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Category: Finance

  • MIL-OSI Security: Seven Chilean Nationals Charged Following Nationwide Burglaries Of Several Professional Athletes

    Source: Office of United States Attorneys

    Tampa, Florida – Acting United States Attorney Sara C. Sweeney announces the  unsealing of a criminal complaint charging Pablo Zuniga Cartes (24, Chile), Ignacio Zuniga Cartes (20, Chile), Bastian Jimenez Freraut (27, Chile), Jordan Quiroga Sanchez (22, Chile), Bastian Orellano Morales (23, Chile), Alexander Huiaguil Chavez (24, Chile), and Sergio Ortega Cabello (38, Chile) with conspiracy to commit interstate transportation of stolen property. If convicted, each faces a maximum penalty of 10 years in federal prison. 

    According to the complaint, the individuals were members of a South American Theft Group that burglarized the homes of professional athletes around the country. These individuals targeted high-profile athletes in the National Football League (“NFL”) and National Basketball Association (“NBA”), all of whom were away or playing in professional games at the times of the burglaries. These individuals stole valuables worth over $2 million.    

    On October 5 and 7, 2024, in the Kansas City area, the homes of two Kansas City Chiefs football players were burglarized and jewelry, watches, cash, and other luxury merchandise was taken. The October 7 burglary occurred while the team played in Kansas City, Missouri.

    As detailed in the complaint, in Tampa on October 21, 2024, the home of a Tampa Bay Buccaneers player was burglarized while the team played in Tampa. Jewelry, designer watches, a luxury suitcase, and a firearm were stolen.

    On November 2, 2024, the Wisconsin home of a Milwaukee Bucks player was burglarized during a game in Milwaukee. A safe containing several watches, chains, personal items, jewelry, and cash was stolen, along with a designer suitcase and designer bags. The total value of property stolen was approximately $1.484 million.       

    The below photograph depicts Pablo Zuniga Cartes, Ignacio Zuniga Cartes, Bastian Jimenez Freraut, and a fourth individual posing with the stolen safe and jewelry taken shortly after the theft:

    On December 9, 2024, the Cincinnati home of a Cincinnati Bengals player was burglarized while the team played Arlington, Texas. Designer luggage, glasses, watches, and jewelry valued at about $300,000 was stolen. Sergio Ortega Cabello rented a vehicle used in the burglary. 

    Between the late afternoon on December 19, 2024, and the early morning of December 20, 2024, the Tennessee home of a Memphis Grizzlies player was burglarized while the team played in Memphis, Tennessee. Jewelry, watches, and luxury bags valued at about $1 million were stolen. 

    A complaint is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.

    This case was investigated by the Federal Bureau of Investigation and the Hillsborough County Sheriff’s Office, with assistance from Homeland Security Investigations, United States Customs and Border Patrol, the Ohio Bureau of Criminal Investigation, the Hamilton County (Tennessee) Sheriff’s Office, the Shelby County (Tennessee) Sheriff’s Office, the Dallas (Texas) Police Department, the Indian Hill (Ohio) Police Department, the Leawood (Kansas) Police Department, the River Hills (Wisconsin) Police Department.

    This case is part of an Organized Crime Drug Enforcement Task Force (OCDETF) investigation. The principal mission of the OCDETF program is to identify, disrupt, and dismantle the most serious transnational criminal organizations. It is being prosecuted by Assistant United States Attorneys Dan Baeza and Special Assistant United States Attorney Ashley Haynes.

    MIL Security OSI –

  • MIL-OSI Security: Operation Smoke and Mirrors Update: Charleston Man Sentenced to 14 Years in Prison for Role in Methamphetamine Trafficking Organization

    Source: Office of United States Attorneys

    CHARLESTON, W.Va. – Tres Avery Davis, 36, of Charleston, was sentenced today to 14 years in prison, to be followed by four years of supervised release, for possession with intent to distribute 40 grams or more of a mixture and substance containing fentanyl. Davis admitted to his role in a drug trafficking organization (DTO) that operated in the Charleston area.

    According to court documents and statements made in court, on March 7, 2023, Davis delivered approximately 2,000 blue pills containing fentanyl to a Kemp Avenue residence in Charleston. Law enforcement seized the pills at the residence on March 9, 2023. Davis admitted that he intended to distribute at least some of these pills to other people.

    Davis is among 31 defendants convicted of federal crimes as a result of Operation Smoke and Mirrors, a major drug trafficking investigation that has yielded the largest methamphetamine seizure in West Virginia history. Law enforcement seized well over 400 pounds of methamphetamine as well as 40 pounds of cocaine, 3 pounds of fentanyl, 19 firearms and $935,000 in cash.

    Davis dealt directly with a fentanyl supplier and personally acquired fentanyl pills for redistribution as part of his role in the DTO. Davis also recruited a co-conspirator to act as a courier to transport fentanyl pills from Columbus, Ohio, to Charleston, West Virginia.

    Davis also distributed methamphetamine as part of his role in the DTO.  He was responsible for 1.5 pounds of methamphetamine that were seized from a location in Charleston, and performed several methamphetamine transactions during the course of the investigation.  Davis admitted that he sold methamphetamine in one-half pound to one pound quantities. 

    Davis has a long criminal history that includes more than a dozen prior convictions for such offenses as being a prohibited person in possession of a firearm, distribution of cocaine base, possession of a controlled substance, and domestic battery.

    Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the Federal Bureau of Investigation (FBI), the Drug Enforcement Administration (DEA), the U.S. Department of Homeland Security-Homeland Security Investigations (HSI), the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the U.S. Postal Inspection Service, the Metropolitan Drug Enforcement Network Team (MDENT), the West Virginia State Police, the West Virginia National Guard Counter Drug program, the Kanawha County Sheriff’s Office, the Charleston Police Department, the Putnam County Sheriff’s Office and the Raleigh County Sheriff’s Office. MDENT is composed of the Charleston Police Department, the Kanawha County Sheriff’s Office, the Putnam County Sheriff’s Office, the Nitro Police Department, the St. Albans Police Department and the South Charleston Police Department..

    United States District Judge Thomas E. Johnston imposed the sentence. Assistant United States Attorney Jeremy B. Wolfe prosecuted the case.

    The investigation was part of the Department of Justice’s Organized Crime Drug Enforcement Task Force (OCDETF). The program was established in 1982 to conduct comprehensive, multilevel attacks on major drug trafficking and money laundering organizations and is the keystone of the Department of Justice’s drug reduction strategy. OCDETF combines the resources and expertise of its member federal agencies in cooperation with state and local law enforcement. The principal mission of the OCDETF program is to identify, disrupt and dismantle the most serious drug trafficking organizations, transnational criminal organizations and money laundering organizations that present a significant threat to the public safety, economic, or national security of the United States.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:23-cr-31.

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    MIL Security OSI –

  • MIL-OSI Security: Leader Of One Of Newark’s Largest Open-Air Drug Markets And Last Of 26 Defendants Sentenced To 168 Months’ Imprisonment

    Source: Office of United States Attorneys

    NEWARK, N.J. – a Newark, New Jersey man was sentenced today for his role as the leader of an expansive drug trafficking organization that distributed significant quantities of drugs and used firearms to protect their drug operation in Newark, New Jersey, Acting U.S. Attorney Vikas Khanna announced.

    Shaheed Blake, a/k/a “Sha Gotti,” a/k/a “Sha,” a/k/a “Bruh,” 41, was sentenced to 168 months’ imprisonment followed by 5 years’ supervised release by U.S. District Judge Evelyn Padin in Newark, New Jersey.  He was the last among his 25 co-defendants to be sentenced in the U.S. District Court for the District of New Jersey in Newark. 

    Blake’s 25 conspirators were previously sentenced as follows:

    • Anderson Hutchinson was sentenced to 168 months’ imprisonment;
    • Jabaar Blake was sentenced to 163 months’ imprisonment;
    • Jason Colon was sentenced to 144 months’ imprisonment;
    • Keyenn Rodgers was sentenced to 150 months’ imprisonment;
    • William Teal was sentenced to 132 months’ imprisonment;
    • Brian White was sentenced to 120 months’ imprisonment;
    • Todd Garrett was sentenced to 84 months’ imprisonment;
    • Anthony Bowens was sentenced to 88 months’ imprisonment;
    • Dorrell Blake was sentenced to 84 months’ imprisonment;
    • Daquan Lockhart was sentenced to 90 months’ imprisonment;
    • Aldoray McClain was sentenced to 72 months’ imprisonment;
    • Sharif Davis was sentenced to 72 months’ imprisonment;
    • Roger Thomas was sentenced to 70 months’ imprisonment;
    • Lamont Pugh was sentenced to 60 months’ imprisonment;
    • David Rogers was sentenced to 60 months’ imprisonment;
    • Hanif Yarrell was sentenced to 60 months’ imprisonment;
    • Aaron Watson was sentenced to 60 months’ imprisonment;
    • Marquise O’Neal was sentenced to 60 months’ imprisonment;
    • Jaleel Metz was sentenced to 66 months’ imprisonment;
    • Bernard Brown was sentenced to 60 months’ imprisonment;
    • Jesse Scott was sentenced to 60 months’ imprisonment;
    • Rasheem Langley was sentenced to 60 months’ imprisonment;
    • Shadesasha Ford was sentenced to 60 months’ imprisonment;
    • Linwood Lyles was sentenced to 42 months’ imprisonment; and
    • Andrew Knox was sentenced to 30 months’ imprisonment.

    This case was the result of a long-running wiretap investigation led by the Bureau of Alcohol, Tobacco, Firearms, and Explosives and the U.S. Attorney’s Office and the Newark Police Department.

    According to the documents filed in this case and statements made in court:

    Defendants were members and associates of a Bloods-affiliated gang that called itself the “CKarter Boys,” a play on “the Carter”—the name of the drug distribution building in the 1991 film New Jack City.  As Bloods members, the CKarter Boys used the letters “CK” to signify “Crip Killer,” a sign of disrespect to their rival street gang, the Crips.

    The investigation revealed that the organization’s leaders—Blake and Anderson Hutchinson, a/k/a “Murda Rah”—operated a massive drug market that flooded the streets of Newark with heroin and crack cocaine 24 hours per day, seven days per week.

    Blake, Hutchinson, and members of their organization sold heroin and crack cocaine to customers out of two neighboring houses near the Newark-Irvington border.  These drug dens were located in the heart of a residential community, just two blocks from the Thurgood Marshall Elementary School, a public school serving children from Pre-K to Fifth Grade.  On average, just one of these locations, which Blake controlled, generated approximately $10,000 per day in revenue from narcotics sales, and, on at least one occasion, revenue exceeded $13,000 in a single shift.

    One of the abandoned residences was virtually impenetrable due to the organization’s efforts to fortify the structure by boarding up all doors and windows. The defendants gained access to the residence through a second-floor window by way of a ladder that conspirators then brought inside the residence.  Once inside the abandoned residence, the defendants would sell heroin and crack cocaine through a small hole that was cut out on a first-floor outer wall, allowing customers to purchase narcotics in exchange for cash, similar to a restaurant’s drive-through window.  In a backyard shed, the defendants stored narcotics, a communal cell phone that was used to operate the business, multiple firearms, and several boxes of ammunition.

    The investigation resulted in charges against 26 defendants, including Blake, two other leaders, middlemen who assisted with transporting drugs and drug proceeds, distributors, and suppliers.

    Acting U.S. Attorney Khanna credited special agents of ATF, under the direction of Special Agent in Charge L.C. Cheeks, Jr. in Newark, and members of the Newark Department of Public Safety, under the direction of Director Emanuel Miranda, with the investigation. He also thanked the Essex County Prosecutor’s Office, the Essex County Sheriff’s Office, the New Jersey State Police, the Irvington Police Department, the Union County Prosecutor’s Office, the Belleville Police Department, the West Orange Police Department, the Livingston Police Department, the Nutley Police Department, the Orange Police Department, and the Verona Police Department.

    The CKarter Boys were prosecuted as part of the Newark Violent Crime Initiative (“VCI”).  The VCI was formed in August 2017 by the U.S. Attorney’s Office for the District of New Jersey, the Essex County Prosecutor’s Office, and the City of Newark’s Department of Public Safety for the sole purpose of combatting violent crime in and around Newark.  As part of this partnership, federal, state, county, and city agencies collaborate and pool resources to prosecute violent offenders who endanger the safety of the community.  The VCI is composed of the U.S. Attorney’s Office, the ATF, the Federal Bureau of Investigation, the Drug Enforcement Administration’s (DEA) New Jersey Division, the U.S. Marshals, the Newark Department of Public Safety, the Essex County Prosecutor’s Office, the Essex County Sheriff’s Office, New Jersey State Parole, the Essex County Correctional Facility, New Jersey State Police Regional Operations and Intelligence Center/Real Time Crime Center, New Jersey Department of Corrections, the East Orange Police Department, and the Irvington Police Department.

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

    The government is represented by Assistant U.S. Attorney Desiree Grace, Chief of the Criminal Division, and Assistant U.S. Attorneys Olta Bejleri and Jake A. Nasar of the Criminal Division in Newark.

                                                               ###

    MIL Security OSI –

  • MIL-OSI: Value Partners Announces Proposed Fund Merger

    Source: GlobeNewswire (MIL-OSI)

    WINNIPEG, Manitoba, Feb. 18, 2025 (GLOBE NEWSWIRE) — Value Partners Investments Inc. (“Value Partners”), the manager of the Value Partners Pools, today announces its proposal to merge (the “Merger”) VPI Mortgage Pool (the “Terminating Fund”) into a high interest savings pool, effective on or about April 17, 2025, subject to unitholder approval. The high interest savings pool is anticipated to begin operations on or about March 24, 2025, pending regulatory approval. Effective on or about March 17, 2025, securities of the Terminating Fund will no longer be available for purchase.

    A unitholder meeting of the Terminating Fund will be scheduled on or about April 16, 2025, where unitholders will be asked to approve the Merger. A notice of meeting will be mailed on or about March 26, 2025 to all investors of record as of March 17, 2025.

    The Independent Review Committee has provided a positive recommendation that the Merger, if implemented, will achieve a fair and reasonable result for the Terminating Fund.

    About Value Partners Investments Inc.
    Value Partners is an investment management firm founded in 2005 that offers investment products and services through experienced financial advisors at investment dealers and mutual fund dealers across Canada. Value Partners is a registered investment fund manager, portfolio manager and exempt market dealer with approximately $5.4 billion in assets under management on behalf of Canadian families and businesses.

    For further information, please contact:

    Gregg Filmon
    President
    Value Partners Investments Inc.
    Phone: (204) 949-0059

    The MIL Network –

  • MIL-OSI USA: Solving the Child Care Shortage: Governor Shapiro and Lt. Governor Davis Lead Roundtable on 2025-26 Budget Proposal to Expand Child Care Workforce with Community Leaders, Parents, and Families in Allegheny County

    Source: US State of Pennsylvania

    February 18, 2025 – Pittsburgh, PA

    Solving the Child Care Shortage: Governor Shapiro and Lt. Governor Davis Lead Roundtable on 2025-26 Budget Proposal to Expand Child Care Workforce with Community Leaders, Parents, and Families in Allegheny County

    Governor Josh Shapiro and Lt. Governor Austin Davis hosted a roundtable at the YMCA Child Development Center at Duquesne University to highlight the Governor’s 2025-26 proposed budget, which builds on his efforts to make child care more accessible and affordable. Over the past two years, Governor Shapiro has taken steps to lower child care costs, and this year’s budget proposal focuses on expanding the child care workforce to ensure more Pennsylvania families can access the care they need.

    Governor Shapiro, Lt. Governor Davis, Second Lady Blayre Holmes Davis, and key stakeholders, including President of the YMCA of Greater Pittsburgh Amy Kienle, CEO of Partner4Work Robert Cherry, child care workers and teachers, and parents participated in the roundtable. Leadership from the Greater Pittsburgh YMCA, Duquesne University, Early Learning Investment Commission (ELIC), and the General Assembly also attended. The discussion focused on the Governor’s proposed budget investments to address workforce challenges, reduce costs, and increase access to quality child care for Pennsylvania families.

    “My budget prioritizes workforce development to tackle shortages in critical sectors like child care,” said Governor Shapiro. “With 3,000 unfilled child care jobs across Pennsylvania, too many families are struggling to find safe, affordable care – forcing parents out of the workforce and making it harder to get ahead. That’s why I’m proposing a $55 million investment to provide child care workers with at least $1,000 in recruitment and retention bonuses, strengthening our workforce and helping to solve this problem.”

    Speaker list:
    Governor Josh Shapiro
    Lt. Governor Austin Davis
    Second Lady Blayre Holmes Davis
    Amy Kienle, President/CEO, YMCA of Greater Pittsburgh
    Robert Cherry, CEO, Partner4Work
    Tracey Spear, Child Care Center Director
    Amanda Eadie, Teacher & Duquesne Student
    Hana Naghamouchi, Teacher & Duquesne Student

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Nan Orrock to Hold Press Conference Announcing Legislation on Georgia Anti-Abortion Centers

    Source: US State of Georgia

    ATLANTA (February 18, 2025) — On Wednesday, February 19, at 12:30 p.m., Sen. Nan Orrock (D–Atlanta) will join Rep. Anne Allen Westbrook (D–Savannah) to announce legislation that would ban the state funding of anti-abortion centers. They will be joined by members of the Amplify Georgia Collaborative to discuss the effects of these centers and the goals of the legislation.

    EVENT DETAILS:                      

    • Date: Wednesday, February 19, 2025
    • Time: 12:30 p.m.
    • Where: Georgia State Capitol, South Steps, 206 Washington St., Atlanta, GA 30334
    • This Event is Open to the Public.

    MEDIA OPPORTUNITIES:

    We kindly request that members of the media confirm their attendance in advance by contacting Jantz Womack at SenatePressInquiries@senate.ga.gov.

    “Georgians have a right to understand the full range of pregnancy options and to receive reliable medical information free of political bias,” said Sen. Orrock. “Anti-abortion clinics were found to provide high levels of false and misleading health information. Advertised services do not align with what is actually available and do not comply with prevailing medical guidelines. Georgia continues to have one of the highest maternal mortality rates of any state. Investing in healthy pregnancies and healthy babies must be our top priority. We must act to protect the public’s right to accurate healthcare information. Public funding for these anti-abortion clinics should end. Instead, let’s invest wisely and increase access to real healthcare.”

    # # # #

    Sen. Nan Orrock serves as the Democratic Caucus Secretary. She represents the 36th Senate District which includes portions of Fulton County. She may be reached at 404.463.8054 or by email at nan.orrock@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI: Currency Exchange International, Corp. Announces Strategic Decision to Discontinue Operations of its Subsidiary, Exchange Bank of Canada, Pursue Referral Agreements with Appropriate Parties, and Seek Discontinuance from the Bank Act

    Source: GlobeNewswire (MIL-OSI)

    • Exchange Bank of Canada is to cease operations and refer the majority of its banknote and payments customers and selected employees to interested parties;
    • Currency Exchange International reiterates long-term positive outlook, with strategic focus on high potential U.S. business growth by leveraging its proprietary FX and payment software.

    TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (“CXI” or the “Company”) (TSX: CXI) (OTC: CURN), today announced its decision to cease the operations of its wholly-owned subsidiary, Exchange Bank of Canada (“EBC”), a federally chartered, non-deposit-taking, non-lending Canadian Schedule I bank. Following the cessation of operations, EBC intends to apply to the Minister of Finance (Canada) to discontinue from the Bank Act. The voluntary discontinuance is expected to be completed in the 4th quarter of 2025, subject to receipt of all necessary regulatory approvals.

    On January 7, 2025, CXI announced that a Special Committee of independent directors was actively considering a range of strategic options for EBC with the aim of identifying opportunities to maximize long-term value for shareholders. After the assessment of strategic options, assisted by an independent financial advisor, INFOR Financial Inc., CXI’s Board has decided to discontinue operations of its subsidiary, EBC. As part of this process, the Special Committee actively explored different options and supported a plan to cease EBC’s operations, pursue referral agreements for both the majority of its customers and select employees to well-established Canadian financial businesses, and seek discontinuance from the Bank Act.

    “The decision to seek discontinuance from the Bank Act for EBC was taken very seriously and not made lightly and reflects a difficult business environment in Canada. We are optimistic that the contemplated referral agreements are the best outcome for EBC stakeholders as well as CXI shareholders,” said Randolph Pinna, CEO of CXI. “Importantly, the CXI group continues to perform very well. This strategic move allows CXI to focus resources on its U.S. operations, where we see significant growth potential with both existing and new client relationships.”

    CXI’s long-term outlook remains positive due to the Company’s focus on its growing fintech businesses in the U.S. and anticipated additional new product growth in the U.S. market. The Company will provide further updates as the Canadian business operations are being discontinued. In connection with the cessation of operations and discontinuance, certain one time costs will be incurred, primarily over the next six months, largely driven by restructuring, vendor termination fees, severance obligations, professional fees and other related charges. CXI expects to remain profitable during this period. During this process, EBC is committed to ensuring minimal disruption to all its stakeholders.

    CXI is grateful to all EBC’s team members for their contributions over the years and is committed to providing support and guidance to all employees during this transition to ensure a smooth and respectful process.

    The Company plans to host a conference call on Wednesday, February 19, 2025 at 8:30 AM (EST). To participate in or listen to the call, please dial the appropriate number:

    Toll Free: 1 (800) 717-1738

    Conference ID number: 00133

    About Currency Exchange International, Corp.

    Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Group-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com (“OnlineFX”).

    The Group’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services in Canada and select international foreign jurisdictions. Customers are served through the use of its proprietary software, www.ebcfx.com (“EBCFX”), related APIs to core banking platforms, and personal relationship managers.

    Contact Information

    For further information please contact:
    Bill Mitoulas
    Investor Relations
    (416) 479-9547
    Email: bill.mitoulas@cxifx.com
    Website: www.cxifx.com

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

    This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the voluntary cessation of operations and discontinuance of Exchange Bank of Canada (EBC), the conclusion of referral agreements for customers and selected employees, regulatory approvals required for the discontinuance process, establishing direct correspondent banking relationships to support its U.S. payments business, the management of employee and customer transitions, the Company’s liquidity position during the cessation and discontinuance period, financial performance in fiscal 2025 and 2026, and the associated costs and outcomes of the cessation and discontinuance period in general. Forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “preliminary,” “project,” “will,” “would,” and similar terms and phrases, including references to assumptions.

    Forward-looking information is based on the opinions and estimates of management at the date such information is provided and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, and assumptions that could cause the Company’s actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the inability of the Company to complete the cessation of EBC and discontinuance in accordance with applicable regulatory and legal requirements on a basis which is cost effective and protects the goodwill of the Company, an inability to establish direct correspondent banking relationships to support its U.S. payments business on terms which are economic or at all, the impact of delays or challenges in obtaining regulatory approvals, a failure to obtain the necessary approvals for referral agreements for customers and selected employees or an inability to conclude such arrangements on a basis which is beneficial to the Company and its selected employees, an inability to manage one-time wind-down costs and severance obligations on cost-effective basis, potential disruptions to operations during the transition period. the risk of reduced liquidity during the transition periods and, generally, the potential for unforeseen liabilities arising during or after the cessation of operations and discontinuance of EBC.

    Additional risks include the ability of the Company to comply with regulatory requirements in general, the competitive nature of the foreign exchange industry, the impact of geo political changes, and trade wars on factors relevant to the Company’s business, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, unexpected losses or challenges associated with customer attrition during the discontinuance, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, as well as the factors identified throughout this press release and in the section entitled “Financial Risk Factors” of the Company’s Management’s Discussion and Analysis for the twelve months ended October 31, 2024.

    The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events, or otherwise, except as required under applicable securities laws.

    The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained in this press release.

    The MIL Network –

  • MIL-OSI: Talonvest Secures $14.4M in Financings for two California Properties

    Source: GlobeNewswire (MIL-OSI)

    NEWPORT BEACH, Calif., Feb. 18, 2025 (GLOBE NEWSWIRE) — Talonvest Capital, Inc. is proud to announce two recent closings for SoCal Self Storage. The first was a $7,200,000 non-recourse permanent loan for a self storage facility located at 2550 Willow Lane in Thousand Oaks, California. The property spans 54,937 NRSF and features a total of 525 units. The property benefits from its prime location along the 101 Freeway, which sees over 170,000 vehicles per day. Concurrently, Talonvest negotiated a second loan on behalf of SoCal Self Storage for a facility encompassing 42,979 NRSF spanning 499 units and located in the economically vibrant community of Torrance, California.   The $7,200,000 non-recourse refinance loan features a 10-year loan, full-term interest only payments, and an attractive fixed interest rate.

