GlobeNewswire – Page 531

MIL-OSI: Par Pacific Reports Fourth Quarter and 2024 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the fourth quarter and twelve months ended December 31, 2024.

Fourth quarter Net Loss of $(55.7) million, or $(1.01) per diluted share; Adjusted Net Loss of $(43.4) million, or $(0.79) per diluted share; Adjusted EBITDA of $10.9 million
Full year net loss of $(33.3) million, or $(0.59) per diluted share; Adjusted Net Income of $21.2 million, or $0.37 per diluted share; Adjusted EBITDA of $238.7 million
Record annual Retail and Logistics segment Adjusted EBITDA
Repurchased 5 million common shares during 2024, or 9% of year end shares outstanding

Par Pacific reported a net loss of $(33.3) million, or $(0.59) per diluted share, for the twelve months ended December 31, 2024, compared to net income of $728.6 million, or $11.94 per diluted share, for the twelve months ended December 31, 2023. Adjusted Net Income for 2024 was $21.2 million, compared to $501.2 million for 2023. 2024 Adjusted EBITDA was $238.7 million, compared to $696.2 million for 2023.

Par Pacific reported a net loss of $(55.7) million, or $(1.01) per diluted share, for the quarter ended December 31, 2024, compared to net income of $289.3 million, or $4.77 per diluted share, for the same quarter in 2023. Fourth quarter 2024 Adjusted Net Loss was $(43.4) million, compared to Adjusted Net Income of $65.2 million in the fourth quarter of 2023. Fourth quarter 2024 Adjusted EBITDA was $10.9 million, compared to $122.0 million in the fourth quarter of 2023. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.

“Our 2024 results underscore our strategic diversification with strong contribution from Hawaii Refining and record profitability in our Retail and Logistics segments,” said Will Monteleone, President and Chief Executive Officer. “Completing the Montana turnaround prior to the summer driving season and starting up our capital efficient Hawaii Sustainable Aviation Fuel project position us for earnings growth.”

Refining

The Refining segment generated operating income of $17.4 million for the year ended December 31, 2024, compared to $676.2 million for the year ended December 31, 2023. Adjusted Gross Margin for the Refining segment in the year ended December 31, 2024 was $618.3 million, compared to $995.0 million in the year ended December 31, 2023.

Refining segment Adjusted EBITDA for the year ended December 31, 2024 was $139.2 million, compared to $621.5 million for the year ended December 31, 2023.

The Refining segment reported an operating loss of $(65.4) million in the fourth quarter of 2024, compared to operating income of $174.0 million in the fourth quarter of 2023. Adjusted Gross Margin for the Refining segment was $92.4 million in the fourth quarter of 2024, compared to $227.2 million in the fourth quarter of 2023.

Refining segment Adjusted EBITDA was $(22.3) million in the fourth quarter of 2024, compared to $106.5 million in the fourth quarter of 2023.

Hawaii
The Hawaii Index averaged $5.52 per barrel in the fourth quarter of 2024, compared to $12.48 per barrel in the fourth quarter of 2023. Throughput in the fourth quarter of 2024 was 83 thousand barrels per day (Mbpd), compared to 81 Mbpd for the same quarter in 2023. Production costs were $4.42 per throughput barrel in the fourth quarter of 2024, compared to $4.80 per throughput barrel in the same period of 2023.

The Hawaii refinery’s Adjusted Gross Margin was $7.36 per barrel during the fourth quarter of 2024, including a net price lag impact of approximately $(5.4) million, or $(0.71) per barrel, compared to $16.73 per barrel during the fourth quarter of 2023.

Montana
The Montana Index averaged $5.75 per barrel in the fourth quarter of 2024, compared to $14.80 in the fourth quarter of 2023. The Montana refinery’s throughput in the fourth quarter of 2024 was 52 Mbpd, compared to 50 Mbpd for the same quarter in 2023. Production costs were $10.48 per throughput barrel in the fourth quarter of 2024, compared to $12.03 per throughput barrel in the same period of 2023.

The Montana refinery’s Adjusted Gross Margin was $3.70 per barrel during the fourth quarter of 2024, compared to $11.55 per barrel during the fourth quarter of 2023.

Washington
The Washington Index averaged $(0.62) per barrel in the fourth quarter of 2024, compared to $5.23 per barrel in the fourth quarter of 2023. The Washington refinery’s throughput was 39 Mbpd in the fourth quarter of 2024, compared to 38 Mbpd in the fourth quarter of 2023. Production costs were $4.34 per throughput barrel in the fourth quarter of 2024, compared to $4.53 per throughput barrel in the same period of 2023.

The Washington refinery’s Adjusted Gross Margin was $1.05 per barrel during the fourth quarter of 2024, compared to $7.87 per barrel during the fourth quarter of 2023.

Wyoming

The Wyoming Index averaged $13.36 per barrel in the fourth quarter of 2024, compared to $16.58 per barrel in the fourth quarter of 2023. The Wyoming refinery’s throughput was 14 Mbpd in the fourth quarter of 2024, compared to 17 Mbpd in the fourth quarter of 2023. Production costs were $11.49 per throughput barrel in the fourth quarter of 2024, compared to $8.03 per throughput barrel in the same period of 2023.

The Wyoming refinery’s Adjusted Gross Margin was $11.11 per barrel during the fourth quarter of 2024, including a FIFO impact of approximately $(2.2) million, or $(1.75) per barrel, compared to $13.90 per barrel during the fourth quarter of 2023.

Wyoming Refining Operational Update

The Wyoming refinery experienced an operational incident on the evening of February 12, 2025, and has remained safely idled through the extreme winter weather conditions. We expect to restart the refinery in mid-April at reduced throughput and return to full operations by the end of May.

Retail

The Retail segment reported operating income of $64.8 million for the twelve months ended December 31, 2024, compared to $56.6 million in the twelve months ended December 31, 2023. Adjusted Gross Margin for the Retail segment was $164.7 million for the twelve months ended December 31, 2024, compared to $155.3 million in the twelve months ended December 31, 2023.

For the twelve months ended December 31, 2024, Retail Adjusted EBITDA was $76.0 million, compared to $68.3 million for the twelve months ended December 31, 2023. For the twelve months ended December 31, 2024, the Retail segment reported fuel sales volumes of 121.5 million gallons, compared to 117.6 million gallons for the twelve months ended December 31, 2023. 2024 same store fuel volumes and inside sales revenue increased by 2.2% and 4.6%, respectively, compared to 2023.

The Retail segment reported operating income of $19.5 million in the fourth quarter of 2024, compared to $14.6 million in the fourth quarter of 2023. Adjusted Gross Margin for the Retail segment was $43.4 million in the fourth quarter of 2024, compared to $40.5 million in the same quarter of 2023.

Retail segment Adjusted EBITDA was $22.2 million in the fourth quarter of 2024, compared to $17.2 million in the fourth quarter of 2023. The Retail segment reported sales volumes of 30.3 million gallons in the fourth quarter of 2024, compared to 29.8 million gallons in the same quarter of 2023. Fourth quarter 2024 same store fuel volumes and inside sales revenue increased by 2.1% and 6.2%, respectively, compared to fourth quarter of 2023.

Logistics

The Logistics segment generated operating income of $89.4 million for the twelve months ended December 31, 2024, compared to $69.7 million for the twelve months ended December 31, 2023. Adjusted Gross Margin for the Logistics segment was $135.8 million for the twelve months ended December 31, 2024, compared to $121.2 million for the twelve months ended December 31, 2023.

Adjusted EBITDA for the Logistics segment was $120.2 million for the twelve months ended December 31, 2024, compared to $96.7 million for the twelve months ended December 31, 2023.

The Logistics segment reported operating income of $24.8 million in the fourth quarter of 2024, compared to $15.7 million in the fourth quarter of 2023. Adjusted Gross Margin for the Logistics segment was $36.8 million in the fourth quarter of 2024, compared to $35.3 million in the same quarter of 2023.

Logistics segment Adjusted EBITDA was $33.0 million in the fourth quarter of 2024, compared to $24.0 million in the fourth quarter of 2023.

Liquidity

Net cash provided by operations totaled $83.8 million for the twelve months ended December 31, 2024, including working capital outflows of $(18.1) million and deferred turnaround expenditures of $(73.5) million. Excluding these items, net cash provided by operations totaled $175.3 million for the twelve months ended December 31, 2024. Net cash provided by operations totaled $579.2 million for the twelve months ended December 31, 2023.

Net cash used in operations totaled $(15.5) million for the three months ended December 31, 2024, including working capital inflows of $19.9 million and deferred turnaround expenditures of $(15.7) million. Excluding these items, net cash used in operations totaled $(19.6) million for the three months ended December 31, 2024. Net cash used in operations totaled $(2.3) million for the three months ended December 31, 2023.

Net cash used in investing activities totaled $(47.7) million and $(134.0) million for the three months and twelve months ended December 31, 2024, respectively, compared to $(27.3) million and $(659.0) million for the three months and twelve months ended December 31, 2023, respectively. Net cash used in investing activities for the three months and twelve months ended December 31, 2024, includes $(47.7) million and $(135.5) million in capital expenditures, respectively.

Net cash provided by (used in) financing activities totaled $72.1 million and $(37.0) million for the three months and twelve months ended December 31, 2024, respectively, compared to net cash used in financing activities of $(56.6) million and $(135.6) million for the three months and twelve months ended December 31, 2023, respectively.

At December 31, 2024, Par Pacific’s cash balance totaled $191.9 million, gross term debt was $644.2 million, and total liquidity was $613.7 million. Net term debt was $452.3 million at December 31, 2024. In February 2025, the Company’s Board of Directors authorized management to repurchase up to $250 million of common stock, with no specified end date. This replaces the prior authorization to repurchase up to $250 million of common stock.

Laramie Energy

In conjunction with Laramie Energy LLC’s (“Laramie’s”) refinancing and subsequent cash distribution to Par Pacific during the first quarter of 2023, we resumed the application of equity method accounting for our investment in Laramie effective February 21, 2023.

During the three and twelve months ended December 31, 2024, we recorded $(3.2) million and $(0.3) million of equity losses. Laramie’s total net loss was $(11.3) million in the fourth quarter of 2024, including unrealized losses on derivatives of $(5.2) million, compared to net income of $42.5 million in the fourth quarter of 2023. Laramie’s total net loss was $(15.5) million during the twelve months ended December 31, 2024, including unrealized losses on derivatives of $(3.6) million, compared to net income of $96.6 million during the twelve months ended December 31, 2023.

Laramie’s total Adjusted EBITDAX was $11.0 million and $45.8 million for the three and twelve months ended December 31, 2024, respectively, compared to $19.6 million and $89.7 million for the three and twelve months ended December 31, 2023, respectively.

Laramie’s balance sheet position is strong with $68.6 million of cash and $160.0 million of debt at December 31, 2024. Laramie’s 2024 production was 96.6 million cubic feet of gas equivalent per day (MMcfe/d) and its management team plans to run a one-rig program throughout 2025. Approximately 79% of Laramie’s 2025 production is hedged at $3.20 per million British thermal unit (MMBtu).

Conference Call Information

A conference call is scheduled for Wednesday, February 26, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-833-974-2377 inside the U.S. or 1-412-317-5782 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until March 12, 2025, and may be accessed by calling 1-877-344-7529 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 2219355.

About Par Pacific

Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

Forward-Looking Statements

This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “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, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; anticipated free cash flows; anticipated refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire, and develop energy, related retailing, and infrastructure businesses; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and sales; the anticipated synergies and other benefits of the Billings refinery and associated marketing and logistics assets (“Billings Acquisition”), including renewable growth opportunities, the anticipated financial and operating results of the Billings Acquisition and the effect on Par Pacific’s cash flows and profitability (including Adjusted EBITDA and Adjusted Net Income and Free Cash Flow per share); and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that we file with the Securities and Exchange Commission. Additionally, forward-looking statements are subject to certain risks, trends, and uncertainties, such as changes to our financial condition and liquidity; the volatility of crude oil and refined product prices; the Russia-Ukraine war, Israel-Palestine conflict, Houthi attacks in the Red Sea, Iranian activities in the Strait of Hormuz and their potential impacts on global crude oil markets and our business; operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; environmental risks; changes in the labor market; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should any of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events, or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.

Contact:
Ashimi Patel
VP, Investor Relations & Sustainability
(832) 916-3355
apatel@parpacific.com

Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Revenues	$	1,832,221		$	2,183,511		$	7,974,457		$	8,231,955
Operating expenses
Cost of revenues (excluding depreciation)		1,678,273			1,799,898			7,101,148			6,838,109
Operating expense (excluding depreciation)		139,893			155,441			584,282			485,587
Depreciation and amortization		34,911			31,943			131,590			119,830
General and administrative expense (excluding depreciation)		21,522			25,299			108,844			91,447
Equity losses (earnings) from refining and logistics investments		941			(7,485	)		(11,905	)		(11,844	)
Acquisition and integration costs		32			269			100			17,482
Par West redevelopment and other costs		3,500			2,907			12,548			11,397
Loss (gain) on sale of assets, net		108			(59	)		222			(59	)
Total operating expenses		1,879,180			2,008,213			7,926,829			7,551,949
Operating income (loss)		(46,959	)		175,298			47,628			680,006
Other income (expense)
Interest expense and financing costs, net		(21,073	)		(20,476	)		(82,793	)		(72,450	)
Debt extinguishment and commitment costs		(270	)		(1,500	)		(1,688	)		(19,182	)
Other loss, net		(422	)		(354	)		(1,869	)		(53	)
Equity earnings (losses) from Laramie Energy, LLC		(3,163	)		14,279			(296	)		24,985
Total other expense, net		(24,928	)		(8,051	)		(86,646	)		(66,700	)
Income (loss) before income taxes		(71,887	)		167,247			(39,018	)		613,306
Income tax benefit (expense)		16,192			122,077			5,696			115,336
Net income (loss)	$	(55,695	)	$	289,324		$	(33,322	)	$	728,642

Weighted-average shares outstanding
Basic		55,252			59,403		56,775			60,035
Diluted		55,252			60,609		56,775			61,014

Income (loss) per share
Basic	$	(1.01	)	$	4.87	$	(0.59	)	$	12.14
Diluted	$	(1.01	)	$	4.77	$	(0.59	)	$	11.94

Balance Sheet Data
(Unaudited)
(in thousands)

	December 31, 2024		December 31, 2023
Balance Sheet Data
Cash and cash equivalents	$	191,921	$	279,107
Working capital (1)		488,940		190,042
ABL Credit Facility		483,000		115,000
Term debt (2)		644,233		550,621
Total debt, including current portion		1,112,967		650,858
Total stockholders’ equity		1,191,302		1,335,424

_______________________________________

(1)	Working capital is calculated as (i) total current assets excluding cash and cash equivalents less (ii) total current liabilities excluding current portion of long-term debt. Total current assets include inventories stated at the lower of cost or net realizable value.
(2)	Term debt includes the Term Loan Credit Agreement and other long-term debt.

Operating Statistics

The following table summarizes key operational data:

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Total Refining Segment
Feedstocks throughput (Mbpd) (1)		187.8			186.0			186.7			170.3
Refined product sales volume (Mbpd) (1)		199.4			194.4			199.9			183.1

Hawaii Refinery
Feedstocks throughput (Mbpd)		83.3			80.6			81.1			80.8

Yield (% of total throughput)
Gasoline and gasoline blendstocks		27.0	%		25.2	%		26.2	%		26.3	%
Distillates		41.1	%		39.3	%		38.9	%		40.4	%
Fuel oils		29.2	%		31.8	%		31.3	%		28.9	%
Other products	(0.2)%			(0.2)%				0.2	%		1.1	%
Total yield		97.1	%		96.1	%		96.6	%		96.7	%

Refined product sales volume (Mbpd)		93.7			89.0			89.3			89.1

Adjusted Gross Margin per bbl ($/throughput bbl) (2)	$	7.36		$	16.73		$	9.34		$	15.25
Production costs per bbl ($/throughput bbl) (3)		4.42			4.80			4.58			4.57
D&A per bbl ($/throughput bbl)		0.32			0.54			0.43			0.65

Montana Refinery
Feedstocks Throughput (Mbpd) (1)		51.9			49.8			49.9			54.4

Yield (% of total throughput)
Gasoline and gasoline blendstocks		43.9	%		45.1	%		48.0	%		48.1	%
Distillates		32.7	%		38.8	%		31.9	%		32.0	%
Asphalt		15.2	%		8.7	%		10.9	%		12.1	%
Other products		2.7	%		2.5	%		3.9	%		3.2	%
Total yield		94.5	%		95.1	%		94.7	%		95.4	%

Refined product sales volume (Mbpd) (1)		52.9			51.5			53.2			58.6

Adjusted Gross Margin per bbl ($/throughput bbl) (2)	$	3.70		$	11.55		$	11.37		$	21.14
Production costs per bbl ($/throughput bbl) (3)		10.48			12.03			12.42			10.78
D&A per bbl ($/throughput bbl)		2.26			1.10			1.83			1.45

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Washington Refinery
Feedstocks throughput (Mbpd)		39.0			38.4			38.2			40.0

Yield (% of total throughput)
Gasoline and gasoline blendstocks		23.6	%		23.8	%		23.9	%		23.5	%
Distillate		34.6	%		34.1	%		34.5	%		34.5	%
Asphalt		19.4	%		20.6	%		18.8	%		19.7	%
Other products		19.3	%		18.6	%		19.3	%		18.7	%
Total yield		96.9	%		97.1	%		96.5	%		96.4	%

Refined product sales volume (Mbpd)		37.9			37.0			39.2			41.7

Adjusted Gross Margin per bbl ($/throughput bbl) (2)	$	1.05		$	7.87		$	3.25		$	9.41
Production costs per bbl ($/throughput bbl) (3)		4.34			4.53			4.28			4.12
D&A per bbl ($/throughput bbl)		1.91			2.22			1.97			1.91

Wyoming Refinery
Feedstocks throughput (Mbpd)		13.6			17.2			17.5			17.6

Yield (% of total throughput)
Gasoline and gasoline blendstocks		51.5	%		50.3	%		46.9	%		47.1	%
Distillate		43.1	%		45.0	%		47.1	%		46.7	%
Fuel oils		1.7	%		2.3	%		2.4	%		2.5	%
Other products		1.7	%		1.0	%		2.1	%		1.5	%
Total yield		98.0	%		98.6	%		98.5	%		97.8	%

Refined product sales volume (Mbpd)		14.9			16.9			18.2			17.9

Adjusted Gross Margin per bbl ($/throughput bbl) (2)	$	11.11		$	13.90		$	13.73		$	25.15
Production costs per bbl ($/throughput bbl) (3)		11.49			8.03			8.10			7.50
D&A per bbl ($/throughput bbl)		3.55			2.71			2.71			2.69


Par Pacific Indices ($ per barrel)
Hawaii Index (4)	$	5.52		$	12.48		$	7.21		$	13.06
Montana Index (5)		5.75			14.80			14.39			23.71
Washington Index (6)		(0.62	)		5.23			4.13			9.81
Wyoming Index (7)		13.36			16.58			16.47			24.48

Market Cracks ($ per barrel)
Singapore 3.1.2 Product Crack (4)	$	11.69		$	19.44		$	13.36		$	19.50
Montana 6.3.2.1 Product Crack (5)		15.31			23.56			21.59			30.15
Washington 3.1.1.1 Product Crack (6)		8.29			10.83			12.11			17.91
Wyoming 2.1.1 Product Crack (7)		16.00			18.70			18.48			27.52

Crude Oil Prices ($ per barrel) (8)
Brent	$	74.01		$	82.85		$	79.86		$	82.17
WTI		70.32			78.53			75.76			77.60
ANS (-) Brent		1.00			2.21			1.55			0.95
Bakken Guernsey (-) WTI		(1.22	)		(2.20	)		(1.26	)		(0.65	)
Bakken Williston (-) WTI		(2.54	)		(2.50	)		(2.45	)		(0.09	)
WCS Hardisty (-) WTI		(12.27	)		(22.78	)		(13.90	)		(17.92	)
MSW (-) WTI		(3.68	)		(7.34	)		(4.03	)		(3.70	)
Syncrude (-) WTI		(0.42	)		(4.12	)		0.18			1.32
Brent M1-M3		0.74			1.01			1.10			0.81

Retail Segment
Retail sales volumes (thousands of gallons)		30,287			29,840			121,473			117,550

