Category: Finance

MIL-OSI: Enlight Renewable Energy Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

TEL AVIV, Israel, Feb. 19, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the fourth quarter and full year ending December 31, 2024. The Company’s earnings conference call and webcast will be held today at 8:00 AM ET. Registration links to both the call and the webcast can be found at the end of this earnings release.

Financial Highlights

Full year 2024

Revenues and income of $399m, up 53% year over year
Adjusted EBITDA¹ of $289m, up 49% year over year
Net income of $67m, down 32% year over year
Cash flow from operations of $193, up 29% year over year

3 months ending December 31, 2024

Revenues and income of $104m, up 35% year over year
Adjusted EBITDA¹ of $65m, up 31% year over year
Net income of $8m, down 48% year over year
Cash flow from operations of $36m, up 49% year over year

________________________
_{¹ The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2}

	For the twelve months ended				For the three months ended
($ millions)	31/12/2024	31/12/2023	% change	31/12/2024		31/12/2023	% change
Revenue and Income	399	261	53%	104		77	35%
Net Income	67	98	(32%)	8		16	(48%)
Adjusted EBITDA	289	194	49%	65		50	31%
Cash Flow from Operating Activities	193	150	29%	36		24	49%

In 2023 the net income contained substantial one-time items
A detailed analysis of financial results appears below

2024 Guidance vs Actual Results

Reported revenues and income for 2024 was 15% higher than the Company’s original guidance at the midpoint.
Reported Adjusted EBITDA for 2024 was 18% higher than the Company’s original guidance at the midpoint.

_{Revenues and Income and Adjusted EBITDA includes $21m of U.S. tax benefits}

“We are proud to conclude 2024 with outstanding financial results that surpassed both our targets and analysts’ forecasts,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

“Enlight continues to grow thanks to its diversified and innovative operations, spanning three continents and employing the three main technologies of the industry: solar, wind, and energy storage.

“The year 2025 represents another leap forward for us, as a massive capacity of 4.7 FGW – with a total investment of $5.5bn – will be under various stages of construction. Together with the Company’s operating portfolio, this will secure approximately 90% of the Company’s ambitious growth plan: to reach operating capacity of 8.6 FGW by the end of 2027. This plan will bring Enlight to an annual revenue rate of over $1bn by 2028, tripling the business in just three years.

“We expect that the average return on equity for the vast asset portfolio that will become operational by 2027 will exceed 15%. Our three-year growth plan is already reflected in our 2025 guidance: we project revenues and income in the range of $490-510 million and Adjusted EBITDA in the range of $360-380 million, a 25% increase.”

Portfolio Review

Enlight’s total portfolio is comprised of 20 GW of generation capacity and 35.8 GWh storage (30.2 FGW²)
Of this, the Mature portfolio component (including operating projects, projects under construction or pre-construction) contains 6.1 GW generation capacity and 8.6 GWh of storage (8.6 FGW)
Within the Mature portfolio component, the operating component has 2.5 GW of generation capacity and 1.9 GWh of storage (3.0 FGW)

The full composition of the portfolio appears in the following table:

Component	Status	FGW²		Annual recurring revenues ($m)³
Operating	Commercial operation	3.0			~500⁴
Under Construction	Under construction	1.8			~175
Pre-Construction	0-12 months to start of construction	3.8			~385
Total Mature Portfolio	Mature	8.6	1,060~
Advanced Development	13-24 months to start of construction	7	–
Development	2+ years to start of construction	14.7	–
Total Portfolio		30.2	–

________________________
_{² FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5³ Does not include income from tax benefits for under construction and pre-construction projects.}
_{⁴ Based on the midpoint of 2025 guidance.}

Operating component of the portfolio: 3 FGW
- Start of commercial operations of 1.1 FGW in 2024, including projects Atrisco in the U.S., Pupin and Tapolca in Europe, the Israel Solar and Storage Cluster in MENA. These additions contribute approximately $100m to the annual revenue run rate.

Under Construction component of the portfolio: 1.8 FGW
- Consists of three projects in the U.S. with a total capacity of 1.4 FGW; the Gecama Solar project in Spain with a capacity of 0.3 FGW; and a solar and storage cluster in Israel. 35% of the cluster is expected to reach operations in 2025, with the rest commissioning in 2026.
- Projects under construction are expected to contribute $175m to the annual revenue run rate during their first full year of operation.

Pre-construction component of the portfolio: 3.8 FGW
- Two mega projects in the U.S., Snowflake and CO Bar, with a combined capacity of 2.6 FGW will begin construction in 2025 and are expected to contribute $246m to revenues on an annualized basis.
- Nardo, a stand alone storage project in Italy with a capacity of 0.25 FGW, is expected to begin construction in 2H25 and contribute $31m to revenues on an annualized basis.

Advanced Development component of the portfolio component: 7 FGW
- 5.3 FGW in the U.S., with 100% of the capacity having passed completion of the System Impact Study, the most important study of the grid connection process, significantly de-risking the portfolio.
- The U.S. portfolio includes several mega-projects and follow-ons to Mature projects, such as Cedar Island (1.4 FGW), Snowflake B (1.2 FGW), and Atrisco 2 (0.7 FGW).
- These projects reflect the Company’s “Connect and Expand” strategy, leveraging existing grid infrastructure with the development of new ones, thereby reducing construction costs and project risks while improving project returns.
- 0.7 FGW in Europe, focused on Italy, Spain, and Croatia.
- 1 FGW in MENA, focused on solar and storage projects and stand alone storage facilities, including approximately 0.5 FGW that won availability tariffs as part of the Israel Electricity Authority’s first high voltage storage availability tariff tender.

Development component of the portfolio: 14.7 FGW
- 10 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions.
- 2.7 FGW in Europe, focused on Italy, Spain, Croatia and entry into stand-alone storage operations in Poland.
- 2 FGW in MENA, focused on solar combined storage projects and stand alone storage facilities.

Projected COD Timeline for the Mature Portfolio⁵

________________________
_{⁵ Additional projects currently classified in the Advanced Development portfolio are expected to reach commercial operation by 2027, however they are not included in this forecast}

Mature Portfolio Components Expected to Generate Annualized Revenues of Over $1bn⁶

All the projects in the plan are expected to be completed by the end of 2027

________________________
_{⁶ The projection is based on 2025 guidance, and only includes additional revenue growth from the sale of electricity from projects under construction and in pre-construction status.}

Financing Activities

Financial closings totaling $1.1bn in Europe and the US occurred during 2024, supporting the construction of projects with 470 MW and 2,100 MWh capacity.
Expansion of Series D bonds totaling $178m to finance the Company’s growth.
Sale of 44% of the Sunlight cluster for $50m cash at a valuation of $114m, generating a profit of up to $94m to be recognized in the first quarter of 2025. The cluster represents approximately 1% of the Company’s total portfolio.
As of the date of this report, the Company maintains $350m of revolving credit facilities, of which $70m have been drawn.

2025 Guidance

Construction and commissioning

Expected commissioning of 440 MW and 1.1 GWh of capacity, which is expected to add approximately $130m to annualized revenues and $105m annualized EBITDA, starting in 2026.
Starting construction on 1.8 GW and 3.9 GWh of capacity, which is expected to add over $300m in annualized revenues and over $250m in annualized EBITDA gradually through 2026-2027.

Financial guidance

Total revenues and income⁷ are expected to range between $490m and $510m, a 25% increase (from the midpoint) from 2024 results. Of the projected revenues and income, 38% are expected to be denominated in ILS, 35% in EUR, and 27% in USD.
Adjusted EBITDA⁸ is expected to range between $360m and $380m, a 28% increase (from the midpoint) from 2024 results.
Approximately 90% of the electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges.

________________________
_{⁷ Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $60m-80m.}
_{⁸ EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.}

Financial Results Analysis

Revenue & Income by Segment
($ thousands)	For the twelve months ended			For the three months ended
Segment	31/12/2024	31/12/2023	Change %	31/12/2024	31/12/2023	Change %
MENA	155,693	67,687	130%	34,086	20,738	64%
Europe	197,143	177,471	11%	49,979	50,770	(2%)
U.S.	36,608	7,712	375%	17,894	3,571	401%
Other	9,351	8,270	13%	2,143	2,009	7%
Total Revenue & Income	398,795	261,140	53%	104,102	77,088	35%

Revenues & Income

In the fourth quarter of 2024, the Company’s total revenues and income increased to $104m, up from $77m last year, a growth rate of 35% year over year. This was composed of revenues from the sale of electricity, which rose 26% to $93m compared to $74m in the same period of 2023, as well as recognition of $11m in income from tax benefits, up 230% compared to $3m in 4Q23.

The Company benefited from the revenue contribution of newly operational projects. Since the fourth quarter of 2023, 650 MW and 1,600 MWh of projects were connected to the grid and began selling electricity, including seven of the Israel Solar and Storage Cluster units in Israel, Atrisco in the U.S, Pupin in Serbia, and Tapolca in Hungary. The most important increases in revenue from the sale of electricity originated at the Israel Solar and Storage Cluster, which added $9m, followed by Atrisco, which added $6m in. In total, new projects contributed $18m to revenues from the sale of electricity

Revenues and income were distributed between MENA, Europe, and the US, with 34% denominated in Israeli Shekel, 47% in Euros, and 18% denominated in US Dollars.

Net Income

In the fourth quarter, the Company’s net income amounted to $8m compared to $16m last year, a decrease of 48% year over year. In 4Q23 the Company recorded a $12m net profit stemming from the recalculation of earnout payments linked to the acquisition of Clenera. Adjusting for this figure, the net income in 4Q23 was $4m, implying year-on-year growth of 90%.

Adjusted EBITDA⁹

In the fourth quarter of 2024, the Company’s Adjusted EBITDA grew by 31% to $65m compared to $50m for the same period in 2023. The increase in Adjusted EBITDA was driven by the same factors that drove the increase in revenues and income, namely new projects and the recognition of higher amounts of tax benefits. This was offset by an additional $6m in higher operating expenses linked to new projects, while company overheads rose by $5m year-on-year.

________________________
_{⁹ Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income}

Conference Call Information

Enlight plans to hold its Fourth Quarter 2024 Conference Call and Webcast on Wednesday, February 19, 2025 at 8:00 a.m. ET to review its financial results and business outlook. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast:

The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.co.il/info/investors/.

Supplemental Financial and Other Information

We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.co.il/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.

Non-IFRS Financial Measures

This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.

We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and Revenues and Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives or benefits for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.

These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

About Enlight

Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 9 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.

Company Contacts

Yonah Weisz
Director IR
investors@enlightenergy.co.il

Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il

Appendix 1 – Financial information

Consolidated Statements of Income
	For the year ended at December 31
	2024	*2023()**
	USD in	USD in
	thousands	thousands
Revenues	377,935	255,702
Tax benefits	20,860	5,438
Total revenues and income	398,795	261,140

Cost of sales (**)	(80,696)	(52,794)
Depreciation and amortization	(108,889)	(65,796)
General and administrative expenses	(38,847)	(31,356)
Development expenses	(11,601)	(6,347)
Total operating expenses	(240,033)	(156,293)
Gains from projects disposals	601	9,846
Other income, net	16,172	43,450
Operating profit	175,535	158,143

Finance income	20,439	36,799
Finance expenses	(107,844)	(68,143)
Total finance expenses, net	(87,405)	(31,344)

Profit before tax and equity loss	88,130	126,799
Share of loss of equity accounted investees	(3,350)	(330)
Profit before income taxes	84,780	126,469
Taxes on income	(18,275)	(28,428)
Profit for the year	66,505	98,041

Profit for the year attributed to:
Owners of the Company	44,209	70,924
Non-controlling interests	22,296	27,117
	66,505	98,041
Earnings per ordinary share (in USD) with a par value of
NIS 0.1, attributable to owners of the parent Company:
Basic earnings per share	0.37	0.61
Diluted earnings per share	0.36	0.57
Weighted average of share capital used in the
calculation of earnings:
Basic per share	118,293,556	115,721,346
Diluted per share	123,312,565	123,861,293

(*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous year. For additional details please see Appendix 8.

(**) Excluding depreciation and amortization

Consolidated Statements of Financial Position as of
	December 31	December 31
	2024	2023
	USD in	USD in
	Thousands	Thousands
Assets

Current assets
Cash and cash equivalents	387,427	403,805
Deposits in banks	–	5,308
Restricted cash	100,090	142,695
Trade receivables	50,692	43,100
Other receivables	99,651	60,691
Current maturities of contract assets	–	8,070
Other financial assets	975	976
Assets of disposal groups classified as held for sale	81,661	–
Total current assets	720,496	664,645

Non-current assets
Restricted cash	48,251	38,891
Other long-term receivables	61,045	32,540
Deferred costs in respect of projects	357,358	271,424
Deferred borrowing costs	276	493
Loans to investee entities	18,112	35,878
Contract assets	–	91,346
Fixed assets, net	3,699,192	2,947,369
Intangible assets, net	291,442	287,961
Deferred taxes assets	10,744	9,134
Right-of-use asset, net	210,941	121,348
Financial assets at fair value through profit or loss	69,216	53,466
Other financial assets	59,812	79,426
Total non-current assets	4,826,389	3,969,276

Total assets	5,546,885	4,633,921

Consolidated Statements of Financial Position as of (Cont.)
	December 31	December 31
	2024	2023
	USD in	USD in
	Thousands	Thousands
Liabilities and equity

Current liabilities
Credit and current maturities of loans from
banks and other financial institutions	212,246	324,666
Trade payables	161,991	105,574
Other payables	107,825	103,622
Current maturities of debentures	44,962	26,233
Current maturities of lease liability	10,240	8,113
Financial liabilities through profit or loss	–	13,860
Other financial liabilities	8,141	1,224
Liabilities of disposal groups classified as held for sale	46,635	–
Total current liabilities	592,040	583,292

Non-current liabilities
Debentures	433,994	293,751
Other financial liabilities	107,865	62,020
Convertible debentures	133,056	130,566
Loans from banks and other financial institutions	1,996,137	1,702,925
Loans from non-controlling interests	75,598	92,750
Financial liabilities through profit or loss	25,844	34,524
Deferred taxes liabilities	41,792	44,941
Employee benefits	1,215	4,784
Lease liability	211,941	119,484
Deferred income related to tax equity	403,384	60,880
Asset retirement obligation	83,085	68,047
Total non-current liabilities	3,513,911	2,614,672

Total liabilities	4,105,951	3,197,964

Equity
Ordinary share capital	3,308	3,293
Share premium	1,028,532	1,028,532
Capital reserves	25,273	57,730
Proceeds on account of convertible options	15,494	15,494
Accumulated profit	107,919	63,710
Equity attributable to shareholders of the Company	1,180,526	1,168,759
Non-controlling interests	260,408	267,198
Total equity	1,440,934	1,435,957
Total liabilities and equity	5,546,885	4,633,921

Consolidated Statements of Cash Flows

	For the year ended at December 31
	2024	2023
	USD in	USD in
	Thousands	Thousands

Cash flows for operating activities
Profit for the period	66,505	98,041

Income and expenses not associated with cash flows:
Depreciation and amortization	108,889	65,796
Finance expenses, net	83,560	28,805
Share-based compensation	8,360	4,970
Taxes on income	18,275	28,428
Tax benefits	(20,860)	(5,438)
Other income, net	(4,963)	(46,991)
Company’s share in losses of investee partnerships	3,350	330
	196,611	75,900

Changes in assets and liabilities items:
Change in other receivables	12,261	(3,241)
Change in trade receivables	(9,892)	(2,841)
Change in other payables	294	6,382
Change in trade payables	746	15,474
	3,409	15,774

Interest receipts	12,684	12,490
Interest paid	(74,891)	(54,469)
Income Tax paid	(11,246)	(12,236)
Repayment of contract assets	–	14,120

Net cash from operating activities	193,072	149,620

Cash flows for investing activities
Sale (Acquisition) of consolidated entities, net	1,871	(6,975)
Changes in restricted cash and bank deposits, net	29,959	(53,131)
Purchase, development, and construction in respect of projects	(899,257)	(730,976)
Loans provided and Investment in investees	(26,444)	(28,174)
Payments on account of acquisition of consolidated entity	(32,777)	(5,728)
Proceeds from sale (purchase) of financial assets measured at fair value
through profit or loss, net	(14,719)	26,919
Net cash used in investing activities	(941,367)	(798,065)

Consolidated Statements of Cash Flows (Cont.)
	For the year ended at December 31
	2024	2023
	USD in	USD in
	Thousands	Thousands

Cash flows from financing activities
Receipt of loans from banks and other financial institutions	939,627	623,927
Repayment of loans from banks and other financial institutions	(699,586)	(203,499)
Issuance of debentures	177,914	83,038
Repayment of debentures	(26,016)	(14,735)
Dividends and distributions by subsidiaries to non-controlling interests	(25,534)	(13,328)
Proceeds from investments by tax-equity investors	410,845	198,758
Repayment of tax equity investment	(839)	(82,721)
Deferred borrowing costs	(21,637)	(1,984)
Receipt of loans from non-controlling interests	–	274
Repayment of loans from non-controlling interests	(2,960)	(1,485)
Increase in holding rights of consolidated entity	(169)	–
Issuance of shares	–	266,451
Exercise of share options	15	9
Repayment of lease liability	(5,852)	(4,848)
Proceeds from investment in entities by non-controlling interest	179	5,448

Net cash from financing activities	745,987	855,305

Increase (Decrease) in cash and cash equivalents	(2,308)	206,860

Balance of cash and cash equivalents at beginning of period	403,805	193,869

Changes in cash of disposal groups classified as held for sale	(5,753)	–

Effect of exchange rate fluctuations on cash and cash equivalents	(8,317)	3,076

Cash and cash equivalents at end of period	387,427	403,805

Information related to Segmental Reporting

	For the year ended December 31, 2024
	MENA()**	Europe()**	USA	Total reportable segments	Others	Total
	USD in thousands
Revenues	155,693	197,143	15,748	368,584	9,351	377,935
Tax benefits	–	–	20,860	20,860	–	20,860
Total revenues and income	155,693	197,143	36,608	389,444	9,351	377,935

Segment adjusted EBITDA	123,724	165,385	33,539	322,648	4,141	326,789

Reconciliations of unallocated amounts:
Headquarter costs (*)						(37,774)
Intersegment profit						100
Depreciation and amortization and share-based compensation						(117,249)
Other incomes not attributed to segments						3,669
Operating profit						175,535
Finance income						20,439
Finance expenses						(107,844)
Share in the losses of equity accounted investees						(3,350)
Profit before income taxes						84,780

(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

(**) Due to the Company’s organizational restructuring, the Chief Operation Decision Maker (CODM) now reviews the group’s results by segmenting them into four business units: MENA (Middle East and North Africa), Europe, the US, and Management and Construction. Consequently, the Central/Eastern Europe and Western Europe segments have been consolidated into the “Europe” segment, and the Israel segment has been incorporated into the MENA segment. The comparative figures for the year ended December 31, 2023, have been updated accordingly.

Information related to Segmental Reporting

	For the year ended December 31, 2023
	MENA	Europe	USA	Total reportable segments	Others	Total
	USD in thousands
Revenues	67,687	177,471	2,274	247,432	8,270	255,702
Tax benefits	–	–	5,438	5,438	–	5,438
Total revenues and income	67,687	177,471	7,712	252,870	8,270	261,140

Segment adjusted EBITDA	71,350	150,677	12,133	234,160	3,035	237,195

Reconciliations of unallocated amounts:
Headquarter costs (*)						(30,434)
Intersegment profit						1,587
Repayment of contract asset under concession arrangements						(14,120)
Depreciation and amortization and share-based compensation						(70,766)
Other incomes not attributed to segments						34,681
Operating profit						158,143
Finance income						36,799
Finance expenses						(68,143)
Share in the losses of equity accounted investees						(330)
Profit before income taxes						126,469

(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

Appendix 2 – Reconciliations between Net Income to Adjusted EBITDA

($ thousands)	For the year ended		For the three months
	December 31		ended December 31
	2024	2023	2024	2023
Net Income (loss)	66,505	98,041	8,372	16,202
Depreciation and amortization	108,889	65,796	30,912	21,611
Share based compensation	8,360	4,970	2,333	970
Finance income	(20,439)	(36,799)	(2,140)	7,581
Finance expenses	107,844	68,143	22,008	16,344
Non-recurring other income (*)	(3,669)	(34,681)	–	(15,718)
Share of losses of equity accounted investees	3,350	330	1,613	(137)
Taxes on income	18,275	28,428	2,121	2,934
Adjusted EBITDA	289,115	194,228	65,219	49,787

* For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net.

