contrast to the delays experienced in the middle of the year. In Europe, we anticipate modest growth in 2025 as we are well positioned to capture additional market share. However, in Brazil, macro factors such as currency devaluation, volatile interest rates, and newly introduced tariffs on solar components have impacted growth. For 2025, at the midpoint of our guidance, ARRAY expects to deliver over 20% year-over-year revenue growth. We are optimistic about future demand growth for utility-scale solar energy both domestically and internationally and confident that our value proposition in the industry will continue to propel growth for years to come.”

    First Quarter and Full Year 2025 Guidance

    Given the uncertainty in the utility-scale solar energy market and headwinds we experienced during 2024 which pushed out project timelines, we are providing guidance for the first quarter of 2025. It is not our intention to provide quarterly guidance in the future. For the quarter ending March 31, 2025, the Company expects:

    • Revenue to be in the range of $260 million to $270 million
    • Adjusted EBITDA margin(2) to be in the range of 11% to 13%

    For the year ending December 31, 2025, the Company expects:

    • Revenue to be in the range of $1.05 billion to $1.15 billion
    • Adjusted EBITDA(2) to be in the range of $180 million to $200 million
    • Adjusted net income per share(2) to be in the range of $0.60 to $0.70

    Supplemental Presentation and Conference Call Information

    ARRAY has posted a supplemental presentation to its website, which will be discussed during the conference call hosted by management today (February 27, 2025) at 5:00 p.m. (ET). The conference call can be accessed live over the phone by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international) and entering the passcode 13750627 or via webcast of the live conference call by logging onto the Investor Relations sections of the Company’s website at http://ir.arraytechinc.com. A telephonic replay will be available approximately three hours after the call by dialing (877)-660-6853 (domestic), or (201)-612-7415 (international) with the passcode 13750627. The replay will be available until 11:59 p.m. (ET) on March 13, 2025. The online replay will be available for 30 days on the same website immediately following the call.

    About ARRAY Technologies, Inc.

    ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, software platforms and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology – relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

    Investor Relations Contact:
    Keith Jennings
    505-437-0010
    investors@arraytechinc.com

    Media Contact:
    Nicole Stewart
    505-589-8257

    Forward-Looking Statements

    This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology or product developments, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “anticipates,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” “designed to” or similar expressions and the negatives of those terms.

    ARRAY’s actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in growth or rate of growth in demand for solar energy projects; competitive pressures within our industry; factors affecting viability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, may present technical, regulatory and economic barriers to the purchase and use of solar energy systems, which may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Ukraine-Russia war, attacks on shipping in the Red Sea, conflict in the Middle East, and inflation and interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary right; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information; a failure to maintain an effective system of integrated internal controls over financial reporting; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers, including our ability to optimize those changes brought about by the passage of the Inflation Reduction Act or any repeal thereof; and the other risks and uncertainties described in more detail in the Company’s most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on our website, www.arraytechinc.com.

    Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

    Non-GAAP Financial Information

    This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per share, Adjusted general and administrative expense and Free cash flow.

    We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and (ii) other costs if applicable. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net income (loss) plus (i) other expense, net, (ii) foreign currency (gain) loss, net, (iii) preferred dividends and accretion, (iv) interest expense, (v) income tax (benefit) expense, (vi) depreciation expense, (vii) amortization of intangibles, (viii) amortization of developed technology, (ix) equity-based compensation, (x) change in fair value of contingent consideration, (xi) impairment of long-lived assets, (xii) goodwill impairment, (xiii) certain legal expenses, and (xiv) other costs. We define Adjusted net income as net income (loss) to common shareholders plus (i) amortization of intangibles, (ii) amortization of developed technology, (iii) amortization of debt discount and issuance costs (iv) preferred accretion, (v) equity-based compensation, (vi) change in fair value of contingent consideration, (vii) impairment of long-lived assets, (viii) goodwill impairment, (ix) certain legal expenses, (x) other costs, and (xi) income tax (benefit) expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity based compensation, (ii) certain legal expenses, (iii) other costs and (iv) income tax expense adjustments. We define Free cash flow as Cash provided by (used in) operating activities less purchase of property, plant and equipment and cash payments for the acquisition of right-of-use assets.

    A detailed reconciliation between GAAP results and results excluding special items (“non-GAAP”) is included within this presentation. We calculate net income (loss) per share as net income (loss) to common shareholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net income per share as Adjusted net income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period.

    We believe that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company’s performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies.

    Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income differently than we do, which limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.

    We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income on a supplemental basis.

    You should review the reconciliation of gross profit to Adjusted gross profit and net income (loss) to Adjusted EBITDA and Adjusted net income below and not rely on any single financial measure to evaluate our business.

    (1) A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below.
    (2) A reconciliation of projected Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income per share, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted net income per share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2025 outlook, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results.

    Array Technologies, Inc. and Subsidiaries
    Consolidated Balance Sheets (unaudited)
    (in thousands, except per share and share amounts)
     
      December 31,
        2024       2023  
    ASSETS
    Current assets      
    Cash and cash equivalents $ 362,992     $ 249,080  
    Restricted cash   1,149       —  
    Accounts receivable, net   275,838       332,152  
    Inventories   200,818       161,964  
    Prepaid expenses and other   157,927       89,085  
    Total current assets   998,724       832,281  
           
    Property, plant and equipment, net   26,222       27,893  
    Goodwill   160,189       435,591  
    Other intangible assets, net   181,409       354,389  
    Deferred income tax assets   17,754       15,870  
    Other assets   41,701       40,717  
    Total assets $ 1,425,999     $ 1,706,741  
           
    LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
    Current liabilities      
    Accounts payable $ 172,368     $ 119,498  
    Accrued expenses and other   91,183       70,211  
    Accrued warranty reserve   2,063       2,790  
    Income tax payable   5,227       5,754  
    Deferred revenue   119,775       66,488  
    Current portion of contingent consideration   1,193       1,427  
    Current portion of debt   30,714       21,472  
    Other current liabilities   15,291       48,051  
    Total current liabilities   437,814       335,691  
           
    Deferred income tax liabilities   21,398       66,858  
    Contingent consideration, net of current portion   7,868       8,936  
    Other long-term liabilities   18,684       20,428  
    Long-term warranty   4,830       3,372  
    Long-term debt, net of current portion   646,570       660,948  
    Total liabilities   1,137,164       1,096,233  
           
    Commitments and contingencies (Note 16)      
           