_______________________________________

(1)	Feedstocks throughput and sales volumes per day for the Montana refinery for the three months and year ended December 31, 2023 are calculated based on the 92 and 214-day periods for which we owned the Montana refinery during the three months and year ended December 31, 2023, respectively. As such, the amounts for the total refining segment represent the sum of the Hawaii, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three months and year ended December 31, 2023 plus the Montana refinery’s throughput or sales volumes averaged over the periods from October 1, 2023, to December 31, 2023 and June 1, 2023 to December 31, 2023, respectively. The 2024 amounts for the total refining segment represent the sum of the Hawaii, Montana, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three months and year ended December 31, 2024.
(2)	We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out (“LIFO”) inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out (“FIFO”) inventory costing method.
(3)	Management uses production costs per barrel to evaluate performance and compare efficiency to other companies in the industry. There are a variety of ways to calculate production costs per barrel; different companies within the industry calculate it in different ways. We calculate production costs per barrel by dividing all direct production costs, which include the costs to run the refineries, including personnel costs, repair and maintenance costs, insurance, utilities, and other miscellaneous costs, by total refining throughput. Our production costs are included in Operating expense (excluding depreciation) on our condensed consolidated statements of operations, which also includes costs related to our bulk marketing operations and severance costs.
(4)	Beginning in 2025, we established the Hawaii Index as a new benchmark for our Hawaii operations. We believe the Hawaii Index, which incorporates market cracks and landed crude differentials, better reflects the key drivers impacting our Hawaii refinery’s financial performance compared to prior reported market indices. The Hawaii Index is calculated as the Singapore 3.1.2 Product Crack, or one part gasoline (RON 92) and two parts distillates (Sing Jet & Sing gasoil) as created from a barrel of Brent crude oil, less the Par Hawaii Refining, LLC (“PHR”) crude differential.
(5)	Beginning in 2025, we established the Montana Index as a new benchmark for our Montana refinery. We believe the Montana Index, which incorporates local market cracks, regional crude oil prices, and management’s estimates for other costs of sales, better reflects the key drivers impacting our Montana refinery’s financial performance compared to prior reported market indices. Beginning in 2025, market cracks have been updated to reflect local market product pricing, which better reflects our Montana refinery’s refined product sales price compared to prior reported market indices. The Montana Index is calculated as the Montana 6.3.2.1 Product Crack less Montana crude costs, less other costs of sales, including inflation-adjusted product delivery costs, yield loss expense, taxes and tariffs, and product discounts. The Montana 6.3.2.1 Product Crack is calculated by taking three parts gasoline (Billings E10 and Spokane E10), two parts distillate (Billings ULSD and Spokane ULSD), and one part asphalt (Rocky Mountain Rail Asphalt) as created from a barrel of WTI crude oil, less 100% of the RVO cost for gasoline and ULSD. Asphalt pricing is lagged by one month. The Montana crude cost is calculated as 60% WCS differential to WTI, 20% MSW differential to WTI, and 20% Syncrude differential to WTI. The Montana crude cost is lagged by three months and includes an inflation-adjusted crude delivery cost. Other costs of sales and crude delivery costs are based on historical averages and management’s estimates.
(6)	Beginning in 2025, we established the Washington Index as a new benchmark for our Washington refinery. We believe the Washington Index, which incorporates local market cracks, regional crude oil prices, and management’s estimates for other costs of sales, better reflects the key drivers impacting our Washington refinery’s financial performance compared to prior reported market indices. Beginning in 2025, market cracks have been updated to reflect local market product pricing, which better reflects our Washington refinery’s refined product sales price compared to prior reported market indices. The Washington Index is calculated as the Washington 3.1.1.1 Product Crack, less Washington crude costs, less other costs of sales, including inflation-adjusted product delivery costs, yield loss expense and state and local taxes. The Washington 3.1.1.1 Product Crack is calculated by taking one part gasoline (Tacoma E10), one part distillate (Tacoma ULSD) and one part secondary products (USGC VGO and Rocky Mountain Rail Asphalt) as created from a barrel of WTI crude oil, less 100% of the RVO cost for gasoline and ULSD. Asphalt pricing is lagged by one month. The Washington crude cost is calculated as 67% Bakken Williston differential to WTI and 33% WCS Hardisty differential to WTI. The Washington crude cost is lagged by one month and includes an inflation-adjusted crude delivery cost. Other costs of sales and crude delivery costs are based on historical averages and management’s estimates.
(7)	Beginning in 2025, we established the Wyoming Index as a new benchmark for our Wyoming refinery. We believe the Wyoming Index, which incorporates local market cracks, regional crude oil prices, and management’s estimates for other costs of sales, better reflects the key drivers impacting our Wyoming refinery’s financial performance compared to prior reported market indices. Beginning in 2025, market cracks have also been updated to reflect local market product pricing, which better reflects our Wyoming refinery’s refined product sales price compared to prior reported market indices. The Wyoming Index is calculated as the Wyoming 2.1.1 Product Crack, less Wyoming crude costs, less other cost of sales, including inflation adjusted product delivery costs and yield loss expense, based on historical averages and management’s estimates. The Wyoming 2.1.1 Product Crack is calculated by taking one part gasoline (Rockies gasoline) and one part distillate (USGC ULSD and USGC Jet) as created from a barrel of WTI crude oil, less 100% of the RVO cost for gasoline and ULSD. The Wyoming crude cost is calculated as the Bakken Guernsey differential to WTI on a one-month lag.
(8)	Beginning in 2025, crude oil prices have been updated and expanded to reflect regional differentials to Brent and WTI, which better reflect our refineries’ feedstock costs compared to prior crude oil pricing.

Non-GAAP Performance Measures

Management uses certain financial measures to evaluate our operating performance that are considered non-GAAP financial measures. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently.

We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost and net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation and amortization. Management uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) and Adjusted EBITDA (as defined below) are useful supplemental financial measures that allow investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure. We believe Adjusted EBITDA by segment (as defined below) is a useful supplemental financial measure to evaluate the economic performance of our segments without regard to financing methods, capital structure, or historical cost basis.

Beginning with financial results reported for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA also exclude our portion of interest, taxes, and depreciation expense from our refining and logistics investments acquired on June 1, 2023, as part of the Billings Acquisition.

Beginning with financial results reported for the fourth quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA excludes all hedge losses (gains) associated with our Washington ending inventory and LIFO layer increment impacts associated with our Washington inventory. In addition, we have modified our environmental obligation mark-to-market adjustment to include only the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington Climate Commitment Act (“Washington CCA”) and Clean Fuel Standard. This modification was made as part of our change in how we estimate our environmental obligation liabilities.

Beginning with financial results reported for the fourth quarter of 2023, Adjusted Net Income (loss) excludes unrealized interest rate derivative losses (gains) and all Laramie Energy related impacts with the exception of cash distributions. We have recast Adjusted Net Income (Loss) for prior periods when reported to conform to the modified presentation.

Beginning with financial results reported for the first quarter of 2024, Adjusted Net Income (loss) also excludes other non-operating income and expenses. This modification improves comparability between periods by excluding income and expenses resulting from non-operating activities.

Effective as of the fourth quarter of 2024, we have modified our definition of Adjusted Gross Margin, Adjusted Net Income (Loss) and Adjusted EBITDA to align the accounting treatment for deferred turnaround costs from our refining and logistics investments with our accounting policy. Under this approach, we exclude our share of their turnaround expenses, which are recorded as period costs in their financial statements, and instead defer and amortize these costs on a straight-line basis over the period estimated until the next planned turnaround. This modification enhances consistency and comparability across reporting periods.

Adjusted Gross Margin

Adjusted Gross Margin is defined as Operating income (loss) excluding:

•		operating expense (excluding depreciation);
•		depreciation and amortization (“D&A”);
•		Par’s portion of interest, taxes, and D&A expense from refining and logistics investments;
•		impairment expense;
•		loss (gain) on sale of assets, net;
•		Par’s portion of accounting policy differences from refining and logistics investments;
•		inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
•		Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard); and
•		unrealized loss (gain) on derivatives.

The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands):

Three months ended December 31, 2024	Refining			Logistics		Retail
Operating income (loss)	$	(65,399	)	$	24,772	$	19,477
Operating expense (excluding depreciation)		114,706			3,829		21,358
Depreciation and amortization		24,524			7,140		2,566
Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments		456			1,101		—
Inventory valuation adjustment		5,929			—		—
Environmental obligation mark-to-market adjustments		(937	)		—		—
Unrealized loss on commodity derivatives		9,220			—		—
Par’s portion of accounting policy differences from refining and logistics investments		3,856			—		—
Loss on sale of assets, net		8			—		—
Adjusted Gross Margin (1)	$	92,363		$	36,842	$	43,401

Three months ended December 31, 2023	Refining			Logistics		Retail
Operating income	$	174,038		$	15,709	$	14,594
Operating expense (excluding depreciation)		120,810			11,272		23,359
Depreciation and amortization		21,190			7,321		2,885
Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments		765			952		—
Inventory valuation adjustment		(24,089	)		—		—
Environmental obligation mark-to-market adjustments		(15,672	)		—		—
Unrealized gain on commodity derivatives		(50,024	)		—		—
Loss (gain) on sale of assets, net		219			—		(308	)
Adjusted Gross Margin (1) (2)	$	227,237		$	35,254	$	40,530

Year Ended December 31, 2024	Refining			Logistics		Retail
Operating income	$	17,412		$	89,351	$	64,800
Operating expense (excluding depreciation)		479,737			15,676		88,869
Depreciation and amortization		91,108			27,033		11,037
Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments		2,493			3,651		—
Inventory valuation adjustment		(490	)		—		—
Environmental obligation mark-to-market adjustments		(19,136	)		—		—
Unrealized loss on commodity derivatives		43,281			—		—
Par’s portion of accounting policy differences from refining and logistics investments		3,856			—		—
Loss (gain) on sale of assets, net		8			124		(10	)
Adjusted Gross Margin (1)	$	618,269		$	135,835	$	164,696

Year Ended December 31, 2023	Refining			Logistics		Retail
Operating income	$	676,161		$	69,744	$	56,603
Operating expense (excluding depreciation)		373,612			24,450		87,525
Depreciation and amortization		81,017			25,122		11,462
Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments		1,586			1,857		—
Inventory valuation adjustment		102,710			—		—
Environmental obligation mark-to-market adjustments		(189,783	)		—		—
Unrealized gain on commodity derivatives		(50,511	)		—		—
Loss (gain) on sale of assets, net		219			—		(308	)
Adjusted Gross Margin (1) (2)	$	995,011		$	121,173	$	155,282

_______________________________________

(1)	For the three months and years ended December 31, 2024 and 2023, there was no impairment expense in Operating income.
(2)	For the three months and year ended December 31, 2023, there was no impact in Operating income from accounting policy differences at our refining and logistics investments.

Adjusted Net Income (Loss) and Adjusted EBITDA

Adjusted Net Income (Loss) is defined as Net income (loss) excluding:

•		inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
•		Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);
•		unrealized (gain) loss on derivatives;
•		acquisition and integration costs;
•		redevelopment and other costs related to Par West;
•		debt extinguishment and commitment costs;
•		increase in (release of) tax valuation allowance and other deferred tax items;
•		changes in the value of contingent consideration and common stock warrants;
•		severance costs and other non-operating expense (income);
•		(gain) loss on sale of assets;
•		impairment expense;
•		impairment expense associated with our investment in Laramie Energy;
•		Par’s share of equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions; and
•		Par’s portion of accounting policy differences from refining and logistics investments.

Adjusted EBITDA is defined as Adjusted Net Income (Loss) excluding:

•		D&A;
•		interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain);
•		cash distributions from Laramie Energy, LLC to Par;
•		Par’s portion of interest, taxes, and D&A expense from refining and logistics investments; and
•		income tax expense (benefit) excluding the increase in (release of) tax valuation allowance.

The following table presents a reconciliation of Adjusted Net Income (Loss) and Adjusted EBITDA to the most directly comparable GAAP financial measure, net income (loss), on a historical basis for the periods indicated (in thousands):

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Net income (loss)	$	(55,695	)	$	289,324		$	(33,322	)	$	728,642
Inventory valuation adjustment		5,929			(24,089	)		(490	)		102,710
Environmental obligation mark-to-market adjustments		(937	)		(15,672	)		(19,136	)		(189,783	)
Unrealized loss (gain) on derivatives		8,729			(48,539	)		42,485			(49,690	)
Acquisition and integration costs		32			269			100			17,482
Par West redevelopment and other costs		3,500			2,907			12,548			11,397
Debt extinguishment and commitment costs		270			1,500			1,688			19,182
Changes in valuation allowance and other deferred tax items (1)		(12,553	)		(126,219	)		(3,315	)		(126,219	)
Severance costs and other non-operating expense (2)		154			100			14,802			1,785
Loss (gain) on sale of assets, net		108			(59	)		222			(59	)
Equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions		3,163			(14,279	)		1,781			(14,279	)
Par’s portion of accounting policy differences from refining and logistics investments		3,856			—			3,856			—
Adjusted Net Income (Loss) (3) (4)		(43,444	)		65,243			21,219			501,168
Depreciation and amortization		34,911			31,943			131,590			119,830
Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain)		21,564			18,991			83,589			71,629
Laramie Energy, LLC cash distributions to Par		—			—			(1,485	)		(10,706	)
Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments		1,557			1,717			6,144			3,443
Income tax expense (benefit)		(3,639	)		4,142			(2,381	)		10,883
Adjusted EBITDA (3)	$	10,949		$	122,036		$	238,676		$	696,247

_______________________________________

(1)	For the three months and year ended December 31, 2024, we recognized a non-cash deferred tax benefit of $12.6 million and $3.3 million, respectively. This tax benefit is included in Income tax expense (benefit) on our consolidated statements of operations. For the three months and year ended December 31, 2023, we recognized a non-cash deferred tax benefit of $126.2 million primarily related to the release of a majority of the valuation allowance against our federal net deferred tax assets.
(2)	For the year ended December 31, 2024, we incurred $13.1 million of stock-based compensation expenses associated with accelerated vesting of equity awards and modification of vested equity awards related to our CEO transition and $0.8 million for a legal settlement unrelated to current operating activities.
(3)	For the three months and years ended December 31, 2024 and 2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference. Please read the Non-GAAP Performance Measures discussion above for information regarding changes to the components of Adjusted Net Income (Loss) and Adjusted EBITDA made during the reporting periods.
(4)	For the three months and year ended December 31, 2023, there was no impact in Operating income from accounting policy differences at our refining and logistics investments.

The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) per share (in thousands, except per share amounts):

	Three Months Ended December 31,					Year Ended December 31,
		2024			2023		2024		2023
Adjusted Net Income (Loss)	$	(43,444	)	$	65,243	$	21,219	$	501,168
Plus: effect of convertible securities		—			—		—		—
Numerator for diluted income (loss) per common share	$	(43,444	)	$	65,243	$	21,219	$	501,168

Basic weighted-average common stock shares outstanding		55,252			59,403		56,775		60,035
Add dilutive effects of common stock equivalents (1)		—			1,206		657		979
Diluted weighted-average common stock shares outstanding		55,252			60,609		57,432		61,014

Basic Adjusted Net Income (Loss) per common share	$	(0.79	)	$	1.10	$	0.37	$	8.35
Diluted Adjusted Net Income (Loss) per common share	$	(0.79	)	$	1.08	$	0.37	$	8.21

_______________________________________

(1)	Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. We have utilized the basic shares outstanding to calculate both basic and diluted Adjusted Net Loss per common share for the three months ended December 31, 2024.

Adjusted EBITDA by Segment

Adjusted EBITDA by segment is defined as Operating income (loss) excluding:

•		D&A;
•		inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
•		Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);
•		unrealized (gain) loss on derivatives;
•		acquisition and integration costs;
•		redevelopment and other costs related to Par West;
•		severance costs and other non-operating expense (income);
•		(gain) loss on sale of assets;
•		impairment expense;
•		Par’s portion of interest, taxes, and D&A expense from refining and logistics investments; and
•		Par’s portion of accounting policy differences from refining and logistics investments.

Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below operating income (loss) on our condensed consolidated statements of operations.

The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, operating income (loss) by segment, on a historical basis, for selected segments, for the periods indicated (in thousands):

	Three Months Ended December 31, 2024
	Refining			Logistics		Retail		Corporate and Other
Operating income (loss) by segment	$	(65,399	)	$	24,772	$	19,477	$	(25,809	)
Depreciation and amortization		24,524			7,140		2,566		681
Inventory valuation adjustment		5,929			—		—		—
Environmental obligation mark-to-market adjustments		(937	)		—		—		—
Unrealized loss on commodity derivatives		9,220			—		—		—
Acquisition and integration costs		—			—		—		32
Par West redevelopment and other costs		—			—		—		3,500
Severance costs and other non-operating expense		—			—		154		—
Par’s portion of accounting policy differences from refining and logistics investments		3,856			—		—		—
Loss on sale of assets, net		8			—		—		100
Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments		456			1,101		—		—
Other loss, net		—			—		—		(422	)
Adjusted EBITDA (1)	$	(22,343	)	$	33,013	$	22,197	$	(21,918	)

	Three Months Ended December 31, 2023
	Refining			Logistics		Retail			Corporate and Other
Operating income (loss) by segment	$	174,038		$	15,709	$	14,594		$	(29,043	)
Depreciation and amortization		21,190			7,321		2,885			547
Inventory valuation adjustment		(24,089	)		—		—			—
Environmental obligation mark-to-market adjustments		(15,672	)		—		—			—
Unrealized gain on commodity derivatives		(50,024	)		—		—			—
Acquisition and integration costs		—			—		—			269
Par West redevelopment and other costs		—			—		—			2,907
Severance costs and other non-operating expenses		100			—		—			—
Loss (gain) on sale of assets, net		219			—		(308	)		30
Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments		765			952		—			—
Other loss, net		—			—		—			(354	)
Adjusted EBITDA (1) (2)	$	106,527		$	23,982	$	17,171		$	(25,644	)

	Year Ended December 31, 2024
	Refining			Logistics		Retail			Corporate and Other
Operating income (loss) by segment	$	17,412		$	89,351	$	64,800		$	(123,935	)
Depreciation and amortization		91,108			27,033		11,037			2,412
Inventory valuation adjustment		(490	)		—		—			—
Environmental obligation mark-to-market adjustments		(19,136	)		—		—			—
Unrealized loss on commodity derivatives		43,281			—		—			—
Acquisition and integration costs		—			—		—			100
Severance costs and other non-operating expenses		642			—		154			14,006
Par West redevelopment and other costs		—			—		—			12,548
Par’s portion of accounting policy differences from refining and logistics investments		3,856			—		—			—
Loss (gain) on sale of assets, net		8			124		(10	)		100
Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments		2,493			3,651		—			—
Other loss, net		—			—		—			(1,869	)
Adjusted EBITDA (1)	$	139,174		$	120,159	$	75,981		$	(96,638	)

	Year Ended December 31, 2023
	Refining			Logistics		Retail			Corporate and Other
Operating income (loss) by segment	$	676,161		$	69,744	$	56,603		$	(122,502	)
Depreciation and amortization		81,017			25,122		11,462			2,229
Inventory valuation adjustment		102,710			—		—			—
Environmental obligation mark-to-market adjustments		(189,783	)		—		—			—
Unrealized gain on commodity derivatives		(50,511	)		—		—			—
Acquisition and integration costs		—			—		—			17,482
Severance costs and other non-operating expenses		100			—		580			1,105
Par West redevelopment and other costs		—			—		—			11,397
Loss (gain) on sale of assets, net		219			—		(308	)		30
Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments		1,586			1,857		—			—
Other loss, net		—			—		—			(53	)
Adjusted EBITDA (1) (2)	$	621,499		$	96,723	$	68,337		$	(90,312	)

_______________________________________

(1)	For the three months and years ended December 31, 2024 and 2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference.
(2)	For the three months and year ended December 31, 2023, there was no impact in Operating income (loss) from accounting policy differences at our refining and logistics investments.

Laramie Energy Adjusted EBITDAX

Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative loss (gain), loss (gain) on settled derivative instruments, interest expense, gain on extinguishment of debt, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, exploration and geological and geographical expense, bonus accrual, equity-based compensation expense, loss (gain) on disposal of assets, phantom units, and expired acreage (non-cash). We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy.

The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Net income (loss)	$	(11,250	)	$	42,538		$	(15,546	)	$	96,586
Commodity derivative (income) loss		4,766			(40,338	)		(11,055	)		(73,289	)
Loss on settled derivative instruments		389			1,594			14,609			161
Interest expense and loan fees		4,845			5,366			20,628			20,108
Gain on extinguishment of debt		—			—			—			6,644
Non-cash preferred dividend		—			—			—			2,910
Depreciation, depletion, amortization, and accretion		8,158			7,714			32,841			30,179
Phantom units		3,328			2,325			2,825			5,496
Loss (gain) on sale of assets, net		—			—			(8	)		307
Expired acreage (non-cash)		770			441			1,492			553
Total Adjusted EBITDAX (1)	$	11,006		$	19,640		$	45,786		$	89,655

_______________________________________

(1)	For the three months and years ended December 31, 2024 and 2023, there was no exploration and geological and geographical expense, bonus accrual, or equity-based compensation expense.

The MIL Network –

February 26, 2025

MIL-OSI: BlackLine Announces Participation in Upcoming Investor Conferences

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Feb. 25, 2025 (GLOBE NEWSWIRE) — BlackLine, Inc. (Nasdaq: BL) today announced that BlackLine’s management team will participate in the following upcoming investor conferences:

The Citizens JMP Technology Conference
Tuesday, March 4, 2025
Presentation time: 2:00 PM PT
Location: San Francisco, CA

Morgan Stanley Technology, Media & Telecom Conference
Wednesday, March 5, 2025
Presentation time: 1:50 PM PT
Location: San Francisco, CA

The webcasts will be available on BlackLine’s investor relations website at https://investors.blackline.com.

About BlackLine

BlackLine is the intelligent financial data platform that powers the modern Office of the CFO. As the central nervous system for financial data, BlackLine seamlessly connects systems, automates workflows, and orchestrates the complex flow of financial information across the enterprise. By transforming raw transactions into strategic insights, BlackLine empowers finance & accounting teams to achieve future-ready financial operations that are accurate, efficient, and intelligent.

Investor Relations Contact:

Matt Humphries, CFA
matt.humphries@blackline.com

The MIL Network –

February 26, 2025

MIL-OSI: Range Announces Fourth Quarter 2024 Results and Three-Year Outlook

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, Feb. 25, 2025 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its fourth quarter 2024 financial results, plans for 2025, and a three-year outlook through 2027.

Full-Year 2024 Highlights –

Cash flow from operating activities of $945 million
Cash flow from operations, before working capital changes, of $1.1 billion
Reduced net debt by $172 million, returned $77 million in dividends, and invested $65 million in share repurchases
Production averaged 2.18 Bcfe per day, approximately 68% natural gas
All-in capital spending of $654 million, or $0.82 per mcfe
Pre-hedge NGL realizations of $25.77 per barrel – premium of $2.33 over the Mont Belvieu equivalent
Proved reserves of 18.1 Tcfe with positive performance revisions for 17th consecutive year
Debt to EBITDAX of 1.2x (Non-GAAP) at year-end 2024
Expect to achieve Net Zero for 2024 Scope 1 and 2 GHG emissions
Maintenance capital improved by ~$50 million on strong well performance and infrastructure optimization

Dennis Degner, the Company’s CEO, commented, “Last year demonstrated the resilience of Range’s business as we successfully generated free cash flow, returned capital to shareholders and met our long-term balance sheet target. We did this despite natural gas prices being at cycle lows and while strategically investing in the business. Over the last two years, Range has made countercyclical investments to build in-process well inventory, which supports our targeted, efficient production growth plans through 2027. Importantly, we have contracted natural gas transportation to support our plans and Range will utilize new NGL export capacity towards the same premium markets that have benefited Range shareholders for many years.

