Category: Finance

MIL-OSI USA: DelBene Announces 15 Community Projects for $40M in Federal FY26 Funding

Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)

Today, Congresswoman Suzan DelBene (WA-01) nominated 15 community projects in Washington’s 1st Congressional District for dedicated Fiscal Year 2026 (FY26) funding. The projects, totaling more than $40 million, include road and trail upgrades, water infrastructure projects, and public safety improvements.

“The requests submitted in this year’s federal FY26 funding package continue to be a critical resource for our community, providing investments for programs that Washington’s 1^st Congressional District needs to continue meeting the needs of our growing region,” said DelBene. “These 15 projects will enhance infrastructure, improve transportation services, guarantee access to safe drinking water, and expand early childhood education programs and access to health care, further strengthening our district.”

The 15 community projects spanning the 1^st Congressional District include:

$14.1 million for projects in King County

$26.6 million for projects in Snohomish County

The projects submitted are listed below:

Applicant	Project	Amount	Description
City of Arlington	SR-531 Trail	$1,000,000	This project will build a multi-use trail to provide a safe pathway for pedestrians and bicyclists
City of Bellevue	Lake Washington Sanitary Sewer Lake Lines Program	$500,000	This project will help Bellevue and nearby areas plan to replace old sewer pipes along Lake Washington.
City of Bothell	Woodcrest Utility Replacement Project	$3,333,000	This project will replace the Woodcrest neighborhood’s failing water utilities and provide improved water infrastructure.
City of Kenmore	Environmentally Sustainable Public Works Operations Center	$2,400,000	This project will modernize infrastructure throughout Kenmore.
City of Marysville	156th St. NE Railroad Overcrossing Project	$5,000,000	This project will reinstate an overcrossing on the railroad track at 156^th Street NE.
City of Monroe	Railroad Grade Separation	$1,400,000	This project will assess and design five critical railroad crossings to improve safety and emergency response.
City of Mountlake Terrace	Community Center Resiliency Project	$2,500,000	This project will fund repairs for the Mountlake Terrace emergency services shelter building
City of Redmond	AC Water Main Replacement	$3,500,000	This project will replace an asbestos-cement water pipe that has reached the end of its useful life.
City of Snohomish	Infrastructure Investments for Public Safety & City Services Campus	$5,000,000	This project will create a new safety campus for the City of Snohomish Fire and Police Departments while revitalizing critical infrastructure along Pine Ave and throughout the Pilchuck District.
Community Transit	Swift Green Line Extension Southern Terminal Facility	$3,800,000	This project will extend Sound Transit’s Green Line, connecting Canyon Park to downtown Bothell.
EvergreenHealth Monroe	EvergreenHealth Monroe Specialty Care Expansion	$3,000,000	This project will expand EvergreenHealth in Monroe’s specialty care facilities to improve medical services for residents.
Lake Washington Institute of Technology	The Early Learning Center Childcare Project	$2,500,000	This project will allow Lake Washington Institute of Technology to expand its early childhood learning program.
Snohomish Conservation District	Natural Resources Center	$2,000,000	This project will create the Snohomish County Natural Resources Center, an all-ages educational facility.
Snohomish County	Alderwood Mall Parkway: SR525 to 168th St SW	$4,000,000	This project will widen the SR 525 Northbound On and Off Ramps.
Sno-Isle Intercounty Rural Library District	Lake Stevens Early Learning Library	$750,000	This project will fund the construction of a new, high-tech library

Descriptions of the 15 projects submitted by DelBene can be found here.

The House and Senate must reach an agreement on the FY26 package, which will determine which projects are ultimately approved and how much they are funded for. In previous years, DelBene secured a total of $44.4 million in dedicated federal funding for projects.

Project submissions came directly from non-profit, city, county, and Tribal entities. More information about the House FY26 government funding process can be found here.

MIL OSI USA News –

May 29, 2025

MIL-OSI USA: Joint ICE San Diego, CBP case sends Guatemalan drug trafficker to 14 years in prison

Source: US Immigration and Customs Enforcement

SAN DIEGO — An illegal alien from Guatemala was sentenced in federal court May 23 to 14 years in prison for managing a cocaine trafficking organization that smuggled more than 1,000 pounds of cocaine into the United States from Guatemala. This case was investigated by U.S. Immigration and Customs Enforcement and U.S. Customs and Border Protection.

“This sentencing sends the message that those who traffic dangerous drugs into our country will be held accountable,” said ICE Homeland Security Investigations San Diego Special Agent in Charge Shawn Gibson. “Thanks to the outstanding investigative work and strong domestic and international law enforcement partnerships, we were able to disrupt a key supply line of a major drug trafficking network. We remain committed to targeting high-level drug trafficking organizations and keeping deadly narcotics, like cocaine, out of our communities.”

Following his surrender to U.S. authorities in June 2024 at Los Angeles International Airport, Arnoldo Oswaldo Vargas-Samayoa, 50, of Zacapa, Guatemalan, pleaded guilty to charges of conspiracy to import cocaine that were filed in January 2020.

In imposing sentence, U.S. District Judge Cathy Ann Bencivengo noted that Vargas-Samayoa was a “manager of a very extensive international drug ring” and money laundering effort who did not make a “mistake” but rather “chose a lifestyle.”

Vargas admitted he sourced the cocaine from two different Guatemalan suppliers and coordinated delivery to a Mexico-based drug trafficker. Vargas and the Mexico-based trafficker arranged for the drugs to be hidden in vehicles and smuggled into the United States through ports of entry in Southern California and Southern Texas.

Vargas, whose communications were being intercepted by law enforcement, messaged with the trafficker while cocaine loads were being moved into the United States to confirm the drugs were successfully smuggled. Once in the United States, some of that cocaine was moved to the Chicago area for further distribution. Vargas received a commission of $1,000 U.S. dollars for each kilogram of cocaine he delivered to the Mexico-based trafficker.

“Cocaine continues to be a dangerous and highly addictive drug with devastating consequences for individuals and communities,” said U.S. Attorney Adam Gordon. “We remain committed to dismantling the entire supply chain — from powerful cartel leaders to street-level dealers — and ensuring that those responsible are held accountable.”

The U.S. Attorney’s office has previously convicted, and the court has sentenced, multiple couriers attempting to smuggle narcotics for the same drug trafficking organization as well as individuals engaged in related money laundering efforts. Through the related investigation of this matter, law enforcement has seized more than 1,000 kilograms of cocaine, more than $2 million in bulk currency, and firearms.

Vargas’ father, Arnoldo Vargas Estrada, is the former mayor of Zacapa, Guatemala who was convicted by a jury in the Eastern District of New York in Case No. 90cr00855-SJF of five counts related to the importation of narcotics. He was sentenced to 365-months in custody. Vargas Estrada was one of the first Guatemalan drug traffickers to be extradited to the United States in the early 1990s. He was released in 2017, returned to Guatemala, and then reelected as mayor of Zacapa holding that position until 2024.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations, and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

This case is the result of ongoing efforts by the Organized Crime Drug Enforcement Task Force, a partnership that brings together the combined expertise and unique abilities of federal, state and local law enforcement agencies. The principal mission of the OCDETF program is to identify, disrupt, dismantle and prosecute high-level members of drug trafficking, weapons trafficking and money laundering organizations and enterprises.

This case is being prosecuted by Assistant U.S. Attorney Larry Casper.

MIL OSI USA News –

May 29, 2025
MIL-OSI USA: ICE Dallas apprehends Venezuelan woman who fled scene of jet ski accident that killed woman on kayak at Grapevine Lake

Source: US Immigration and Customs Enforcement

DALLAS — U.S. Immigration and Customs Enforcement in a joint operation with state and federal law enforcement, arrested Daikerlyn Alejandraa Gonzalez-Gonzalez, a 22-year-old citizen of Venezuela in Dallas, Texas, May 27, following a state warrant execution for felony manslaughter.

Gonzales was operating a personal watercraft with a female passenger at high speed near the shoreline of Oak Grove Park when it collided with a kayak occupied by 18-year-old Ava Moore, May 25, resulting in her death. Gonzalez fled the scene with her passenger onboard.

Gonzalez and the passenger returned to Oak Grove Park. The passenger remained on scene with witnesses and was interviewed by Grapevine Police Department, while Gonzalez left in a vehicle with 21-year-old Maikel Coello Perozo, also of Venezuela.

Perozo has been charged with hindering apprehension. As the investigation unfolds, more state charges could be filed.

“This criminal alien and her boyfriend will account for the tragic accident that ended the life of a young woman who exhibited enormous potential,” said ICE Enforcement and Removal Operations Dallas acting Field Office Director Josh Johnson. ICE Dallas will remain steadfast in our commitment to arresting and removing criminal aliens who pose a threat to the safety of our communities.”

ERO Dallas lodged immigration detainers with the Grapevine Police Department following the arrest of Gonzalez and Coello. Both are in removal proceedings pursuant to the policies of the Immigration and Nationality Act as aliens present without admission or parole.

“Our partnerships with law enforcement across jurisdictions are key during these types of investigations,” said Special Agent in Charge for ICE Homeland Security Investigations Dallas Travis Pickard. “This investigation will continue to be driven by facts, evidence and a firm commitment to

justice. The arrests of these two illegal aliens reflect the diligence and professionalism of our law enforcement team.”

On Sept. 28, 2023, Gonzalez illegally entered the United States without inspection or parole by an immigration officer. On that same day, the U.S. Border Patrol arrested and processed Gonzalez as a Notice to Appear and released on an order of recognizance.

On Jan. 22, 2023, Maikel Alexander Coello-Perozo arrived at the Camino Real Port of Entry without authorization. Coello was released pending an immigration hearing.

This investigation included law enforcement from the following agencies: The Texas Department of Wildlife, the Grapevine Police Department, the Texas Department of Public Safety, the Texas Office of the Attorney General, the Dallas Police Department, ICE Enforcement and Removal Operations Dallas, Homeland Security Investigations Dallas, and the Dallas U.S. Marshals office.

Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form .

Learn more about ICE’s mission to increase public safety in our communities on X: @ERODallas or @HSI_Dallas.

MIL OSI USA News –

May 29, 2025
MIL-OSI: Palomar Holdings, Inc. Announces Participation in the William Blair 45th Annual Growth Stock Conference

Source: GlobeNewswire (MIL-OSI)

LA JOLLA, Calif., May 28, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ: PLMR) (“Palomar”) today announced that Mac Armstrong, Chairman and Chief Executive Officer, and Chris Uchida, Chief Financial Officer, will participate in the William Blair Growth Stock Conference at the Loews Chicago Hotel on Wednesday, June 4, 2025. In addition to participating in one-on-one investor meetings, management is scheduled to present at 1:20 pm Central Time.

Interested investors and other parties can access a live webcast of the presentation by visiting the Investor Relations section of Palomar’s website at https://ir.palomarspecialty.com/. An online replay will be available on the same website following the presentation.

About Palomar Holdings, Inc.
Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. (“PUEO”), First Indemnity of America Insurance Co. (“FIA”), and Palomar Crop Insurance Services, Inc. (“PCIS”). Palomar’s consolidated results also include Laulima Exchange (“Laulima”), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, and PESIC, have a financial strength rating of “A” (Excellent) from A.M. Best. FIA carries an “A-” (Stable) rating from A.M. Best.

To learn more, visit PLMR.com.

Follow Palomar on LinkedIn: @PLMRInsurance

Contact
Media Inquiries
Lindsay Conner
1-551-206-6217
lconner@plmr.com

Investor Relations
Jamie Lillis
1-203-428-3223
investors@plmr.com

Source: Palomar Holdings, Inc.

The MIL Network –

May 29, 2025

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

Source: GlobeNewswire (MIL-OSI)

PALO ALTO, Calif., May 28, 2025 (GLOBE NEWSWIRE) — HP (NYSE: HPQ)

Second quarter GAAP diluted net earnings per share (“EPS”) of $0.42, down 31% from the prior year period
Second quarter non-GAAP diluted net EPS of $0.71, down 13% from the prior year period
Second quarter net revenue of $13.2 billion, up 3.3% from the prior-year period
Second quarter net cash provided by operating activities of $38 million, free cash flow of $(95) million
Second quarter returned $0.4 billion to shareholders in the form of dividend and share repurchases

*HP Inc.’s fiscal 2025 second quarter financial performance*
	Q2 FY25			Q2 FY24			Y/Y
GAAP net revenue ($B)	$	13.2		$	12.8		3.3	%
GAAP operating margin		4.9	%		7.4	%	(2.5	)pts
GAAP net earnings ($B)	$	0.4		$	0.6		(33	)%
GAAP diluted net EPS	$	0.42		$	0.61		(31	)%
Non-GAAP operating margin		7.3	%		8.8	%	(1.5	)pts
Non-GAAP net earnings ($B)	$	0.7		$	0.8		(17	)%
Non-GAAP diluted net EPS	$	0.71		$	0.82		(13	)%
Net cash provided by operating activities ($B)	$	0.0		$	0.6		(94	)%
Free cash flow ($B)	$	(0.1	)	$	0.5		(120	)%

^{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 second quarter net revenue of $13.2 billion, up 3.3% (up 4.5% in constant currency) from the prior-year period.

“In Q2, we delivered solid revenue growth, led by strong Commercial performance in Personal Systems and continued momentum behind our future of work strategy,” said Enrique Lores, President and CEO, HP Inc. “While results in the quarter were impacted by a dynamic regulatory environment, we responded quickly to accelerate the expansion of our manufacturing footprint and further reduce our cost structure. These decisive actions strengthen our foundation and position us to deliver long-term sustainable growth.”

“In light of the increased macroeconomic uncertainty, we have adjusted our outlook to reflect moderated demand and the net impact of trade-related costs,” said Karen Parkhill, CFO, HP Inc. “We are executing targeted mitigation strategies, and assuming current conditions remain, we expect to fully offset these costs by Q4.”

Second quarter GAAP diluted net EPS was $0.42, down from $0.61 in the prior-year period and below the previously provided outlook of $0.62 to $0.72. Second quarter non-GAAP diluted net EPS was $0.71, down from $0.82 in the prior-year period and below the previously provided outlook of $0.75 to $0.85. Second quarter non-GAAP net earnings and non-GAAP diluted net EPS excludes after-tax adjustments of $272 million, or $0.29 per diluted share, related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation charges, 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 second quarter of fiscal 2025 was $38 million. Accounts receivable ended the quarter at $4.3 billion, up 2 days quarter over quarter to 30 days. Inventory ended the quarter at $8.2 billion, down 2 days quarter over quarter to 70 days. Accounts payable ended the quarter at $15.2 billion, down 9 days quarter over quarter to 130 days.

HP generated $(95) million of free cash flow in the second quarter. Free cash flow includes net cash provided by operating activities of $38 million adjusted for net investments in leases from integrated financing of $50 million and net investments in property, plant, equipment and purchased intangible of $183 million.