    Thanks to the lender competition facilitated by Talonvest, the client secured cash out, loan terms surpassing those offered by life companies, financial cash management triggers waived, and a loan spread well below 200 bps on both transactions. Bill Bromiley, Principal of Syndicated Real Estate Investments, remarked, “The Talonvest team secured an excellent interest rate while structuring favorable loan terms for us, and they proactively managed a seamless closing.” Denny Geiler, Principal of Polo Properties, LLC, added, “Their deep understanding of the capital markets was invaluable, and their hands-on involvement throughout the process had a direct and positive impact on our results.” The Talonvest team responsible for these assignments included Eric Snyder, Kim Bishop, Ivan Viramontes, Morgan Johnson and Lauren Maehler.

    About Talonvest Capital Inc.

    Talonvest Capital is a commercial real estate advisory firm specializing in sourcing cutting-edge lending programs and advising on capital market trends for industrial, self-storage, multifamily, office, and retail property owners. Talonvest Capital offers a unique boutique approach by leveraging the company’s collective institutional knowledge and remaining highly engaged throughout the entire assignment, including the closing process, to deliver tailored capital solutions for their clients.   Learn more at https://talonvest.com.

    Thousand Oaks, CA

    Torrance, CA

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/df7d6e81-7b58-458f-bb15-905101bbcc6c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7078ee40-6c8a-4c41-b9db-ec8708468e8e

    The MIL Network –

  • MIL-OSI Canada: Expanded critical care at Rockyview Hospital

    Alberta’s government is committed to ensuring Albertans can access the health care services they need, when and where they need them. The completion of this $84-million project is a significant investment in health care infrastructure in Calgary, enhancing the hospital’s intensive care, coronary care and endoscopy services, increasing critical care capacity, and improving access to life-saving treatment.

    “We are committed to ensuring Albertans can access the health care services they need when and where they need them. The completion of this project means Albertans with serious heart conditions will receive prompt and high-quality care, leading to improved health outcomes.”

    Adriana LaGrange, Minister of Health

    In just two months, Rockyview General Hospital will open a new intensive care unit (ICU) and coronary care unit (CCU) that increases staffed bed capacity by almost 50 per cent. By expanding capacity, the new units – purpose-built for efficiency – will ease pressure on emergency resources and ensure faster access to treatment, substantially improving care for critical patients. The expansion also relocates the integrated ICU and CCU into a larger, modernized space to meet the growing demand for critical care services.

    “We’re proud to have completed a project that will greatly enhance health care services available to residents of Calgary and the neighbouring communities. Providing Albertans with the critical infrastructure they need to access healthcare services close to home is a top priority for my ministry.”

    Pete Guthrie, Minister of Infrastructure

    As part of the $84-million investment, the modernization of the Florence and Lloyd Cooper Endoscopy Unit is being supported by $10 million from the Calgary Health Foundation. The expansion includes a new procedure room and a 75 per cent increase in post-procedure recovery bays, improving access to essential procedures to diagnose critical conditions like colon cancer.

    “The expansion and enhancement of the Florence and Lloyd Cooper Endoscopy Unit at Rockyview General Hospital is critical to continue to meet the growing needs of patients in southern Alberta. It is going to have a significant impact on the timely diagnosis and treatment of prevalent digestive disorders, improved patient care and on the ever-growing demands on the health care system. We are incredibly grateful for our donors who made this $10-million gift possible.”

    Murray Sigler, president and CEO, Calgary Health Foundation 

    Alberta Health Services will begin operationalizing the upgraded spaces this winter, with the facilities expected to open to patients in April 2025.

    “We are grateful to the Government of Alberta and the Calgary Health Foundation for their ongoing support and partnership. With the addition of more beds, the new joint ICU and CCU will enhance care for critically ill patients and those with a range of heart conditions. Rockyview’s expanded endoscopy unit will also better serve patients and families with a new procedure room and an increase in recovery bays, resulting in reduced wait times for patients with gastrointestinal or respiratory issues.”

    Jennifer Coulthard, senior operating officer, Rockyview General Hospital

    Alberta’s government continues to invest in health care infrastructure that increases capacity, reduces wait times and ensures timely, high-quality care for all Albertans.

    Quick facts

    • Three beds have been added to the ICU and five beds have been added to the CCU.
    • The number of post-procedure recovery bays in the endoscopy unit has increased to 21 bays from 12 bays.
    • The redeveloped ICU and CCU space was purposefully built in 2010 to accommodate this new expansion.

    Related information

    • Calgary Health Foundation

    Related news

    • Work begins on Rockyview General Hospital (April 25, 2023)
    • Budget 2021: Investing in Calgary’s Rockyview hospital (April 28, 2021)

    MIL OSI Canada News –

  • MIL-OSI Submissions: African Union Summit: African Development Bank President Highlights a Decade of Economic Transformational Impact

    SOURCE: African Development Bank Group (AfDB)

    During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1st September 2025

    ABIDJAN, Ivory Coast, February 18, 2025 – “It’s been my greatest honor to serve you and Africa”—Adesina tells African leaders
    Governments across Africa pay tribute to Adesina’s exceptional leadership
    UN Secretary General Guterres says global financial architecture hampering Africa’s development, calls for reforms

    African Development Bank Group (www.AfDB.org/en) President Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation. Adesina’s participation at the august continental gathering in Addis Ababa ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, a $20 billion facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.

    Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—which has impacted more than half a billion lives across the continent.

    “It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” said Adesina who in February 2022, became the first president of the Bank Group to address the AU Summit.

    During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1st September 2025.

    The February 15–16 Summit saw the election of Djibouti’s Foreign Minister Mahmoud Ali Youssouf as Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Algeria’s Ambassador, Salma Malika Haddadi, was elected the Commission’s Deputy Chairperson.

    Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives, including 231 million women, over the past decade:

    127 million people gained access to better services in terms of health.
    61 million people gained access to clean water.
    33 million people benefited from improved sanitation.
    46 million people gained access to ICT services, and
    25 million people gained access to electricity.

    He cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to adopt bold policies in support of an initiative by the World Bank and the African Development Bank to extend electricity access to 300 million Africans by 2030. That meeting, attended by 21 heads of state, secured $48 billion in commitments from the two institutions and an additional $7 billion from other development partners.

    The Addis Ababa Summit endorsed the Dar Es Salaam Energy Declaration, the Baku Declaration by African Heads of State on Measuring the Green Wealth of Africa. The Assembly also adopted the African Financing Stability Mechanism, a groundbreaking initiative by the African Development Bank to provide $20 billion in debt refinancing for African nations alongside  the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa report which  outlines key actions required to enable Africa to achieve, and sustain an annual growth rate of at least 7% of GDP over the next five decades.

    On food security, Adesina cited the Bank’s Technologies for African Agricultural Transformation (TAAT), the Dakar 2 Food Summit that mobilized $72 billion in 2023, and the $1.5 billion Africa Emergency Food Production Facility that was launched in May 2022 to avert a major food and fertilizer crisis triggered by global conflicts.

    “The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” he stressed. With the support of the Bank, Ethiopia has achieved self-sufficiency in wheat production within four years and is now a wheat-exporting nation.

    A Decade of Transformative Impact

    With a strong focus on job creation, the Bank has trained 1.7 million youth in digital skills and is rolling out Youth Entrepreneurship Investment Banks to drive youth-led economic growth. “Our goal is simple: create youth-based wealth across Africa,” Adesina reiterated.

    Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses, said Adesina.

    Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.

    The Bank has also prioritized healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.

    Historic Financial Mobilization for Africa

    Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.

    The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.

    As he bade farewell, the outgoing Bank chief expressed gratitude to the African Heads of State, the African Union Commission, regional economic communities, and the people of Africa for their unwavering support.

    “As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to use this opportunity to immensely thank your Excellencies Heads of State and Government for your extraordinary support over the past ten years. I am very grateful for your always being there for the African Development Bank—your Bank. I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” he said.

    The 2025 Summit under the theme, “Justice for Africans and People of African Descent Through Reparations,” drew global political leaders and other dignitaries, including UN Secretary-General António Guterres, and the Prime Minister of Barbados, Mia Mottley.

    Guterres reiterated calls for reform of the international financial architecture, which is hampering the development of many African economies, beset by expensive debt repayments and high borrowing costs, which limits their capacity to invest in education, health and other essential needs.

    Prime Minister Mottley emphasized Africa’s strategic role in shaping global economic trends, particularly highlighting the continent’s control of 40% of the world’s minerals. She stressed the importance of addressing emerging challenges like artificial intelligence, urging African nations to take a proactive role in technological advancement rather than becoming “victims of technology.”

    She also underscored the urgency of removing artificial barriers between Africa and the Caribbean, calling for the elimination of transit visa requirements to boost trade and integration. Mottley echoed demands for reparatory justice, noting that both the Caribbean and Africa began their independence journey with “chronic deficits” in resources, fairness, and opportunity.

    Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity among member countries in addressing the challenges.

    “In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa”, he said.

    Dr. Adesina’s speech (https://apo-opa.co/4kiP9Ph)
    AU Summit pictures (https://apo-opa.co/4i03e1S)

    MIL OSI – Submitted News –

  • MIL-OSI USA: Luján, Colleagues Warn IRS Staffing Cuts Will Cause a Tax Refund Train Wreck, Degrade Taxpayer Service, Undermine Law Enforcement

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján

    With Tax Filing Season Underway, Trump Cuts Have Already Hampered Key Tax Filing Assistance Programs; Democrats Warn Further Cuts Could Hurt Families Waiting for Refunds

    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Finance, Finance Committee Ranking Member U.S. Senator Ron Wyden (D-Ore.), Senate Democratic Leader Chuck Schumer (D-N.Y.), and six Democratic committee members warned the Trump administration and IRS leadership today 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 them 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: “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 complete text of the letter to Treasury Secretary Bessent, OMB Director Vought, acting OPM Director Ezell and acting IRS Commissioner O’Donnell is available here.

    U.S. Senators Mark Warner (D-Va.), Sheldon Whitehouse (D-R.I), Elizabeth Warren (D-Mass.), Bernie Sanders (I-Vt.), Tina Smith (D-Minn.), and Peter Welch (D-Vt.) also signed the letter.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Finance Sector – Comments on RBNZ interest rate decision from Leigh Hodgetts, country manager, Finance and Mortgage Advisers Association of New Zealand (FAMNZ)

    Source: Finance and Mortgage Advisers Association of New Zealand (FAMNZ)

    RBNZ interest rate decision – “If as expected, the Reserve Bank of New Zealand (RBNZ) reduces the official cash rate, we call on all banks to quickly pass on the full reduction to both new and existing borrowers.

    “Our message to borrowers who do not see a reduction in their repayments is to contact your lender and ask why. If you don’t get satisfaction see your mortgage adviser as the market is becoming more competitive and advisers can assist you to refinance if necessary.

    “The general feeling across New Zealand is that there will be further rate cuts during 2025, and we are already seeing competition heating up between the banks.

    “Some lenders are already factoring this into their rates, with a few headline rates coming out from Westpac at 4.99 per cent for a three year fixed rate, and TSB moving yesterday on a two year fixed rate at 5.29 per cent.

    “A rate cut will bring more good news for borrowers who are sitting on variable rates and looking for a good rate to lock in for 2025 and beyond.

    “It will also increase the ability of consumers to borrow and purchase a home, while bringing some relief for those doing it tough after long periods of higher rates.

    “The changing rates will present consumers with many options including whether to fix rates or not, and advisers are already receiving many of these types of enquiries. The type and structure of your loan will depend on your individual circumstances and we encourage borrowers to see a mortgage adviser so that this can be discussed. When rates are going down it is important not to make these decisions without advice.

    “The New Zealand mortgage market is becoming more competitive, and mortgage advisers have played a large part in this. More people are choosing to use an adviser because we assist them to find the product that is in their best interests and best suits their specific individual needs.”

    MIL OSI New Zealand News –

  • MIL-OSI: CVR Energy Reports Fourth Quarter and Full-Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Reported full-year 2024 net income attributable to CVR Energy stockholders of $7 million and EBITDA of $394 million.
    • Paid cumulative cash dividends attributable to 2024 of $1.00 per share.
    • Enhanced liquidity by $408 million in the fourth quarter of 2024 through a Term Loan and the sale of our 50 percent interest in Midway Pipeline.

    SUGAR LAND, Tx, Feb. 18, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced fourth quarter 2024 net income attributable to CVR Energy stockholders of $28 million, or 28 cents per diluted share, compared to fourth quarter 2023 net income attributable to CVR Energy stockholders of $91 million, or 91 cents per diluted share. Adjusted loss for the fourth quarter of 2024 was 13 cents per diluted share compared to adjusted earnings of 65 cents per diluted share in the fourth quarter of 2023. Net income for the fourth quarter of 2024 was $40 million, compared to net income of $97 million in the fourth quarter of 2023. Fourth quarter 2024 EBITDA was $122 million, compared to fourth quarter 2023 EBITDA of $204 million. Adjusted EBITDA for the fourth quarter of 2024 was $67 million, compared to adjusted EBITDA of $170 million in the fourth quarter of 2023.

    For full-year 2024, the Company reported net income attributable to CVR Energy stockholders of $7 million, or 6 cents per diluted share, compared to net income attributable to CVR Energy stockholders for full-year 2023 of $769 million, or $7.65 per diluted share. Adjusted loss for full-year 2024 was 51 cents per diluted share compared to adjusted earnings of $5.64 per diluted share for full-year 2023. Net income for full-year 2024 was $45 million, compared to net income of $878 million for full-year 2023. Full-year 2024 EBITDA was $394 million, compared to full-year 2023 EBITDA of $1.4 billion. Adjusted EBITDA for full-year 2024 was $317 million, compared to adjusted EBITDA of $1.2 billion for full-year 2023.

    “CVR Energy’s 2024 full-year and fourth quarter results for its refining business were lower than the previous year due to reduced crack spreads and, to a lesser degree, decreased throughputs,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “We commenced our planned Coffeyville turnaround early, which should position us well for the improvement in cracks we expect as summer driving season begins and capacity rationalization occurs.

    “CVR Partners operated well during 2024, with consolidated ammonia plant utilization of 96 percent,” Lamp said. “The Partnership is pleased to have declared a fourth quarter 2024 cash distribution of $1.75 per common unit, with cumulative cash distributions of $6.76 per common unit for 2024.”

    Petroleum Segment

    Fourth Quarter 2024 Compared to Fourth Quarter 2023

    The Petroleum Segment reported fourth quarter 2024 net income of $35 million and EBITDA of $72 million, compared to net income of $158 million and EBITDA of $196 million for the fourth quarter of 2023. Adjusted EBITDA for the Petroleum Segment was $9 million for the fourth quarter of 2024, compared to $152 million for the fourth quarter of 2023.

    Combined total throughput for the fourth quarter of 2024 was approximately 214,000 barrels per day (“bpd”), compared to approximately 223,000 bpd of combined total throughput for the fourth quarter of 2023.

    Refining margin for the fourth quarter of 2024 was $165 million, or $8.37 per total throughput barrel, compared to $307 million, or $15.01 per total throughput barrel, during the same period in 2023. Included in our fourth quarter 2024 refining margin were favorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $57 million, unfavorable derivative impacts of $6 million from open crack spread swap positions and unfavorable inventory valuation impacts of $12 million. Excluding these items, adjusted refining margin for the fourth quarter of 2024 was $6.45 per barrel, compared to an adjusted refining margin per barrel of $12.91 for the fourth quarter of 2023. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

    Full-Year 2024 Compared to Full-Year 2023

    The Petroleum Segment reported full-year 2024 net income of $70 million and EBITDA of $223 million, compared to net income of $1.1 billion and EBITDA of $1.2 billion for full-year 2023. Adjusted EBITDA for the Petroleum Segment was $138 million for full-year 2024, compared to $903 million for full-year 2023.

    Combined total throughput for full-year 2024 was approximately 196,000 bpd, compared to approximately 208,000 bpd for full-year 2023.

    Refining margin was $684 million, or $9.53 per total throughput barrel, for full-year 2024 compared to $1.7 billion, or $21.82 per total throughput barrel, for full-year 2023. Included in our full-year 2024 refining margin were favorable mark-to-market impacts on our outstanding RFS obligation of $89 million, unfavorable derivative impacts of $22 million from open crack spread swap positions, and unfavorable inventory valuation impacts of $6 million. Excluding these items, adjusted refining margin for full-year 2024 was $8.67 per barrel, compared to an adjusted refining margin per barrel of $18.11 for full-year 2023. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

    Renewables Segment

    Effective for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, we have revised our reportable segments to reflect a new reportable segment – Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma.

    Fourth Quarter 2024 Compared to Fourth Quarter 2023

    The Renewables Segment reported fourth quarter 2024 net loss of $3 million and EBITDA of $3 million, compared to net loss of $30 million and EBITDA loss of $26 million for the fourth quarter of 2023. Adjusted EBITDA for the Renewables Segment was $9 million for the fourth quarter of 2024, compared to Adjusted EBITDA loss of $17 million for the fourth quarter of 2023.

    Total vegetable oil throughput for the fourth quarter of 2024 was approximately 187,000 gallons per day (“gpd”), compared to approximately 200,000 gpd for the fourth quarter of 2023.

    Renewables margin was $14 million, or 79 cents per vegetable oil throughput gallon, for the fourth quarter of 2024 compared to a loss of $17 million, or 90 cents per vegetable oil throughput gallon, for the fourth quarter of 2023. Factors contributing to our fourth quarter 2024 renewables margin were lower cost of sales of $46 million due to a decrease in vegetable oil feed prices and an increase in the Heating Oil – Bean Oil (“HOBO”) spread of 7 cents per gallon driven by a decrease in soybean oil prices of 9 cents per pound due to increased U.S. soybean oil inventories resulting from higher production levels.

    Full-Year 2024 Compared to Full-Year 2023

    The Renewables Segment reported full-year 2024 net loss of $21 million and EBITDA of $3 million, compared to net loss of $36 million and EBITDA loss of $17 million for full-year 2023. Adjusted EBITDA for the Renewables Segment was $10 million for full-year 2024, compared to Adjusted EBITDA loss of $5 million for full-year 2023.

    Total vegetable oil throughput for full-year 2024 was approximately 151,000 gpd, compared to approximately 226,000 gpd for full-year 2023.

    Renewables margin was $44 million, or 80 cents per vegetable oil throughput gallon, for full-year 2024 compared to $22 million, or 27 cents per vegetable oil throughput gallon, for full-year 2023. Factors contributing to our full-year 2024 renewables margin were favorable cost of sales of $284 million due to lower vegetable oil feed prices, an increase in the HOBO spread of 59 cents per gallon driven by a decrease in soybean oil prices of 14 cents per pound due to increased U.S. soybean oil inventories resulting from higher production levels and an increase in renewable diesel yield due to improved catalyst performance in the current year.

    Nitrogen Fertilizer Segment

    Fourth Quarter 2024 Compared to Fourth Quarter 2023

    The Nitrogen Fertilizer Segment reported net income of $18 million and EBITDA of $50 million on net sales of $140 million for the fourth quarter of 2024, compared to net income of $10 million and EBITDA of $38 million on net sales of $142 million for the fourth quarter of 2023.

    CVR Partners’ fertilizer facilities produced a combined 210,000 tons of ammonia during the fourth quarter of 2024, of which 80,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 310,000 tons of urea ammonia nitrate (“UAN”). During the fourth quarter of 2023, the fertilizer facilities produced 205,000 tons of ammonia, of which 75,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 306,000 tons of UAN.

    For the fourth quarter of 2024, average realized gate prices for UAN declined by 5 percent to $229 per ton and ammonia improved by 3 percent to $475 per ton when compared to the fourth quarter of 2023. Average realized gate prices for UAN and ammonia were $241 per ton and $461 per ton, respectively, for the fourth quarter of 2023.

    Full-Year 2024 Compared to Full-Year 2023

    The Nitrogen Fertilizer Segment reported net income of $61 million and EBITDA of $179 million on net sales of $525 million for full-year 2024, compared to net income of $172 million and EBITDA of $281 million on net sales of $681 million for full-year 2023.

    For full-year 2024, our fertilizer facilities produced a combined 836,000 tons of ammonia, of which 270,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 1,273,000 tons of UAN. For full-year 2023, the fertilizer facilities produced 864,000 tons of ammonia, of which 270,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 1,369,000 tons of UAN.

    For full-year 2024, average realized gate prices for UAN declined by 20 percent to $248 per ton and ammonia declined by 16 percent to $479 per ton when compared to the full-year 2023. Average realized gate prices for UAN and ammonia were $309 per ton and $573 per ton, respectively, for full-year 2023.

    Corporate and Other

    The Company reported income tax benefit of $26 million, or (137.2) percent of income before income taxes, for the year ended December 31, 2024, compared to an income tax expense of $207 million, or 19.1 percent of income before income taxes, for the year ended December 31, 2023. The decrease in income tax expense was due primarily to a decrease in overall pretax earnings for the year ended December 31, 2024, compared to the year ended December 31, 2023. In addition, the change in the effective tax rate was due primarily to changes in pretax earnings attributable to noncontrolling interests and the impact of federal and state tax credits and incentives generated in relation to overall pretax earnings for the year ended December 31, 2024, compared to the year ended December 31, 2023.

    Cash, Debt and Dividend

    During the fourth quarter of 2024, we completed two liquidity enhancing transactions generating net proceeds of $318 million from the senior secured term loan facility (the “Term Loan”) issuance and approximately $90 million of gross proceeds from the sale of our subsidiary’s 50% interest in the Midway Pipeline.

    Consolidated cash and cash equivalents was $987 million at December 31, 2024. Consolidated total debt and finance lease obligations was $1.9 billion at December 31, 2024, including $569 million held by the Nitrogen Fertilizer Segment.

    CVR Partners announced that the Board of Directors of its general partner declared a fourth quarter 2024 cash distribution of $1.75 per common unit, which will be paid on March 10, 2025, to common unitholders of record as of March 3, 2025.

    Fourth Quarter 2024 Earnings Conference Call

    CVR Energy previously announced that it will host its fourth quarter and full-year 2024 Earnings Conference Call on Wednesday, February 19, at 1 p.m. Eastern. This Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

    The fourth quarter and full-year 2024 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/4a2maqba. A repeat of the call can be accessed for 14 days by dialing (877) 660-6853, conference ID 13751234.

    Forward-Looking Statements
    This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; EBITDA and Adjusted EBITDA; asset utilization, capture, production volume, throughput product yield and crude oil gathering rates; cash flow generation; operating income and net sales; throughput; refining margin; crack spreads, including the improvement thereof; capacity rationalization; impact of costs to comply with the RFS and revaluation of our RFS liability; crude oil and refined product pricing impacts on inventory valuation; derivative gains and losses and the drivers thereof; crack spreads, including the drivers thereof; demand trends; RIN generation levels; ethanol and biodiesel blending activities; inventory levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company’s ability to offset the impact thereof; carbon capture and decarbonization initiatives; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; demand for refined products; economic downturns and demand destruction; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense, including the drivers thereof; changes to pretax earnings and our effective tax rate; the availability of tax credits and incentives; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; renewable feedstock throughput; use of proceeds under our debt instruments; debt levels; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization and turnaround expense; cash reserves; timing of turnarounds; impacts of any pandemic; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by a new administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

    About CVR Energy, Inc.
    Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing businesses, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners.

    Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

    Contact Information:

    Investor Relations
    Richard Roberts
    (281) 207-3205
    InvestorRelations@CVREnergy.com

    Media Relations
    Brandee Stephens
    (281) 207-3516
    MediaRelations@CVREnergy.com

    Non-GAAP Measures

    Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

    As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.

    The following are non-GAAP measures we present for the three and twelve months ended December 31, 2024 and 2023:

    EBITDA – Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

    Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA – Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

    Refining Margin – The difference between our Petroleum Segment net sales and cost of materials and other.

    Adjusted Refining Margin – Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Refining Margin and Adjusted Refining Margin, per Throughput Barrel – Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.

    Direct Operating Expenses per Throughput Barrel – Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

    Renewables Margin – The difference between our Renewables Segment net sales and cost of materials and other.