An exciting chapter for U.S. natural gas is materializing as export capacity is commissioned to meet growing global gas demand. As the lowest-cost, lowest-emissions natural gas basin in the country, we expect Appalachia will play a significant role to meet global gas needs over time. We believe Range will see an outsized benefit given our proven, high-quality Marcellus inventory with duration measured in decades, our access to markets with growing demand and our advantaged full-cycle cost structure that provides the foundation for delivering through-cycle returns for shareholders.”

2025 Capital and Production Guidance

Range’s 2025 all-in capital budget is expected to be $650 to $690 million, which consists of:

Approximately $530 million of all-in maintenance capital including land and facilities
$70 – $100 million drilling and completion capital for future growth
Up to $30 million on targeted acreage which increases planned lateral lengths and future inventory
Approximately $20 – $30 million for pneumatic devices and facility upgrades

Range’s development plan for 2025 will target annual production of approximately 2.2 Bcfe per day. Consistent with 2024, Range plans to run two drilling rigs and one frac crew resulting in modest production growth in 2025 while building additional in-process well inventory for increased growth capacity in 2026 and 2027. Up to $30 million is planned for investment in non-maintenance acreage to support increased lateral lengths and incremental inventory. Approximately $20 – $30 million is planned for pneumatic devices and production facility upgrades, part of a $50 – $60 million project expected to be completed by year-end 2026 to further reduce emissions, with $10 million of the total project already completed in 2024.

The table below summarizes 2024 activity and expected 2025 plans regarding the number of wells to sales in each area. To maintain current production levels, Range will turn to sales approximately 600,000 lateral feet in a year.

	Planned Wells TIL in 2025	Wells TIL in 2024
	Planned Wells TIL in 2025	Wells TIL in 2024
SW PA Super-Rich	14	9
SW PA Wet	23	21
SW PA Dry	5	12
NE PA Dry	4	2
Total Appalachia	46	44

Three-Year Outlook

Range’s three-year outlook targets a 2027 daily production level of 2.6 Bcfe, an increase of approximately 400 Mmcfe per day compared to 2024, with annual estimated capital expenditures ranging between $650 to $700 million over the next three years. Annual capital spending is expected to represent a reinvestment rate below 50%, assuming $3.75 natural gas. Through 2027, Range expects to have maintained its 30+ years of core Marcellus inventory to support additional growth and meet future demand. Alternatively, at the end of this production profile, Range could maintain 2.6 Bcfe per day of production with approximately $570 million of annual drilling and completion capital, the equivalent of approximately $0.60 per mcfe.

Marketing and Transportation Update

Supporting Range’s planned production, the Company has secured the following incremental transportation, processing, and export capacity, all of which are expected to start in 2026:

300 Mmcf per day of processing capacity at the Harmon Creek facility
250 Mmcf per day of gas transportation, accessing expected demand growth in Midwest and Gulf Coast markets
20,000 bbl per day of NGL takeaway and export capacity utilizing a new East Coast terminal

Financial Discussion

Except for generally accepted accounting principles (“GAAP”) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. “Unit costs” as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See “Non-GAAP Financial Measures” for a definition of non-GAAP financial measures and the accompanying tables that reconcile each non-GAAP measure to its most directly comparable GAAP financial measure.

Fourth Quarter 2024 Results

GAAP revenues and other income for fourth quarter 2024 totaled $626 million, GAAP net cash provided from operating activities (including changes in working capital) was $218 million, and GAAP net income was $95 million ($0.39 per diluted share). Fourth quarter earnings results include a $54 million mark-to-market derivative loss due to increases in commodity prices.

Cash flow from operations before changes in working capital, a non-GAAP measure, was $312 million. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $164 million ($0.68 per diluted share) in fourth quarter 2024.

The following table details Range’s fourth quarter 2024 unit costs per mcfe^(a):

Expenses	4Q 2024 (per mcfe)	4Q 2023 (per mcfe)	Increase (Decrease)

Direct operating ^(a)	$ 0.12	$ 0.11	9%
Transportation, gathering, processing and compression ^(a)	1.48	1.39	6%
Taxes other than income	0.03	0.02	50%
General and administrative ^(a)	0.18	0.17	6%
Interest expense ^(a)	0.14	0.14	0%
Total cash unit costs ^(b)	1.94	1.83	6%
Depletion, depreciation and amortization (DD&A)	0.46	0.45	2%
Total unit costs plus DD&A^(b)	$ 2.40	$ 2.28	5%

(a) Excludes stock-based compensation, one-time settlements, and amortization of deferred financing costs.
(b) Totals may not be exact due to rounding.

The following table details Range’s average production and realized pricing for fourth quarter 2024^(a):

	4Q24 Production & Realized Pricing
	Natural Gas (mcf)	Oil (bbl)	NGLs (bbl)	Natural Gas Equivalent (mcfe)


Net production per day	1,505,140	5,028	111,199	2,202,500

Average NYMEX price	$ 2.80	$70.28	$ 24.47
Differential, including basis hedging	(0.44)	(10.64)	1.96
Realized prices before NYMEX hedges	2.36	59.64	26.43	3.08
Settled NYMEX hedges	0.54	11.01	0.04	0.40
Average realized prices after hedges	$ 2.90	$ 70.66	$ 26.47	$ 3.48

(a) Totals may not be exact due to rounding

Fourth quarter 2024 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $3.48 per mcfe.

The average natural gas price, including the impact of basis hedging, was $2.36 per mcf, or a ($0.44) per mcf differential to NYMEX. In 2025, Range expects its natural gas differential to be ($0.40) to ($0.48) relative to NYMEX.
Range’s pre-hedge NGL price during the quarter was $26.43 per barrel, approximately $1.96 above the Mont Belvieu weighted equivalent. Range’s 2025 NGL differential is expected to be +$0.00 to +$1.25 relative to a Mont Belvieu equivalent barrel.
Crude oil and condensate price realizations, before realized hedges, averaged $59.64 per barrel, or $10.64 below WTI (West Texas Intermediate). Range’s 2025 condensate differential is expected to be ($10.00) to ($15.00) relative to NYMEX.

Capital Expenditures

Fourth quarter 2024 drilling and completion expenditures were $124 million. In addition, during the quarter, approximately $29 million was invested in acreage leasehold, gathering systems and other. Total 2024 capital budget expenditures were $654 million, including $580 million on drilling and completion, and a combined $74 million on acreage, gathering systems, pneumatic upgrades and other.

Financial Position and Repurchase Activity

As of December 31, 2024, Range had net debt outstanding of approximately $1.40 billion, consisting of $1.71 billion of senior notes and $304 million in cash. During the fourth quarter, Range repurchased in the open market $9.4 million principal amount of 4.875% senior notes due 2025 at a discount.

During the fourth quarter, Range repurchased 650,000 shares at an average price of approximately $32.50. As of year-end, the Company had approximately $1.0 billion of availability under the share repurchase program.

Range’s Board of Directors expects to approve a 12.5% increase to the quarterly cash dividend to $0.09 per share of the Company’s common stock. Details regarding the record and payment dates for quarterly dividends will be announced as each quarterly dividend is formally declared by the Board.

2024 Proved Reserves

Year-end 2024 reserves were similar to last year at 18.1 Tcfe, despite natural gas prices of $2.13 per Mmbtu, reflecting the resilience of Range’s low-cost asset base. Range also recorded its 17^th consecutive year of positive performance revisions driven by continued strong results from existing Marcellus producing wells. Proved reserves included 6.2 Tcfe of proved undeveloped reserves from approximately 2.9 million lateral feet scheduled to be developed within the next five years at an expected development cost of $0.38 per mcfe. Proved undeveloped reserves represents approximately 10% of Range’s undeveloped core Marcellus inventory.

Summary of Changes in Proved Reserves
(in Bcfe)
Balance at December 31, 2023	18,113

Extensions, discoveries and additions	749
Performance revisions	77
Price revisions	(1)
Sales	(11)
Production	(796)

Balance at December 31, 2024	18,131

As shown in the table below, the present value (PV₁₀) of reserves under SEC methodology was $5.5 billion. For comparison, the PV₁₀ using December 31, 2024 strip prices equates to $12.2 billion using the same proven reserve volumes.

	2024 SEC Pricing ^(a)	Strip Price Average ^(b)

Natural Gas Price ($/MMBtu)	$2.13	$3.54
WTI Oil Price ($/Bbl)	$74.88	$63.62
NGL Price ($/Bbl)	$24.40	$25.21

Proved Reserves PV₁₀($ billions)	$5.5	$12.2

a) SEC benchmark prices adjusted for energy content, quality and basis differentials were $1.74 per mcf and $63.39 per barrel of crude oil.
b) NYMEX 10-year strip prices adjusted for energy content, quality and basis differentials realized an average gas price differential of ($0.47) and an average realized oil differential of ($12.39) per barrel, which equate to $3.07 per mcf and $51.23 per barrel over the life of the reserves.

Guidance – 2025

Capital & Production Guidance

Range’s 2025 all-in capital budget is $650 million – $690 million. Annual production is expected to be approximately 2.2 Bcfe per day for 2025. Liquids are expected to be over 30% of production.

Full Year 2025 Expense Guidance

Direct operating expense:	$0.12 – $0.14 per mcfe
Transportation, gathering, processing and compression expense:	$1.50 – $1.55 per mcfe
Taxes other than income:	$0.03 – $0.04 per mcfe
Exploration expense:	$24 – $28 million
G&A expense:	$0.17 – $0.19 per mcfe
Net Interest expense:	$0.12 – $0.13 per mcfe
DD&A expense:	$0.45 – $0.46 per mcfe
Net brokered gas marketing expense:	$8 – $12 million

Full Year 2025 Price Guidance

Based on recent market indications, Range expects to average the following price differentials for its production in 2025.

FY 2025 Natural Gas:⁽¹⁾	NYMEX minus $0.40 to $0.48
FY 2025 Natural Gas Liquids:⁽²⁾	MB plus $0.00 to $1.25 per barrel
FY 2025 Oil/Condensate:	WTI minus $10.00 to $15.00

(1) Including basis hedging
(2) Mont Belvieu-equivalent pricing based on weighting of 53% ethane, 27% propane, 8% normal butane, 4% iso-butane and 8% natural gasoline.

Hedging Status

Range hedges portions of its expected future production volumes to increase the predictability of cash flow and maintain a strong, flexible financial position. Please see the detailed hedging schedule posted on the Range website under Investor Relations – Financial Information.

Range has also hedged basis across the Company’s numerous natural gas sales points to limit volatility between benchmark and regional prices. The combined fair value of natural gas basis hedges as of December 31, 2024, was a net loss of $29.2 million.

Conference Call Information

A conference call to review the financial results is scheduled on Wednesday, February 26 at 8:00 AM Central Time (9:00 AM Eastern Time). Please click here to pre-register for the conference call and obtain a dial in number with passcode.

A simultaneous webcast of the call may be accessed at www.rangeresources.com. The webcast will be archived for replay on the Company’s website until March 26^th.

Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles (GAAP), the Company’s earnings press release contains certain financial measures that are not presented in accordance with GAAP. Management believes certain non-GAAP measures may provide financial statement users with meaningful supplemental information for comparisons within the industry. These non-GAAP financial measures may include, but are not limited to Net Income, excluding certain items, Cash flow from operations before changes in working capital, realized prices, Net debt and Cash margin.

Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods.

Cash flow from operations before changes in working capital represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital (sometimes referred to as “adjusted cash flow”) is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.

The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.

Net debt is calculated as total debt less cash and cash equivalents. The Company believes this measure is helpful to investors and industry analysts who utilize Net debt for comparative purposes across the industry.

The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s Annual or Quarterly Reports on Form 10-K or 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.

We believe that the presentation of PV₁₀ value of our proved reserves is a relevant and useful metric for our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV₁₀ is based on prices and discount factors that are consistent for all companies. Because of this, PV₁₀ can be used within the industry and by credit and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.

Included within this release are certain “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future events. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “outlook”, “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements.

All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, future commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management’s assumptions and Range’s future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range’s filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as “resource potential,” “unrisked resource potential,” “unproved resource potential” or “upside” or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC’s guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range’s internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range’s management. “EUR”, or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range’s interests could differ substantially. Factors affecting ultimate recovery include the scope of Range’s drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.

In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price or drilling cost changes. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.

SOURCE: Range Resources Corporation

Range Investor Contacts:

Laith Sando
817-869-4267

Matt Schmid
817-869-1538

Range Media Contact:

Mark Windle
724-873-3223

RANGE RESOURCES CORPORATION


STATEMENTS OF INCOME
Based on GAAP reported earnings with additional
details of items included in each line in Form 10-K
(Unaudited, In thousands, except per share data)
	Three Months Ended December 31,								Twelve Months Ended December 31,
	2024			2023			%		2024			2023			%
Revenues and other income:
Natural gas, NGLs and oil sales (a)	$	635,122		$	603,279				$	2,213,850		$	2,334,661
Derivative fair value (loss) income		(53,804	)		291,059					56,726			821,154
Brokered natural gas and marketing		41,535			44,460					133,048			206,552
ARO settlement (loss) gain (b)		–			2					(26	)		1
Interest income (b)		3,144			1,921					12,651			5,937
Gain on sale of assets (b)		89			101					311			454
Other (b)		331			636					524			6,113
Total revenues and other income		626,417			941,458		-33	%		2,417,084			3,374,872		-28	%

Costs and expenses:
Direct operating		24,655			22,200					93,399			94,362
Direct operating – stock-based compensation (c)		468			443					1,922			1,723
Transportation, gathering, processing and compression		299,401			283,061					1,177,925			1,113,941
Taxes other than income		6,166			4,083					21,625			23,726
Brokered natural gas and marketing		41,655			44,319					138,080			200,789
Brokered natural gas and marketing – stock-based compensation (c)		603			491					2,465			2,095
Exploration		7,983			7,193					25,489			25,280
Exploration – stock-based compensation (c)		349			315					1,354			1,250
Abandonment and impairment of unproved properties		(201	)		2,051					8,417			46,359
General and administrative		35,485			34,472					133,303			127,838
General and administrative – stock-based compensation (c)		10,905			9,389					38,004			35,850
General and administrative – lawsuit settlements		91			114					782			1,052
General and administrative – bad debt expense		50			–					50			–
Exit costs		9,156			28,279					37,214			99,940
Deferred compensation plan (d)		3,878			(2,953	)				9,593			26,593
Interest expense		27,911			28,734					113,341			118,620
Interest expense – amortization of deferred financing costs (e)		1,357			1,352					5,417			5,384
(Gain) loss on early extinguishment of debt		(3	)		1					(257	)		(438	)
Depletion, depreciation and amortization		92,484			90,968					358,356			350,165
Total costs and expenses		562,393			554,512		1	%		2,166,479			2,274,529		-5	%

Income before income taxes		64,024			386,946		-83	%		250,605			1,100,343		-77	%

Income tax (benefit) expense
Current		2,902			(1,453	)				8,165			1,547
Deferred		(33,720	)		78,365					(23,900	)		227,654
		(30,818	)		76,912					(15,735	)		229,201

Net income	$	94,842		$	310,034		-69	%	$	266,340		$	871,142		-69	%


Net income Per Common Share
Basic	$	0.39		$	1.29				$	1.10		$	3.61
Diluted	$	0.39		$	1.27				$	1.09		$	3.57

Weighted average common shares outstanding, as reported
Basic		240,300			238,833		1	%		240,689			236,986		2	%
Diluted		242,355			241,735		0	%		242,745			239,837		1	%


(a) See separate natural gas, NGLs and oil sales information table.
(b) Included in Other income in the 10-K.
(c) Costs associated with stock compensation and restricted stock amortization, which have been reflected
in the categories associated with the direct personnel costs, which are combined with the cash costs in the 10-K.
(d) Reflects the change in market value of the vested Company stock held in the deferred compensation plan.
(e) Included in interest expense in the 10-K.

RANGE RESOURCES CORPORATION


BALANCE SHEET
(In thousands)	December 31,			December 31,
	2024			2023
	(Audited)			(Audited)
Assets
Current assets	$	636,982		$	528,794
Derivative assets		87,098			442,971
Natural gas and oil properties, successful efforts method		6,421,700			6,117,681
Other property and equipment		2,465			1,696
Operating lease right-of-use assets		119,838			23,821
Other		79,592			88,922
	$	7,347,675		$	7,203,885

Liabilities and Stockholders’ Equity
Current liabilities	$	1,263,247		$	580,469
Asset retirement obligations		1,189			2,395
Derivative liabilities		9,634			222
Senior notes	$	1,089,614			1,774,229
Deferred tax liabilities		541,378			561,288
Derivative liabilities		10,488			107
Deferred compensation liabilities		65,233			72,976
Operating lease liabilities		35,737			16,064
Asset retirement obligations and other liabilities		137,181			119,896
Divestiture contract obligation		257,317			310,688
		3,411,018			3,438,334

Common stock and retained deficit		4,449,987			4,213,585
Other comprehensive income		611			647
Common stock held in treasury		(513,941	)		(448,681	)
Total stockholders’ equity		3,936,657			3,765,551
	$	7,347,675		$	7,203,885

RECONCILIATION OF TOTAL DEBT AS REPORTED
TO NET DEBT, a non-GAAP measure
(Unaudited, in thousands)
	December 31,			December 31,
	2024			2023			%

Total debt, net of deferred financing costs, as reported	$	1,697,883		$	1,774,229		-4	%
Unamortized debt issuance costs, as reported		10,819			14,159
Less cash and cash equivalents, as reported		(304,490	)		(211,974	)
Net debt, a non-GAAP measure	$	1,404,212		$	1,576,414		-11	%

RANGE RESOURCES CORPORATION




CASH FLOWS FROM OPERATING ACTIVITIES
(Unaudited, in thousands)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023

Net income		94,842			310,034			266,340			871,142
Adjustments to reconcile net cash provided from continuing operations:
Deferred income tax (benefit) expense		(33,720	)		78,365			(23,900	)		227,654
Depletion, depreciation and amortization		92,484			90,968			358,356			350,165
Abandonment and impairment of unproved properties		(201	)		2,051			8,417			46,359
Derivative fair value loss (income)		53,804			(291,059	)		(56,726	)		(821,154	)
Cash settlements on derivative financial instruments		69,697			65,018			432,392			253,514
Divestiture contract obligation, including accretion		9,155			28,215			37,088			99,595
Allowance for bad debts		50			–			50			–
Amortization of deferred financing costs and other		1,174			1,144			4,526			4,735
Deferred and stock-based compensation		16,267			7,683			53,864			67,849
Gain on sale of assets		(89	)		(101	)		(311	)		(454	)
(Gain) loss on early extinguishment of debt		(3	)		1			(257	)		(438	)

Changes in working capital:
Accounts receivable		(121,116	)		(65,334	)		(19,586	)		223,081
Other current assets		5,485			8,235			3,676			(1,285	)
Accounts payable		26,609			7,234			(443	)		(77,057	)
Accrued liabilities and other		3,452			(16,359	)		(118,972	)		(265,814	)
Net changes in working capital		(85,570	)		(66,224	)		(135,325	)		(121,075	)
Net cash provided from operating activities		217,890			226,095			944,514			977,892



RECONCILIATION OF NET CASH PROVIDED FROM OPERATING
ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS
BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP measure
(Unaudited, in thousands)
	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
Net cash provided from operating activities, as reported	$	217,890		$	226,095		$	944,514		$	977,892
Net changes in working capital		85,570			66,224			135,325			121,075
Exploration expense		7,983			7,193			25,489			25,280
Lawsuit settlements		91			114			782			1,052
Non-cash compensation adjustment and other		120			272			517			655
Cash flow from operations before changes in working capital – non-GAAP measure	$	311,654		$	299,898		$	1,106,627		$	1,125,954



ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING
(Unaudited, in thousands)
	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
Basic:
Weighted average shares outstanding		241,112			241,258			241,868			241,130
Stock held by deferred compensation plan		(812	)		(2,425	)		(1,179	)		(4,144	)
Adjusted basic		240,300			238,833			240,689			236,986

Dilutive:
Weighted average shares outstanding		241,112			241,258			241,868			241,130
Dilutive stock options under treasury method		1,243			477			877			(1,293	)
Adjusted dilutive		242,355			241,735			242,745			239,837

RANGE RESOURCES CORPORATION

RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES
AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO
CALCULATED CASH REALIZED NATURAL GAS, NGLs AND
OIL PRICES WITH AND WITHOUT THIRD-PARTY
TRANSPORTATION, GATHERING, PROCESSING AND
COMPRESSION COSTS, a non-GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended December 31,								Twelve Months Ended December 31,
	2024			2023			%		2024			2023			%
Natural gas, NGLs and Oil Sales components:
Natural gas sales	$	337,176		$	320,393				$	1,052,442		$	1,234,308
NGLs sales		270,356			238,423					1,020,903			933,791
Oil sales		27,590			44,463					140,505			166,562
Total Natural Gas, NGLs and Oil Sales, as reported	$	635,122		$	603,279		5	%	$	2,213,850		$	2,334,661		-5	%

Derivative Fair Value (Loss) Income, as reported	$	(53,804	)	$	291,059				$	56,726		$	821,154
Cash settlements on derivative financial instruments – (gain) loss:
Natural gas		(64,169	)		(59,846	)				(419,199	)		(256,693	)
NGLs		(433	)		–					(3,743	)		–
Oil		(5,095	)		2,828					(9,450	)		11,179
Contingent consideration – divestiture		–			(8,000	)				–			(8,000	)
Total change in fair value related to commodity derivatives prior to
settlement, a non GAAP measure	$	(123,501	)	$	226,041				$	(375,666	)	$	567,640

Transportation, gathering, processing and compression components:
Natural Gas	$	155,483		$	152,058				$	611,698		$	588,970
NGLs		143,294			130,833					564,269			524,114
Oil		624			170					1,958			857
Total transportation, gathering, processing and compression, as reported	$	299,401		$	283,061				$	1,177,925		$	1,113,941

Natural gas, NGL and Oil sales, including cash-settled derivatives: (c)
Natural gas sales	$	401,345		$	380,239				$	1,471,641		$	1,491,001
NGLs sales		270,789			238,423					1,024,646			933,791
Oil Sales		32,685			41,635					149,955			155,383
Total	$	704,819		$	660,297		7	%	$	2,646,242		$	2,580,175		3	%

Production of natural gas, NGLs and oil during the periods (a):
Natural Gas (mcf)		138,472,888			141,716,744		-2	%		545,415,974			538,084,671		1	%
NGLs (bbls)		10,230,284			9,571,519		7	%		39,622,576			37,939,700		4	%
Oil (bbls)		462,570			656,533		-30	%		2,180,528			2,475,306		-12	%
Gas equivalent (mcfe) (b)		202,630,012			203,085,056		0	%		796,234,598			780,574,707		2	%

Production of natural gas, NGLs and oil – average per day (a):
Natural Gas (mcf)		1,505,140			1,540,399		-2	%		1,490,208			1,474,205		1	%
NGLs (bbls)		111,199			104,038		7	%		108,258			103,944		4	%
Oil (bbls)		5,028			7,136		-30	%		5,958			6,782		-12	%
Gas equivalent (mcfe) (b)		2,202,500			2,207,446		0	%		2,175,504			2,138,561		2	%

Average prices, excluding derivative settlements and before third-party
transportation costs:
Natural Gas (per mcf)	$	2.43		$	2.26		8	%	$	1.93		$	2.29		-16	%
NGLs (per bbl)	$	26.43		$	24.91		6	%	$	25.77		$	24.61		5	%
Oil (per bbl)	$	59.64		$	67.72		-12	%	$	64.44		$	67.29		-4	%
Gas equivalent (per mcfe) (b)	$	3.13		$	2.97		5	%	$	2.78		$	2.99		-7	%

Average prices, including derivative settlements before third-party
transportation costs: (c)
Natural Gas (per mcf)	$	2.90		$	2.68		8	%	$	2.70		$	2.77		-3	%
NGLs (per bbl)	$	26.47		$	24.91		6	%	$	25.86		$	24.61		5	%
Oil (per bbl)	$	70.66		$	63.42		11	%	$	68.77		$	62.77		10	%
Gas equivalent (per mcfe) (b)	$	3.48		$	3.25		7	%	$	3.32		$	3.31		0	%

Average prices, including derivative settlements and after third-party
transportation costs: (d)
Natural Gas (per mcf)	$	1.78		$	1.61		11	%	$	1.58		$	1.68		-6	%
NGLs (per bbl)	$	12.46		$	11.24		11	%	$	11.62		$	10.80		8	%
Oil (per bbl)	$	69.31		$	63.16		10	%	$	67.87		$	62.43		9	%
Gas equivalent (per mcfe) (b)	$	2.00		$	1.86		8	%	$	1.84		$	1.88		-2	%

Transportation, gathering and compression expense per mcfe	$	1.48		$	1.39		6	%	$	1.48		$	1.43		3	%

(a) Represents volumes sold regardless of when produced.
(b) Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy content of oil to natural gas, which is not necessarily
indicative of the relationship of oil and natural gas prices.
(c) Excluding third-party transportation, gathering, processing and compression costs.
(d) Net of transportation, gathering, processing and compression costs.