HP’s dividend payment of $0.2894 per share in the second quarter resulted in cash usage of $273 million. HP also utilized $100 million of cash during the quarter to repurchase approximately 3.0 million shares of common stock in the open market. HP exited the quarter with $2.7 billion in gross cash, which includes cash and cash equivalents of $2.7 billion, restricted cash of $33 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 second quarter segment results

Personal Systems net revenue was $9.0 billion, up 7% year over year (up 8% in constant currency) with a 4.5% operating margin. Consumer PS net revenue was up 2% and Commercial PS net revenue was up 9%. Total units were up 6% with Consumer PS units down 2% and Commercial PS units up 11%.
Printing net revenue was $4.2 billion, down 4% year over year (down 3% in constant currency) with a 19.5% operating margin. Consumer Printing net revenue was down 3% and Commercial Printing net revenue was down 3%. Supplies net revenue was down 5% (down 3% in constant currency). Total hardware units were up 1%, with Consumer Printing units up 3% and Commercial Printing units down 2%.

Outlook
For the fiscal 2025 third quarter, HP estimates GAAP diluted net EPS to be in the range of $0.57 to $0.69 and non-GAAP diluted net EPS to be in the range of $0.68 to $0.80. Fiscal 2025 third quarter non-GAAP diluted net EPS estimates exclude $0.11 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation impacts, 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 $2.32 to $2.62 and non-GAAP diluted net EPS to be in the range of $3.00 to $3.30. Fiscal 2025 non-GAAP diluted net EPS estimates exclude $0.68 per diluted share, primarily related to restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation impacts, 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 $2.6 to $3.0 billion. HP’s outlook reflects the added cost driven by the current U.S. tariffs in place, and associated mitigations.

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 Q2 earnings conference call is accessible via audio webcast at www.hp.com/investor/2025Q2Webcast.

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, including global trade policies, 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 global trade policies, 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 Report on Form 10-Q for the fiscal quarter ending 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.


HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (In millions, except per share amounts)

	Three months ended
	April 30, 2025			January 31, 2025			April 30, 2024
Net revenue:
Products	$	12,423		$	12,695		$	12,043
Services		797			809			757
Total net revenue		13,220			13,504			12,800
Cost of net revenue:
Products		10,007			10,194			9,324
Services		474			470			453
Total cost of net revenue		10,481			10,664			9,777
Gross profit		2,739			2,840			3,023
Research and development		401			397			436
Selling, general and administrative		1,480			1,459			1,462
Restructuring and other charges		122			70			71
Acquisition and divestiture charges		17			6			22
Amortization of intangible assets		65			63			80
Total operating expenses		2,085			1,995			2,071
Earnings from operations		654			845			952
Interest and other, net		(148	)		(141	)		(155	)
Earnings before taxes		506			704			797
Provision for taxes		(100	)		(139	)		(190	)
Net earnings	$	406		$	565		$	607

Net earnings per share:
Basic	$	0.43		$	0.60		$	0.62
Diluted	$	0.42		$	0.59		$	0.61

Cash dividends declared per share	$	—		$	0.58		$	—

Weighted-average shares used to compute net earnings per share:
Basic		950			948			984
Diluted		956			957			990

HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (In millions, except per share amounts)

	Six months ended
	April 30, 2025			April 30, 2024
Net revenue:
Products	$	25,118		$	24,462
Services		1,606			1,523
Total net revenue		26,724			25,985
Cost of net revenue:
Products		20,201			19,195
Services		944			879
Total cost of net revenue		21,145			20,074
Gross profit		5,579			5,911
Research and development		798			835
Selling, general and administrative		2,939			2,845
Restructuring and other charges		192			134
Acquisition and divestiture charges		23			49
Amortization of intangible assets		128			161
Total operating expenses		4,080			4,024
Earnings from operations		1,499			1,887
Interest and other, net		(289	)		(297	)
Earnings before taxes		1,210			1,590
Provision for taxes		(239	)		(361	)
Net earnings	$	971		$	1,229

Net earnings per share:
Basic	$	1.02		$	1.24
Diluted	$	1.02		$	1.23

Cash dividends declared per share	$	0.58		$	0.55

Weighted-average shares used to compute net earnings per share:
Basic		949			990
Diluted		956			996

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
	April 30, 2025						January 31, 2025						April 30, 2024
	Amounts			Diluted net earnings per share			Amounts			Diluted net earnings per share			Amounts			Diluted net earnings per share
GAAP net earnings	$	406		$	0.42		$	565		$	0.59		$	607		$	0.61
Non-GAAP adjustments:
Restructuring and other charges		122			0.13			70			0.07			71			0.07
Acquisition and divestiture charges		17			0.01			6			0.01			22			0.02
Amortization of intangible assets		65			0.07			63			0.07			80			0.08
Certain litigation charges^(a)		103			0.11			—			—			—			—
Non-operating retirement-related credits		(6	)		(0.01	)		(5	)		(0.01	)		(3	)		—
Tax adjustments^(b)		(29	)		(0.02	)		5			0.01			35			0.04
Non-GAAP net earnings	$	678		$	0.71		$	704		$	0.74		$	812		$	0.82

GAAP earnings from operations	$	654					$	845					$	952
Non-GAAP adjustments:
Restructuring and other charges		122						70						71
Acquisition and divestiture charges		17						6						22
Amortization of intangible assets		65						63						80
Certain litigation charges^(a)		103						—						—
Non-GAAP earnings from operations	$	961					$	984					$	1,125

GAAP operating margin		4.9	%					6.3	%					7.4	%
Non-GAAP adjustments		2.4	%					1.0	%					1.4	%
Non-GAAP operating margin		7.3	%					7.3	%					8.8	%

^{(a) HP incurs settlement expenses from backward-looking claims that arise from certain existing or threatened Standard Essential Patent (“SEP”) litigation that are distinctive and substantial when compared to other intellectual property litigation that HP incurs in the ordinary course of business. HP excludes these SEP litigation expenses for purposes of calculating these non-GAAP measures. For the third and fourth quarters of fiscal year 2024, the SEP litigation expenses were $18 million and $40 million, respectively. Consequently, the revised non-GAAP diluted net earnings per share for the third and fourth quarters of fiscal year 2024 are $0.84 and $0.96, respectively.}
^{(b) Includes tax impact on non-GAAP adjustments.}

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)

	Six months ended
	April 30, 2025						April 30, 2024
	Amounts			Diluted net earnings per share			Amounts			Diluted net earnings per share
GAAP net earnings	$	971		$	1.02		$	1,229		$	1.23
Non-GAAP adjustments:
Restructuring and other charges		192			0.20			134			0.14
Acquisition and divestiture charges		23			0.03			49			0.05
Amortization of intangible assets		128			0.13			161			0.16
Certain litigation charges^(a)		103			0.11			—			—
Non-operating retirement-related credits		(11	)		(0.01	)		(5	)		(0.01	)
Tax adjustments^(b)		(24	)		(0.03	)		52			0.06
Non-GAAP net earnings	$	1,382		$	1.45		$	1,620		$	1.63

GAAP earnings from operations	$	1,499					$	1,887
Non-GAAP adjustments:
Restructuring and other charges		192						134
Acquisition and divestiture charges		23						49
Amortization of intangible assets		128						161
Certain litigation charges^(a)		103						—
Non-GAAP earnings from operations	$	1,945					$	2,231

GAAP operating margin		5.6	%					7.3	%
Non-GAAP adjustments		1.7	%					1.3	%
Non-GAAP operating margin		7.3	%					8.6	%

^{(a) HP incurs settlement expenses from backward-looking claims that arise from certain existing or threatened SEP litigation that are distinctive and substantial when compared to other intellectual property litigation that HP incurs in the ordinary course of business. HP excludes these SEP litigation expenses for purposes of calculating these non-GAAP measures. For the nine months ended fiscal year 2024 and fiscal year 2024, the SEP litigation expenses were $18 million and $58 million, respectively. Consequently, the revised non-GAAP diluted net earnings per share for the nine months ended fiscal year 2024 and fiscal year 2024 are $2.47 and $3.43, respectively.}
^{(b) Includes tax impact on non-GAAP adjustments.}

HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In millions)

	As of
	April 30, 2025			October 31, 2024
ASSETS
Current assets:
Cash, cash equivalents and restricted cash	$	2,730		$	3,253
Accounts receivable, net		4,336			5,117
Inventory		8,175			7,720
Other current assets		4,217			4,670
Total current assets		19,458			20,760
Property, plant and equipment, net		2,951			2,914
Goodwill		8,713			8,627
Other non-current assets		7,677			7,608
Total assets	$	38,799		$	39,909

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Notes payable and short-term borrowings	$	1,446		$	1,406
Accounts payable		15,195			16,903
Other current liabilities		9,915			10,378
Total current liabilities		26,556			28,687
Long-term debt		9,291			8,263
Other non-current liabilities		4,228			4,282
Stockholders’ deficit		(1,276	)		(1,323	)
Total liabilities and stockholders’ deficit	$	38,799		$	39,909

HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)

	Three months ended
	April 30, 2025			April 30, 2024
Cash flows from operating activities:
Net earnings	$	406		$	607
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		205			209
Stock-based compensation expense		140			94
Restructuring and other charges		122			71
Deferred taxes on earnings		(60	)		5
Other, net		37			7
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		(115	)		(552	)
Inventory		279			(631	)
Accounts payable		(1,302	)		1,104
Net investment in leases from integrated financing		(50	)		(19	)
Taxes on earnings		(133	)		(177	)
Restructuring and other		(75	)		(57	)
Other assets and liabilities		584			(80	)
Net cash provided by operating activities		38			581
Cash flows from investing activities:
Investment in property, plant, equipment and purchased intangible		(183	)		(119	)
Purchases of available-for-sale securities and other investments		(3	)		—
Maturities and sales of available-for-sale securities and other investments		9			—
Collateral (posted) returned for derivative instruments		(540	)		70
Payment made in connection with business acquisitions, net of cash acquired		(116	)		—
Net cash used in investing activities		(833	)		(49	)
Cash flows from financing activities:
Proceeds from short-term borrowings with original maturities less than 90 days, net		—			(100	)
Proceeds from debt, net of issuance costs		1,076			94
Payment of debt		(52	)		(53	)
Stock-based award activities and others		(26	)		(4	)
Repurchase of common stock		(100	)		(100	)
Cash dividends paid		(273	)		(269	)
Settlement of cash flow hedges		6			—
Net cash provided by (used in) financing activities		631			(432	)
(Decrease) increase in cash, cash equivalents and restricted cash		(164	)		100
Cash, cash equivalents and restricted cash at beginning of period		2,894			2,417
Cash, cash equivalents and restricted cash at end of period	$	2,730		$	2,517

HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)

	Six months ended
	April 30, 2025			April 30, 2024
Cash flows from operating activities:
Net earnings	$	971		$	1,229
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		402			414
Stock-based compensation expense		332			271
Restructuring and other charges		192			134
Deferred taxes on earnings		(83	)		—
Other, net		72			(13	)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		851			(106	)
Inventory		(472	)		(678	)
Accounts payable		(1,699	)		360
Net investment in leases from integrated financing		(48	)		(81	)
Taxes on earnings		(121	)		(128	)
Restructuring and other		(149	)		(144	)
Other assets and liabilities		164			(556	)
Net cash provided by operating activities		412			702
Cash flows from investing activities:
Investment in property, plant, equipment and purchased intangible		(485	)		(277	)
Purchases of available-for-sale securities and other investments		(6	)		—
Maturities and sales of available-for-sale securities and other investments		14			—
Collateral posted for derivative instruments		(540	)		—
Payment made in connection with business acquisitions, net of cash acquired		(116	)		—
Net cash used in investing activities		(1,133	)		(277	)
Cash flows from financing activities:
Proceeds from debt, net of issuance costs		1,158			186
Payment of debt		(102	)		(102	)
Stock-based award activities and others		(118	)		(80	)
Repurchase of common stock		(200	)		(600	)
Cash dividends paid		(546	)		(544	)
Settlement of cash flow hedges		6			—
Net cash provided by (used in) financing activities		198			(1,140	)
Decrease in cash, cash equivalents and restricted cash		(523	)		(715	)
Cash, cash equivalents and restricted cash at beginning of period		3,253			3,232
Cash, cash equivalents and restricted cash at end of period	$	2,730		$	2,517

HP INC. AND SUBSIDIARIES SEGMENT/BUSINESS UNIT INFORMATION (Unaudited) (In millions)

	Three months ended									Change (%)
	April 30, 2025			January 31, 2025			April 30, 2024			Q/Q		Y/Y
Net revenue:
Commercial PS	$	6,786		$	6,645		$	6,242		2	%	9	%
Consumer PS		2,238			2,579			2,184		(13	)%	2	%
Personal Systems		9,024			9,224			8,426		(2	)%	7	%
Supplies		2,725			2,826			2,864		(4	)%	(5	)%
Commercial Printing		1,167			1,144			1,205		2	%	(3	)%
Consumer Printing		289			299			299		(3	)%	(3	)%
Printing		4,181			4,269			4,368		(2	)%	(4	)%
Corporate Investments^(a)		16			11			5		NM		NM
Total segment net revenue		13,221			13,504			12,799		(2	)%	3	%
Other^(a)		(1	)		—			1		NM		NM
Total net revenue	$	13,220		$	13,504		$	12,800		(2	)%	3	%

Earnings before taxes:
Personal Systems^(b)	$	409		$	507		$	508
Printing		814			810			829
Corporate Investments		(37	)		(27	)		(30	)
Total segment earnings from operations		1,186			1,290			1,307
Corporate and unallocated cost and other		(85	)		(114	)		(88	)
Stock-based compensation expense		(140	)		(192	)		(94	)
Restructuring and other charges		(122	)		(70	)		(71	)
Acquisition and divestiture charges		(17	)		(6	)		(22	)
Amortization of intangible assets		(65	)		(63	)		(80	)
Certain litigation charges^(b)		(103	)		—			—
Interest and other, net		(148	)		(141	)		(155	)
Total earnings before taxes	$	506		$	704		$	797

^{(a) “NM” represents not meaningful.}
^{(b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate.}

HP INC. AND SUBSIDIARIES SEGMENT/BUSINESS UNIT INFORMATION (Unaudited) (In millions)

	Six months ended						Change (%)
	April 30, 2025			April 30, 2024			Y/Y
Net revenue:
Commercial PS	$	13,431		$	12,287		9	%
Consumer PS		4,817			4,948		(3	)%
Personal Systems		18,248			17,235		6	%
Supplies		5,551			5,727		(3	)%
Commercial Printing		2,311			2,432		(5	)%
Consumer Printing		588			584		1	%
Printing		8,450			8,743		(3	)%
Corporate Investments^(a)		27			7		NM
Total segment net revenue		26,725			25,985		3	%
Other^(a)		(1	)		—		NM
Total net revenue	$	26,724		$	25,985		3	%