The Company has changed its presentation of its Income Statement, which includes the presentation of specified items that have been previously included within other income (i.e. tax equity). The Company believes that such presentation provides a more relevant information and better reflects the measurement of its financial performance. The Company applied such change retrospectively.

Appendix 3 – Debentures Covenants

Debentures Covenants

As of December 31, 2024, the Company was in compliance with all of its financial covenants under the indenture for the Series C-F Debentures, based on having achieved the following in its consolidated financial results:

Minimum equity
The company’s equity shall be maintained at no less than NIS 200 million so long as debentures E remain outstanding, no less than NIS 375 million so long as debentures F remain outstanding, and NIS 1,250 million so long as debentures C and D remain outstanding.

As of December 31, 2024, the company’s equity amounted to NIS 5,255 million.

Net financial debt to net CAP
The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures E and F remain outstanding, and shall not exceed 65% for two consecutive financial periods so long as debentures C and D remain outstanding.

As of December 31, 2024, the net financial debt to net CAP ratio, as defined above, stands at 37%.

Net financial debt to EBITDA
So long as debentures E and F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods.

For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods.

As of December 31, 2024, the net financial debt to EBITDA ratio, as defined above, stands at 9.

Equity to balance sheet
The standalone equity to total balance sheet ratio shall be maintained at no less than 20% and 25%, respectively, for two consecutive financial periods for as long as debentures E and F, and debentures C and D remain outstanding.

As of December 31, 2024, the equity to balance sheet ratio, as defined above, stands at 55%.

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/16dfdaab-3b06-4494-a529-7e4b98cd6ad8

https://www.globenewswire.com/NewsRoom/AttachmentNg/a4d568ee-77b0-4eab-b7ef-c865a4a26d0e

https://www.globenewswire.com/NewsRoom/AttachmentNg/ae07b0d5-09c7-404f-a71d-70494b2b64ca

The MIL Network –

February 20, 2025

MIL-OSI Economics: Authority to host event for designated businesses
Source: Isle of Man

Published on: 19 February 2025
The Isle of Man Financial Services Authority is hosting an event for designated businesses as part of its ongoing programme of engagement with the Island’s business sector.

The session, which is scheduled to take place at the Manx Museum Lecture Theatre on Wednesday 30 April 2025, will cover a range of key topics including:

Supervisory approach for Designated Non-Financial Businesses and Professions (DNFBPs)

Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Code 2019 obligations and concessions

Preparations for the Isle of Man’s MONEYVAL evaluation

The submission of Annual Statistical Returns and data via the STRIX system

A short presentation will be followed by an open question and answer panel discussion with senior officers from the Authority. There will also be an opportunity for attendees to discuss matters more informally before and after the main session.

The event is open to all registered DNFBPs and tickets will be made available via the Eventbrite website later this month. As there is limited capacity at the venue, attendance is restricted to one space per entity. However, the presentation and Q&A will be recorded and shared with all stakeholders via the Authority’s website and social media channels.

Doors open at 8:45am, with the presentation scheduled to start at 9:00am. The event will finish at 10:30am.

Lucy Hendy, Senior Manager, AML/CFT Supervision, said: ‘The Authority is committed to working collaboratively with designated businesses to strengthen engagement and mutual understanding. We will provide further insight into our future plans and expectations during the event at the Museum, as well as taking the opportunity listen to the views of Island firms on relevant issues.’
MIL OSI Economics –
February 20, 2025
MIL-OSI United Kingdom: Stoke-on-Trent and Staffordshire unveil new vision for better transport in the region
Source: City of Stoke-on-Trent

Published: Wednesday, 19th February 2025
Stoke-on-Trent is set to give the green light to an ambitious vision of better transport across the city and wider county.

The document – called the Joint Strategic Transport Statement – has been drawn up by senior leaders from Stoke-on-Trent City Council and Staffordshire County Council.

It sets out a series of shared priorities that include:

Improving public transport – through greater rail capacity, a joined-up approach to growing bus use and regional integrated ticketing

Supporting zero-emission infrastructure – through measures including decarbonising bus and taxi fleets and increasing access to residential EV charging

Making the road network more efficient and safe – by maintaining and enhancing key road corridors, prioritising road safety through better design and enforcement and better management of traffic flows

Promoting active travel – by, for example, developing area cycle networks, improving active travel routes and delivering housing in locations that enable walking, wheeling and cycling

Investing in digital connectivity and modernisation – such as smart traffic management systems, better real-time travel information, and sharing data.

Priority projects include a Bus Rapid Transport network across North Staffordshire, multi-modal upgrades of the A52 and A53 and a package of rail station improvements that includes Stoke-on-Trent and potential new stations at Meir and Etruria.

Other projects include new mobility hubs for places without fixed bus services, a connected and segregated cycle network making use of the region’s extensive canal paths, an upgrade of junction 15 of the M6 and a bus-only link road at Newport Lane, which will help to open up job and economic opportunities at Etruria Valley.

The statement also calls for “substantial” capacity and service improvements on the West Coast Main Line following the cancellation of the second phase of HS2. That would include more services stopping at Stoke-on-Trent and Staffordshire stations.

And it makes the environmental as well as economic case for enhanced public transport – noting that 40 per cent of carbon from trips into, out of, and inside Staffordshire are from trips of under 10 miles.

Councillor Finlay Gordon-McCusker, Stoke-on-Trent City Council’s cabinet member for transport, infrastructure and regeneration, said: “We’re already getting on with the job of improving transport in Stoke-on-Trent. Our Bus Service Improvement Plan has reduced fares and introduced new routes and technology to prioritise buses at key junctions – and our Transforming Cities Fund project is delivering major upgrades at Stoke-on-Trent Railway Station, which will make a real difference to passengers.

“But we can’t afford build walls at our borders. The challenges we face – whether it’s fixing our roads, improving rail links, or making public transport a better option for more people – don’t stop at the city limits. If we want real progress, we need to work closely with our neighbours and push together for the investment we need.

“That’s what this Joint Strategic Transport Statement is about. Devolution is a chance to take control of our own future, but it only works if we work together – and we will work together to get things done.

“By strengthening our partnerships with Staffordshire County Council, transport operators and government, we can deliver a transport system that actually works for people – one that’s reliable, sustainable, and fit for the future. And when we do that, we don’t just improve transport, we unlock new jobs, attract investment and help Stoke-on-Trent and Staffordshire grow.”

Staffordshire County Council’s cabinet member for strategic highways Mark Deaville said: “Our joint transport statement sets out a vision for Staffordshire and Stoke-on-Trent where we recognise that networks and operations span administrative borders.

“Through close collaboration and by pooling our resources and knowledge, we can work effectively with central government and other key organisations, attracting the investment needed to improve transport corridors and both local and regional services.

“We’re committed to creating an efficient and sustainable transport system for Staffordshire and Stoke-on-Trent. This will increase opportunities for our communities, boost economic growth and support carbon reduction, whilst optimising our central location and existing connectivity.”

The Joint Strategic Transport Statement will be discussed at a Stoke-on-Trent City Council cabinet meeting on Tuesday 25 February.
MIL OSI United Kingdom –
February 19, 2025
MIL-OSI United Kingdom: Mayor to be grilled on final budget for 2025-26
Source: Mayor of London

The Mayor is responsible for overseeing a budget of over £20 billion, and published his final Draft Consolidated Budget for 2025-26 on Monday 17 February.¹

Key changes from the original draft Consolidated Budget published last month include:
- Gross additional funding of £130m, however £26m of this has been allocated to cover the additional NI costs introduced by the Government on all employees across the Greater London Authority (GLA) Group in the Autumn 2024 Budget, which has not been covered by further funding.
- The additional funding is mainly from further Government funding for policing of £73m, business rates £39m, and council tax £14m.
- The policing funding includes a one-off grant of £50m in 2024-25 that will be carried forward to spend in 2025-26.
- The majority of the additional funding has been allocated to the Mayor’s Office for Policing and Crime (MOPAC) which receives £83m.
MOPAC has announced a projected net reduction of 1,479 officers by March 2026 and cuts to the Mounted branch, Dogs unit and closure of the Royal Parks Operational Command Unit. However, further calculations will be made to reflect the additional £83m announced in the Mayor’s final Draft Consolidated Budget.²

Tomorrow, the London Assembly Budget and Performance Committee will meet to question the Mayor on his final draft budget.

Guests include:
- Sir Sadiq Khan, Mayor of London
- David Bellamy, Mayor’s Chief of Staff
- Fay Hammond, Chief Finance Officer, GLA
The meeting will take place on Thursday 20 February from 10am, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.

Media and members of the public are invited to attend.

The meeting can also be viewed LIVE or later via webcast or YouTube.

Follow us @LondonAssembly.
MIL OSI United Kingdom –
February 19, 2025
MIL-OSI: Tabula Capital Limited now trading as TabCap Investment Management, passes key AUM milestone

Source: GlobeNewswire (MIL-OSI)

LONDON, Feb. 19, 2025 (GLOBE NEWSWIRE) — Tabula Capital Limited, an independent quantitative macro credit manager founded in 2020 by David Peacock and John Weiss, is delighted to announce that it is now trading under a new name: TabCap Investment Management (“TabCap”).

The move follows the sale of the firm’s Tabula ETF business last year to Janus Henderson, and is a key step forward for TabCap, which focuses on active quantitative strategies in liquid credit. The firm received independent FCA regulatory authorisation in November of 2024.

TabCap has also passed the key AUM milestone of $500m across its UCITS and hedge fund strategies.

David Peacock, co-founder and CEO, said, “This is an important move for TabCap in establishing ourselves as a leading independent credit manager now with three years track record. I have worked together with John for over 25 years and, with our portfolio management team led by Danny White, we are building with a deep bench of expertise in trading CDS, credit indices, options, and tranches. TabCap will continue to build on those strengths.”

John Weiss, co-founder and CIO, added, “Following a successful 2024, we continue to be excited about opportunities in liquid credit for 2025. Our investment strategies are designed to benefit from increased market volatility through a pick-up in volatility carry and inherent positive convexity. Also, if credit markets remain range-bound, we expect continued returns driven by monetising the high carry and roll-down available in CDS indices.”

TabCap also made an important addition to its senior leadership team in 2024. Teresa Durso joined as Managing Director and Chief Operating Officer. Teresa comes with a wealth of industry experience, having held senior roles at Paulson & Co. and Berry Street Capital.

About TabCap:

TabCap Investment Management is an independent quantitative macro credit manager founded in 2020 by David Peacock and John Weiss. It focuses on active quantitative strategies using liquid credit index products. Its strategies are Liquid Credit Income, Structured Credit Income, Balanced Credit and Macro Credit Opps.

Contact:

ir@tabcapim.com

The MIL Network –

February 19, 2025
MIL-OSI: MFH’s Majority-Owned Subsidiary Aifinity Base Limited Plans to Manufacture Advanced Liquid Cooling Solutions for Nvidia® Chip-Powered AI Data Centers and High-Performance Computing
Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 19, 2025 (GLOBE NEWSWIRE) — Mercurity Fintech Holding Inc. (the “Company,” “we,” “us,” “our company,” or “MFH”) (Nasdaq: MFH), a digital fintech group, today announced the formation of a majority-owned subsidiary in Hong Kong, Aifinity Base Limited (“Aifinity”). Aifinity plans to manufacture advanced liquid cooling panels specifically tailored for artificial intelligence (AI) infrastructure, high-performance computing (HPC), and more specifically, to improve the efficiency and performance of Nvidia® chip-powered GPUs and other high-performance AI accelerators.

Aifinity Base Limited, will focus on addressing the growing challenge of managing heat in increasingly powerful artificial intelligence (“AI”) systems. By combining innovative liquid cooling technology with smart, easy-to-deploy components, Aifinity intends to manufacture cooling panels to handle the intense heat generated by modern AI computing systems, provided that it can install its manufacturing machinery and equipment properly and timely. In the future, Aifinity aims to expand the cooling panel manufacturing further into comprehensive cooling solutions.

Aifinity’s Strategic Focus Areas:
- Next-generation liquid cooling technologies for AI infrastructure and high-density computing
- Advanced manifold cooling systems optimized for AI accelerators
- Quick-coupling solutions for efficient cooling system deployment
- High-efficiency cooling components for data center operations
- Comprehensive thermal management solutions for AI clusters
Market Opportunity and Growth Strategy

With the exponential growth in AI computing power and the increasing adoption of high-performance GPUs, Aifinity believes that the demand for advanced thermal management solutions has never been greater. The Company views this environment as a great opportunity to provide a comprehensive approach that spans customized cooling solutions for diverse AI computing environments, integrated smart monitoring systems for optimal performance, and energy-efficient designs that significantly reduce operating costs. Aifinity plans to leverage its holding company’s network to work closely with leading hardware manufacturers to develop optimized cooling solutions that address the specific needs of next-generation AI infrastructure.

“Today’s AI systems generate intense heat, and they need cooling solutions that can keep up,” said Shi Qiu, CEO of the Company, the parent company of Aifinity. “Through Aifinity Base Limited, we would like to enter into the thermal management industry and later arrive at the forefront of thermal management innovation.”

About Mercurity Fintech Holding Inc.
Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries specializing in distributed computing, business consulting and financial brokerage business. Our dedication to compliance, innovation, and operational excellence ensures that we remain a trusted partner in the rapidly transforming digital financial landscape. For more information, please visit the Company’s website at https://mercurityfintech.com.

Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

For more information, please contact:
International Elite Capital Inc.
Vicky Chueng
Tel: +1(646) 866-7989
Email: mfhfintech@iecapitalusa.com

The MIL Network –
February 19, 2025
MIL-OSI United Kingdom: Chancellor goes further and faster to drive growth by speeding up securities trades
Source: United Kingdom – Executive Government & Departments

Financial markets will be modernised to drive capital market competitiveness and deliver growth – the priority of the government’s Plan for Change.
Chancellor hosts senior representatives of investment banking and asset management sectors in No11 to hone Financial Services Growth and Competitiveness Strategy.

Meeting comes as government goes further and faster to drive economic growth through the Plan for Change by speeding up settlement of securities trading, such as buying and selling shares.

Change brings the UK in line with best-in-class international markets such as the US, strengthens capital markets competitiveness, and cut costs for investors.

The government, the Financial Conduct Authority and the Bank of England support the industry recommendation to move to T+1 settlement in UK markets by 11 October 2027 and call on industry to engage with the recommendations and start their planning as soon as possible.

In a meeting with the country’s top bankers, the Chancellor set out a plan to speed up settlement of securities trades which will make the UK’s capital markets more competitive to drive economic growth through the Plan for Change and put more money into people’s pockets.

The top brass from JP Morgan, Blackrock, Abrdn, Morgan Stanley, Goldman Sachs, Citi, Fidelity, and Schroders were welcomed into No11 Downing Street for breakfast this morning, as part of ongoing engagement with industry to hone the Financial Services Growth and Competitiveness Strategy – one of the eight key growth sectors identified in the Modern Industrial Strategy.

Rachel Reeves spoke about the importance of going further and faster to drive growth and revealed that the Government had accepted all recommendations made by the Accelerated Settlement Technical Group – confirming that the UK will move to a ‘T+1’ standard for settling securities trades from 11 October 2027.

The change means that a typical securities trade, such as buying and selling shares, would be settled the day after it is agreed – instead of the current two-day standard. Faster settlement will support economic growth by putting the UK at the forefront of modernised, highly efficient and automated capital markets, bringing the UK into line with key international markets such as the US and reducing costs for investors by limiting risks when making trades.

Chancellor of the Exchequer, Rachel Reeves said:

I am determined to go further and faster to drive growth and put more money into people’s pockets through our Plan for Change. Speeding up the settlement of trades makes our financial markets more efficient and internationally competitive.

Chief Executive Officer of the Financial Conduct Authority, Nikhil Rathi said:

We highlighted how the move to T+1 will make our markets more efficient and support growth in our recent letter to the Prime Minister. We will support industry as they move to T+1 and expect firms to engage and plan early.

Governor of the Bank of England, Andrew Bailey said:

Shortening the UK securities settlement cycle to T+1 will bring important financial stability benefits from reduced counterparty credit risk in financial markets. It is important that firms and settlement infrastructures have robust plans for an orderly transition in October 2027. As part of this effort, the Bank looks forward to continuing dialogue with regulators in other markets which are pursuing similar changes.

The government has accepted all the recommendations made by the Accelerated Settlement Technical Group, which has created a detailed implementation plan to ensure a smooth transition to T+1, and confirmed that it will bring forward legislation to implement the change, including setting the date to move to the new standard.

Terms of Reference have been published for the next phase of the project, which will continue to be led by the industry taskforce with Andrew Douglas as chair and HMT, the FCA and the Bank as observers. Industry chairs from the EU and Switzerland have also been invited to observe the UK industry taskforce to encourage alignment across Europe.

The taskforce will oversee and manage implementation of the recommendations up until T+1 is successfully implemented, and for a short period afterwards to evaluate the short-term impacts.

The government, the Financial Conduct Authority and the Bank of England support the industry recommendation to move to T+1 settlement in UK markets by 11 October 2027 and call on the industry to engage with the recommendations and start their planning as soon as possible.

Notes to editors

Stakeholder commentary:

Tiina Lee, Chief Executive Officer of Citi UK said:

We welcome the move to a T+1 settlement cycle in UK markets and appreciate the hard work in achieving the alignment of timelines with the EU. Based on Citi’s experience with global investors, coordinated market reforms are critical to the growth and competitiveness of the UK. We look forward to working with other industry participants to ensure a smooth transition in October 2027.

Conor Hillery, Deputy CEO & Head of Investment Banking in EMEA, JP Morgan, said:

We welcome the Chancellor’s continued dialogue with UK financial services on its role in facilitating growth, which requires the right policy and regulatory framework. This move to a modern T+1 settlement cycle will contribute to keeping London as a competitive financial centre, so we support the government’s efforts to make it happen.

Clare Woodman, Head of EMEA and CEO of Morgan Stanley said:

We welcome the UK Government’s commitment to move to a T+1 settlement cycle in October 2027. The shift to a shorter settlement cycle will generate market efficiencies supporting the competitiveness of UK markets.

Additional notes:

The Accelerated Settlement Taskforce recommended that the UK should move to T+1 by the end of 2027. The Technical Group was set up to recommend a detailed implementation plan, including determining the detailed technical and operational changes needed to move to T+1 as well as recommending a precise implementation date.

The group’s recommendations are set out in The Accelerated Settlement Taskforce Technical Group report, published on 6 February.

The government’s response to the report and Terms of Reference for the next stage of the project can be found on the Accelerated Settlement (T+1) GOV.UK page

To support firms during the transition, the FCA has launched a webpage dedicated to the UK’s move to T+1 settlement, where firms can access further information, key messages and links to relevant materials.

The Bank will support the relevant financial market infrastructures (FMIs) it supervises during the transition to T+1. It will discuss with relevant FMIs their preparedness for T+1 settlement and will encourage them to take appropriate implementation action.

The businesses in attendance at the meeting in No11 were: JP Morgan; Blackrock; Abrdn; Morgan Stanley; Goldman Sachs; City; Fidelity; Schroders. Pictures will be uploaded to HM Treasury’s Flickr.

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Published 19 February 2025
MIL OSI United Kingdom –
February 19, 2025
MIL-OSI China: Make sure everyone has opportunity to watch ‘Ne Zha 2’ in Australia: cinema chain manager

Source: China State Council Information Office 3

A manager of Australia’s major cinema chain Hoyts said on Tuesday that his company is trying to make sure everyone in the country who wants to see the Chinese animated film “Ne Zha 2” has an opportunity to watch it.

“We can see how big the demand is,” Louis Georg, film programmer and foreign content manager of Hoyts Group, which owns one of the largest cinema chains in Australia, told Xinhua.

“And we’re doing what we can to adjust and make sure that everyone in Australia who wants to see this film has an opportunity to get to the cinema and watch it,” he said.

For the past weekend in its debut, “Ne Zha 2” was screened in more than 90 cinemas across Australia and over 35 of them were Hoyts cinemas, Georg said, adding that it was “certainly a record for any Chinese release in history up to this point which is fantastic.”

“And we’re screening the film ‘Ne Zha 2’ in cinemas that we’ve never previously shown Chinese films. And they’re selling out,” he said.

Georg said Hoyts added nine more locations to screen the film on Monday.