    Adjusted Renewables Margin – Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon – Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

    Direct Operating Expenses per Vegetable Oil Throughput Gallon – Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

    Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA – EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Adjusted Earnings (Loss) per Share – Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

    Free Cash Flow – Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

    We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

    Factors Affecting Comparability of Our Financial Results

    Petroleum Segment

    Major Scheduled Turnaround Activities – Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $58 million and $60 million during the years ended December 31, 2024 and 2023, respectively. The next planned turnaround commenced in January 2025 at the Coffeyville Refinery.

    Midway JV Disposition – On December 23, 2024, a subsidiary of the Company sold the 50% limited liability company interests it owned in the Midway Pipeline, LLC to Plains Pipeline, L.P. in exchange for cash consideration of approximately $90 million. The sale resulted in a gain of $24 million within Other income (expense), net in the Company’s Consolidated Statements of Operations.

    CVR Energy, Inc.
    (unaudited)

    Consolidated Statement of Operations Data

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions, except per share data)  2024     2023     2024     2023 
    Net sales $ 1,947     $ 2,202     $ 7,610     $ 9,247  
    Operating costs and expenses:              
    Cost of materials and other   1,653       1,802       6,448       7,013  
    Direct operating expenses (exclusive of depreciation and amortization)   165       166       667       670  
    Depreciation and amortization   72       75       290       291  
    Cost of sales   1,890       2,043       7,405       7,974  
    Selling, general and administrative expenses (exclusive of depreciation and amortization)   35       34       139       141  
    Depreciation and amortization   2       1       8       7  
    (Gain) loss on asset disposal   (1 )     —       —       2  
    Operating income   21       124       58       1,123  
    Other income (expense):              
    Interest expense, net   (20 )     (9 )     (77 )     (52 )
    Other income, net   27       4       38       14  
    Income before income tax expense   28       119       19       1,085  
    Income tax expense (benefit)   (12 )     22       (26 )     207  
    Net income   40       97       45       878  
    Less: Net income attributable to noncontrolling interest   12       6       38       109  
    Net income attributable to CVR Energy stockholders $ 28     $ 91     $ 7     $ 769  
                   
    Basic and diluted earnings per share $ 0.28     $ 0.91     $ 0.06     $ 7.65  
    Dividends declared per share $ —     $ 2.00     $ 1.50     $ 4.50  
                   
    Adjusted (loss) earnings per share $ (0.13 )   $ 0.65     $ (0.51 )   $ 5.64  
    EBITDA* $ 122     $ 204     $ 394     $ 1,435  
    Adjusted EBITDA* $ 67     $ 170     $ 317     $ 1,164  
                   
    Weighted-average common shares outstanding – basic and diluted   100.5       100.5       100.5       100.5  

    ____________________

    * See “Non-GAAP Reconciliations” section below.

    Selected Consolidated Balance Sheet Data

    (in millions) December 31, 2024   December 31, 2023
    Cash and cash equivalents $ 987   $ 581
    Working capital   726     497
    Total assets   4,263     4,707
    Total debt and finance lease obligations, including current portion   1,919     2,185
    Total liabilities   3,375     3,669
    Total CVR stockholders’ equity   703     847

    Selected Consolidated Cash Flow Data

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions)  2024    2023     2024     2023 
    Net cash flows provided by (used in):              
    Operating activities $ 98   $ (36 )   $ 404     $ 948  
    Investing activities   43     (58 )     (121 )     (239 )
    Financing activities   312     384       (482 )     (40 )
    Net increase (decrease) in cash, cash equivalents and restricted cash $ 453   $ 290     $ (199 )   $ 669  
                   
    Free cash flow * $ 40   $ (94 )   $ 181     $ 708  

    _____________________

    * See “Non-GAAP Reconciliations” section below.

    Selected Segment Data

      Three Months Ended December 31, 2024   Three Months Ended December 31, 2023
    (in millions) Petroleum   Renewables   Nitrogen Fertilizer   Consolidated   Petroleum   Renewables   Nitrogen Fertilizer   Consolidated
    Net sales $ 1,755   $ 93     $ 140   $ 1,947   $ 1,997   $ 110     $ 142   $ 2,202
    Operating income (loss)   4     (3 )     26     21     144     (31 )     17     124
    Net income (loss)   35     (3 )     18     40     158     (30 )     10     97
    EBITDA *   72     3       50     122     196     (26 )     38     204
                                   
    Capital Expenditures: (1)                              
    Maintenance $ 24   $ 1     $ 15   $ 40   $ 24   $ 1     $ 11   $ 36
    Growth   7     —       3     11     5     8       —     13
    Total capital expenditures $ 31   $ 1     $ 18   $ 51   $ 29   $ 9     $ 11   $ 49
      Year Ended December 31, 2024   Year Ended December 31, 2023
    (in millions) Petroleum   Renewables   Nitrogen
    Fertilizer    		   Consolidated   Petroleum   Renewables   Nitrogen
    Fertilizer    		   Consolidated
    Net sales $ 6,920   $ 289     $ 525   $ 7,610   $ 8,287   $ 559     $ 681   $ 9,247
    Operating income (loss)   12     (22 )     90     58     982     (37 )     201     1,123
    Net income (loss)   70     (21 )     61     45     1,071     (36 )     172     878
    EBITDA *   223     3       179     394     1,185     (17 )     281     1,435
                                   
    Capital Expenditures: (1)                              
    Maintenance $ 90   $ 3     $ 30   $ 127   $ 94   $ 2     $ 28   $ 128
    Growth   38     8       7     54     14     54       1     69
    Total capital expenditures $ 128   $ 11     $ 37   $ 181   $ 108   $ 56     $ 29   $ 197

    ______________________

    * See “Non-GAAP Reconciliations” section below.

    (1)   Capital expenditures are shown exclusive of capitalized turnaround expenditures and business combinations.

      

      December 31, 2024   December 31, 2023
    (in millions) Petroleum   Renewables   Nitrogen
    Fertilizer    		   Consolidated   Petroleum   Renewables   Nitrogen
    Fertilizer    		   Consolidated
    Cash and cash equivalents (1) $ 735   $ 13   $ 91   $ 987   $ 375   $ 16   $ 45   $ 581
    Total assets   3,288     420     1,019     4,263     2,978     344     975     4,707
    Total debt and finance lease obligations, including current portion (2)   354     —     569     1,919     44     5     547     2,185

    ___________________________

    (1)   Corporate cash and cash equivalents consisted of $148 million and $145 million at December 31, 2024 and December 31, 2023, respectively.
    (2)   Corporate total debt and finance lease obligations, including current portion consisted of $996 million and $1,594 million at December 31, 2024 and December 31, 2023, respectively.

    Petroleum Segment

    Key Operating Metrics per Total Throughput Barrel

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
       2024    2023    2024    2023
    Refining margin * $ 8.37   $ 15.01   $ 9.53   $ 21.82
    Adjusted refining margin *   6.45     12.91     8.67     18.11
    Direct operating expenses *   5.13     4.69     5.86     5.34

    ___________________

    * See “Non-GAAP Reconciliations” section below.

    Throughput Data by Refinery

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in bpd) 2024   2023   2024   2023
    Coffeyville              
    Gathered crude 69,560   61,733   71,382   62,263
    Other domestic 47,732   57,161   39,360   49,930
    Canadian 3,969   6,109   7,304   3,265
    Condensate —   7,115   3,177   7,566
    Other crude oil 5,709   —   2,546   —
    Other feedstocks and blendstocks 14,997   16,321   12,511   13,490
    Wynnewood              
    Gathered crude 55,507   49,061   46,185   50,900
    Other domestic —   2,974   980   2,112
    Condensate 10,747   17,192   9,165   15,228
    Other feedstocks and blendstocks 5,482   4,888   3,668   3,465
    Total throughput 213,703   222,554   196,278   208,219

    Production Data by Refinery

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in bpd) 2024   2023   2024   2023
    Coffeyville              
    Gasoline         72,868             76,921             69,771             69,847  
    Distillate         61,016             62,570             56,690             57,888  
    Other liquid products         3,775             4,168             5,125             4,388  
    Solids         4,349             4,798             4,762             4,123  
    Wynnewood              
    Gasoline         40,139             42,363             33,106             38,843  
    Distillate         24,473             25,432             20,917             24,978  
    Other liquid products         4,405             5,480             4,551             6,882  
    Solids         12             9             9             10  
    Total production         211,037             221,741             194,931             206,959  
                   
    Light product yield (as % of total crude throughput) (1) 102.7 %   103.0 %   100.2 %   100.2 %
    Liquid volume yield (as % of total throughput) (2) 96.7 %   97.5 %   96.9 %   97.4 %
    Distillate yield (as % of total crude throughput) (3) 44.2 %   43.7 %   43.1 %   43.3 %

    ______________________

    (1)   Total Gasoline and Distillate divided by total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”).
    (2)   Total Gasoline, Distillate, and Other liquid products divided by total throughput.
    (3)   Total Distillate divided by Total Crude Throughput.

    Key Market Indicators

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (dollars per barrel)  2024     2023     2024     2023 
    West Texas Intermediate (WTI) NYMEX $ 70.32     $ 78.53     $ 75.77     $ 77.57  
    Crude Oil Differentials to WTI:              
    Brent   3.69       4.32       4.09       4.60  
    WCS (heavy sour)   (12.25 )     (22.91 )     (13.86 )     (17.97 )
    Condensate   (0.24 )     (0.30 )     (0.48 )     (0.21 )
    Midland Cushing   0.87       1.09       1.10       1.26  
    NYMEX Crack Spreads:              
    Gasoline   13.84       13.69       20.91       27.88  
    Heating Oil   23.40       41.34       26.67       40.60  
    NYMEX 2-1-1 Crack Spread   18.62       27.52       23.79       34.24  
    PADD II Group 3 Product Basis:              
    Gasoline   (4.03 )     (4.75 )     (6.52 )     (2.92 )
    Ultra Low Sulfur Diesel (ULSD)           (4.57 )             (2.96 )             (4.96 )             (1.02 )
    PADD II Group 3 Product Crack Spread:              
    Gasoline   9.81       8.94       14.40       24.96  
    ULSD   18.83       38.38       21.71       39.57  
    PADD II Group 3 2-1-1   14.32       23.66       18.05       32.27  

    Renewables Segment

    Key Operating Metrics per Vegetable Oil Throughput Gallon

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
       2024    2023     2024    2023
    Renewables margin * $ 0.79   $ (0.90 )   $ 0.80   $ 0.27
    Adjusted renewables margin *   1.16     (0.43 )     0.93     0.41
    Direct operating expenses *   0.48     0.37       0.57     0.35

    __________________________

    * See “Non-GAAP Reconciliations” section below.

    Renewables Throughput Data

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in gallons per day) 2024   2023   2024   2023
    Corn Oil 81,497   90,932   52,807   53,661
    Soybean Oil 105,351   109,242   98,439   172,297
    Other feedstocks and blendstocks 91,709   46,210   58,730   51,039
    Total throughput 278,557   246,384   209,976   276,997

    Renewables Production Data

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in gallons per day) 2024    2023    2024    2023 
    Renewable diesel 163,110     176,200     134,399     200,015  
    Renewable naphtha 19,731     32,886     17,101     34,099  
    Renewable light ends 88,938     94,952     62,424     92,802  
    Other 67,293     42,106     41,064     45,552  
    Total production 339,072     346,144     254,988     372,468  
                   
    Renewable diesel yield (as % of corn and soybean oil throughput) 87.8 %   88.0 %   89.2 %   88.5 %

    Key Market Indicators

      Three Months Ended December 31,   Year Ended
    December 31,
       2024    2023    2024    2023
    Chicago Board of Trade (CBOT) soybean oil (dollars per pound) $ 0.43   $ 0.52   $ 0.44   $ 0.58
    Midwest crude corn oil (dollars per pound)   0.46     0.62     0.50     0.61
    CARB ULSD (dollars per gallon)   2.28     2.90     2.47     2.89
    NYMEX ULSD (dollars per gallon)   2.23     2.85     2.44     2.81
    California LCFS (dollars per metric ton)   72.05     68.71     60.07     72.52
    Biodiesel RINs (dollars per RIN)   0.66     0.84     0.59     1.35

    Nitrogen Fertilizer Segment

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (percent of capacity utilization) 2024   2023   2024   2023
    Ammonia utilization rate (1) 96 %   94 %   96 %   100 %

    _____________________

    (1)   Reflects our ammonia utilization rates on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of the Nitrogen Fertilizer Segment’s facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and twelve months ended December 31, 2024 and 2023, respectively, and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.

    Sales and Production Data

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
       2024    2023    2024    2023
    Consolidated sales (thousands of tons):              
    Ammonia   97     98     271     281
    UAN   310     320     1,260     1,395
                   
    Consolidated product pricing at gate (dollars per ton): (1)              
    Ammonia $ 475   $ 461   $ 479   $ 573
    UAN   229     241     248     309
                   
    Consolidated production volume (thousands of tons):              
    Ammonia (gross produced) (2)   210     205     836     864
    Ammonia (net available for sale) (2)   80     75     270     270
    UAN   310     306     1,273     1,369
                   
    Feedstock:              
    Petroleum coke used in production (thousands tons)   123     131     517     518
    Petroleum coke used in production (dollars per ton) $ 55.71   $ 77.09   $ 59.69   $ 78.14
    Natural gas used in production (thousands of MMBtus) (3)   2,224     2,033     8,667     8,462
    Natural gas used in production (dollars per MMBtu) (3) $ 3.00   $ 2.95   $ 2.56   $ 3.42
    Natural gas in cost of materials and other (thousands of MMBtus) (3)   2,352     2,317     7,755     8,671
    Natural gas in cost of materials and other (dollars per MMBtu) (3) $ 2.50   $ 2.83   $ 2.50   $ 3.84

    ______________________

    (1)   Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
    (2)   Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
    (3)   The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

    Key Market Indicators

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024    2023    2024    2023
    Ammonia — Southern plains (dollars per ton) $ 526   $ 648   $ 526   $ 564
    Ammonia — Corn belt (dollars per ton)   595     704     573     644
    UAN — Corn belt (dollars per ton)   274     301     277     311
                   
    Natural gas NYMEX (dollars per MMBtu) $ 2.98   $ 2.92   $ 2.41   $ 2.67

    Q1 2025 Outlook

    The table below summarizes our outlook for certain refining statistics and financial information for the first quarter of 2025. See “Forward-Looking Statements” above.

      Q1 2025
      Low   High
    Petroleum      
    Total throughput (bpd)   120,000       135,000  
    Direct operating expenses (in millions) (1) $ 95     $ 105  
    Turnaround (2)   150       165  
           
    Renewables      
    Total throughput (in millions of gallons)   13       16  
    Direct Operating expenses (in millions) (1) $ 8     $ 10  
           
    Nitrogen Fertilizer      
    Ammonia utilization rate   95 %     100 %
    Direct operating expenses (in millions) (1) $ 55     $ 65  
           
    Capital Expenditures (in millions) (2)      
    Petroleum $ 30     $ 40  
    Renewables   2       5  
    Nitrogen Fertilizer   12       16  
    Other   —       2  
    Total capital expenditures $ 44     $ 63  

    ____________________

    (1)   Direct operating expenses are shown exclusive of depreciation and amortization and, for the Nitrogen Fertilizer Segment, turnaround expenses and inventory valuation impacts.
    (2)   Turnaround and capital expenditures are disclosed on an accrual basis.

    Non-GAAP Reconciliations

    Reconciliation of Consolidated Net Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions)  2024     2023     2024     2023 
    Net income $ 40     $ 97     $ 45     $ 878  
    Interest expense, net   20       9       77       52  
    Income tax (benefit) expense   (12 )     22       (26 )     207  
    Depreciation and amortization   74       76       298       298  
    EBITDA   122       204       394       1,435  
    Adjustments:              
    Revaluation of RFS liability, favorable   (57 )     (57 )     (89 )     (284 )
    Unrealized loss (gain) on derivatives   6       (67 )     22       (32 )
    Inventory valuation impacts, unfavorable   20       90       14       45  
    Gain on sale of equity method investment   (24 )     —       (24 )     —  
    Adjusted EBITDA $ 67     $ 170     $ 317     $ 1,164  

    Reconciliation of Basic and Diluted Earnings per Share to Adjusted Earnings per Share

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
       2024     2023     2024     2023 
    Basic and diluted earnings per share $ 0.28     $ 0.91     $ 0.06     $ 7.65  
    Adjustments: (1)              
    Revaluation of RFS liability, favorable   (0.43 )     (0.42 )     (0.67 )     (2.12 )
    Unrealized loss (gain) on derivatives   0.04       (0.50 )     0.16       (0.23 )
    Inventory valuation impacts, unfavorable   0.16       0.66       0.12       0.34  
    Gain on sale of equity method investment   (0.18 )     —       (0.18 )     —  
    Adjusted (loss) earnings per share $ (0.13 )   $ 0.65     $ (0.51 )   $ 5.64  

    ___________________

    (1)   Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

    Reconciliation of Net Cash Provided By (Used In) Operating Activities to Free Cash Flow

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions)  2024     2023     2024     2023 
    Net cash provided by (used in) operating activities $ 98     $ (36 )   $ 404     $ 948  
    Less:              
    Capital expenditures   (55 )     (55 )     (179 )     (205 )
    Capitalized turnaround expenditures   (7 )     (4 )     (53 )     (57 )
    Return on equity method investment   4       1       9       22  
    Free cash flow $ 40     $ (94 )   $ 181     $ 708  

    Reconciliation of Petroleum Segment Net Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions)  2024     2023     2024     2023 
    Petroleum net income $ 35     $ 158     $ 70     $ 1,071  
    Interest income, net   (4 )     (10 )     (21 )     (75 )
    Depreciation and amortization   41       48       174       189  
    Petroleum EBITDA   72       196       223       1,185  
    Adjustments:              
    Revaluation of RFS liability, favorable   (57 )     (57 )     (89 )     (284 )
    Unrealized loss (gain) on derivatives, net   6       (67 )     22       (30 )
    Inventory valuation impact, unfavorable (1)   12       80       6       32  
    Gain on sale of equity method investment   (24 )     —       (24 )     —  
    Petroleum Adjusted EBITDA   9       152       138       903  

    Reconciliation of Petroleum Segment Gross Profit to Refining Margin and Adjusted Refining Margin

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions, except throughput data)   2024     2023     2024     2023 
    Net sales $ 1,755     $ 1,997     $ 6,920     $ 8,287  
    Less:              
    Cost of materials and other   (1,590 )     (1,690 )     (6,236 )     (6,629 )
    Direct operating expenses (exclusive of depreciation and amortization)   (101 )     (96 )     (421 )     (406 )
    Depreciation and amortization   (41 )     (47 )     (174 )     (185 )
    Gross profit   23       164       89       1,067  
    Add:              
    Direct operating expenses (exclusive of depreciation and amortization)   101       96       421       406  
    Depreciation and amortization   41       47       174       185  
    Refining margin   165       307       684       1,658  
    Adjustments:              
    Revaluation of RFS liability, favorable   (57 )     (57 )     (89 )     (284 )
    Unrealized loss (gain) on derivatives, net   6       (67 )     22       (30 )
    Inventory valuation impact, unfavorable (1)   12       80       6       32  
    Adjusted refining margin $ 126     $ 263     $ 623     $ 1,376  
                   
    Total throughput barrels per day   213,703       222,554       196,278       208,219  
    Days in the period   92       92       366       365  
    Total throughput barrels   19,660,650       20,474,980       71,837,644       75,999,905  
                   
    Refining margin per total throughput barrel $ 8.37     $ 15.01     $ 9.53     $ 21.82  
    Adjusted refining margin per total throughput barrel   6.45       12.91       8.67       18.11  
    Direct operating expenses per total throughput barrel   5.13       4.69       5.86       5.34  

    _____________________

    (1)   The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

    Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions)  2024     2023     2024     2023 
    Renewables net loss $ (3 )   $ (30 )   $ (21 )   $ (36 )
    Interest expense, net   —       (1 )     (1 )     (1 )
    Depreciation and amortization   6       5       25       20  
    Renewables EBITDA   3       (26 )     3       (17 )
    Adjustments:              
    Unrealized (gain) loss on derivatives, net   —       —       —       (2 )
    Inventory valuation, (favorable) unfavorable (1)   6       9       7       14  
    Renewables Adjusted EBITDA $ 9     $ (17 )   $ 10     $ (5 )

    Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions, except throughput data)   2024     2023     2024     2023 
    Net sales $ 93     $ 110     $ 289     $ 559  
    Less:              
    Cost of materials and other   (79 )     (127 )     (245 )     (537 )
    Direct operating expenses (exclusive of depreciation and amortization)   (8 )     (7 )     (31 )     (28 )
    Depreciation and amortization   (6 )     (5 )     (25 )     (20 )
    Gross loss   —       (29 )     (12 )     (26 )
    Add:              
    Direct operating expenses (exclusive of depreciation and amortization)   8       7       31       28  
    Depreciation and amortization   6       5       25       20  
    Renewables margin   14       (17 )     44       22  
    Unrealized (gain) loss on derivatives, net   —       —       —       (2 )
    Inventory valuation, (favorable) unfavorable (1)   6       9       7       14  
    Adjusted renewables margin $ 20     $ (8 )   $ 51     $ 34  
                   
    Total vegetable oil throughput gallons per day   186,970       200,174       151,278       225,957  
    Days in the period   92       92       366       365  
    Total vegetable oil throughput gallons   17,201,274       18,416,045       55,367,620       82,474,473  
                   
    Renewables margin per vegetable oil throughput gallon $ 0.79     $ (0.90 )   $ 0.80     $ 0.27  
    Adjusted renewables margin per vegetable oil throughput gallon   1.16       (0.43 )     0.93       0.41  
    Direct operating expenses per vegetable oil throughput gallon   0.48       0.37       0.57       0.35  

    ____________________

    (1)   The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

    Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions)  2024    2023    2024    2023
    Nitrogen Fertilizer net income $ 18   $ 10   $ 61   $ 172
    Add:              
    Interest expense, net   7     7     30     29
    Depreciation and amortization   25     21     88     80
    Nitrogen Fertilizer EBITDA and Adjusted EBITDA $ 50   $ 38   $ 179   $ 281

    The MIL Network –

  • MIL-OSI: Interfield Global Software Inc. Plans Transitioning to Canadian Securities Exchange

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Feb. 18, 2025 (GLOBE NEWSWIRE) — Further to its previously announced strategic alternatives review, Interfield Global Software Inc. (CBOE CA: IFSS) (the “Company”) announces that its board of directors has approved a proposed listing of the Company’s common shares (“Common Shares”) on the Canadian Securities Exchange (“CSE”) and delisting of the Common Shares from the Cboe Canada Exchange (“Cboe Canada”).

    The Company’s management believes that the transition of the Company to a growth equity market will continue to position the Company to take full advantage of the Company’s previously announced joint venture with Abhi (the “Abhi JV”) and to streamline the business of the Company in preparation for the Abhi JV. The proposed listing on CSE is also intended to address the concerns of Cboe Canada in relation to the ability of the Company to maintain Cboe Canada’s continuous listing requirements, further to which, effective February 11, 2025, the Company was placed on delisting review by Cboe Canada. If the non-compliance matters are not satisfactorily addressed, the Company’s Common Shares will be delisted from Cboe Canada at the closing of trading on May 12, 2025.

    While the Company currently anticipates the proposed listing of its Common Shares on CSE to be completed prior to May 12, 2025, the proposed listing remains subject to the review of CSE and is contingent on the satisfaction of all listing and regulatory requirements by the Company. There can be no assurance that the CSE will approve the listing application or that the Company will complete the transition to CSE as currently proposed. Additionally, the delisting from Cboe Canada remains subject to the approval of Cboe Canada. The Company will provide further updates, as necessary, at the appropriate time.

    About Abhi

    Abhi is a prominent fintech company, earning recognition as one of the Future 100 companies in the UAE. It was also the first to receive the Technology Pioneer 2023 Award by the World Economic Forum, making fintech history in the MENAP region. Abhi offers a comprehensive suite of products and services, including EWA, payroll solutions, and SME financing.

    About Interfield Global Software Inc.

    The Company is a publicly listed company, with its common shares listed on Cboe Canada. (Cboe CA: IFSS), operating out of Dubai, U.A.E through its wholly owned subsidiary, Interfield Solutions.

    Interfield Solutions is a software company that services numerous industrial segments worldwide including oil and gas, mining and renewables. Interfield Solutions has two operating divisions, E-commerce and Software as a Service. Equipment Hound, the company’s flagship product of its E-commerce division, is an industrial equipment marketplace that connects buyers and suppliers around the globe. Equipment Hound manages a catalogue of equipment from various suppliers and provides procurement solutions for buyers. It includes features such as requests for quotes, logistics support and third-party verification. ToolSuite, the company’s flagship product of its Software as a Service division, is a cloud based data collection and management platform that digitizes industrial processes and provides real-time auditable data for clients.