Earnings before taxes:
Personal Systems^(b)	$	916		$	1,045
Printing		1,624			1,701
Corporate Investments		(64	)		(67	)
Total segment earnings from operations		2,476			2,679
Corporate and unallocated cost and other		(199	)		(177	)
Stock-based compensation expense		(332	)		(271	)
Restructuring and other charges		(192	)		(134	)
Acquisition and divestiture charges		(23	)		(49	)
Amortization of intangible assets		(128	)		(161	)
Certain litigation charges^(b)		(103	)		—
Interest and other, net		(289	)		(297	)
Total earnings before taxes	$	1,210		$	1,590

^{(a) “NM” represents not meaningful.}
^{(b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate.}

HP INC. AND SUBSIDIARIES SEGMENT OPERATING MARGIN SUMMARY (Unaudited)

	Three months ended						Change (pts)
	April 30, 2025		January 31, 2025		April 30, 2024		Q/Q		Y/Y
Segment operating margin:
Personal Systems^(a)	4.5	%	5.5	%	6.0	%	(1.0	)pts	(1.5	)pts
Printing	19.5	%	19.0	%	19.0	%	0.5	pts	0.5	pts
Corporate Investments^(c)	NM		NM		NM		NM		NM
Total segment	9.0	%	9.6	%	10.2	%	(0.6	)pts	(1.2	)pts

	Six months ended				Change (pts)
	April 30, 2025		April 30, 2024		Y/Y
Segment operating margin:
Personal Systems^(b)	5.0	%	6.1	%	(1.1	)pts
Printing	19.2	%	19.5	%	(0.3	)pts
Corporate Investments^(c)	NM		NM		NM
Total segment	9.3	%	10.3	%	(1.0	)pts

^{(a) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate. For the third and fourth quarters of fiscal year 2024, the SEP litigation expenses were $18 million and $40 million, respectively. Consequently, the revised Segment operating margin for Personal Systems for the third and fourth quarters of fiscal year 2024 are 6.6% and 6.2%, respectively and the revised Total segment operating margin for the third and fourth quarters of fiscal year 2024 are 9.6% and 10.2%, respectively.}
^{(b) HP has reclassified certain litigation charges arising from SEP litigations from Personal Systems to Corporate. For the nine months ended fiscal year 2024 and fiscal year 2024, the SEP litigation expenses were $18 million and $58 million, respectively. Consequently, the revised Segment operating margin for the nine months ended fiscal year 2024 and fiscal year 2024 are 6.2%, respectively and the revised Total segment operating margin for the nine months ended fiscal year 2024 and fiscal year 2024 are 10.1%, respectively.}
^{(c) “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
	April 30, 2025		January 31, 2025		April 30, 2024
Numerator:
GAAP net earnings	$	406	$	565	$	607
Non-GAAP net earnings	$	678	$	704	$	812

Denominator:
Weighted-average shares used to compute basic net earnings per share		950		948		984
Dilutive effect of employee stock plans^(a)		6		9		6
Weighted-average shares used to compute diluted net earnings per share		956		957		990

GAAP diluted net earnings per share	$	0.42	$	0.59	$	0.61
Non-GAAP diluted net earnings per share	$	0.71	$	0.74	$	0.82

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

HP INC. AND SUBSIDIARIES CALCULATION OF DILUTED NET EARNINGS PER SHARE (Unaudited) (In millions, except per share amounts)
	Six months ended
	April 30, 2025		April 30, 2024
Numerator:
GAAP net earnings	$	971	$	1,229
Non-GAAP net earnings	$	1,382	$	1,620

Denominator:
Weighted-average shares used to compute basic net earnings per share		949		990
Dilutive effect of employee stock plans^(a)		7		6
Weighted-average shares used to compute diluted net earnings per share		956		996

GAAP diluted net earnings per share	$	1.02	$	1.23
Non-GAAP diluted net earnings per share	$	1.45	$	1.63

^{(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 and certain litigation charges. 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 settlement expenses from backward-looking claims that arise from certain existing or threatened SEP litigation that are distinctive and substantial when compared to other intellectual property litigation that HP incurs in the ordinary course of business. Consequently, HP excludes these SEP litigation expenses 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, certain litigation charges 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.

Editorial contacts

HP Inc. Media Relations
MediaRelations@hp.com

HP Inc. Investor Relations
InvestorRelations@hp.com

The MIL Network –

May 29, 2025

MIL-OSI: Beneficient Adjourns Annual Meeting of Stockholders to 2 p.m. CDT May 29, 2025

Source: GlobeNewswire (MIL-OSI)

DALLAS, May 28, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Beneficient,” “Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, announced today that the Company’s Annual Meeting of Stockholders, which had been previously adjourned to 2:00 p.m. Central Daylight Time today, May 28, 2025, has been once again adjourned to allow for more time for stockholders to vote.

At this time, there were not present, by remote communication or by proxy, a sufficient number of shares of the Company’s common stock to constitute a quorum. The Company’s Board of Directors continues to believe that all the proposals contained in the proxy statement are advisable and in the best interests of the Company’s stockholders to consider and act upon. Therefore, the Company adjourned the Annual Meeting.

The meeting has been scheduled to reconvene on May 29, 2025, at 2:00 p.m. Central Daylight Time and will be held virtually online at https://www.cstproxy.com/beneficient/2025.

During the period of the adjournment, the Company will continue to solicit proxies from its stockholders with respect to the proposals set forth in the Company’s proxy statement. Proxies previously submitted in respect to the Annual Meeting will be voted at the reconvened meeting unless properly revoked, and stockholders who have previously submitted a proxy or otherwise voted need not take any action unless they wish to change their vote.

The Company encourages all stockholders who have not yet voted to do so before May 28, 2025, at 11:59 p.m. Central time. The stockholders may vote by internet at https://www.cstproxyvote.com, or by telephone at 1 (866) 894-0536, or by returning a properly executed proxy card to Corporate Secretary, Beneficient, at 325 N. Saint Paul Street, Suite 4850, Dallas, Texas 75201.

About Beneficient

Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds − with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

Additional Information and where to find it

The Company has filed a definitive proxy statement and associated proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Annual Meeting of Stockholders of the Company (the “Annual Meeting”). The Company, its directors, its executive officers and certain other individuals set forth in the definitive proxy statement will be deemed participants in the solicitation of proxies from shareholders in respect of the Annual Meeting. Information regarding the names of the Company’s directors and executive officers and certain other individuals and their respective interests in the Company by security holdings or otherwise are set forth in the definitive proxy statement filed with the SEC on March 21, 2025. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the documents filed by the Company with the SEC, including the definitive proxy statement, free of charge by visiting the SEC’s website, www.sec.gov. The Company’s stockholders can also obtain, without charge, a copy of the definitive proxy statement and other relevant filed documents when available from the Company’s website at www.trustben.com.

Contact

investors@beneficient.com

The MIL Network –

May 29, 2025
MIL-OSI: Brooge Energy Voluntarily Delists from Nasdaq

Source: GlobeNewswire (MIL-OSI)

DUBAI, May 28, 2025 (GLOBE NEWSWIRE) — Brooge Energy Limited, (“BEL” or the “Company”) (NASDAQ: BROG), a Cayman Islands-based infrastructure provider, which is engaged in Clean Petroleum Products and Biofuels and Crude Oil storage and related services, today announced that it has provided notification to The Nasdaq Stock Market, LLC (“Nasdaq”) of its intent to voluntarily delist the Company’s ordinary shares (the “Shares”), from the Nasdaq Capital Market and subsequently deregister with the Securities and Exchange Commission (the “SEC”). The Company intends to file a Form 25 (Notification of Removal from Listing) with the SEC and Nasdaq relating to the delisting of its Shares on or about June 9, 2025. As a result, the Company expects the last day of quotation of its Shares on Nasdaq will be on or about June 19, 2025. The Company does not intend to list the Shares on another securities exchange.

Following the termination of the quotation of the Company’s Shares from Nasdaq, the Company intends to file a Form 15 with the SEC on or about June 19, 2025 to suspend its reporting obligations under the Exchange Act. As a result of the filing of the Form 15, the Company’s obligation to file certain Exchange Act reports and forms with the SEC, including Forms 20-F and 6-K, will immediately cease. Other SEC filing requirements will terminate upon the effectiveness of the deregistration. Although the Company will have no continuing requirement to file periodic reports with the SEC after June 19, 2025, the Company expects that the formal deregistration of its Securities will become effective 90 days after the filing of the Form 15 with the SEC. The documents filed with the SEC will be available at www.sec.gov.

The withdrawal of the Shares from listing and registration is being undertaken following a determination by the Company’s Board of Directors (the “Board”) that such delisting and deregistration is in the best interest of the Company and the holders of its Shares. The Board’s decision was based on a careful review of numerous factors, including but not limited to, the lack of an active trading market for the Company’s securities, the required resources and expenses relating to continued Securities Exchange Act of 1934 and Nasdaq disclosure and reporting requirements and related regulatory burdens which have resulted and would continue to result in significant operating expense and attention of the Company’s management team.

About Brooge Energy Limited
BEL is a Cayman Islands-based infrastructure provider which is engaged in Clean Petroleum Products and Biofuels and Crude Oil storage and related services. BEL conducts the business and operations through its subsidiary BPGIC FZE. BPGIC FZE is strategically located outside the Strait of Hormuz at the Port of Fujairah in the Emirate of Fujairah in the UAE Its business differentiates itself from competitors by providing customers with fast order processing times, excellent customer service and high accuracy blending services with low product losses.

Forward-Looking Statements
This press release contains statements that are not historical facts and constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements reflect management’s current views based on certain assumptions, and they involve risks and uncertainties. Actual results, events or performance may differ materially from the forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including risks described in public reports filed by BEL with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. BEL does not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact
KCSA Strategic Communications
Valter Pinto, Managing Director
+1 212-896-1254
BROG@kcsa.com

The MIL Network –

May 29, 2025

MIL-OSI: Nutanix Reports Third Quarter Fiscal 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Delivers Outperformance Across All Guided Metrics

Reports 18% YoY ARR Growth and Strong Free Cash Flow

SAN JOSE, Calif., May 28, 2025 (GLOBE NEWSWIRE) — Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, today announced financial results for its third quarter ended April 30, 2025.

“We delivered solid third quarter results, above the high end of our guided ranges, driven by the strength of the Nutanix Cloud Platform and demand from businesses looking for a trusted long-term partner,” said Rajiv Ramaswami, President and CEO of Nutanix. “Our recent announcements around support for external storage, modern applications, and generative AI reflect our continued focus on driving innovation and broadening our partnerships to further enhance the value proposition of the Nutanix Cloud Platform.”

“Our third quarter results included 18% year-over-year ARR growth and strong year-to-date free cash flow generation,” said Rukmini Sivaraman, CFO of Nutanix. “We remain focused on delivering sustainable, profitable growth.”

Third Quarter Fiscal 2025 Financial Summary

	Q3 FY’25	Q3 FY’24	Y/Y Change
Annual Recurring Revenue (ARR)¹	$2.14 billion	$1.82 billion	18%
Average Contract Duration²	3.1 years	3.0 years	0.1 year
Revenue	$639.0 million	$524.6 million	22%
GAAP Gross Margin	87.0%	84.8%	220 bps
Non-GAAP Gross Margin	88.2%	86.5%	170 bps
GAAP Operating Expenses	$507.3 million	$456.5 million	11%
Non-GAAP Operating Expenses	$426.5 million	$380.4 million	12%
GAAP Operating Income (Loss)	$48.6 million	$(11.6) million	$60.2 million
Non-GAAP Operating Income	$137.1 million	$73.3 million	$63.8 million
GAAP Operating Margin	7.6%	(2.2)%	980 bps
Non-GAAP Operating Margin	21.5%	14.0%	750 bps
Net Cash Provided by Operating Activities	$218.5 million	$96.4 million	$122.1 million
Free Cash Flow	$203.4 million	$78.3 million	$125.1 million

Reconciliations between GAAP and non-GAAP financial measures and key performance measures, to the extent available, are provided in the tables of this press release.

Recent Company Highlights

Nutanix held its annual .NEXT conference in Washington, D.C. on May 7 – 9, and made the following announcements at the event:

Fourth Quarter Fiscal 2025 Outlook

Revenue	$635 – $645 million
Non-GAAP Operating Margin	15.5% to 16.5%
Weighted Average Shares Outstanding (Diluted)³	Approximately 297 million

Fiscal 2025 Outlook

Revenue	$2.52 – $2.53 billion
Non-GAAP Operating Margin	~20.5%
Free Cash Flow	$700 – $730 million

Supplementary materials to this press release, including our third quarter fiscal 2025 earnings presentation, can be found at https://ir.nutanix.com/financial/quarterly-results.

Webcast and Conference Call Information

Nutanix executives will discuss the Company’s third quarter fiscal 2025 financial results on a conference call today at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time. Interested parties may access the conference call by registering at this link to receive dial in details and a unique PIN number. The conference call will also be webcast live on the Nutanix Investor Relations website at ir.nutanix.com. An archived replay of the webcast will be available on the Nutanix Investor Relations website at ir.nutanix.com shortly after the call.

Footnotes

¹Annual Recurring Revenue, or ARR, for any given period, is defined as the sum of ACV for all subscription contracts in effect as of the end of a specific period. For the purposes of this calculation, we assume that the contract term begins on the date a contract is booked, unless the terms of such contract prevent us from fulfilling our obligations until a later period, and irrespective of the periods in which we would recognize revenue for such contract. Excludes all life-of-device contracts. ACV is defined as the total annualized value of a contract. The total annualized value for a contract is calculated by dividing the total value of the contract by the number of years in the term of such contract. Excludes amounts related to professional services and hardware.

²Average Contract Duration represents the dollar-weighted term, calculated on a billings basis, across all subscription contracts, as well as our limited number of life-of-device contracts, using an assumed term of five years for life-of-device licenses, executed in the period.

³Weighted average share count used in computing diluted non-GAAP net income per share.

Non-GAAP Financial Measures and Other Key Performance Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, this press release includes the following non-GAAP financial and other key performance measures: non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, free cash flow, Annual Recurring Revenue (or ARR), and Average Contract Duration. In computing non-GAAP financial measures, we exclude certain items such as stock-based compensation and the related income tax impact, costs associated with our acquisitions (such as amortization of acquired intangible assets, income tax-related impact, and other acquisition-related costs), restructuring charges, litigation settlement accruals and legal fees related to certain litigation matters, the amortization and conversion of the debt discount and issuance costs related to debt, interest expense related to debt, inducement expense related to the repurchase of convertible senior notes, and other non-recurring transactions and the related tax impact. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, and non-GAAP operating margin are financial measures which we believe provide useful information to investors because they provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense that may not be indicative of our ongoing core business operating results. Free cash flow is a performance measure that we believe provides useful information to our management and investors about the amount of cash generated by the business after capital expenditures, and we define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment. ARR is a performance measure that we believe provides useful information to our management and investors as it allows us to better track the topline growth of our subscription business because it takes into account variability in term lengths. We use these non-GAAP financial and key performance measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, and free cash flow are not substitutes for gross margin, operating expenses, operating income (loss), operating margin, and net cash provided by (used in) operating activities, respectively. There is no GAAP measure that is comparable to ARR or Average Contract Duration, so we have not reconciled the ARR or Average Contract Duration data included in this press release to any GAAP measure. In addition, other companies, including companies in our industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures and key performance measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures and key performance measures to the most directly comparable GAAP financial measures included below in the tables captioned “Reconciliation of GAAP to Non-GAAP Profit Measures” and “Reconciliation of GAAP Net Cash Provided By Operating Activities to Non-GAAP Free Cash Flow,” and not to rely on any single financial measure to evaluate our business. This press release also includes the following forward-looking non-GAAP financial measures as part of our fourth quarter fiscal 2025 outlook and/or our fiscal 2025 outlook: non-GAAP operating margin and free cash flow. We are unable to reconcile these forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures without unreasonable efforts, as we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact the GAAP financial measures for these periods but would not impact the non-GAAP financial measures.