“Ne Zha 2” is the sequel to the 2019 animated blockbuster “Ne Zha.” Both films were inspired by the 16th-century Chinese mythological novel “The Investiture of the Gods.”

“Ne Zha 2” has dethroned Disney’s 2024 picture “Inside Out 2” to become the highest-grossing animated movie of all time globally. As of Tuesday evening, the film’s worldwide earnings, including presales, surpassed 12.32 billion yuan (about 1.72 billion U.S. dollars), according to data from Chinese ticketing platform Maoyan.

In addition to actions and emotions, “Ne Zha 2” is also very humorous, and all of those together make a very engaging storyline, Georg said. “It’s certainly the type of film I’d be happy to see two or three more times…its success is not surprising.”

“Ne Zha 2” shows the “shocking” and “incredible” progress Chinese animated films have made in recent years, the Australian cinema chain manager said.

“It’s very clearly displayed when you see in ‘Ne Zha 2’ the details that are in the screen, the way they create this epic environment of the oceans and the world, the jade palace,” Georg said. “All of that stuff is so incredibly done in the animation.”

“I’d like to mention it’s not just the advancements in the technology that’s so important. It’s the creativity. It’s the ingenuity. It’s the skill in storytelling in Chinese cinema that has actually progressed so much,” he said.

“With all of those factors, both the technological advancements and also the improvements in skill of storytelling. I think that’s what creates such a bright future for Chinese animation films,” Georg said.

“Ne Zha 2” took the third spot with 2.35 million Australian dollars (1.50 million U.S. dollars) in the Weekend Total Box Office from Thursday through Sunday, according to data from box office reporting company Numero on Monday.

“Captain America: Brave New World” made it to the top spot, earning 5.31 million Australian dollars in its debut. “Bridget Jones: Mad About the Boy” secured the second position with 4.45 million Australian dollars in opening weekend earnings.

So far, “Ne Zha 2’s” audiences in Australia are still mainly from the Chinese diaspora, Georg said, adding that although many Westerners have long been interested in Chinese culture, there have not been many opportunities for Western audiences to be exposed to Chinese films.

The promotion of “Ne Zha 2” in Australia has achieved some success and “we’re on the path to opening up these films to a wider audience,” he said.

“Sometimes the quality of the film itself is the best marketing. So for these sorts of films, as the quality of these Chinese language films improves, the audiences will naturally grow and find these films,” Georg said.

MIL OSI China News –

February 19, 2025
MIL-OSI: Bitget Launches A New Round of Global Builders Recruitment to Co-build the Bitget Ecosystem

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 19, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, announced the expansion of its global recruitment initiative Bitget Builders Program which invites crypto enthusiasts from various backgrounds to co-build the Bitget ecosystem while unlocking exclusive benefits, event access, and growth opportunities.

Starting February 2025, the Bitget Builders Program will launch a long-term global recruitment of builders who are exploring deeply in blockchain industry and in line with Bitget’s vision of driving blockchain innovation and adoption. The recruitment program is not limited to any specific country, so applications for this program are invited from all over the world. Builders will engage in a variety of roles that align with their skills and interests while gaining rewards for their contributions. Top-performing participants will have the opportunity to earn exclusive invitations to Token 2049 in Dubai, as well as a face-to-face meetup with Bitget COO Vugar Usi Zade.

“Build Bitget with Vugar” events will serve as a dialogue between Bitget’s leadership and its global community. Bitget COO Vugar Usi Zade will lead a series of interactive sessions to share insights into Bitget’s strategic vision, core values, and future roadmap. Through AMAs, workshops, and networking sessions, participants will gain firsthand knowledge of Bitget’s ecosystem strategy and collaborate on shaping its evolution.

So far over 5,000 participants in Bitget Builders Program have played a significant role in Bitget’s global expansion by organizing community events, promoting high-profile projects, and managing local engagement. This year, community managers will be upgraded to Bitget Builders and gain enhanced benefits. In addition, Bitget Builders will spearhead the “Global Meetup Tour,” kicking off in cities around the world to expand Bitget’s global footprint and strengthen community ties.

“The Bitget Builders Program embodies our belief in community-driven growth. By empowering builders with resources and recognition, we’re accelerating the creation of a more inclusive and innovative crypto ecosystem,” said Vugar Usi Zade, COO at Bitget. “Bitget believes Gen Z and younger crypto users, who grow up with the increasing adoption of crypto, will be playing a vital role in promoting crypto adoption. We’re excited to meet passionate individuals worldwide through our events and build Bitget’s future together.”

The Bitget Builders Program is a pivotal component of the Blockchain4Youth charity project, which aims to empower young talents and foster innovation within the crypto space. This innovative initiative has successfully brought participants from more than 55 countries and is dedicated to providing opportunities with thriving Web3 talents, deeply integrating the next generation of crypto leaders into the Bitget ecosystem, and fostering a robust crypto community.

For more details on the Bitget Builders Program, users can visit here.

About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, users can contact: media@bitget.com

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

Contact

Simran Alphonso
media@bitget.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6b5c114c-6fa7-4f71-922b-2000aaaf9b97

The MIL Network –

February 19, 2025
MIL-OSI Australia: JACET CEM arrest southern district

Source: South Australia Police

Today, Wednesday 19 February, following an investigation Detectives from SA JACET, a joint taskforce between SA Police Public Protection Branch and the Australian Federal Police, arrested a 33-year-old southern suburbs man.

It will be alleged that the accused engaged in conversation with a person to facilitate the sexual abuse of a child, where in fact he was having a conversation with an online undercover police officer operating on the internet.

He was charged with two counts communicating to make a child amenable to sexual activity and producing child exploitation material. A number electronic devices located at the house were seized as evidence.

Detective Chief Inspector George Fenwick, Officer in Charge of Special Crimes Investigation Section, said; “The scale and severity of child sexual abuse committed online is appalling. My investigators must be unrelenting in the pursuit of offenders. Our message has not changed, individuals who choose to procure, access, produce or disseminate child exploitation material utilising electronic devices and the internet, will be found, arrested and prosecuted.

If you think you are safe because you are using technology or anonymising technologies, think again, we will use all of our considerable specialist abilities to find you and place you before the courts.”

Members of the public who have information about people involved in child abuse and exploitation are urged to call Crime Stoppers at www.crimestopperssa.com.au or phone 1800 333 000 – you can remain anonymous.

If you know of abuse that is happening right now or there is a child at risk call police immediately on 131444 or 000 in an emergency.

CO2500007217

MIL OSI News –

February 19, 2025
MIL-OSI: Capital reserved for buybacks increased to $120 million over next 3 years
Source: GlobeNewswire (MIL-OSI)

THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS.

St Peter Port, Guernsey 19 February 2025

This announcement contains information that qualifies or may qualify as inside information under the UK Market Abuse Regulation and the EU Market Abuse Regulation.

The person responsible for arranging the release of this announcement on behalf of NB Private Equity Partners Limited is James Christie, Company Secretary.

NB Private Equity Partners (“NBPE” or the “Company”) increases capital reserved for buybacks

In light of the current environment and the persistent level of discounts within the listed private equity sector and following a period of consultation with shareholders and advisors, the NBPE Board has decided to significantly increase the amount of capital reserved for buybacks and to clarify its capital allocation framework.

NBPE has a strong history of returning capital to shareholders, having distributed over $420 million since inception, primarily in the form of dividends. The Board has also historically allocated meaningful capital to share buybacks, subject to certain undisclosed criteria. Given persistently wide discounts in the listed private equity sector, including NBPE, the Board has decided to reserve $120 million to be available for share buybacks over the next three years, subject to the criteria below.

This decision underscores the Board’s confidence in NBPE’s portfolio and the NAV accretion opportunity that buybacks present. NBPE’s co-investment model provides the flexibility to increase the company’s allocation to buybacks due to the resulting low unfunded commitments and strong capital position. Maintaining the current dividend level and fully utilising the additional capital allocated to buybacks would result in NBPE returning approximately $250 million to shareholders over the next three years.

In 2025 year to date, NBPE has repurchased 148,746 shares, amounting to $2.9 million and resulting in NAV accretion of ~$0.02 per share.

Key Components of NBPE’s Capital Allocation Framework

The Company’s capital allocation framework is made up of two pillars: allocating capital to NBPE’s investment program and returning capital to shareholders in the form of dividends and buybacks. In balancing these capital allocation pillars, the Board is focused on long term shareholder returns and considers factors such as the Company’s financial position, the discount to net asset value, NBPE’s investment level relative to targets and the vintage year diversification of the portfolio.

New Investments

Over the long term the Board views new investment as the principal use of the Company’s capital. The manager has a strong track record in co-investments and over the long term it is new investments that the Board expects will continue to drive performance and NAV growth. NBPE’s co-investment approach offers a compelling value proposition, with an industry leading manager sourcing and executing co-investments alongside top tier private equity firms. We believe that the long-term return potential and high fee efficiency of this approach offer a unique value proposition. Currently, NBPE is 102% invested. The Board considers a target investment range of 100-110% to be optimal, although investment levels may fluctuate above or below target.

Return of Capital
- The Board remains committed to NBPE’s dividend policy, which targets an annualised yield on NAV of 3.0% or greater, with the goal of maintaining or prudently increasing the level of dividends over time.
- In 2025 the Board expects to maintain the current dividend level of $0.47c per share, amounting to a capital return of ~$43 million which is 3.5% of current NAV.
- The $120 million reserved for share buybacks will be available based on various parameters set out by the Board, including NBPE’s share price discount to NAV, market conditions, performance and other relevant information. The Board has allocated capital and instructed Jefferies (Company broker) to repurchase shares under the buyback program when specific criteria are met. In addition to regular market buybacks, capital is available for more opportunistic/targeted buybacks.
- The Board will re-evaluate the Company’s buyback criteria on a quarterly basis, taking into account factors highlighted.
- The updated buyback proposal falls under the existing buyback program approved at the company’s AGM in June 2024, which permits the repurchase of up to 14.99% of the company’s issued shares annually. Shareholders will have the opportunity to vote on extending the program each year at the company’s AGM in June.
William Maltby Chairman of NB Private Equity Partners Commented:

“Following a period of consultation with shareholders and advisers and after thoughtful consideration, I am pleased to announce this significant increase in capital available for buybacks. In today’s environment and at current discount levels, the Board views share buybacks as an attractive and accretive use of capital, presenting an opportunity to drive returns for all shareholders. We have confidence in NBPE’s portfolio and remain committed to maximising returns for all investors over the short, medium and long term. This commitment includes returning capital through buybacks and dividends while continuing to make new investments where appropriate. This decision reflects the Company’s ongoing efforts to return capital to shareholders, which has resulted in over $420 million returned through dividends and share buybacks since inception.”

For further information, please contact:

NBPE Investor Relations        +44 (0) 20 3214 9002
Luke Mason        NBPrivateMarketsIR@nb.com

Kaso Legg Communications        +44 (0)20 3882 6644

Charles Gorman        nbpe@kl-communications.com
Luke Dampier
Charlotte Francis

About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

LEI number: 213800UJH93NH8IOFQ77

About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $508 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The firm’s leadership in stewardship and sustainable investing is recognized by the PRI based on its consecutive above median reporting assessment results. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of 31 December 2024, unless otherwise noted.

This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

The MIL Network –
February 19, 2025

MIL-OSI: VAALCO Energy, Inc. Declares First Quarter 2025 Dividend

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Feb. 19, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced that it declared its quarterly cash dividend of $0.0625 per share of common stock for the first quarter of 2025 ($0.25 annualized), which is payable on March 28, 2025, to stockholders of record at the close of business on February 28, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

George Maxwell, Vaalco’s Chief Executive Officer, commented, “We are pleased to announce our first quarter 2025 dividend, marking the beginning of the fourth year of paying a meaningful cash dividend to our shareholders. While we plan an active investment program in 2025, our ongoing operational and financial success has allowed us to continue returning cash to our shareholders. We remain committed to paying a sustainable, meaningful dividend to our shareholders while we grow Vaalco through both organic development activities across our diversified portfolio and inorganic growth opportunities.”

About Vaalco

Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Cote d’Ivoire, Equatorial Guinea, Nigeria and Canada.

For Further Information


Vaalco Energy, Inc. (General and Investor Enquiries)	+00 1 713 543 3422
Website:	www.vaalco.com

Al Petrie Advisors (US Investor Relations)	+00 1 713 543 3422
Al Petrie / Chris Delange

Buchanan (UK Financial PR)	+44 (0) 207 466 5000
Ben Romney / Barry Archer	VAALCO@buchanan.uk.com

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and may also include “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements relating to expectations of future dividends to stockholders. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the FPSO servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s 2023 Annual Report on Form 10-K filed with the SEC on March 15, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC.

Dividends beyond the first quarter of 2025 have not yet been approved or declared by the Board of Directors. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Vaalco’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, crude oil and natural gas prices, and other factors deemed relevant by the Board of Directors. The Board of Directors reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on Vaalco’s common stock, the Board of Directors may revise or terminate the payment level at any time without prior notice.

Inside Information

This announcement contains inside information as defined in Regulation (EU) No. 596/2014 on market abuse which is part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”) and is made in accordance with the Company’s obligations under article 17 of MAR. The person responsible for arranging the release of this announcement on behalf of VAALCO is Matthew Powers, Corporate Secretary of VAALCO.

The MIL Network –

February 19, 2025

MIL-OSI: Wix Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Capping off a year of sustained growth acceleration and stronger than expected FCF generation – surpassing Rule of 40 in 2024 and on track to achieve Rule of 45 in 2025

Culminated a year of accelerated growth and innovation with Q4 bookings of $465 million, up 18% y/y, and Q4 revenue of $460 million, up 14% y/y
- Steady growth acceleration in Self Creators coupled with continued strength in high-growth Partners, demonstrated by Partners revenue growth of 30% y/y in FY2024
- Strong momentum across key product focus areas, including Studio, AI and commerce as well as solid business fundamentals and price increase benefit
Robust growth and a stable operating cost base drove FCF¹ generation to nearly double in 2024 compared to previous year, resulting in continued profitability improvement with Q4 FCF margin of 29% and full year FCF¹ margin of 28%
- Achieved first year of positive GAAP operating income in Wix history
On track to achieve Rule of 45 in 2025 at high end of outlook through continued innovation-powered growth and further FCF margin expansion
Completed $200 million share repurchase plan in January, totaling $725 million in aggregate repurchases since August 2023

NEW YORK — Wix.com Ltd. (Nasdaq: WIX), the leading SaaS website builder platform², today reported financial results for the fourth quarter and full year 2024. In addition, the Company provided its initial outlook for the first quarter and full year 2025. Please visit the Wix Investor Relations website at https://investors.wix.com to view the Q4’24 Shareholder Update and other materials.

“Wix sets a high standard for innovation and creativity, and we’re constantly exceeding expectations. This past year was one of exciting innovation as we introduced revolutionary AI solutions such as the new generation AI Website Builder. We also made meaningful enhancements to the Studio platform, including the AI visual sitemap and wireframe generator and Figma integration among new advanced design capabilities,” said Avishai Abrahami, Wix Co-founder and CEO. “2025 is poised to reimagine and expand the Self Creator experience with the launch of two transformative products planned for the spring and early fall. I strongly believe that these will deliver immense value to users and, in turn, accelerate Self Creator growth to double-digits in the years to come. We’re thrilled about these strategic enhancements, which are set to propel our business forward and establish a powerful foundation for the years ahead.”

“We wrapped 2024 with accelerated growth and profitability, driven by successful execution of our product roadmap and pricing strategy as well as strong business fundamentals,” added Lior Shemesh, CFO at Wix. “With AI usage ramping from our growing suite of innovations and Studio continuing to win market share, we anticipate these to be even bigger growth engines in 2025 and beyond. Solid growth will be coupled with incremental efficiencies from new internal AI initiatives and a stable operating base, enabling us to continue to expand margins and set new profitability records. The high end of our outlook puts us at Rule of 45 in 2025 as we continue to prioritize balancing profitable growth through best-in-class innovation and steadfast execution.”

Q4 2024 Financial Results

Total revenue in the fourth quarter of 2024 was $460.5 million, up 14% y/y
- Creative Subscriptions revenue in the fourth quarter of 2024 was $329.7 million, up 11% y/y
- Creative Subscriptions ARR increased to $1.343 billion as of the end of the quarter, up 13% y/y
Business Solutions revenue in the fourth quarter of 2024 was $130.7 million, up 21% y/y
- Transaction revenue³ was $57.1 million, up 23% y/y
Partners revenue⁴ in the fourth quarter of 2024 was $168.1 million, up 29% y/y
Total bookings in the fourth quarter of 2024 were $464.6 million, up 18% y/y
- Total bookings on a y/y constant currency basis were $466.2 million
- Creative Subscriptions bookings in the fourth quarter of 2024 were $325.2 million, up 15% y/y
- Business Solutions bookings in the fourth quarter of 2024 were $139.4 million, up 25% y/y
Total gross margin on a GAAP basis in the fourth quarter of 2024 was 69%
- Creative Subscriptions gross margin on a GAAP basis was 84%
- Business Solutions gross margin on a GAAP basis was 30%
Total non-GAAP gross margin in the fourth quarter of 2024 was 70%
- Creative Subscriptions gross margin on a non-GAAP basis was 85%
- Business Solutions gross margin on a non-GAAP basis was 32%
GAAP net income in the fourth quarter of 2024 was $48.0 million, or $0.86 per basic share or $0.80 per diluted share
Non-GAAP net income in the fourth quarter of 2024 was $117.1 million, or $2.10 per basic share or $1.93 per diluted share
Net cash provided by operating activities for the fourth quarter of 2024 was $133.7 million, while capital expenditures totaled $2.0 million, leading to free cash flow of $131.8 million

FY 2024 Financial Results

Total revenue for the full year 2024 was $1.761 billion, up 13% y/y
- Creative Subscriptions revenue for the full year 2024 was $1.265 billion, up 10% y/y
- Business Solutions revenue for the full year 2024 was $495.7 million, up 21% y/y
  - Transaction revenue³ was $214.9 million, up 21% y/y
Partners revenue⁴ for the full year 2024 was $610.1 million, up 30% y/y
Total bookings for the full year 2024 were $1.830 billion, up 15% y/y
- Creative Subscriptions bookings for the full year 2024 were $1.315 billion, up 12% y/y
- Business Solutions bookings for the full year 2024 were $514.6 million, up 22% y/y
Total gross margin on a GAAP basis for the full year 2024 was 68%
- Creative Subscriptions gross margin on a GAAP basis was 83%
- Business Solutions gross margin on a GAAP basis was 29%
Total non-GAAP gross margin for the full year 2024 was 69%
- Creative Subscriptions gross margin on a non-GAAP basis was 84%
- Business Solutions gross margin on a non-GAAP basis was 30%
GAAP net income for the full year 2024 was $138.3 million, or $2.49 per basic share or $2.36 per diluted share
Non-GAAP net income for the full year 2024 was $383.3 million, or $6.90 per basic share or $6.39 per diluted share
Net cash provided by operating activities for the full year 2024 was $497.4 million, while capital expenditures totaled $19.3 million, leading to free cash flow of $478.1 million
Excluding the capex investment associated with our new headquarters office build out, free cash flow¹ for the full year 2024 would have been $488.4 million, or 28% of revenue
Executed $466 million in repurchases of ordinary shares in 2024 as we remained committed to share count management and returning value to shareholders
Finished full year 2024 with 6.2 million total premium subscriptions as of December 31, 2024
Registered users as of December 31, 2024 were over 282 million
Total employee count as of December 31, 2024 was 5,283

____________________
^{1 Free cash flow excluding expenses associated with the buildout of our new corporate headquarters.}
^{2 Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of Q3 2024.}
^{3 Transaction revenue is a portion of Business Solutions revenue, and we define transaction revenue as all revenue generated through transaction facilitation, primarily from Wix Payments, as well as Wix POS, shipping solutions and multi-channel commerce and gift card solutions.}
^{4 Partners revenue is defined as revenue generated through agencies and freelancers that build sites or applications for other users (“Agencies”) as well as revenue generated through B2B partnerships, such as LegalZoom or Vistaprint (“Resellers”). We identify Agencies using multiple criteria, including but not limited to, the number of sites built, participation in the Wix Partner Program and/or the Wix Marketplace or Wix products used (incl. Wix Studio). Partners revenue includes revenue from both the Creative Subscriptions and Business Solutions businesses.}

Financial Outlook

We expect another year of robust bookings and revenue growth powered by existing key growth initiatives and ongoing product enhancements against a stable and positive demand environment:

With Studio continuing to outperform and AI usage and conversion benefits ramping, we anticipate these initiatives to be even bigger growth engines in 2025
We are continuously testing and rolling out product enhancements as well as new strategic initiatives, which are driving demonstrable added value to users. As a result, we expect incremental ARPS and conversion improvements.
We expect top-line contribution from those enhancements and initiatives already rolled out and underway to layer in as we progress through the year, resulting in accelerated growth in 2H. This acceleration is anticipated for both revenue and bookings, even as bookings fully laps pricing tailwinds in mid-Q1’25.