    For more information about the Company, please refer to the Company’s profile on SEDAR+ at www.sedarplus.ca.

    ON BEHALF OF THE BOARD OF DIRECTORS

    “Harold Hemmerich”

    Harold Hemmerich, Chief Executive Officer & Director
    Phone: +971 50 558 8349

    Bruce Nurse, Investor Relations
    Phone: +1 303 919 2913

    Forward-Looking Statements Disclaimer and Reader Advisory

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements, and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance often using phrases such as “expects”, “anticipates”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends”, or variations of such words and phrases, or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved, are not statements of historical fact and may be forward-looking statements. Forward looking statements in this release include: the anticipated implementation of the Abhi JV and restructuring in preparation for the Abhi JV, including the anticipated listing of Common Shares on CSE and the proposed delisting from Cboe.

    Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors, which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include: general business, economic, competitive, political and social uncertainties; delay or failure to receive any necessary board, shareholder or regulatory approvals, including the approval of the relevant stock exchange(s) and any applicable regulatory authority; and that factors may occur which impede or prevent the Company’s future business plans. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company does not assume any obligation to update the forward-looking statements, whether they change as a result of new information, future events or otherwise, except as required by law.

    Neither Cboe Canada Exchange nor its Regulation Services Provider (as that term is defined in the policies of Cboe Canada Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    The MIL Network –

  • MIL-OSI: Gran Tierra Energy Inc. Provides Release Date for its 2024 Fourth Quarter & Year End Results and Details of Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) announces that the Company will release its 2024 fourth quarter and year ended December 31, 2024, financial and operating results on Monday, February 24, 2025, before market open. Gran Tierra will host its conference call on the same day, Monday, February 24, 2025, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time and 4:00 p.m. Greenwich Mean Time.

    Interested parties may register for the conference call by clicking on this link. Please note that there is no longer a general dial-in number to participate, and each individual party must register through the provided link. Once parties have registered, they will be provided a unique PIN and call-in details. There is also a feature that allows parties to elect to be called back through the “Call Me” function on the platform.

    Interested parties can also continue to access the live webcast from their mobile or desktop devices by clicking on this link, which is also available on Gran Tierra’s website at https://www.grantierra.com/investor-relations/presentations-events/. An audio replay of the conference call will be available at the same webcast link two hours following the call and will be available until February 24, 2026.

    About Gran Tierra Energy Inc.

    Gran Tierra Energy Inc., together with its subsidiaries, is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

    Gran Tierra’s filings with the U.S. Securities and Exchange Commission (the “SEC”) are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Contact Information

    For investor and media inquiries please contact:

    Gary Guidry
    President & Chief Executive Officer

    Ryan Ellson
    Executive Vice President & Chief Financial Officer

    +1-403-265-3221, info@grantierra.com

    The MIL Network –

  • MIL-OSI: Capital Southwest Announces Leadership Changes

    Source: GlobeNewswire (MIL-OSI)

    Michael Sarner to Succeed Bowen Diehl as President & Chief Executive Officer
    Chris Rehberger Promoted to Chief Financial Officer, Treasurer & Secretary
    Tabitha Geiger Promoted to Chief Compliance Officer

    DALLAS, Feb. 18, 2025 (GLOBE NEWSWIRE) — Capital Southwest Corporation (“Capital Southwest” or the “Company”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, announced today that Chief Financial Officer Michael Sarner has been appointed by the Board of Directors (the “Board”) to succeed Bowen Diehl as President and Chief Executive Officer of Capital Southwest. Mr. Sarner has also been appointed to serve on the Board. Both appointments are effective February 17, 2025. Mr. Diehl will continue to serve the Company in an advisory capacity for at least another year.

    In addition, Chris Rehberger has been promoted from Executive Vice President of Finance and Treasurer to Chief Financial Officer, Treasurer & Secretary of the Company, and Tabitha Geiger has been promoted from Deputy Compliance Officer to Chief Compliance Officer of the Company, effective February 17, 2025.

    “On behalf of the Board, we want to both acknowledge and celebrate Bowen’s long career at Capital Southwest,” said David Brooks, Chairman of the Board. “We greatly appreciate the leadership he has provided to Capital Southwest over the past decade and we wish him the very best. Succession planning has always been a priority for the Company, and Michael, Bowen and the Board are all in agreement that it is time to transition the leadership of Capital Southwest. Michael and Bowen have both been fully immersed in the strategy and operations of the Company, which will make this a smooth transition.”

    “I couldn’t be more optimistic about the future of Capital Southwest under Michael’s leadership. He has worked tirelessly by my side over the past decade building a best-in-class BDC and, together with the rest of our leadership team, I am confident the firm has the right team to continue executing Capital Southwest’s strategy going forward,” said Bowen Diehl. “I am very proud of what we have built here together and I am grateful for having had the opportunity over the past ten years to lead Capital Southwest’s transformation into a BDC with one of the most robust business models in the industry. While stepping down is clearly bittersweet, succession planning is an important part of a company’s evolution, and I very much look forward to supporting Capital Southwest in any way that Michael and the team find helpful, in the short term as an advisor, and in the long term as a fellow shareholder.”

    Mr. Sarner joined Capital Southwest in 2015 and brings more than thirty years of financial, treasury and BDC experience to his new role. He has been instrumental in planning and executing on both the corporate and capitalization strategy for Capital Southwest, raising over $2 billion in both debt and equity. In addition to serving as Chief Financial Officer, Mr. Sarner also served as the Company’s Chief Compliance Officer and Secretary. He also has served on the Investment Committee for the entirety of his time with Capital Southwest. Previously, he spent fifteen years at American Capital in a variety of financial roles, including Executive Vice President and Treasurer.   

    “I’m honored to be entrusted with Capital Southwest’s future,” said Michael Sarner, President and Chief Executive Officer. “The Company is well-positioned for growth with a strong and cohesive leadership team – including Chris with whom I’ve worked closely with for the past two decades. I look forward to fostering the growth of the entire Capital Southwest team, as well as providing leadership for the Company with a renewed vision for the future.”

    Mr. Rehberger joined Capital Southwest in 2015 and has twenty years of experience in corporate finance roles within the BDC space. Mr. Rehberger additionally spent ten years in corporate finance roles at American Capital working alongside Mr. Sarner. Mr. Rehberger earned a bachelor’s in commerce with a concentration in finance from the McIntire School and a master’s from the Darden School of Business, both from the University of Virginia.

    Ms. Geiger has almost a decade of experience. Previously, she spent eight years in compliance consulting with IQ-EQ, where she was responsible for implementing and overseeing compliance programs for private equity, venture capital and hedge fund managers. Ms. Geiger earned a BS in Agricultural Communications and Journalism from Texas A&M University and her JD from South Texas College of Law. She is licensed to practice law in Texas.

    About Capital Southwest
    Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.7 billion in investments at fair value as of December 31, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

    Media Relations Contact:
    Lauren DiGeronimo
    laurend@trailrunnerint.com

    Investor Relations Contact:
    Michael Sarner
    msarner@capitalsouthwest.com

    The MIL Network –

  • MIL-OSI USA: Klobuchar Joins Fischer, Duckworth and Colleagues to Introduce Bipartisan Legislation to Make E15 Available Year-Round

    US Senate News:

    Source: United States Senator for Minnesota Amy Klobuchar

    WASHINGTON — U.S. Senator Amy Klobuchar (D-MN), Ranking Member of the Senate Agriculture Committee, joined Senators Deb Fischer (R-NE), Tammy Duckworth (D-IL) and 11 other Senators to introduce bipartisan legislation to make E15 available year-round. The Nationwide Consumer and Fuel Retailer Choice Act of 2025 would enable the year-round, nationwide sale of ethanol blends higher than 10 percent, helping to lower fuel prices and provide certainty in fuel markets for farmers and consumers.

    “I have long pushed to make E15 available year-round because investing in affordable, readily-available biofuels produced in the U.S. is good for drivers and farmers alike,” said Klobuchar. “By ensuring consumers can access E15 gasoline throughout the year, our bipartisan legislation will lower prices at the pump, support farmers, benefit our broader economy, and reduce our dependence on foreign oil. It’s critical that we diversify our fuel supply and invest in affordable energy solutions. I look forward to working with Senators Fischer and Duckworth to pass this bipartisan bill.”

    “It’s time to once and for all solidify President Trump’s pledge to allow the sale of year-round E15—giving America’s producers and consumers the certainty they deserve. My bill will put an end to years of patchwork regulations and finally make nationwide, year-round E15 a reality. I look forward to working with my colleagues in the House and the Senate, as well as with President Trump, to get this bill signed into law,” said Fischer.

    “For our country to remain a global energy leader, we must continue to invest in renewable and clean energy so we can decrease our emissions and dependence on foreign oil,” said Duckworth. “Producing less expensive fuel choices like E15 that can be sold year-round would help lower gas prices, protect the environment, support our farmers and drive economic opportunity throughout the Midwest. I’m proud to join Senator Fischer in reintroducing our bipartisan legislation that would do just that.”

    Additional cosponsors of this bipartisan bill include U.S. Senators Shelley Moore Capito (R-WV), John Thune (R-SD), Pete Ricketts (R-NE), Dick Durbin (D-IL), Jerry Moran (R-KS), Chuck Grassley (R-IA), Roger Marshall (R-KS), Tammy Baldwin (D-WI), Joni Ernst (R-IA), Tina Smith (D-MN), and Mike Rounds (R-SD). Representatives Adrian Smith (R-NE) and Angie Craig (D-MN) lead companion legislation in the House.

    Renewable Fuels Association, Growth Energy, American Petroleum Institute, National Corn Growers Association, National Farmer Union, and National Association of Convenience Stores endorsed the legislation.

    Klobuchar has long been a strong advocate for investing in renewable fuel infrastructure, increasing American biofuel production, and upholding the Clean Air Act’s RFS.

    In 2023, Klobuchar and Grassley led a bipartisan letter urging the EPA to strengthen the RFS by maintaining the blending requirements for 2023; denying all pending Small Refinery Exemptions (SREs); eliminating proposed retroactive cuts to the renewable volume obligations (RVOs); and setting RFS volumes at the statutory levels.

    In February 2024, Klobuchar and Senators John Thune (R-SD) and Tammy Duckworth (D-IL) led a group of 40 bipartisan members of Congress urging the Biden Administration to act quickly to ensure that the model used to determine eligibility for Sustainable Aviation Fuel (SAF) tax credits unlocks the potential held by farmers, ethanol producers, and airlines to reduce carbon emissions from aviation. 

    In January 2024, Klobuchar, along with Senators Jerry Moran (R-KS), Joni Ernst (R-IA), Tammy Duckworth (D-IL.) and Chuck Grassley (R-IA) introduced the Farm to Fly Act. This legislation would help accelerate the production and development of sustainable aviation fuel (SAF) through existing U.S. Department of Agriculture (USDA) programs and allow further growth for alternative fuels to be used in the aviation sector, creating new markets for American farmers.

    In June 2021, Klobuchar announced the introduction of a package of bipartisan bills to expand the availability of low-carbon renewable fuels, incentivize the use of higher blends of biofuels, and reduce greenhouse gas emissions.

    In 2021, Klobuchar and Senator Joni Ernst (R-IA) reintroduced the bipartisan Renewable Fuel Infrastructure Investment and Market Expansion Act to create a renewable fuel infrastructure grant program and streamline regulatory requirements to help fuel retailers sell higher blends of ethanol.

    MIL OSI USA News –

  • MIL-OSI Security: Will Thompson Concludes His Service as United States Attorney

    Source: Office of United States Attorneys

    CHARLESTON, W.Va. – Will Thompson announced today that he has concluded his tenure as the United States Attorney for the Southern District of West Virginia, effective immediately.

    “Serving as the United States Attorney has genuinely been a career highlight,” Thompson said. “Thinking that a boy who grew up in Boone County, West Virginia, would be able to serve his country in such a prestigious and vital role leaves me in awe. I am proud of the office’s work under my leadership and that my team has strengthened its relationship and reputation with our federal, state, and local law enforcement partners, as well as with the judiciary and general public.”

    Thompson was nominated by President Joseph R. Biden, Jr., on August 10, 2021. The United States Senate confirmed Thompson by voice vote on October 5, 2021. After taking his oath of office on October 13, 2021, Thompson led an office of 34 attorneys and 41 non-attorney personnel located in offices in Charleston, Huntington, and Beckley.

    Thompson appreciates the role that former Senator Joe Manchin played in securing his nomination from President Biden, and the role that Manchin and Senator Shelley Moore Capito played in getting him confirmed by the United States Senate. Thompson also appreciates the relationships he built and strengthened with state officials and the district’s state prosecutors, sheriffs, and chiefs of police.

    Thompson commends the Assistant United States Attorneys and support personnel who served with him. He appreciates the career people who there when he entered the office and the employees he hired during his tenure.

    “The people of this office are the true backbone of federal prosecution and representation in this district,” Thompson said. “They all serve with dignity and respect for the rule of law.  They are vital to the mission of the Department of Justice, which is to keep our communities safe.”

    Thompson is most proud of three accomplishments while he was in office. The first is the significant decline in overdose deaths. He attributes that to his office’s change of strategy from targeting street-level drug dealers to mid- and upper-level drug distributors. This strategy has removed hundreds of pounds of this poison from communities throughout the district. His office has disrupted supply chains of fentanyl that were coming directly into the district from China and methamphetamine that was coming directly from the cartels in Mexico. As part of his plan to lower the overdose rates, Thompson also championed prevention and treatment opportunities across the district.

    Thompson is also proud of his work in reducing violent crime and overall crime in the district. Thompson attributes this reduction to several factors. He improved communications and relationships with the office’s law enforcement partners. Thompson also worked with state and local partners to obtain federal grants to give them more resources to their jobs more. Finally, given that the majority of crimes in West Virginia are connected to the drug trade, the office’s revised strategy has helped reduce the crime rate.

    The third accomplishment that Thompson is proud of is using his skills as a former trial court judge to instigate a vigorous review process of cases to ensure there were no evidentiary issues. Thompson met with law enforcement partners throughout the district and informed them of this new review process. He had his office work more closely with the officers to address the issues, assist with writing search warrants, and help with other search and seizure issues.

    As United States Attorney, Thompson was the chief federal law enforcement officer in the southern half of West Virginia. The office is responsible for prosecuting federal crimes in the district, including crimes related to terrorism, public corruption, child exploitation, firearms, and narcotics. The office also defends the United States in civil cases and collects debts owed to the United States.

    The results of the revised approach to drug cases under Thompson include Operation Smoke and Mirrors, which dismantled a high-volume drug trafficking organization (DTO) that operated in the Charleston area and yielded the largest methamphetamine seizure in West Virginia history.

    Following the trail of methamphetamine in West Virginia back to Los Angeles, California, and the U.S. southern border, investigators seized well over 400 pounds of methamphetamine, 40 pounds of cocaine, 3 pounds of fentanyl, 19 firearms, and $935,000 in cash. The DTO was directly involved in price fixing in the methamphetamine trade by raising the price of methamphetamine coming into the United States from Mexico based on fluctuations in the currency conversion rate.

    Four separate indictments led to the convictions of 31 defendants, including the DTO’s in-state leaders and California-based suppliers. Over 20 defendants have been sentenced to prison, including eight to terms of more than 10 years. Three low-level defendants were referred to the Alternative Treatment Court (ATC). Thompson also supported the ATC program, which provides a blend of treatment that focuses on drug and mental health treatment, and alternative sanctions to effectively address offender behavior, rehabilitation, and education and job skills training.

    Thompson also led the prosecution of a Kanawha County man who was sentenced to 14 years in prison for possession with the intent to distribute fentanyl. The defendant set up a workshop in a rented St. Albans apartment were he made fake 30-milligram oxycodone pills. The defendant admitted that the fentanyl came from a source outside the United States and that the pill press came from China. Investigators seized over 10,000 pills and nearly $80,000 in this case.

    Thompson’s office also obtained guilty verdicts against a Logan County physician for four counts of distribution of a controlled substance. The defendant had previously pleaded guilty to using a registration number in violation of federal law and engaging in monetary transactions in property derived from specified unlawful activity. His medical license and office are subject to forfeit to the government as a result of the latest convictions.

    The office under Thompson also secured convictions against the majority of the defendants in prosecutions that dismantled a Huntington-area DTO responsible for distributing large quantities of methamphetamine and fentanyl and a Beckley-area DTO that distributed methamphetamine, fentanyl, and cocaine base, also known as “crack.”

    While having the utmost respect for law enforcement officers, Thompson had zero tolerance for officers who break the law and violate people’s civil rights. In what Thompson considered the most critical civil rights case during his tenure, he personally participated in the investigation and prosecution of eight former West Virginia correctional officers who were charged and convicted in connection with a March 1, 2022, assault that resulted in the death of a Southern Regional Jail inmate and the subsequent cover-up. After four days of trial, the final defendant was found guilty on January 27, 2025.

    A former Fayette County law enforcement officer was sentenced to 25 years in prison, to be followed by 10 years of supervised release, and ordered to pay $80,000 in restitution for sex trafficking a 17-year-old minor female and obstructing the resulting investigation. Following four days of trial, a federal jury found the defendant guilty on April 28, 2023, of conspiracy to engage in sex trafficking of a minor via coercion, sex trafficking of a minor via coercion, and two counts of obstruction of justice.

    A former Nicholas County deputy sheriff was convicted of the production of child pornography and sentenced to 20 years in prison. The defendant took two videos of the child victim, who was under the age of 12 and was sleeping on a couch. In the first video, he walked toward her and zoomed in on her buttocks.  In the second video, he recorded his exposed penis and him masturbating near the sleeping girl. He then used Snapchat to distribute the videos to multiple users. When Snapchat shut down his account, he created another Snapchat account to distribute child pornography.

    A former Logan police officer was sentenced to nine years in prison after a jury convicted him of using excessive force against an arrestee.  At the trial, the jury heard evidence that he assaulted the victim in a bathroom, then dragged him into another room and rammed his head against a door frame, leaving the victim unconscious and lying in a pool of his own blood.

    The office successfully prosecuted 18 individuals in connection with a scheme to traffic over 140 firearms from southern West Virginia to Philadelphia, Pennsylvania. Over 50 of the firearms were recovered at crime scenes, primarily in Philadelphia, and were connected to two homicides, crimes of domestic violence, and other violent offenses. The ringleader was sentenced to 25 years in prison, to be followed by three years of supervised release.

    The Southern District of West Virginia became a national leader in prosecuting bankruptcy fraud under Thompson’s leadership. Among those cases, a Charleston developer was sentenced to one year and one day in prison, followed by three years of supervised release, and ordered to pay $730,326.43 in restitution for falsifying bankruptcy records. The former chief executive officer of the entity that operated the West Virginia Courtesy Patrol was sentenced to five years of federal probation and ordered to pay $205,802.49 for fraudulent receipt of property from a debtor. A Putnam County man was sentenced to 30 days in prison to be followed by three years of supervised release, including five months on home detention, and ordered to pay $24,662.56 in restitution for knowingly and fraudulently making a false declaration in a bankruptcy case.

    The office successfully prosecuted other forms of white-collar crime under Thompson. A Kentucky businessman pleaded guilty on behalf of himself and two limited liability companies for their roles in the January 2018 discharge of oil into the Big Sandy River. The defendants were sentenced to terms of probation and also ordered to pay $1,856,957.92 in restitution. The LLC defendants cannot conduct or operate any business during their five-year terms of corporate probation.

    Nine defendants were convicted in connection with multiple internet-based fraud schemes operated in the Huntington area that defrauded hundreds of individuals across the country. The schemes defrauded at least 200 victims, many of whom are elderly, of at least $2.5 million. The final convicted defendant was sentenced to one year and one day in prison, followed by three years of supervised release, ordered to pay $904,126.96 in restitution, and participated in a digital awareness campaign to alert West Virginians to online fraud scams.

    The office also secured 20 convictions related to COVID-19 benefits fraud under Thompson, with court-ordered restitution and a civil penalty in these cases exceeding $1,330,000.

    Under Thompson’s leadership, the office secured a 15-count indictment charging a Kanawha County man with wire fraud, money laundering, and obstruction. The indictment alleges the defendant conceived and carried out two real estate-related investment fraud schemes that caused losses of between $395,000 and $434,501.42. The defendant’s mother pleaded guilty late last year to aiding and abetting the sale and offer of unregistered securities as a result of the investigation in this case.

    The office also secured an 18-count indictment charging the former maintenance director for Boone County Schools with mail fraud, conspiracy to commit mail fraud, theft concerning programs receiving federal funds, and money laundering. The indictment alleges the defendant used his position to defraud the Boone County Board of Education out of approximately $3,400,000. To date, three other individuals have been charged as a result of this investigation.

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

    Before taking office as United States Attorney, Thompson was a Circuit Court Judge in West Virginia’s 25th Judicial Circuit. He was appointed to that position in 2007 and re-elected in 2008 and 2016. Thompson presided over several treatment courts, including the first family treatment court in West Virginia. Before becoming a Circuit Court Judge, Thompson practiced law at the Cook and Cook law firm in Boone County.  There, he focused on litigation, which included representing several hundred indigent clients in criminal defense and other matters. Thompson also previously served as President of Madison Healthcare, Inc. and as Vice President of Danville Lumber Company.

    Thompson was born in Charleston and raised in Boone County, West Virginia.  He earned a degree in civil engineering from West Virginia University and a law degree from West Virginia University College of Law.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia.

    ###

     

     

    MIL Security OSI –

  • MIL-OSI: SiriusPoint reports ninth consecutive quarter of underwriting profits with FY Core combined ratio of 91.0%

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, Feb. 18, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its fourth quarter ended December 31, 2024

    • Combined ratio of 90.2% in the fourth quarter for Core business, representing a 3.2 point improvement versus prior year, resulting in a full year 2024 Core combined ratio of 91.0% and Core underwriting income of $200 million
    • Growth in the quarter of 21% on gross premiums written for continuing lines business (excluding 2023 exited programs), contributing to 10% growth for the full year
    • Fourth quarter net loss of $21 million, materially impacted by three significant items linked to our efforts to reposition the Company, including the CM Bermuda repurchase transaction, closure of previously announced LPT transaction with Enstar, and the write-down of a single MGA investment. This marks the end of the significant reshaping of the Company
    • Underlying net income of $44 million in the fourth quarter contributing to $304 million for the full year, up 14% versus prior year
    • Return on equity for 2024 of 9.1%, or 14.6% on an underlying basis and at the upper end of the target range of 12-15%
    • Book value per diluted common share (ex. AOCI) of $14.64, up 2.7% in the quarter and up 9.8% from December 31, 2023. Balance sheet remains strong post CM Bermuda transaction with Q4’24 BSCR estimate at 214%
    • Permanent retirement of the 45.7 million common shares repurchased from CM Bermuda on closure of the transaction, driving greater than 20% earnings per share accretion

    Scott Egan, Chief Executive Officer, said: “2024 has been a remarkable year of delivery for SiriusPoint. Despite increased catastrophe activity, our Core combined ratio has improved meaningfully from last year to 91.0%, excluding the impact from the loss portfolio transfer in 2023. Our 4.2 point improvement in attritional loss ratio demonstrates our focus on improving the quality of our underwriting. We saw 21% growth of gross premiums written for the quarter and 10% for the full year for our continuing lines business.

    Our underlying return on equity of 14.6% is at the upper end of the 12-15% target range set out a year ago. In optimizing our capital position, we have returned over $1 billion to investors during 2024 while maintaining robust capital ratios, due to our strong performance, reshaping actions, and capital generation over the past two years.

    We have strengthened our underlying business performance year-over-year, providing a strong basis for 2025. While this quarter our net income was impacted by several one-off items, we see 2024 as the end of the repositioning and reshaping of the Company. Our efforts are now fully focused on both growing the business and continuing to enhance performance.

    I take great pride in the accomplishments of the SiriusPoint team, who have worked with commitment and dedication to produce improvements in our underlying results, quarter after quarter. I am immensely grateful for all that they do every day for our customers, partners and shareholders.”