Forward-Looking Statements

This press release contains express and implied forward-looking statements, including, but not limited to, statements regarding: our business momentum and prospects, including the strength of our platform, demand from businesses looking for a trusted long-term partner, and our continued focus on driving innovation and broadening our partnerships; our focus on delivering sustainable, profitable growth; our fourth quarter fiscal 2025 outlook; and our fiscal 2025 outlook.

These forward-looking statements are not historical facts and instead are based on our current expectations, estimates, opinions, and beliefs. Consequently, you should not rely on these forward-looking statements. The accuracy of these forward-looking statements depends upon future events and involves risks, uncertainties, and other factors, including factors that may be beyond our control, that may cause these statements to be inaccurate and cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by such statements, including, among others: the inherent uncertainty or assumptions and estimates underlying our projections and guidance, which are necessarily speculative in nature; any failure to successfully implement or realize the full benefits of, or unexpected difficulties or delays in successfully implementing or realizing the full benefits of, our business plans, strategies, initiatives, vision, objectives, momentum, prospects and outlook; our ability to achieve, sustain and/or manage future growth effectively; the rapid evolution of the markets in which we compete, including the introduction, or acceleration of adoption of, competing solutions, including public cloud infrastructure; failure to timely and successfully meet our customer needs; delays in or lack of customer or market acceptance of our new solutions, products, services, product features or technology; macroeconomic or geopolitical uncertainty; our ability to attract, recruit, train, retain, and, where applicable, ramp to full productivity, qualified employees and key personnel; factors that could result in the significant fluctuation of our future quarterly operating results (including anticipated changes to our revenue and product mix, the timing and magnitude of orders, shipments and acceptance of our solutions in any given quarter, our ability to attract new and retain existing end-customers, changes in the pricing and availability of certain components of our solutions, and fluctuations in demand and competitive pricing pressures for our solutions); our ability to form new or maintain and strengthen existing strategic alliances and partnerships, as well as our ability to manage any changes thereto; our ability to make share repurchases; and other risks detailed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed with the U.S. Securities and Exchange Commission, or the SEC, on September 19, 2024 and our subsequent Quarterly Reports on Form 10-Q filed with the SEC. Additional information will be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2025, which should be read in conjunction with this press release and the financial results included herein. Our SEC filings are available on the Investor Relations section of our website at ir.nutanix.com and on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this press release and, except as required by law, we assume no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any of these forward-looking statements to reflect actual results or subsequent events or circumstances.

About Nutanix

Nutanix is a global leader in cloud software, offering organizations a single platform for running applications and managing data, anywhere. With Nutanix, companies can reduce complexity and simplify operations, freeing them to focus on their business outcomes. Building on its legacy as the pioneer of hyperconverged infrastructure, Nutanix is trusted by companies worldwide to power hybrid multicloud environments consistently, simply, and cost-effectively. Learn more at www.nutanix.com or follow us on social media @nutanix.

© 2025 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or unregistered trademarks of Nutanix, Inc. (“Nutanix”) in the United States and other countries. Other brand names or marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s). This press release is for informational purposes only and nothing herein constitutes a warranty or other binding commitment by Nutanix.

Investor Contact:
Richard Valera
ir@nutanix.com

Media Contact:
Jennifer Massaro
pr@nutanix.com


NUTANIX, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	As of
	July 31, 2024			April 30, 2025
	(in thousands)
Assets
Current assets:
Cash and cash equivalents	$	655,270		$	872,599
Short-term investments		339,072			1,009,870
Accounts receivable, net		229,796			270,232
Deferred commissions—current		159,849			147,361
Prepaid expenses and other current assets		97,307			110,981
Total current assets		1,481,294			2,411,043
Property and equipment, net		136,180			143,711
Operating lease right-of-use assets		109,133			142,200
Deferred commissions—non-current		198,962			180,111
Intangible assets, net		5,153			2,809
Goodwill		185,235			185,235
Other assets—non-current		27,961			31,521
Total assets	$	2,143,918		$	3,096,630
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	45,066		$	49,596
Accrued compensation and benefits		195,602			175,814
Accrued expenses and other current liabilities		24,967			22,463
Deferred revenue—current		954,543			1,008,731
Operating lease liabilities—current		24,163			24,951
Total current liabilities		1,244,341			1,281,555
Deferred revenue—non-current		918,163			1,020,467
Operating lease liabilities—non-current		90,359			120,351
Convertible senior notes, net		570,073			1,342,601
Other liabilities—non-current		49,130			43,090
Total liabilities		2,872,066			3,808,064
Stockholders’ deficit:
Common stock		7			7
Additional paid-in capital		4,118,898			4,179,565
Accumulated other comprehensive loss		146			3,391
Accumulated deficit		(4,847,199	)		(4,894,397	)
Total stockholders’ deficit		(728,148	)		(711,434	)
Total liabilities and stockholders’ deficit	$	2,143,918		$	3,096,630


NUTANIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended April 30,					Nine Months Ended April 30,
	2024			2025		2024			2025
	(in thousands, except per share data)
Revenue:
Product	$	255,465		$	345,479	$	802,047		$	1,001,585
Support, entitlements and other services		269,112			293,504		798,817			883,075
Total revenue		524,577			638,983		1,600,864			1,884,660
Cost of revenue:
Product ⁽¹⁾⁽²⁾		8,469			6,776		28,105			23,969
Support, entitlements and other services ⁽¹⁾		71,150			76,215		215,029			226,980
Total cost of revenue		79,619			82,991		243,134			250,949
Gross profit		444,958			555,992		1,357,730			1,633,711
Operating expenses:
Sales and marketing ⁽¹⁾⁽²⁾		245,901			260,402		717,926			775,185
Research and development ⁽¹⁾		159,220			186,413		471,596			543,157
General and administrative ⁽¹⁾		51,425			60,532		148,457			174,036
Total operating expenses		456,546			507,347		1,337,979			1,492,378
(Loss) income from operations		(11,588	)		48,645		19,751			141,333
Other income (expense), net		659			15,954		(2,520	)		25,172
(Loss) income before provision for income taxes		(10,929	)		64,599		17,231			166,505
Provision for income taxes		4,687			1,236		15,905			16,789
Net (loss) income	$	(15,616	)	$	63,363	$	1,326		$	149,716
Net (loss) income per share attributable to Class A common stockholders, basic	$	(0.06	)	$	0.24	$	0.01		$	0.56
Net (loss) income per share attributable to Class A common stockholders, diluted	$	(0.06	)	$	0.22	$	0.05		$	0.52
Weighted average shares used in computing net (loss) income per share attributable to Class A common stockholders, basic		245,766			267,566		243,688			267,081
Weighted average shares used in computing net (loss) income per share attributable to Class A common stockholders, diluted		245,766			296,804		297,055			292,942

________________
(1) Includes the following stock-based compensation expense:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Product cost of revenue	$	1,576	$	401	$	5,201	$	2,425
Support, entitlements and other services cost of revenue		6,391		6,623		20,690		20,768
Sales and marketing		18,901		19,513		61,110		61,558
Research and development		38,719		42,162		117,664		132,489
General and administrative		16,705		15,543		47,594		49,179
Total stock-based compensation expense	$	82,292	$	84,242	$	252,259	$	266,419

________________
(2) Includes the following amortization of intangible assets:

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Product cost of revenue	$	766	$	546	$	2,626	$	2,080
Sales and marketing		99		89		218		265
Total amortization of intangible assets	$	865	$	635	$	2,844	$	2,345


NUTANIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended April 30,
	2024			2025
	(in thousands)
Cash flows from operating activities:
Net income	$	1,326		$	149,716
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		54,986			54,451
Stock-based compensation		252,259			266,419
Amortization of debt discount and issuance costs		33,738			2,519
Inducement expense from partial repurchase of the 2027 Notes		—			11,347
Operating lease cost, net of accretion		24,009			21,355
Non-cash interest expense		15,143			—
Other		(14,117	)		(4,690	)
Changes in operating assets and liabilities:
Accounts receivable, net		(49,669	)		(14,084	)
Deferred commissions		5,199			31,339
Prepaid expenses and other assets		37,588			(10,589	)
Accounts payable		10,326			3,774
Accrued compensation and benefits		29,660			(10,528	)
Accrued expenses and other liabilities		(83,857	)		(5,601	)
Operating leases, net		(22,394	)		(23,640	)
Deferred revenue		134,037			130,139
Net cash provided by operating activities		428,234			601,927
Cash flows from investing activities:
Maturities of investments		625,519			272,846
Purchases of investments		(740,034	)		(941,406	)
Sales of investments		—			2,011
Payments for acquisitions, net of cash acquired		(4,500	)		—
Purchases of property and equipment		(54,813	)		(59,533	)
Net cash used in investing activities		(173,828	)		(726,082	)
Cash flows from financing activities:
Proceeds from sales of shares through employee equity incentive plans		50,660			68,525
Taxes paid related to net share settlement of equity awards		(111,620	)		(212,919	)
Proceeds from the issuance of convertible notes, net of issuance costs		—			848,010
Payment of third-party debt issuance costs		—			(3,448	)
Partial repurchase of the 2027 Notes		—			(95,453	)
Payment of revolver issuance costs		—			(2,794	)
Repurchases of common stock		(106,131	)		(257,859	)
Payment of finance lease obligations		(2,928	)		(2,943	)
Net cash (used in) provided by financing activities		(170,019	)		341,119
Net increase in cash, cash equivalents and restricted cash	$	84,387		$	216,964
Cash, cash equivalents and restricted cash—beginning of period		515,771			655,662
Cash, cash equivalents and restricted cash—end of period	$	600,158		$	872,626
Restricted cash ⁽¹⁾		2,131			27
Cash and cash equivalents—end of period	$	598,027		$	872,599
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$	20,938		$	25,550
Supplemental disclosures of non-cash investing and financing information:
Purchases of property and equipment included in accounts payable and accrued and other liabilities	$	983		$	1,186
Unpaid taxes related to net share settlement of equity awards included in accrued expenses and other liabilities	$	—		$	2,554

________________
(1) Included within other assets—non-current in the condensed consolidated balance sheets.

Reconciliation of Revenue to Billings (Unaudited)

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Total revenue	$	524,577	$	638,983	$	1,600,864	$	1,884,660
Change in deferred revenue		32,708		8,062		134,037		130,139
Total billings	$	557,285	$	647,045	$	1,734,901	$	2,014,799

Disaggregation of Revenue and Billings (Unaudited)

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Disaggregation of revenue:
Subscription revenue	$	486,620	$	609,663	$	1,498,081	$	1,794,777
Professional services revenue		26,240		28,001		74,083		83,316
Other non-subscription product revenue		11,717		1,319		28,700		6,567
Total revenue	$	524,577	$	638,983	$	1,600,864	$	1,884,660
Disaggregation of billings:
Subscription billings	$	515,920	$	627,249	$	1,617,593	$	1,925,278
Professional services billings		29,648		18,477		88,608		82,954
Other non-subscription product billings		11,717		1,319		28,700		6,567
Total billings	$	557,285	$	647,045	$	1,734,901	$	2,014,799

Subscription revenue — Subscription revenue includes any performance obligation which has a defined term, and is generated from the sales of software entitlement and support subscriptions, subscription software licenses and cloud-based software-as-a-service, or SaaS, offerings.

Ratable — We recognize revenue from software entitlement and support subscriptions and SaaS offerings ratably over the contractual service period, the substantial majority of which relate to software entitlement and support subscriptions.
Upfront — Revenue from our subscription software licenses is generally recognized upfront upon transfer of control to the customer, which happens when we make the software available to the customer.

Professional services revenue — We also sell professional services with our products. We recognize revenue related to professional services as they are performed.

Other non-subscription product revenue — Other non-subscription product revenue includes approximately $11.1 million and $26.3 million of non-portable software revenue for the three and nine months ended April 30, 2024, respectively, $0.5 million and $2.9 million of non-portable software revenue for the three and nine months ended April 30, 2025, respectively, $0.6 million and $2.4 million of hardware revenue for the three and nine months ended April 30, 2024, respectively, and $0.8 million and $3.7 million of hardware revenue for the three and nine months ended April 30, 2025, respectively.

Non-portable software revenue — Non-portable software revenue includes sales of our platform when delivered on a configured-to-order appliance by us or one of our OEM partners. The software licenses associated with these sales are typically non-portable and can be used over the life of the appliance on which the software is delivered. Revenue from our non-portable software products is generally recognized upon transfer of control to the customer.
Hardware revenue — In the infrequent transactions where the hardware appliance is purchased directly from Nutanix, we consider ourselves to be the principal in the transaction and we record revenue and costs of goods sold on a gross basis. We consider the amount allocated to hardware revenue to be equivalent to the cost of the hardware procured. Hardware revenue is generally recognized upon transfer of control to the customer.