    Series A Redeemable Perpetual Preferred Stock: $0.001 par value; 500,000 shares authorized; 460,920 and 432,759 issued, respectively; liquidation preference of $493.1 million at both dates   406,931       351,260  
           
    Stockholders’ equity      
    Preferred stock $0.001 par value – 4,500,000 shares authorized; none issued at respective dates   —       —  
    Common stock $0.001 par value – 1,000,000,000 shares authorized; 151,951,652 and 151,242,120 shares issued at respective dates   151       151  
    Additional paid-in capital   297,780       344,517  
    Accumulated deficit   (370,624 )     (130,230 )
    Accumulated other comprehensive income (loss)   (45,403 )     44,810  
    Total stockholders’ equity   (118,096 )     259,248  
    Total liabilities, redeemable perpetual preferred stock and stockholders’ equity $ 1,425,999     $ 1,706,741  
    Array Technologies, Inc. and Subsidiaries
    Consolidated Statements of Operations (unaudited)
    (in thousands, except per share amounts)
     
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
        2024       2023       2024       2023  
    Revenue $ 275,232     $ 341,615     $ 915,807     $ 1,576,551  
    Cost of revenue:              
    Cost of product and service revenue   193,273       253,746       603,572       1,146,442  
    Amortization of developed technology   3,640       3,640       14,558       14,558  
    Total cost of revenue   196,913       257,386       618,130       1,161,000  
    Gross profit   78,319       84,229       297,677       415,551  
                   
    Operating expenses:              
    General and administrative   45,663       43,710       160,567       159,535  
    Change in fair value of contingent consideration   396       732       125       2,964  
    Depreciation and amortization   8,702       9,567       36,086       38,928  
    Long-lived assets impairment   91,904       —       91,904   —   —  
    Goodwill impairment   74,000       —       236,000       —  
    Total operating expenses   220,665       54,009       524,682       201,427  
                   
    (Loss) income from operations   (142,346 )     30,220       (227,005 )     214,124  
                   
    Other income (expense), net   654       (888 )     (1,008 )     (1,015 )
    Interest income   4,092       2,206       16,777       8,330  
    Foreign currency (loss) gain, net   (3,442 )     (326 )     (4,515 )     (53 )
    Interest expense   (9,007 )     (8,857 )     (34,825 )     (44,229 )
    Total other (expense) income   (7,703 )     (7,865 )     (23,571 )     (36,967 )
                   
    (Loss) income before income tax expense (benefit)   (150,049 )     22,355       (250,576 )     177,157  
    Income tax (benefit) expense   (23,146 )     3,013       (10,182 )     39,917  
    Net (loss) income   (126,903 )     19,342       (240,394 )     137,240  
    Preferred dividends and accretion   14,338       13,332       55,670       51,691  
    Net (loss) income to common shareholders $ (141,241 )   $ 6,010     $ (296,064 )   $ 85,549  
                   
    (Loss) income per common share              
    Basic $ (0.93 )   $ 0.04     $ (1.95 )   $ 0.57  
    Diluted $ (0.93 )   $ 0.04     $ (1.95 )   $ 0.56  
                   
    Weighted average common shares outstanding              
    Basic   151,944       151,175       151,754       150,942  
    Diluted   151,944       152,110       151,754       152,022  
    Array Technologies, Inc. and Subsidiaries
    Consolidated Statements of Cash Flows (unaudited)
    (in thousands)
     
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
        2024       2023       2024       2023  
    Operating activities:              
    Net income (loss) $ (126,903 )   $ 19,342     $ (240,394 )   $ 137,240  
    Adjustments to net income (loss):              
    Goodwill impairment   74,000       —       236,000       —  
    Impairment of long-lived assets   91,904       —       91,904       —  
    Provision for bad debts   (1,357 )     2,644       2,058       2,527  
    Deferred tax benefit   (30,371 )     (6,534 )     (37,650 )     (8,862 )
    Depreciation and amortization   9,206       9,950       38,221       40,268  
    Amortization of developed technology   3,640       3,640       14,558       14,558  
    Amortization of debt discount and issuance costs   1,435       1,447       6,087       10,570  
    Gain on debt refinancing   —       (457 )     —       (457 )
    Equity-based compensation   3,498       2,845       10,349       14,540  
    Change in fair value of contingent consideration   396       732       125       2,964  
    Warranty provision   3,127       1,075       3,163       4,666  
    Write-down of inventories   442       1,844       2,923       6,431  
    Changes in operating assets and liabilities, net of business acquisition:              
    Accounts receivable   (442 )     99,164       41,423       92,800  
    Inventories   (14,823 )     54,189       (44,787 )     66,743  
    Income tax receivables   33       (3,156 )     (4,112 )     9  
    Prepaid expenses and other   (24,505 )     (8,700 )     (69,708 )     (10,840 )
    Accounts payable   24,475       (52,097 )     58,180       (37,654 )
    Accrued expenses and other   34,492       (10,019 )     (436 )     5,325  
    Income tax payable   3,790       2,666       (863 )     1,936  
    Lease liabilities   (2,894 )     9,227       (8,624 )     1,177  
    Deferred revenue   8,443       (33,821 )     55,563       (111,986 )
    Net cash provided by operating activities   57,586       93,981       153,980       231,955  
    Investing activities              
    Purchase of property, plant and equipment   (1,701 )     (5,374 )     (7,305 )     (16,989 )
    Retirement/disposal of property, plant and equipment   (4 )     168       34       168  
    Cash payments for the acquisition of right-of-use assets   (11,276 )     —       (11,276 )     —  
    SAFE Investment   (3,000 )     —       (3,000 )     —  
    Sale of equity investment   —       —       11,975       —  
    Net cash used in investing activities   (15,981 )     (5,206 )     (9,572 )     (16,821 )
    Financing activities              
    Series A equity issuance costs   —       —       —       (1,509 )
    Tax withholding related to vesting of equity-based compensation   (18 )     —       (1,752 )     —  
    Proceeds from issuance of other debt   74,035       2,795       93,059       63,311  
    Principal payments on term loan facility   (1,075 )     (1,075 )     (4,300 )     (74,300 )
    Principal payments on other debt   (72,545 )     (19,039 )     (97,424 )     (88,063 )
    Contingent consideration payments   —       —       (1,427 )     (1,200 )
    Net cash used in financing activities   397       (17,319 )     (11,844 )     (101,761 )
    Effect of exchange rate changes on cash and cash equivalent balances   (10,233 )     3,614       (17,503 )     1,806  
    Net change in cash and cash equivalents   31,769       75,070       115,061       115,179  
    Cash and cash equivalents and restricted cash, beginning of period   332,372       174,010       249,080       133,901  
    Cash and cash equivalents and restricted cash, end of period $ 364,141     $ 249,080     $ 364,141     $ 249,080  
                   