While confident the new products in our pipeline, particularly the meaningful Self Creator offerings coming this year, will drive medium-term growth, we are incorporating almost no contribution from new products into our 2025 forecast.

As a global company with ~40% of revenue derived in non-US dollar currencies, we began to experience adverse effects from outsized changes in FX rates beginning mid-Q4 and continuing YTD, particularly the US dollar to Euro and British pound exchange rates. Assuming late January spot rates, we anticipate strong FX headwinds to 2025 outlook.

As such, we provide outlook for the year and the first quarter on both as-reported and constant currency bases.

	As-reported	As-reported growth y/y	FX impact	Constant currency growth y/y
Full year 2025
Bookings	$2,025 – 2,060 million	11 – 13%	~$45 million	13 – 15%
Revenue	$1,970 – 2,000 million	12 – 14%	~$34 million	14 – 16%
Free cash flow	$590 – 610 million	30 – 31% margin	~$25 million	31 – 32% margin
Q1’25
Revenue	$469 – 473 million	12 – 13%	~$6 million	13 – 14%

With a meaningful portion of our operating expenses denominated in non-US currencies, the strengthening US dollar is expected to drive a modest benefit to 2025 expenses. As a result, the net FX impact on free cash flow is expected to be smaller than the anticipated top-line headwinds.

We believe our strong commitment to sustained top-line momentum and translating growth into additional operating leverage puts us on track to achieve Rule of 45 in 2025 at the high end of our outlook.

Conference Call and Webcast Information

Wix will host a conference call to discuss the results at 8:30 a.m. ET on Wednesday, February 19, 2025. A live and archived webcast of the conference call will be accessible from the “Investor Relations” section of the Company’s website at https://investors.wix.com/.

About Wix.com Ltd.

Wix is the leading SaaS website builder platform¹ to create, manage and grow a digital presence. Founded in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients.

For more about Wix, please visit our Press Room
Media Relations Contact: PR@wix.com

Non-GAAP Financial Measures and Key Operating Metrics

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, Wix uses the following non-GAAP financial measures: bookings, cumulative cohort bookings, bookings on a constant currency basis, revenue on a constant currency basis, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, free cash flow, free cash flow on a constant currency basis, free cash flow, as adjusted, free cash flow margins, non-GAAP R&D expenses, non-GAAP S&M expenses, non-GAAP G&A expenses, non-GAAP operating expenses, non-GAAP cost of revenue expense, non-GAAP financial expense, non-GAAP tax expense (collectively the “Non-GAAP financial measures”). Measures presented on a constant currency or foreign exchange neutral basis have been adjusted to exclude the effect of y/y changes in foreign currency exchange rate fluctuations. Bookings is a non-GAAP financial measure calculated by adding the change in deferred revenues and the change in unbilled contractual obligations for a particular period to revenues for the same period. Bookings include cash receipts for premium subscriptions purchased by users as well as cash we collect from business solutions, as well as payments due to us under the terms of contractual agreements for which we may have not yet received payment. Cash receipts for premium subscriptions are deferred and recognized as revenues over the terms of the subscriptions. Cash receipts for payments and the majority of the additional products and services (other than Google Workspace) are recognized as revenues upon receipt. Committed payments are recognized as revenue as we fulfill our obligation under the terms of the contractual agreement. Bookings and Creative Subscriptions Bookings are also presented on a further non-GAAP basis by excluding, in each case, bookings associated with long term B2B partnership agreements. Non-GAAP gross margin represents gross profit calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization, divided by revenue. Non-GAAP operating income (loss) represents operating income (loss) calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, acquisition-related expenses and sales tax expense accrual and other G&A expenses (income). Non-GAAP net income (loss) represents net loss calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, sales tax expense accrual and other G&A expenses (income), amortization of debt discount and debt issuance costs and acquisition-related expenses and non-operating foreign exchange expenses (income). Non-GAAP net income (loss) per share represents non-GAAP net income (loss) divided by the weighted average number of shares used in computing GAAP loss per share. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures. Free cash flow, as adjusted, represents free cash flow further adjusted to exclude one-time cash restructuring charges and the capital expenditures and other expenses associated with the buildout of our new corporate headquarters. Free cash flow margins represent free cash flow divided by revenue. Non-GAAP cost of revenue represents cost of revenue calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP R&D expenses represent R&D expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP S&M expenses represent S&M expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP G&A expenses represent G&A expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP operating expenses represent operating expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP financial expense represents financial expense calculated in accordance with GAAP as adjusted for unrealized gains of equity investments, amortization of debt discount and debt issuance costs and non-operating foreign exchange expenses. Non-GAAP tax expense represents tax expense calculated in accordance with GAAP as adjusted for provisions for income tax effects related to non-GAAP adjustments.

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.

For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures. The Company is unable to provide reconciliations of free cash flow, free cash flow, as adjusted, bookings, cumulative cohort bookings, non-GAAP gross margin, and non-GAAP tax expense to their most directly comparable GAAP financial measures on a forward-looking basis without unreasonable effort because items that impact those GAAP financial measures are out of the Company’s control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

Wix also uses Creative Subscriptions Annualized Recurring Revenue (ARR) as a key operating metric. Creative Subscriptions ARR is calculated as Creative Subscriptions Monthly Recurring Revenue (MRR) multiplied by 12. Creative Subscriptions MRR is calculated as the total of (i) the total monthly revenue of all Creative Subscriptions in effect on the last day of the period, other than domain registrations; (ii) the average revenue per month from domain registrations multiplied by all registered domains in effect on the last day of the period; and (iii) monthly revenue from other partnership agreements including enterprise partners.

Forward-Looking Statements

This document contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements may include projections regarding our future performance, including, but not limited to revenue, bookings and free cash flow, and may be identified by words like “anticipate,” “assume,” “believe,” “aim,” “forecast,” “indication,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “outlook,” “future,” “will,” “seek” and similar terms or phrases. The forward-looking statements contained in this document, including the quarterly and annual guidance, are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, our expectation that we will be able to attract and retain registered users and partners, and generate new premium subscriptions, in particular as we continuously adjust our marketing strategy and as the macro-economic environment continues to be turbulent; our expectation that we will be able to increase the average revenue we derive per premium subscription, including through our partners; our expectation that new products and developments, as well as third-party products we will offer in the future within our platform, will receive customer acceptance and satisfaction, including the growth in market adoption of our online commerce solutions and our Wix Studio product; our expectations regarding our ability to develop relevant and required products using artificial intelligence (“AI”), the regulatory environment impacting AI and AI-related activities, including privacy and intellectual property, and potential competitive impacts from AI tools; our assumption that historical user behavior can be extrapolated to predict future user behavior, in particular during turbulent macro-economic environments; our prediction of the future revenues and/or bookings generated by our user cohorts and our ability to maintain and increase such revenue growth, as well as our ability to generate and maintain elevated levels of free cash flow and profitability; our expectation to maintain and enhance our brand and reputation; our expectation that we will effectively execute our initiatives to improve our user support function through our Customer Care team, and continue attracting registered users and partners, and increase user retention, user engagement and sales; our ability to successfully localize our products, including by making our product, support and communication channels available in additional languages and to expand our payment infrastructure to transact in additional local currencies and accept additional payment methods; our expectation regarding the impact of fluctuations in foreign currency exchange rates, interest rates, potential illiquidity of banking systems, and other recessionary trends on our business; our expectations relating to the repurchase of our ordinary shares and/or Convertible Notes pursuant to our repurchase program; our expectation that we will effectively manage our infrastructure; our expectation to comply with AI, privacy, and data protection laws and regulations as well as contractual privacy and data protection obligations; our expectations regarding the outcome of any regulatory investigation or litigation, including class actions; our expectations regarding future changes in our cost of revenues and our operating expenses on an absolute basis and as a percentage of our revenues, as well as our ability to achieve and maintain profitability; our expectations regarding changes in the global, national, regional or local economic, business, competitive, market, and regulatory landscape, including as a result of Israel-Hamas war and/or the Israel-Hezbollah hostilities and/or the Ukraine-Russia war and any escalations thereof and potential for wider regional instability and conflict; our planned level of capital expenditures and our belief that our existing cash and cash from operations will be sufficient to fund our operations for at least the next 12 months and for the foreseeable future; our expectations with respect to the integration and performance of acquisitions; our ability to attract and retain qualified employees and key personnel; and our expectations about entering into new markets and attracting new customer demographics, including our ability to successfully attract new partners large enterprise-level users and to grow our activities, including through the adoption of our Wix Studio product, with these customer types as anticipated and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 22, 2024. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

Wix.com Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS – GAAP
(In thousands, except loss per share data)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Revenues
Creative Subscriptions	$	329,732	$	296,154	$	1,264,975	$	1,152,007
Business Solutions	130,723		107,617		495,675		409,658
	460,455		403,771		1,760,650		1,561,665

Cost of Revenues
Creative Subscriptions	52,671		52,794		213,422		215,515
Business Solutions	90,965		73,319		351,213		297,013
	143,636		126,113		564,635		512,528

Gross Profit	316,819		277,658		1,196,015		1,049,137

Operating expenses:
Research and development	127,186		125,743		495,281		481,293
Selling and marketing	106,629		103,642		425,457		399,577
General and administrative	46,984		43,401		175,136		160,033
Impairment, restructuring and other costs	–		3,103		–		32,614
Total operating expenses	280,799		275,889		1,095,874		1,073,517
Operating income (loss)	36,020		1,769		100,141		(24,380)
Financial income, net	16,355		6,461		51,820		62,474
Other income (expenses), net	(94)		44		(36)		(255)
Income before taxes on income	52,281		8,274		151,925		37,839
Income tax expenses	4,257		5,320		13,603		4,702
Net income	$	48,024	$	2,954	$	138,322	$	33,137

Basic net income per share	$	0.86	$	0.05	$	2.49	$	0.58
Basic weighted-average shares used to compute net income per share	55,786,201		57,317,815		55,579,368		56,829,962

Diluted net income per share	$	0.80	$	0.05	$	2.36	$	0.57
Diluted weighted-average shares used to compute net income per share	60,648,791		59,085,757		59,953,371		58,403,037

Wix.com Ltd.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)


	December 31,		December 31,
	2024		2023
Assets	(unaudited)		(audited)
Current Assets:
Cash and cash equivalents	$	660,939	$	609,622
Short-term deposits		106,844		212,709
Restricted deposits		773		2,125
Marketable securities		338,593		140,563
Trade receivables		46,166		57,394
Prepaid expenses and other current assets		126,887		47,792
Total current assets		1,280,202		1,070,205

Long-Term Assets:
Prepaid expenses and other long-term assets		27,021		34,296
Property and equipment, net		128,155		136,928
Marketable securities		6,135		64,806
Intangible assets, net		22,141		28,010
Goodwill		49,329		49,329
Operating lease right-of-use assets		399,861		420,562
Total long-term assets		632,642		733,931

Total assets	$	1,912,844	$	1,804,136

Liabilities and Shareholders’ Deficiency
Current Liabilities:
Trade payables	$	48,003	$	38,305
Employees and payroll accruals		142,007		56,581
Deferred revenues		661,171		592,608
Current portion of convertible notes, net		572,880		–
Accrued expenses and other current liabilities		63,246		76,556
Operating lease liabilities		27,907		24,981
Total current liabilities		1,515,214		789,031
Long Term Liabilities:
Long-term deferred revenues		89,271		83,384
Long-term deferred tax liability		1,965		7,167
Convertible notes, net		–		569,714
Other long-term liabilities		16,021		7,699
Long-term operating lease liabilities		369,159		401,626
Total long-term liabilities		476,416		1,069,590

Total liabilities		1,991,630		1,858,621

Shareholders’ Deficiency
Ordinary shares		107		110
Additional paid-in capital		1,840,574		1,539,952
Treasury Stock		(1,025,167)		(558,875)
Accumulated other comprehensive loss		7,242		4,192
Accumulated deficit		(901,542)		(1,039,864)
Total shareholders’ deficiency		(78,786)		(54,485)

Total liabilities and shareholders’ deficiency	$	1,912,844	$	1,804,136

Wix.com Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
OPERATING ACTIVITIES:
Net income	$	48,024	$	2,954	$	138,322	$	33,137
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		6,278		6,725		25,246		20,492
Amortization		1,460		1,488		5,869		5,954
Share based compensation expenses		61,801		58,195		240,721		224,625
Amortization of debt discount and debt issuance costs		793		789		3,166		4,194
Changes in accrued interest and exchange rate on short term and long term deposits		(635)		(586)		852		(2,415)
Non-cash impairment, restructuring and other costs		–		3,567		–		26,699
Amortization of premium and discount and accrued interest on marketable securities, net		(7,838)		4,237		(13,381)		8,346
Remeasurement loss (gain) on Marketable equity		–		(10,296)		(3,367)		(30,608)
Changes in deferred income taxes, net		(7)		(2,035)		(5,196)		(8,784)
Changes in operating lease right-of-use assets		4,351		7,174		24,246		27,231
Changes in operating lease liabilities		(2,821)		16,701		(33,086)		(31,333)
Loss on foreign exchange, net		2,471		–		3,906		–
Decrease (increase) in trade receivables		4,058		(2,794)		11,228		(15,308)
Decrease in prepaid expenses and other current and long-term assets		(63,684)		(10,845)		(76,963)		(20,105)
Increase (decrease) in trade payables		17,329		15,120		12,893		(52,455)
Increase (decrease) in employees and payroll accruals		66,407		(8,307)		85,426		(29,532)
Increase in short term and long term deferred revenues		1,609		2,788		74,450		76,193
Increase (decrease) in accrued expenses and other current liabilities		(5,860)		5,505		3,083		11,915
Net cash provided by operating activities		133,736		90,380		497,415		248,246
INVESTING ACTIVITIES:
Proceeds from short-term deposits and restricted deposits		97,051		131,754		276,697		625,495
Investment in short-term deposits and restricted deposits		(25,540)		(99,725)		(170,332)		(297,917)
Investment in marketable securities		–		(2,607)		(267,209)		(6,732)
Proceeds from marketable securities		15,000		33,690		125,176		250,960
Purchase of property and equipment and lease prepayment		(1,562)		(9,582)		(17,813)		(63,021)
Capitalization of internal use of software		(401)		(408)		(1,523)		(3,028)
Investment in other assets		–		–		–		(111)
Proceeds from investment in other assets	$	–		–	$	550		–
Proceeds from sale of equity securities		–		19,203		22,148		68,671
Purchases of investments in privately held companies		(1,000)		(76)		(3,160)		(7,603)
Net cash provided by investing activities		83,548		72,249		(35,466)		566,714
FINANCING ACTIVITIES:
Proceeds from exercise of options and ESPP shares		6,692		898		59,576		39,660
Purchase of treasury stock		–		(58,698)		(466,302)		(127,017)
Repayment of convertible notes		–		–		–		(362,667)
Net cash provided by (used in) financing activities		6,692		(57,800)		(406,726)		(450,024)
Effect of exchange rates on cash, cash equivalent and restricted cash		(2,471)		–		(3,906)		–
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		221,505		104,829		51,317		364,936
CASH AND CASH EQUIVALENTS—Beginning of period		439,434		504,793		609,622		244,686
CASH AND CASH EQUIVALENTS—End of period	$	660,939	$	609,622	$	660,939	$	609,622

Wix.com Ltd.
KEY PERFORMANCE METRICS
(In thousands)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Creative Subscriptions		329,732		296,154		1,264,975		1,152,007
Business Solutions		130,723		107,617		495,675		409,658
Total Revenues	$	460,455	$	403,771	$	1,760,650	$	1,561,665

Creative Subscriptions		325,203		283,501		1,315,445		1,174,776
Business Solutions		139,389		111,503		514,607		422,727
Total Bookings	$	464,592	$	395,004	$	1,830,052	$	1,597,503

Free Cash Flow	$	131,773	$	80,390	$	478,079	$	182,197
Free Cash Flow excluding HQ build out and restructuring costs	$	131,773	$	90,125	$	488,404	$	246,058
Creative Subscriptions ARR	$	1,343,070	$	1,192,814	$	1,343,070	$	1,192,814


Wix.com Ltd.
RECONCILIATION OF REVENUES TO BOOKINGS
(In thousands)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Revenues	$	460,455	$	403,771	$	1,760,650	$	1,561,665
Change in deferred revenues		1,609		2,788		74,450		76,193
Change in unbilled contractual obligations		2,528		(11,555)		(5,048)		(40,355)
Bookings	$	464,592	$	395,004	$	1,830,052	$	1,597,503

Y/Y growth		18%				15%


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Creative Subscriptions Revenues	$	329,732	$	296,154	$	1,264,975	$	1,152,007
Change in deferred revenues		(7,057)		(1,098)		55,518		63,124
Change in unbilled contractual obligations		2,528		(11,555)		(5,048)		(40,355)
Creative Subscriptions Bookings	$	325,203	$	283,501	$	1,315,445	$	1,174,776

Y/Y growth		15%				12%

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Business Solutions Revenues	$	130,723	$	107,617	$	495,675	$	409,658
Change in deferred revenues		8,666		3,886		18,932		13,069
Business Solutions Bookings	$	139,389	$	111,503	$	514,607	$	422,727

Y/Y growth		25%				22%


Wix.com Ltd.
RECONCILIATION OF COHORT BOOKINGS
(In millions)
					Year Ended
					December 31,
					2024		2023
					(unaudited)
Q1 Cohort revenues					$	45	$	45
Q1 Change in deferred revenues						16		15
Q1 Cohort Bookings					$	61	$	60


Wix.com Ltd.
RECONCILIATION OF REVENUES AND BOOKINGS EXCLUDING FX IMPACT
(In thousands)
					Three Months Ended
					December 31,
					2024		2023
					(unaudited)
Revenues					$	460,455	$	403,771
FX impact on Q4/24 using Y/Y rates						(110)		–
Revenues excluding FX impact					$	460,345	$	403,771

Y/Y growth						14%

					Three Months Ended
					December 31,
					2024		2023
					(unaudited)
Bookings					$	464,592	$	395,004
FX impact on Q4/24 using Y/Y rates						1,600		–
Bookings excluding FX impact					$	466,192	$	395,004

Y/Y growth						18%


Wix.com Ltd.
TOTAL ADJUSTMENTS GAAP TO NON-GAAP
(In thousands)


	Three Months Ended				Year Ended
	December 31,				December 31,
		2024		2023		2024		2023
(1) Share based compensation expenses:	(unaudited)				(unaudited)
Cost of revenues	$	3,466	$	3,675	$	14,146	$	15,013
Research and development		32,320		31,982		126,462		119,482
Selling and marketing		9,625		11,232		38,755		41,277
General and administrative		16,390		11,306		61,358		48,853
Total share based compensation expenses		61,801		58,195		240,721		224,625
(2) Amortization		1,834		1,488		6,243		5,954
(3) Acquisition related expenses		–		9		6		472
(4) Amortization of debt discount and debt issuance costs		793		789		3,166		4,194
(5) Impairment, restructuring and other costs		–		3,103		–		32,614
(6) Sales tax accrual and other G&A expenses		881		137		1,464		748
(7) Unrealized loss (gain) on equity and other investments		–		(10,296)		(2,536)		(30,608)
(8) Non-operating foreign exchange income		3,767		15,287		(4,703)		1,499
(9) Provision for income tax effects related to non-GAAP adjustments		–		2,368		583		(4,337)
Total adjustments of GAAP to Non GAAP	$	69,076	$	71,080	$	244,944	$	235,161



Wix.com Ltd.
RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT
(In thousands)


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Gross Profit	$	316,819	$	277,658	$	1,196,015	$	1,049,137
Share based compensation expenses		3,466		3,675		14,146		15,013
Acquisition related expenses		–		5		–		229
Amortization		667		667		2,669		2,669
Non GAAP Gross Profit		320,952		282,005		1,212,830		1,067,048