Annual Recurring Revenue (Unaudited)

	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2025		2024		2025
	(in thousands)
Annual Recurring Revenue (ARR)	$	1,820,207	$	2,142,969	$	1,820,207	$	2,142,969


Reconciliation of GAAP to Non-GAAP Profit Measures (Unaudited)

	GAAP			Non-GAAP Adjustments																	Non-GAAP
	Three Months Ended April 30, 2025			(1)			(2)			(3)			(4)			(5)		(6)			Three Months Ended April 30, 2025
	(in thousands, except percentages and per share data)
Gross profit	$	555,992		$	7,024		$	546		$	—		$	—		$	—	$	—		$	563,562
Gross margin		87.0	%		1.1	%		0.1	%		—			—			—		—			88.2	%
Operating expenses:
Sales and marketing		260,402			(19,513	)		(89	)		—			—			—		—			240,800
Research and development		186,413			(42,162	)		—			—			—			—		—			144,251
General and administrative		60,532			(15,543	)		—			(3,545	)		—			—		—			41,444
Total operating expenses		507,347			(77,218	)		(89	)		(3,545	)		—			—		—			426,495
Income from operations		48,645			84,242			635			3,545			—			—		—			137,067
Operating margin		7.6	%		13.2	%		0.1	%		0.6	%		—			—		—			21.5	%
Net income	$	63,363		$	84,242		$	635		$	3,545		$	(80	)	$	2,950	$	(29,942	)	$	124,713
Weighted shares outstanding, basic		267,566																				267,566
Weighted shares outstanding, diluted ⁽⁷⁾		296,804																				296,804
Net income per share, basic	$	0.24		$	0.32		$	–		$	0.01		$	–		$	0.01	$	(0.11	)	$	0.47
Net income per share, diluted ⁽⁸⁾	$	0.22																			$	0.42

________________
(1)   Stock-based compensation expense
(2)   Amortization of intangible assets
(3)   Legal fees
(4)   Other
(5)   Amortization of debt issuance costs and interest expense related to debt
(6)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
(7)   Includes 29,238 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
(8)   In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $1,099 of interest expense related to the convertible senior notes

	GAAP			Non-GAAP Adjustments																			Non-GAAP
	Nine Months Ended April 30, 2025			(1)			(2)			(3)			(4)			(5)		(6)		(7)			Nine Months Ended April 30, 2025
	(in thousands, except percentages and per share data)
Gross profit	$	1,633,711		$	23,193		$	2,080		$	—		$	—		$	—	$	—	$	—		$	1,658,984
Gross margin		86.7	%		1.2	%		0.1	%		—			—			—		—		—			88.0	%
Operating expenses:
Sales and marketing		775,185			(61,558	)		(265	)		—			—			—		—		—			713,362
Research and development		543,157			(132,489	)		—			—			—			—		—		—			410,668
General and administrative		174,036			(49,179	)		—			(6,480	)		—			—		—		—			118,377
Total operating expenses		1,492,378			(243,226	)		(265	)		(6,480	)		—			—		—		—			1,242,407
Income from operations		141,333			266,419			2,345			6,480			—			—		—		—			416,577
Operating margin		7.5	%		14.2	%		0.1	%		0.3	%		—			—		—		—			22.1	%
Net income	$	149,716		$	266,419		$	2,345		$	6,480		$	(210	)	$	11,347	$	5,369	$	(74,862	)	$	366,604
Weighted shares outstanding, basic		267,081																						267,081
Weighted shares outstanding, diluted ⁽⁸⁾		292,942																						292,942
Net income per share, basic	$	0.56		$	1.00		$	0.01		$	0.02		$	–		$	0.04	$	0.02	$	(0.28	)	$	1.37
Net income per share, diluted ⁽⁹⁾	$	0.52																					$	1.25

________________
(1)   Stock-based compensation expense
(2)   Amortization of intangible assets
(3)   Legal fees
(4)   Other
(5)   Inducement expense related to partial repurchase of the 2027 Notes
(6)   Amortization of debt issuance costs and interest expense related to debt
(7)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
(8)   Includes 25,861 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
(9)   In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $2,074 of interest expense related to the convertible senior notes

	GAAP			Non-GAAP Adjustments																	Non-GAAP
	Three Months Ended April 30, 2024			(1)			(2)			(3)			(4)			(5)		(6)			Three Months Ended April 30, 2024
	(in thousands, except percentages and per share data)
Gross profit	$	444,958		$	7,967		$	766		$	—		$	—		$	—	$	—		$	453,691
Gross margin		84.8	%		1.6	%		0.1	%		—			—			—		—			86.5	%
Operating expenses:
Sales and marketing		245,901			(18,901	)		(99	)		—			—			—		—			226,901
Research and development		159,220			(38,719	)		—			—			—			—		—			120,501
General and administrative		51,425			(16,705	)		—			(1,707	)		—			—		—			33,013
Total operating expenses		456,546			(74,325	)		(99	)		(1,707	)		—			—		—			380,415
(Loss) income from operations		(11,588	)		82,292			865			1,707			—			—		—			73,276
Operating margin		(2.2	)%		15.7	%		0.2	%		0.3	%		—			—		—			14.0	%
Net (loss) income	$	(15,616	)	$	82,292		$	865		$	1,707		$	(110	)	$	16,876	$	(13,453	)	$	72,561
Weighted shares outstanding, basic		245,766																				245,766
Weighted shares outstanding, diluted ⁽⁷⁾		245,766																				301,860
Net (loss) income per share, basic	$	(0.06	)	$	0.33		$	–		$	0.01		$	–		$	0.07	$	(0.05	)	$	0.30
Net (loss) income per share, diluted	$	(0.06	)																		$	0.24

________________
(1)   Stock-based compensation expense
(2)   Amortization of intangible assets
(3)   Legal fees
(4)   Other
(5)   Amortization of debt discount and issuance costs and interest expense related to convertible senior notes
(6)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
(7)   Includes 56,094 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans

	GAAP			Non-GAAP Adjustments																				Non-GAAP
	Nine Months Ended April 30, 2024			(1)			(2)			(3)			(4)			(5)			(6)		(7)			Nine Months Ended April 30, 2024
	(in thousands, except percentages and per share data)
Gross profit	$	1,357,730		$	25,891		$	2,626		$	—		$	—		$	—		$	—	$	—		$	1,386,247
Gross margin		84.8	%		1.6	%		0.2	%		—			—			—			—		—			86.6	%
Operating expenses:
Sales and marketing		717,926			(61,110	)		(218	)		194			—			—			—		—			656,792
Research and development		471,596			(117,664	)		—			—			—			—			—		—			353,932
General and administrative		148,457			(47,594	)		—			—			(1,755	)		(225	)		—		—			98,883
Total operating expenses		1,337,979			(226,368	)		(218	)		194			(1,755	)		(225	)		—		—			1,109,607
Income from operations		19,751			252,259			2,844			(194	)		1,755			225			—		—			276,640
Operating margin		1.2	%		15.8	%		0.2	%		—			0.1	%		—			—		—			17.3	%
Net income	$	1,326		$	252,259		$	2,844		$	(194	)	$	1,755		$	925		$	49,874	$	(49,034	)	$	259,755
Weighted shares outstanding, basic		243,688																							243,688
Weighted shares outstanding, diluted ⁽⁸⁾		297,055																							297,055
Net income per share, basic	$	0.01		$	1.04		$	0.01		$	–		$	0.01		$	–		$	0.20	$	(0.20	)	$	1.07
Net income per share, diluted ⁽⁹⁾	$	0.05																						$	0.87

________________
(1)   Stock-based compensation expense
(2)   Amortization of intangible assets
(3)   Restructuring charges (reversals)
(4)   Legal fees
(5)   Other
(6)   Amortization of debt discount and issuance costs and interest expense related to convertible senior notes
(7)   Income tax effect of non-GAAP adjustments. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate.
(8)   Includes 53,367 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
(9)   In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $12,749 of interest expense related to the convertible senior notes


Reconciliation of GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow (Unaudited)

	Three Months Ended April 30,						Nine Months Ended April 30,
	2024			2025			2024			2025
	(in thousands)
Net cash provided by operating activities	$	96,353		$	218,506		$	428,234		$	601,927
Purchases of property and equipment		(18,029	)		(15,095	)		(54,813	)		(59,533	)
Free cash flow	$	78,324		$	203,411		$	373,421		$	542,394

The MIL Network –

May 29, 2025

MIL-OSI: Core Specialty Announces Changes to its Board of Directors

Source: GlobeNewswire (MIL-OSI)

CINCINNATI, May 28, 2025 (GLOBE NEWSWIRE) — Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today that Patrick Gordon has been appointed to the Board of Directors of the Company effective immediately, in replacement of Marc Stad. Mr. Stad has served on the Company’s Board since the Company’s recapitalization in November 2020 as a director designated by Dragoneer Investment Group (‘Dragoneer”). The Board and management of the Company are grateful for his many contributions and wish him the very best in the years ahead.

Mr. Gordon currently serves as Principal at Dragoneer, a position he has held since 2018 where he is focused on private investing. Prior to joining Dragoneer, Mr. Gordon’s previous roles were with Google, Stripe, and Parthenon Capital serving in operations and investment management roles. He earned a Bachelor of Arts Degree in History and Science from Harvard College and a Master of Business Administration from Harvard Business School, where he was a George F. Baker Scholar.

Commenting on changes to Core Specialty’s Board, Jeff Consolino, Core Specialty’s Founder, President, and Chief Executive Officer, said, “We appreciate Marc Stad’s leadership on our board. From inception, Core Specialty has greatly benefitted from Dragoneer’s history of partnering with management teams in companies characterized by sustainable differentiation and superior economic models. Dragoneer has substantial committed capital, a long track record of successfully identifying category and industry leaders and deep experience in the public markets and Patrick Gordon’s skills and experience will continue to drive these benefits to Core Specialty. Mr. Gordon will be an excellent fit with the Core Specialty Board.”

About Core Specialty

Core Specialty offers a diversified range of specialty insurance products for small to mid-sized businesses. From its underwriting offices spanning the U.S., the company focuses on niche markets, local distribution, and superior underwriting knowledge; offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. Core Specialty is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess & surplus lines insurer, StarStone National Insurance Company, Lancer Insurance Company, Lancer Insurance Company of New Jersey and American Surety Company, each of which is a U.S. admitted markets insurer, and Standard Life and Accident Insurance Company, a life, accident and health insurer. For further information about Core Specialty, please visit www.corespecialty .com.

About Dragoneer Investment Group

Dragoneer Investment Group is a growth-oriented investment firm with over $25 billion under management and a flexible mandate to invest in high-quality businesses in both the public and private markets. For over a decade, Dragoneer has partnered with management teams growing exceptional companies, characterized by sustainable differentiation and superior economic models. The firm seeks to deliver attractive returns while maintaining a focus on capital preservation and margin of safety.

The MIL Network –

May 29, 2025
MIL-OSI: Financial Institutions, Inc. Announces Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

WARSAW, N.Y., May 28, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (Nasdaq: FISI) (the “Company”), parent company of Five Star Bank and Courier Capital, LLC, announced today that its Board of Directors has approved a quarterly cash dividend of $0.31 per outstanding common share.

The Company also announced dividends of $0.75 per share on its Series A 3% preferred stock and $2.12 per share on its Series B-1 8.48% preferred stock.

All dividends are payable July 2, 2025, to shareholders of record on June 13, 2025.

About Financial Institutions, Inc.
Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.3 billion in assets as of March 31, 2025, offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, financial planning and consulting services to individuals and families, businesses, institutions, non-profits and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

For additional information contact:
Kate Croft
Director of Investor and External Relations
(716) 817-5159
klcroft@five-starbank.com

The MIL Network –

May 29, 2025
MIL-OSI: LPL Financial to Present at the William Blair Growth Stock Conference

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, May 28, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC (Nasdaq:LPLA) today announced that Matt Audette, President and Chief Financial Officer, will present at the William Blair Growth Stock Conference on June 4.

The presentation takes place at 11 a.m. ET. A live audio webcast of the presentation will be accessible at investor.lpl.com, with a replay available on the website after the presentation.

Contacts

Investor Relations
investor.relations@lplfinancial.com

Media Relations
media.relations@lplfinancial.com

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports over 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of approximately 7 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer. Member FINRA/SIPC.

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

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

The MIL Network –

May 29, 2025
MIL-OSI: Silvaco To Present at the Rosenblatt 5th Annual Technology Summit

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., May 28, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO, “Silvaco”), a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, today announced that Silvaco’s Chief Executive Officer, Dr. Babak Taheri, Interim Chief Financial Officer, Keith Tainsky, and Chief Revenue Officer, Ian Chen, will participate in a fireside chat at the Rosenblatt 5th Annual Technology Summit on Wednesday, June 11, at 4 p.m. Eastern time.

A live webcast, as well as a replay, of the presentation will be available on the company’s investor relations website at https://investors.silvaco.com/.

About Silvaco
Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and AI through software and innovation. Silvaco’s solutions are used for process and device development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

Safe Harbor Statement
This press release contains forward-looking statements based on Silvaco Group, Inc.’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco Group, Inc. are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco Group, Inc. and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

Investor Contact:
Greg McNiff
investors@silvaco.com

Media Contact:
Tiffany Behany
press@silvaco.com

The MIL Network –

May 29, 2025
MIL-OSI USA: Fresno Man Pleads Guilty to Multiple Child Exploitation Offenses

Source: US State of North Dakota

A California man pleaded guilty today to sexual exploitation of children and distribution and receipt of child pornography.

According to court documents, Monico Erich Gastelo, 43, of Fresno, sexually exploited children using different methods. For example, in January 2019, Gastelo created a social media account where he claimed to be an 18-year-old boy. Gastelo then used the account to converse with at least one minor and request sexually explicit content from them.

“Today’s plea should serve as a reminder of the Justice Department’s commitment to securing justice for victims of online child sexual exploitation,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “I am grateful for the efforts of the investigators and prosecutors who continue to work tirelessly to investigate and prosecute those who harm children.”

“Not only did this defendant revictimize abused children depicted in the images, but attempted to victimize actual children within his orbit,” said Acting U.S. Attorney Michele Beckwith for the Eastern District of California. “The U.S. Attorney’s Office will continue to prioritize the prosecution of child sexual predators.”

“Today’s guilty plea represents our agents’ and analysts’ continued focus on targeting predators who exploit children online,” said Special Agent in Charge Tatum King of U.S. Immigration and Customs Enforcement Homeland Security Investigations (HSI) San Francisco. “Through collaboration with the Fresno County Sheriff’s Office, Fresno Police Department and the Central Valley Internet Crimes Against Children Task Force, we will make every effort to identify, locate, and arrest these criminals to help prevent the harm that they cause to our children. We appreciate the prosecutorial work by the U.S. Attorney’s Office for the Eastern District of California and the Justice Department’s Child Exploitation and Obscenity Section (CEOS) in furtherance of this investigation.”

Between Jan. 1, 2020, and March 23, 2020, Gastelo communicated with other individuals who were sexually attracted to children on Wickr, Snapchat, and Telegram. He sent and received multiple images and videos of child sexual abuse material (CSAM) on these platforms. Forensic review of Gastelo’s phones showed that he had over 1,500 images and videos of suspected CSAM.

Gastelo’s conduct escalated in May of 2020. A minor victim reported to law enforcement that he had been sexually exploited online and that an individual, who was later identified to be Gastelo, had added him on Snapchat. Gastelo sent over a dozen images of his penis to the minor victim and insisted that the minor victim send back CSAM of himself.

Gastelo pleaded guilty to one count of sexual exploitation of children and one count of distribution and receipt of child pornography. He is scheduled to be sentenced on Sept. 8, 2025 and faces a mandatory minimum penalty of 15 years in prison up to 30 years in prison on the sexual exploitation count and a mandatory minimum penalty of five years in prison up to 20 years in prison on the distribution and receipt count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The Fresno County Police Department and the Department of Homeland Security investigated the case.

Trial Attorney McKenzie Hightower of CEOS and Assistant U.S. Attorney David Gappa for the Eastern District of California are prosecuting the case.

This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

MIL OSI USA News –

May 29, 2025
MIL-OSI Security: California Man Sentenced to 64 Months in Prison for Online Car Sales Scam That Defrauded Hundreds of Victims Out of More Than $10 Million

Source: US FBI

COLUMBUS, Ohio – Leo Shimizu, 39, of San Francisco, was sentenced in U.S. District Court today to 64 months in prison and ordered to pay more than $10.6 million in restitution for leading a nationwide money laundering conspiracy involving the proceeds of fraudulent online vehicle sales.