    Fourth Quarter 2024 Highlights

    • Net loss attributable to SiriusPoint common shareholders of $21.3 million, or $0.13 per diluted common share
    • Core income of $66.7 million, including underwriting income of $56.3 million, Core combined ratio of 90.2%
    • Core net services fee income of $10.4 million, with service margin of 20.2%
    • Net investment income of $68.9 million and total investment result of $29.0 million
    • Book value per diluted common share decreased $0.13 per share, or 0.9%, from September 30, 2024 to $14.60
    • Annualized return on average common equity of (4.0)%

    Year Ended December 31, 2024

    • Net income available to SiriusPoint common shareholders of $183.9 million, or $1.04 per diluted common share
    • Core income of $244.6 million, including underwriting income of $200.0 million, Core combined ratio of 91.0%
    • Core net services fee income of $46.7 million, with service margin of 21.0%
    • Net investment income of $303.6 million and total investment result of $224.6 million
    • Book value per diluted common share increased $1.25 per share, or 9.4%, from December 31, 2023 to $14.60
    • Return on average common equity of 9.1%
    • Debt to capital ratio increased to 24.8% compared to 23.8% as of December 31, 2023

    Key Financial Metrics

    The following table shows certain key financial metrics for the three and twelve months ended December 31, 2024 and 2023:

           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
      ($ in millions, except for per share data and ratios)
    Combined ratio   94.4 %     93.6 %     88.3 %     84.5 %
    Core underwriting income (1) $ 56.3     $ 37.0     $ 200.0     $ 250.2  
    Core net services income (1) $ 10.4     $ 9.3     $ 44.6     $ 41.2  
    Core income (1) $ 66.7     $ 46.3     $ 244.6     $ 291.4  
    Core combined ratio (1)   90.2 %     93.4 %     91.0 %     89.1 %
    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders (4.0 )%     17.1 %     9.1 %     16.2 %
    Book value per common share $ 14.92     $ 13.76     $ 14.92     $ 13.76  
    Book value per diluted common share $ 14.60     $ 13.35     $ 14.60     $ 13.35  
    Book value per diluted common share ex. AOCI (1) $ 14.64     $ 13.33     $ 14.64     $ 13.33  
    Tangible book value per diluted common share (1) $ 13.42     $ 12.47     $ 13.42     $ 12.47  
    (1) Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definition and reconciliation in “Non-GAAP Financial Measures.”
       

    Fourth Quarter 2024 Summary

    Consolidated underwriting income for the three months ended December 31, 2024 was $32.7 million compared to $36.7 million for the three months ended December 31, 2023. The decrease was primarily driven by higher catastrophe losses, partially offset by an increase in favorable prior year loss reserve development. Catastrophe losses, net of reinsurance and reinstatement premiums, were $38.6 million, or 6.5 percentage points on the combined ratio, for the three months ended December 31, 2024 mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Favorable prior year reserve development was $37.3 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as in Insurance & Services, mainly due to lower than expected reported attritional losses in A&H, compared to $11.1 million for the three months ended December 31, 2023 which included reserve strengthening for specific areas of uncertainty for the loss reserves.

    Consolidated underwriting income for the year ended December 31, 2024 was $276.4 million compared to $375.9 million for the year ended December 31, 2023. The decrease was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $127.8 million driven by reserving analyses performed in connection with the loss portfolio transfer transaction with Pallas Reinsurance Company Ltd that closed on June 30, 2023 (“2023 LPT”). Excluding the favorable development linked to the 2023 LPT, underwriting income increased by $15.8 million primarily driven by favorable development in Reinsurance, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses. Catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.3 percentage points on the combined ratio, for the year ended December 31, 2024, primarily driven by Hurricanes Milton and Helene, compared to $24.8 million, or 1.0 percentage points on the combined ratio, for the year ended December 31, 2023, primarily driven by the Turkey Earthquake and Chile Wildfire.

    Reportable Segments

    The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments – Reinsurance and Insurance & Services.

    Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

    Three months ended December 31, 2024 and 2023

    Core Premium Volume

    Gross premiums written increased by $42.7 million, or 5.9%, to $762.5 million for the three months ended December 31, 2024 compared to $719.8 million for the three months ended December 31, 2023. Net premiums earned increased by $23.2 million, or 4.2%, to $581.6 million for the three months ended December 31, 2024 compared to $558.4 million for the three months ended December 31, 2023. The increases in premium volume were primarily driven by increases in Insurance & Services from strategic organic and new program growth, as well higher A&H premiums, and in Reinsurance in Specialty and Property from new business and renewal growth. These increases were partially offset by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023.

    Core Results

    Core results for the three months ended December 31, 2024 included income of $66.7 million compared to $46.3 million for the three months ended December 31, 2023. Income for the three months ended December 31, 2024 consists of underwriting income of $56.3 million (90.2% combined ratio) and net services income of $10.4 million, compared to underwriting income of $37.0 million (93.4% combined ratio) and net services income of $9.3 million for the three months ended December 31, 2023. The improvement in net underwriting results was primarily driven by increased favorable prior year loss reserve development and lower attritional losses, partially offset by higher catastrophe losses.

    Losses incurred included $58.1 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $37.7 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

    Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $38.6 million, or 6.6 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Despite increased catastrophe losses for the three months ended December 31, 2024, catastrophe losses for the year ended December 31, 2024 were in line with our expectations evidencing our actions to reduce our catastrophe exposed business during the last two years.

    Year ended December 31, 2024 and 2023

    Core Premium Volume

    Gross premiums written decreased by $134.3 million, or 4.1%, to $3,176.4 million for the year ended December 31, 2024 compared to $3,310.7 million for the year ended December 31, 2023. Net premiums earned decreased by $81.5 million, or 3.6%, to $2,199.1 million for the year ended December 31, 2024 compared to $2,280.6 million for the year ended December 31, 2023. The decreases in premium volume were primarily due to the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, with the most significant offset being strategic organic and new program growth within Insurance & Services.

    Core Results

    Core results for the year ended December 31, 2024 included income of $244.6 million compared to $291.4 million for the year ended December 31, 2023. Income for the year ended December 31, 2024 consists of underwriting income of $200.0 million (91.0% combined ratio) and net services income of $44.6 million, compared to underwriting income of $250.2 million (89.1% combined ratio) and net services income of $41.2 million for the year ended December 31, 2023. The decrease in net underwriting results was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $104.8 million driven by reserving analyses performed in connection with the 2023 LPT.

    Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by $49.0 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses.

    For the year ended December 31, 2024 catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.5 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $13.5 million, or 0.6 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia, for the year ended December 31, 2023.

    Reinsurance Segment

    Three months ended December 31, 2024 and 2023

    Reinsurance gross premiums written were $312.2 million for the three months ended December 31, 2024, an increase of $60.5 million, or 24.0%, compared to the three months ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

    Reinsurance generated underwriting income of $18.3 million (93.2% combined ratio) for the three months ended December 31, 2024, compared to underwriting income of $27.8 million (88.6% combined ratio) for the three months ended December 31, 2023. The decrease in net underwriting results was primarily due to higher catastrophe losses, partially offset by increased favorable development. Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $35.2 million, or 13.2 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Losses incurred included $41.8 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $21.1 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

    Year ended December 31, 2024 and 2023

    Reinsurance gross premiums written were $1,335.6 million for the year ended December 31, 2024, an increase of $64.6 million, or 5.1%, compared to the year ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

    Reinsurance generated underwriting income of $124.8 million (88.0% combined ratio) for the year ended December 31, 2024, compared to underwriting income of $206.2 million (80.0% combined ratio) for the year ended December 31, 2023. The decrease in net underwriting results was primarily due to decreased favorable prior year loss reserve development and higher catastrophe losses, partially offset by lower attritional losses. Net favorable prior year loss reserve development was $75.0 million for the year ended December 31, 2024 primarily driven by favorable development in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $140.8 million for the year ended December 31, 2023, which included $93.0 million driven by reserving analyses performed in connection with the 2023 LPT.

    For the year ended December 31, 2024, catastrophe losses, net of reinsurance and reinstatement premiums, were $49.5 million, or 4.7 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $12.2 million, or 1.2 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia for the year ended December 31, 2023.

    Insurance & Services Segment

    Three months ended December 31, 2024 and 2023

    Insurance & Services gross premiums written were $450.3 million for the three months ended December 31, 2024, a decrease of $17.8 million, or 3.8%, compared to the three months ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023, partially offset by strategic organic and new program growth, as well higher A&H premiums.

    Insurance & Services generated segment income of $48.4 million for the three months ended December 31, 2024, compared to $16.8 million for the three months ended December 31, 2023. Segment income for the three months ended December 31, 2024 consists of underwriting income of $38.0 million (87.9% combined ratio) and net services income of $10.4 million, compared to underwriting income of $9.2 million (97.0% combined ratio) and net services income of $7.6 million for the three months ended December 31, 2023. The improvement in underwriting results was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

    Year ended December 31, 2024 and 2023

    Insurance & Services gross premiums written were $1,840.8 million for the year ended December 31, 2024, a decrease of $198.9 million, or 9.8%, compared to the year ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, as well as lower A&H premiums, partially offset by strategic organic and new program growth.

    Insurance & Services generated segment income of $119.8 million for the year ended December 31, 2024, compared to income of $86.3 million for the year ended December 31, 2023. Segment income for the year ended December 31, 2024 consists of underwriting income of $75.2 million (93.5% combined ratio) and net services income of $44.6 million, compared to underwriting income of $44.0 million (96.5% combined ratio) and net services income of $42.3 million for the year ended December 31, 2023. The improvement in underwriting income of $31.2 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

    As of December 31, 2024, we have equity stakes in 20 entities (managing general agents (“MGAs”), Insurtech and Other) compared to 36 at the start of 2023. We continue to rationalize our MGA equity stakes and realize the significant off-balance sheet value of our consolidated MGAs, with 6 of these rationalized in 2024. Book value for our three consolidated MGAs was $90.1 million as of December 31, 2024, compared to $76.3 million at December 31, 2023, when adjusted to exclude Arcadian Risk Capital Ltd. which we deconsolidated on June 30, 2024.

    Investments

    Three months ended December 31, 2024 and 2023

    Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt portfolio of $61.2 million, partially offset by unrealized losses resulting from fair value analyses on our strategic investment portfolio.

    Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2023 was primarily attributable to investment results from our debt and short-term investment portfolio of $68.5 million. This result was driven by interest income primarily on securitized assets and corporate debt positions, which made up 65.6% of our total investments as of December 31, 2023.

    Year ended December 31, 2024 and 2023

    Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $289.7 million, partially offset by unrealized losses on other long-term investments of $70.0 million. Increased investment income is primarily due to the rotation of the portfolio from cash and cash equivalents and U.S. government and government agency positions to high-grade corporate debt and other securitized assets, in an effort to better diversify our portfolio. Losses on private other long-term investments were the result of updated fair value analyses consistent with the current insurtech market trends and disposals of positions as we execute our strategy to focus on underwriting relationships with MGAs.

    Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $277.0 million.

    Webcast Details

    The Company will hold a webcast to discuss its fourth quarter 2024 results at 8:30 a.m. Eastern Time on February 19, 2025. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. fourth quarter 2024 earnings call.

    The online replay will be available on the Company’s website immediately following the call at www.siriuspt.com under the “Investor Relations” section.

    Safe Harbor Statement Regarding Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “guidance,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Specific forward-looking statements in this press release include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the success of our strategic transaction with CMIG International Holding Pte. Ltd., the current insurtech market trends, our ability to generate shareholder value and whether we will continue to have momentum in our business in the future. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improve underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events, including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations; our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes, including wildfires, and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the new presidential administration in the U.S.; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s Board of Directors or any committee thereof; and other risks and factors listed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.

    All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

    Non-GAAP Financial Measures and Other Financial Metrics

    In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Book value per diluted common share excluding accumulated other comprehensive income (loss) (“AOCI”) and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Management believes the effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses. Management believes it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP figures are included in the attached financial information in accordance with Regulation G and Item 10(e) of Regulation S-K, as applicable.

    About the Company

    SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $2.6 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Stable) from AM Best, S&P and Fitch, and A3 (Stable) from Moody’s. For more information please visit www.siriuspt.com.

    Contacts

    Investor Relations
    Liam Blackledge – Investor Relations and Strategy Manager
    Liam.Blackledge@siriuspt.com
    + 44 203 772 3082

    Media
    Natalie King – Global Head of Marketing and External Communications
    Natalie.King@siriuspt.com
    + 44 20 3772 3102

           
    SIRIUSPOINT LTD.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    As of December 31, 2024 and December 31, 2023
    (expressed in millions of U.S. dollars, except per share and share amounts)
           
      December 31,
    2024    		   December 31,
    2023
    Assets      
    Debt securities, available for sale, at fair value, net of allowance for credit losses of $1.1 (2023 – $0.0) (cost – $5,143.8; 2023 – $4,754.6) $ 5,131.0     $ 4,755.4  
    Debt securities, trading, at fair value (cost – $187.3; 2023 – $568.1)   162.2       534.9  
    Short-term investments, at fair value (cost – $95.3; 2023 – $370.8)   95.8       371.6  
    Investments in related party investment funds, at fair value   116.5       105.6  
    Other long-term investments, at fair value (cost – $317.8; 2023 – $358.1) (includes related party investments at fair value of $100.7 (2023 – $173.7))   200.0       310.1  
    Total investments   5,705.5       6,077.6  
    Cash and cash equivalents   682.0       969.2  
    Restricted cash and cash equivalents   212.6       132.1  
    Redemption receivable from related party investment fund   —       3.0  
    Due from brokers   11.2       5.6  
    Interest and dividends receivable   44.0       42.3  
    Insurance and reinsurance balances receivable, net   2,054.4       1,966.3  
    Deferred acquisition costs, net   327.5       308.9  
    Unearned premiums ceded   463.9       449.2  
    Loss and loss adjustment expenses recoverable, net   2,315.3       2,295.1  
    Deferred tax asset   297.0       293.6  
    Intangible assets   140.8       152.7  
    Other assets   270.7       175.9  
    Total assets $ 12,524.9     $ 12,871.5  
    Liabilities      
    Loss and loss adjustment expense reserves $ 5,653.9     $ 5,608.1  
    Unearned premium reserves   1,639.2       1,627.3  
    Reinsurance balances payable   1,781.6       1,736.7  
    Deposit liabilities   17.4       134.4  
    Deferred gain on retroactive reinsurance   8.5       27.9  
    Debt   639.1       786.2  
    Due to brokers   18.0       6.2  
    Deferred tax liability   76.2       68.7  
    Liability-classified capital instruments   —       67.3  
    Share repurchase liability   483.0       —  
    Accounts payable, accrued expenses and other liabilities   269.2       278.1  
    Total liabilities   10,586.1       10,340.9  
    Commitments and contingent liabilities      
    Shareholders’ equity      
    Series B preference shares (par value $0.10; authorized and issued: 8,000,000)   200.0       200.0  
    Common shares (issued and outstanding: 116,429,057; 2023 – 168,120,022)   11.6       16.8  
    Additional paid-in capital   945.0       1,693.0  
    Retained earnings   784.9       601.0  
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1  
    Shareholders’ equity attributable to SiriusPoint shareholders   1,937.4       2,513.9  
    Noncontrolling interests   1.4       16.7  
    Total shareholders’ equity   1,938.8       2,530.6  
    Total liabilities, noncontrolling interests and shareholders’ equity $ 12,524.9     $ 12,871.5  
                   
    SIRIUSPOINT LTD.
    CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
    For the three and twelve months ended December 31, 2024 and 2023
    (expressed in millions of U.S. dollars, except per share and share amounts)
           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Revenues              
    Net premiums earned $ 590.3     $ 578.0     $ 2,343.5     $ 2,426.2  
    Net investment income   68.9       78.4       303.6       283.7  
    Net realized and unrealized investment losses   (40.7 )     (12.4 )     (88.7 )     (10.0 )
    Net realized and unrealized investment gains (losses) from related party investment funds   0.8       (1.0 )     9.7       (1.0 )
    Net investment income and net realized and unrealized investment gains (losses)   29.0       65.0       224.6       272.7  
    Other revenues   19.4       17.8       184.2       97.8  
    Loss on settlement and change in fair value of liability-classified capital instruments   (25.9 )     (15.0 )     (148.5 )     (59.4 )
    Total revenues   612.8       645.8       2,603.8       2,737.3  
    Expenses              
    Loss and loss adjustment expenses incurred, net   369.1       365.4       1,368.5       1,381.3  
    Acquisition costs, net   134.6       111.7       516.9       472.7  
    Other underwriting expenses   53.9       64.2       181.7       196.3  
    Net corporate and other expenses   58.1       64.5       232.1       258.2  
    Intangible asset amortization   3.0       2.9       11.9       11.1  
    Interest expense   19.6       19.8       69.6       64.1  
    Foreign exchange (gains) losses   (12.9 )     19.2       (10.0 )     34.9  
    Total expenses   625.4       647.7       2,370.7       2,418.6  
    Income (loss) before income tax (expense) benefit   (12.6 )     (1.9 )     233.1       318.7  
    Income tax (expense) benefit   (4.4 )     101.6       (30.7 )     45.0  
    Net income (loss)   (17.0 )     99.7       202.4       363.7  
    Net income attributable to noncontrolling interests   (0.3 )     (2.2 )     (2.5 )     (8.9 )
    Net income (loss) available to SiriusPoint   (17.3 )     97.5       199.9       354.8  
    Dividends on Series B preference shares   (4.0 )     (4.0 )     (16.0 )     (16.0 )
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Earnings (loss) per share available to SiriusPoint common shareholders              
    Basic earnings (loss) per share available to SiriusPoint common shareholders $ (0.13 )   $ 0.52     $ 1.06     $ 1.93  
    Diluted earnings (loss) per share available to SiriusPoint common shareholders $ (0.13 )   $ 0.50     $ 1.04     $ 1.85  
    Weighted average number of common shares used in the determination of earnings (loss) per share              
    Basic   161,378,360       166,640,624       166,537,394       163,341,448  
    Diluted   161,378,360       173,609,940       169,470,681       169,607,348  
                                   
    SIRIUSPOINT LTD.
    SEGMENT REPORTING
       
      Three months ended December 31, 2024
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
     (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 312.2     $ 450.3     $ 762.5     $ —     $ (3.0 )   $ —     $ 759.5  
    Net premiums written   237.5       322.7       560.2       —       4.8       —       565.0  
    Net premiums earned   265.9       315.7       581.6       —       8.7       —       590.3  
    Loss and loss adjustment expenses incurred, net   148.3       175.3       323.6       (1.4 )     46.9       —       369.1  
    Acquisition costs, net   73.1       77.8       150.9       (27.6 )     11.3       —       134.6  
    Other underwriting expenses   26.2       24.6       50.8       —       3.1       —       53.9  
    Underwriting income (loss)   18.3       38.0       56.3       29.0       (52.6 )     —       32.7  
    Services revenues   —       51.6       51.6       (31.4 )     —       (20.2 )     —  
    Services expenses   —       41.2       41.2       —       —       (41.2 )     —  
    Net services income   —       10.4       10.4       (31.4 )     —       21.0       —  
    Segment income (loss)   18.3       48.4       66.7       (2.4 )     (52.6 )     21.0       32.7  
    Net investment income                   68.9       —       68.9  
    Net realized and unrealized investment losses     (40.7 )     —       (40.7 )
    Net realized and unrealized investment gains from related party investment funds     0.8       —       0.8  
    Other revenues                   (0.8 )     20.2       19.4  
    Loss on settlement and change in fair value of liability-classified capital instruments     (25.9 )     —       (25.9 )
    Net corporate and other expenses                   (16.9 )     (41.2 )     (58.1 )
    Intangible asset amortization                   (3.0 )     —       (3.0 )
    Interest expense                   (19.6 )     —       (19.6 )
    Foreign exchange gains                   12.9       —       12.9  
    Income (loss) before income tax expense $ 18.3     $ 48.4       66.7       (2.4 )     (76.9 )     —       (12.6 )
    Income tax expense           —       —       (4.4 )     —       (4.4 )
    Net income (loss)           66.7       (2.4 )     (81.3 )     —       (17.0 )
    Net income attributable to noncontrolling interest     —       —       (0.3 )     —       (0.3 )
    Net income (loss) available to SiriusPoint   $ 66.7     $ (2.4 )   $ (81.6 )   $ —     $ (17.3 )
                               
    Attritional losses $ 154.9     $ 188.2     $ 343.1     $ (1.4 )   $ 26.1     $ —     $ 367.8  
    Catastrophe losses   35.2       3.4       38.6       —       —       —       38.6  
    Prior year loss reserve development   (41.8 )     (16.3 )     (58.1 )     —       20.8       —       (37.3 )
    Loss and loss adjustment expenses incurred, net $ 148.3     $ 175.3     $ 323.6     $ (1.4 )   $ 46.9     $ —     $ 369.1  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   58.3 %     59.6 %     59.0 %                 62.3 %
    Catastrophe loss ratio   13.2 %     1.1 %     6.6 %                 6.5 %
    Prior year loss development ratio (15.7 )%   (5.2 )%   (10.0 )%               (6.3 )%
    Loss ratio   55.8 %     55.5 %     55.6 %                 62.5 %
    Acquisition cost ratio   27.5 %     24.6 %     25.9 %                 22.8 %
    Other underwriting expenses ratio   9.9 %     7.8 %     8.7 %                 9.1 %
    Combined ratio   93.2 %     87.9 %     90.2 %                 94.4 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Three months ended December 31, 2023
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
     (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 251.7     $ 468.1     $ 719.8     $ —     $ (4.2 )   $ —     $ 715.6  
    Net premiums written   194.9       263.3       458.2       —       (3.6 )     —       454.6  
    Net premiums earned   243.2       315.2       558.4       —       19.6       —       578.0  
    Loss and loss adjustment expenses incurred, net   121.8       206.6       328.4       (1.4 )     38.4       —       365.4  
    Acquisition costs, net   65.5       66.8       132.3       (31.6 )     11.0       —       111.7  
    Other underwriting expenses   28.1       32.6       60.7       —       3.5       —       64.2  
    Underwriting income (loss)   27.8       9.2       37.0       33.0       (33.3 )     —       36.7  
    Services revenues   1.7       54.0       55.7       (40.0 )     —       (15.7 )     —  
    Services expenses   —       43.6       43.6       —       —       (43.6 )     —  
    Net services fee income   1.7       10.4       12.1       (40.0 )     —       27.9       —  
    Services noncontrolling income   —       (2.8 )     (2.8 )     —       —       2.8       —  
    Net services income   1.7       7.6       9.3       (40.0 )     —       30.7       —  
    Segment income (loss)   29.5       16.8       46.3       (7.0 )     (33.3 )     30.7       36.7  
    Net investment income                   78.4       —       78.4  
    Net realized and unrealized investment losses     (12.4 )     —       (12.4 )
    Net realized and unrealized investment losses from related party investment funds     (1.0 )     —       (1.0 )
    Other revenues                   2.1       15.7       17.8  
    Loss on settlement and change in fair value of liability-classified capital instruments     (15.0 )     —       (15.0 )
    Net corporate and other expenses                   (20.9 )     (43.6 )     (64.5 )
    Intangible asset amortization                   (2.9 )     —       (2.9 )
    Interest expense                   (19.8 )     —       (19.8 )
    Foreign exchange losses                   (19.2 )     —       (19.2 )
    Income (loss) before income tax benefit $ 29.5     $ 16.8       46.3       (7.0 )     (44.0 )     2.8       (1.9 )
    Income tax benefit           —       —       101.6       —       101.6  
    Net income           46.3       (7.0 )     57.6       2.8       99.7  
    Net (income) loss attributable to noncontrolling interest     —       —       0.6       (2.8 )     (2.2 )
    Net income available to SiriusPoint   $ 46.3     $ (7.0 )   $ 58.2     $ —     $ 97.5  
                               