Non GAAP Gross margin		70%		70%		69%		68%


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Gross Profit – Creative Subscriptions	$	277,061	$	243,360	$	1,051,553	$	936,492
Share based compensation expenses		2,482		2,695		10,232		11,081
Non GAAP Gross Profit – Creative Subscriptions		279,543		246,055		1,061,785		947,573

Non GAAP Gross margin – Creative Subscriptions		85%		83%		84%		82%


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Gross Profit – Business Solutions	$	39,758	$	34,298	$	144,462	$	112,645
Share based compensation expenses		984		980		3,914		3,932
Acquisition related expenses		–		5		–		229
Amortization		667		667		2,669		2,669
Non GAAP Gross Profit – Business Solutions		41,409		35,950		151,045		119,475

Non GAAP Gross margin – Business Solutions		32%		33%		30%		29%


Wix.com Ltd.
RECONCILIATION OF OPERATING INCOME (LOSS) TO NON-GAAP OPERATING INCOME
(In thousands)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024			2023
	(unaudited)				(unaudited)
Operating income (loss)	$	36,020	$	1,769	$	100,141	$	(24,380)
Adjustments:
Share based compensation expenses		61,801		58,195		240,721		224,625
Amortization		1,834		1,488		6,243		5,954
Impairment, restructuring and other charges		–		3,103		–		32,614
Sales tax accrual and other G&A expenses		881		137		1,464		748
Acquisition related expenses		–		9		6		472
Total adjustments	$	64,516	$	62,932	$	248,434	$	264,413

Non GAAP operating income	$	100,536	$	64,701	$	348,575	$	240,033

Non GAAP operating margin		22%		16%		20%		15%


Wix.com Ltd.
RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER SHARE
(In thousands, except per share data)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Net income	$	48,024	$	2,954	$	138,322	$	33,137
Share based compensation expenses and other Non GAAP adjustments		69,076		71,080		244,944		235,161
Non-GAAP net income$	$	117,100	$	74,034	$	383,266	$	268,298

Basic Non GAAP net income per share	$	2.10	$	1.29	$	6.90	$	4.72
Weighted average shares used in computing basic Non GAAP net income per share		55,786,201		57,317,815		55,579,368		56,829,962

Diluted Non GAAP net income per share	$	1.93	$	1.22	$	6.39	$	4.39
Weighted average shares used in computing diluted Non GAAP net income per share		60,648,791		60,512,505		59,953,371		61,106,462


Wix.com Ltd.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Net cash provided by operating activities	$	133,736	$	90,380	$	497,415	$	248,246
Capital expenditures, net		(1,963)		(9,990)		(19,336)		(66,049)
Free Cash Flow	$	131,773	$	80,390	$	478,079	$	182,197

Restructuring and other costs		–		1,411		–		5,915
Capex related to HQ build out		–		8,324		10,325		57,946
Free Cash Flow excluding HQ build out and restructuring costs	$	131,773	$	90,125	$	488,404	$	246,058

Attachments

The MIL Network –

February 19, 2025

MIL-OSI Security: Honolulu Man Sentenced to 151 Months in Prison for Child Exploitation of Multiple Minors

Source: Office of United States Attorneys

HONOLULU – Acting United States Attorney Kenneth M. Sorenson announced that Jonathan Farr, 31, of Honolulu, was sentenced today in federal court by U.S. District Judge Shanlyn A.S. Park to 151 months of imprisonment followed by 30 years of supervised release for receipt of child pornography. Farr will also be required to pay $3,000 in restitution to two minor victims and register as a sex offender when he is released. Farr previously pled guilty on February 14, 2024.

In his plea agreement, Farr admitted that from approximately June 2019 through May 2020, he used the internet to contact two minor females and engaged in sexually explicit conversations with them. Farr also solicited and received images and videos of the minors engaged in sexually explicit conduct, including masturbation videos.

In Court at sentencing, the government explained that Farr not only groomed the minors over time and solicited sexually explicit images and videos, `but also distributed those videos to others, including to other minors. Farr also discussed purchasing flights for the minors to travel to Hawaii or for him travel to the mainland where they were located. According to information provided to the Court, Farr’s predatory conduct included additional victims beyond the two minors who were victimized as part of the federal charges. Farr admitted to law enforcement and told other minor victims that he had hands-on sexual contact with at least three minor females and another minor, all located in Hawaii.

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. Attorney’s Offices and the Department’s Child Exploitation and Obscenity Section, 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.

This case was investigated by the Federal Bureau of Investigation’s Violent Crimes Against Children Section. Assistant U.S. Attorney Rebecca A. Perlmutter prosecuted the case.

MIL Security OSI –

February 19, 2025
MIL-OSI USA: Cantwell Votes NO On Advancing Lutnick for Commerce Secretary; Slams His Enthusiasm for Inflationary Tariffs

US Senate News:

Source: United States Senator for Washington Maria Cantwell

02.18.25

Cantwell Votes NO On Advancing Lutnick for Commerce Secretary; Slams His Enthusiasm for Inflationary Tariffs

In speech on Senate floor, Cantwell says Trump’s pick to lead the Dept. of Commerce will rubber-stamp tariffs, slow domestic chip manufacturing, and hang NOAA out to dry; Cantwell also stresses: “Now is not the time to cut FAA staffing”

WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), a senior member of the Senate Finance Committee and ranking member of the Senate Committee on Commerce, Science, and Transportation, voted against confirming Howard Lutnick, President Donald Trump’s nominee to serve as Secretary of the Department of Commerce.

In a speech delivered on the Senate floor, Sen. Cantwell urged her colleagues to follow suit.

The next Secretary of Commerce will have to deal with a wide-ranging, growing list of issues, from trade and exports […], expanding broadband, weather forecasting, patent issues, export controls on A.I., and figuring out some of the most thorny issues related to how we move our country forward, generally, in commerce. So it’s fair to say that if the Commerce Secretary doesn’t get it right, the American people and our American economy pay the price. Unfortunately, I believe that Howard Lutnick, the President’s nominee, isn’t the right person for this job at this point in time,” Sen. Cantwell said.

The Senate ultimately confirmed Lutnick 51-45.

Earlier this month, Sen. Cantwell also voted against advancing Lutnick out of the Committee on Commerce, Science, and Transportation and to the full Senate for consideration. At the time, she expressed her concerns with Lutnick’s support for President Trump’s proposed tariffs. She also pointed to Lutnick’s failure to commit to fully allocating the funds approved by Congress under the Cantwell-led CHIPS & Science Act, as well as his waffling on whether he’d protect NOAA – including NOAA’s crucial missions and functions, and the workforce delivering those services to the American people. Sen. Cantwell had previously questioned Lutnick on these topics in a committee hearing the week prior – video of that hearing is HERE.

Sen. Cantwell on FAA and Aviation Safety:

“I would just say this: now is not the time to cut FAA staffing,” Sen. Cantwell said on the Senate floor today. “It is critically clear to me that we need these air traffic controllers, and so we have to make these investments. We should be working together, right now, on aviation. The most important thing? Let’s work together for the benefit of the flying public to come up with the best solutions that we can implement in aviation safety. Taking a broad brush and just cutting people out of the FAA — when oftentimes they’re the people that are helping you get that safety — is not what we should be doing right now.”

During her tenure as chair of the Senate Committee on Commerce, Science, and Transportation, Sen. Cantwell sounded the alarm about the staffing shortage of air traffic controllers, need for more FAA safety inspectors, a series of aviation incidents and near-misses on and around runways, and the midair blowout of a door plug in January 2024. Last year, the Committee’s Aviation Subcommittee also highlighted FAA’s shortage of at least 800 airway transportation systems specialists – commonly known as technicians – during a December 2024 hearing on “Air Traffic Control Systems, Personnel, and Safety”. Dave Spero, president of the Professional Aviation Safety Specialists (PASS), the union representing FAA technicians, testified about the importance of closing the shortage and boosting this segment of the FAA workforce in order to keep FAA’s air traffic control systems and equipment safely running.

She led the passage of the FAA Reauthorization Act, signed into law in May 2024, which boosts controller staffing, ensuring a five-year commitment to maximum hiring and training to close the current staffing gap. The law requires upgraded safety technologies – giving controllers better visibility into runway traffic – to be installed at every large and medium airport nationwide. The law also includes stricter safety standards for aircraft operators and plane manufacturers, as well as provisions to put more FAA safety inspectors on factory floors.

On Feb. 6, Sen. Cantwell sent a letter to Secretary of Transportation Sean Duffy calling on him to ensure that Elon Musk stays out of the Federal Aviation Administration (FAA), citing Musk’s clear conflicts of interest.

Sen. Cantwell on Tariffs:

“In my conversations with Mr. Lutnick and before his Commerce Committee hearing, he made it very clear that he intends to be very enthusiastic about the President’s plans for tariffs,” Sen. Cantwell said today. “My constituents want to see inflation come down, and they want us to lower costs, not increase them. Now that President Trump is teasing out even more tariffs in the coming days on autos, pharmaceuticals, and semiconductors, it’s going to drive up costs for consumers […] We can’t afford inflation. We want prices to come down. Whether that’s on housing, or whether that’s on pharmaceuticals, or whether that’s on food prices, we know that tariffs can increase prices.”

Earlier this month, Sen. Cantwell delivered a major speech on the Senate floor arguing that the president’s arbitrary tariffs would threaten domestic job creation and economic growth in an Information Age. She outlined a strategy focused on building coalitions, growing exports, and establishing principles to support innovation in the Information Age – video of that speech is HERE.

In Washington state, two out of every five jobs are tied to trade and trade-related industries. Combined, the state imported $1.21 billion worth of steel and aluminum last year – and the major industries and employers in Washington that rely on steel and aluminum include aerospace, shipbuilding, utilities, and electronics. When President Trump imposed steel tariffs in 2018, our trading partners immediately responded by imposing tariffs of their own on Washington products, especially agriculture, including cherries, apples, pears, and potatoes. Nationally, across all industries, the steel and aluminum tariffs resulted in a decrease in production worth about $3.4 billion per year, according to an ITC report. More information on how President Trump’s proposed tariffs on goods from Mexico, Canada, and China would affect consumers and businesses in the State of Washington can be found HERE.

Sen. Cantwell has remained a steadfast supporter of free trade to grow the economy in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which was imposed in response to tariffs on steel and aluminum and devastated Washington state’s apple exports. India had once been the second-largest export market for American apples, but after President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted. The impact on Washington apple growers was severe: Apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023. In September 2023, following several years of Sen. Cantwell’s advocacy, India ended its retaliatory tariffs on apples and pulse crops which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.

Sen. Cantwell on Semiconductor Manufacturing:

“We learned during the chips crisis that even the cost of a used car went up $2,000. That’s because chips were at a shortage — car industries, trucking industries couldn’t even get enough chips to make and ship cars, and then the consequence was even used cars went up $2,000. So we don’t want to recreate that again,” Sen. Cantwell said today. “We want a Commerce Secretary who is going to fight for the CHIPS & Science investment that’s already been made in the electronic manufacturing process in the United States and keep the semiconductor industry right here. But unfortunately, Mr. Lutnick, before the Committee, would not commit to standing by the commitments of the term sheets the Department of Commerce has already signed.”

Sen. Cantwell was the main architect and key negotiator of the CHIPS & Science Act. In her position as Commerce chair, she was instrumental in securing the science R&D funding authorizations in the 11th hour of negotiations. A key component of the legislation is the Regional Technology and Innovation Hubs (Tech Hubs) program that was authored by Sen. Cantwell to strengthen U.S. economic and national security with investments in regions across the country. Earlier this month, the American Aerospace Materials Manufacturing Center (AAMMC) in Spokane was awarded $48 million from the program to establish the first-of-its-kind testbed facility in the United States focused on developing advanced thermoplastic materials – new types of lightweight, heat-moldable, and recyclable materials that can replace metal in aircraft parts. The AAMMC will serve as the nation’s hub for creating and testing these innovative materials that are essential for more rapidly building fuel-efficient and environmentally friendly aircraft.

Sen. Cantwell on NOAA:

“When asked for the record, ‘Should NOAA be dismantled, as called for in Project 2025?’, Mr. Lutnick would only say he’ll figure it out once he’s confirmed,” Sen. Cantwell said today. “We needed a bigger commitment to NOAA. NOAA already supplies a big, important aspect of what we deal with, with weather forecasting, tracking extreme weather, hurricanes, wildfires, managing our fisheries, operating ships that conduct important charting for national security. Mr. Lutnick gave very tepid support for NOAA.”

Project 2025 calls for NOAA to be “dismantled and many of its functions eliminated,” calling it part of the “climate change alarm industry.” NOAA provides critical services to the Nation including weather forecasts, extreme storm tracking and monitoring, tools to enable communities to adapt to sea level rise and climate change, supporting fisheries management, and conserving marine mammals and other protected species.

Sen. Cantwell is a champion of NOAA and helped secure $3.3 billion in NOAA investments in the Inflation Reduction Act to help communities prepare for and adapt to climate change, boost science needed to understand changing weather and climate patterns, and invest in advanced computer technologies that are critical for extreme weather prediction and emergency response. Her Fire Ready Nation Act, bipartisan legislation to strengthen NOAA’s ability to help forecast, prevent, and fight wildfires, passed the Commerce committee unanimously earlier this month and now heads to the full Senate for consideration.

Video of Sen. Cantwell’s speech on the Senate floor today is available HERE, and transcript HERE.

MIL OSI USA News –

February 19, 2025
MIL-OSI New Zealand: ‘A peaceful, prosperous, democratic Pacific’

Source: New Zealand Government

Good Evening

Let us begin by acknowledging Professor David Capie and the PIPSA team for convening this important conference over the next few days. Whenever the Pacific Islands region comes together, we have a precious opportunity to share perspectives and learn from each other. That is especially true in our region, where distances between us are large.

We acknowledge, too, members of the Diplomatic Corps, Parliamentary colleagues, distinguished guests, ladies and gentlemen.

New Zealand’s place in the world
New Zealand, as a country, has a myriad of influences. We have enduringly strong connections – for reasons of history, migration and foreign policy alignment – to our traditional partners of Australia, the United States, the United Kingdom, and Canada.

First and foremost, among these is Australia, New Zealand’s one formal ally, and our closest and most likeminded partner. We cooperate extremely closely with Australia, in the Pacific and around the world.

We are increasingly integrated socially, economically and strategically into Asia, with large and increasing Asian communities here in New Zealand and ever closer diplomatic relationships in South, South East, and North East Asia.

At the same time, the starting point for understanding how New Zealand views the Pacific is the following, very simple statement: New Zealand is a Pacific Island country, linked by geography, history, culture, politics, demography and indeed DNA.

Fully 1.3 million New Zealanders, or about one-in-four of us are in full or part Polynesian, Melanesian or Micronesian, with either Māori heritage or relatives or ancestors from other Pacific islands.

Auckland is home to more Polynesians than any other city. Around the same number of Samoans and Tongans live in New Zealand as do in Samoa and Tonga. Vastly more Cook Islanders, Niueans and Tokelauans live in New Zealand than back in their homelands.

The original discovery and settlement of the Pacific Islands, including New Zealand, is one of the most remarkable stories of exploration in human history. The late New Zealand historian Michael King compared it to space exploration as both were voyages into the unknown.

But Pacific navigation is arguably even more remarkable because the canoes that set out from the Asian landmass knew not where they would land, nor when, nor indeed if they would find any new territory.

But find land they did, as they forged new identities and societies on atolls and islands that today stand as a testament to their imagination, endurance and the resilience to overcome formidable challenges of distance, geography, demography, and resource scarcity.

Last year, we had the enormous privilege of visiting almost all of those island nations spread across our vast Blue Continent. So, this evening we’d like to share some reflections about the Pacific, within the context of New Zealand’s Foreign Policy Reset.

We note, too, your conference theme, which raises the question of whether the Pacific Islands are a zone of peace or ocean of discontent. In 1520, the great Portuguese explorer Ferdinand Magellan named this massive body of water the Pacific, due to its calmness – Pacific meaning peaceful. Ironically, it didn’t end that way for him, or some of his crew, so your conference theme holds both historical justification and appeal.

An active, engaged Pacific policy
When we again took on the role of New Zealand Foreign Minister in November 2023, we were determined to put the Pacific at the forefront of an energetic, engaged and active New Zealand foreign policy once more. This lay behind our decision to undertake the most ambitious, intensive year of Pacific diplomacy in New Zealand history.

Never before has a New Zealand political leader tried to spend time in all 18 member countries of the Pacific Islands Forum in a single year. But try we did: meeting the many diverse peoples scattered across this vast, beautiful blue continent.

As often as we were able, we took Parliamentary colleagues from across the spectrum of New Zealand’s political parties to reinforce that our friendship is bipartisan, enduring and long-term.

The purpose of all these discussions was to take the pulse of the region. As a democratic country operating in a democratic region, New Zealand is driven in our Pacific policy by three foundational questions focused on our region’s people:

Is what New Zealand is doing in the region reflective of what the people of the Pacific Islands want and need?
Are we effectively supporting the prosperity and security of Pacific Island peoples?; and
Are we undertaking and explaining this work in a way which maintains New Zealanders’ support for our objectives in the region?

When describing our observations of last year’s travel, an obvious starting point is the unimaginable vastness of our region. It is a massive ocean, covering over 30 percent of the Earth’s surface.

While in the Marshall Islands, Micronesia and Palau, we learned of the logistical difficulties they faced in getting to last year’s Pacific Islands Forum in Tonga. We decided on the spot to offer the use of one of our 757 aircraft to take Micronesian leaders to and from Nuku’alofa. We have also announced, over the past year, significant investment in digital connectivity in the Pacific, alongside such partners as the Australia, Taiwan, United States and Japan.

Connecting all members of the Pacific family is vital given the huge, isolating physical distances between us. But because we believe that all Pacific voices are important and that talanoa – coming together for dialogue – must be regular and meaningful, we were happy to facilitate their coming together in Nuku’alofa.

Why? Because Pacific regionalism sits at the core of our Pacific approach, with the Pacific Islands Forum at its centre. We are a region with challenging issues that can polarise us, such as deep seabed mining and how best to manage strategic competition. The Forum plays a critical role in helping us to form a cohesive approach, resolve differences, bolster regional development and security, and use our collective voice to hold bigger countries to account.

The Blue Continent’s challenges
We have also reflected on how the Blue Pacific Continent and its peoples face a multitude of challenges. Our region is faced with the sharpest strategic competition it has confronted since World War 2 ended almost eighty years ago. As we face external pushes into our region to coerce, cajole and constrain, we must stand together as a region – always remembering that we are strongest when we act collectively to confront security and strategic challenges.

Climate change is a great threat facing the Pacific and we are at the global forefront of disaster risk exposure. Our ambition is that all Pacific peoples remain resilient to the impacts of climate change and other disasters and that New Zealand can support building resilience in practical ways.

Fisheries are vital to the economies, livelihoods, food security, and social and cultural wellbeing of many Pacific Island countries and is a crucial source of government revenue. But they face several complex interrelated and transboundary issues, such as illegal, unreported and unregulated fishing and the management of migratory fish species.

After years of volatility, the long-term growth trajectory risks settling well below pre-COVID averages for Pacific Island countries. Increasing investment, building fiscal and climate resilience, and improving the access to finance and greater regional connectivity will be key to improving long-run growth prospects in the Pacific.

Answering to the people
One truism that runs through our three stints as Foreign Minister is this: there are no votes in it. Struggling New Zealand taxpayers and their families find it difficult to understand why their government is handing out multi-million-dollar aid grants overseas.

Foreign policy practitioners and academics may focus intently on our obligations to New Zealand’s development partners and the way we conduct our relations with them. But the bottom line is that we are accountable first and foremost to the New Zealand taxpayer.
During our three tenures as Foreign Minister, we have demonstrated a staunch commitment to a well-resourced New Zealand development programme with a predominant focus on the Pacific.

Few New Zealand Governments have gone to the wire to significantly lift the size of our international development programme as a proportion of New Zealand’s Gross National Income. One was Norman Kirk’s Government in the 1970s. Two others were during my two previous terms as Foreign Minister.

In short, we have been determined to use all of our influence and all of our negotiating power to get the best possible New Zealand development programme for the Pacific.

And while times are very tough here at home right now, we will continue to advocate with our Cabinet colleagues and the New Zealand people for the importance of an active Pacific policy and a properly-resourced international agenda – whether in defence, foreign policy, or development. That’s what is right for New Zealand and it’s what is in the best interests of the Pacific.