    Supplemental cash flow information              
    Cash paid for interest $ 8,989     $ 8,995     $ 38,655     $ 43,949  
    Cash paid for income taxes (net of refunds) $ 2,746     $ 9,145     $ 27,966     $ 45,942  
                   
    Non-cash investing and financing              
    Dividends accrued on Series A $ (13,668 )   $ 6,803     $ 7,246     $ 26,370  
    Array Technologies, Inc.
    Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, General and Administrative Expense, and Free Cash Flow Reconciliation (unaudited)
    (in thousands, except per share amounts)
     

    The following table reconciles Gross profit to Adjusted gross profit:

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
        2024       2023       2024       2023  
    Revenue   275,232       341,615       915,807       1,576,551  
    Cost of revenue   196,913       257,386       618,130       1,161,000  
    Gross profit   78,319       84,229       297,677       415,551  
    Gross margin   28.5 %     24.7 %     32.5 %     26.4 %
                   
    Amortization of developed technology   3,640       3,640       14,558       14,558  
    Adjusted gross profit   81,959       87,869       312,235       430,109  
    Adjusted gross margin   29.8 %     25.7 %     34.1 %     27.3 %
     

    The following table reconciles Net income to Adjusted EBITDA:

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
        2024       2023       2024       2023  
    Net (loss) income $ (126,903 )   $ 19,342     $ (240,394 )   $ 137,240  
    Preferred dividends and accretion   14,338       13,332       55,670       51,691  
    Net (loss) income to common shareholders $ (141,241 )   $ 6,010     $ (296,064 )   $ 85,549  
    Other expense, net   (4,746 )     (1,318 )     (15,769 )     (7,315 )
    Foreign currency loss (gain), net   3,442       326       4,515       53  
    Preferred dividends and accretion   14,338       13,332       55,670       51,691  
    Interest expense   9,007       8,857       34,825       44,229  
    Income tax (benefit) expense   (23,146 )     3,013       (10,182 )     39,917  
    Depreciation expense   1,140       772       4,410       2,669  
    Amortization of intangibles   8,142       9,186       33,811       37,607  
    Amortization of developed technology   3,640       3,640       14,558       14,558  
    Equity-based compensation   3,498       2,648       10,349       14,578  
    Change in fair value of contingent consideration   396       732       125       2,964  
    Long-lived assets impairment   91,904       —       91,904       —  
    Goodwill impairment   74,000       —       236,000       —  
    Certain legal expenses(a)   2,240       244       6,773       898  
    Other costs(b)   2,586       736       2,628       736  
    Adjusted EBITDA $ 45,200     $ 48,178     $ 173,553     $ 288,134  
     

    (a) Represents certain legal fees and other related costs associated with (i) Actions filed against the company and certain officers and directors alleging violations of the Securities Exchange Acts of 1934 and 1933, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

    (b) For the three months ended December 31, 2024, other costs represent costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, other costs also include costs related to Capped-Call accounting treatment evaluation and the settlement of a regional tax dispute. For the three months ended December 31, 2023, other costs represent costs related to Capped-Call accounting treatment evaluation.

    The following table reconciles Net income to Adjusted net income:

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
        2024       2023       2024       2023  
    Net (loss) income $ (126,903 )   $ 19,342     $ (240,394 )   $ 137,240  
    Preferred dividends and accretion   14,338       13,332       55,670       51,691  
    Net (loss) income to common shareholders $ (141,241 )   $ 6,010     $ (296,064 )   $ 85,549  
    Amortization of intangibles   8,142       9,187       33,811       37,607  
    Amortization of developed technology   3,640       3,640       14,558       14,558  
    Amortization of debt discount and issuance costs   1,547       1,447       6,199       10,570  
    Preferred accretion   7,093       6,528       27,510       25,320  
    Equity based compensation   3,498       2,648       10,349       14,578  
    Change in fair value of contingent consideration   396       732       125       2,964  
    Impairment of long-lived assets   91,904       —       91,904       —  
    Goodwill impairment   74,000       —       236,000       —  
    Certain legal expenses(a)   2,240       244       6,773       898  
    Other costs(b)   2,586       736       2,628       736  
    Income tax expense adjustments(c)   (28,688 )     (4,757 )     (42,596 )     (20,863 )
    Adjusted net income $ 25,117     $ 26,415     $ 91,197     $ 171,917  
                   
    (Loss) income per common share              
    Basic $ (0.93 )   $ 0.04     $ (1.95 )   $ 0.57  
    Diluted $ (0.93 )   $ 0.04     $ (1.95 )   $ 0.56  
    Weighted average number of common shares outstanding              
    Basic   151,944       151,175       151,754       150,942  
    Diluted   151,944       152,110       151,754       152,022  
                   
    Adjusted net income per common share              
    Basic $ 0.17     $ 0.17     $ 0.60     $ 1.14  
    Diluted $ 0.16     $ 0.17     $ 0.60     $ 1.13  
    Weighted average number of common shares outstanding              
    Basic   151,944       151,175       151,754       150,942  
    Diluted   152,255       152,110       152,285       152,022  
     

    (a) Represents certain legal fees and other related costs associated with (i) Actions filed against the company and certain officers and directors alleging violations of the Securities Exchange Acts of 1934 and 1933, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

    (b) For the three months ended December 31, 2024, other costs represent costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, other costs also include costs related to Capped-Call accounting treatment evaluation and the settlement of a tax dispute. For the three months ended December 31, 2023, other costs represent costs related to Capped-Call accounting treatment evaluation.

    (c) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.

    The following table reconciles General and administrative expense to Adjusted general and administrative expense:

           
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
        2024       2023       2024       2023  
    General and administrative expense   45,663       43,710       160,567       159,535  
    Equity based compensation   3,498       2,648       10,349       14,578  
    Certain legal expenses(a)   2,240       244       6,773       898  
    Other costs(b)   2,586       736       2,628       736  
    Income tax expense adjustments(c)   (28,688 )     (4,757 )     (42,596 )     (20,863 )
    Adjusted general and administrative expense   25,299       42,581       137,721       154,884  
     

    (a) Represents certain legal fees and other related costs associated with (i) Actions filed against the company and certain officers and directors alleging violations of the Securities Exchange Acts of 1934 and 1933, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

    (b) For the three months ended December 31, 2024, other costs represent costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, other costs also include costs related to Capped-Call accounting treatment evaluation and the settlement of a tax dispute. For the Three months ended December 31, 2023, other costs represent costs related to Capped-Call accounting treatment evaluation.