RANGE RESOURCES CORPORATION

RECONCILIATION OF INCOME BEFORE INCOME
TAXES AS REPORTED TO INCOME BEFORE INCOME TAXES
EXCLUDING CERTAIN ITEMS, a non-GAAP measure
(Unaudited, In thousands, except per share data)
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2024			2023			%			2024			2023			%

Income from operations before income taxes, as reported		64,024			386,946			-83	%		250,605			1,100,343		-77	%
Adjustment for certain special items:
Gain on the sale of assets		(89	)		(101	)					(311	)		(454	)
ARO settlement loss (gain)		–			(2	)					26			(1	)
Change in fair value related to derivatives prior to settlement		123,501			(226,041	)					375,666			(567,640	)
Abandonment and impairment of unproved properties		(201	)		2,051						8,417			46,359
(Gain) loss on early extinguishment of debt		(3	)		1						(257	)		(438	)
Lawsuit settlements		91			114						782			1,052
Exit costs		9,156			28,279						37,214			99,940
Brokered natural gas and marketing – stock-based compensation		603			491						2,465			2,095
Direct operating – stock-based compensation		468			443						1,922			1,723
Exploration expenses – stock-based compensation		349			315						1,354			1,250
General & administrative – stock-based compensation		10,905			9,389						38,004			35,850
Deferred compensation plan – non-cash adjustment		3,878			(2,953	)					9,593			26,593

Income before income taxes, as adjusted		212,682			198,932			7	%		725,480			746,672		-3	%

Income tax expense (benefit), as adjusted
Current (a)		2,902			(1,453	)					8,165			1,547
Deferred (a)		46,015			47,208						158,696			170,189

Net income, excluding certain items, a non-GAAP measure	$	163,765		$	153,177			7	%	$	558,619		$	574,936		-3	%

Non-GAAP income per common share
Basic	$	0.68		$	0.64			6	%	$	2.32		$	2.43		-5	%
Diluted	$	0.68		$	0.63			8	%	$	2.30		$	2.40		-4	%

Non-GAAP diluted shares outstanding, if dilutive		242,355			241,735						242,745			239,837





(a) Taxes are estimated to be approximately 23% for 2023 and 2024

RANGE RESOURCES CORPORATION



RECONCILIATION OF NET INCOME, EXCLUDING
CERTAIN ITEMS AND ADJUSTED EARNINGS PER
SHARE, non-GAAP measures
(In thousands, except per share data)
	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023

Net income, as reported	$	94,842		$	310,034		$	266,340		$	871,142
Adjustments for certain special items:
Gain on the sale of assets		(89	)		(101	)		(311	)		(454	)
ARO settlement loss (gain)		–			(2	)		26			(1	)
(Gain) loss on early extinguishment of debt		(3	)		1			(257	)		(438	)
Change in fair value related to derivatives prior to settlement		123,501			(226,041	)		375,666			(567,640	)
Abandonment and impairment of unproved properties		(201	)		2,051			8,417			46,359
Lawsuit settlements		91			114			782			1,052
Exit costs		9,156			28,279			37,214			99,940
Stock-based compensation		12,325			10,638			43,745			40,918
Deferred compensation plan		3,878			(2,953	)		9,593			26,593
Tax impact		(79,735	)		31,157			(182,596	)		57,465

Net income, excluding certain items, a non-GAAP measure	$	163,765		$	153,177		$	558,619		$	574,936

Net income per diluted share, as reported	$	0.39		$	1.27		$	1.09		$	3.57
Adjustments for certain special items per diluted share:
Gain on the sale of assets		–			–			–			–
ARO settlement loss (gain)		–			–			–			–
(Gain) loss on early extinguishment of debt		–			–			–			–
Change in fair value related to derivatives prior to settlement		0.51			(0.94	)		1.55			(2.37	)
Abandonment and impairment of unproved properties		–			0.01			0.03			0.19
Lawsuit settlements		–			–			–			–
Exit costs		0.04			0.12			0.15			0.42
Stock-based compensation		0.05			0.04			0.18			0.17
Deferred compensation plan		0.02			(0.01	)		0.04			0.11
Adjustment for rounding differences		–			–			0.01			0.01
Tax impact		(0.33	)		0.13			(0.75	)		0.24
Dilutive share impact (rabbi trust and other)		–			0.01			–			0.06

Net income per diluted share, excluding certain items, a non-GAAP measure	$	0.68		$	0.63		$	2.30		$	2.40

Adjusted earnings per share, a non-GAAP measure:
Basic	$	0.68		$	0.64		$	2.32		$	2.43
Diluted	$	0.68		$	0.63		$	2.30		$	2.40

RANGE RESOURCES CORPORATION

RECONCILIATION OF CASH MARGIN PER MCFE, a non-
GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
Revenues
Natural gas, NGLs and oil sales, as reported	$	635,122		$	603,279		$	2,213,850		$	2,334,661
Derivative fair value (loss) income, as reported		(53,804	)		291,059			56,726			821,154
Less non-cash fair value loss (gain)		123,501			(226,041	)		375,666			(567,640	)
Brokered natural gas and marketing, as reported		41,535			44,460			133,048			206,552
Other income, as reported		3,564			2,660			13,460			12,505
Less gain on sale of assets		(89	)		(101	)		(311	)		(454	)
Less ARO settlement		–			(2	)		26			(1	)
Cash revenues		749,829			715,314			2,792,465			2,806,777

Expenses
Direct operating, as reported		25,123			22,643			95,321			96,085
Less direct operating stock-based compensation		(468	)		(443	)		(1,922	)		(1,723	)
Transportation, gathering and compression, as reported		299,401			283,061			1,177,925			1,113,941
Taxes other than income, as reported		6,166			4,083			21,625			23,726
Brokered natural gas and marketing, as reported		42,258			44,810			140,545			202,884
Less brokered natural gas and marketing stock-based compensation		(603	)		(491	)		(2,465	)		(2,095	)
General and administrative, as reported		46,531			43,975			172,139			164,740
Less G&A stock-based compensation		(10,905	)		(9,389	)		(38,004	)		(35,850	)
Less lawsuit settlements		(91	)		(114	)		(782	)		(1,052	)
Less bad debt expense		(50	)		–			(50	)		–
Interest expense, as reported		29,268			30,086			118,758			124,004
Less amortization of deferred financing costs		(1,357	)		(1,352	)		(5,417	)		(5,384	)
Cash expenses		435,273			416,869			1,677,673			1,679,276

Cash margin, a non-GAAP measure	$	314,556		$	298,445		$	1,114,792		$	1,127,501

Mmcfe produced during period		202,630			203,085			796,235			780,575

Cash margin per mcfe	$	1.55		$	1.47		$	1.40		$	1.44

RECONCILIATION OF INCOME BEFORE INCOME TAXES
TO CASH MARGIN, a non-GAAP measure
(Unaudited, in thousands, except per unit data)
	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023

Income before income taxes, as reported	$	64,024		$	386,946		$	250,605		$	1,100,343
Adjustments to reconcile income before income taxes
to cash margin:
ARO settlements		–			(2	)		26			(1	)
Derivative fair value loss (income)		53,804			(291,059	)		(56,726	)		(821,154	)
Net cash receipts on derivative settlements		69,697			65,018			432,392			253,514
Exploration expense		7,983			7,193			25,489			25,280
Lawsuit settlements		91			114			782			1,052
Exit costs		9,156			28,279			37,214			99,940
Deferred compensation plan		3,878			(2,953	)		9,593			26,593
Stock-based compensation (direct operating, brokered natural gas and		12,325			10,638			43,745			40,918
marketing and general and administrative)
Bad debt expense		50			–			50			–
Interest – amortization of deferred financing costs		1,357			1,352			5,417			5,384
Depletion, depreciation and amortization		92,484			90,968			358,356			350,165
Gain on sale of assets		(89	)		(101	)		(311	)		(454	)
(Gain) loss on early extinguishment of debt		(3	)		1			(257	)		(438	)
Abandonment and impairment of unproved properties		(201	)		2,051			8,417			46,359
Cash margin, a non-GAAP measure	$	314,556		$	298,445		$	1,114,792		$	1,127,501

The MIL Network –

February 26, 2025

MIL-OSI: Diginex Limited Launches ESG Rating Support Service to Help Businesses Secure and Improve ESG Scores

Source: GlobeNewswire (MIL-OSI)

HONG KONG, Feb. 25, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”), an impact technology company specializing in environmental, social, and governance (ESG) issues, is excited to announce the launch of its ESG Ratings Support Service. The innovative service is designed to help businesses secure an ESG score across key rating agencies, including CDP, EcoVadis, Sustainable Fitch, S&P, Sustainalytics, the world’s leading ESG ratings providers. Leveraging Diginex Limited’s expertise and cutting-edge technology, the ESG Ratings Support Service provides companies with a robust framework to optimize their ESG ratings, attract investment, and strengthen stakeholder trust.

The launch of the ESG Ratings Support Service comes at a pivotal moment as investors, regulators, and consumers increasingly prioritize sustainability. With the global ESG investment market reaching nearly USD 29.86 trillion in 2024, according to a report by Precedence Research, and regulatory bodies like the European Union, SEC as well as many stock exchanges globally who are mandating comprehensive ESG / Climate disclosures, businesses need reliable tools to navigate this landscape. diginexADVISORY’s new ESG Ratings Support Service offers a tailored approach, combining expert consultancy with data-driven insights to help organizations report their ESG data and performance to secure competitive advantages.

“We believe our ESG Ratings Support Service is a game-changer for companies looking to align sustainability with commercial success,” said Mark Blick, Chief Executive Officer of Diginex Limited. “By providing clear, actionable recommendations into ESG performance, we’re helping businesses to unlock new opportunities for growth and investment. Sustainability isn’t just a compliance exercise—it’s a prerequisite for long-term prosperity.”

Case Study: Living Style Group’s ESG Performance

A recent example of the service’s impact is diginexADVISORY’s collaboration with the Living Style Group, a global leader in home decor and furnishings generating over $1.2 billion in yearly revenue. Living Style Group successfully completed its first-ever CDP submission, achieving an impressive B score in Climate on its first attempt.

“With Diginex’s expert guidance, we successfully navigated our first ESG disclosure, achieving strong CDP scores on our first attempt. Diginex’s structured approach made a complex process seamless,” said Mark Loomis, EVP Quality, Compliance & Sustainability, Living Style Group. “This report marks an important milestone in our journey toward greater sustainability, and we look forward to building on these efforts in the years to come.”

Through this collaboration, we believe that Living Style Group is now better equipped to attract ESG-focused investors and meet evolving regulatory demands.

A Comprehensive Solution for ESG Success

The ESG Ratings Support Service integrates with Diginex’s award-winning diginexESG platform, which supports 17 global frameworks, including GRI (the “Global Reporting Initiative”), SASB (the “Sustainability Accounting Standards Board”), and TCFD (the “Task Force on Climate-related Financial Disclosures”). We expect our clients to benefit from end-to-end support, from materiality assessments and data management to stakeholder engagement and report generation through implementation of the ESG Ratings Support Service.

The ESG Ratings Service is available immediately to clients worldwide, with options for small and medium enterprises (SMEs) and large corporations alike.

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

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

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s filings with the SEC.

For investor and media inquiries, please contact:

Diginex
Investor Relations
Email: ir@diginex.com

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

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

The MIL Network –

February 26, 2025

MIL-OSI: EXL Reports 2024 Fourth Quarter and Year-End Results; Issues 2025 Guidance

Source: GlobeNewswire (MIL-OSI)

2024 Fourth Quarter Revenue of $481.4 Million, up 16.3% year-over-year
Q4 Diluted EPS (GAAP) of $0.31, up 28.4% from $0.24 in Q4 of 2023
Q4 Adjusted Diluted EPS (Non-GAAP) ⁽¹⁾of $0.44, up 26.1% from $0.35 in Q4 of 2023

2024 Revenue of $1.84 Billion, up 12.7% year-over-year
2024 Diluted EPS (GAAP) of $1.21, up 10.0% from $1.10 in 2023
2024 Adjusted Diluted EPS (Non-GAAP) ⁽¹⁾of $1.65, up 15.4% from $1.43 in 2023

NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced its financial results for the quarter and full year ended December 31, 2024.

Rohit Kapoor, chairman and chief executive officer, said, “As we executed our data and AI strategy in 2024, we achieved several key milestones, including launching an enterprise AI platform in partnership with NVIDIA, introducing our insurance-specific large language model (LLM) and expanding our data management capabilities with the acquisition of ITI Data. Our focus on innovating with speed led to industry-leading full-year revenue growth of 12.7% and adjusted EPS growth of 15.4%. As AI adoption continues to increase, EXL is well positioned to capture this opportunity and continue its strong growth momentum.”

Maurizio Nicolelli, chief financial officer, said, “We finished 2024 with robust growth across our business segments, a formidable balance sheet and strong free cash flow. For the full year 2025, we expect revenue to be in the range of $2.025 billion to $2.060 billion, representing a 10% to 12% increase year-over-year on a reported basis and 11% to 13% on constant currency basis. We expect adjusted diluted EPS to be in the range of $1.83 to $1.89, representing a 11% to 14% increase over 2024.”

__________________________________________________

Reconciliations of adjusted (non-GAAP) financial measures to the most directly comparable GAAP measures, where applicable, are included at the end of this release under “Reconciliation of Adjusted Financial Measures to GAAP Measures.” These non-GAAP measures, including adjusted diluted EPS and constant currency measures, are not measures of financial performance prepared in accordance with GAAP.

Financial Highlights: Fourth Quarter 2024

Revenue for the quarter ended December 31, 2024 increased to $481.4 million compared to $414.1 million for the fourth quarter of 2023, an increase of 16.3% on a reported basis and constant currency basis. Revenue increased by 2.0% sequentially on a reported basis and 2.4% on a constant currency basis, from the third quarter of 2024.

	Revenue						Gross Margin
	Three months ended						Three months ended
Reportable Segments	December 31, 2024		December 31, 2023		September 30, 2024		December 31, 2024		December 31, 2023		September 30, 2024
	(dollars in millions)
Insurance	$	162.0	$	139.1	$	157.6	36.9	%	36.2	%	36.3	%
Healthcare		31.6		26.0		30.5	31.7	%	36.9	%	33.6	%
Emerging Business		80.1		67.0		80.0	40.7	%	41.0	%	40.2	%
Analytics		207.7		182.0		204.0	39.0	%	35.4	%	38.5	%
Revenues, net	$	481.4	$	414.1	$	472.1	38.1	%	36.7	%	37.8	%

Operating income margin for the quarter ended December 31, 2024 was 14.8%, compared to 13.1% for the fourth quarter of 2023 and 14.7% for the third quarter of 2024. Adjusted operating income margin for the quarter ended December 31, 2024 was 18.8%, compared to 17.8% for the fourth quarter of 2023 and 19.9% for the third quarter of 2024.
Diluted earnings per share for the quarter ended December 31, 2024 was $0.31, compared to $0.24 for the fourth quarter of 2023 and $0.33 for the third quarter of 2024. Adjusted diluted earnings per share for the quarter ended December 31, 2024 was $0.44, compared to $0.35 for the fourth quarter of 2023 and $0.44 for the third quarter of 2024.

Financial Highlights: Full Year 2024

Revenue for the year ended December 31, 2024 increased to $1.84 billion compared to $1.63 billion for the year ended December 31, 2023, an increase of 12.7% on a reported basis and constant currency basis.

	Revenue				Gross Margin
	Year ended				Year ended
Reportable Segments	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
	(dollars in millions)
Insurance	$	614.0	$	529.9	36.4	%	35.5	%
Healthcare		116.4		106.0	33.0	%	34.6	%
Emerging Business		311.7		265.7	41.8	%	43.2	%
Analytics		796.3		729.1	37.5	%	36.8	%
Revenues, net	$	1,838.4	$	1,630.7	37.6	%	37.3	%

Operating income margin for the year ended December 31, 2024 was 14.3%, compared to 14.6% for the year ended December 31, 2023. Adjusted operating income margin for the year ended December 31, 2024 was 19.4%, compared to 19.3% for the year ended December 31, 2023.
Diluted earnings per share for the year ended December 31, 2024 was $1.21, compared to $1.10 for the year ended December 31, 2023. Adjusted diluted earnings per share for the year ended December 31, 2024 was $1.65, compared to $1.43 for the year ended December 31, 2023.

Business Highlights: Fourth Quarter 2024

Won 17 new clients in the fourth quarter of 2024, with 8 clients in digital operations and solutions and 9 in analytics. For the year, we won 69 new clients, with 32 in digital operations and solutions and 37 in analytics.
Launched EXLerate.AI, an agentic AI platform designed to help enterprises reimagine and build AI-native workflows that drive greater efficiency, lower costs, and increased accuracy and scalability across business operations.
Named a Leader in the ISG Provider Lens™ Generative AI Services 2024 report. Analysts cited EXL’s data integration capabilities, domain-specific expertise, and robust transformational framework as key differentiators driving its leadership in this space.
Recognized as a Market Leader in the HFS Research 2024 AADA Quadfecta Services for the Generative Enterprise™ 2024 study. The study evaluated 27 leading analytics, AI, data platforms, and automation service providers on their ability to unlock deep insights from data, automate complex processes, and enhance operational efficiencies. The Market Leader designation is the report’s highest distinction.

2025 Operating Model

To accelerate the execution of our data and AI strategy, capture a greater share of the growing AI market and drive EXL’s long-term growth, the company is changing its operating model. The new model is comprised of Industry Market Units focused on delivering higher value to clients leveraging our full suite of capabilities; and Strategic Growth Units focused on rapidly advancing our capabilities specific to various industries and client needs.

This enhances our ability to deepen client relationships, unlock new buying centers, expand our addressable markets across industries and geographies, accelerate investments in data and AI capabilities and industry-specific solutions, and create more professional development opportunities for our employees. This model enables us to deliver AI-powered integrated solutions more effectively and evolve engagements to maximize value for our clients.

EXL will adopt new financial reporting segments consistent with how management will be reviewing financial information and making operating decisions beginning in the first quarter of 2025. Our data, AI and analytics capabilities are driving all our solutions and business lines. Accordingly, we will now report data and AI revenue alongside our new reporting segments beginning with the first quarter of 2025. This shift will provide a higher quality and more relevant representation of our business performance as we continue executing our data and AI growth strategy. The new reportable segments, aligned to our Industry Market Units, are as follows:

Insurance
Healthcare and Life Sciences
Banking, Capital Markets and Diversified Industries
International Growth Markets

The change in segment presentation will not have any effect on our consolidated statements of income, balance sheets or cash flows. The revised presentation will be reflected in our periodic and annual reports beginning in the first quarter of 2025.

2025 Guidance

Based on current visibility, and a U.S. dollar to Indian rupee exchange rate of 87.0, U.K. pound sterling to U.S. dollar exchange rate of 1.25, U.S. dollar to the Philippine peso exchange rate of 58.0 and all other currencies at current exchange rates, we are providing the following guidance for the full year 2025:

Revenue of $2.025 billion to $2.060 billion, representing an increase of 10% to 12% on a reported basis, and 11% to 13% on a constant currency basis, from 2024; and
Adjusted diluted earnings per share of $1.83 to $1.89, representing an increase of 11% to 14% from 2024.