The U.S. Attorney’s Office for the Southern District of Ohio previously prosecuted four other co-conspirators in this scheme, including a Columbus man who helped lead the conspiracy.

According to court documents, the online car sales scam cheated at least 850 victims around the country out of more than $10.6 million total. Co-conspirators were part of a network that attracted online customers through fraudulent postings for vehicle sales.

Shimizu, who is also known as “Lil Droppy,” posted and directed other individuals to post listings on websites like Craigslist and Cars.com for vehicles they were alleging to sell. In truth, the co-conspirators did not have the vehicles they claimed they were selling.

Shimizu and others communicated with victims through email and phone, posing as employees of eBay, and used third parties to open bank accounts in the names of shell corporations that appeared to be affiliated with eBay. They instructed victims to wire funds to various third-party bank accounts they set up. They claimed to be affiliated with eBay’s Buyer Protection Program, when in fact, no such relationship existed.

Shimizu pleaded guilty in November 2024 to conspiring to commit money laundering.

Kelly A. Norris, Acting United States Attorney for the Southern District of Ohio; and Karen Wingerd, Special Agent in Charge, Internal Revenue Service (IRS) Criminal Investigation; announced the sentence imposed by U.S. District Court Judge Edmund A. Sargus, Jr. Assistant United States Attorney Noah R. Litton is representing the United States in this case.

Acting U.S. Attorney Norris recognized the assistance of United States Secret Service in Toledo, Ohio and Miami, Florida; the FBI’s Baltimore field office; United States Postal Inspection Service in Detroit; New York State Police; the Canton, Ohio, Butler Village, Ohio, Mayfield Heights, Ohio, Bloomfield Township, Michigan, Marlboro Township, New Jersey and Janesville, Wisconsin police departments; and the Walworth County, Wisconsin and Clarke County, Alabama sheriff’s offices.

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MIL Security OSI –

May 29, 2025
MIL-OSI Security: Fresno Man Pleads Guilty to Multiple Child Exploitation Offenses

Source: United States Attorneys General

A California man pleaded guilty today to sexual exploitation of children and distribution and receipt of child pornography.

According to court documents, Monico Erich Gastelo, 43, of Fresno, sexually exploited children using different methods. For example, in January 2019, Gastelo created a social media account where he claimed to be an 18-year-old boy. Gastelo then used the account to converse with at least one minor and request sexually explicit content from them.

“Today’s plea should serve as a reminder of the Justice Department’s commitment to securing justice for victims of online child sexual exploitation,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “I am grateful for the efforts of the investigators and prosecutors who continue to work tirelessly to investigate and prosecute those who harm children.”

“Not only did this defendant revictimize abused children depicted in the images, but attempted to victimize actual children within his orbit,” said Acting U.S. Attorney Michele Beckwith for the Eastern District of California. “The U.S. Attorney’s Office will continue to prioritize the prosecution of child sexual predators.”

“Today’s guilty plea represents our agents’ and analysts’ continued focus on targeting predators who exploit children online,” said Special Agent in Charge Tatum King of U.S. Immigration and Customs Enforcement Homeland Security Investigations (HSI) San Francisco. “Through collaboration with the Fresno County Sheriff’s Office, Fresno Police Department and the Central Valley Internet Crimes Against Children Task Force, we will make every effort to identify, locate, and arrest these criminals to help prevent the harm that they cause to our children. We appreciate the prosecutorial work by the U.S. Attorney’s Office for the Eastern District of California and the Justice Department’s Child Exploitation and Obscenity Section (CEOS) in furtherance of this investigation.”

Between Jan. 1, 2020, and March 23, 2020, Gastelo communicated with other individuals who were sexually attracted to children on Wickr, Snapchat, and Telegram. He sent and received multiple images and videos of child sexual abuse material (CSAM) on these platforms. Forensic review of Gastelo’s phones showed that he had over 1,500 images and videos of suspected CSAM.

Gastelo’s conduct escalated in May of 2020. A minor victim reported to law enforcement that he had been sexually exploited online and that an individual, who was later identified to be Gastelo, had added him on Snapchat. Gastelo sent over a dozen images of his penis to the minor victim and insisted that the minor victim send back CSAM of himself.

Gastelo pleaded guilty to one count of sexual exploitation of children and one count of distribution and receipt of child pornography. He is scheduled to be sentenced on Sept. 8, 2025 and faces a mandatory minimum penalty of 15 years in prison up to 30 years in prison on the sexual exploitation count and a mandatory minimum penalty of five years in prison up to 20 years in prison on the distribution and receipt count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The Fresno County Police Department and the Department of Homeland Security investigated the case.

Trial Attorney McKenzie Hightower of CEOS and Assistant U.S. Attorney David Gappa for the Eastern District of California are prosecuting the case.

This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

MIL Security OSI –

May 29, 2025
MIL-OSI Security: South Carolina Man Charged in Maryland for Multi-Million-Dollar Medicare Fraud and Ponzi Schemes

Source: Office of United States Attorneys

Baltimore, Maryland – Today, the U.S. Attorney’s Office for the District of Maryland unsealed two indictments. The indictments charged a South Carolina man with defrauding Medicare through a laboratory test scheme during the COVID-19 pandemic and with defrauding customers of his private charter jet company.

Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the indictment with Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Special Agent in Charge William J. DelBagno, Federal Bureau of Investigation (FBI) – Baltimore Field Office; Special Agent in Charge Maureen R. Dixon, Department of Health and Human Services Office of Inspector General (HHS-OIG); and Special Agent in Charge Greg Thompson, Department of Transportation Office of Inspector General (DOT-OIG).

As alleged in the first indictment, during the COVID-19 pandemic, Patrick Britton-Harr, 41, of Charleston, South Carolina, and formerly of Annapolis, Maryland, offered COVID-19 screening tests to nursing home patients across the country. Britton-Harr then allegedly fraudulently billed Medicare, through his company Provista Health, for expensive respiratory pathogen panel (RPP) tests for these patients. The RPP tests were medically unnecessary, never ordered by a treating physician as required, and many were never actually performed, including tests for patients who were already deceased. Through Provista Health, Britton-Harr caused the submission of more than $15 million in fraudulent claims for RPP tests to Medicare. Medicare eventually paid out more than $5 million.

According to the second indictment, Britton-Harr owned and controlled AeroVanti, Inc. and its affiliated entities. Through AeroVanti, a private air club offering members a la carte access to private jets, Britton-Harr encouraged “Top Gun” members to pay $150,000 upfront to secure block flight hours. In return, Britton-Harr promised to use their money to purchase specific aircraft, in which Top Gun members would have a securitized interest.

Britton-Harr recruited nearly 100 Top Gun members, who collectively paid approximately $15 million in upfront payments, to purchase five aircraft. Instead of buying the aircraft, Britton-Harr allegedly misappropriated members’ money for his own personal benefit, including paying for yachts and jewelry, his living expenses, and to rent a property near Tampa, Florida. Then Britton-Harr attempted to conceal his fraud by obtaining a $1.5-million loan to purchase one of the aircraft he already claimed that he purchased with Top Gun funds by withholding material information from the lender to obtain the loan.

“It is unconscionable for someone to defraud the government and others for personal gain, especially as we faced a global health crisis,” Hayes said. “Britton-Harr showed a total disregard for those who depend on our Medicare system for health care services and for the individuals he scammed through his private-jet company. The U.S. Attorney’s Office is committed to working with our federal law-enforcement partners to bring those to justice who break the law and take advantage of others.”

“The defendant allegedly perpetrated two fraud schemes, first exploiting the COVID-19 pandemic to defraud Medicare out of millions of dollars and then stealing millions more from customers of his aviation company, all for his personal benefit,” Galeotti said. “These indictments demonstrate the Criminal Division’s commitment to rooting out bad actors who steal from taxpayer-supported health care programs and defraud American consumers.”

“Patick Britton-Harr’s repeated crimes reveal a man with no moral compass motivated by pure greed. His deceit and scheming resulted in a staggering amount of loss to American taxpayers and the public,” DelBagno said. “He tried to fleece the U.S. government out of millions by taking advantage of a national crisis. After his laboratory testing business failed, Britton-Harr again turned to deception. Time and again, he chose to lie, steal, and deceive. No more. This investigation holds Britton-Harr accountable for his crimes and sends a clear message that the FBI and our partners will not allow such despicable behavior to go unchecked.”

“Individuals who steal from Medicare waste taxpayer dollars and create incisions in the fabric that holds our health care system together. HHS-OIG will continue the pursuit of upholding the integrity, trust, and confidence in federal health care programs, which benefits the people they serve,” Dixon said. “HHS-OIG, in collaboration with our law enforcement partners, will continuously investigate alleged attempts to defraud these programs.”

“The scope of the alleged fraud is staggering and underscores the extraordinary lengths to which individuals will go to deceive and exploit others under the guise of legitimate business, including private aviation services,” Thompson said. “The DOT-OIG remains steadfast in its commitment to working in coordination with our law enforcement and prosecutorial partners to pursue those who engage in egregious schemes designed solely for personal enrichment.”

Britton-Harr is charged with five counts of health care fraud and one count of money laundering in the indictment related to his RPP scheme. Additionally, Britton-Harr is charged with six counts of wire fraud in the indictment connected to the AeroVanti scheme.

If convicted, he faces a maximum penalty of 20 years in prison for each wire fraud count and 10 years in prison for each health care fraud and money laundering count. A federal district court judge determines sentencing after considering the U.S. Sentencing Guidelines and other statutory factors.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

U.S. Attorney Hayes commended the FBI, HHS-OIG, and DOT-OIG for their work in investigating these cases. Ms. Hayes also thanked Assistant U.S. Attorneys Ari D. Evans and Matthew P. Phelps and Trial Attorneys David Peters and Chris Wenger, Criminal Division’s Fraud Section who are prosecuting these cases.

For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to report fraud, visit justice.gov/usao-md and justice.gov/usao-md/community-outreach.

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MIL Security OSI –

May 29, 2025
MIL-OSI Security: Kansas Resident Charged with Assaulting Flight Attendant on Flight from Bradley International Airport

Source: Office of United States Attorneys

David X. Sullivan, United States Attorney for the District of Connecticut, and P.J. O’Brien, Special Agent in Charge of the New Haven Division of the Federal Bureau of Investigation, today announced that JULIUS JORDAN PRIESTER, 24, of Wichita, Kansas, has been arrested and charged by federal criminal complaint with a charge related to his assault of a crew member on a flight from Bradley International Airport last night.

As alleged in court documents and statements made in court, on May 27, 2025, Priester was a passenger on American Airlines Flight 3359 that departed from Bradley International Airport in Windsor Locks, Connecticut, at approximately 9:30 p.m. bound for Chicago. Thirty minutes to an hour into the flight, Priester stood up, began to take off his shirt, then ran to the back of the plane yelling “Help me.” He then grabbed a flight attendant (“the victim”), who was seated, shouted “you’re coming with me,” and forcefully brought the victim to the ground. Priester then attempted to drag the victim up the aisle. With the assistance of intervening passengers, Priester was returned to his seat where he continued to act erratically and made incoherent statements. The captain declared an emergency and the flight was diverted back to Bradley Airport. After the plane landed safely at Bradley, Priester was removed by Connecticut State Police and taken by ambulance to a local hospital for evaluation.

Priester appeared today before U.S. Magistrate Judge Thomas O. Farrish in Hartford. He is detained pending a bond hearing that is scheduled for May 30.

The complaint charges Priester with interference with flight crew members and attendants, an offense that carries a maximum term of imprisonment of 20 years.

U.S. Attorney Sullivan stressed that a complaint is only a charge and is not evidence of guilt. Charges are only allegations, and each defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.

This matter is being investigated by the Federal Bureau of Investigation with the assistance of the Connecticut State Police. The case is being prosecuted by Assistant U.S. Attorney Neeraj N. Patel.

MIL Security OSI –

May 29, 2025
MIL-OSI Security: 14 Arrested on Complaints Alleging More Than $25 Million in COVID-19 Relief and Small Business Loans Were Fraudulently Obtained
Source: Office of United States Attorneys

LOS ANGELES – Fourteen defendants – including San Fernando Valley and Glendale residents – were arrested on two federal criminal complaints alleging they fraudulently obtained more than $25 million in taxpayer-funded COVID-19 relief funds and federally-guaranteed small business loans.

The 18 total defendants named in the complaints – four defendants are believed to be in Armenia – are charged with conspiracy to defraud the government with respect to claims; false, fictitious, or fraudulent claims; wire fraud and attempted wire fraud; bank fraud and attempted bank fraud; money laundering conspiracy; laundering of monetary instruments; engaging in monetary transactions in property derived from specified unlawful activity; and/or structuring financial transactions to evade reporting requirements.

The defendants arrested today include:
- Vahe Margaryan, a.k.a. “William McGrayan,” 42, of Tujunga, who allegedly orchestrated a scheme to defraud numerous banks and the Small Business Administration’s (SBA) Preferred Lender Program, a program designed to help small businesses that otherwise might not obtain financing. McGrayan allegedly directed owners of sham corporations to open bank accounts, make false statements, and concoct documents, including phony resumes and financial statements, to support loan applications to buy other sham corporations. McGrayan allegedly paid for phony tax returns that falsely reported millions in revenue and tens of thousands in tax due and owing. McGrayan, whose alleged criminal activity lasted from 2018 until January 2025, then directed the laundering of millions in fraud proceeds through various bank accounts.
- Sarkis Gareginovich Sarkisyan, 37, a.k.a. “Samuel Shaw,” of Glendale, who allegedly, among other offenses, submitted a false application and bogus documents to obtain a loan under the Paycheck Protection Program (PPP), which provided low-interest, forgivable loans to help small businesses retain their workforce and cover expenses. Sarkisyan allegedly applied in April 2021 on behalf of a fake business that received more than $700,000 in PPP funds.
- Mery Babayan, 32, a.k.a. “Mery Diamondz,” of Van Nuys, together with co-defendants Margaryan and Hovannes Hovannisyan, 48, a.k.a. “John Harvard,” of Panorama City, in May 2021 allegedly defrauded a bank by representing the nonexistent sale of a sham business to another sham company to obtain an approximately $3 million federally guaranteed loan through the SBA’s Preferred Lending Program.
- Felix Parker, 77, of North Hollywood, who in January 2023 allegedly made false statements and submitted fraudulent documents, including fake tax returns that falsely reported that his shell company, Canmar Promo, earned millions of dollars annually and owed tens of thousands in federal income taxes. Parker allegedly obtained more than $2 million in government-guaranteed funds earmarked to help small businesses.
- Axsel Markaryan, 47, a.k.a. “Axel Mark,” of Pacoima, who in June 2023 allegedly fraudulently obtained more than $5 million in SBA loans via the submission of false statements and the submission of fake documents, including bogus tax returns. After the loans were obtained, Markaryan and his co-schemers in November 2023 laundered the money, including sending at least $100,000 to a co-schemer in Armenia.
As a result of today’s takedown, law enforcement seized approximately $20,000 in cash, two money-counting machines, paper cash bands or currency straps in denominations of $2,000 and $10,000, multiple cell phones, multiple laptops, two loaded semi-automatic 9mm handguns, and boxes of 9mm ammunition.