    (c) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.

    The following table reconciles new cash provided by operating activities to Free cash flow:

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
        2024       2023       2024       2023  
    Net cash provided by operating activities   57,586       93,981       153,980       231,955  
    Purchase of property, plant and equipment   (1,701 )     (5,374 )     (7,305 )     (16,989 )
    Cash payments for the acquisition of right-of-use assets   (11,276 )     —       (11,276 )     —  
    Free cash flow   44,609       88,607       135,399       214,966  

    The MIL Network –

  • MIL-OSI Global: Trump mineral deal with Ukraine offers hope but little in the way of security

    Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor

    If you want to get an idea of how Donald Trump’s mind works (and this can change from day to day, as we know), it’s worth taking a look at his TruthSocial website. As I write, beneath a video pinned to the top of his feed featuring an AI-generated vision of “Trump Gaza” (complete with casinos, shopping malls and a giant golden statue of the man himself), can be found a clue to the frenetic presidential activity of the past month.

    In a post threatening legal action against any writer or publisher whose “Fake books” offends, Trump refers to himself as “a President who is being given credit for having the Best Opening Month of any President in history”. Apparently George Washington is second on that list – and, given that Potus #1 took 33 days to sign the first bill passed under the new US constitution, you could say Potus #47 has left him trailing in his wake.

    Of course #47 appears to face fewer constitutional constraints than his illustrious predecessor.

    Sadly, though, Trump will be unable to include in this list the deal he has reportedly just struck with Volodymyr Zelensky which swaps a share in Ukraine’s mineral wealth for an as yet unspecified security guarantee.

    Precise details of this deal aren’t confirmed. But we’re told that the original US$500 billion (£394 billion) demand has been dropped in return for a share in an investment fund into which Ukraine will contribute 50% of the revenue from its mineral resources. “What better could you have for Ukraine than to be in an economic partnership with the United States?” commented US national security adviser, Mike Waltz.

    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

    But for the sake of social media, a deal’s a deal and can be trumpeted as such. Zelensky is heading to Washington to sign the agreement and we shall find out in due course whether or not this will assure Ukraine’s future security. There is still the actual peace deal with Russia to work out, after all.

    Another landmark foreign policy deal brokered by the Trump White House was with the Taliban in 2020 and concerned the future of Afghanistan. And, as Philip A. Berry writes, Zelensky can take little comfort in that.

    Berry, a research fellow at King’s College London, who has extensive experience of working with anti-narcotics agencies in Afghanistan, points to similarities in the way Trump managed negotiations with the Taliban and his deal-making with Ukraine and discussions so far with Russia. The Afghan government was largely cut out of the negotiations, as Trump has threatened to do to Ukraine with regards a peace deal. And like the current situation, Trump’s regular public utterances seriously undermined the talks. Berry concludes:

    Trump’s Taliban deal excluded the US’s ally, conceded too much to an adversary, and was partly motivated by the perception of wasting American dollars in a far-off land. Unfortunately, these hallmarks are all too evident in the president’s stance on Ukraine. Zelensky can only hope that things work out better this time around.



    Read more:
    How Trump the ‘master deal-maker’ failed when it came to negotiating with the Taliban in Afghanistan

    Trust will be absolutely vital if the US and Ukraine are to conclude this agreement and, more critically, if they are to reach terms with Russia that will guarantee the “just peace deal” that Zelensky craves, writes David J. Wilcox of the University of Birmingham. Wilcox points to the relationship of trust built by Mikhail Gorbachev and Ronald Reagan in the 1980s which paved a way for a series of nuclear weapons reduction treaties between the Soviet Union and the US.

    It has just been announced that preparations are being made for “expert-level” talks between the US and Russia, but, as Wilcox points out, “any negotiations to end the war will rest ultimately on those two states and their leaders”. And at present, nothing has been publicly said about whether Putin and Zelensky have even agreed to meet.



    Read more:
    Ukraine war: why negotiations depend on trust

    Meanwhile, what do we know about Ukraine’s mineral wealth and what sort of return Trump can expect for the US? Dafydd Townley, an expert in international security at the University of Portsmouth, stresses that Trump’s recent decision to impose punitive tariffs against Beijing has closed off China as a source of key minerals on which the US has been reliant up until now.

    It’s a clue, writes Townley, as to why the US president seemed very keen on bringing his deal-making facilities to bear on Greenland, which also has large deposits of desirable minerals.

    Interestingly, as Townley points out, Russia has taken control of about 20% of Ukraine’s mineral deposits under the territory it now controls (which America would be open to exploiting according to an offer made by Vladimir Putin’s aides at the recent talks in Saudi Arabia).

    It’s also worth noting that Ukraine’s extraction sector has suffered over the past decade from chronic under-investment, thanks to the ongoing hostilities between Russia and Ukraine. As a result it could be some years before the US gets what it needs from the deal it has reportedly struck with Kyiv.



    Read more:
    Why Trump really wants Ukraine’s minerals — China has put theirs off limits

    Three long years

    Amid all the shuttle diplomacy and wheeler-dealing taking place around them, at the start of the week the embattled Ukrainian population marked the third anniversary of Russia’s full-scale invasion. They were joined by more than a dozen foreign leaders who gathered in Kyiv to express their continuing support.

    As the conflict moves into its fourth year, Stefan Wolff, an international security expert at the University of Birmingham, takes a look at the broader geopolitical implications of the conflict in the era of Trump.

    He sees worrying parallels with the Munich conference of 1938 which sealed Czechoslovakia’s fate. Not, as you might expect, in terms of Trump’s apparent appeasement of Putin – but because, like Munich, talks on the fate of a sovereign nation are being held without that nation being present. Wolff writes:

    There is every indication that Putin is unlikely to stop in or with Ukraine. And it is worth remembering that the second world war started 11 months after Neville Chamberlain thought he had secured “peace in our time”.

    This, of course, is the prospect that has both terrified and stiffened the resolve of Ukraine’s western allies. But Wolff also points to limitations in this analogy, in that he doesn’t believe that Trump is acting out of fear that he is in a weaker position than Putin, as did Neville Chamberlain and the French prime minister Édouard Daladier.

    It’s rather that Trump sees himself as part of a triumvirate of world leaders, along with Putin and China’s president, Xi Jinping, who have the opportunity to carve out spheres of influence and establish a new world order based on the exercise of raw power.