    Attritional losses $ 143.5     $ 222.8     $ 366.3     $ (1.4 )   $ 11.7     $ —     $ 376.6  
    Catastrophe losses   (0.6 )     0.4       (0.2 )     —       0.1       —       (0.1 )
    Prior year loss reserve development   (21.1 )     (16.6 )     (37.7 )     —       26.6       —       (11.1 )
    Loss and loss adjustment expenses incurred, net $ 121.8     $ 206.6     $ 328.4     $ (1.4 )   $ 38.4     $ —     $ 365.4  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   59.0 %     70.7 %     65.6 %                 65.2 %
    Catastrophe loss ratio (0.2 )%     0.1 %     — %                 — %
    Prior year loss development ratio (8.7 )%   (5.3 )%   (6.8 )%               (1.9 )%
    Loss ratio   50.1 %     65.5 %     58.8 %                 63.2 %
    Acquisition cost ratio   26.9 %     21.2 %     23.7 %                 19.3 %
    Other underwriting expenses ratio   11.6 %     10.3 %     10.9 %                 11.1 %
    Combined ratio   88.6 %     97.0 %     93.4 %                 93.6 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Twelve months ended December 31, 2024
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
    (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 1,335.6     $ 1,840.8     $ 3,176.4     $ —     $ 68.2     $ —     $ 3,244.6  
    Net premiums written   1,104.7       1,236.2       2,340.9       —       11.2       —       2,352.1  
    Net premiums earned   1,045.1       1,154.0       2,199.1       —       144.4       —       2,343.5  
    Loss and loss adjustment expenses incurred, net   554.3       714.1       1,268.4       (5.5 )     105.6       —       1,368.5  
    Acquisition costs, net   279.9       284.7       564.6       (121.4 )     73.7       —       516.9  
    Other underwriting expenses   86.1       80.0       166.1       —       15.6       —       181.7  
    Underwriting income (loss)   124.8       75.2       200.0       126.9       (50.5 )     —       276.4  
    Services revenues   —       222.9       222.9       (132.8 )     —       (90.1 )     —  
    Services expenses   —       176.2       176.2       —       —       (176.2 )     —  
    Net services fee income   —       46.7       46.7       (132.8 )     —       86.1       —  
    Services noncontrolling income   —       (2.1 )     (2.1 )     —       —       2.1       —  
    Net services income   —       44.6       44.6       (132.8 )     —       88.2       —  
    Segment income (loss)   124.8       119.8       244.6       (5.9 )     (50.5 )     88.2       276.4  
    Net investment income                   303.6       —       303.6  
    Net realized and unrealized investment losses     (88.7 )     —       (88.7 )
    Net realized and unrealized investment gains from related party investment funds     9.7       —       9.7  
    Other revenues                   94.1       90.1       184.2  
    Loss on settlement and change in fair value of liability-classified capital instruments     (148.5 )     —       (148.5 )
    Net corporate and other expenses                   (55.9 )     (176.2 )     (232.1 )
    Intangible asset amortization                   (11.9 )     —       (11.9 )
    Interest expense                   (69.6 )     —       (69.6 )
    Foreign exchange gains                   10.0       —       10.0  
    Income (loss) before income tax expense $ 124.8     $ 119.8       244.6       (5.9 )     (7.7 )     2.1       233.1  
    Income tax expense           —       —       (30.7 )     —       (30.7 )
    Net income (loss)           244.6       (5.9 )     (38.4 )     2.1       202.4  
    Net income attributable to noncontrolling interest     —       —       (0.4 )     (2.1 )     (2.5 )
    Net income (loss) available to SiriusPoint   $ 244.6     $ (5.9 )   $ (38.8 )   $ —     $ 199.9  
                               
    Attritional losses $ 579.8     $ 734.5     $ 1,314.3     $ (5.5 )   $ 112.8     $ —     $ 1,421.6  
    Catastrophe losses   49.5       5.3       54.8       —       —       —       54.8  
    Prior year loss reserve development   (75.0 )     (25.7 )     (100.7 )     —       (7.2 )     —       (107.9 )
    Loss and loss adjustment expenses incurred, net $ 554.3     $ 714.1     $ 1,268.4     $ (5.5 )   $ 105.6     $ —     $ 1,368.5  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   55.5 %     63.6 %     59.8 %                 60.7 %
    Catastrophe loss ratio   4.7 %     0.5 %     2.5 %                 2.3 %
    Prior year loss development ratio (7.2 )%   (2.2 )%   (4.6 )%               (4.6 )%
    Loss ratio   53.0 %     61.9 %     57.7 %                 58.4 %
    Acquisition cost ratio   26.8 %     24.7 %     25.7 %                 22.1 %
    Other underwriting expenses ratio   8.2 %     6.9 %     7.6 %                 7.8 %
    Combined ratio   88.0 %     93.5 %     91.0 %                 88.3 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Twelve months ended December 31, 2023
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
    (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 1,271.0     $ 2,039.7     $ 3,310.7     $ —     $ 116.7     $ —     $ 3,427.4  
    Net premiums written   1,061.0       1,282.7       2,343.7       —       94.2       —       2,437.9  
    Net premiums earned   1,031.4       1,249.2       2,280.6       —       145.6       —       2,426.2  
    Loss and loss adjustment expenses incurred, net   490.3       815.4       1,305.7       (5.4 )     81.0       —       1,381.3  
    Acquisition costs, net   252.2       295.5       547.7       (137.2 )     62.2       —       472.7  
    Other underwriting expenses   82.7       94.3       177.0       —       19.3       —       196.3  
    Underwriting income (loss)   206.2       44.0       250.2       142.6       (16.9 )     —       375.9  
    Services revenues   (1.1 )     238.6       237.5       (149.6 )     —       (87.9 )     —  
    Services expenses   —       187.8       187.8       —       —       (187.8 )     —  
    Net services fee income (loss)   (1.1 )     50.8       49.7       (149.6 )     —       99.9       —  
    Services noncontrolling income   —       (8.5 )     (8.5 )     —       —       8.5       —  
    Net services income (loss)   (1.1 )     42.3       41.2       (149.6 )     —       108.4       —  
    Segment income (loss)   205.1       86.3       291.4       (7.0 )     (16.9 )     108.4       375.9  
    Net investment income                   283.7       —       283.7  
    Net realized and unrealized investment losses     (10.0 )     —       (10.0 )
    Net realized and unrealized investment losses from related party investment funds     (1.0 )     —       (1.0 )
    Other revenues                   9.9       87.9       97.8  
    Loss on settlement and change in fair value of liability-classified capital instruments     (59.4 )     —       (59.4 )
    Net corporate and other expenses                   (70.4 )     (187.8 )     (258.2 )
    Intangible asset amortization                   (11.1 )     —       (11.1 )
    Interest expense                   (64.1 )     —       (64.1 )
    Foreign exchange losses                   (34.9 )     —       (34.9 )
    Income before income tax benefit $ 205.1     $ 86.3       291.4       (7.0 )     25.8       8.5       318.7  
    Income tax benefit           —       —       45.0       —       45.0  
    Net income           291.4       (7.0 )     70.8       8.5       363.7  
    Net income attributable to noncontrolling interest     —       —       (0.4 )     (8.5 )     (8.9 )
    Net income available to SiriusPoint   $ 291.4     $ (7.0 )   $ 70.4     $ —     $ 354.8  
                               
    Attritional losses $ 618.9     $ 840.7     $ 1,459.6     $ (5.4 )   $ 76.5     $ —     $ 1,530.7  
    Catastrophe losses   12.2       1.3       13.5       —       11.3       —       24.8  
    Prior year loss reserve development   (140.8 )     (26.6 )     (167.4 )     —       (6.8 )     —       (174.2 )
    Loss and loss adjustment expenses incurred, net $ 490.3     $ 815.4     $ 1,305.7     $ (5.4 )   $ 81.0     $ —     $ 1,381.3  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   60.0 %     67.3 %     64.0 %                 63.1 %
    Catastrophe loss ratio   1.2 %     0.1 %     0.6 %                 1.0 %
    Prior year loss development ratio (13.7 )%   (2.1 )%   (7.3 )%               (7.2 )%
    Loss ratio   47.5 %     65.3 %     57.3 %                 56.9 %
    Acquisition cost ratio   24.5 %     23.7 %     24.0 %                 19.5 %
    Other underwriting expenses ratio   8.0 %     7.5 %     7.8 %                 8.1 %
    Combined ratio   80.0 %     96.5 %     89.1 %                 84.5 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       

    SIRIUSPOINT LTD.
    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS & OTHER FINANCIAL MEASURES

    Non-GAAP Financial Measures

    Core Results

    Collectively, the sum of the Company’s two segments, Reinsurance and Insurance & Services, constitute “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

    Core underwriting income – calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.

    Core net services income – consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, and services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company’s services provided.

    Core income – consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.

    Core combined ratio – calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.

    Book Value Per Diluted Common Share Metrics

    Book value per diluted common share excluding AOCI and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Tangible book value per diluted common share excludes intangible assets. Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

    The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of December 31, 2024 and December 31, 2023:

           
      December 31,
    2024    		   December 31,
    2023
      ($ in millions, except share and per share amounts)
    Common shareholders’ equity attributable to SiriusPoint common shareholders $ 1,737.4     $ 2,313.9  
           
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1  
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI   1,741.5       2,310.8  
           
    Intangible assets   140.8       152.7  
    Tangible common shareholders’ equity attributable to SiriusPoint common shareholders $ 1,596.6     $ 2,161.2  
           
    Common shares outstanding   116,429,057       168,120,022  
    Effect of dilutive stock options, restricted share units and warrants   2,559,359       5,193,920  
    Book value per diluted common share denominator   118,988,416       173,313,942  
           
    Book value per common share $ 14.92     $ 13.76  
    Book value per diluted common share $ 14.60     $ 13.35  
    Book value per diluted common share ex. AOCI $ 14.64     $ 13.33  
    Tangible book value per diluted common share $ 13.42     $ 12.47  
                   

    Underlying Net Income

    Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses, including realized and unrealized gains (losses) on strategic and other investments and liability-classified capital instruments, income (expense) related to loss portfolio transfers, deferred tax assets attributable to the enactment of the Bermuda corporate income tax, development on COVID-19 reserves resulting from the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024, and foreign exchange gains (losses). We believe it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates.

    The following table sets forth the computation of underlying net income for the three and twelve months ended December 31, 2024 and 2023:

           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Non-recurring adjustments:              
    Gains on sale or deconsolidation of consolidated MGAs   —       —       (96.0 )     —  
    Losses on strategic and other investments   34.3       15.4       90.5       40.2  
    MGA & Strategic Investment Rationalization   34.3       15.4       (5.5 )     40.2  
                   
    Losses on settlement and change in fair value of liability-classified capital instruments (“CMIG Merger Instruments”)   25.9       15.0       148.5       59.4  
    COVID-19 favorable reserve development (1)   —       —       (19.9 )     —  
    CMIG Instruments & Transactions   25.9       15.0       128.6       59.4  
                   
    (Income) expense related to loss portfolio transfers   28.9       2.1       44.6       (101.6 )
    Bermuda corporate income tax enactment   —       (100.8 )     —       (100.8 )
    Foreign exchange (gains) losses   (12.9 )     19.2       (10.0 )     34.9  
    Income tax expense on adjustments (2)   (11.4 )     (7.8 )     (38.1 )     (4.9 )
                   
    Underlying net income available to SiriusPoint common shareholders $ 43.5     $ 36.6     $ 303.5     $ 266.0  
                                   
    Return on average common shareholders’ equity attributable to SiriusPoint common shareholders   (4.0 )%     17.1 %     9.1 %     16.2 %
                   
    Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period $ 2,494.9     $ 2,050.0     $ 2,313.9     $ 1,874.7  
    Accumulated other comprehensive income (loss), net of tax   81.5       (135.4 )     3.1       (45.0 )
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – beginning of period   2,413.4       2,185.4       2,310.8       1,919.7  
                   
    Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period   1,737.4       2,313.9       1,737.4       2,313.9  
    Impact of adjustments from above   64.8       (56.9 )     119.6       (72.8 )
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1       (4.1 )     3.1  
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – end of period   1,806.3       2,253.9       1,861.1       2,238.0  
                   
    Average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI $ 2,109.9     $ 2,219.7     $ 2,086.0     $ 2,078.9  
                   
    Underlying return on average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI   8.2 %     6.6 %     14.5 %     12.8 %
    (1) This development, which is primarily related to business written by legacy Third Point Reinsurance Ltd., is the result of the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024.
    (2) An effective tax rate of 15% is applied to the adjustments to calculate the income tax expense, where applicable.
       

    Other Financial Measures

    Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders

    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income (loss) available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and twelve months ended December 31, 2024 and 2023 was calculated as follows:

           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
      ($ in millions)
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period   2,494.9       2,050.0       2,313.9       1,874.7  
    Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period   1,737.4       2,313.9       1,737.4       2,313.9  
    Average common shareholders’ equity attributable to SiriusPoint common shareholders $ 2,116.2     $ 2,182.0     $ 2,025.7     $ 2,094.3  
    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders (4.0 )%     17.1 %     9.1 %     16.2 %
                               

    The MIL Network –

  • MIL-OSI: James River To Hold Its Fourth Quarter Earnings Conference Call on Tuesday, March 4, 2025

    Source: GlobeNewswire (MIL-OSI)

    PEMBROKE, Bermuda, Feb. 18, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (NASDAQ: JRVR) will release fourth quarter 2024 earnings after the market closes on Monday, March 3, 2025. It will also host an earnings conference call on Tuesday, March 4, 2025 beginning at 8:30 a.m. (Eastern Time).

    The conference call may be accessed by dialing (800) 715-9871, conference ID 6424000, or via the investor website at https://investors.jrvrgroup.com. A replay will also be available in the same location.

    About James River Group Holdings, Ltd.

    James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company. Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com.

    For more information contact:

    Zachary Shytle
    Senior Analyst, Investor Relations and Investments
    (980) 249-6848
    InvestorRelations@james-river-group.com

    The MIL Network –

  • MIL-OSI: COMSTOCK RESOURCES, INC. REPORTS FOURTH QUARTER 2024 FINANCIAL AND OPERATING RESULTS

    Source: GlobeNewswire (MIL-OSI)

    FRISCO, TX, Feb. 18, 2025 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2024.

    Highlights of 2024‘s Fourth Quarter

    • Natural gas and oil sales, including realized hedging gains, were $336 million.
    • Operating cash flow was $223 million or $0.76 per share.
    • Adjusted EBITDAX for the quarter was $252 million.
    • Adjusted net income was $46.3 million or $0.16 per share for the quarter.
    • Six successful wells were turned to sales in the Western Haynesville with an average daily initial production rate of 40 MMcf per well.
    • Added over 64,000 net acres in the Western Haynesville, increasing total acreage in the play to 518,000 net acres.

    Financial Results for the Three Months Ended December 31, 2024

    Comstock produced 124.2 Bcfe in the fourth quarter as compared to 140.6 Bcfe in the fourth quarter of 2023. The lower production in the quarter was related to the decision to drop two operated rigs in early 2024 and to defer completion activity in the third quarter of 2024. Comstock’s realized natural gas price for the fourth quarter of 2024 averaged $2.32 per Mcf before hedging and $2.70 per Mcf after hedging. Natural gas and oil sales in the fourth quarter of 2024 totaled $336.1 million (including realized hedging gains of $47.8 million). Operating cash flow (excluding changes in working capital) generated in the fourth quarter of 2024 was $222.8 million, and the net loss for the fourth quarter was $55.3 million or $0.19 per share. Net loss in the quarter included a pre-tax $126.9 million unrealized loss on hedging contracts held for natural gas price risk management. Excluding this item, adjusted net income for the fourth quarter of 2024 was $46.3 million, or $0.16 per share.

    Comstock’s production cost per Mcfe in the fourth quarter averaged $0.72 per Mcfe, which was comprised of $0.36 for gathering and transportation costs, $0.25 for lease operating costs, $0.06 for production and other taxes and $0.05 for cash general and administrative expenses. Comstock’s unhedged operating margin was 69% in the fourth quarter of 2024 and 73% after hedging.

    Financial Results for the Year Ended December 31, 2024

    Production in 2024 was 527.8 Bcfe as compared to 524.9 Bcfe in 2023. Natural gas and oil sales for the year ended December 31, 2024 totaled $1.3 billion (including realized hedging gains of $207.8 million). Operating cash flow (excluding changes in working capital) generated during the year was $675.2 million, and the net loss was $218.8 million or $0.76 per share. The adjusted net loss excluding a pre-tax $197.6 million unrealized loss on hedging contracts for the year ended December 31, 2024 was $69.0 million or $0.24 per share.

    Comstock’s production cost per Mcfe during the year ended December 31, 2024 averaged $0.78 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.25 for lease operating costs, $0.11 for production and other taxes and $0.05 for cash general and administrative expenses. Comstock’s unhedged operating margin was 61% during 2024 and 68% after hedging.

    2024 Drilling Results

    Comstock drilled 50 (42.9 net) operated horizontal Haynesville/Bossier shale wells in 2024, which had an average lateral length of 10,759 feet. Comstock also turned 48 (42.9 net) operated wells to sales in 2024, which had an average initial production rate of 26 MMcf per day.

    Since its last operational update in October, Comstock turned an additional six (6.0 net) operated Western Haynesville/Bossier shale wells to sales as follows:

    Well   Vertical Depth (feet)   Completed Lateral (feet)   Initial Production Rate (MMcf per day)
                 
    Hodges #1   16,705   11,405   39
    Powell #1   18,081   9,758   42
    Hogue #1   18,872   12,055   44
    Deornellas A #1   18,975   10,884   42
    Deornellas B #2   17,552   9,473   40
    Miles #1   15,921   10,584   34

    These wells had average initial daily production rates of 40 MMcf per day and average completed lateral lengths of 10,693 feet.

    2024 Proved Oil and Gas Reserves

    Comstock also announced that proved natural gas and oil reserves as of December 31, 2024 were estimated at 3.8 trillion cubic feet equivalent (“Tcfe”) as compared to 4.9 Tcfe as of December 31, 2023. The reserve estimates were determined under SEC guidelines and were audited by the Company’s independent reserve engineering firm. The 3.8 Tcfe of proved reserves at December 31, 2024 were substantially all natural gas, 73% developed and 98% operated by Comstock. The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves (the “PV-10 Value”), was approximately $1.6 billion using the Company’s average first of month 2024 prices of $1.84 per Mcf of natural gas and $71.07 per barrel of oil. The natural gas and oil prices used in determining the December 31, 2024 proved reserve estimates were 23% lower for natural gas and 2% lower for oil as compared to prices used at December 31, 2023.

    The very low natural gas prices used to determine proved reserves resulted in many of the Company’s proved undeveloped locations being excluded from the year-end proved reserve estimates as they did not generate an adequate return at that natural gas price. Using NYMEX future market prices as of December 31, 2024 of $3.26 per Mcf for natural gas and $59.10 per barrel of oil, as adjusted for the Company’s basis differentials, proved reserves would have been 7.0 Tcfe with a PV-10 value of $5.7 billion.

    The following table reflects the changes in the SEC and NYMEX proved reserve estimates since the end of 2023:

      SEC     NYMEX  
      (Bcfe)  
    Proved Reserves:          
    Proved Reserves at December 31, 2023   4,943.5       6,654.4  
    Production   (527.8 )     (528.0 )
    Extensions and discoveries   531.3       899.4  
    Divestitures   (2.4 )     (3.0 )
    Revisions   (1,180.5 )     (0.3 )
    Proved Reserves at December 31, 2024   3,764.1       7,022.5  

    Comstock replaced 101% of its 2024 production excluding revisions under SEC pricing and replaced 170% of its 2024 production under NYMEX pricing.

    2025 Budget

    In response to improved natural gas prices, the Company plans to increase the number of operating drilling rigs it is running from five to seven during 2025. Four of the rigs will be devoted to the Western Haynesville to continue to delineate the new play. As a result, Comstock plans to spend approximately $1.0 billion to $1.1 billion in 2025 on its development and exploration projects to drill 46 (40.3 net) operated horizontal wells and to turn 46 (39.7 net) operated wells to sales in 2025. Comstock expects to spend $130 million to $150 million on its Western Haynesville midstream system, which will be funded by its midstream partnership.

    Earnings Call Information

    Comstock has planned a conference call for 10:00 a.m. Central Time on February 19, 2025, to discuss the fourth quarter 2024 operational and financial results. Investors wishing to listen should visit the Company’s website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:
    https://register.vevent.com/register/BI6e0b4d6ba76e49049b0b8093ff4a87a6

    Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/siuhk9j5.

    If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on February 19, 2025. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/siuhk9j5.

    This press release may contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company’s filings with the Securities and Exchange Commission (“SEC”) available on the Company’s website or the SEC’s website at sec.gov.

    Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company’s stock is traded on the New York Stock Exchange under the symbol CRK.

    COMSTOCK RESOURCES, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)

        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    Revenues:                        
    Natural gas sales   $ 287,626     $ 348,385     $ 1,043,886     $ 1,259,450  
    Oil sales     672       1,050       3,597       5,161  
    Total natural gas and oil sales     288,298       349,435       1,047,483       1,264,611  
    Gas services     78,208       61,148       206,097       300,498  
    Total revenues     366,506       410,583       1,253,580       1,565,109  
    Operating expenses:                        
    Production and ad valorem taxes     7,707       31,912       57,437       91,803  
    Gathering and transportation     44,434       46,925       194,890       184,906  
    Lease operating     31,379       31,678       130,504       132,203  
    Exploration     —       —       —       1,775  
    Depreciation, depletion and amortization     202,116       185,558       795,397       607,908  
    Gas services     72,611       57,733       205,407       282,050  
    General and administrative     10,164       6,000       39,435       37,992  
    Loss (gain) on sale of assets     35       —       (875 )     (125 )
    Total operating expenses     368,446       359,806       1,422,195       1,338,512  
    Operating income (loss)     (1,940 )     50,777       (168,615 )     226,597  
    Other income (expenses):                        
    Gain (loss) from derivative financial instruments     (79,022 )     111,449       10,196       187,639  
    Other income     284       304       1,211       1,771  
    Interest expense     (54,616 )     (47,936 )     (210,621 )     (169,018 )
    Total other income (expenses)     (133,354 )     63,817       (199,214 )     20,392  
    Income (loss) before income taxes     (135,294 )     114,594       (367,829 )     246,989  
    (Provision for) benefit from income taxes     79,981       (6,217 )     149,075       (35,095 )
    Net income (loss)     (55,313 )     108,377       (218,754 )     211,894  
    Net income attributable to noncontrolling interest     (2,816 )     (777 )     (10,897 )     (777 )
    Net income (loss) attributable to Comstock   $ (58,129 )   $ 107,600     $ (229,651 )   $ 211,117  
                             
    Net income (loss) per share:                        
    Basic   $ (0.19 )   $ 0.39     $ (0.76 )   $ 0.76  
    Diluted   $ (0.19 )   $ 0.39     $ (0.76 )   $ 0.76  
    Weighted average shares outstanding:                        
    Basic     290,170       276,999       287,010       276,806  
    Diluted     290,170       276,999       287,010       276,806  
    Dividends per share   $ —     $ 0.125     $ —     $ 0.500  

    COMSTOCK RESOURCES, INC.
    OPERATING RESULTS
    (In thousands, except per unit amounts)

        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    Natural gas production (MMcf)     124,128       140,565       527,548       524,467  
    Oil production (Mbbls)     10       13       50       70  
    Total production (MMcfe)     124,185       140,649       527,847       524,890  
                             
    Natural gas sales   $ 287,626     $ 348,385     $ 1,043,886     $ 1,259,450  
    Natural gas hedging settlements (1)     47,847       4,107       207,803       80,328  
    Total natural gas including hedging     335,473       352,492       1,251,689       1,339,778  
    Oil sales     672       1,050       3,597       5,161  
    Total natural gas and oil sales including hedging   $ 336,145     $ 353,542     $ 1,255,286     $ 1,344,939  
                             
    Average natural gas price (per Mcf)   $ 2.32     $ 2.48     $ 1.98     $ 2.40  
    Average natural gas price including hedging (per Mcf)   $ 2.70     $ 2.51     $ 2.37     $ 2.55  
    Average oil price (per barrel)   $ 67.20     $ 80.77     $ 71.94     $ 73.73  
    Average price (per Mcfe)   $ 2.32     $ 2.48     $ 1.98     $ 2.41  
    Average price including hedging (per Mcfe)   $ 2.71     $ 2.51     $ 2.38     $ 2.56  
                             
    Production and ad valorem taxes   $ 7,707     $ 31,912     $ 57,437     $ 91,803  
    Gathering and transportation     44,434       46,925       194,890       184,906  
    Lease operating     31,379       31,678       130,504       132,203  
    Cash general and administrative (2)     6,282       3,141       24,174       28,125  
    Total production costs   $ 89,802     $ 113,656     $ 407,005     $ 437,037  
                             
    Production and ad valorem taxes (per Mcfe)   $ 0.06     $ 0.23     $ 0.11     $ 0.18  
    Gathering and transportation (per Mcfe)     0.36       0.33       0.37       0.35  
    Lease operating (per Mcfe)     0.25       0.23       0.25       0.25  
    Cash general and administrative (per Mcfe)     0.05       0.02       0.05       0.05  
    Total production costs (per Mcfe)   $ 0.72     $ 0.81     $ 0.78     $ 0.83  
                             
    Unhedged operating margin     69 %     67 %     61 %     65 %
    Hedged operating margin     73 %     68 %     68 %     68 %
                             
    Gas services revenues   $ 78,208     $ 61,148     $ 206,097     $ 300,498  
    Gas services expenses     72,611       57,733       205,407       282,050  
    Gas services margin   $ 5,597     $ 3,415     $ 690     $ 18,448  
                             
    Natural Gas and Oil Capital Expenditures:                        
    Unproved property acquisitions   $ 18,448     $ 21,907     $ 106,386     $ 98,553  
    Total natural gas and oil properties acquisitions   $ 18,448     $ 21,907     $ 106,386     $ 98,553  
    Exploration and Development:                        
    Development leasehold   $ 1,308     $ 8,818     $ 13,461     $ 27,905  
    Exploratory drilling and completion     134,779       65,079       354,557       244,129  
    Development drilling and completion     96,021       233,856       503,550       974,664  
    Other development costs     8,325       6,262       30,500       25,130  
    Total exploration and development capital expenditures   $ 240,433     $ 314,015     $ 902,068     $ 1,271,828  

    (1)   Included in gain (loss) from derivative financial instruments in operating results.