We will never apologise for directly connecting New Zealand’s security and prosperity to the security and prosperity of the region and world around us.
The Coalition Government’s Foreign Policy Reset established a new strategic direction for New Zealand, including for our international development programme, with an emphasis on sustaining our deep focus on the Pacific.

As part of ensuring our accountability to the New Zealand taxpayer, last year the Ministry of Foreign Affairs and Trade undertook a review of our development programme to gauge alignment with government priorities and assess its overall impact and efficiency. A report on the review’s findings is being released today.

The review found that while our development is generally aligned with Government priorities, some reshaping and streamlining is required. In short, we will achieve more impact by doing fewer, bigger, projects better. This work is already under way.

Our predominant focus remains on the Pacific, where we will be working with partners including the United States, Australia, Japan and in Europe to more intensively leverage greater support for the region. We will maintain the high tempo of political engagement across the Pacific to ensure alignment between our programme and New Zealand and partner priorities. And we will work more strategically with Pacific Governments to strengthen their systems, so they can better deliver the services their people need.

Greater development funding is being devoted to South East Asia to meet our ambition for closer relations overall with this important region. We have also increased humanitarian funding in response to the scale of need regionally and globally. And we have reduced multilateral funding, to focus on those partners who make the most concrete impact.

We see this work of reshaping our development programme as part of meeting our obligation to the New Zealand taxpayers whose continuing support underpins its social licence.

Friendship, challenges and dialogue
Over the decades, our Pacific-oriented foreign policy has been defined as much by our actions as our words. We are there in times of need, whether in response to natural disasters, helping with budget support during fiscal emergencies, spurring economic development, or helping to resolve conflicts.

Our 2018 Pacific Reset emphasised that exhibiting friendship in all our engagements was the cornerstone of our Pacific foreign policy orientation. What does friendship in that context mean?

It means we are honest, empathetic, trustful and respectful through frequent engagement. And it means having frank and open conversations with our Pacific counterparts.

Over the past year, we have consistently stressed that we see all states as equal, whatever their size. We are guided by the mutual respect and trust that has grown over time between New Zealand and other Pacific Island countries. A second theme that has run through all our public engagements is just how important diplomacy is in our troubled world.

New Zealand has faced two isolated challenges in the past twelve months in our relations with the Pacific. In these two very different cases, our accountability to our taxpayers and our fidelity to promoting the interests of Pacific peoples throughout the region require that we explain openly what has taken place.

Of the 18 Pacific Islands Forum member countries, the only one we did not spend time in during the past year was Kiribati. That was not for a lack of trying.

For more than a year we respected Kiribati’s preference to avoid outside engagement. But with over $100 million of development assistance committed to Kiribati over the past three years, we had to review the status of existing projects and understand Kiribati’s ongoing development needs. After all, we all have to negotiate with our Ministers of Finance.

This requirement was urgent given our own budget cycle and the need to make decisions about how future development spending is allocated in Micronesian countries and across the region for the next three years.

So, we were pleased when a visit to Kiribati was finally scheduled for January 2025. We began organising our cross-party Parliamentary group to visit Tarawa. Then, with about a week to go, we were told President Maamau, who is also my counterpart as Kiribati’s Foreign Affairs Minister, would no longer meet with our delegation.
We made public our regret and concern, as well as our consequent decision to review our development programme to Kiribati. We are accountable to the worker in Kaitaia, the builder in Gore, and the farmer in the Waikato for the spending of taxpayer money, and we felt it important to express our concerns openly and transparently.

At the same time, we have a long-standing relationship with the Kiribati people, which has overcome previous challenges. We will weather this one too.

We have made clear that we are still working towards meaningful dialogue with Kiribati’s President and Foreign Minister, whether in Kiribati, New Zealand or elsewhere in the region. We are taking positive steps towards that goal in coming weeks.

The second isolated challenge we have faced has been developments in our relationship with the Cook Islands Government. Unlike the people of Samoa, the people of the Cook Islands have never opted for their country to be fully independent from New Zealand – though they are of course always free to choose to do so.

Rather, they have opted since 1965 to be in free association with New Zealand. This means that New Zealand is bound constitutionally to the Cook Islands by sharing the King of New Zealand as a head of state, a common, single citizenship and passport, as well as by shared values and interests.

Over the past 60 years, New Zealand has taken very seriously its obligations and commitments to the Cook Islands people. Every year we deliver for the Cook Islands people in areas as broad as health and education, economic development, defence and security, good governance, resources and environment, and culture and heritage.

The Cook Islands, in exercising self-government, is supported by New Zealand funding and provision of expertise. As long as the Cook Islands remain tied to New Zealand constitutionally, we have an expectation that the Government of the Cook Islands will not seek benefits only available to fully independent states – such as separate passports and citizenship, or membership of the United Nations or the Commonwealth – or pursue policies that are significantly at variance with New Zealand’s interests.

We also have an expectation that New Zealand will be fully and meaningfully consulted on all major international actions that the Cook Islands contemplates that affect our interests.

These are not unreasonable expectations. And they are not new. For example, our Prime Ministers, Norman Kirk in 1973, David Lange in 1986 and Helen Clark in 2001 all expressed these expectations formally.

To use but one example: in 2001, Helen Clark stated that Cook Islanders retained New Zealand citizenship “on the basis that there will continue to be a mutually acceptable standard of values in Cook Islands’ laws and policies”. She again repeated our longstanding position that if full independence from New Zealand was what the Cook Islands people wanted, then they were free to opt for it at any time.

These have been well-established and previously settled understandings between us, although there have been periodic attempts by Cook Islands Prime Ministers to test the boundaries of this constitutional pact.

But our free association relationship in its current form has endured because the overwhelming majority of Cook Islands people have wanted to maintain their New Zealand citizenship and passport and the rights it affords them to the same opportunities and privileges as all other New Zealanders, including in health and education. The wishes of the Cook Islands people are paramount here.

Our explicit advice to Cook Islands Prime Minister Mark Brown and his officials since he first raised the issue with us in July 2024 was that if he proceeded with trying to implement a separate Cook Islands citizenship and passport system then the people of the Cook Islands would risk losing their New Zealand citizenship and passport – an outcome we know is opposed by the vast majority of Cook Islanders.

There is also the matter of the Cook Islands Government’s decision to enter into a Comprehensive Strategic Partnership (CSP) and a number of other agreements with China last week without any meaningful consultation with New Zealand or its own people over either the architecture or details of those deals.

New Zealand and the Cook Islands people remain, as of this evening, in the dark over all but one the agreements signed by China and the Cooks last week.

Given this lack of consultation, the New Zealand Government, once it has seen the text of all of the agreements that were signed, will need to undertake its own careful analysis of how they impact our vital national interests. Only then will we be able to fully gauge the deals’ impact on the relationship between New Zealand and the Cook Islands.

While the connection between the people of the Cook Islands and New Zealand remains resolutely strong, we currently face challenges in the government-to-government relationship.

But this state of affairs – disagreements and debates between the leaders of New Zealand and the Cook Islands – has been a periodic feature of our 60 years of free association. We have always found a way through, guided by the wisdom and wishes of the Cook Islands people.

As then US President Franklin Roosevelt said in 1945, “We shall strive for perfection. We shall not achieve it immediately – but we still shall strive. We may make mistakes – but they must never be mistakes which result from faintness of heart or abandonment of moral principle”.

During 2025, as we celebrate 60 years of free association, we are going to need to reset the government-to-government relationship. We will also need to find a way, as we did in 1973 and 2001, to formally re-state the mutual responsibilities and obligations that we have for one another and the overall parameters and constraints of the free association model.

Resetting and formally re-stating the parameters of the relationship is not a small task. But it is one which we are confident we can meet – powered by the history of goodwill and common bonds between New Zealand and the Cook Islands people.

Another issue on which the region has devoted significant attention over the past year has been New Caledonia – which is, geographically, New Zealand’s closest neighbour. Uncertainty and discord there is obviously something that prompts concern and discussion right around our region.

From the moment of the unrest onwards, New Zealand has been very clear that everyone – no matter their view on New Caledonia’s political status – should agree that violence is not the answer.

The focus must be on dialogue – and finding a new pathway forward on the important issues facing New Caledonia. We had the benefit – working closely with authorities in Paris and Nouméa – to have had a productive visit to New Caledonia in December.

We went there to listen and to learn, and to engage with a very wide range of New Caledonians of all backgrounds. Hearing New Caledonians voice their hopes and dreams for economic development led us to the view that there may be lessons from New Zealand’s own experiences that might be of value.

We hope lessons from New Zealand’s own economic development as a multi-ethnic Pacific Island country can be shared with New Caledonians, who might be able to adapt them to their unique context.

Conclusions
When we reflect on the past year, it is impossible not to be optimistic about this region’s future. As we travelled to places as diverse as Suva, Pohnpei, Alofi, Port Vila, Nauru and Apia, we were struck also by a profound commonality.

Pacific Islanders scattered around our vast, beautiful region all want a brighter, more prosperous and more secure future for their children and for future generations.

As a founding member of the Pacific Islands Forum, and as a Pacific and Polynesian country itself, New Zealand has always been at the forefront of efforts to bring about that future.

Over the past year, we have done our very best to deliver, through words and actions, on New Zealand’s commitment to contribute to a brighter future for all Pacific peoples. This very important work – involving discussion, debate and, yes, sometimes disagreement – will continue.

The Pacific Islands region is a profoundly democratic one. People from every village, town or city in every Pacific Island country have a direct say in how their affairs are run. Just this year, people in six Pacific Islands Forum countries – Australia, the Federated States of Micronesia, Nauru, New Caledonia, Tonga and Vanuatu – are heading to the polls to cast ballots which will help determine the future direction of their countries.

And so it is Pacific peoples’ hopes and aspirations which must drive political leaders and policy makers. Our policies must be responsive and accountable to the perspectives of those we represent.

And no matter the future we face, or the challenges we encounter, we will always be members of the same Pacific family. We inhabit the most vast and breathtaking ocean continent in the world. And as family, we will always find a way forward, together, towards the secure and prosperous future that our people deserve.

Thank you. Kia kaha. Go well.

MIL OSI New Zealand News –

February 19, 2025
MIL-OSI United Nations: Deputy Secretary-General’s remarks at the Member States’ Briefing on the Second Food Systems Summit Stocktake (UNFSS+4) [as delivered]

Source: United Nations secretary general

HE Amb. Tesfaye Yilma Sabo, Permanent Representative of Ethiopia to the United Nations,

HE Amb. Maurizio Massari, Permanent Representative of Italy to the United Nations,

Excellencies, distinguished delegates,
Ladies and Gentlemen,

It is a real pleasure to join our Permanent Representatives and welcome you all today.

As you all know transforming our food systems is essential to driving progress across the Sustainable Development Goals and delivering for everyone, everywhere – sufficient, nutritious food – now and in the future, particularly as we go towards the five years to deliver on the 2030 Agenda.

That is why, in 2021, the UN Secretary-General convened the UN Food Systems Summit. This established the foundation for a new, integrated approach to food systems—placing food at the heart of our efforts to address poverty, zero hunger, inequality, climate change, and biodiversity loss.

It has reshaped the global narrative, building an engine of transformation that recognizes food systems as a key lever to accelerate and reinforce SDG progress.

Building on this momentum, the first Summit Stocktake, hosted by the Government of Italy in 2023, reaffirmed strong political will among nations. Countries pledged to increase the pace of their efforts towards sustainable, inclusive, and resilient food systems transformation.

But it also highlighted persistent gaps and challenges. Among them, an urgent need to enhance public-private-community partnerships, and strengthen private sector engagement.

These crucial issues identified at the first stocktake, resulted in the UN Secretary-General’s Call to Action.

The Call identified six critical areas for concerted action, including: securing concessional finance, investments, budget support, and debt restructuring. It also emphasized addressing food security in crisis situations.

The proposed SDG stimulus – of $500 billion a year – was recognized as a game-changer, offering fiscal space and resources, including through SDR rechannelling.

Finance was emphasized as a critical component of food systems transformation, along with support of our Multilateral Development Banks in unlocking investments in this field.

Given the global context riddled with challenges of rising living costs, social inequalities, climate change, and geopolitical tensions, we will need all hands on deck to reach food systems transformations with the impact to advance on the 2030 Agenda.

Now, in just over five months, Addis Ababa will host the Second United Nations Food Systems Summit Stocktake.

We are grateful to the Government of Ethiopia for hosting this important event and for making our commitment to take the second stocktake to a developing country, a reality. Worth noting also is its leadership and extensive work on its policy environment, infrastructure development and the production of food that engages small holder farmers across the country. We are grateful to Italy, which has agreed to co-host, for its legacy and continued leadership and support to food systems transformation. It is important that we see leadership and sustainability of that support at country level.

The Stocktake will be different, it has to be, in response to many of the requests for us to have more focus and impact.

First, we will be reflecting on progress since 2023, with a Report from the system, but also a shadow report from our stakeholders.

Second, we will be partnering to track commitments and outcomes through national food systems pathways to accelerate SDG implementation.

And third, unlocking investments to sustain and scale transformative initiatives aligned with the SDGs.

In preparations for the Stocktake, we are committed to an inclusive, cross-sectoral efforts and consultations.

We will hold a second briefing in Nairobi next week engaging UN Headquarters in Nairobi, Rome and Geneva.

In addition, we will hold five regional briefings, on the margins of the United Nations Regional Forums on Sustainable Development, from March to May.

We will also be engaging all our Resident Coordinators in UN Country Teams, at the country level so that they are fully engaged with our member states in bringing to Addis Ababa, the progress and of course, the challenges and opportunities.

At the same time, we will push progress towards food systems transformation, including through important gatherings this year – the Fourth Financing for Development Conference in Spain, UNFCCC COP 30 in Brazil, the Second World Summit on Social Development in Qatar, and the Third United Nations Ocean Conference in France.

These are all critical platforms to drive progress, harness collective action and create new investment opportunities.

As Member States, you are at the forefront of this transformation. Your leadership and coordination will be instrumental in ensuring that the Stocktake inspires real action at the national level.

The United Nations is with you –committed to creating sustainable, inclusive, healthy and resilient food systems everywhere, across all our regions, reaching everyone.

We thank you for this important opportunity that will help us to shape the Stocktake in Addis Ababa in July.

MIL OSI United Nations News –

February 19, 2025
MIL-OSI New Zealand: NZers didn’t need this much pain to reduce OCR

Source: Green Party

Today’s OCR cut will fail to soothe the long-term pain Christopher Luxon’s Government is inflicting upon our communities.

“Luxon’s Government had options to cool demand in the economy. Instead of sharing resources around so everyone could get through the hard times, they threw jobs, public services and livelihoods on the scrapheap,” says Green Party co-leader and spokesperson for Finance Chlöe Swarbrick.

“The collateral damage of Christopher Luxon and Nicola Willis’ decisions mean more inequality, more homelessness, more climate-changing emissions, more inequality and more long-term issues. Maybe that’s what they mean by ‘going for growth’?

“While today’s OCR announcement is good news for everyone with a mortgage, it’s critical to understand the unnecessary collateral damage created by the Government’s chosen path of destruction. Those wounds won’t heal quickly or by themselves.

“Monetary policy, the setting of interest rates, is a blunt instrument. It’s fiscal policy, the Government’s choices on tax and spend – which dictates who wins, and who loses in our economy.

“New Zealanders are voting with their feet and leaving in record numbers. They’ve given up playing by made-up rules that benefit wealth accumulation of the few over the work of the many.

“A different world is possible. We can have an economy that works for people and planet, instead of exploiting both,” says Chlöe Swarbrick.

MIL OSI New Zealand News –

February 19, 2025
MIL-OSI USA: Tuberville Reintroduces Legislation to Ban Foreign Adversaries from Buying American Farmland

US Senate News:

Source: United States Senator for Alabama Tommy Tuberville
Legislation would prohibit the sale of agricultural land to Iran, North Korea, China, and Russia
WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) and U.S. Senator Jim Banks (R-IN) reintroduced the Protecting America’s Agricultural Land from Foreign Harm Act, which would prohibit the sale of U.S. agricultural land to any individual or entity tied to the governments of Iran, North Korea, China, or Russia. The legislation follows Senator Tuberville’s recent reintroduction of the Foreign Adversary Risk Management (FARM) Act to better vet foreign purchases of America’s farmland.
1819 News first reported the reintroduction of the bill.
“For too long, we’ve sat by while foreign nations have been trying to take over our nation’s agricultural industry,” said Senator Tuberville. “Our adversaries are always looking for any way to get their foot in the door and jeopardize our national security—including our agricultural assets. There’s no reason why foreign adversaries should be allowed to buy American farmland. Not only is it dangerous for our farmers, but it’s disastrous for our national security. It’s past time to take action to protect our American farmers and consumers from threats to our food security. I’m proud to reintroduce this legislation with Senator Banks, and will continue fighting to protect America’s farmland and put our farmers and producers first.”
“Food security is national security. Leaving America’s basic needs vulnerable to extortion by foreign control is not an option,” said Senator Banks. “This bill prevents foreign adversaries, including communist China, from owning American farmland in Indiana and across the U.S.—a no-brainer. Proud to lead this effort alongside Senator Tuberville and Rep. Strong.”
U.S. Representative Dale Strong (R-AL-05) also introduced companion legislation in the U.S. House of Representatives.
“Chinese investment in U.S. farmland, much of which is in close proximity to sensitive national security sites, presents an enormous threat not only to our food, fiber, and fuel markets but also to our national security. As the CCP, Iran, Russia, and North Korea look to exploit weaknesses in our free and open society, it is our responsibility to ensure that the American people are protected against those who seek to undermine our national interest,” said Congressman Strong.
Specifically, the Protecting America’s Agricultural Land from Foreign Harm Act would:
Restrict foreign ownership of U.S. agricultural land, forests, and timberland by Iran, North Korea, China, and Russia,
Prohibit participation in certain USDA programs for individuals from Iran, North Korea, China, and Russia,
Close loopholes to ensure adequate reporting of foreign owned U.S. agricultural land,
Establish a federal tax lien if a violation occurs and amend civil penalties,
Establish more in-depth public data sets through online database,
Require U.S. Department of Agriculture (USDA), Department of National Intelligence (DNI), and Government Accountability Office (GAO) to submit individual reports to Congress.
Read the bill or learn more here.
BACKGROUND
Over the past few years, the United States has experienced a rapid increase in foreign investment in the agricultural sector, particularly from China. Growing foreign investment in agriculture and other essential industries, like health care and energy, threaten our country’s national security and ability to survive. Senator Tuberville has long been a vocal critic of foreign ownership of American farmland and other elements of our food supply chain. As Alabama’s voice on the Senate Ag Committee, Senator Tuberville has been sounding the alarm about foreign ownership of American farmland and other elements of our food supply chain.
According to USDA data from December 2023, foreign investors own approximately 45 million acres of U.S. agricultural land. This represents an increase of over 1.5 million acres in one calendar year. Foreign ownership of U.S. agricultural land increased modestly increased from 2012 to 2017 at an average increase of 0.6 million acres per year. However, since 2017, this number skyrocketed to an annual average of 2.6 million acres annually. Additionally, between 2010 and 2021, entities or individuals from China increased their ownership of U.S. agricultural land more than twentyfold, from 13,720 acres to 383,935 acres. Alabama has the fourth-highest amount of foreign-owned agricultural land in the United States, with 2.2 million acres, most of which is forestland.
Earlier this year, Senator Tuberville reintroduced the Foreign Adversary Risk Management (FARM) Act, a bipartisan, bicameral bill that would ensure the Committee on Foreign Investment in the United States (CFIUS) acknowledges the importance of our agricultural industry and supply chains by adding the Secretary of Agriculture as a permanent member of the committee. Currently, CFIUS does not directly consider the needs of the agriculture industry when reviewing foreign investment and ownership in domestic businesses.
MORE:
Tuberville Continues Efforts to Secure America’s Farmland from Foreign Adversaries
Tuberville Continues Fighting Foreign Influence in American Agriculture
Second Democrat Ag Secretary Endorses Central Provision in Tuberville’s FARM Act
Biden Ag Secretary Endorses Central Part of Tuberville’s FARM Act
Tuberville Continues Push to Combat Chinese Influence in U.S. Agriculture
Tuberville, Jackson Lead Bipartisan, Bicameral Effort to Protect Ag Industry from Foreign Interference
Tuberville Introduces Bipartisan Bill to Ban Foreign Adversaries from Buying U.S. Farmland
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

MIL OSI USA News –

February 19, 2025
MIL-OSI: PIMCO Global Income Opportunities Fund Renews At-The-Market Equity Program

Source: GlobeNewswire (MIL-OSI)

Not for distribution to United States newswire services or for dissemination in the United States

TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — PIMCO Global Income Opportunities Fund (TSX: PGI.UN) (the “Fund”) announced today that the Fund has renewed its at-the-market equity program (the “ATM Program”). The ATM Program allows the Fund to issue Class A units of the Fund (the “Units”) having an aggregate sale price of up to $80,000,000, to the public from time to time, at the discretion of PIMCO Canada Corp. (the “Manager”). Any Units issued under the ATM Program will be sold at the prevailing market price at the time of sale through the Toronto Stock Exchange (“TSX”) or any other marketplace in Canada on which the Units are listed, quoted or otherwise traded. This ATM Program replaces the prior at-the-market equity program of the Fund, which commenced on January 20, 2023 and expired on February 16, 2025.