    Read more:
    Ukraine war: Trump is not trying to appease Putin – he has a vision of a new US-China-Russia order

    Richard Youngs, meanwhile, sees the dawning of what he calls a “no world order”. Youngs, an international relations expert at the University of Warwick, sees an era of flux, where the stability of the past 80 years is disintegrating without anything stable or concrete to replace it.

    Several European leaders, including Keir Starmer who is today visiting Trump in Washington, are due to meet this Sunday ahead of a bigger defence summit in Brussels next week, to continue discussions about how to respond to the changing Ukraine situation. Reports suggest a European defence bank or fund that would include the UK may be on the cards.

    Youngs certainly believes that European powers will need to consider practical measures in order to bind themselves into more cohesive relationship and ensure their continuing autonomy. One of those will be in boosting their defence capabilities – something that is now gathering pace in the face of US pressure.

    But more radical thinking will be needed, writes Youngs, who has coined the term “geoliberalism” as a way of visualising the sort of thinking about the values and certainties that can bind Europe together in the face of global turbulence.



    Read more:
    No world order: Europe needs more radical thinking for the Trump era

    Alex Titov, meanwhile, believes that for all the talk of “deals” to end the violence, both sides have their reasons for wanting to continue, given that their stated positions remain diametrically opposed and irreconcilable.

    Russia’s battlefield progress, while steady, is slow and there’s no real prospect of it forcing a capitulation from Kyiv in the next 12 months. But – particularly with the radically different US position under Donald Trump, neither is there any chance of Russia being forced off the territory it has captured. Ominously, Titov concludes, this could mean that “the bloodiest battles of the war are yet to come”.



    Read more:
    Ukraine war three years on: the bloodiest battles may be still to come

    A new way of governing

    After a whirlwind first month, Trump held his first cabinet meeting this week, with a special appearance from his right-hand man Elon Musk, who reportedly got to speak more than anyone else. Musk, of course, has been responsible for much of the maelstrom of activity that has caused so much disquiet and is providing a lot of work for lawyers who are pushing back against many of the new adminstration’s measures on the grounds they are unconstitutional.

    Musk, Trump and his vice-president J.D. Vance have, in turn, pushed back against judges who have issued injunctions to either halt or delay some of their measures. Musk, in a fit of pique this week when three judges halted three of the administration’s policies, complained bitterly “What is the point of having democratic elections if unelected activist ‘judges’ can override the clear will of the people? Well, that’s no democracy at all!”

    Stephen Lovell, professor of modern history at King’s College London, has been looking at the way that Trump and his team are attempting to bend the US constitution to their will, comparing their approach to that of Vladimir Putin. Putin, as we know, never saw a constitutional loophole he didn’t want to wriggle through or otherwise obliterate.



    Read more:
    Trump, Putin and the authoritarian take on constitutionalism

    World Affairs Briefing from The Conversation UK is available as a weekly email newsletter. Click here to get updates directly in your inbox.

    – ref. Trump mineral deal with Ukraine offers hope but little in the way of security – https://theconversation.com/trump-mineral-deal-with-ukraine-offers-hope-but-little-in-the-way-of-security-250962

    MIL OSI – Global Reports –

  • MIL-OSI USA: VIDEO: Capito Votes to Overturn Biden–Era Natural Gas Tax

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    To watch Chairman Capito’s floor remarks, click here.
    WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, voted to overturn the Biden Environmental Protection Agency’s (EPA) Waste Emissions Charge (WEC) regulation as part of the Methane Emissions Reduction Program (MERP) under the Democrats’ Inflation Reduction Act. This rule enabled the collection of the Democrats’ natural gas tax, which would hurt American energy generation, damage our economy, and be detrimental to energy jobs across our country. The Senate approved the Congressional Review Act (CRA) joint resolution of disapproval, which was introduced by U.S. Senator John Hoeven (R-N.D.) and co-sponsored by Chairman Capito, by a vote of 52-47.
    Prior to the final vote on the CRA, Chairman Capito delivered remarks on the Senate floor outlining the consequences of the natural gas tax and the importance of natural gas to American energy dominance, and urged her colleagues to support the measure.
    Below are the floor remarks of Chairman Shelley Moore Capito (R-W.Va.) as delivered.
    “I rise today in support of my friend from North Dakota, Senator Hoeven’s, Congressional Review Act resolution to block the implementation of the Biden administration’s Waste Emissions Charge, otherwise known as the natural gas tax.
    “Since the day this regulation was finalized last November, I pledged that I would work with President Trump and my colleagues in the Congress to repeal this misguided, anti-energy tax. Today in the Senate, that is exactly what we’re working to do.
    “We must recognize that we are in a critical moment for American energy. The North American Energy Reliability Corporation has found that over the next 10 years, due to a rise in energy consumption and the early retirement of our existing fossil fuel generation, our country could face major electric generation and reliability concerns.
    “We must take action now to ensure that our future demand is met, that the lights remain on, our homes remain warm, and our economy keeps moving for Americans all across this country. We can do this by continuing to invest in natural gas.
    “Over 60% of American homes, every day, heat their homes, their water, or their food with natural gas. Natural gas is responsible for over 40% of electricity generation, and fuels more than half of our industrial sector’s process heat. While the natural gas tax fails to recognize this reality, let’s look at what is true.
    “Fracking and shale gas have both revolutionized and transformed American energy, leading to lower prices, job growth, and increased American energy security. According to the Energy Information Administration, the rapid expansion of natural gas-fired power plants, in this country, has decreased the power sector’s carbon dioxide emissions by 35% over the last 25 years.
    “Natural gas has the potential to further reduce American greenhouse gas emissions if we continue to increase production.
    “Natural gas is affordable, reliable, and a clean source of energy, vital to our country and our economy. We should be expanding natural gas production, not restricting it. Instead, the natural gas tax will constrain American natural gas production, leading to increased energy prices and providing a boost to the production of natural gas in Russia.
    “Simply put, repealing the natural gas tax is a win for our economy, a win for our natural security, and a win for our environment.
    “As part of establishing this tax, the Democrats’ so-called ‘Inflation Reduction Act’ ordered the EPA to revise its subpart W requirements in order to facilitate the reporting and calculation of the tax.
    “The EPA subpart W revisions blatantly disregard and overstep even the partisan mandates of the IRA, and would excessively increase the tax burden on American energy under this natural gas tax. The revised emission factors with its subpart W reporting requirements make broad assumptions about oil and gas operations and technology that will lead to inaccurate reporting for many owners and operators.
    “The rule would not only radically expand the scope of emissions required to be reported by each facility under the greenhouse gas reporting program, but it also excessively expands the number of facilities that are covered by subpart W, and consequently, responsible to pay the natural gas tax.
    “Due to this uninformed and artificial overestimate of U.S. methane emissions, some smaller operators, who were once below the waste emissions threshold, are now at risk of seeing their reported methane emissions inflated, and owe large sums under the natural gas tax. If not repealed, this rule will arbitrarily increase the cost and burden of reporting under subpart W, motivated by the Democrats’ interest in growing the revenues generated by their natural gas tax.
    “This will make it even more difficult and expensive to produce, transport, and consume American natural gas, and in turn, will hurt both American families who rely on the energy, and the environment of the communities that we live.
    “It’s important that we note that our efforts today works in tandem with this Chamber’s recently passed budget resolution. As Chairman of the Environment and Public Works Committee, I have long intended to stop the natural gas tax, and we will continue to pursue this through the reconciliation process.
    “Today’s vote on the CRA provides all senators the opportunity to put our vote on record after witnessing the Biden EPA’s bait and switch on the implementation of this misguided policy.
    “I encourage my colleagues to support the CRA that is central to our mission of American energy dominance, and rejects this tax that will bolster our adversaries, increase energy costs on American families, and put our energy future at risk.”