“Today’s enforcement action is intended to send a message to all criminals who take advantage of government programs designed to help those who need them most,” said United States Attorney Bill Essayli. “If you took COVID-19 or SBA money you weren’t entitled to, your door could be the next one we visit. Together with our law enforcement partners, my office will aggressively prosecute individuals who cheat the system meant to protect and support law-abiding citizens.”

“Scheming to fraudulently obtain federal funds that were meant to provide assistance to the nation’s small businesses is unacceptable,” said the U.S. Small Business Administration Office of Inspector General (SBA-OIG) Western Region Acting Special Agent in Charge Jonathan Huang. “OIG will continue to ardently investigate fraudulently obtained SBA program funds, including COVID-19 pandemic-related loans, to protect taxpayers from fraud, waste, and abuse. I want to thank the U.S. Attorney’s Office and our law enforcement partners for their dedication and pursuit of justice.”

“This transnational criminal network sought to defraud the government of millions of dollars and almost succeeded,” said Homeland Security Investigations (HSI) Los Angeles Acting Special Agent in Charge John Pasciucco. “Through the diligent work of the El Camino Real Financial Crimes Task Force and our federal partners, HSI is continuing to identify these criminal groups looking to profit from the pandemic and will use all available resources to criminally prosecute or remove them from the country.”

“Today, 14 individuals were arrested in connection with a fraudulent loan scheme in which they allegedly obtained in excess of $25 million through the SBA Paycheck Protection Program, Economic Injury Disaster Loan programs, and other federal funding programs,” said IRS Criminal Investigation Special Agent in Charge Tyler Hatcher, Los Angeles Field Office. “These programs were established to assist individuals and businesses in need of financial assistance and instead were pilfered by the named defendants. IRS-CI is dedicated to identifying and dismantling criminal organizations that prey on assistance programs set up for the benefit of our law-abiding citizens.”

A criminal complaint contains allegations. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

If convicted, each defendant would face a statutory maximum sentence of decades in federal prison.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolster efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

On September 15, 2022, the Attorney General selected the U.S. Attorney’s Offices for the Central and Eastern Districts of California to jointly head one of the three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. The Strike Force combines law enforcement and prosecutorial resources and focuses on large-scale, multistate pandemic relief fraud perpetrated by criminal organizations and transnational actors, as well as those who committed instances of pandemic relief fraud. The Strike Force uses prosecutor-led and data analyst-driven teams to identify and bring to justice those who stole pandemic relief funds. Additional information regarding the Strike Force may be found at https://www.justice.gov/opa/pr/justice-department-announces-covid-19-fraud-strike-force-teams.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at (866) 720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

SBA-OIG, IRS Criminal Investigation, and HSI are investigating these matters.

The cases announced today were investigated by the U.S. Department of Homeland Security’s Office of Inspector General and Homeland Security Investigations’ (HSI) El Camino Real Financial Crimes Task Force, a multi-agency task force that includes federal and state investigators who are focused on financial crimes in Southern California.

Assistant United States Attorneys Mark Aveis and Gregg Marmaro of the Major Frauds Section and Maxwell Coll of the Cyber and Intellectual Property Crimes Section are prosecuting these cases.

MIL Security OSI –
May 29, 2025
MIL-OSI Security: Orlando U.S. Postal Employee Sentenced In “Fenta-Pill” Conspiracy

Source: Office of United States Attorneys

Orlando, Florida – U.S. District Judge Roy B. Dalton today sentenced Orlando Rosa Rodriguez (59, Orlando) to 5 years and 10 months in federal prison for conspiracy to distribute fentanyl and money laundering. The court also ordered Rosa Rodriguez to forfeit two vehicles, both of which were traceable proceeds of the offense. Rosa Rodriguez pleaded guilty on February 24, 2025.

According to court documents, co-defendants Jayson Perez-Quinones (48, Orlando) and Jovan Rivera Rodriguez (36, Kissimmee) arranged to receive shipments of thousands of pills that were pressed to look like pharmaceuticals but contained fentanyl – (so-called “fenta-pills”). At their home in Orlando, Perez-Quinones and co-defendant Karen AltaGracia Perez (44, Orlando) packaged those pills into individual pill bags (pictured below) for street delivery.

Perez-Quinones and Perez then distributed those bags to mid-level distributors such as Rosa Rodriguez for resale. Rosa Rodriguez distributed those pills to customers, including in the parking of his workplace at the U.S. Postal Service. Rosa Rodriguez earned more than $300,000 in one 20-month period on top of his salary from the U.S. Postal Service and VA disability benefits. He used those proceeds to purchase sports cars, including a Corvette worth approximately $80,000, a Porsche 911 Carrera Coup worth approximately $92,000, and a Porsche 718 Cayman Coup worth approximately $120,000.

On June 13, 2023, AltaGracia Perez was sentenced to five years and six months in federal prison for her role in the conspiracy. On August 8, 2023, Perez-Quinones and Rivera Rodriguez were sentenced to 15 years’ and 5 years’ imprisonment, respectively, for their roles in the conspiracy.

This case was investigated by the Drug Enforcement Administration and the Internal Revenue Service – Criminal Investigation, with assistance from the Orlando Police Department. It was prosecuted by Assistant United States Attorney Dana E. Hill.

This case was part of an Organized Crime Drug Enforcement Task Force (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at www.justice.gov/OCDETF.

MIL Security OSI –

May 29, 2025
MIL-OSI Security: Kanawha County Man Sentenced to Prison for Federal Fraud Crimes

Source: Office of United States Attorneys

CHARLESTON, W.Va. – Donald A. Ennis, 43, of St. Albans, was sentenced today to two years and nine months in prison, to be followed by three years of supervised release, and ordered to pay $513,072.28 in restitution for two counts of wire fraud. Ennis admitted that he filed false insurance claims to obtain $347,237.70 after setting fire to his residence and defrauded a volunteer fire department of $153,728 while serving as its finance and operations manager.

According to court documents and statements made in court, in October 2018 Ennis purchased a residence on Ridgeview Way in St. Albans with assistance from a mortgage company that required him to insure the residence for loss. Ennis obtained a residential insurance policy with a maximum value of $161,100 for the dwelling and $120,825 for its contents. Ennis paid an annual premium of approximately $979.35 for the policy, which had effective dates from November 8, 2020, through November 8, 2021. The policy covered losses for multiple contingencies including fire, and explicitly excluded intentional acts of loss or damage by Ennis.

Ennis admitted that he intentionally set fire to his residence on February 15, 2021. The fire department responded but could not extinguish the fire, which consumed the residence and left it and its contents a total loss. Ennis falsely reported the fire to his Indiana-based insurance company as an accident later that day and began the process of filing a claim. Ennis admitted that he placed a series of claims electronically from February 21, 2021, to March 19, 2021, fraudulently claiming losses from the fire. Ennis further admitted that he obtained $347,237.70 from the insurance company as a result of this wire fraud scheme. The fraudulent insurance funds were deposited in Ennis’ bank account.

From at least 2009 through 2022, Ennis worked for a volunteer fire department serving the Tornado area of Kanawha County. As its finance and operations manager, Ennis had access to the fire department’s North Carolina-based bank debit card and regularly acted as its accountant. Ennis admitted that from some time prior to March 19, 2020 through about September 18, 2022, he fraudulently obtained $153,728 of the fire department’s funds through a series of ATM withdrawals and dozens of unauthorized online purchases with its debit card for his personal benefit.

“This prosecution sends an important and firm message that those who commit arson for financial gain will be prosecuted and brought to justice,” said Acting United States Attorney Lisa G. Johnston. “The fire put others at risk – first responders as well as neighbors. The defendant also deprived the volunteer fire department of vital funds.”

Johnston made the announcement and commended the investigative work of the West Virginia State Auditor’s Office (WVSAO) Public Integrity and Fraud Unit (PIFU), the West Virginia Offices of the Insurance Commissioner-Special Investigations Division, and the Federal Bureau of Investigation (FBI).

United States District Judge Joseph R. Goodwin imposed the sentence. Assistant United States Attorney Erik S. Goes prosecuted the case.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:24-cr-129.

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MIL Security OSI –

May 29, 2025
MIL-OSI Security: Restaurant management company settles False Claims Act allegations involving Paycheck Protection loan

Source: Office of United States Attorneys

ALEXANDRIA, Va. – Both Management Services, Inc., located in Virginia Beach, has agreed to pay $750,000 to settle False Claims Act allegations that it certified that it was eligible to receive first and second draw loans under the Paycheck Protection Program (PPP) for which it was not eligible.

The PPP offered loans to eligible small businesses for economic relief during the COVID-19 pandemic. Only businesses with fewer than 500 employees (or fewer than an industry-based size standard, if applicable) were eligible for PPP loans. Under the Small Business Administration’s “affiliation rules,” businesses under common ownership or control were required to add their employee counts together when determining their size for purposes of eligibility. The PPP allowed certain eligible borrowers that previously received a PPP loan to apply for a second draw PPP loan with the same general loan terms as their first draw PPP loan.

The settlement began with a lawsuit involving Both Management Services, Inc.’s second draw PPP loan, United States ex rel. Verity Investigation, LLC v. Both Management Services, Inc., , which was filed under the whistleblower provision of the False Claims Act.

The settlement resolves allegations that Both Management Services, Inc. obtained two PPP loans by falsely representing the total number of its employees and/or its affiliates’ employees. The United States alleged that Both Management Services, Inc. falsely certified it was eligible, on the date of both applications, to receive PPP loans and forgiveness.

This resolution was the result of a coordinated effort between the U.S. Attorney’s Office for the Eastern District of Virginia and the Small Business Administration.

The matter was handled by Assistant U.S. Attorney John E. Beerbower.

A copy of this press release may be found on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Case records may be found on PACER under case number 2:24-cv-474.

The civil claims settled are allegations only; there has been no determination of civil liability.

MIL Security OSI –

May 29, 2025
MIL-OSI USA: Welch, Klobuchar, Van Hollen Urge Support for Homebuilding Tax Credits in Upcoming Budget

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. – U.S. Senators Peter Welch (D-Vt.), Amy Klobuchar (D-Minn.), and Chris Van Hollen (D-Md.) urged the Trump Administration to drop its misguided plan to cut homebuilding tax credits in the midst of a housing crisis. The lawmakers urged the administration to reconsider its preliminary Fiscal Year (FY) 2026 budget request, which would completely eliminate funding for the Department of Housing and Urban Development’s (HUD) HOME Investment Partnership Program.
“Many households are contributing more than half of their income to rent, leaving less for other needs like health care, groceries, or saving for emergencies. For-profit developers also struggle to build entry-level or middle-income housing, resulting in a focus on high-end construction with units unaffordable to working families,” wrote the Senators. “Now is the time for strong federal support for HOME and the Housing Trust Fund to close financing gaps and build more homes.”
“Unfortunately, reports of unauthorized funding freezes and contract cancellations have raised concerns among housing investors about the stability of all of the federal funding sources in their projects’ capital stack, leading them to reconsider their investments. Decreasing or eliminating the funding sources that make LIHTC projects financially feasible will have detrimental impacts on rural communities’ ability to build more housing, especially when coupled with Fannie Mae’s newly restricted investment activity in this space,” the Senators continued.
The Senators concluded: “States are making efforts to speed housing construction through zoning reforms, permitting streamlining, innovative incentive structures, and housing equity programs. Unless the federal government provides consistent, flexible funding to close the financing gap for major projects, this progress will stall. With that in mind, we urge you to provide an FY26 Budget Request that furthers HUD’s mission to ensure safe and clean affordable housing and reinforce low-income housing tax credit investor confidence by advocating for reliable funding for HOME and the Housing Trust Fund.”
HOME and the Housing Trust Fund programs work in conjunction with the low-income housing tax credit (LIHTC) to fuel affordable housing construction across the country. The LIHTC has funded the construction of almost 2.75 million affordable housing units across the country. However, despite the proven efficacy of these programs, the federal government has underinvested in them for decades, resulting in a severe, nationwide shortage of affordable rental housing for working families.
Read the full text of the letter.

MIL OSI USA News –

May 29, 2025
MIL-OSI: Tradesk Securities Accelerates Its Mission to Empower a New Generation of Investors

Source: GlobeNewswire (MIL-OSI)

Short Hills, NJ, May 28, 2025 (GLOBE NEWSWIRE) — Tradesk Securities, Inc., (“Tradesk” and/or “Tradesk Securities”) a modern trading platform and registered broker-dealer, today announced the next phase of its growth as it continues building the infrastructure and tools to empower a new generation of investors. With an expanding set of intelligent features and industry-grade capabilities, Tradesk is bridging the gap between everyday users and the financial strategies traditionally reserved for professionals. Learn more at www.tradesk.co.

Amid growing interest in personal investing and increasing market complexity, Tradesk is gaining momentum by offering a simple, transparent platform that puts the power of investing into the hands of individuals, without jargon or intimidation. Tradesk offers a mobile-first investing experience designed to make building wealth simple.

Building on its mission, Tradesk recently launched Recurring Investments, providing users with an easy way to automate their investing strategies and build themed portfolios consistently over time. Looking ahead, the company is preparing to introduce a suite of AI-powered investing features designed to deliver smarter insights and personalized portfolio guidance, designed to help users make more informed decisions in real time.

Tradesk also continues to expand opportunities for new users, offering limited-time incentives for new account holders. Details are available at www.tradesk.co/newcustomer . In addition, to make advanced strategies more accessible, Tradesk is currently offering special incentives for options trading. Full details can be found at www.tradesk.co/optionspromotion.

“We founded Tradesk to break down the barriers that have historically excluded so many people from investing,” said Eric Chu, CEO of Tradesk Securities. “As volatility grows and investing becomes more complex, users need tools that are not only powerful — but also easy to use, educational, and aligned with their goals.”

Since its launch, Tradesk has seen strong momentum, with a growing user base and an expanding feature set designed to support investors at every stage of their journey. With continued innovation and a focus on empowering users, Tradesk is setting the foundation for long-term impact in the financial services industry. As a registered U.S. broker-dealer, Tradesk brings institutional-grade infrastructure to the retail experience — and is laying the foundation to support broader industry partnerships, including fintech integrations and financial advisory/IPO tools.

About Tradesk Securities
Tradesk Securities is an innovative trading and investing platform designed to empower individuals to take control of their financial futures. User can create trading strategies with stocks, ETFs, options, and fractional shares. Built for long—term investors and active traders alike, Tradesk combines intuitive design, accessible education, and AI-driven insights to help users make smarter decisions, faster. With features like automated investing, recurring strategies, and clear, upfront pricing, Tradesk is making financial markets more transparent, inclusive, and actionable.