    (2)   Excludes stock-based compensation.

    COMSTOCK RESOURCES, INC.
    NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share amounts)

        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    ADJUSTED NET INCOME (LOSS):                        
    Net income (loss)   $ (55,313 )   $ 108,377     $ (218,754 )   $ 211,894  
    Unrealized loss (gain) from derivative financial instruments     126,869       (107,342 )     197,607       (107,311 )
    Exploration expense     —       —       —       1,775  
    Loss (gain) on sale of assets     35       —       (875 )     (125 )
    Adjustment to income taxes     (25,333 )     26,868       (46,981 )     26,450  
    Adjusted net income (loss) (1)   $ 46,258     $ 27,903     $ (69,003 )   $ 132,683  
                             
    Adjusted net income (loss) per share (2)   $ 0.16     $ 0.10     $ (0.24 )   $ 0.47  
    Diluted shares outstanding     292,983       276,999       287,010       276,806  
                             
                             
    ADJUSTED EBITDAX:                        
    Net income (loss)   $ (55,313 )   $ 108,377     $ (218,754 )   $ 211,894  
    Interest expense     54,616       47,936       210,621       169,018  
    Income taxes     (79,981 )     6,217       (149,075 )     35,095  
    Depreciation, depletion, and amortization     202,116       185,558       795,397       607,908  
    Exploration     —       —       —       1,775  
    Unrealized loss (gain) from derivative financial instruments     126,869       (107,342 )     197,607       (107,311 )
    Stock-based compensation     3,881       2,861       15,261       9,867  
    Loss (gain) on sale of assets     35       —       (875 )     (125 )
    Total Adjusted EBITDAX (3)   $ 252,223     $ 243,607     $ 850,182     $ 928,121  

    (1)   Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company’s profitability excluding, non-cash unrealized gains and losses on derivative financial instruments, gains and losses on sales of assets and other unusual items.

    (2)   Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units and preferred stock pursuant to the treasury stock method.

    (3)   Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock’s results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, unrealized (gain) loss from derivative financial instruments and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.

    COMSTOCK RESOURCES, INC.
    NON-GAAP FINANCIAL MEASURES
    (In thousands)

        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    OPERATING CASH FLOW (1):                        
    Net income (loss)   $ (55,313 )   $ 108,377     $ (218,754 )   $ 211,894  
    Reconciling items:                        
    Unrealized loss (gain) from derivative financial instruments     126,869       (107,342 )     197,607       (107,311 )
    Deferred income taxes     (57,754 )     15,423       (124,919 )     44,301  
    Depreciation, depletion and amortization     202,116       185,558       795,397       607,908  
    Amortization of debt discount and issuance costs     2,957       1,984       11,476       7,964  
    Stock-based compensation     3,881       2,861       15,261       9,867  
    Loss (gain) on sale of assets     35       —       (875 )     (125 )
    Operating cash flow   $ 222,791     $ 206,861     $ 675,193     $ 774,498  
    (Increase) decrease in accounts receivable     (18,989 )     (16,626 )     56,584       278,697  
    (Increase) decrease in other current assets     (22,144 )     1,369       (22,893 )     745  
    Increase (decrease) in accounts payable and other accrued expenses     85,395       36,603       (88,547 )     (37,094 )
    Net cash provided by operating activities   $ 267,053     $ 228,207     $ 620,337     $ 1,016,846  
        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    FREE CASH FLOW (2):                        
    Operating cash flow   $ 222,791     $ 206,861     $ 675,193     $ 774,498  
    Less:                        
    Exploration and development capital expenditures     (240,433 )     (314,015 )     (902,068 )     (1,271,828 )
    Midstream capital expenditures     (38,638 )     (14,098 )     (85,377 )     (35,694 )
    Other capital expenditures     (558 )     (11 )     (2,264 )     (491 )
    Contributions from midstream partnership     24,500       24,000       60,500       24,000  
    Free cash deficit from operations   $ (32,338 )   $ (97,263 )   $ (254,016 )   $ (509,515 )
    Acquisitions     (18,448 )     (21,907 )     (106,386 )     (98,553 )
    Proceeds from divestitures     —       —       1,214       41,295  
    Free cash deficit after acquisition and divestiture activity   $ (50,786 )   $ (119,170 )   $ (359,188 )   $ (566,773 )

    (1)   Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts.

    (2)   Free cash flow from operations and free cash flow after acquisition and divestiture activity are presented in the earnings release because management believes them to be useful indicators of the Company’s ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, midstream and other capital expenditures, proved and unproved property acquisitions, and proceeds from divestitures of natural gas and oil properties.

    COMSTOCK RESOURCES, INC.
    CONSOLIDATED BALANCE SHEETS
    (In thousands)

        December 31,
    2024    		     December 31,
    2023    		  
    ASSETS            
    Cash and cash equivalents   $ 6,799     $ 16,669  
    Accounts receivable     174,846       231,430  
    Derivative financial instruments     4,865       126,775  
    Other current assets     97,524       86,619  
    Total current assets     284,034       461,493  
    Property and equipment, net     5,688,389       5,384,771  
    Goodwill     335,897       335,897  
    Operating lease right-of-use assets     73,777       71,462  
        $ 6,382,097     $ 6,253,623  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Accounts payable   $ 421,814     $ 523,260  
    Accrued costs     146,173       134,466  
    Operating leases     35,927       23,765  
    Derivative financial instruments     8,940       —  
    Total current liabilities     612,854       681,491  
    Long-term debt     2,952,090       2,640,391  
    Deferred income taxes     345,116       470,035  
    Derivative financial instruments     66,757       —  
    Long-term operating leases     37,740       47,742  
    Asset retirement obligation     33,996       30,773  
    Total liabilities     4,048,553       3,870,432  
    Stockholders’ Equity:            
    Common stock     146,130       139,214  
    Additional paid-in capital     1,366,274       1,260,930  
    Accumulated earnings     728,619       958,270  
    Total stockholders’ equity attributable to Comstock     2,241,023       2,358,414  
    Noncontrolling interest     92,521       24,777  
    Total stockholders’ equity     2,333,544       2,383,191  
        $ 6,382,097     $ 6,253,623  

    The MIL Network –

  • MIL-OSI: Occidental Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON , Feb. 18, 2025 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced its fourth quarter 2024 financial results. The earnings release and accompanying financial schedules can be accessed via the Investor Relations section of the company’s website, oxy.com. The earnings release is also available on the U.S. Securities and Exchange Commission’s website at sec.gov.

    The company will hold a conference call to discuss the results on Wednesday, February 19, 2025, at 1 p.m. Eastern/12 p.m. Central. The conference call may be accessed by calling 1-866-871-6512 (international callers dial 1-412-317-5417) or via webcast at oxy.com/investors. Participants may pre-register for the conference call at https://dpregister.com/sreg/10195053/fe1bf33c4f. A recording of the webcast will be posted on the Investor Relations section of the company’s website within several hours after the call is completed.

    About Occidental
    Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

    Contacts

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., Feb. 18, 2025 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2024.

    Fourth Quarter 2024 Highlights

    • Net sales of $149.9 million compared to $140.0 million in Q4-23. Excluding $20.8 million of contribution from Enercon, organic sales down 7.8% from Q4-23.
    • Gross profit margin of 37.5%, up from 36.6% in Q4-23  
    • GAAP net loss attributable to Bel shareholders of $1.8 million versus GAAP net earnings attributable to Bel shareholders of $12.0 million in Q4-23  
    • Non-GAAP net earnings attributable to Bel shareholders of $19.0 million versus $19.5 million in Q4-23  
    • Adjusted EBITDA of $30.3 million (20.2% of sales) as compared to $27.3 million (19.5% of sales) in Q4-23  
    • Completed acquisition of Enercon, making aerospace and defense Bel’s largest end market served

    Full Year 2024 Highlights

    • Net sales of $534.8 million compared to $639.8 million in 2023. Excluding contribution from Enercon, organic sales down 19.7%.  
    • Gross profit margin of 37.8%, up from 33.7% in 2023  
    • GAAP net earnings attributable to Bel shareholders of $41.0 million versus $73.8 million in 2023  
    • Non-GAAP net earnings attributable to Bel shareholders of $72.1 million versus $89.6 million in 2023  
    • Adjusted EBITDA of $101.9 million (19.0% of sales), down from $116.8 million (18.3% of sales) in 2023

    “Bel’s profitability levels remained strong throughout 2024 despite a challenging top line environment,” said Daniel Bernstein, President and CEO. “Our recent initiatives in operational efficiencies and global mindset of financial discipline has strengthened Bel’s foundation, enabling us to thrive despite the macro conditions we faced. We could not be more pleased with our acquisition of Enercon, both operationally and from a team perspective. We are excited to embark on 2025 as a new team, working together to progress on revenue synergy opportunities that we have identified across our two businesses. On a personal note, as recently announced, I look forward to working with Farouq in the coming months as I transition the roles of President and CEO to the next generation,” concluded Mr. Bernstein.

    Farouq Tuweiq, CFO, added, “Our priority for 2024 was to take actions to drive future top line growth and further refine our organizational structure to enhance operational efficiencies. In this regard, we were successful in achieving a series of initiatives. During the fourth quarter, we closed on our acquisition of Enercon, the largest transaction in Bel’s history. Enercon adds scale, diversity and a strong financial profile to Bel’s legacy business. Further, in October 2024, Uma Pingali joined Bel as our first Global Head of Sales. Under Uma’s leadership, we are laying the foundation of a new cohesive global sales structure and strategy aimed at driving top line growth across all product groups, geographies and end markets. On the internal initiative side, we announced two additional facility consolidation projects in 2024 and have initiated a strategic focus on global procurement with the hiring of Anubhav Gothi. Each of these actions completed in 2024 will serve to support Bel’s growth and profitability objectives for 2025.

    “Looking ahead, we are encouraged to see the tide turning in terms of demand from our networking and distribution partners. We anticipate the rebound in these areas will be slow and steady throughout 2025. Based on information available today, GAAP net sales in the first quarter of 2025 are expected to be in the range of $144 to $154 million, with gross margin in the range of 36% to 38%. We are excited entering 2025 as a more nimble organization and look forward to executing on the growth opportunities in the year ahead,” concluded Mr. Tuweiq.

    Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, impairment charges, noncontrolling interest (“NCI”) adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Non-GAAP adjusted net sales exclude expedite fee revenue. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.

     

    Conference Call
    Bel has scheduled a conference call for 8:30 a.m. ET on Wednesday, February 19, 2025 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13750153 after 12:30 pm ET, also for 30 days.

    About Bel
    Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, general industrial, high-speed data transmission, defense, commercial aerospace, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.

    Company Contact:
    Farouq Tuweiq  
    Chief Financial Officer  
    ir@belf.com

    Investor Contact:
    Three Part Advisors
    Jean Marie Young, Managing Director or Steven Hooser, Partner
    631-418-4339
    jyoung@threepa.com; shooser@threepa.com

    Cautionary Language Concerning Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the first quarter of 2025; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2025 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, gross margin, products, product groups, customers, geographies and end markets; statements about the anticipated benefits of the recently-closed Enercon acquisition, including our beliefs about the potential future advantages of the acquisition for Bel’s operations, team, and with respect to revenue synergy opportunities; statements expressing management’s optimism for 2025 and for the future generally; statements about the process of transitioning the roles of President and CEO to the next generation; statements regarding Bel’s plans and intentions in respect of corporate projects and objectives, including plans for initiatives and efficiencies, and including statements about the intention to drive future top line growth and refine the organizational structure to enhance operational efficiencies; statements about the anticipated future contributions of new employees recently joining Bel and the role of such newly-created positions in the corporate team; statements about Bel’s sales structure and strategy aimed at driving top line growth across product groups, geographies and end markets; statements about facility consolidation projects and strategic focus on global procurement, and the anticipated benefits thereof including with respect to supporting Bel’s growth and profitability objectives for 2025; Anticipated demand from networking and distribution partners; size and capabilities of the organization; statements about executing on growth opportunities; statements regarding our expectations and beliefs regarding trends in the Company’s business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company’s positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to the Enercon acquisition which closed in November 2024, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions that may result to Bel’s business and our currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect our products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing our customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or our industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with our international operations, including our substantial manufacturing operations in China, and following Bel’s acquisition of Enercon which closed in November 2024, risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of trade restrictions that may impact Bel, its customers and/or its suppliers; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies, such as any new or increase in tariffs imposed either by the U.S. government on foreign imports or by a foreign government on US. exports related to the countries in which Bel transacts business; and the risks detailed in Bel’s most recent Annual Report on Form 10-K and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting our business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release.

    Non-GAAP Financial Measures
    The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program for 2023, please see the Executive Compensation discussion appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 1, 2024.

    Website Information
    We routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

    [Financial tables follow]

     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
                                     
    Net sales   $ 149,859     $ 140,010     $ 534,792     $ 639,813  
    Cost of sales     93,652       88,827       332,434       423,964  
    Gross profit     56,207       51,183       202,358       215,849  
    As a % of net sales     37.5 %     36.6 %     37.8 %     33.7 %
                                     
    Research and development costs     6,934       5,966       23,586       22,487  
    Selling, general and administrative expenses     34,831       24,942       110,616       99,091  
    As a % of net sales     23.2 %     17.8 %     20.7 %     15.5 %
    Impairment of CUI tradename     400       –       400       –  
    Restructuring charges     1,669       3,808       3,459       10,114  
    Gain on sale of property     –       –       –       (3,819 )
    Income from operations     12,373       16,467       64,297       87,976  
    As a % of net sales     8.3 %     11.8 %     12.0 %     13.8 %
                                     
    Gain on sale of Czech Republic business     –       –       –       980  
    Interest expense     (2,815 )     (448 )     (4,078 )     (2,850 )
    Interest income     1,013       –       4,754       –  
    Other expense, net     (3,186 )     (2,520 )     (3,165 )     (2,806 )
    Earnings before income taxes     7,385       13,499       61,808       83,300  
                                     
    Provision for income taxes     953       1,463       12,616       9,469  
    Effective tax rate     12.9 %     10.8 %     20.4 %     11.4 %
    Net earnings   $ 6,432     $ 12,036     $ 49,192     $ 73,831  
    As a % of net sales     4.3 %     8.6 %     9.2 %     11.5 %
                                     
    Less: Net earnings attributable to noncontrolling interest     484       –       484       –  
    Redemption value adjustment attributable to noncontrolling interest     7,748       –       7,748       –  
    Net (loss) earnings attributable to Bel Fuse Shareholders   $ (1,800 )   $ 12,036     $ 40,960     $ 73,831  
                                     
    Weighted average number of shares outstanding:                                
    Class A common shares – basic and diluted     2,115       2,142       2,124       2,142  
    Class B common shares – basic and diluted     10,429       10,628       10,491       10,634  
                                     
    Net (loss) earnings per common share:                                
    Class A common shares – basic and diluted   $ (0.14 )   $ 0.90     $ 3.09     $ 5.52  
    Class B common shares – basic and diluted   $ (0.14 )   $ 0.95     $ 3.28     $ 5.83  
                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Balance Sheets
    (in thousands, unaudited)
                 
        December 31, 2024     December 31, 2023  
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 68,253     $ 89,371  
    Held to maturity U.S. Treasury securities     950       37,548  
    Accounts receivable, net     111,376       84,129  
    Inventories     161,370       136,540  
    Other current assets     31,581       33,890  
    Total current assets     373,530       381,478  
    Property, plant and equipment, net     47,879       36,533  
    Right-of-use assets     25,125       20,481  
    Related-party note receivable     2,937       2,152  
    Equity method investment     9,265       10,282  
    Goodwill and other intangible assets, net     439,984       76,033  
    Other assets     51,069       44,672  
    Total assets   $ 949,789     $ 571,631  
                     
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity                
    Current liabilities:                
    Accounts payable   $ 49,182     $ 40,441  
    Operating lease liability, current     7,954       6,350  
    Other current liabilities     70,933       63,818  
    Total current liabilities     128,069       110,609  
    Long-term debt     287,500       60,000  
    Operating lease liability, long-term     17,763       14,212  
    Other liabilities     75,295       46,252  
    Total liabilities     508,627       231,073  
    Redeemable noncontrolling interests     80,586       –  
    Stockholders’ equity     360,576       340,558  
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity   $ 949,789     $ 571,631  
                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
           
        Year Ended  
        December 31,  
        2024     2023  
                     
    Cash flows from operating activities:                
    Net earnings   $ 49,192     $ 73,831  
    Adjustments to reconcile net earnings to net cash provided by operating activities:                
    Depreciation and amortization     16,457       13,312  
    Stock-based compensation     3,738       3,486  
    Amortization of deferred financing costs     151       33  
    Deferred income taxes     (6,267 )     (3,872 )
    Net unrealized losses on foreign currency revaluation     1,456       1,356  
    Gain on sale of property     –       (2,117 )
    Gain on sale of Czech Republic business     –       (980 )
    Other, net     2,347       (1,037 )
    Changes in operating assets and liabilities:                
    Accounts receivable, net     (6,817 )     22,500  
    Unbilled receivables     7,800       5,451  
    Inventories     15,121       33,613  
    Accounts payable     139       (22,745 )
    Accrued expenses     (7,068 )     5,356  
    Accrued restructuring costs     215       (1,228 )
    Income taxes payable     (1,009 )     (4,976 )
    Other operating assets/liabilities, net     2,199       (13,634 )
    Net cash provided by operating activities     77,654       108,349  
                     
    Cash flows from investing activities:                
    Purchases of property, plant and equipment     (14,108 )     (12,126 )
    Purchases of held to maturity U.S. Treasury securities     (131,309 )     (59,992 )
    Proceeds from held to maturity securities     167,907       19,918  
    Payment for equity method investment     –       (10,282 )
    Investment in related party notes receivable     (785 )     (2,152 )
    Proceeds from sale of property, plant and equipment     883       6,036  
    Payment of acquisition, net of cash acquired     (324,071 )        
    Proceeds from sale of business     –       5,063  
    Net cash used in investing activities     (301,483 )     (53,535 )
                     
    Cash flows from financing activities:                
    Dividends paid to common stockholders     (3,453 )     (3,492 )
    Deferred financing costs     (1,736 )     –  
    Repayments under revolving credit line     (15,000 )     (40,000 )
    Borrowings under revolving credit line     242,500       5,000  
    Purchases of common stock     (16,053 )     (105 )
    Net cash provided by (used in) financing activities     206,258       (38,597 )
                     
    Effect of exchange rate changes on cash and cash equivalents     (3,547 )     2,888  
                     
    Net (decrease) increase in cash and cash equivalents     (21,118 )     19,105  
    Cash and cash equivalents – beginning of period     89,371       70,266  
    Cash and cash equivalents – end of period   $ 68,253     $ 89,371  
                     
                     
    Supplementary information:                
    Cash paid during the period for:                
    Income taxes, net of refunds received   $ 22,952     $ 25,056  
    Interest payments   $ 5,795     $ 4,729  
    ROU assets obtained in exchange for lease obligations   $ 6,870     $ 5,999  
                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Product Group Highlights
    (dollars in thousands, unaudited)
                 
        Sales     Gross Margin  
        Q4-24     Q4-23     % Change     Q4-24     Q4-23     Basis Point Change  
    Power Solutions and Protection   $ 78,073     $ 68,971       13.2 %     40.6 %     40.2 %     40  
    Connectivity Solutions     52,548       50,562       3.9 %     36.6 %     29.3 %     730  
    Magnetic Solutions     19,238       20,477       -6.1 %     29.1 %     17.1 %     1,200  
    Total   $ 149,859     $ 140,010       7.0 %     37.5 %     36.6 %     90  
        Sales     Gross Margin  
        FY 2024     FY 2023     % Change     FY 2024     FY 2023     Basis Point Change  
    Power Solutions and Protection   $ 245,551       314,105       -21.8 %     42.4 %     38.1 %     430  
    Connectivity Solutions     220,370       210,572       4.7 %     37.1 %     34.2 %     290  
    Magnetic Solutions     68,871       115,136       -40.2 %     25.3 %     22.0 %     330  
    Total   $ 534,792     $ 639,813       -16.4 %     37.8 %     33.7 %     410  
                                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Net Sales to Non-GAAP Adjusted Net Sales(2)
    Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA(2)(3)
    (in thousands, unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
                                     
    GAAP net sales   $ 149,859     $ 140,010     $ 534,792     $ 639,813  
    Expedite fee revenue     –       425       57       14,850  
    Non-GAAP adjusted net sales   $ 149,859     $ 139,585     $ 534,735     $ 624,963  
        Three Months Ended     Year Ended  
        December 31,     December 31,  
                             
        2024     2023     2024     2023  
                                     
    GAAP Net earnings   $ 6,432     $ 12,036     $ 49,192     $ 73,831  
    Provision for income taxes     953       1,463       12,616       9,469  
    Other income/expense, net     3,186       2,520       3,165       2,806  
    Interest income     (1,013 )     –       (4,754 )     –  
    Interest expense     2,815       448       4,078       2,850  
    GAAP Operating Income   $ 12,373     $ 16,467     $ 64,297     $ 88,956  
    Restructuring charges     1,669       3,808       3,459       10,114  
    Acquisition related costs     8,592       –       12,884       –  
    Amortization of inventory step-up     639       –       639       –  
    Impairment of CUI tradename     400       –       400       –  
    Loss on liquidation of foreign subsidiary     –       2,724       –       2,724  
    MPS litigation costs     –       128       –       3,031  
    Gain on sale of Czech Republic business     –       –       –       (980 )
    Gain on sale of properties     –       –       –       (3,819 )
    Stock compensation     956       774       3,738       3,486  
    Non-GAAP Operating Income   $ 24,629     $ 23,901     $ 85,417     $ 103,512  
    Depreciation and amortization     5,698       3,350       16,457       13,312  
    Adjusted EBITDA   $ 30,327     $ 27,251     $ 101,874     $ 116,824  
    % of net sales     20.2 %     19.5 %     19.0 %     18.3 %
                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)
    (in thousands, except per share data) (unaudited)
     
    The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.
                 