The volume and timing of distributions under the ATM Program, if any, will be determined at the Manager’s sole discretion. The ATM Program will be effective until March 14, 2027, unless terminated prior to such date by the Fund. The Fund intends to use the proceeds from the ATM Program in accordance with its investment objectives, investment strategies and investment restrictions.

Sales of Units through the ATM Program will be made pursuant to the terms of an equity distribution agreement entered into by the Fund (the “Equity Distribution Agreement”), dated February 18, 2025, with National Bank Financial Inc. (the “Agent”).

Sales of Units will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Units in Canada. Since Units will be distributed at prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. The ATM Program is being offered pursuant to a prospectus supplement dated February 18, 2025 (the “Prospectus Supplement”) to the Fund’s short form base shelf prospectus dated February 14, 2025 (the “Shelf Prospectus”).

Copies of the Prospectus Supplement, the Shelf Prospectus and the Equity Distribution Agreement may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the Agent, and are available on SEDAR+ at www.sedarplus.ca.

The Manager retains Pacific Investment Management Company LLC (“PIMCO”), to provide investment management services to the Fund.

About PIMCO

PIMCO is a global leader in active fixed income with deep expertise across public and private markets. PIMCO invests their clients’ capital across a range of fixed income and credit opportunities, drawing upon PIMCO’s decades of experience navigating complex debt markets. PIMCO’s flexible capital base and deep relationships with issuers have helped PIMCO become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.

This is not an offer to sell Units and not a solicitation of an offer to buy Units in any region where the offer or sale is not permitted. Before you invest, you should carefully read the Fund’s disclosure documents and consider carefully the risks you assume when you invest in the Units. There can be no assurance that the Fund will achieve its investment objectives or be able to structure its investment portfolio as anticipated. Copies of the Fund’s disclosure documents may be obtained from your financial advisor.

Forward-Looking Statements

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Fund, the Manager and/or PIMCO’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, market factors. Although the Fund, the Manager and/or PIMCO believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund, the Manager and/or PIMCO undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.

You will usually pay brokerage fees to your dealer if you purchase or sell Units on the TSX. If the Units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying the Units and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning the Units. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in these documents.

Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

A short form base shelf prospectus and a prospectus supplement containing important detailed information about the securities being offered have been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the Equity Distribution Agreement, the short form base shelf prospectus and the prospectus supplement may be obtained from the Agent. Investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision.

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the Manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2025, PIMCO

The products and services provided by PIMCO Canada Corp. may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose.
PIMCO Canada has retained PIMCO LLC as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser.

PIMCO Canada Corp. 199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2, 416-368-3350.

Contact:
Agnes Crane
PIMCO – Media Relations
Ph. 212-597-1054
Email: Agnes.Crane@pimco.com

The MIL Network –

February 19, 2025
MIL-Evening Report: With billions in ‘profit’ exempt from tax, changes to NZ’s charity rules are long overdue

Source: The Conversation (Au and NZ) – By Ranjana Gupta, Senior Lecturer, Accounting Department, Auckland University of Technology

Jirsak/Shutterstock

The profit made on every breakfast bowl of weet-bix is tax exempt, giving Sanitarium Health Food Company, owned by the Seventh-day Adventist Church, an advantage over other breakfast food companies. But this could be about to change.

Under current rules, New Zealand’s charities are allowed to run businesses as long as the profits are not for personal gain. This means the government gives up millions in tax revenue from charities across the government.

In December, Finance Minister Nicola Willis proposed revising the tax rules for charitable organisations. The changes are set to be announced with this year’s Budget. According to Willis, there was about NZ$2 billion of “profit” in the charitable sector that was not subject to tax.

My new research – to be published later this year – looks at the integrity and fairness of the taxation framework that gives exemptions to charitable organisations competing directly with the for-profit sector.

Striking the right balance between supporting legitimate charitable activities and preventing the abuse of tax concessions is crucial for ensuring a level playing field in the tax system.

My study shows the tax exemption system in New Zealand, as it stands now, is not really fair and equitable. And it is past time for this to change.

For the public benefit

Under New Zealand’s charity law, a charitable organisation must operate for the public benefit and relieve the government of its burden to provide welfare services and assist disadvantaged people.

A paper prepared by the Tax Working Group, an advisory group that looked at New Zealand’s tax system between 2017 and 2019, estimated 30% of registered charities were likely to have some sort of trading activities, such as second-hand stores.

To be eligible for tax exemptions, any gains from businesses must be reinvested in the organisation’s charitable activities.

The traditional justification for granting charitable organisations tax concessions is that they are dedicated to the greater good of society. The concessions are also meant to offset the disadvantages charities face in accessing capital.

But by treating the producers of identical goods and services differently, there is a risk of compromising horizontal equity principles – basically the idea that taxpayers in similar positions should pay similar amounts of tax.

There are concerns for the tax system’s integrity when charitable organisations shift their focus from providing a public good to providing private or unrelated goods (commercial activities).

In these cases, it is clear that tax breaks should be limited.

When governments offer tax breaks, they forego tax revenue. Governments end up having to raise money from other sources to meet their total tax collection targets, such as increasing tax rates on non-exempt firms, items and individuals.

Taxing unrelated activities

Overseas tax systems take a different view of exemptions for charities, offering examples for New Zealand to follow.

In the United Kingdom, for example, charities cannot undertake commercial trading activities unrelated to their charitable purposes while claiming exemption from income tax. This ensures fair competition between commercial activities.

In the United States, “unrelated business income” is subject to tax, restricting concessions to ensure the tax regime matches conventional tax policy or social welfare policy.

In Australia, commercial trading unrelated to the charity’s core purpose is not allowed.

Ensuring transparency

To ensure greater transparency over who gets an exemption, the financial statements of all charities in New Zealand should also be filed on the Charities Register. These statements should be publicly available.

Charities also need to become more responsible and equitable in their operations. There needs to be stricter regulation, and compliance measures should be implemented. These would prevent tax exemption misuse that benefits a specific group or individuals.

The time for reviewing charitable purposes is long overdue in New Zealand, particularly given the UK and Australia have set out their concepts of charitable purposes in recent years.

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

– ref. With billions in ‘profit’ exempt from tax, changes to NZ’s charity rules are long overdue – https://theconversation.com/with-billions-in-profit-exempt-from-tax-changes-to-nzs-charity-rules-are-long-overdue-249575

MIL OSI Analysis – EveningReport.nz –

February 19, 2025
MIL-OSI USA: Durbin Slams Senate Republicans For Blindly Supporting Kash Patel For FBI Director Despite Serious Concerns On Fitness To Serve

US Senate News:

Source: United States Senator for Illinois Dick Durbin

February 18, 2025

Ahead of procedural vote, Durbin: “My Senate Republican colleagues are willfully ignoring myriad red flags about Mr. Patel, especially his recurring instinct to threaten retribution against his and President Trump’s perceived enemies.”

WASHINGTON – Ahead of tonight’s procedural vote on the nomination of Kash Patel to be Director of the Federal Bureau of Investigation (FBI), U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, spoke on the Senate Floor regarding his serious concerns about Mr. Patel, which includes whistleblower reports that Mr. Patel has been personally involved in the ongoing purge of FBI officials.

Key Quotes:

“After meeting with Mr. Patel, reviewing his record, and questioning him under oath at his hearing, I am deeply concerned about his fitness to serve as FBI Director. He has neither the experience, the judgment, nor the temperament to lead the FBI.”

“My Senate Republican colleagues, sadly, are willfully ignoring myriad red flags about Mr. Patel, especially his recurring instinct to threaten retribution against his political enemies and President Trump’s perceived enemies. This is an extremely dangerous characteristic for someone who seeks to lead the nation’s most powerful domestic investigative agency for the next 10 years.”

“On day one, [Kash Patel] plans to ‘shut down the F.B.I. Hoover Building and reopen it the next day as a museum of the ‘deep state.’’ He even wrote a book on this subject, and I punished myself by requiring that I read it from cover to cover so I understood exactly what this man believed. He has peddled outrageous conspiracy theories that benefit President Trump, claiming that January 6th—the assault on the Capitol—was ‘never an insurrection’ and that the FBI ‘was planning January 6 for a year.’ Where is this man coming up with these wild theories?”

“He compiled an enemies list and published it in the back of his book. Sixty names—‘members of the deep state,’ which includes distinguished public servants from both political parties—like former Attorneys General Bill Barr and Merrick Garland and former FBI Directors Robert Mueller and Chris Wray as the so-called ‘members of the deep state’… whatever that may be.”

“[Patel] decided to assemble a choir of the January 6th individuals who were prosecuted. Then he was involved in making a recording of a patriotic song that these prisoners were singing. Then, he was selling this recording and playing it at the rallies for President Trump… which he denied during our hearing, under oath.”

“Before even being confirmed as the FBI Director, Mr. Patel is already seeking retribution on behalf of President Trump despite Patel’s status as a private citizen. Multiple whistleblowers have disclosed highly credible information to my staff, indicating that Mr. Patel has personally directed the ongoing purge of senior law enforcement officials at the FBI. Senior leaders with collectively hundreds of years of experience have been forced out at the FBI, creating a leadership vacuum.”

“In the FBI’s long history, this has never happened before—never. Keep in mind that the Director is the only [political] appointee at the FBI, and [that] the leaders have been forced out despite their career commitment to law enforcement. This purge has dramatically weakened FBI’s ability to protect the country from national security threats and made America less safe.”

“If these whistleblower allegations are true that Kash Patel, as a private citizen, has been orchestrating the purging of the ranks at the FBI because of political loyalty questions, I will tell you that he came dangerously close to perjuring himself during his nomination hearing when he was asked about the possible firings of FBI officials and he answered, under oath, ‘I don’t know what’s going on right now’ at the FBI. Mr. President, we’re told that’s not true.”

“Mr. Patel has been open about his plans to dismantle the FBI and seek retribution against his and President Trump’s enemies. His directives as a private citizen have already thrown the Bureau into absolute chaos.”

“Mr. Patel’s recent actions and testimony before the Senate Judiciary Committee confirm my belief that he is dangerous, inexperienced, and he’s been dishonest in portraying his role in what’s happening at the FBI.”

“It will be a political and national security disaster if he is confirmed.”

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

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

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

-30-

MIL OSI USA News –

February 19, 2025
MIL-OSI New Zealand: Growing economy good for jobs and opportunities

Source: New Zealand Government

The Reserve Bank’s positive outlook indicates the economy is growing and people can look forward to more jobs and opportunities, Finance Minister Nicola Willis says.

The Bank today reduced the Official Cash Rate by 50 basis points.

It said it expected further reductions this year and employment to pick up in the second half of the year.

“This is good news for New Zealanders. A growing economy means more money in people’s pockets, more jobs and more opportunities,” Nicola Willis says.

“The Government knows many families and businesses are doing it tough, but evidence is mounting that they can look forward to better times.

“Today’s reduction in the Official Cash Rate is the fourth since August last year and confirms inflation is firmly back under control.

The rate has now fallen 1.75 points since August to 3.75 per cent. Further reductions will put more downward pressure on interest rates.

“That is good news for businesses as well as families. More money in people’s pockets means more money flowing through tills.

“There are signs that that is already beginning to occur.

“Business and consumer confidence are both trending upwards and last week the BNZ and Business NZ reported that growth in manufacturing had risen to its highest level since September 2022.

“After a period of decades-high inflation, high interest rates and cost-of-living pressures, the economy is heading in the right direction.”

MIL OSI New Zealand News –

February 19, 2025
MIL-OSI Australia: Vital XPT rail fleet refurbishment program ramps up
Source: New South Wales Government 2

Headline: Vital XPT rail fleet refurbishment program ramps up

Published: 19 February 2025

Released by: Minister for Regional Transport and Roads

The Minns Labor Government is continuing work to build better regional communities by undertaking vital upgrades to the XPT rail fleet which services Grafton and other regional centres across the state.
The XPT fleet has reached an impressive 40-plus years in service and work is underway to ensure the fleet continues to provide passengers with a safe and comfortable service until the next generation Regional Rail Fleet is ready to be introduced into passenger service.

The NSW Government has committed $40.3 million over five years for the XPT Life Extension Project.

The upgrades of the XPT fleet, to be carried out locally in NSW by Sydney Trains, include:
- extensive mechanical work to improve service reliability
- new carpeting and refurbished seats
- maintenance to improve operation of the air-conditioning and toilets
- repaint and refurbishment of the power cars.
These upgrades follow the former Liberal Nationals Government’s failure to deliver a single new regional train after their announcement of the new fleet more than a decade ago. Like the New Intercity Fleet, which the Minns Government is now successfully rolling out on the Central Coast line, the former Liberal National Government oversaw the new Regional Rail Fleet ballooning in cost and missing deadline after deadline. As a direct consequence of this mismanagement, regional passengers have been forced to travel on the old XPTs for years longer than necessary.

To allow for these essential upgrades of the XPT fleet, NSW TrainLink will operate two out of the six daily rail services between Grafton and Sydney with premium coaches for approximately 12 months from mid-March 2025. The remaining four daily rail services will continue to operate with XPT trains.

NSW TrainLink is going through a public tender process to secure a coach provider to provide premium wheelchair accessible vehicles for this service.

This will provide travelers from Grafton the opportunity to choose between premium quality coach services or rail options, depending on their time of travel.

The community will be updated before the two new coach services start with details about the timetable.

Ticket prices will be the same as the rail service and bookings will continue as usual through the NSW TrainLink booking website or by calling 13 22 32.

This investment in upgrading the rail fleet is part of the Minns Labor Government’s plan to rebuild and renew our regional transport and roads, ensuring communities across our regions have access to safe and connected infrastructure and services. This ongoing work includes:
- Delivering more than $300 million to regional councils across the state to accelerate the repair of roads and transport infrastructure damaged by natural disasters
- Investing a record close to $250 million in upgrades to make our regional roads safer
- Releasing Draft Strategic Regional Integrated Transport Plans for the Hunter and South East and Tablelands, and commencing development on plans for other regions of NSW, to provide a vision for regional initiatives in the short to long term.
Quotes attributable to Minister for Regional Transport and Roads Jenny Aitchison:

“The Minns Labor Government is committed to building a better transport system for regional NSW including the network of NSW TrainLink trains and coaches.

“To ensure passengers can continue to travel safely, comfortably and reliably in the longer term, over $40 million in essential upgrades are getting underway on the ageing XPT fleet now.

“The Liberals and Nationals sat back for 12 years and ran the XPT fleet into the ground while leaving communities at risk of losing services. We’re fixing the mess and investing to improve services.”

Quotes attributable to Labor spokesperson for Clarence Emily Suvaal:

“Passengers who use two of the six daily NSW TrainLink Grafton services – which will be replaced by coaches while work on the XPTs is carried out – can look forward to a timetabled service on a premium, airconditioned, wheelchair-accessible vehicle during the upgrade. The trains will return to service at the completion of the upgrade process.

“The other four daily North Coast train services which service Grafton will continue as rail services, so travelers can choose the time of day and mode of transport that best suits their needs.”
MIL OSI News –
February 19, 2025
MIL-OSI Security: Former Western New York man pleads guilty to perjury for lying while testifying during his fraud trial

Source: Office of United States Attorneys

BUFFALO, N.Y. –Acting U.S. Attorney Joel L. Violanti announced today that Michael W. Luehrsen, 41, of Miami, Florida, pleaded guilty before U.S. District Judge Lawrence J. Vilardo to perjury, which carries a maximum penalty of five years in prison. As part of his plea, Luehrsen has agreed to pay approximately $2-million dollars in restitution and forfeit approximately $2-million dollars in assets, including investments and real estate proceeds.

Assistant U.S. Attorneys Charles M. Kruly and Grace Carducci, who is handling the case, stated that in February 2022, Luehrsen testified under oath in his previous jury trial before the United States District Court for the Western District of New York as follows:

Q. Mike, I want to start by talking about your dad. You told Mr. Kruly that on the days that those prescriptions were faxed you were not in town, is that what you said?

A. That’s correct.

Q. Can you tell the jury, where were you?

A. On June 27, 2014, I was actually in California visiting Cornerstone Pharmacy with two physicians. On July 11, of 2014, I was in Boston, Massachusetts.

Q. And how do you remember that?

A. I have photographs from my phone showing me in those particular cities.

Evidence from Luehrsen’s cellular telephone shows that the testimony quoted above was false. Photographs on the cell phone establish that he was, in fact, in Buffalo on July 11, 2014. In addition, telephone records and financial records established that Luehrsen was in Buffalo on that date. At the time of this testimony, Luehrsen was being tried for, among other crimes, conspiring to commit health care fraud. It was a matter material to the trial whether or not Luehrsen was in Buffalo when an altered compound prescription form was faxed from his father’s home located in the Western District of New York.

The plea is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.

Sentencing is scheduled for June 27, 2025, before Judge Vilardo.

# # # #

MIL Security OSI –

February 19, 2025
MIL-OSI USA: 02.18.2025 Sen. Cruz Files Bill to Repeal Costly Chemical Tax on American Manufacturers

US Senate News:

Source: United States Senator for Texas Ted Cruz
WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) reintroduced the Chemical Tax Repeal Act today. The bill eliminates the Superfund excise tax imposed by the Infrastructure Investment and Jobs Act passed in 2021. That law re-imposed taxes on 42 different chemicals, critical minerals, and metallic elements used in common household items such as plastics, rubber, concrete, soap, lightbulbs, and electronics.
Upon reintroduction, Sen. Cruz said, “We should be unleashing American manufacturing and strengthening our economy, not increasing the tax burden on Texan and American businesses. Repealing this tax will strengthen the competitiveness of American industries, protect jobs, and ensure everyday essentials remain affordable for American families. I urge my colleagues to expeditiously take up and advance this bill.”
U.S. Chamber of Commerce said, “The U.S. Chamber of Commerce supports the efforts of Senator Ted Cruz and Representative Beth Van Duyne to repeal the Superfund Tax. This tax has increased costs for essential household items and undermined the competitiveness of American manufacturers, yet the EPA has failed to accelerate site cleanups despite the additional revenue. We urge Congress to act swiftly to remove this burden and strengthen the U.S. economy.”
American Chemistry Council said, “We welcome the Senate reintroduction of the Chemical Tax Repeal Act and commend Senators Cruz, Barrasso, Kennedy, Lee, and Cornyn for their leadership on this key issue for America’s economy. Estimates by the Joint Committee on Taxation indicate that the excise taxes could result in a nearly $15 billion hit to the U.S. economy by the time they expire at the end of 2031. The taxes are affecting chemical supply chains and markets and continue to increase costs for consumers and businesses. … We urge additional lawmakers to join the legislation and look forward to swift passage by both chambers.”
Eric R. Byer, President & CEO, Alliance for Chemical Distribution (ACD) said, “The Alliance for Chemical Distribution (ACD) commends Senators Cruz, Kennedy, Cornyn, Barrasso, and Lee for championing the Chemical Tax Repeal Act, which aims to alleviate the undue burdens and uncertainties imposed by the reinstated Superfund Tax. Since its reimplementation in 2021, this tax has posed significant regulatory and financial hurdles for our members, many of whom operate small, family-owned businesses. The situation is further exacerbated by unclear guidance from the Internal Revenue Service. ACD strongly advocates for the prompt enactment of the Chemical Tax Repeal Act to enable the chemical distribution industry to continue its essential operations without the constraints of this excise tax.”
The bill was co-sponsored by Sens. John Kennedy (R-La.), John Cornyn (R-Texas), John Barrasso (R-Wyo.), and Mike Lee (R-Utah).
Read the bill text here.
BACKGROUND
The Chemical Tax, also known as the Superfund Tax, existed from 1987-1995 and was used to mitigate certain contaminated sites around the country with mixed success and high costs. The 2021 Infrastructure Investment and Jobs Act re-imposed the tax at twice its prior levels. The costs imposed by this measure travel down the supply chain, increasing prices for manufacturing materials to final products. Texas is home to forty percent of the nation’s chemical manufacturing plants.
Sen. Cruz’s legislation received support from the U.S. Chamber of Commerce, American Chemistry Council, Alliance for Chemical Distribution (ACD), Vinyl Institute, National Taxpayers Union (NTU), Taxpayer Protection Alliance (TPA), Battery Council International (BCI), Americans for Prosperity (AFP), and Institute of Makers of Explosives (IME).
Sen. Cruz previously introduced the Chemical Tax Repeal Act in April 2023 and December 2021.