Conference Call

ExlService Holdings, Inc. will host a conference call on Wednesday, February 26, 2025, at 10:00 A.M. ET to discuss the Company’s fourth quarter and year-end operating and financial results. The conference call will be available live via the internet by accessing the investor relations section of EXL’s website at ir.exlservice.com, where an accompanying investor-friendly spreadsheet of historical operating and financial data can also be accessed. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.

To join the live call, please register here. For those who cannot access the live broadcast, a replay will be available on the EXL website ir.exlservice.com for a period of twelve months.

About ExlService Holdings, Inc.

EXL (NASDAQ: EXLS) is a global data and artificial intelligence (“AI”) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 59,000 employees spanning six continents. For more information, visit www.exlservice.com.

Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, risks related to the use of AI technology, impact on client demand by the selling cycle of our contracts, fluctuations in our earnings, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.


EXLSERVICE HOLDINGS, INC. CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amount and share count)

							(Unaudited)
	Year ended December 31,						Three months ended December 31,
	2024			2023			2024			2023
Revenues, net	$	1,838,372		$	1,630,668		$	481,426		$	414,058
Cost of revenues⁽¹⁾		1,147,359			1,022,902			298,023			262,211
Gross profit⁽¹⁾		691,013			607,766			183,403			151,847
Operating expenses:
General and administrative expenses		225,672			198,294			58,477			53,730
Selling and marketing expenses		146,502			120,227			37,520			31,553
Depreciation and amortization expense		55,219			50,490			16,164			12,298
Total operating expenses		427,393			369,011			112,161			97,581
Income from operations		263,620			238,755			71,242			54,266
Foreign exchange gain, net		891			1,532			218			694
Interest expense		(19,256	)		(13,180	)		(5,111	)		(3,150	)
Other income/(expense), net		16,092			10,834			4,216			4,240
Income before income tax expense and earnings from equity affiliates		261,347			237,941			70,565			56,050
Income tax expense		62,936			53,536			19,850			15,763
Income before earnings from equity affiliates		198,411			184,405			50,715			40,287
Gain/(loss) from equity-method investment		(114	)		153			(43	)		(4	)
Net income	$	198,297		$	184,558		$	50,672		$	40,283
Earnings per share:
Basic	$	1.22		$	1.11		$	0.31		$	0.24
Diluted	$	1.21		$	1.10		$	0.31		$	0.24
Weighted average number of shares used in computing earnings per share:
Basic		162,718,840			166,341,213			161,292,473			165,254,017
Diluted		164,321,656			168,161,371			163,436,793			166,880,836

⁽¹⁾Exclusive of depreciation and amortization expense.


EXLSERVICE HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except per share amount and share count)

	As of
	December 31, 2024			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	153,355		$	136,953
Short-term investments		187,223			153,881
Restricted cash		9,972			4,062
Accounts receivable, net		304,322			308,108
Other current assets		140,317			76,669
Total current assets		795,189			679,673
Property and equipment, net		101,837			100,373
Operating lease right-of-use assets		68,784			64,856
Restricted cash		8,071			4,386
Deferred tax assets, net		104,747			82,927
Goodwill		420,387			405,639
Other intangible assets, net		49,331			50,164
Long-term investments		13,972			4,430
Other assets		56,085			49,524
Total assets	$	1,618,403		$	1,441,972
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	5,884		$	5,055
Current portion of long-term borrowings		4,886			65,000
Deferred revenue		19,264			12,318
Accrued employee costs		129,994			117,137
Accrued expenses and other current liabilities		113,597			114,113
Current portion of operating lease liabilities		16,491			12,780
Total current liabilities		290,116			326,403
Long-term borrowings, less current portion		283,598			135,000
Operating lease liabilities, less current portion		59,851			58,175
Deferred tax liabilities, net		1,403			1,495
Other non-current liabilities		53,573			31,462
Total liabilities		688,541			552,535
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued		—			—
Common stock, $0.001 par value; 400,000,000 shares authorized, 206,510,587 shares issued and 161,801,212 shares outstanding as of December 31, 2024 and 203,410,038 shares issued and 165,277,880 shares outstanding as of December 31, 2023		206			203
Additional paid-in capital		588,583			508,028
Retained earnings		1,281,960			1,083,663
Accumulated other comprehensive loss		(154,722	)		(127,040	)
Total including shares held in treasury		1,716,027			1,464,854
Less: 44,709,375 shares as of December 31, 2024 and 38,132,158 shares as of December 31, 2023, held in treasury, at cost		(786,165	)		(575,417	)
Total stockholders’ equity		929,862			889,437
Total liabilities and stockholders’ equity	$	1,618,403		$	1,441,972

EXLSERVICE HOLDINGS, INC.Reconciliation of Adjusted Financial Measures to GAAP Measures

In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL has included in this release certain financial measures that are considered non-GAAP financial measures, including the following:

(i)		Adjusted operating income and adjusted operating income margin;
(ii)		Adjusted EBITDA and adjusted EBITDA margin;
(iii)		Adjusted net income and adjusted diluted earnings per share; and
(iv)		Revenue growth on constant currency basis.

These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, the financial results calculated in accordance with GAAP and reconciliations from those financial statements should be carefully evaluated. EXL believes that providing these non-GAAP financial measures may help investors better understand EXL’s underlying financial performance. Management also believes that these non-GAAP financial measures, when read in conjunction with EXL’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results and comparisons of the Company’s results with the results of other companies. Additionally, management considers some of these non-GAAP financial measures to determine variable compensation of its employees. The Company believes that it is unreasonably difficult to provide its earnings per share financial guidance in accordance with GAAP, or a qualitative reconciliation thereof, for a number of reasons, including, without limitation, the Company’s inability to predict its future stock-based compensation expense under ASC Topic 718, the amortization of intangibles associated with future acquisitions and the currency fluctuations and associated tax effects. As such, the Company presents guidance with respect to adjusted diluted earnings per share. The Company also incurs significant non-cash charges for depreciation that may not be indicative of the Company’s ability to generate cash flow.

EXL non-GAAP financial measures exclude, where applicable, stock-based compensation expense, amortization of acquisition-related intangible assets, provision for restructuring and litigation settlement matters, effects of termination of leases, certain defined social security contributions, allowance for certain material expected credit losses, other acquisition-related expenses or benefits and effect of any non-recurring tax adjustments. Acquisition-related expenses or benefits include, changes in the fair value of contingent consideration, external deal costs, integration expenses, direct and incremental travel costs and non-recurring benefits or losses. Our adjusted net income and adjusted diluted EPS also excludes the effects of income tax on the above pre-tax items, as applicable. The effects of income tax of each item is calculated by applying the statutory rate of the local tax regulations in the jurisdiction in which the item was incurred.

A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and exclude costs that are recurring, namely stock-based compensation and amortization of acquisition-related intangible assets. EXL compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.

EXL’s primary exchange rate exposure is with the Indian rupee, the Philippine peso, the U.K. pound sterling and the South African rand. The average exchange rate of the U.S. dollar against the Indian rupee increased from 83.28 during the quarter ended December 31, 2023 to 84.72 during the quarter ended December 31, 2024, representing a depreciation of 1.7% against the U.S. dollar. The average exchange rate of the U.S. dollar against the Philippine peso increased from 55.86 during the quarter ended December 31, 2023 to 58.19 during the quarter ended December 31, 2024, representing a depreciation of 4.2% against the U.S. dollar. The average exchange rate of the U.K. pound sterling against the U.S. dollar increased from 1.25 during the quarter ended December 31, 2023 to 1.28 during the quarter ended December 31, 2024, representing an appreciation of 1.9% against the U.S. dollar. The average exchange rate of the U.S. dollar against the South African rand decreased from 18.63 during the quarter ended December 31, 2023 to 18.18 during the quarter ended December 31, 2024, representing an appreciation of 2.4% against the U.S. dollar.

The following table shows the reconciliation of these non-GAAP financial measures for the year ended December 31, 2024 and 2023, the three months ended December 31, 2024 and 2023 and the three months ended September 30, 2024:

Reconciliation of Adjusted Operating Income and Adjusted EBITDA (Amounts in thousands)

	Year ended						Three months ended
	December 31,						December 31,						September 30,
	2024			2023			2024			2023			2024
Net income (GAAP)	$	198,297		$	184,558		$	50,672		$	40,283		$	53,037
add: Income tax expense		62,936			53,536			19,850			15,763			15,460
add/(subtract): Foreign exchange gain, net, interest expense, gain/(loss) from equity-method investment and other income/(loss), net		2,387			661			720			(1,780	)		908
Income from operations (GAAP)	$	263,620		$	238,755		$	71,242		$	54,266		$	69,405
add: Stock-based compensation expense		72,658			58,437			15,479			15,452			21,232
add: Amortization of acquisition-related intangibles		13,630			14,678			4,024			3,168			3,449
add: Restructuring and litigation settlement costs (a)		6,174			613			—			613			—
add/(subtract): Allowance/(reversal) for expected credit losses (b)		—			1,436			—			(264	)		—
add: Other expenses (c)		—			771			—			282			—
Adjusted operating income (Non-GAAP)	$	356,082		$	314,690		$	90,745		$	73,517		$	94,086
Adjusted operating income margin as a % of Revenue (Non-GAAP)		19.4	%		19.3	%		18.8	%		17.8	%		19.9	%
add: Depreciation on long-lived assets		41,589			34,434			12,140			9,130			10,350
Adjusted EBITDA (Non-GAAP)	$	397,671		$	349,124		$	102,885		$	82,647		$	104,436
Adjusted EBITDA margin as a % of revenue (Non-GAAP)		21.6	%		21.4	%		21.4	%		20.0	%		22.1	%

(a) To exclude effects of employee severance costs and outplacement support costs of $4,762 and $nil and litigation settlement costs and associated legal fees of $1,412 and $613 for the year ended December 31, 2024 and 2023, respectively. To exclude effects of litigation settlement costs and associated legal fees of $nil and $613 for the three months ended December 31, 2024 and 2023, respectively.

(b) To exclude the effects of material allowance/(reversal) for expected credit losses on accounts receivables related to a customer bankruptcy event.

(c) To exclude effects of lease termination of $nil and $489 and other items, individually insignificant of $nil and $282 for the year ended December 31, 2024 and 2023, respectively. To exclude effects of other items, individually insignificant of $nil and $282 for the three months ended December 31, 2024 and 2023, respectively.


Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings Per Share (Amounts in thousands, except per share data)

	Year ended						Three months ended
	December 31,						December 31,						September 30,
	2024			2023			2024			2023			2024
Net income (GAAP)	$	198,297		$	184,558		$	50,672		$	40,283		$	53,037
add: Stock-based compensation expense		72,658			58,437			15,479			15,452			21,232
add: Amortization of acquisition-related intangibles		13,630			14,678			4,024			3,168			3,449
add: Restructuring and litigation settlement costs (a)		6,174			613			—			613			—
add/(subtract): Changes in fair value of contingent consideration		(589	)		1,900			—			(600	)		—
add: Other tax expenses (b)		3,817			223			3,817			223			—
add/(subtract): Allowance/(reversal) for expected credit losses (c)		—			1,436			—			(264	)		—
add: Other expenses (d)		—			489			—			—			—
subtract: Tax impact on stock-based compensation expense (e)		(17,576	)		(17,333	)		(1,769	)		(374	)		(5,830	)
subtract: Tax impact on amortization of acquisition-related intangibles		(3,318	)		(3,622	)		(921	)		(792	)		(866	)
add/(subtract): Tax impact on restructuring and litigation settlement costs		(1,540	)		—			48			—			—
add/(subtract): Tax impact on changes in fair value of contingent consideration		146			152			(5	)		152			—
add/(subtract): Tax impact on allowance/(reversal) for expected credit losses		—			(364	)		—			65			—
subtract: Tax impact on other expenses		—			(280	)		—			(157	)		—
Adjusted net income (Non-GAAP)	$	271,699		$	240,887		$	71,345		$	57,769		$	71,022
Adjusted diluted earnings per share (Non-GAAP)	$	1.65		$	1.43		$	0.44		$	0.35		$	0.44

(a) To exclude effects of employee severance costs and outplacement support costs of $4,762 and $nil and litigation settlement costs and associated legal fees of $1,412 and $613 for the year ended December 31, 2024 and 2023, respectively. To exclude effects of litigation settlement costs and associated legal fees of $nil and $613 for the three months ended December 31, 2024 and 2023, respectively.

(b) To exclude other tax expenses/(benefits) related to certain deferred tax assets and liabilities.

(c) To exclude the effects of material allowance/(reversal) for expected credit losses on accounts receivables related to a customer bankruptcy event.

(d) To exclude effects of lease termination of $nil and $489 for the year ended December 31, 2024 and 2023, respectively.

(e) Tax impact includes $9,714 and $15,055 for the year ended December 31, 2024 and 2023 respectively, $500 and $1,883 for the three months ended December 31, 2024 and 2023 respectively, and $1,673 for the three months ended September 30, 2024 related to discrete benefit recognized in income tax expense in accordance with ASU No. 2016-09, Compensation – Stock Compensation.

Contacts:
Investor Relations
John Kristoff
Vice President, Investor Relations
+1 212 209 4613
ir@exlservice.com

Media – US
Keith Little
Assistant Vice President, Media Relations
+1 703 598 0980
media.relations@exlservice.com

The MIL Network –

February 26, 2025

MIL-OSI: SLR Investment Corp. Announces Quarter and Year Ended December 31, 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Net Investment Income of $0.44 Per Share for Q4 2024;

Declared Quarterly Distribution of $0.41 Per Share;

Stable NAV/Strong Credit Quality

NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — SLR Investment Corp. (NASDAQ: SLRC) (the “Company”, “SLRC”, “we”, “us”, or “our”) today reported net investment income (“NII”) of $23.8 million, or $0.44 per share, for the fourth quarter of 2024. On February 25, 2025, the Board declared a quarterly distribution of $0.41 per share payable on March 28, 2025, to holders of record as of March 14, 2025.

As of December 31, 2024, net asset value (“NAV”) was $18.20 per share, unchanged from the prior quarter ended September 30, 2024.

“This month, SLRC celebrated its 15^th anniversary since its initial public offering and more than 18 years of operating history as a private credit manager for SLR Capital Partners, our investment adviser,” said Michael Gross, Co-CEO of SLR Investment Corp. “Since inception in 2010, SLRC has made approximately $7.5 billion of investments including five platform specialty finance acquisitions and four related tuck-in acquisitions. Our asset mix across specialty and sponsor finance investment strategies and conservative underwriting approach has created a differentiated and attractive risk-adjusted return profile compared to sponsor finance only portfolios.”

“SLRC generated strong NII per share for both the fourth quarter and full year. In addition, NAV increased to $18.20 from $18.09 per share a year ago, reflecting solid credit performance from a diversified portfolio and disciplined underwriting in an environment of elevated rates and tighter cash flow coverage,” said Bruce Spohler, Co-CEO of SLR Investment Corp. “The ongoing retreat of regional banks from asset-based lending has resulted in a significant pipeline of specialty finance investment opportunities. Our flexibility to pivot to the most attractive investment strategies allows us to protect capital and perform across market cycles.”

FINANCIAL HIGHLIGHTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2024:

At December 31, 2024:

Investment portfolio fair value: $2.0 billion | Comprehensive Investment Portfolio fair value:⁽¹⁾ $3.1 billion
Net assets: $992.9 million or $18.20 per share
Leverage: 1.03x net debt-to-equity

Operating Results for the Quarter Ended December 31, 2024:

Net investment income: $23.8 million or $0.44 per share
Net realized and unrealized losses: $1.2 million or $0.02 per share
Net increase in net assets from operations: $22.6 million or $0.41 per share

Operating Results for the Year Ended December 31, 2024:

Net investment income: $96.3 million or $1.77 per share
Net realized and unrealized loss: $0.6 million or $0.01 per share
Net increase in net assets from operations: $95.8 million or $1.76 per share

Comprehensive Investment Portfolio Activity⁽²⁾ for the Quarter and Year Ended December 31, 2024:

Investments made during the quarter: $338.4 million
Investments prepaid and sold during the quarter: $442.7 million
Investments made during the year: $1,352.6 million
Investments prepaid and sold during the year: $1,377.8 million

_{⁽¹⁾ The Comprehensive Investment Portfolio for the quarter ended December 31, 2024 is comprised of SLRC’s investment portfolio and SLR Credit Solutions’ (“SLR-CS”) portfolio, SLR Equipment Finance’s (“SLR-EF”) portfolio, Kingsbridge Holdings, LLC’s (“KBH”) portfolio, SLR Business Credit’s (“SLR-BC”) portfolio, SLR Healthcare ABL’s (“SLR-HC ABL”) portfolio owned by the Company (collectively, the Company’s “Commercial Finance Portfolio Companies”), and the senior secured loans held by the SLR Senior Lending Program LLC (“SSLP”) attributable to the Company, and excludes the Company’s fair value of the equity interests in SSLP and the Commercial Finance Portfolio Companies and also excludes SLRC’s loans to KBH, SLR-EF, and SLR HC ABL.}
_{⁽²⁾ Comprehensive Investment Portfolio activity for the quarter ended December 31, 2024, includes investment activity of the Commercial Finance Portfolio Companies and SSLP attributable to the Company.}

Comprehensive Investment Portfolio

Portfolio Activity

During the three months ended December 31, 2024, SLRC had Comprehensive Investment Portfolio originations of $338.4 million and repayments of $442.7 million across the Company’s four investment strategies:

For the Quarter Ended December 31, 2024 ($mm)
Asset Class	Sponsor Finance⁽¹⁾	Asset-based Lending⁽²⁾	Equipment Finance⁽³⁾	Life Science Finance	Total Comprehensive Investment Portfolio Activity
Originations	$20.7	$128.6	$182.5	$6.6	$338.4
Repayments / Amortization	$102.3	$205.3	$101.7	$33.4	$442.7
Net Portfolio Activity	($81.6)	($76.7)	$80.8	($26.8)	($ 104.3)

During the year ended December 31, 2024, SLRC had Comprehensive Investment Portfolio originations of $1,352.6 million and repayments of $1,377.8 million across the Company’s four investment strategies:

For the Year Ended December 31, 2024 ($mm)
Asset Class	Sponsor Finance⁽¹⁾	Asset-based Lending⁽²⁾	Equipment Finance⁽³⁾	Life Science Finance	Total Comprehensive Investment Portfolio Activity
Originations	$113.0	$555.7	$649.4	$34.5	$1,352.6
Repayments / Amortization	$190.2	$515.8	$508.5	$163.3	$1,377.8
Net Portfolio Activity	($77.2)	$39.9	$140.9	($128.8)	($ 25.2)

_{⁽¹⁾ Sponsor Finance refers to cash flow loans to sponsor-owned companies including cash flow loans held in SSLP attributable to the Company.}
_{⁽²⁾ Includes SLR-CS, SLR-BC and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet.}
_{⁽³⁾ Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio.}

Comprehensive Investment Portfolio Composition

The Comprehensive Investment Portfolio is diversified across approximately 890 unique issuers, operating in over 110 industries, and resulting in an average exposure of $3.5 million or 0.1% per issuer. As of December 31, 2024, 98.2% of the Company’s Comprehensive Investment Portfolio was invested in senior secured loans of which 96.4% was held in first lien senior secured loans. Second lien ABL exposure was 1.5% and second lien cash flow exposure was 0.3% of the Comprehensive Investment Portfolio as of December 31, 2024.

SLRC’s Comprehensive Investment Portfolio composition by asset class as of December 31, 2024 was as follows:

Comprehensive Investment Portfolio Composition *(at fair value)*	Amount		Weighted Average
	($mm)	%	Asset Yield⁽⁵⁾
Senior Secured Investments
Cash Flow Loans (Sponsor Finance)⁽¹⁾	$633.8	20.6%	10.6%
Asset-Based Loans⁽²⁾	$1,037.3	33.6%	14.6%
Equipment Financings⁽³⁾	$1,147.9	37.2%	10.7%
Life Science Loans	$208.8	6.8%	12.1%
Total Senior Secured Investments	$3,027.8	98.2%	12.1%
Equity and Equity-like Securities	$54.8	1.8%
Total Comprehensive Investment Portfolio	$3,082.6	100.0%
Floating Rate Investments⁽⁴⁾	$1,866.7	61.0%
First Lien Senior Secured Loans	$2,972.1	96.4%
Second Lien Senior Secured Asset-Based Loans	$47.8	1.5%
Second Lien Senior Secured Cash Flow Loans	$7.8	0.3%

_{⁽¹⁾ Includes cash flow loans held in the SSLP attributable to the Company and excludes the Company’s equity investment in SSLP.}
_{⁽²⁾ Includes SLR-CS, SLR-BC, and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet, and excludes the Company’s equity investments in each of SLR-CS, SLR-BC, and SLR-HC ABL.}
_{⁽³⁾ Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio. Excludes the Company’s equity and debt investments in each of SLR-EF and KBH.}
_{⁽⁴⁾ Floating rate investments are calculated as a percent of the Company’s income-producing Comprehensive Investment Portfolio. The majority of fixed rate loans are associated with SLR-EF and leases held by KBH. Additionally, SLR-EF and KBH seek to match-fund their fixed rate assets with fixed rate liabilities.}
_{⁽⁵⁾ The weighted average asset yield for income producing cash flow, asset-based and life science loans on balance sheet is based on a yield to maturity calculation. The weighted average asset yield calculation for Life Science loans includes the amortization of expected exit/success fees. The weighted average yield for on-balance sheet equipment financings is calculated based on the expected average life of the investments. The weighted average asset yield for SLR-CS asset-based loans is an Internal Rate of Return (IRR) calculated using actual cash flows received and the expected terminal value. The weighted average asset yield for SLR-BC and SLR-HC ABL represents total interest and fee income for the three-month period ended on December 31, 2024 against the average portfolio over the same fiscal period, annualized. The weighted average asset yield for SLR-EF represents total interest and fee income for the three-month period ended on December 31, 2024 compared to the portfolio as of December 31, 2024, annualized. The weighted average yield for the KBH equipment leasing portfolio represents the blended yield from the company’s 1^st lien loan on par value and the annualized dividend yield on the cost basis of the company’s equity investment as of December 31, 2024.}

SLR Investment Corp. Portfolio

Asset Quality

As of December 31, 2024, 99.6% of SLRC’s portfolio was performing on a fair value basis and 99.4% on a cost basis, with only one investment on non-accrual.