        Three Months Ended December 31, 2024     Three Months Ended December 31, 2023  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 7,385     $ 953     $ (1,800 )   $ (0.14 )   $ (0.14 )   $ 13,499     $ 1,463     $ 12,036     $ 0.90     $ 0.95  
    Restructuring charges     1,669       270       1,399       0.11       0.11       3,808       675       3,133       0.24       0.25  
    Acquisition related costs     8,592       1,516       7,076       0.54       0.57       –       –       –       –       –  
    Redemption value adjustment on redeemable NCI     –       –       7,748       0.59       0.62       –       –       –       –       –  
    Amortization of inventory step-up     639       147       492       0.04       0.04       –       –       –       –       –  
    Impairment of CUI tradename     400       92       308       0.02       0.02       –       –       –       –       –  
    Loss on liquidation of foreign subsidiary     –       –       –       –       –       2,724       681       2,043       0.15       0.16  
    MPS litigation costs     –       –       –       –       –       128       29       99       0.01       0.01  
    Share-based compensation     956       197       759       0.06       0.06       774       160       614       0.05       0.05  
    Amortization of intangibles     2,843       493       2,349       0.18       0.19       1,160       254       906       0.07       0.07  
    Unrealized foreign currency exchange (gains) losses     908       201       707       0.05       0.06       829       203       626       0.05       0.05  
    Non-GAAP measures   $ 23,392     $ 3,869     $ 19,039     $ 1.45     $ 1.53     $ 22,922     $ 3,465     $ 19,457     $ 1.46     $ 1.54  
        Year Ended December 31, 2024     Year Ended December 31, 2023  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 61,808     $ 12,616     $ 40,960     $ 3.09     $ 3.28     $ 83,300     $ 9,469     $ 73,831     $ 5.52     $ 5.83  
    Restructuring charges     3,459       587       2,872       0.22       0.23       10,114       1,682       8,432       0.63       0.67  
    Acquisition related costs     12,884       2,503       10,381       0.79       0.83       –       –       –       –       –  
    Redemption value adjustment on redeemable NCI     –       –       7,748       0.59       0.62       –       –       –       –       –  
    Amortization of inventory step-up     639       147       492       0.04       0.04       –       –       –       –       –  
    Impairment of CUI tradename     400       92       308       0.02       0.02       –       –       –       –       –  
    MPS litigation costs     –       –       –       –       –       3,031       696       2,335       0.18       0.18  
    Gain on sale of Czech Republic business     –       –       –       –       –       (980 )     (49 )     (931 )     (0.07 )     (0.07 )
    Gain on sale of properties     –       –       –       –       –       (3,819 )     (763 )     (3,056 )     (0.23 )     (0.24 )
    Loss on liquidation of foreign subsidiary     –       –       –       –       –       2,724       681       2,043       0.15       0.16  
    Share-based compensation     3,738       770       2,968       0.23       0.24       3,486       718       2,768       0.21       0.22  
    Amortization of intangibles     6,537       1,236       5,301       0.40       0.42       4,663       1,019       3,644       0.28       0.29  
    Unrealized foreign currency exchange (gains) losses     1,455       340       1,115       0.08       0.09       831       270       561       0.04       0.04  
    Non-GAAP measures   $ 90,919     $ 18,291     $ 72,144     $ 5.47     $ 5.77     $ 103,350     $ 13,723     $ 89,627     $ 6.72     $ 7.08  
                                                                                     
    (1)The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
    (2)In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3)Individual amounts of earnings per share may not agree to the total due to rounding.
    (4)In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
     

    The MIL Network –

  • MIL-OSI Security: Guatemalan national sentenced for illegal reentry in Eastern District of Texas

    Source: Office of United States Attorneys

    BEAUMONT, Texas –A Guatemalan national has been sentenced to federal prison for illegally reentering the United States, announced Eastern District of Texas Acting U.S. Attorney Abe McGlothin, Jr.

    Carlos Rodriguez-Torres, 42, pleaded guilty to reenty of deported alien and was sentenced to 18 months in federal prison by U.S. District Judge Marcia A. Crone on February 18, 2025.

    According to information presented in court, on April 18, 2024, Rodriguez-Torres was found in Lumberton.  Data system checks revealed Rodriguez-Torres is a citizen and national of Guatemala and illegally present in the United States.  Further investigation revealed Rodriguez-Torres had been previously deported or removed to Guatemala on March 14, 2012; October 9, 2012; March 12, 2013; and January 8, 2019.  Rodriguez-Torres had also been previously convicted of unlawful possession of a firearm by an alien on February 20, 2018, in the Eastern District of Texas.

    This case was investigated by Homeland Security Investigations and the Lumberton Police Department.  This case was prosecuted by Assistant U.S. Attorney Matt Quinn.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Violations of the False Claims Act as the Result of Fraudulent Payment Protection Program Loans Settled in United States District Court

    Source: Office of United States Attorneys

    LAFAYETTE, La. – Acting United States Attorney Alexander C. Van Hook announced that the United States has obtained consent or default judgments in five civil fraud lawsuits alleging the individuals obtained loans for fictitious companies or fictitious self-employment under the Paycheck Protection Program (“PPP”). The defendants named in the lawsuits are Antoinette Kennedy, Andre Lane, Dieudonne Nlend, Tracey Thompson and Rashinda Harris. These defendants obtained forgiveness of their loans in violation of the False Claims Act. This litigation resulted in judgments in favor of the United States in the total amount of $138,413.72.  

    The PPP was an emergency loan program established by Congress in March 2020 under the Coronavirus Aid, Relief and Economic Security (“CARES”) Act and administered by the Small Business Administration (“SBA”).  The PPP was created to provide forgivable loans to support small businesses struggling to pay employees and other business expenses during the COVID-19 pandemic. When applying for PPP loans, borrowers were required to certify that they were eligible for the requested loan and that the information provided in the loan application was true and accurate.  To receive forgiveness, borrowers were required to submit signed loan forgiveness applications and documents containing certain information and certifications. 

    The case involving defendant Kennedy began in May 2024 when agents began investigating a fraudulent PPP loan received by her. Investigators with the Army Criminal Investigation Unit learned that Kennedy had no business, business income, or business expenses as she falsely stated on her application for the PPP loan. Their investigation further revealed that Kennedy had learned about a scheme on Instagram and obtained loans on her own behalf and prepared the false paperwork. The government filed a complaint to recover damages and civil penalties under the False Claims Act for PPP funds which Kennedy received which she was not entitled to. A default judgment was obtained by the United States against Kennedy in the amount of $48,813.72.

    Thompson and Harris were small business owners and allowed someone to assist them with the creating of their false PPP loan applications. Their applications exaggerated the amount of business income that each of them actually had. Both defendants were responsible for submitting false loan applications and received PPP loans to which they would have not been entitled to receive. Similarly, Lane was self-employed and submitted a false self-employment income claim. Lane’s application exaggerated his self-employment income.  A settlement was reached with each of these three defendants, and consent judgments were obtained by the United States in the amounts of $23,516, $23,415, and $23,435, respectively.

    During the investigation of Dieudonne Nlend, agents interviewed him, and he admitted to falsifying self-employment income amounts. Nlend told agents that he used the proceeds from the PPP loan to assist a family member with a medical issue in another country. A consent judgment in the amount of $19,234 was obtained by the United States against Nlend.

    “The United States Attorney’s Office will use every tool at our disposal – to include civil litigation – to root out fraud, waste, and abuse of taxpayer money,” said Acting U.S. Attorney Alexander C. Van Hook. “We are proud to work with our law enforcement partners to hold these wrongdoers accountable.”

    The resolutions obtained were the result of a coordinated effort between the Civil Division of the U.S. Attorney’s Office, Small Business Administration’s Office of Inspector General, and for certain defendants, the Department of Army Criminal Investigation Division. The cases were handled by Assistant U.S. Attorney Melissa L. Theriot.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: East Conemaugh Man Pleads Guilty to Methamphetamine and Firearms Charges

    Source: Office of United States Attorneys

    JOHNSTOWN, Pa. – A resident of East Conemaugh, Pennsylvania, pleaded guilty in federal court to charges of violating federal narcotics and firearms laws, Acting United States Attorney Troy Rivetti announced today.

    Kari Ameen Wheeler, 38, pleaded guilty to Counts One and Two of the Indictment before United States District Judge Stephanie L. Haines.

    In connection with the guilty plea, the Court was advised that, on or about August 21, 2024, in the Western District of Pennsylvania, Wheeler distributed and possessed with intent to distribute 500 grams or more of methamphetamine. Further, on August 23, 2024, Wheeler possessed two firearms and ammunition after previously having been convicted of a felony. Federal law prohibits possession of a firearm or ammunition by a convicted felon.

    Judge Haines scheduled sentencing for June 30, 2025. The law provides for a total sentence of not less than 10 years and up to life in prison, a fine of up to $10 million, or both. Under the federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offenses and the prior criminal history of the defendant.

    Assistant United States Attorney Arnold P. Bernard Jr. is prosecuting this case on behalf of the government.

    The Federal Bureau of Investigation, FBI Safe Streets Task Force, and Cambria County Drug Task Force conducted the investigation that led to the prosecution of Wheeler.

    MIL Security OSI –

  • MIL-OSI Security: FBI Boston’s Violent Crimes Task Force Seeks Identity of Suspect Wanted in Connection with Armed Pharmacy Robbery

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

    The FBI Boston Division’s Violent Crimes Task Force, the Massachusetts State Police, and the Danvers Police Department are seeking the public’s assistance in identifying a suspect wanted in connection with the armed robbery of a pharmacy in Danvers, Massachusetts, on January 8, 2025. The robber is considered armed and dangerous.

    On Wednesday, January 8, 2025, at approximately 5:17 p.m., the suspect entered the pharmacy located at 1 Maple Street, Danvers, Massachusetts. He approached the counter, pointed a silver pistol at the pharmacist, and demanded a variety of drugs from the safe. After placing the drugs in a black bag, he exited the store through the rear.

    The alleged robber is a thin, white male. During the robbery he wore a gray hooded sweatshirt with a dark-colored jacket, khaki pants, a black face mask, and a black hat.

    Anyone with information regarding this robbery should call the FBI at 857-386-2000 or the Danvers Police Department at 978-762-0221. Tips can also be submitted online at tips.fbi.gov.

    MIL Security OSI –

  • MIL-OSI: Gibson Energy Reports 2024 Fourth Quarter and Record Full Year Results Driven by All-Time High Volumes at the Gateway and Edmonton Terminals, Alongside a 5% Dividend Increase

    Source: GlobeNewswire (MIL-OSI)

    All financial figures are in Canadian dollars unless otherwise noted

    CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today its financial and operating results for the three and twelve months ended December 31, 2024.

    “We are pleased to announce record Infrastructure results for 2024, driven by a full year of contribution from Gateway,” said Curtis Philippon, President & Chief Executive Officer. “Exiting the year, the quality and stability of our Infrastructure cash flows improved due to successful re-contracting efforts and record throughput at both Gateway and Edmonton. We also announced exciting growth capital projects at Gateway. I am pleased with the progress we are making on setting up the Gibson team, increasing our focus on the business, strengthening our growth pipeline and building a high-performance culture.”

    Financial Highlights:

    • Revenue of $11,780 million for the full year, including $2,358 million in the fourth quarter, relatively consistent year over year primarily due to higher sales volumes within the Marketing segment and the revenue contribution from the Gateway Terminal
    • Infrastructure Adjusted EBITDA(1) of $601 million for the full year, including $147 million in the fourth quarter, a $107 million or 22% increase over full year 2023 primarily due to the full year contribution from the Gateway Terminal and an Edmonton tank, which were only partially offset by a reduction from the Hardisty Unit Train Facility and the impact of certain one-time items
    • Marketing Adjusted EBITDA(1) of $63 million for the full year, including a $5 million loss in the fourth quarter, an $82 million or 57% decrease over full year 2023 principally due to significantly tighter crude oil differentials and crack spreads, and increased demand for Canadian heavy oil triggering steep backwardation and limited volatility, impacting storage, quality and time-based opportunities
    • Adjusted EBITDA(1) on a consolidated basis of $610 million for the full year, including $130 million in the fourth quarter, a $20 million or 3% increase over full year 2023, due to the impact of unrealized gains and losses on financial instruments recorded in both periods and the factors noted above, partially offset by the add back of certain one-time items, and an increase in general and administrative expenses, net of executive transition and restructuring costs
    • Net income of $152 million for the full year 2024, including a $6 million loss in the fourth quarter, a $62 million or 29% decrease over full year 2023 due to the impact of items noted above, higher general and administrative costs primarily due to executive transition and restructuring costs, the impact of the Gateway acquisition that resulted in higher finance costs, depreciation and amortization expenses, and an environmental remediation provision, partially offset by acquisition and integration costs in the prior year and a lower income tax expense
    • Distributable Cash Flow(1) of $375 million for the full year, including $71 million in the fourth quarter, an $11 million or 3% decrease over full year 2023, primarily due to higher finance costs, partially offset by higher Adjusted EBITDA and lower lease payments
    • Dividend Payout ratio(2) on a trailing twelve-month basis of 71%, which is at the low end of the 70% – 80% target range
    • Net debt to Adjusted EBITDA ratio(2) of 3.5x for the twelve months ended December 31, 2024, which is at the high end of the 3.0x – 3.5x target range, compared to 3.7x for the twelve months ended December 31, 2023

    Strategic Developments and Highlights:

    • Appointed Curtis Philippon as the President and Chief Executive Officer, effective August 29, 2024
    • Announced the extension of a long-term contract with an investment grade global E&P company at the Gateway Terminal and the sanction of a connection to the Cactus II Pipeline in July
    • Refinanced $350 million 5.80% senior unsecured notes due 2026 with $350 million of 4.45% senior unsecured notes due in November 2031, resulting in annual cost savings of approximately $5 million
    • Announced the extension of a long-term contract and the sanctioning of the dredging project at the Gateway Terminal in December which, along with the earlier announcements, will allow the Company to achieve its Gateway targets
    • Placed in-service two new 435,000 barrel tanks under a long-term take-or-pay agreement with an investment grade customer at the Edmonton Terminal in December
    • Achieved a new milestone, recording 8.8 million hours without a lost time injury for our employee and contract workforce
    • Subsequent to the quarter, appointed Riley Hicks as the Senior Vice President and Chief Financial Officer, effective February 4, 2025
    • Subsequent to the quarter, Gibson’s Board of Directors also approved a quarterly dividend of $0.43 per common share, an increase of $0.02 per common share or 5%, beginning with the dividend payable in April
    (1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the “Specified Financial Measures” section of this release.
    (2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the “Specified Financial Measures” section of this release.


    Management’s Discussion and Analysis and Financial Statements
    The 2024 fourth quarter Management’s Discussion and Analysis and audited Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months and year ended December 31, 2024, as compared to the three months and year ended December 31, 2023. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca.

    Earnings Conference Call & Webcast Details
    A conference call and webcast will be held to discuss the 2024 fourth quarter and year-end financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Wednesday, February 19, 2025.

    To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL:

    Registration at least five minutes prior to the conference call is recommended.

    This call will also be broadcast live on the Internet and may be accessed directly at the following URL:

    The webcast will remain accessible for a 12-month period at the above URL.

    Supplementary Information
    Gibson has also made available certain supplementary information regarding the 2024 fourth quarter and full year financial and operating results, available at www.gibsonenergy.com.

    About Gibson
    Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

    Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

    Forward-Looking Statements
    Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements) including, but not limited to, the Company’s plans and targets, including its focus on delivering shareholder returns and progressing its cost focus campaign, and dividend payment dates and amounts thereof. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “will,” “anticipate”, “continue”, “expect”, “intend”, “may”, “should”, “could”, “believe”, “further” and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form and Management’s Discussion and Analysis, each dated February 18, 2025, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com.

    For further information, please contact:

    Investor Relations:
    (403) 776-3077
    investor.relations@gibsonenergy.com

    Media Relations:
    (403) 476-6334
    communications@gibsonenergy.com

    Specified Financial Measures

    This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

    For further details on these specified financial measures, including relevant reconciliations, see the “Specified Financial Measures” section of the Company’s MD&A for the years ended December 31, 2024 and 2023, which is incorporated by reference herein and is available on Gibson’s SEDAR+ profile at www.sedarplus.ca and Gibson’s website at www.gibsonenergy.com.

    a)   Adjusted EBITDA

    Noted below is the reconciliation to the most directly comparable GAAP measures of the Company’s segmented and consolidated adjusted EBITDA for the three months and years ended December 31, 2024, and 2023:

    Three months ended December 31, Infrastructure Marketing Corporate and
    Adjustments    		 Total
    ($ thousands) 2024 2023   2024   2023 2024   2023   2024   2023  
                     
    Segment profit 127,444 157,968   (16,435 ) 24,474 —   —   111,009   182,442  
    Unrealized loss (gain) on derivative financial instruments 6,359 (5,377 ) 11,662   3,388 —   —   18,021   (1,989 )
    General and administrative — —   —   — (18,065 ) (10,893 ) (18,065 ) (10,893 )
    Adjustments to share of profit from equity accounted investees 1,169 155   —   — —   —   1,169   155  
    Executive transition and restructuring costs — —   —   — 6,304   —   6,304   —  
    Environmental remediation provision (1) 9,287 —   —   — —   —   9,287   —  
    Post-close purchase price adjustment (1) 2,670 —   —   — —   —   2,670   —  
    Renewable power purchase agreement — —   —   — (713 ) —   (713 ) —  
    Other — —   —   — —   (34 ) —   (34 )
    Adjusted EBITDA 146,929 152,746   (4,773 ) 27,862 (12,474 ) (10,927 ) 129,682   169,681  
    Years ended December 31, Infrastructure Marketing Corporate and
    Adjustments    		 Total
    ($ thousands) 2024 2023   2024 2023   2024   2023   2024   2023  
                     
    Segment profit 574,010 494,451   52,956 148,436   —   —   626,966   642,887  
    Unrealized loss (gain) on derivative financial instruments 10,105 (4,637 ) 9,778 (3,484 ) —   —   19,883   (8,121 )
    General and administrative — —   — —   (69,985 ) (49,570 ) (69,985 ) (49,570 )
    Adjustments to share of profit from equity accounted investees 5,240 4,448   — —   —   —   5,240   4,448  
    Executive transition and restructuring costs — —   — —   16,969   —   16,969   —  
    Environmental remediation provision (1) 9,287 —   — —   —   —   9,287   —  
    Post-close purchase price adjustment (1) 2,670 —   — —   —   —   2,670   —  
    Renewable power purchase agreement — —   — —   (888 ) —   (888 ) —  
    Other — —   — —   —   184   —   184  
    Adjusted EBITDA 601,312 494,262   62,734 144,952   (53,904 ) (49,386 ) 610,142   589,828  

    (1) added back in the calculation of adjusted EBITDA as these charges are not reflective of the ongoing earning capacity of the business, as described in the discussion of Infrastructure segment results in the MD&A.

      Three months ended December 31,
    		  
    ($ thousands) 2024   2023  
         
    Net (Loss) Income (5,563 ) 53,301  
         
    Income tax expense 7,575   20,259  
    Depreciation, amortization, and impairment charges 55,217   47,690  
    Finance costs, net 34,033   35,919  
    Unrealized loss (gain) on derivative financial instruments 18,021   (1,989 )
    Unrealized (gain) loss on renewable power purchase agreement (4,375 ) 866  
    Share-based compensation 6,882   5,600  
    Acquisition and integration costs —   2,083  
    Adjustments to share of profit from equity accounted investees 1,169   155  
    Corporate foreign exchange (gain) loss and other (1,538 ) 5,797  
    Environmental remediation provision (1) 9,287   —  
    Post-close purchase price adjustment (1) 2,670   —  
    Executive transition and restructuring costs 6,304   —  
    Adjusted EBITDA 129,682   169,681  
      Years ended December 31,
    		  
    ($ thousands) 2024   2023  
         
    Net Income 152,174   214,211  
         
    Income tax expense 53,780   71,123  
    Depreciation, amortization, and impairment charges 186,669   142,478  
    Finance costs, net 138,318   116,276  
    Unrealized loss (gain) on derivative financial instruments 19,883   (8,121 )
    Corporate unrealized loss on derivative financial instruments 2,332   1,296  
    Share-based compensation 22,040   20,944  
    Acquisition and integration costs 1,371   22,042  
    Adjustments to share of profit from equity accounted investees 5,240   4,448  
    Corporate foreign exchange (gain) loss and other (591 ) 5,131  
    Environmental remediation provision (1) 9,287   —  
    Post-close purchase price adjustment (1) 2,670   —  
    Executive transition and restructuring costs 16,969   —  
    Adjusted EBITDA 610,142   589,828  

    (1) added back in the calculation of adjusted EBITDA as these charges are not reflective of the ongoing earning capacity of the business, as described in the discussion of Infrastructure segment results in the MD&A.

    b)   Distributable Cash Flow

    The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:

    Three months ended December 31,
    		   Years ended December 31,
    		  
    ($ thousands) 2024   2023   2024   2023  
             
    Cash flow from operating activities 67,276   155,602   598,454   574,856  
    Adjustments:        
    Changes in non-cash working capital and taxes paid 53,978   7,487   (10,642 ) (7,434 )
    Replacement capital (11,727 ) (10,226 ) (35,987 ) (35,928 )
    Cash interest expense, including capitalized interest (31,931 ) (34,456 ) (134,336 ) (100,133 )
    Acquisition and integration costs (1) —   2,083   1,371   22,042  
    Executive transition and restructuring costs (1) 6,304   —   16,969   —  
    Lease payments (6,063 ) (9,628 ) (30,241 ) (35,896 )
    Current income tax (6,685 ) (7,917 ) (30,318 ) (31,717 )
    Distributable cash flow 71,152   102,945   375,270   385,790  

    (1) Costs adjusted on an incurred basis.

    c)   Dividend Payout Ratio

      Years ended December 31,  
      2024   2023  
    Distributable cash flow 375,270   385,790  
    Dividends declared 266,858   236,907  
    Dividend payout ratio 71 % 61 %


    d)       Net Debt To Adjusted EBITDA Ratio

      Years ended December 31,
    		  
      2024   2023  
         
    Current and long-term debt 2,598,635   2,711,543  
    Lease liabilities 48,180   62,005  
    Less: unsecured hybrid debt (450,000 ) (450,000 )
    Less: cash and cash equivalents (57,069 ) (143,758 )
         
    Net debt 2,139,746   2,179,790  
    Adjusted EBITDA 610,142   589,828  
    Net debt to adjusted EBITDA ratio 3.5   3.7  

    The MIL Network –

  • MIL-OSI: Goosehead Insurance, Inc. To Report Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    WESTLAKE, Texas, Feb. 18, 2025 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), announced today that it will report its fourth quarter 2024 results after the market close on Monday, February 24, 2024.

    The company will hold a conference call to discuss results at 4:30 PM ET on February 24th. To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details. A live webcast of the conference call will also be available on Goosehead’s investor relations website at ir.gooseheadinsurance.com.

    A webcast replay of the call will be available at ir.gooseheadinsurance.com for one year following the call.

    About Goosehead
    Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 150 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

    Contacts

    Investor Contact:

    Dan Farrell
    Goosehead Insurance – VP Capital Markets
    Phone: (214) 838-5290
    E-mail: dan.farrell@goosehead.com; IR@goosehead.com

    PR Contact

    Mission North for Goosehead Insurance
    Email: goosehead@missionnorth.com; PR@goosehead.com

    The MIL Network –

  • MIL-OSI: Gibson Energy Announces 5% Dividend Increase and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    All financial figures are in Canadian dollars unless otherwise noted

    CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson”, or the “Company”) announced today that its Board of Directors has approved and declared a quarterly dividend of $0.43 per common share, representing a 5% increase of $0.02 per common share per quarter. The quarterly dividend is payable on April 17, 2025, to shareholders of record at the close of business on March 31, 2025. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Gibson’s dividends are subject to Canadian withholding tax.

    “We are pleased to announce a 5% increase to the dividend, marking the sixth consecutive annual increase,” said Riley Hicks, Senior Vice President and Chief Financial Officer. “This dividend increase is reflective of the growth of our long-term, stable cash flows in 2024 driven by record-setting volumes achieved at the Gateway and Edmonton Terminals. As we move into 2025, we remain committed to our Infrastructure strategy, prioritizing safety, adhering to our Financial Governing Principles and maintaining a disciplined approach to per-share growth. In order to further enhance shareholder returns, we expect to deploy up to $200 million between growth capital and share repurchases this year.”

    About Gibson

    Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

    Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

    Forward-Looking Statements

    Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements) including, but not limited to, statements concerning Gibson’s dividend increase and payment, share repurchases and financial and other commitments. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ”anticipate”, ”plan”, ”contemplate”, ”continue”, ”estimate”, ”expect”, ”intend”, ”propose”, ”might”, ”may”, ”will”, ”shall”, ”project”, ”should”, ”could”, ”would”, ”believe”, ”predict”, ”forecast”, ”pursue”, ”potential” and ”capable” and similar expressions are intended to identify forward looking statements. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, dividend payment, share repurchases, the return of capital to shareholders and the funding sources thereof. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form dated February 18, 2025, and Management’s Discussion and Analysis dated February 18, 2025 as filed on SEDAR+ at www.sedarplus.ca and available on the Gibson website at www.gibsonenergy.com.

    For further information, please contact:

    Investors: Beth Pollock
    Vice President, Capital Markets & Risk
    Phone: (403) 992-6478
    Email: beth.pollock@gibsonenergy.com

    Media: Wendy Robinson
    Director, Communications & Brand
    Phone: (403) 827-6057
    Email: wendy.robinson@gibsonenergy.com

    The MIL Network –