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Senate Foreign Relations Committee Democrats Statement On Trump Administration’s Reckless Termination Of U.S. Foreign Assistance Programs

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    February 27, 2025

    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Foreign Relations Committee, on Thursday joined U.S. Senate Foreign Relations Committee Ranking Member Jeanne Shaheen (D-N.H.), and U.S. Senators Chris Coons (D-Del.), Tim Kaine (D-Va.), Jeff Merkley (D-Ore.), Cory Booker (D-N.J.), Brian Schatz (D-Hawaii), Chris Van Hollen (D-Md.), Tammy Duckworth (D-Ill.) and Jacky Rosen (D-Nev.) in issuing the following statement on the Trump Administration’s reckless termination of nearly all U.S. foreign assistance programs:
    “It is clear that the Trump Administration’s foreign assistance ‘review’ was not a serious effort or attempt at reform but rather a pretext to dismantle decades of U.S. investment that makes America safer, stronger and more prosperous. There is no indication Secretary Rubio conducted a program-by-program review of the more than 9,000 awards or considered the dire national security implications of these rash actions. Ending programs first and asking questions later only jeopardizes millions of lives and creates a power vacuum for our adversaries like China and Russia to fill.
    “While it’s easy to assume that these cuts will only affect people thousands of miles away, the fact is, the impact will be felt by American farmers who will no longer get top dollar for their crops to feed the hungry, churches who will no longer have the support of the U.S. government in their missions, American families who fall sick when diseases like Zika, Ebola and Malaria once again reach our shores and U.S. biotech companies who will no longer sell their drugs to treat the vulnerable overseas. Secretary Rubio should immediately come before our Committee. We expect him to not only consult with Congress but follow the law.”

    MIL OSI USA News –

  • MIL-OSI: Electric Hydrogen selects Ingeteam for green hydrogen projects in Europe

    Source: GlobeNewswire (MIL-OSI)

    DEVENS, Mass., Feb. 27, 2025 (GLOBE NEWSWIRE) — Electric Hydrogen, manufacturer of large-scale, cost-competitive electrolyzers, has selected Ingeteam, an established leader in power conversion systems with manufacturing in Europe, for its projects. Ingeteam’s best-in-class power systems have been successfully commissioned at Electric Hydrogen’s plants in San Jose, California and Devens, Massachusetts and Ingeteam will now supply rectifier systems to Electric Hydrogen for integration into its complete solution 100 megawatt (MW) electrolyzer plants in Europe.

    Electric Hydrogen has a growing customer base in Europe and is committed to working with suppliers that champion the European Union’s goals of decarbonization, industrial competitiveness and technology innovation. This collaboration between the two companies ensures that the combined strength of both European and American manufacturing maintains its competitiveness in the growing clean hydrogen industry.

    “Ingeteam’s power conversion technology helps us push the boundaries of performance and cost. This collaboration, which includes extensive interoperability testing, de-risks the critical interface between electrolysis and power systems in our 100MW Plant and leverages Ingeteam’s experience and scaled supply chain,” said Raffi Garabedian, CEO and Co-founder of Electric Hydrogen.

    Power systems, which convert AC power to DC, comprise a significant portion of the cost of a green hydrogen plant today, creating opportunity for innovative cost-reduction. The two companies have co-optimized their respective system components to minimize integration risk within Electric Hydrogen’s 100MW plant. Through this partnership and other product innovations, Electric Hydrogen has already decreased total project costs by up to 60% compared with industry benchmarks.

    “This collaboration with Electric Hydrogen allows us to apply more than 50 years’ experience in power electronics to one of the most promising emerging industries. Our combined strength will enable customers around the globe to optimize costs and increase energy independence. Our technology is purpose-built for industrial applications and we are proud to support Electric Hydrogen’s effort to drive down the cost of clean hydrogen for customers in Spain, Europe and worldwide,” said Adolfo Rebollo, Ingeteam CEO. 

    About Electric Hydrogen
    Electric Hydrogen manufactures, delivers and commissions the world’s most powerful electrolyzers to make clean hydrogen projects economically viable today. The company’s complete 100 megawatt (MW) Plant includes all system components required to turn water and electricity into the lowest cost clean hydrogen using its proprietary advanced proton exchange membrane (PEM) technology. Electric Hydrogen has a team of more than 300 people in the United States and Europe. The company was founded in 2020 and is headquartered in Devens, Massachusetts. To learn more about how critical industries leverage Electric Hydrogen’s 100MW Plant to achieve their decarbonization and energy security objectives, visit https://eh2.com/. 

    Contact
    V2 Communications for Electric Hydrogen
    electrichydrogen@v2comms.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/58d4ba47-4892-4e5a-8b17-fab60a9b1dbf

    The MIL Network –

  • MIL-OSI USA: UConn’s Visiting Externships for Students Underrepresented in Medicine (VESUM) and its Students are Thriving

    Source: US State of Connecticut

    Dr. Edison Martinez Monegro, 28, hails from San Juan, Puerto Rico where he attended the University of Puerto Rico San Juan Bautista School of Medicine. He is thriving in Connecticut at UConn School of Medicine as he completes his third year of general surgery residency training.