MIL OSI USA News –

February 19, 2025
MIL-OSI USA: arner, Colleagues Warn IRS that Staffing Cuts will Wreak Havoc on Tax Refunds, Taxpayer Service, and Undermine Law Enforcement

US Senate News:

Source: United States Senator for Commonwealth of Virginia Mark R Warner
WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Finance Committee, joined colleagues in warning the Trump administration and Internal Revenue Service (IRS) leadership that staffing reductions at the IRS resulting from Trump’s hiring freeze and potential layoffs would likely delay tax refunds, harm taxpayer service and undermine law enforcement efforts.
The senators urged the administration to end the IRS hiring freeze immediately, avoid further staffing cuts, and protect the Criminal Investigation division that plays a key role in combating drug and human trafficking, terrorism and sanctions evasion.
Regarding the impact of the hiring freeze and layoffs on taxpayer refunds and service, the senators wrote: “Americans need the IRS to be fully staffed with employees who can answer their questions, process their returns, send refunds, and keep IRS systems online and functional. It is nearly inevitable that this hiring freeze, compounded by layoffs and further reductions in staff mandated as a result of Elon Musk’s unprecedented power grab, will delay refunds and degrade taxpayer service. Millions of Americans plan their budgets around timely refunds every filing season. These reckless decisions on the part of Elon Musk and the Trump administration will likely cause serious financial hardship for people across the country.”
Regarding the impact on law enforcement and national security they continued, “IRS Criminal Investigation is at the forefront of federal law enforcement efforts to investigate fentanyl trafficking by cartels, human trafficking, terrorism financing, and sanctions evasion. For example, CI was the lead investigative agency in the largest international fentanyl/opioid seizure in U.S. history. This operation took down a massive drug trafficking operation and seized 864 kg of drugs, including an astounding 64kg of fentanyl and fentanyl-laced opioids, enough to kill thousands of people. CI was also responsible for the dismantling of several large fentanyl trafficking networks operated by the Sinaloa cartel, including a collaboration with Chinese money laundering organizations. An indefinite hiring freeze at CI would endanger both public safety and national security by directly hampering multi-agency efforts to pursue and dismantle these highly dangerous criminal networks.”
The letter was also signed by Finance Committee Ranking Member Ron Wyden (D-OR), and U.S. Sens. Chuck Schumer (D-NY), Sheldon Whitehouse (D-RI), Elizabeth Warren (D-MA) Bernie Sanders, (I-VT), Tina Smith (D-MN), Ben Ray Luján (D-NM), and Peter Welch (D-VT).

MIL OSI USA News –

February 19, 2025

MIL-OSI: Purpose Investments Inc. Announces February 2025 Distributions

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of February 2025 for its open-end exchange-traded funds and closed-end funds (“the Funds”).

The ex-distribution date for all Open-End Funds is February 26, 2025. The ex-distribution date for all closed-end funds is February 28, 2025.

Open-End Funds	Ticker Symbol	Distribution per share/unit	Record Date	Payable Date	Distribution Frequency
Apple (AAPL) Yield Shares Purpose ETF – ETF Units	APLY	$0.1667	02/26/2025	03/04/2025	Monthly
Purpose Canadian Financial Income Fund – ETF Series	BNC	$0.1225¹	02/26/2025	03/04/2025	Monthly
Purpose Global Bond Fund – ETF Units	BND	$0.0840	02/26/2025	03/04/2025	Monthly
Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units	BRKY	$0.1000	02/26/2025	03/04/2025	Monthly
Purpose Bitcoin Yield ETF – ETF Units	BTCY	$0.0850	02/26/2025	03/04/2025	Monthly
Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units	BTCY.B	$0.0970	02/26/2025	03/04/2025	Monthly
Purpose Bitcoin Yield ETF – ETF USD Units	BTCY.U	US $0.0815	02/26/2025	03/04/2025	Monthly
Purpose Credit Opportunities Fund – ETF Units	CROP	$0.0875	02/26/2025	03/04/2025	Monthly
Purpose Credit Opportunities Fund – ETF USD Units	CROP.U	US $0.0975	02/26/2025	03/04/2025	Monthly
Purpose Ether Yield – ETF Units	ETHY	$0.0405	02/26/2025	03/04/2025	Monthly
Purpose Ether Yield ETF – ETF Non-Currency Hedged Units	ETHY.B	$0.0500	02/26/2025	03/04/2025	Monthly
Purpose Ether Yield ETF – ETF Units Non-Currency Hedged USD Units	ETHY.U	US $0.0395	02/26/2025	03/04/2025	Monthly
Purpose Global Flexible Credit Fund – ETF Units	FLX	$0.0461	02/26/2025	03/04/2025	Monthly
Purpose Global Flexible Credit Fund – Non-Currency Hedged – ETF Units	FLX.B	$0.0551	02/26/2025	03/04/2025	Monthly
Purpose Global Flexible Credit Fund – Non-Currency Hedged USD – ETF Units	FLX.U	US $0.0385	02/26/2025	03/04/2025	Monthly
Purpose Global Bond Class – ETF Units	IGB	$0.0860¹	02/26/2025	03/04/2025	Monthly
Microsoft (MSFT) Yield Shares Purpose ETF – ETF units	MSFY	$0.1100	02/26/2025	03/04/2025	Monthly
Purpose Enhanced Premium Yield Fund – ETF Series	PAYF	$0.1375¹	02/26/2025	03/04/2025	Monthly
Purpose Total Return Bond Fund – ETF Series	PBD	$0.0590¹	02/26/2025	03/04/2025	Monthly
Purpose Core Dividend Fund – ETF Series	PDF	$0.1050¹	02/26/2025	03/04/2025	Monthly
Purpose Enhanced Dividend Fund – ETF Series	PDIV	$0.0950¹	02/26/2025	03/04/2025	Monthly
Purpose Real Estate Income Fund – ETF Series	PHR	$0.0720¹	02/26/2025	03/04/2025	Monthly
Purpose International Dividend Fund – ETF Series	PID	$0.0780	02/26/2025	03/04/2025	Monthly
Purpose Monthly Income Fund – ETF Series	PIN	$0.0830¹	02/26/2025	03/04/2025	Monthly
Purpose Multi-Asset Income Fund – ETF Units	PINC	$0.0840	02/26/2025	03/04/2025	Monthly
Purpose Conservative Income Fund – ETF Series	PRP	$0.0600¹	02/26/2025	03/04/2025	Monthly
Purpose Premium Yield Fund – ETF Series	PYF	$0.1100¹	02/26/2025	03/04/2025	Monthly
Purpose Premium Yield Fund Non-Currency Hedged – ETF Series	PYF.B	$0.1230¹	02/26/2025	03/04/2025	Monthly
Purpose Premium Yield Fund Non-Currency Hedged – ETF USD Series	PYF.U	US $0.1200¹	02/26/2025	03/04/2025	Monthly
Purpose Core Equity Income Fund – ETF Series	RDE	$0.0875¹	02/26/2025	03/04/2025	Monthly
Purpose Emerging Markets Dividend Fund – ETF Units	REM	$0.0950	02/26/2025	03/04/2025	Monthly
Purpose Canadian Preferred Share Fund – ETF Units	RPS	$0.0950	02/26/2025	03/04/2025	Monthly
Purpose US Preferred Share Fund – ETF Series	RPU	$0.0940	02/26/2025	03/04/2025	Monthly
Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units²	RPU.B / RPU.U	$0.0940	02/26/2025	03/04/2025	Monthly
Purpose Strategic Yield Fund – ETF Units	SYLD	$0.0970	02/26/2025	03/04/2025	Monthly
AMD (AMD) Yield Shares Purpose ETF – ETF Series	YAMD	$0.2000	02/26/2025	03/04/2025	Monthly
Amazon (AMZN) Yield Shares Purpose ETF- ETF Units	YAMZ	$0.4000	02/26/2025	03/04/2025	Monthly
Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units	YGOG	$0.2500	02/26/2025	03/04/2025	Monthly
META (META) Yield Shares Purpose ETF – ETF Series	YMET	$0.1600	02/26/2025	03/04/2025	Monthly
NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units	YNVD	$0.7500	02/26/2025	03/04/2025	Monthly
Tesla (TSLA) Yield Shares Purpose ETF – ETF Units	YTSL	$0.5500	02/26/2025	03/04/2025	Monthly

Closed-End Funds	Ticker Symbol	Distribution per share/unit	Record Date	Payable Date	Distribution Frequency
Big Banc Split Corp, Class A	BNK	$0.1200¹	02/28/2025	03/14/2025	Monthly
Big Banc Split Corp, Preferred Shares	BNK.PR.A	$0.0700¹	02/28/2025	03/14/2025	Monthly

Estimated February 2025 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund

The February 2025 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:

Fund Name	Ticker Symbol	Estimated Distribution per unit	Record Date	Payable Date	Distribution Frequency
Purpose USD Cash Management Fund – ETF Units	MNU.U	US $0.3407	02/26/2025	03/04/2025	Monthly
Purpose Cash Management Fund – ETF Units	MNY	$0.2707	02/26/2025	03/04/2025	Monthly
Purpose High Interest Savings Fund – ETF Units	PSA	$0.1125	02/26/2025	03/04/2025	Monthly
Purpose US Cash Fund – ETF Units	PSU.U	US $0.3244	02/26/2025	03/04/2025	Monthly

Purpose expects to issue a press release on or about February 25, 2025, which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be February 26, 2025.

(1)	Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
(2)	Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD; however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.

About Purpose Investments Inc.

Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

For further information, please email us at info@purposeinvest.com

Media inquiries:
Keera Hart
keera.hart@kaiserpartners.com
905-580-1257

Commissions, trailing commissions, management fees, and expenses may all be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

The MIL Network –

February 19, 2025

MIL-OSI Global: Ne Zha 2: the ancient philosophies behind China’s record-breaking new animated film

Source: The Conversation – Global Perspectives – By Yanyan Hong, PhD Candidate in Communication and Media Studies, University of Adelaide

IMDB

On the surface, Ne Zha 2: The Sea’s Fury (2025), the sequel to the 2019 Chinese blockbuster Nezha: Birth of the Demon Child, is a high-octane, action-packed and visually stunning animated spectacle, full of hilarious moments and thrilling fight scenes.

But beneath all that, it’s something much deeper: a bold re-imagining of Chinese traditional mythology, cultural history and philosophies.

Unlike Hollywood’s classic hero’s journey, Ne Zha 2 is rooted in Chinese thought, weaving together ideas from Buddhism, Confucianism, Daoism, Mohism, Legalism and more.

Through the story of a baby-faced warrior god who battles demons, it channels centuries of Chinese tradition into something refreshing, relevant and undeniably global.

The film’s success speaks for itself. Directed by Yang Yu (aka Jiao Zi), Ne Zha 2 has shattered multiple global box office records, pulling in more than US$1 billion in China in just one week.

It has entered the top 10 highest-grossing films of all time, and has become the highest-grossing animated film – outperforming Inside Out 2 (2024).

But what makes Ne Zha 2 so compelling beyond its visual spectacle? At its heart, it’s an inspiring story about identity, free will, self-determination and rebellion – ideas that resonate far beyond China.

A child hero forged in myth and philosophy

Ne Zha is a rebellious deity in traditional Chinese folklore – a boy born with immense superpower, who defies both divine and social expectations.

Most people who know of Ne Zha will trace his legend back to Fengshen Yanyi, or Investiture of the Gods, a Ming Dynasty novel that blends mythology with historical elements.

Ne Zha’s true origins, however, trace back to India.

“Ne Zha” is a shortened transliteration of the Sanskrit Nalakuvara (or Nalakūbara), an Indian mythological figure who appears in Buddhist and Hindu mythology.

As Buddhism spread to China during the Tang Dynasty, Ne Zha evolved from an intimidating guardian deity into the rebellious, fire-wheeled warrior we know today.

In Ne Zha 2, this “fighting spirit” against authority and hierarchy is taken even further, turning the story into a deeper philosophical exploration of morality, fate, self-worth and power.

Good and evil – a Daoist perspective

One of the most thought-provoking aspects of Ne Zha 2 is how it challenges the idea of good and evil.

In Daoist philosophy, evil and good, often known as Yin and Yang, are not absolute, but are rather shifting, interconnected forces.

Through its two protagonists: the “Demon Pill” (Ne Zha) and his noble dragon prince buddy, “Spirit Pearl” (Ao Bing), the film beautifully reflects this Daoist idea of balance and self-discovery.

Their merging further blurs the line between hero and villain and brings to life a core concept from the 2,400-year-old text Dao De Jing (Tao Te Ching), written around 400 BC by Chinese philosopher Laozi (also called Lao Tzu).

Laozi emphasises that righteousness and villainy aren’t always what they seem. “When the world knows beauty as beauty, there arises ugliness,” he says.

Those we assume to be noble may turn out to be dark inside, while those deemed evil might be fighting for what is right.

Ne Zha’s character in the film embodies this Daoist philosophy. Echoing the Xisheng Jing, The Scripture of Western Ascension, he declares, “My fate is up to me, not the Heaven.”

He is the demon child who is willing to die fighting for his own destiny, proving that even the smallest, most underestimated individual can change the world.

Beyond family bonds: rebirth of Confucianism

In one scene, Ne Zha is struck by the “heart-piercing curse”, a brutal spell that covers his body in ten thousand thorns, causing unbearable pain and keeping him under control by targeting his heart. Ne Zha’s human mother, Lady Yin, clings to him as his thorns pierce her skin – yet she refuses to let go.

It’s a moment of heartbreak, parental love and inner awakening. As his mother takes her final breath, in Ne Zha’s grief, his body shatters into a million pieces. And then, he is reborn.

This is the film’s emotional climax, in which the so-called demon child awakens to “Rén” (benevolence), a core Confucian virtue.

Confucianism teaches that true morality isn’t imposed by rules but arises naturally from within. Ne Zha doesn’t just seek revenge, he awakes to fight for those who have been oppressed, embracing his identity with unwavering resolve.

But perhaps the most profound transformation comes from the dragon prince Ao Bing. As the last hope of his people, burdened by centuries of expectation, he finally makes a choice, not for legacy, not for his ancestors, but for himself.

In this moment, his once-imposing father Dragon King releases his grip: “Your path is yours to forge.”

The weight of tradition gives way to something new, reflecting a changing China where younger generations are defining their own paths.

Wisdom of Legalism and Mohism

Beyond Daoist and Confucian ideals, Ne Zha 2 also weaves in Legalist reform and Mohist resistance. These philosophies challenge rigid hierarchies (or in Ne Zha’s case, “divine order”) and advocate for collective justice.

Across Ne Zha’s three major trials and the climactic celestial-demon war, a brutal truth emerges: those deemed unworthy – whether groundhogs, mystical beings, or ordinary humans – are sacrificed to uphold the elite’s rule.

Take the small groundhogs. Dressed in patched clothes, surviving on pumpkin porridge. They’ve never harmed anyone. Yet, they are mercilessly crushed in the name of celestial balance.

Then there’s Shiji Niangniang, or Lady Rock, a recluse who harms no one. She indulges only in her own beauty and speaks to her enchanted mirror. Yet the heavens brand her a demon, sealing her fate.

A similar cruelty befalls the Dragon Clan and the people of Chentangguan, all caught in a war where they are mere pawns on a celestial chessboard.

Even the last battle is not just Ne Zha’s fight, but a battlefield showing the Chinese spirit of collectivism. Dragons, shrimp soldiers, crab generals, octopus warriors, humans and millions of goblins stand side by side to rewrite destiny.

The celestial-demon war itself plays out like a lesson in Sun Tzu’s Art of War, which states that “All warfare is based on deception.” War is about strategy, resilience and the unstoppable will to rise.

Ne Zha carries the weight of Eastern cultural essence: Daoist balance, Confucian ethics, Mohist resistance, Legalist reform and the strategic wisdom of The Art of War. It is a truly Chinese story, igniting next year’s Oscar buzz and sparking a global awakening to Eastern culture.

Just as Ne Zha is reborn in flames, so too does Chinese animation rise, not by breaking from its past, but by forging a bold future.

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

– ref. Ne Zha 2: the ancient philosophies behind China’s record-breaking new animated film – https://theconversation.com/ne-zha-2-the-ancient-philosophies-behind-chinas-record-breaking-new-animated-film-249850

MIL OSI – Global Reports –

February 19, 2025
MIL-OSI USA: PHOTOS: Capito Attends EPA Signing Event Approving West Virginia’s Class VI Well Authority

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito
WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, today joined U.S. Secretary of the Interior Doug Burgum and Congressman Riley Moore (R-W.Va.), as U.S. Environmental Protection Agency (EPA) Administrator Lee Zeldin signed a final rule approving West Virginia’s request to regulate the injection of carbon dioxide into deep rock formations. This action officially grants West Virginia the authority to oversee and administer the Class VI well program for deploying carbon capture, utilization, and storage (CCUS) projects. Video of today’s event is available here.
“I’m thrilled that Administrator Zeldin has affirmed his support for West Virginia’s approval to permit Class VI wells for carbon capture, and that we are officially bringing this important authority to those who know our state best. West Virginia has proven ourselves as a leader in this field, and with this announcement, has become the fourth state to receive Class VI well primacy. Today’s signing marks an important step in the continuation of West Virginia’s proud tradition of being an energy state and our efforts to contribute to American energy dominance,”Chairman Capito said.
“To Power the Great American Comeback, we need to produce more energy right here in the United States, and that requires cooperative federalism and permitting reform. As one of my first acts as EPA Administrator, I am proud to sign this rule to allow West Virginia the independence it needs to permit and regulate itself, while also working to safeguard our environment and drinking water. Under President Trump’s leadership, we will continue to advance conservation and foster economic growth for families across the country,” Administrator Zeldin said.
BACKGROUND:
Senator Capito has continuously advocated for West Virginia to be granted Class VI well primacy. In May 2023, Senator Capito introduced legislation to streamline state primacy applications for Class VI wells. In November 2023, Senator Capito urged the EPA to more quickly grant state primacy for Class VI storage wells and disburse funding from the Infrastructure Investment and Jobs Act, which she fought to include for future CCUS projects in the state. Last November, Senator Capito applauded EPA’s proposal to grant West Virginia this authority, and sent a letter in support of approval to the Agency in December. Senator Capito applauded West Virginia’s final approval to permit Class VI wells last month.
Photos from today’s event are included below:

U.S. Senator Shelley Moore Capito (R-W.Va.) is introduced by Interior Secretary Doug Burgum at the signing event approving West Virginia’s Class VI well program primacy

U.S. Senator Shelley Moore Capito (R-W.Va.) provides remarks at the signing event approving West Virginia’s Class VI well program primacy

U.S. Senator Shelley Moore Capito (R-W.Va.) joins EPA Administrator Lee Zeldin, Interior Secretary Doug Burgum, and Congressman Riley Moore (R-W.Va.) for the signing event approving West Virginia’s Class VI well program primacy

MIL OSI USA News –

February 19, 2025

Category: Finance

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Cantwell Votes NO On Advancing Lutnick for Commerce Secretary; Slams His Enthusiasm for Inflationary Tariffs

In speech on Senate floor, Cantwell says Trump’s pick to lead the Dept. of Commerce will rubber-stamp tariffs, slow domestic chip manufacturing, and hang NOAA out to dry; Cantwell also stresses: “Now is not the time to cut FAA staffing”

For the public benefit

Taxing unrelated activities

Ensuring transparency

Ahead of procedural vote, Durbin: “My Senate Republican colleagues are willfully ignoring myriad red flags about Mr. Patel, especially his recurring instinct to threaten retribution against his and President Trump’s perceived enemies.”

A child hero forged in myth and philosophy

Good and evil – a Daoist perspective

Beyond family bonds: rebirth of Confucianism

Wisdom of Legalism and Mohism