The Company puts its largest emphasis on risk control and credit performance. On a quarterly basis, or more frequently if deemed necessary, the Company formally rates each portfolio investment on a scale of one to four, with one representing the least amount of risk.

As of December 31, 2024, the composition of our investment portfolio, on a risk ratings basis, was as follows:

Internal Investment Rating	Investments at Fair Value ($mm)	% of Total Portfolio
1	$701.0	34.9%
2	$1,286.9	64.2%
3	$9.9	0.5%
4	$7.8	0.4%

Investment Income Contribution by Asset Class

*Investment Income Contribution by Asset Class⁽¹⁾* *($mm)*
For the Quarter Ended:	Sponsor Finance	Asset-based Lending	Equipment Finance	Life Science Finance	Total
12/31/2024	$18.7	$18.1	$8.8	$10.0	$55.6
% Contribution	33.7%	32.5%	15.8%	18.0%	100.0%

*Investment Income Contribution by Asset Class⁽¹⁾* *($mm)*
For the Year Ended:	Sponsor Finance	Asset-based Lending	Equipment Finance	Life Science Finance	Total
12/31/2024	$82.6	$62.5	$36.6	$50.7	$232.4
% Contribution	35.5%	26.9%	15.8%	21.8%	100.0%

_{⁽¹⁾ Investment Income Contribution by Asset Class includes: interest income/fees from Sponsor Finance (cash flow) loans on balance sheet and distributions from SSLP; income/fees from asset-based loans on balance sheet and distributions from SLR-CS, SLR-BC, SLR-HC ABL; income/fees from equipment financings and distributions from SLR-EF and distributions from KBH; and income/fees from life science loans on balance sheet.}

SLR Senior Lending Program LLC (SSLP)

As of December 31, 2024, the Company and its 50% partner, Sunstone Senior Credit L.P., had contributed combined equity capital of $95.8 million of a total equity commitment for $100 million to the SSLP. At year end, SSLP had total commitments of $189.8 million at par and total funded portfolio investments of $178.7 million at fair value, consisting of floating rate senior secured loans to 32 different borrowers and an average investment of $5.6 million per borrower. This compares to funded portfolio investments of $204.1 million at fair value across 37 different borrowers at September 30, 2024. During the quarter ended December 31, 2024, SSLP invested $2.0 million in 4 portfolio companies and had $27.7 million of investments repaid.

In Q4 2024, the Company earned income of $1.9 million from its investment in the SSLP, representing an annualized yield of 15.6% on the cost basis of the Company’s investment, similar to Q3 2024.

SLR Investment Corp.’s Results of Operations Year Over Year

Investment Income

For the fiscal years ended December 31, 2024, and 2023, gross investment income totaled $232.4 million and $229.3 million, respectively. The increase in gross investment income for the year over year period was primarily due to an increase in dividend income from SSLP and our specialty finance company equity investments.

Expenses

SLRC’s net expenses totaled $136.1 million and $137.2 million, respectively, for the fiscal years ended December 31, 2024, and 2023. The decrease in expenses from 2024 to 2023 was primarily due to lower interest expense on a decrease in average borrowings as well as a reduction in general and administrative expenses, partially offset by higher fees stemming from higher net investment income.

SLRC’s investment adviser agreed to waive incentive fees resulting from income earned due to the accretion of the purchase price discount allocated to investments acquired in the Company’s merger with SLR Senior Investment Corp., which closed on April 1, 2022. For the fiscal years ended December 31, 2024 and 2023, $153 thousand and $500 thousand, respectively, of such performance-based incentive fees were waived.

Net Investment Income

SLRC’s net investment income totaled $96.3 million and $92.1 million, or $1.77 and $1.69, per average share, respectively, for the fiscal years ended December 31, 2024, and 2023.

Net Realized and Unrealized Loss

Net realized and unrealized loss for the fiscal years ended December 31, 2024 and 2023 totaled $0.6 million and $15.7 million, respectively.

Net Increase in Net Assets Resulting from Operations

For the fiscal years ended December 31, 2024, and 2023, the Company had a net increase in net assets resulting from operations of $95.8 million and $76.4 million, respectively. For the same periods, earnings per average share were $1.76 and $1.40, respectively.

Capital and Liquidity

Credit Facilities

As of December 31, 2024, the Company had $507 million drawn on $970 million of total commitments available on its revolving credit facilities and $140 million of term loans outstanding. In Q3 2024, the Company extended its SLRC revolver credit facility to a maturity of August 2029, increased the size, and lowered pricing. In Q4 2024, three new lenders were added to the SLRC revolving credit facility.

Unsecured Debt

On December 16, 2024, the Company closed a private offering of $49.0 million of the 2027 Series G Unsecured Notes with a fixed interest rate of 6.24% and a maturity date of December 16, 2027. As of December 31, 2024, the Company had $394 million of unsecured notes outstanding.

On February 18, 2025, the Company closed an additional private offering of $50.0 million of unsecured notes due 2028 with a fixed rate of interest of 6.14% and a maturity date of February 18, 2028.

Leverage

As of December 31, 2024, the Company’s net debt-to-equity ratio was 1.03x and compared to 1.19x as of December 31, 2023 and the Company’s target range of 0.9x to 1.25x.

Available Capital

As of December 31, 2024, including anticipated available borrowing capacity at the SSLP and our specialty finance portfolio companies, subject to borrowing base limits, SLRC, SSLP and our specialty finance portfolio companies had over $900 million of available capital in the aggregate.

Unfunded Commitments

As of December 31, 2024, excluding commitments to SLR-CS, SLR-BC, SLR-HC ABL, SLR Equipment Finance, and SSLP, over which the Company has discretion to fund, the Company had unfunded commitments of approximately $167.2 million.

Subsequent Events

On February 25, 2025, the Board declared a quarterly distribution of $0.41 per share payable on March 28, 2025, to holders of record as of March 14, 2025.

Conference Call and Webcast Information

The Company will host an earnings conference call and audio webcast at 10:00 a.m. (Eastern Time) on Wednesday, February 26, 2025. All interested parties may participate in the conference call by dialing (800) 579-2543 approximately 5-10 minutes prior to the call, international callers should dial (785) 424-1789. Participants should reference SLR Investment Corp. and Conference ID: SLRC4Q24. A telephone replay will be available until March 12, 2025 and can be accessed by dialing (800) 839-4568. International callers should dial (402) 220-2681.

This conference call will also be broadcast live over the Internet and can be accessed by all interested parties from the Event Calendar within the “Investors” tab of SLR Investment Corp.’s website, https://slrinvestmentcorp.com/Investors/Event-Calendar. Please register online prior to the start of the call. For those who are not able to listen to the broadcast live, a replay of the webcast will be available soon after the call.

Supplemental Information of SLR Investment Corp.’s Results of Operations Quarter Over Quarter

Operating results:	Quarter Ended December 31, 2024 (unaudited)		Quarter Ended September 30, 2024 (unaudited)
Interest income		$36,290		$45,373
Dividend income		16,502		12,578
Other income		2,791		1,820
Total investment income		55,583		59,771
Management fee		7,739		7,893
Net Performance-based Incentive fee		5,920		6,036
Interest and other credit facility expenses		16,184		18,913
Administrative services expense		1,376		1,392
Other general and administrative expenses		572		1,189
Net expenses		31,791		35,423
Net investment income		$23,792		$24,348
Net realized and unrealized gains (losses)		(1,183)		(2,299)
Net increase in net assets resulting from operations		22,609		22,049
Net investment income per common share		$0.44		$0.45
Net realized and unrealized gains (losses) per common share		($0.02)		($0.04)
Earnings per common share – basic and diluted		$0.41		$0.40

SLR INVESTMENT CORP. CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except share and per share amounts)

	December 31, 2024			December 31, 2023
Assets
Investments at fair value:
Companies less than 5% owned (cost: $1,019,357 and $1,260,205, respectively)	$	1,027,457		$	1,271,442
Companies 5% to 25% owned (cost: $103,655 and $60,064, respectively)		89,945			44,250
Companies more than 25% owned (cost: $916,554 and $870,128, respectively)		888,232			839,074
Cash		16,761			11,864
Cash equivalents (cost: $397,510 and $332,290, respectively)		397,510			332,290
Dividends receivable		15,375			11,768
Interest receivable		11,993			11,034
Receivable for investments sold		1,573			1,538
Prepaid expenses and other assets		571			608
Total assets	$	2,449,417		$	2,523,868
Liabilities
Debt ($1,041,093 and $1,183,250 face amounts, respectively, reported net of unamortized debt issuance costs of $9,399 and $5,473, respectively.)	$	1,031,694		$	1,177,777
Payable for investments and cash equivalents purchased		397,510			332,290
Management fee payable		7,739			8,027
Performance-based incentive fee payable		5,920			5,864
Interest payable		7,836			7,535
Administrative services payable		3,332			1,969
Other liabilities and accrued expenses		2,460			3,767
Total liabilities	$	1,456,491		$	1,537,229
Commitments and contingencies
Net Assets
Common stock, par value $0.01 per share, 200,000,000 and 200,000,000 common shares authorized, respectively, and 54,554,634 and 54,554,634 shares issued and outstanding, respectively	$	546		$	546
Paid-in capital in excess of par		1,117,606			1,117,930
Accumulated distributable net loss		(125,226	)		(131,837	)
Total net assets	$	992,926		$	986,639
Net Asset Value Per Share	$	18.20		$	18.09

SLR INVESTMENT CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)

	2024			2023
INVESTMENT INCOME:
Interest:
Companies less than 5% owned	$	154,077		$	163,589
Companies 5% to 25% owned		3,881			2,058
Companies more than 25% owned		13,055			11,627
Dividends:
Companies 5% to less than 25% owned		845			—
Companies more than 25% owned		52,944			45,986
Other income:
Companies less than 5% owned		7,117			5,802
Companies 5% to 25% owned		—			26
Companies more than 25% owned		512			224
Total investment income		232,431			229,312
EXPENSES:
Management fees		31,389			31,661
Performance-based incentive fees		24,039			22,898
Interest and other credit facility expenses		71,464			72,507
Administrative services expense		5,520			5,899
Other general and administrative expenses		3,862			4,756
Total expenses		136,274			137,721
Performance-based incentive fees waived		(153	)		(500	)
Net expenses		136,121			137,221
Net investment income	$	96,310		$	92,091
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS:
Net realized loss on investments and cash equivalents:
Companies less than 5% owned	$	(2,252	)	$	(27,602	)
Companies more than 25% owned		—			(381	)
Net realized loss on investments and cash equivalents		(2,252	)		(27,983	)
Net change in unrealized gain (loss) on investments:
Companies less than 5% owned		(3,137	)		20,425
Companies 5% to 25% owned		2,105			(1,384	)
Companies more than 25% owned		2,731			(6,761	)
Net change in unrealized gain on investments		1,699			12,280
Net realized and unrealized loss on investments and cash equivalents		(553	)		(15,703	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	95,757		$	76,388
EARNINGS PER SHARE	$	1.76		$	1.40

About SLR Investment Corp.

SLR Investment Corp. is a closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. A specialty finance company with expertise in several niche markets, the Company primarily invests in leveraged, U.S. upper middle market companies in the form of cash flow, asset-based, and life sciences senior secured loans.

Forward-Looking Statements

Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: the Company’s access to deal flow and attractive investment opportunities; the market environment and its impact on the business prospects of SLRC and the prospects of SLRC’s portfolio companies; prospects for additional portfolio growth of SLRC; and the quality of, and the impact on the performance of SLRC from the investments that SLRC has made and expects to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with: (i) changes in the economy, financial markets and political environment, including the impacts of inflation and changing interest rates; (ii) risks associated with possible disruption in the operations of SLRC or the economy generally due to terrorism, war or other geopolitical conflicts, natural disasters, or pandemics; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (iv) conditions in SLRC’s operating areas, particularly with respect to business development companies or regulated investment companies; and (v) other considerations that may be disclosed from time to time in SLRC’s publicly disseminated documents and filings. SLRC has based the forward-looking statements included in this press release on information available to it on the date of this press release, and SLRC assumes no obligation to update any such forward-looking statements. Although SLRC undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that it may make directly to you or through reports that SLRC in the future may file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Contact
SLR Investment Corp.
Investor Relations
slrinvestorrelations@slrcp.com | (646) 308-8770

The MIL Network –

February 26, 2025

MIL-OSI: MidCap Financial Investment Corporation Reports Financial Results for the Quarter and Fiscal Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

Results for the Quarter and Fiscal Year Ended December 31, 2024 and Other Recent Highlights:

Net investment income per share for the quarter was $0.40
Net asset value per share as of the end of the quarter was $14.98, compared to $15.10 as of September 30, 2024, a decrease of 0.8%
New investment commitments made during the quarter totaled $255 million⁽¹⁾
Gross fundings, excluding revolver fundings⁽²⁾, totaled $248 million for the quarter
Net repayments, including revolvers⁽²⁾, totaled $6 million for the quarter
Net leverage⁽³⁾ was 1.16x as of December 31, 2024
On February 21, 2025, the Board of Directors (the “Board”) declared a dividend of $0.38 per share payable on March 27, 2025 to stockholders of record as of March 11, 2025⁽⁴⁾
On February 24, 2025, the Company closed its second Collateralized Loan Obligation (“CLO”) transaction, MFIC Bethesda CLO 2 LLC (the “Bethesda CLO 2 Issuer”), a $529.6 million CLO secured by middle market loans, adding $399.0 million of secured debt capital with a weighted average price of SOFR + 161 basis points⁽⁵⁾

NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its quarter and fiscal year ended December 31, 2024. The Company’s net investment income was $0.40 per share for the quarter ended December 31, 2024, compared to $0.44 per share for the quarter ended September 30, 2024. The Company’s net asset value (“NAV”) was $14.98 per share as of December 31, 2024, compared to $15.10 as of September 30, 2024.

On February 21, 2025, the Board declared a dividend of $0.38 per share payable on March 27, 2025 to stockholders of record as of March 11, 2025.

Mr. Tanner Powell, the Company’s Chief Executive Officer, stated, “In the December quarter, we generated solid net investment income despite a modest amount of fee income and the impact of lower base rates. The vast majority of our portfolio is performing well and we are observing stability in certain credit metrics.” Mr. Powell continued, “MFIC is fortunate to have access to the significant volume of loans originated by MidCap Financial, a leading middle market lender managed by an affiliate of Apollo, which we believe provides MFIC with a significant deal sourcing advantage. While our market remains competitive, we observed a modest increase in spreads on new commitments compared to the previous quarter, at what we believe to be attractive leverage entry points. We took advantage of strength in the liquid credit markets to continue selling certain assets acquired from our recently completed mergers with Apollo Senior Floating Rate Fund, Inc. and Apollo Tactical Income Fund, Inc. and prudently deployed proceeds from these sales, along with the investment capacity generated from the mergers, into first lien floating rate middle market loans originated by MidCap Financial. We have a clear and straightforward plan to gradually increase leverage over the coming quarters and we believe MFIC’s future results are well-positioned to benefit as we re-lever back to our target level.”

Mr. Gregory W. Hunt, the Company’s Chief Financial Officer, said, “We are pleased to announce MFIC closed its second on balance sheet CLO transaction earlier this week. This CLO transaction adds attractive term-based financing at what we believe to be among the tightest levels achieved for a middle market CLO, reflecting the high quality of the underlying loans. MFIC significantly benefited from MidCap Financial and Apollo Global’s expertise in CLO management and structuring.”

___________________

(1)	Commitments made for the direct origination portfolio.
(2)	During the quarter ended December 31, 2024, direct origination revolver fundings totaled $55 million, direct origination revolver repayments totaled $56 million.
(3)	The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.
(4)	There can be no assurances that the Board will continue to declare a base dividend of $0.38 per share.
(5)	The Company retained all Class D Notes and all Subordinated Notes in the CLO transaction.

FINANCIAL HIGHLIGHTS

($ in billions, except per share data)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Total assets	$	3.19	$	3.22	$	2.55	$	2.45	$	2.50
Investment portfolio (fair value)	$	3.01	$	3.03	$	2.44	$	2.35	$	2.33
Debt outstanding	$	1.75	$	1.77	$	1.51	$	1.41	$	1.46
Net assets	$	1.40	$	1.42	$	1.00	$	1.01	$	1.01
Net asset value per share	$	14.98	$	15.10	$	15.38	$	15.42	$	15.41

Debt-to-equity ratio		1.25 x		1.25 x		1.51 x		1.40 x		1.45 x
Net leverage ratio (1)		1.16 x		1.16 x		1.45 x		1.35 x		1.34 x

____________________
(1) The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.


PORTFOLIO AND INVESTMENT ACTIVITY

	Three Months Ended December 31,						Year Ended December 31,
(in millions)*	2024			2023			2024			2023
Investments made in portfolio companies	$	303.5		$	134.1		$	1,613.6		$	417.1
Investments sold		(82.9	)		—			(271.5	)		—
Net activity before repaid investments		220.6			134.1			1,342.1			417.1
Investments repaid		(226.9	)		(180.7	)		(657.5	)		(504.3	)
Net investment activity	$	(6.4	)	$	(46.5	)	$	684.6		$	(87.2	)

Portfolio companies, at beginning of period		250			149			152			135
Number of investments in new portfolio companies		11			10			167			32
Number of exited companies		(28	)		(7	)		(86	)		(15	)
Portfolio companies at end of period		233			152			233			152

Number of investments in existing portfolio companies		83			48			130			84

____________________
^* Totals may not foot due to rounding.


OPERATING RESULTS

	Three Months Ended December 31,					Year Ended December 31,
(in millions)*	2024			2023		2024			2023
Net investment income	$	37.1		$	29.8	$	133.3		$	116.0
Net realized and change in unrealized gains (losses)		(13.0	)		3.5		(34.5	)		2.8
Net increase in net assets resulting from operations	$	24.1		$	33.3	$	98.8		$	118.8

*(per share) (1)**
Net investment income on per average share basis	$	0.40		$	0.46	$	1.71		$	1.78
Net realized and change in unrealized gain (loss) per share		(0.14	)		0.05		(0.44	)		0.04
Earnings per share — basic	$	0.26		$	0.51	$	1.27		$	1.82

____________________
* Totals may not foot due to rounding.

(1) Based on the weighted average number of shares outstanding for the period presented.

SHARE REPURCHASE PROGRAM*

During the three months ended December 31, 2024, the Company did not repurchase any shares.

Since the inception of the share repurchase program and through February 24, 2025, the Company repurchased 15,593,120 shares at a weighted average price per share of $15.91, inclusive of commissions, for a total cost of $248.1 million, leaving a maximum of $26.9 million available for future purchases under the current Board authorization of $275 million.

* Share figures have been adjusted for the 1-for-3 reverse stock split which was completed after market close on November 30, 2018.

LIQUIDITY

As of December 31, 2024, the Company’s outstanding debt obligations, excluding deferred financing cost and debt discount of $5.5 million, totaled $1.757 billion which was comprised of $350 million of Senior Unsecured Notes (the “2025 Notes”) which will mature on March 3, 2025, $125 million of Unsecured Notes (the “2026 Notes”) which will mature on July 16, 2026, $80 million of Unsecured Notes (the “2028 Notes”) which will mature on December 15, 2028, $232 million outstanding Class A-1 Notes in MFIC Bethesda CLO 1 LLC and $970.1 million outstanding under the multi-currency revolving credit facility (the “Facility”). As of December 31, 2024, $7.8 million in standby letters of credit were issued through the Facility. The available remaining commitment under the Facility was $682.0 million as of December 31, 2024, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio.

On February 24, 2025, the Company completed a $529.6 million CLO transaction, a form of secured financing incurred by Bethesda CLO 2 Issuer, an indirect wholly owned, consolidated subsidiary of the Company. The notes offered by Bethesda CLO 2 Issuer in connection with the CLO transaction consist of $304.5 million of AAA(sf) Class A-1 Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.48%, $21.0 million of AAA(sf) Class A-2 Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.70%, $31.5 million of AA(sf) Class B Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.85%, $42 million of A(sf) Class C Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 2.30%, $31.5 million of BBB-(sf) Class D Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 3.75% and $99.1 million of Subordinated notes due 2125, which do not bear interest. The notes offered in the CLO transaction are structured as follows:

Class	Par Amount ($ in millions)		% of Capital Structure		Coupon	Expected Rating (S&P/Fitch)	Price
Class A-1 Notes	$	304.50	57.5	%	3M SOFR + 1.48%	AAA/AAA	100.00	%
Class A-2 Notes		21.00	4.0	%	3M SOFR + 1.70%	AAA/NR	100.00	%
Class B Notes		31.50	5.9	%	3M SOFR + 1.85%	AA/NR	100.00	%
Class C Notes		42.00	7.9	%	3M SOFR + 2.30%	A/NR	100.00	%
Class D Notes		31.50	5.9	%	3M SOFR + 3.75%	BBB-/NR	100.00	%
Subordinated Notes		99.10	18.7	%	N/A	NR	100.00	%
Total	$	529.60

The CLO transaction is backed by a diversified portfolio of middle-market commercial loans, which Bethesda CLO 2 Issuer purchased from the Company pursuant to a loan sale agreement entered into on February 24, 2025, using the proceeds of the CLO transaction. The Company retained all Class D Notes and all Subordinated Notes and the proceeds from the CLO transaction were used to repay borrowings under the Company’s Facility. The Company serves as collateral manager to Bethesda CLO 2 Issuer, Citigroup Global Markets Inc. acted as initial purchaser and Apollo Global Securities, LLC acted as placement agent.2C

CONFERENCE CALL / WEBCAST AT 8:30 AM EST ON FEBRUARY 26, 2025

The Company will also host a conference call on Wednesday, February 26, 2025, at 8:30 a.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (800) 225-9448 approximately 5-10 minutes prior to the call; international callers should dial (203) 518-9708. Participants should reference either MidCap Financial Investment Corporation Earnings or Conference ID: MFIC0226 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Events tab in the Shareholders section of our website at www.midcapfinancialic.com. Following the call, you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through March 19, 2025, by dialing (800) 839-5123; international callers should dial (402) 220-2689. A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Events Calendar in the Shareholders section of our website at www.midcapfinancialic.com.