    He credits his residency success thanks to the growing Visiting Externships for Students Underrepresented in Medicine (VESUM) program at UConn School of Medicine and its strong mentorship.

    UConn School of Medicine general surgery resident Dr. Edison Martinez Monegro (Courtesy of Edison).

    He was just the second medical student in the new and growing VESUM program to match in a UConn residency. So far over forty students have visited UConn for externships over the past 8 years and eight have successfully matched to UConn for residency.

    Surgical resident Dr. Edison Martinez Monegro at UConn John Dempsey Hospital (Tina Encarnacion/UConn Health Photo).

    The VESUM program was founded and is directed by UConn’s Dr. Linda Barry, a recent recipient of the nation’s highest honor for mentorship from the President of the United States. VESUM is increasing diversity in academic medicine by offering externships to fourth-year medical students from groups underrepresented in medicine. It gives medical students a four-week insider’s view to various medical specialty fields and UConn Health before they choose their residency match.

    “Edison hails from Puerto Rico and has worked diligently to come to UConn and succeed as a surgical resident,” says Barry, professor of Surgery and Public Health Sciences at UConn School of Medicine, associate dean of Office of Multicultural and Community Affairs and associate director of the UConn Health Disparities Institute. “He is the second VESUM student to match and the first student to match for surgery at UConn Health.  Edison truly reflects the community we serve. I know the patients he cares for appreciate his genuine dedication and commitment.”

    Martinez Monegro first learned about the VESUM program as a third-year medical student while at the University of Puerto Rico through an email his dean shared about the UConn summer scholarship rotation opportunity.

    Martinez Monegro in his native Puerto Rico (Photo Courtesy of Edison).

    “I applied to VESUM, and I received a letter from Dr. Barry telling me she wanted to meet with me, and I was accepted. I was super excited!” said Martinez Monegro who had his UConn VESUM externship as a rising fourth year medical student within the Division of Vascular and Endovascular Surgery at UConn Health working closely with its faculty such as Chief Dr. Kwame Amankwah and Dr. Mina Boutros. “It was a very good experience. I learned a lot I didn’t know. The UConn rotation allowed for me to have greater exposure to the field of surgery and learn more about UConn too. I also met the residency program director and even the dean of the medical school. Most importantly, I got to see other current UConn residents in action.”

    He adds, “The VESUM program really prepared me for my residency. And, UConn, it just felt right for me. UConn was at the top of my list for my residency. I was excited when I got the call that I matched to UConn for general surgery.”

    “I made the right choice of coming to UConn,” he says heartwarmingly.  “Surgery residency is hard. You want the people around you to help you and make you feel at home. UConn does that. Dr. Barry has been amazing.”

    Puerto Rico, its culture, and its people are very important to Martinez Monegro.

    “Every year there are less and less physicians in Puerto Rico,” stresses Martinez Monegro, who attended as an undergraduate the University of Puerto Rico and its medical school too. “My first goal was to become a doctor to help with that shortage.”

    He was inspired to go into the surgery field also by the shows he saw on TV.

    At his White Coat Ceremony Dr. Martinez Monegro with his parents (Photo Courtesy of Edison).

    “I was always captivated by the surgeries in TV shows. As a senior in high school I shadowed a surgeon for a full day in the OR. Spending the day, tucked into the corner of the OR, I was amazed by it all. I thought I could work here. The OR felt like home. Surgery I realized is what I have to do.”

    Also, he says the Hartford area really does have it all. The Puerto Rican people of Hartford are at the heart of Martinez Monegro’s love of Connecticut too.

    “What I like about my residency at UConn is that we rotate though a mix of academic and community hospitals,” he says about the five area hospitals of UConn John Dempsey Hospital, Hartford Hospital, Connecticut Children’s, St. Francis Hospital, and Hospital of Central Connecticut.  “Hartford’s population is 40 percent Puerto Rican. I want to be able to practice medicine in a place where I can serve my people and speak my language of Spanish while at work.”

    Martinez Monegro believes a VESUM externship rotation experience is a great way to visit and learn more about a medical or surgical field and also UConn Health just like he did.

    “I learned the OR is where I like to be. It’s a long day, but I love learning, the responsibility of caring for our patients, and working with the UConn medical team. I am motivated every day to keep helping patients,” he says.

    UConn resident Dr. Edison Martinez Monegro with his parents in Puerto Rico (Photo Courtesy of Edison).

    He also applauds UConn School of Medicine for its longstanding work of diversifying the future health care workforce.

    “UConn has done an excellent job of diversifying medicine. We have residents of all different backgrounds in our residency programs,” Martinez Monegro. “For example, I speak Spanish, so my colleagues ask me for help translating for their patients sometimes. When I need help, funny enough I first ask my fellow residents to translate for me in their languages ranging from Russian to Arabic.”

    Dr. Edison Martinez Monegro (Tina Encarnacion/UConn Health Photo).

    His message to those applying to residency or in the thick of residency: “Enjoy what you do! Try to find new learning opportunities in everything you do!”

    MIL OSI USA News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 27.02.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    27 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 27.02.2025

    Espoo, Finland – On 27 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,400,000 4.72
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,400,000 4.72

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 27 February 2025 was EUR 6,604,220. After the disclosed transactions, Nokia Corporation holds 261,317,814 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI Europe: New action plan to lower energy costs for European citizens and businesses

    Source: European Union 2

    High energy costs are hurting EU citizens and businesses. The Affordable Energy Action Plan sets out concrete measures to lower costs, complete the Energy Union, attract investments, and be better prepared for potential energy crises, to save €260 billion annually on energy by 2040.

    MIL OSI Europe News –

  • MIL-Evening Report: Shuttered car factories in Australia could be repurposed to make houses faster and cheaper

    Source: The Conversation (Au and NZ) – By Ehsan Noroozinejad, Senior Researcher, Urban Transformations Research Centre, Western Sydney University

    studiovin/Shutterstock

    Australia is in the grip of a severe housing shortage. Many people are finding it extremely difficult to find a place to live in the face of rising rents and property price surges. Homelessness is rising sharply. Tent cities are becoming more common.

    The federal government has pledged to encourage the building of about 1.2 million new dwellings over the five years from mid-2024. The problem is, conventional building techniques are unlikely to be able to respond to the scale of demand quickly. Conventional building is expensive and slow. Faster, cheaper construction methods are needed.

    There might be a way to accelerate the build. In recent years, car manufacturers Ford, General Motors and Toyota have shuttered their Australian factories, due to intense global competition.