Learn more at www.tradesk.co

The MIL Network –

May 29, 2025
MIL-OSI USA: Cornyn Backs Creation of Texas Stock Exchange

US Senate News:

Source: United States Senator for Texas John Cornyn

AUSTIN – U.S. Senator John Cornyn (R-TX) sent a letter to the U.S. Securities and Exchange Commission (SEC) expressing his strong support for the Texas Stock Exchange’s (TXSE) application to operate as a National Securities Exchange:

“If approved, the TXSE will bolster competition in all areas of the exchange business, including listings, trading technology, market structure, market data, and market connectivity,” wrote Sen. Cornyn.

“Texas is emerging as a new global business and financial hub. The Lone Star State leads the nation in economic development, job growth, and corporate relocations. I believe that TXSE’s plan to expand the public capital markets beyond New York would complement Texas’ diverse pro-business culture,” he continued.

“The TXSE has significant potential to take the U.S. economy to new heights, providing entrepreneurs and businesses with new opportunities for advancement and increased investment,” he concluded.

The full text of the letter is available here and below.

May 22, 2025

Ms. Vanessa Countryman

Secretary

Securities and Exchange Commission

100 F Street NE

Washington, DC 20549-1091

Dear Ms. Countryman:

I am writing to express my support for the Texas Stock Exchange’s (TXSE) application for approval as a National Securities Exchange.

As a member of the United States Senate Finance Committee, I recognize the importance of creating a financial environment that fosters economic production, entrepreneurship, and job growth. During my time in the U.S. Senate, I have focused on enacting commonsense policies that enhance our nation’s business climate, strengthen our financial system, and ensure that the U.S. economy remains the strongest in the world.

Competition is the foundation of America’s capital markets. Unfortunately, the number of publicly traded companies have significantly declined over the past 25 years, limiting public investment opportunities and decreasing competition. Establishing a new exchange will give issuers more options to drive innovation and improve capital formation. If approved, the TXSE will bolster competition in all areas of the exchange business, including listings, trading technology, market structure, market data, and market connectivity.

Texas is emerging as a new global business and financial hub. The Lone Star State leads the nation in economic development, job growth, and corporate relocations. I believe that TXSE’s plan to expand the public capital markets beyond New York would complement Texas’ diverse pro-business culture. The TXSE has significant potential to take the U.S. economy to new heights, providing entrepreneurs and businesses with new opportunities for advancement and increased investment.

I am grateful for this opportunity to express my views on the TXSE’s application and encourage SEC approval.

Sincerely,

Senator John Cornyn

U.S. Senator

MIL OSI USA News –

May 29, 2025
MIL-OSI Europe: Briefing – The EU’s climate action strategy – 28-05-2025

Source: European Parliament

Under the European Climate Law, the EU must reduce its net greenhouse gas (GHG) emissions by 55 % by 2030 compared with 1990, and reach climate neutrality by 2050 (see trajectory in Figure 1). Over the 2005-2023 period, net emissions in the EU decreased by 30.5 % (37 % compared with 1990). The land use, land-use change and forestry (LULUCF) sector is a significant carbon sink, although its capacity to increase carbon sequestration is under pressure, while the EU emissions trading system (ETS) is one of the most effective mitigation tools, having reduced emissions by the sectors it covers by 48.1 % since 2005. Sectors for which Member States are obliged to reduce GHG emissions under the ‘effort-sharing’ legislation decreased their emissions by 17.1 % in 2023 compared with 2005. Investments tracked as climate-related spending account for 42.6 % of the total grants and loans approved under the Recovery and Resilience Facility (RRF) and the REPowerEU initiative. By 30 June 2024, Member States had to update their national energy and climate plans (NECPs), aligned with the EU’s increased 2030 targets. As of May 2025, three final plans are still pending. A May 2025 assessment of submitted final NECPs show a significant gap reduction from earlier analysis, with net GHG emissions estimated to decrease by 54 % by 2030, compared with 1990 levels. In a 2023 survey, 46 % of EU citizens identified climate change as one of the four most serious problems facing the world. Most Europeans (56 %) said it was the responsibility of the EU or the national government to tackle climate change, followed by business/industry (53 %); 35 % found it to be a personal responsibility. This briefing is one in a series covering all EU Member States.

MIL OSI Europe News –

May 29, 2025
MIL-OSI Europe: Highlights – Vote on ‘Financial activities of the European Investment Bank – annual report 2024’ – Committee on Economic and Monetary Affairs

Source: European Parliament

On 4 June 2025 at 14.45, ECON Members will vote on the ‘Financial activities of the European Investment Bank – annual report 2024’. The draft report welcomes the strategic priorities of the European Investment Bank (EIB) for 2024-2027 and includes a strong call for the EIB to play an even bigger role in addressing Europe’s investment needs and funding common EU priorities. It also reiterates the Parliament’s call for an interinstitutional agreement between the Parliament and the EIB.

As usual, the BUDG and ECON Committees alternate in preparing an own-initiative annual report on the EIB and this year it is ECON’s turn. Members tabled 317 amendments to the draft report by the Rapporteur, Francisco Assis, who then tabled five compromise amendments that deal with a wide range of topics. These include: closing the investment gap and fostering competitiveness; consolidating the EIB’s role as EU’s climate bank; financing peace, security and defence; addressing challenges in social infrastructure, cohesion policy and housing; promoting digital transformation and new technologies; EIB neighbourhood and Global Gateway; governance: accountability and transparency. The plenary vote is planned for the July 2025 part-session.

Rapporteur: Francisco ASSIS (S&D) Shadows: Kinga KOLLÁR (EPP), Jaroslava POKORNÁ JERMANOVÁ (PfE), Johan VAN OVERTVELDT (ECR), Ľudovít ÓDOR (Renew), Damian BOESELAGER (Greens/EFA), Marc BOTENGA (The Left)

MIL OSI Europe News –

May 29, 2025
MIL-OSI Europe: EIB welcomes new UN Protocol to mobilise investment for a sustainable ocean economy
Source: European Investment Bank

EIB

The European Investment Bank (EIB) welcomes the launch of the United Nations Ocean Investment Protocol, a comprehensive new framework to align financial flows and business practices with the transition to a sustainable ocean economy. As a knowledge partner in its development, the EIB recognises the Protocol as a vital guide to scaling finance for a healthy and resilient ocean.

The United Nations Global Compact and the UN Environment Programme Finance Initiative (UNEP FI) today unveiled the Protocol, which builds on the UN Global Compact Sustainable Ocean Principles and UNEP FI’s Sustainable Blue Economy Finance Principles. The Ocean Investment Protocol offers financial institutions, insurers, ocean industries, governments, and development finance institutions a clear pathway to collectively foster the growth of the Sustainable Ocean Economy and achieve the Sustainable Development Goals (SDGs), including SDG14 (“Life Below Water”).

As the largest supporter of the blue economy among development finance institutions, the EIB Group has committed €10.6 billion to blue economy projects between 2020 and 2024, mobilising €43 billion in total investments. The EIB was also a co-founder of the Sustainable Blue Economy Finance Principles in 2017, helping to set a global standard for responsible investment.

The release of the Ocean Investment Protocol comes at a pivotal moment, as global momentum builds around a nature-positive agenda, the urgent need to curb carbon emissions, and accelerating action to tackle plastic and chemical pollution. The Protocol is intended to galvanize multi-stakeholder collaboration in the run-up to major ocean, climate, and biodiversity milestones.

Key elements include:
- Holistic Guidance for financial actors to manage environmental risks and pursue growth in sectors such as offshore renewables, sustainable seafood, and climate-resilient infrastructure.
- Data and Disclosure recommendations, promoting greater transparency on nature-related risks and impacts and aligning with global reporting frameworks, including the Taskforce on Nature-related Financial Disclosures, the Task Force on Climate-related Financial Disclosures, and science-based targets.
- Sector-Specific Roadmaps outlining responsible financing and operational practices in shipping, tourism, fisheries, renewable energy and other key ocean industries.
- Policy and Regulation Support to foster investment-ready environments, highlight the importance of marine spatial planning and encourage incentives for sustainable practices.
- Catalytic Role of Development Finance in advancing pipeline development for the Sustainable Ocean Economy, especially in emerging markets and coastal communities most vulnerable to climate change.
“The UN Ocean Investment Protocol is a strong complement to the Sustainable Blue Economy Finance Principles, which the EIB co-founded,” said EIB Vice-President Ambroise Fayolle. “It provides governments, financial institutions, insurers, and companies with the clarity and guidance needed to align private investments with the Sustainable Development Goals. By setting clear recommendations for responsible investment, the Protocol will help ensure that growth in ocean industries goes hand in hand with environmental stewardship and social inclusion. At the EIB, we look forward to helping turn these recommendations into concrete action for the benefit of people and planet.”

Background information

A thriving ocean is essential for biodiversity, food security, climate resilience, and global livelihoods. The Sustainable Ocean Economy links ocean health with prosperity—making targeted finance more urgent than ever. It is central to achieving the targets of the SDGs, the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework. With ocean health inseparable from global prosperity, mounting pressures—rising ocean temperatures, overfishing, pollution, biodiversity loss, weak governance, and inequitable access to marine resources—highlight the urgency of dedicated investments and policies that safeguard marine ecosystems and drive equitable economic opportunities.

The ocean economy is already equivalent in size to the world’s fifth largest economy, and global markets are reliant on the ocean and its industries to support 90 percent of global trade volume. Developing a regenerative and sustainable ocean economy is becoming increasingly central to global transitions in trade, infrastructure, energy, climate resilience, food security and regenerative tourism. The Ocean Investment Protocol responds to the critical need for swift, holistic efforts to preserve ocean ecosystems and foster growth in sustainable ocean-based sectors. It outlines actionable steps to align investments with nature- and climate-positive outcomes, fostering innovation across key ocean sectors. By 2050, the market value of a refocused, sustainable and fairly shared ocean economy is projected to reach USD$5.5 trillion.

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

High-quality, up-to-date photos of our headquarters for media use are available here.
MIL OSI Europe News –
May 29, 2025
MIL-OSI Europe: Answer to a written question – Impact on citizens of the Green Deal, the Clean Industrial Deal and a possible carbon levy – E-000911/2025(ASW)
Source: European Parliament
Industry in Europe is under pressure, due to several factors, including high energy prices, international competition amidst rising geopolitical tensions, and overcapacities in third countries[1]. Decarbonising our economies is a global challenge that can be an economic opportunity, as flagged in the Draghi Report[2]. The European Green Deal[3] and the recent Clean Industrial Deal[4] provide the toolbox to strengthen the business case for decarbonisation in Europe .

The Clean Industrial Deal puts forward concrete actions to turn decarbonisation into a driver of growth for European industries. Specific measures include the Affordable Energy Action Plan[5], aimed at lowering energy bills while promoting the necessary transition to a low-carbon economy, and the upcoming Industrial Decarbonisation Accelerator Act, which will increase demand for EU-made clean products. The Clean Industrial Deal identifies seven indicators to measure progress, such as the annual installation of renewable electricity capacity and investment volumes under InvestEU[6] supporting industrial transition.

The Commission is not considering the introduction of a direct carbon levy for citizens on top of the EU Emissions Trading System[7].

[1] 2025 Annual Single Market and Competitiveness Report: https://single-market-economy.ec.europa.eu/publications/2025-annual-single-market-and-competitiveness-report_en .

[2] https://commission.europa.eu/topics/eu-competitiveness/draghi-report_en.

[3] https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal_en.

[4] https://commission.europa.eu/topics/eu-competitiveness/clean-industrial-deal_en.

[5] https://energy.ec.europa.eu/strategy/affordable-energy_en.

[6] https://investeu.europa.eu/index_en.

[7] https://climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets_en.
Last updated: 28 May 2025
MIL OSI Europe News –
May 29, 2025
MIL-OSI Asia-Pac: Government welcomes passage of Air Passenger Departure Tax (Amendment) Bill 2025

Source: Hong Kong Government special administrative region

Government welcomes passage of Air Passenger Departure Tax (Amendment) Bill 2025Issued at HKT 19:54

The Government welcomed the passage of the Air Passenger Departure Tax (Amendment) Bill 2025 by the Legislative Council today (May 28) to implement the proposal in the 2025-26 Budget to increase the air passenger departure tax (APDT) from $120 to $200 per passenger. It is anticipated that government revenue will increase by about $1.6 billion per year. The new tax rate will be applicable to air tickets purchased on or after October 1, 2025.

A Government spokesperson said, “The Government has struck a balance between increasing revenue and minimising the impact on passengers when considering increasing the APDT. The impact of the increase on the overall cost of travelling for air passengers (including tourists) is minimal.”

The Bill also streamlines the Government’s financial arrangement for paying administrative fees to the airlines and helicopter company. It empowers the Financial Secretary to approve their retention of part of the APDT collected for offsetting the administration fees payable by the Government to them, and provides that the retained fees do not form part of the general revenue under the Public Finance Ordinance (Cap. 2).

The Bill passed will be gazetted on June 6.

Ends/Wednesday, May 28, 2025
Issued at HKT 19:54

MIL OSI Asia Pacific News –

May 29, 2025
MIL-OSI USA: ICE conducts worksite inspections in New Orleans

Source: US Immigration and Customs Enforcement

NEW ORLEANS — U.S. Immigration and Customs Enforcement, with the support of U.S. Customs and Border Protection, Air and Marine Operations, arrested 15 illegal aliens May 27 during a targeted worksite enforcement operation at construction sites in the New Orleans area.

The multiagency operation, directed by ICE Homeland Security Investigations New Orleans, led to the arrest of 15 illegal aliens from Nicaragua, El Salvador, Guatemala and Honduras.

“Worksite enforcement investigations focus on reducing illegal employment, holding employers accountable and protecting employment opportunities for the country’s lawful workforce,” said ICE HSI New Orleans Special Agent in Charge Eric DeLaune. “HSI New Orleans will continue protecting public safety by enforcing the immigration laws of our nation.”

The main function of ICE HSI’s worksite enforcement program is to assist the field in maintaining the integrity in the U.S. immigration system, ease pressure at the borders, promote self-compliance in the business community, and protect employment opportunities for the nation’s workforce.

ICE HSI conducts investigations that target egregious worksite violators. These investigations lead to criminal, civil, or administrative judgments against employers who knowingly hire unauthorized workers. These actions seek to deter employers who hire unauthorized workers. Investigations often uncover multiple forms of criminal activity, such as human smuggling, document fraud, human rights abuses and other violations linked to the employment of unauthorized workers.

ICE officials have continually emphasized the agency’s continued focus to identifying public safety and national security threats. Individuals unlawfully present in the United States who are encountered during enforcement operations may be taken into custody and processed for removal in accordance with federal law.

Members of the public with information about suspected immigration violations or related criminal activity are encouraged to contact the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or submit information online via the ICE Tip Form.

For more information about ICE HSI New Orleans and its efforts to enhance public safety in Louisiana, Mississippi and Arkansas, follow us on X at @HSINewOrleans.

Learn more about worksite enforcement by visiting ICE’s Worksite Enforcement Investigations.

MIL OSI USA News –

May 29, 2025