SUPPLEMENTAL INFORMATION

The Company provides a supplemental information package to offer more transparency into its financial results and make its reporting more informative and easier to follow. The supplemental package is available in the Shareholders section of the Company’s website under Presentations at www.midcapfinancialic.com.

Our portfolio composition and weighted average yields as of December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023 were as follows:

	December 31, 2024			September 30, 2024	June 30, 2024		March 31, 2024		December 31, 2023
Portfolio composition, at fair value:
First lien secured debt		92%		91%		90%		90%		89%
Second lien secured debt		1%		1%		1%		1%		1%
Total secured debt		93%		92%		91%		91%		90%
Unsecured debt		0%		0%		—%		—%		—%
Structured products and other		1%		2%		1%		1%		2%
Preferred equity		1%		1%		1%		1%		1%
Common equity/interests and warrants		5%		5%		7%		7%		7%
Weighted average yields, at amortized cost (1):
First lien secured debt (2)		10.8%		11.1%		11.9%		12.0%		12.1%
Second lien secured debt (2)		14.4%		14.0%		14.1%		14.1%		13.7%
Total secured debt (2)		10.8%		11.1%		11.9%		12.0%		12.1%
Unsecured debt portfolio (2)		9.5%		9.5%		—%		—%		—%
Total debt portfolio (2)		10.8%		11.1%		11.9%		12.0%		12.1%
Total portfolio (3)		9.5%		9.6%		9.9%		10.0%		10.1%
Interest rate type, at fair value (4):
Fixed rate amount	$	0.0 billion	$	0.0 billion	$	0.0 billion	$	0.0 billion	$	0.0 billion
Floating rate amount	$	2.7 billion	$	2.7 billion	$	2.1 billion	$	2.0 billion	$	2.0 billion
Fixed rate, as percentage of total		1%		1%		0%		0%		0%
Floating rate, as percentage of total		99%		99%		100%		100%		100%
Interest rate type, at amortized cost (4):
Fixed rate amount	$	0.0 billion	$	0.0 billion	$	0.0 billion	$	0.0 billion	$	0.0 billion
Floating rate amount	$	2.7 billion	$	2.7 billion	$	2.1 billion	$	2.0 billion	$	2.0 billion
Fixed rate, as percentage of total		1%		1%		0%		0%		0%
Floating rate, as percentage of total		99%		99%		100%		100%		100%

(1)	An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.
(2)	Exclusive of investments on non-accrual status.
(3)	Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.
(4)	The interest rate type information is calculated using the Company’s corporate debt portfolio and excludes aviation and investments on non-accrual status.


MIDCAP FINANCIAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In thousands, except share and per share data)

	December 31, 2024			December 31, 2023

Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — $2,700,957 and $2,012,273, respectively)	$	2,605,329		$	1,936,327
Non-controlled/affiliated investments (cost — $142,686 and $130,648, respectively)		84,334			77,528
Controlled investments (cost — $333,754 and $395,221, respectively)		324,753			320,344
Cash and cash equivalents		74,357			93,575
Foreign currencies (cost — $1,487 and $28,563, respectively)		1,429			28,553
Receivable for investments sold		57,195			2,796
Interest receivable		19,289			21,441
Dividends receivable		709			1,327
Deferred financing costs		23,555			19,435
Prepaid expenses and other assets		—			5
Total Assets	$	3,190,950		$	2,501,331

Liabilities
Debt	$	1,751,621		$	1,462,267
Payable for investments purchased		4,190			—
Management fees payable		6,247			4,397
Performance-based incentive fees payable		5,336			6,332
Interest payable		12,813			14,494
Accrued administrative services expense		60			1,657
Other liabilities and accrued expenses		6,037			6,874
Total Liabilities	$	1,786,304		$	1,496,021
Commitments and contingencies (Note 9)
Net Assets	$	1,404,646		$	1,005,310

Net Assets
Common stock, $0.001 par value (130,000,000 shares authorized; 93,780,278 and 65,253,275 shares issued and outstanding, respectively)	$	94		$	65
Capital in excess of par value		2,658,090			2,103,718
Accumulated under-distributed (over-distributed) earnings		(1,253,538	)		(1,098,473	)
Net Assets	$	1,404,646		$	1,005,310

Net Asset Value Per Share	$	14.98		$	15.41


MIDCAP FINANCIAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)

	Year Ended December 31,						Nine Months Ended December 31,
	2024			2023			2022
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	265,157		$	249,102		$	143,564
Dividend income		40			409			61
PIK interest income		12,011			2,012			1,156
Other income		4,147			3,727			2,234
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)		2,685			1,126			363
Dividend income		726			1,010			718
PIK interest income		140			125			58
Controlled investments:
Interest income (excluding PIK interest income)		16,781			17,892			25,530
PIK interest income		—			869			1,448
Other income		95			250			477
Total Investment Income	$	301,782		$	276,522		$	175,609
Expenses
Management fees	$	19,450		$	17,369		$	26,621
Performance-based incentive fees		21,548			24,565			5,691
Interest and other debt expenses		115,961			104,198			59,363
Administrative services expense		4,120			5,840			4,188
Other general and administrative expenses		8,176			10,131			6,551
Total expenses		169,255			162,103			102,414
Performance-based incentive fee offset		—			(274	)		(178	)
Expense reimbursements		(769	)		(1,306	)		(770	)
Net Expenses	$	168,486		$	160,523		$	101,466
Net Investment Income	$	133,296		$	115,999		$	74,143
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	(4,273	)	$	131		$	1,977
Non-controlled/affiliated investments		(11,668	)		—			(2,224	)
Controlled investments		(60,487	)		—			(69,265	)
Foreign currency transactions		(592	)		69			273
Net realized gains (losses)		(77,020	)		200			(69,239	)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments		(19,626	)		(1,326	)		(35,113	)
Non-controlled/affiliated investments		(5,232	)		3,799			(5,008	)
Controlled investments		65,876			2,636			53,726
Foreign currency translations		1,525			(2,548	)		4,431
Net change in unrealized gains (losses)		42,543			2,561			18,036
Net Realized and Change in Unrealized Gains (Losses)	$	(34,477	)	$	2,761		$	(51,203	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	98,819		$	118,760		$	22,940
Earnings (Loss) Per Share — Basic		1.27			1.82			0.36

Important Information

Investors are advised to carefully consider the investment objective, risks, charges and expenses of the Company before investing. The prospectus dated April 12, 2023, which has been filed with the Securities and Exchange Commission (“SEC”), contains this and other information about the Company and should be read carefully before investing. An effective shelf registration statement relating to certain securities of the Company is on file with the SEC. Any offering may be made only by means of a prospectus and any accompanying prospectus supplement. Before you invest, you should read the base prospectus in that registration statement, the prospectus and any documents incorporated by reference therein, which the issuer has filed with the SEC, for more complete information about the Company and an offering. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov.

The information in the prospectus and in this announcement is not complete and may be changed. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Past performance is not indicative of, or a guarantee of, future performance. The performance and certain other portfolio information quoted herein represents information as of dates noted herein. Nothing herein shall be relied upon as a representation as to the future performance or portfolio holdings of the Company. Investment return and principal value of an investment will fluctuate, and shares, when sold, may be worth more or less than their original cost. The Company’s performance is subject to change since the end of the period noted in this report and may be lower or higher than the performance data shown herein.

About MidCap Financial Investment Corporation

MidCap Financial Investment Corporation (NASDAQ: MFIC) is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company (“BDC”) under the 1940 Act. For tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by the Investment Adviser, an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“Apollo”), a high-growth global alternative asset manager. The Company’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company primarily invests in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, the Company may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies. For more information, please visit www.midcapfinancialic.com.

Forward-Looking Statements

Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: future operating results of MFIC and distribution projections; business prospects of MFIC, and the prospects of its portfolio companies, if applicable; and the impact of the investments that MFIC expects to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with: future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); changes in general economic conditions, including the impact of supply chain disruptions, or changes in financial markets, and the risk of recession; changes in the interest rate environment and levels of general interest rates and the impact of inflation; the return on equity; the yield on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; the market outlook; future investment activity; and risks associated with changes in business conditions and the general economy. MFIC has based the forward-looking statements included in this press release on information available to it on the date hereof, and assumes no obligation to update any such forward-looking statements. Although MFIC undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that MFIC in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Contact

Elizabeth Besen
Investor Relations Manager
MidCap Financial Investment Corporation
212.822.0625
ebesen@apollo.com

The MIL Network –

February 26, 2025

MIL-OSI: Fidus Investment Corporation Schedules Fourth Quarter 2024 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

EVANSTON, Ill., Feb. 25, 2025 (GLOBE NEWSWIRE) — Fidus Investment Corporation (NASDAQ: FDUS) (“Fidus” or the “Company”) today announced that it will report its fourth quarter 2024 financial results on Thursday, March 6, 2025 after the close of the financial markets.

Management will host a conference call to discuss the operating and financial results at 9:00am ET on Friday, March 7, 2025. To participate in the conference call, please dial (844) 808-7136 approximately 10 minutes prior to the call. International callers should dial (412) 317-0534. Please ask to be joined into the Fidus Investment Corporation call.

A live webcast of the conference call will be available at https://investor.fdus.com/news-events/events-presentations. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software.

A webcast replay of the conference call will be available two hours after the call on the investor relations section of the Company’s website.

ABOUT FIDUS INVESTMENT CORPORATION

Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, which management generally defines as U.S. based companies with revenues between $10 million and $150 million. The Company’s investment objective is to provide attractive risk-adjusted returns by generating both current income from debt investments and capital appreciation from equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives.

Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and is licensed by the U.S. Small Business Administration as a Small Business Investment Company (SBIC).

FORWARD-LOOKING STATEMENTS

This press release may contain certain forward-looking statements which are based upon current expectations and are inherently uncertain, including, but not limited to, statements about the future performance and financial condition of the Company, the prospects of our existing and prospective portfolio companies, the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives, and the timing, form and amount of any distributions or supplemental dividends in the future. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered, such as changes in the financial and lending markets and the impact of interest rate volatility, including the decommissioning of LIBOR and rising interest rates; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future as a result of a number of factors related to changes in the markets in which the Company invests, changes in the financial, capital, and lending markets, and other factors described from time to time in the Company’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and are based on information available to the Company as of the date hereof and are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to update any such statement now or in the future, except as required by applicable law.

The MIL Network –

February 26, 2025

MIL-OSI: Skyward Specialty Insurance Group Reports Fourth Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported fourth quarter 2024 net income of $14.4 million, or $0.35 per diluted share, compared to $29.3 million, or $0.74 per diluted share, for the same 2023 period. Net income for the year ended 2024 was $118.8 million, or $2.87 per diluted share, compared to $86.0 million, or $2.24 per diluted share, for the same 2023 period.

Adjusted operating income⁽¹⁾ for the fourth quarter of 2024 was $33.2 million, or $0.80 per diluted share, compared to $24.3 million, or $0.61 per diluted share, for the same 2023 period. Adjusted operating income⁽¹⁾ for the year ended 2024 was $126.7 million, or $3.06 per diluted share, compared to $80.8 million, or $2.11 per diluted share, for the same 2023 period.

Highlights for the fourth quarter included:

Gross written premiums of $388.4 million, an increase of $66.8 million, or 20.8%, when compared to 2023;
Adjusted combined ratio⁽¹⁾ of 91.6%, including catastrophe losses of 2.2 points;
Return on equity of 16.3% for the year ended 2024 compared to 15.9% for the same 2023 period;
Adjusted return on equity⁽¹⁾ of 17.4% for the year ended 2024 compared to 14.9% for the same 2023 period; and,
Book value per share of $19.79, an increase of 18% compared to December 31, 2023.

^{(1) See “Reconciliation of Non-GAAP Financial Measures”}

Skyward Specialty Chairman and CEO Andrew Robinson commented, “We wrapped up another remarkable year for Skyward Specialty, delivering both outstanding underwriting results while growing gross written premiums at over 20% for the quarter and 19% for the full year, with six out of eight divisions growing double-digits over the prior year. Our 16.3% return on equity for the year was again an excellent outcome. Throughout 2024 we continued to thoughtfully diversify our product portfolio, strategically launching new units including Media Liability, Life Sciences, Mortgage and Credit, and Renewable Energy. Our focus and disciplined execution of our “Rule Our Niche” strategy, and the extraordinary efforts of my 600 plus colleagues made 2024 another impressive year for our Company, and we are confident that we have built the foundation that will propel us in 2025 and beyond.”

Results of Operations

Underwriting Results

Premiums
($ in thousands)	Three months ended December 31,								Twelve months ended December 31,
unaudited	2024			2023			% Change		2024			2023			% Change
Gross written premiums	$	388,355		$	321,605		20.8	%	$	1,743,232		$	1,459,829		19.4	%
Ceded written premiums	$	(117,328	)	$	(107,488	)	9.2	%	$	(619,654	)	$	(549,138	)	12.8	%
Net retention		69.8	%		66.6	%	NM⁽¹⁾			64.5	%		62.4	%	NM⁽¹⁾
Net written premiums	$	271,027		$	214,117		26.6	%	$	1,123,578		$	910,691		23.4	%
Net earned premiums	$	293,240		$	224,932		30.4	%	$	1,056,722		$	829,143		27.4	%
⁽¹⁾Not meaningful

The increase in gross written premiums for the fourth quarter and year ended 2024, when compared to the same 2023 periods, was driven by double-digit premium growth primarily from our surety, programs, captives, global property & agriculture and transactional E&S underwriting divisions.

Combined Ratio	Three months ended December 31,				Twelve months ended December 31,
(unaudited)	2024		2023		2024		2023
Non-cat loss and LAE	60.5	%	60.9	%	60.6	%	60.9	%
Cat loss and LAE⁽¹⁾	2.2	%	0.4	%	1.7	%	1.4	%
Prior accident year development – LPT⁽²⁾	4.2	%	(0.2	)%	1.1	%	(0.2	)%
Loss Ratio	66.9	%	61.1	%	63.4	%	62.1	%
Net policy acquisition costs	15.3	%	13.4	%	14.2	%	13.0	%
Other operating and general expenses	13.9	%	16.3	%	15.3	%	16.3	%
Commission and fee income	(0.3	)%	(0.1	)%	(0.6	)%	(0.7	)%
Expense ratio	28.9	%	29.6	%	28.9	%	28.6	%
Combined ratio	95.8	%	90.7	%	92.3	%	90.7	%
Ex-Cat Combined Ratio⁽³⁾	93.6	%	90.3	%	90.6	%	89.3	%

Adjusted Underwriting Ratios
Adjusted loss ratio⁽²⁾	62.7	%	61.3	%	62.3	%	62.3	%
Expense ratio	28.9	%	29.6	%	28.9	%	28.6	%
Adjusted combined ratio⁽²⁾	91.6	%	90.9	%	91.2	%	90.9	%
⁽¹⁾Current accident year
⁽²⁾See “Reconciliation of Non-GAAP Financial Measures”
⁽³⁾Defined as the combined ratio excluding cat loss and LAE⁽¹⁾

The loss ratios for the fourth quarter and year ended 2024 increased 5.8 points and 1.3 points, respectively, when compared to the same 2023 periods, primarily due to the net impact of prior accident year development related to the LPT. The fourth quarter and year ended 2024 were also impacted by higher catastrophe losses, primarily from Hurricane Milton in the fourth quarter of 2024 and Hurricanes Helene and Beryl in the third quarter of 2024. The improvement in the non-cat loss and LAE ratios for the fourth quarter and year ended 2024, when compared to the same 2023 periods, was driven by the business mix shift.

The expense ratio for the fourth quarter improved when compared to the same 2023 period primarily due to earnings leverage partially offset by the business mix shift. The expense ratio for the year ended 2024 increased slightly when compared to the same 2023 period, driven by the business mix shift.

The expense ratios for all periods presented exclude the impact of IPO related stock compensation and secondary offering expenses, which are reported in other expenses in our condensed consolidated statements of operations and comprehensive income.

Investment Results

Net Investment Income
$ in thousands	Three months ended December 31,						Twelve months ended December 31,
(unaudited)	2024			2023			2024			2023
Short-term investments & cash and cash equivalents	$	3,998		$	3,670		$	17,643		$	11,677
Fixed income		15,909			11,680			57,631			36,547
Equities		771			880			2,745			2,212
Alternative & strategic investments		52			(2,226	)		2,667			(10,114	)
Net investment income	$	20,730		$	14,004		$	80,686		$	40,322
Net unrealized (losses) gains on securities still held	$	(7,688	)	$	8,736		$	7,921		$	11,130
Net realized losses		(2,721	)		(992	)		(1,665	)		(58	)
Net investment (losses) gains	$	(10,409	)	$	7,744		$	6,256		$	11,072

Beginning January 1, 2024 we simplified the investment portfolio classifications to align with our strategy and the underlying risk characteristics of the portfolio. The prior period has been reclassified to conform to the current period presentation.

Net investment income for the fourth quarter and year ended 2024 increased $6.7 million and $40.4 million, respectively when compared to the same 2023 periods, primarily driven by (i) increased income from our fixed income portfolio and short-term investments due to higher yields and larger asset bases, and (ii) income from alternative and strategic investments compared to losses for the same 2023 periods, which were impacted by the decline in the fair value of limited partnership investments.

Stockholders’ Equity

Stockholders’ equity was $794.0 million at December 31, 2024 which represented a decrease of 0.4% when compared to stockholders’ equity of $797.5 million at September 30, 2024. The decrease in stockholders’ equity was primarily due to a decline in the market value of our investment portfolio partially offset by net income.

Conference Call

At 9:30 a.m. eastern time tomorrow, February 26, 2025, Skyward Specialty management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at investors.skywardinsurance.com under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

Non-GAAP Financial Measures

This release contains certain financial measures and ratios that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). We refer to these measures as “non-GAAP financial measures.” We use these non-GAAP financial measures when planning, monitoring, and evaluating our performance.

We have chosen to exclude the net impact of the Loss Portfolio Transfer (“LPT”), all development on reserves fully or partially covered by the LPT and amortization of deferred gains associated with recoveries of prior LPT reserve strengthening in certain non-GAAP metrics, where noted, as the business subject to the LPT is not representative of our continuing business strategy. The business subject to the LPT is primarily related to policy years 2017 and prior, was generated and managed under prior leadership, and has either been exited or substantially repositioned during the reevaluation of our portfolio. The LPT was commuted effective January 31, 2025. We consider these non-GAAP financial measures to be useful metrics for our management and investors to facilitate operating performance comparisons from period to period. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be a substitute for revenue or net income, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For more information regarding these non-GAAP financial measures and a reconciliation of such measures to comparable GAAP financial measures, see the section entitled “Reconciliation of Non-GAAP Financial Measures.”

About Skyward Specialty Insurance Group, Inc.

Skyward Specialty is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through eight underwriting divisions – Accident & Health, Captives, Global Property & Agriculture, Industry Solutions, Professional Lines, Programs, Surety and Transactional E&S. SKWD stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.

Skyward Specialty’s subsidiary insurance companies consist of Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with stable outlook by A.M. Best Company. Additional information about Skyward Specialty can be found on our website at www.skywardinsurance.com.

Forward-Looking Statements

Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Skyward Specialty’s Form 10-K, and include (but are not limited to) legislative changes at both the state and federal level, state and federal regulatory rule making promulgations and adjudications, class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the potential loss of key members of our management team or key employees and our ability to attract and retain personnel, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, other types of catastrophic events, our ability to obtain reinsurance coverage at prices and on terms that allow us to transfer risk and adequately protect our company against financial loss, and losses resulting from reinsurance counterparties failing to pay us on reinsurance claims. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Skyward Specialty Insurance Group, Inc.