    Before these factories fell silent, they were home to trained workers, advanced machinery and efficient production systems. In Australia, companies such as Hickory Group are working to turn car factories into house factories. In Japan, Toyota has been making modular housing for decades, by adapting car production line techniques.

    Scaling this approach up in Australia could simultaneously address industrial decline and housing demand.

    Can mothballed car factories really make houses?

    After years of decline, Australia’s car manufacturing industry came to an end in 2017, when Toyota and General Motors’ factories stopped mass production. Ford’s local factories closed a year earlier. It was the end of 70 years of mass production, though companies such as Premcar are still making local versions of overseas cars.

    Thousands of factory workers lost their jobs. But the effect rippled outward, as about 40,000 workers in the supply chain lost their jobs.

    These automobile factories left behind more than just empty structures.

    Most of them have not been demolished. Some still have advanced manufacturing lines. Their former workers with automation and precise engineering training might be working in different fields, such as caravan manufacturing.

    Building a house in a factory has similarities to car manufacturing. Both use modular production, in which individual parts are manufactured and then assembled into a final product.

    That’s not to say this would be easy – there would be regulatory hurdles to overcome and the factories would need an overhaul.

    One tough part is figuring out how to use modern car-building tools (such as robotics) to make components of houses. While building cars and houses share some ideas, they’re not the same.

    Bringing these factories back into production would boost the economies of states such as Victoria.

    States such as South Australia have already started down this path, turning Mitsubishi’s defunct Tonsley Park factory into an innovation precinct hosting modular construction companies such as Fusco Constructions, which will begin operations next year.

    Meanwhile, much work has been done in Australia and overseas to find ways to mass-produce housing using factories.

    Imagine thousands of individual car parts were delivered to your front yard, where workers painstakingly put the car together. This seems crazy. But it’s essentially what we do with houses, especially freestanding ones. Advocates for modern methods of construction have pointed out the inefficiencies of transporting building materials to a site and assembling them there.

    Some large-scale builders are already working to automate more of the home-building process. Besides making houses more cheaply, the benefits include centralising production around a factory, protection from weather delays, and the ability to use industrial robots.

    Car assembly lines guarantee each component is manufactured to exacting specifications. Automobile manufacturing has been transformed by new technologies, including digital twin simulations, robotics and 3D printing. But the building industry has been slower to take these up. If we can bring these technologies to bear on how we make homes, we can accelerate construction, reduce errors and cut prices.

    In fact, we are seeing some car manufacturers moving into home building. Mercedes-Benz, Bugatti, Bentley, Aston Martin and Porsche are all putting their names on high-end homes in some way, while Honda has explored manufacturing smart, low-energy homes.

    Change is coming – but slowly

    Advanced building techniques are not new to Australia. Prefab buildings are already being built on factory lines by companies such as Fleetwood, ATCO Structures and Logistics and Modscape.

    Here, building components are produced in a controlled factory setting before being delivered to the construction site for prompt assembly. Dozens of companies are working in this space. To date, however, most of these buildings will be used as schools, police stations or temporary housing for mining workers.

    Last year, the federal government set up a A$900 million fund as an incentive for state and territory governments to accelerate building approvals and take up prefab techniques. To date, the sector is struggling to scale up due to a lack of infrastructure and too few manufacturers.

    Other countries are further along the path. In Sweden, up to 84% of detached homes are made with prefabricated components, compared with about 15% in Japan and 5% in the United States, United Kingdom and Australia.

    One option is to adopt yet more advanced techniques, such as lean manufacturing and automated assembly. Both of these are well established in car-making, and could be used to increase the speed and accuracy of prefab home construction.

    What would it take to make this happen?

    Australia’s housing crisis has been years in the making. To solve it, we may need bold solutions.

    Converting old car factories into affordable home factories could help accelerate our response to the challenge – and reinvigorate industrial precincts.

    It would take work and funding to make this happen. But there are commonalities. Making prefab homes depends on precise, modular production methods that work best when automated. Transitions like these can happen.

    Dr. Ehsan Noroozinejad has received funding from both national and international organisations to support research addressing housing and climate crises. His most recent funding comes from the James Martin Institute for Public Policy. He has received funding from the Natural Sciences and Engineering Research Council of Canada

    – ref. Shuttered car factories in Australia could be repurposed to make houses faster and cheaper – https://theconversation.com/shuttered-car-factories-in-australia-could-be-repurposed-to-make-houses-faster-and-cheaper-249709

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: NASA Selects Participating Scientists to Join Lucy Asteroid Mission

    Source: NASA

    NASA has selected eight participating scientists to join its Lucy mission to the Jupiter Trojan asteroids. These asteroids are remnants of our early solar system trapped on stable orbits associated with – but not close to – the planet Jupiter. 

    NASA’s Lucy in the L4 Trojans Participating Scientist Program supports scientists to carry out new investigations that address outstanding questions related to the Jupiter Trojan asteroids as part of the Lucy mission. Launched in 2021, the Lucy spacecraft is currently on its way to the L4 Trojan swarm, which leads Jupiter in its orbit around the Sun. This is the first selection of Lucy participating scientists, who will become mission science team members for the four major asteroid encounters that the Lucy spacecraft will have in the L4 swarm in 2027 and 2028, and who will remain on the team for subsequent scientific analysis until 2030. The newly selected participating scientists are:

    Harrison Agrusa, Observatoire de la Côte d’Azur in Nice, France
    Benjamin Byron, University of Central Florida in Orlando
    Emily Costello, University of Hawaii, Honolulu
    Masatoshi Hirabayashi, Georgia Tech Research Corporation [TSS1] in Atlanta
    Fiona Nichols-Fleming, Smithsonian Institution in Washington
    Norbert Schorghofer, Planetary Science Institute in Tucson, Arizona
    Jennifer Scully, NASA’s Jet Propulsion Laboratory in Southern California
    Anne Verbiscer, University of Virginia, Charlottesville

    Lucy’s principal investigator, Hal Levison, is based out of the Boulder, Colorado, branch of Southwest Research Institute, headquartered in San Antonio. NASA’s Goddard Space Flight Center in Greenbelt, Maryland, provides overall mission management, systems engineering, and safety and mission assurance. Lockheed Martin Space in Littleton, Colorado, built and operates the spacecraft. Lucy is the 13th mission in NASA’s Discovery Program. NASA’s Marshall Space Flight Center in Huntsville, Alabama, manages the Discovery Program for the Science Mission Directorate at NASA Headquarters in Washington. For more information on NASA’s Lucy mission, visit: https://www.nasa.gov/lucy

    MIL OSI USA News –