Investor contact:
Natalie Schoolcraft,
nschoolcraft@skywardinsurance.com
614-494-4988

or

Media contact:
Haley Doughty
hdoughty@skywardinsurance.com
713-935-4944

Consolidated Balance Sheets
($ in thousands, except share and per share amounts)
(unaudited)	December 31, 2024			December 31, 2023
Assets
Investments:
Fixed maturity securities, available-for-sale, at fair value (amortized cost of $1,320,266 and $1,047,713, respectively)	$	1,292,218		$	1,017,651
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $243 and $329, respectively)		39,153			42,986
Equity securities, at fair value		106,254			118,249
Mortgage loans, at fair value		26,490			50,070
Equity method investments		98,594			110,653
Other long-term investments		33,182			3,852
Short-term investments, at fair value		274,929			270,226
Total investments		1,870,820			1,613,687
Cash and cash equivalents		121,603			65,891
Restricted cash		35,922			34,445
Premiums receivable, net		321,641			179,235
Reinsurance recoverables, net		857,876			596,334
Ceded unearned premium		203,901			186,121
Deferred policy acquisition costs		113,183			91,955
Deferred income taxes		30,486			21,991
Goodwill and intangible assets, net		87,348			88,435
Other assets		86,698			75,341
Total assets	$	3,729,478		$	2,953,435
Liabilities and stockholders’ equity
Liabilities:
Reserves for losses and loss adjustment expenses	$	1,782,383		$	1,314,501
Unearned premiums		637,185			552,532
Deferred ceding commission		40,434			37,057
Reinsurance and premium payables		177,070			150,156
Funds held for others		102,665			58,588
Accounts payable and accrued liabilities		76,206			50,880
Notes payable		100,000			50,000
Subordinated debt, net of debt issuance costs		19,536			78,690
Total liabilities		2,935,479			2,292,404
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,127,908 and 39,863,756 shares issued and outstanding, respectively		401			399
Additional paid-in capital		718,598			710,855
Stock notes receivable		—			(5,562	)
Accumulated other comprehensive loss		(22,120	)		(22,953	)
Retained earnings (accumulated deficit)		97,120			(21,708	)
Total stockholders’ equity		793,999			661,031
Total liabilities and stockholders’ equity	$	3,729,478		$	2,953,435

Condensed Consolidated Statements of Operations and Comprehensive Income
($ in thousands)	Three months ended December 31,						Twelve months ended December 31,
(unaudited)	2024			2023			2024			2023

Revenues:
Net earned premiums	$	293,240		$	224,932		$	1,056,722		$	829,143
Commission and fee income		806			247			6,703			6,064
Net investment income		20,730			14,004			80,686			40,322
Net investment (losses) gains		(10,409	)		7,744			6,256			11,072
Other income (loss)		35			(632	)		(167	)		(632	)
Total revenues		304,402			246,295			1,150,200			885,969
Expenses:
Losses and loss adjustment expenses		196,320			137,396			669,809			515,237
Underwriting, acquisition and insurance expenses		85,487			66,791			311,757			243,444
Interest expense		2,091			2,774			9,496			10,024
Amortization expense		908			462			2,007			1,798
Other expenses		1,042			1,303			4,392			5,364
Total expenses		285,848			208,726			997,461			775,867
Income before income taxes		18,554			37,569			152,739			110,102
Income tax expense		4,148			8,304			33,911			24,118
Net income		14,406			29,265			118,828			85,984
Net income attributable to participating securities		—			—			—			1,677
Net income attributable to common stockholders	$	14,406		$	29,265		$	118,828		$	84,307
Comprehensive income:
Net income	$	14,406		$	29,265		$	118,828		$	85,984
Other comprehensive income:
Unrealized gains and losses on investments:
Net change in unrealized (losses) gains on investments, net of tax		(14,735	)		30,825			9,792			25,516
Reclassification adjustment for losses on securities no longer held, net of tax		(5,682	)		(105	)		(8,959	)		(4,984	)
Total other comprehensive (loss) income		(20,417	)		30,720			833			20,532
Comprehensive (loss) income	$	(6,011	)	$	59,985		$	119,661		$	106,516

Share and Per Share Data
($ in thousands, except share and per share amounts)	Three months ended December 31,						Twelve months ended December 31,
(unaudited)	2024			2023			2024			2023

Weighted average basic shares		40,107,617			37,570,274			40,056,475			36,031,907
Weighted average diluted shares		41,622,397			39,582,352			41,377,460			38,317,534

Basic earnings per share	$	0.36		$	0.78		$	2.97		$	2.34
Diluted earnings per share	$	0.35		$	0.74		$	2.87		$	2.24
Basic adjusted operating earnings per share	$	0.83		$	0.65		$	3.16		$	2.20
Diluted adjusted operating earnings per share	$	0.80		$	0.61		$	3.06		$	2.11

Annualized ROE ⁽¹⁾		7.2	%		19.6	%		16.3	%		15.9	%
Annualized adjusted ROE ⁽²⁾		16.7	%		16.3	%		17.4	%		14.9	%
Annualized ROTE ⁽³⁾		8.1	%		23.0	%		18.6	%		19.0	%
Annualized adjusted ROTE ⁽⁴⁾		18.8	%		19.1	%		19.8	%		17.9	%

							December 31			December 31
							2024			2023

Shares outstanding								40,127,908			39,863,756
Fully diluted shares outstanding								42,059,182			41,771,854

Book value per share							$	19.79		$	16.72
Fully diluted book value per share							$	18.88		$	15.96
Fully diluted tangible book value per share							$	16.80		$	13.84

⁽¹⁾Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
⁽²⁾Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
⁽³⁾Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period
⁽⁴⁾Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period

Adjusted operating income – We define adjusted operating income as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define adjusted operating income differently.

($ in thousands)	Three months ended December 31,												Twelve months ended December 31,
(unaudited)	2024						2023						2024						2023
	Pre-tax			After-tax			Pre-tax			After-tax			Pre-tax			After-tax			Pre-tax			After-tax
Income as reported	$	18,554		$	14,406		$	37,569		$	29,265		$	152,739		$	118,828		$	110,102		$	85,984
Less (add):
Net investment (losses) gains		(10,409	)		(8,223	)		7,744			6,118			6,256			4,942			11,072			8,747
Net impact of loss portfolio transfer		(12,398	)		(9,794	)		457			361			(11,598	)		(9,162	)		1,427			1,127
Other loss		35			28			(632	)		(499	)		(167	)		(132	)		(632	)		(499	)
Other expenses		(1,042	)		(823	)		(1,303	)		(1,029	)		(4,392	)		(3,470	)		(5,364	)		(4,238	)
Adjusted operating income	$	42,368		$	33,218		$	31,303		$	24,314		$	162,640		$	126,650		$	103,599		$	80,847

Underwriting income – We define underwriting income as net income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, impairment charges, interest expense, amortization expense and other income and expenses. Underwriting income represents the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for pre-tax income calculated in accordance with GAAP, and other companies may define underwriting income differently.

($ in thousands)	Three months ended December 31,						Twelve months ended December 31,
(unaudited)	2024			2023			2024			2023
Income before income taxes	$	18,554		$	37,569		$	152,739		$	110,102
Add:
Interest expense		2,091			2,774			9,496			10,024
Amortization expense		908			462			2,007			1,798
Other expenses		1,042			1,303			4,392			5,364
Less (add):
Net investment income		20,730			14,004			80,686			40,322
Net investment (losses) gains		(10,409	)		7,744			6,256			11,072
Other income (loss)		35			(632	)		(167	)		(632	)
Underwriting income	$	12,239		$	20,992		$	81,859		$	76,526

Adjusted Loss Ratio / Adjusted Combined Ratio – We define adjusted loss ratio and adjusted combined ratio as the corresponding ratio (calculated in accordance with GAAP), excluding losses and LAE related to the LPT and all development on reserves fully or partially covered by the LPT and amortization of deferred gains associated with recoveries of prior LPT reserve strengthening. We use these adjusted ratios as internal performance measures in the management of our operations because we believe they give our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Our adjusted loss ratio and adjusted combined ratio should not be viewed as substitutes for our loss ratio and combined ratio, respectively.

($ in thousands)	Three months ended December 31,						Twelve months ended December 31,
(unaudited)	2024			2023			2024			2023
Net earned premiums	$	293,240		$	224,932		$	1,056,722		$	829,143

Losses and LAE		196,320			137,396			669,809			515,237
Less: Pre-tax net impact of LPT		12,398			(457	)		11,598			(1,427	)
Adjusted losses and LAE	$	183,922		$	137,853		$	658,211		$	516,664

Loss ratio		66.9	%		61.1	%		63.4	%		62.1	%
Less: net impact of LPT		4.2	%		(0.2	)%		1.1	%		(0.2	)%
Adjusted loss ratio		62.7	%		61.3	%		62.3	%		62.3	%

Combined ratio		95.8	%		90.7	%		92.3	%		90.7	%
Less: net impact of LPT		4.2	%		(0.2	)%		1.1	%		(0.2	)%
Adjusted combined ratio		91.6	%		90.9	%		91.2	%		90.9	%

Tangible Stockholders’ Equity – We define tangible stockholders’ equity as stockholders’ equity less goodwill and intangible assets. Our definition of tangible stockholders’ equity may not be comparable to that of other companies and should not be viewed as a substitute for stockholders’ equity calculated in accordance with GAAP. We use tangible stockholders’ equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.

($ in thousands)	December 31,
(unaudited)	2024		2023
Stockholders’ equity	$	793,999	$	661,031
Less: Goodwill and intangible assets		87,348		88,435
Tangible stockholders’ equity	$	706,651	$	572,596

	Three months ended December 31,						Twelve months ended December 31,
($ in thousands)	2024		2023		% Change		2024		2023		% Change
Industry Solutions		80,738		78,796	2.5	%		317,198		305,476	3.8	%
Global Property & Agriculture	$	31,681	$	25,996	21.9	%	$	311,402	$	273,191	14.0	%
Captives		57,765		40,375	43.1	%		241,902		167,624	44.3	%
Programs		52,151		35,694	46.1	%		218,407		178,726	22.2	%
Accident & Health		44,594		38,882	14.7	%		173,073		151,701	14.1	%
Transactional E&S		36,262		31,560	14.9	%		169,053		122,508	38.0	%
Professional Lines		39,130		40,145	(2.5	)%		159,785		154,565	3.4	%
Surety		46,034		30,157	52.6	%		152,429		106,056	43.7	%
Total gross written premiums⁽¹⁾	$	388,355	$	321,605	20.8	%	$	1,743,249	$	1,459,847	19.4	%
⁽¹⁾Excludes exited business

The MIL Network –

February 26, 2025

MIL-OSI: Flywire Acquires Sertifi to Accelerate Travel Business and Expand Offering to Support Over 20,000 Hotel Locations Globally

Source: GlobeNewswire (MIL-OSI)

Acquisition expands Flywire’s travel footprint into new subsegments of travel & hospitality, including large-scale branded hotels, luxury hotels, and boutique accommodations

Sertifi augments Flywire’s travel payments technology with dedicated hotel software integrations into large, global Property Management Systems and Events & Catering systems to automate critical hospitality workflow processes

Flywire gains the opportunity to accelerate the monetization of several billion dollars of payments volume that Sertifi’s platform has enabled annually

BOSTON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Today, Flywire Corporation (Flywire) (Nasdaq: FLYW) a global payments enablement and software company, announced that it has acquired Sertifi, a vertical software and payments platform digitizing hospitality-specific workflows and associated payments. The acquisition is expected to build on Flywire’s existing Travel payments business by adding a new product category that has scaled adoption among some of the world’s largest hotel brands. Sertifi’s hospitality-specific integrations give Flywire immediate access to new subsegments of the global travel industry and they are expected to create additional value for Flywire’s extensive client roster. Sertifi has a successful track record of digitizing hotels’ workflows around events and group booking sales, and a solution that Flywire is expected to scale internationally by leveraging the strength of Flywire’s global go-to-market and partnership expertise around the world. Flywire acquired Sertifi for $330 million funded by a combination of cash and debt.

Sertifi provides a SaaS platform for the hotel and hospitality industry that empowers both global brands – like Marriott, Hilton, and Hyatt – as well as luxury independent hotels – like the Sage Hospitality Group and the Corinthia Hotel, London – to efficiently and securely sign contracts, exchange payment details in an industry-compliant way, and complete payments with their customers. Sertifi does this through deep integrations with leading Catering and Property Management Systems such as Amadeus’s Delphi, Salesforce, Oracle’s OPERA Cloud and OPERA 5, and Infor. Sertifi brings nearly two decades of experience in the hospitality and travel space and a diverse client base that spans 20,000 unique hospitality locations, and was recently named the “Best Payments Processing Software” in the 2025 HotelTechAwards for the second year in a row.

“The acquisition of Sertifi represents an exciting next phase of growth for our Travel vertical, where our deep industry expertise and global footprint continue to be key differentiators,” said Mike Massaro, CEO of Flywire. “By expanding into a large new subsegment of the hospitality industry with strong ecosystem alignment, and gaining a software solution in the early stages of its payments monetization journey, we are unlocking new growth and innovation opportunities for Flywire.”

Sertifi has executed on a unique opportunity in hotel workflows to put itself at the nexus of these powerful trends and capitalize on the secular growth in event bookings. The company’s solution simplifies and streamlines events contracting, group bookings, and their associated payments, empowering hotel sales staff to sell faster and deliver a better level of service to their consumers. Sertifi’s deep integrations into the hotel Property Management Systems place it in a unique position to act simultaneously as a revenue-maximizing tool and partner for further innovation to hotel operators everywhere. Flywire’s Travel leadership has developed leading direct distribution capabilities that could accelerate adoption of the Sertifi solution by hotels internationally.

Historically growing in double digits, Sertifi is expected to grow faster than Flywire’s company average, similar to its existing, fast-growing travel business. Flywire expects Sertifi to add approximately $35-40M of revenue with gross margins similar to those of Flywire in FY 2025. On the bottom line, Flywire expects Sertifi to have positive Adjusted EBITDA, however the anticipated margin percentage will be lower than Flywire’s overall Adjusted EBITDA margin, especially as Flywire expects to invest to grow the combined business for the future. More details will be shared on the upcoming earnings call scheduled for February 25th 2025.

Resources

To learn more about Sertifi and to get a demo, please visit here.
To learn more about Flywire’s solutions for the global Travel industry, please visit here.

About Flywire

Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.

Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

Flywire supports approximately 4,500 clients with diverse payment methods in more than 140 currencies across more than 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X , LinkedIn and Facebook.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s expectations regarding the expected benefits and synergies of the acquisition of Sertifi, the benefits of Sertifi’s platform, financial results and margins, Flywire’s business strategy and plans, market size, growth and trends. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire’s forward-looking statements include, among others, the factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at https://www.sec.gov/. Additional factors may be described in those sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2024, expected to be filed with the SEC in the first quarter of 2025. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Contacts

Media Contact:

Sarah King
media@flywire.com

Investor Relations Contact:

Masha Kahn
IR@flywire.com

The MIL Network –

February 26, 2025

MIL-OSI: Sprout Social Announces Fourth Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Feb. 25, 2025 (GLOBE NEWSWIRE) — Sprout Social, Inc. (“Sprout Social”, the “Company”) (Nasdaq: SPT), an industry-leading provider of cloud-based social media management software, today announced financial results for its fourth quarter ended December 31, 2024.

“The Sprout team delivered a solid fourth quarter, driving 14% revenue growth and 26% growth in cRPO, laying the foundation for future growth in 2025 and beyond. As we work to define the future of social media management, we remain focused on execution—winning the enterprise, driving customer health, expanding our partnership ecosystem, and driving deeper engagement in our customer base,” said Ryan Barretto, CEO.

Fourth Quarter 2024 Financial Highlights

Revenue

Revenue was $107.1 million, up 14% compared to the fourth quarter of 2023.
Total remaining performance obligations (RPO) of $351.5 million as of December 31, 2024, up 28% year-over-year.
Current remaining performance obligations (cRPO) of $249.4 million as of December 31, 2024, up 26% year-over-year.

Operating Income (Loss)

GAAP operating loss was ($13.7) million, compared to ($18.2) million in the fourth quarter of 2023.
Non-GAAP operating income was $11.4 million, compared to $1.7 million in the fourth quarter of 2023.

Net Loss

GAAP net loss was ($14.4) million, compared to ($20.1) million in the fourth quarter of 2023.
Non-GAAP net income was $10.7 million, compared to $1.0 million in the fourth quarter of 2023.
GAAP net loss per share was ($0.25) based on 57.5 million weighted-average shares of common stock outstanding, compared to ($0.36) based on 56.1 million weighted-average shares of common stock outstanding in the fourth quarter of 2023.
Non-GAAP net income per share was $0.19 based on 57.5 million weighted-average shares of common stock outstanding, compared to $0.02 based on 56.1 million weighted-average shares of common stock outstanding in the fourth quarter of 2023.

Cash

Cash and equivalents and marketable securities totaled $90.2 million as of December 31, 2024, compared to $91.5 million as of September 30, 2024.
Net cash provided by (used in) operating activities was $4.1 million, compared to ($2.6) million in the fourth quarter of 2023.
Non-GAAP free cash flow was $6.6 million, compared to ($0.3) million in the fourth quarter of 2023.

See “Use of Non-GAAP Financial Measures” below for definitions of Non-GAAP operating income (loss), Non-GAAP net income (loss), Non-GAAP net income (loss) per share and non-GAAP free cash flow and the financial tables that accompany this release for reconciliations of our non-GAAP measures to their closest comparable GAAP measures. See “Key Business Metrics” below for how Sprout Social defines RPO, cRPO, the number of customers contributing over $10,000 in ARR, the number of customers contributing over $50,000 in ARR, dollar-based net retention rate and dollar-based net retention rate excluding small-and-medium-sized business customers.

Customer Metrics

Grew number of customers contributing over $10,000 in ARR to 9,327 customers as of December 31, 2024, up 7% compared to December 31, 2023.
Grew number of customers contributing over $50,000 in ARR to 1,718 customers as of December 31, 2024, up 23% compared to December 31, 2023.
Dollar-based net retention rate was 104% in 2024, compared to 107% in 2023.
Dollar-based net retention rate excluding small-and-medium-sized business (SMB) customers was 108% in 2024, compared to 111% in 2023.

Recent Customer Highlights

During the fourth quarter, we had the opportunity to grow with new and existing customers like: Under Armour, ESPN, Rocket Mortgage, Klaviyo, Carhartt, Campbell, and Cushman & Wakefield.

Recent Business Highlights

Sprout Social recently:

Released a new Total Economic Impact™ study conducted by Forrester Consulting that found Sprout Social enabled customers to achieve a 268% return on investment (link)
Recognized by G2’s Best Software Awards as a top company across seven categories (link)
Announced rebranded influencer marketing platform to prepare brands for the next generation of social (link)
Launched the 2025 Sprout Social Index™ highlighting the latest trends in social culture and brand implications for the future (link)
Unveiled updates to its suite of AI solutions that enable marketers to unlock new potential and boost competitiveness (link)
Named a leader in worldwide social media marketing software for large enterprises by IDC Marketscape (link) and earned a 2025 Buyer’s Choice Award from TrustRadius (link)
Recognized by Built In as a Best Place to Work for the sixth consecutive year (link)

First Quarter and 2025 Financial Outlook

For the first quarter of 2025, the Company currently expects:

Total revenue between $107.2 million and $108.0 million.
Non-GAAP operating income between $8.5 million and $9.5 million.
Non-GAAP net income per share between $0.14 and $0.16 based on approximately 58.5 million weighted-average shares of common stock outstanding.

For the full year 2025, the Company currently expects:

Total revenue between $448.1 million and $453.1 million.
Non-GAAP operating income between $38.2 million and $43.2 million.
Non-GAAP net income per share between $0.65 and $0.74 based on approximately 59.3 million weighted-average shares of common stock outstanding.

The Company’s first quarter and 2025 financial outlook is based on a number of assumptions that are subject to change and many of which are outside the Company’s control. If actual results vary from these assumptions, the Company’s expectations may change. There can be no assurance that the Company will achieve these results.

The Company does not provide guidance for operating loss, the most directly comparable GAAP measure to non-GAAP operating income, or net loss per share, the most directly comparable GAAP measure to non-GAAP net income per share, and similarly cannot provide a reconciliation between its forecasted non-GAAP operating income and non-GAAP net income per share and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within the Company’s control and may vary greatly between periods and could significantly impact future financial results.

Conference Call Information

The financial results and business highlights will be discussed on a conference call and webcast scheduled at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) today, February 25, 2025. Online registration for this event conference call can be found at https://registrations.events/direct/Q4I1913111787. The live webcast of the conference call can be accessed from Sprout Social’s investor relations website at http://investors.sproutsocial.com.

Following completion of the events, a webcast replay will also be available at http://investors.sproutsocial.com for 12 months.

About Sprout Social
Sprout Social is a global leader in social media management and analytics software. Sprout’s unified platform puts powerful social data into the hands of approximately 30,000 brands so they can make strategic decisions that drive business growth and innovation. With a full suite of social media management solutions, Sprout offers comprehensive publishing and engagement functionality, customer care, connected workflows and AI-powered business intelligence. Sprout’s award-winning software operates across all major social media networks and digital platforms. For more information about Sprout Social (NASDAQ: SPT), visit sproutsocial.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “explore,””future,” “intend,” “long-term model,” “may,” “medium to longer term goals,” “might” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q1 2025 and full year 2025 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others: we may not be able to sustain our revenue and customer growth rate in the future, including due to risks associated with our strategic focus on enterprise customers; price increases have and may continue to negatively impact demand for our products, customer acquisition and retention and reduce the total number of customers or customer additions; our business would be harmed by any significant interruptions, delays or outages in services from our platform, our API providers, or certain social media platforms; if we are unable to attract potential customers through unpaid channels, convert this traffic to free trials or convert free trials to paid subscriptions, our business and results of operations may be adversely affected; we may be unable to successfully enter new markets, manage our international expansion and comply with any applicable international laws and regulations; we may be unable to integrate acquired businesses or technologies successfully or achieve the expected benefits of such acquisitions and investments; unstable market and economic conditions, such as recession risks, effects of inflation, labor shortages, supply chain issues, high interest rates, and the impacts of current and potential future bank failures and impacts of ongoing overseas conflicts, have and could continue to adversely impact our business and that of our existing and prospective customers, which may result in reduced demand for our products; we may not be able to generate sufficient cash to service our indebtedness; covenants in our credit agreement may restrict our operations, and if we do not effectively manage our business to comply with these covenants, our financial condition could be adversely impacted; any cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks on which we rely could negatively affect our business; changing regulations relating to privacy, information security and data protection could increase our costs, affect or limit how we collect and use personal information and harm our brand; and risks related to ongoing legal proceedings. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 23, 2024 and our Annual Report on Form 10-K for the year ended December 31, 2024, to be filed with the SEC as well as any future reports that we file with the SEC. Moreover, you should interpret many of the risks identified in those reports as being heightened as a result of the current instability in market and economic conditions. Forward-looking statements speak only as of the date the statements are made and are based on information available to Sprout Social at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Sprout Social assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Use of Non-GAAP Financial Measures

We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these non-GAAP financial measures internally in analyzing our financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

Non-GAAP gross profit. We define non-GAAP gross profit as GAAP gross profit, excluding stock-based compensation expense, amortization expense associated with the acquired developed technology from our acquisition of Tagger Media, Inc. (the “Tagger acquisition”) and restructuring charges. We believe non-GAAP gross profit provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as it eliminates the effect of stock-based compensation, amortization expense and restructuring charges which are often unrelated to overall operating performance. During the fourth quarter of 2024, we revised our definition of non-GAAP gross profit to exclude restructuring charges associated with a workforce reorganization, consisting primarily of severance and other personnel-related costs.

Non-GAAP gross margin. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.

Non-GAAP operating income (loss). We define non-GAAP operating income (loss) as GAAP loss from operations, excluding stock-based compensation expense, acquisition-related expenses and amortization expense associated with the acquired intangible assets from the Tagger acquisition, restructuring charges and non-cash gains from lease modifications. We believe non-GAAP operating income (loss) provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as it eliminates the effect of stock-based compensation, acquisition-related expenses, amortization expense, restructuring charges and non-cash gains from lease modifications, which are often unrelated to overall operating performance. During the fourth quarter of 2024, we revised our definition of non-GAAP operating income (loss) to exclude restructuring charges associated with a workforce reorganization, consisting primarily of severance and other personnel-related costs, and non-cash gain related to an office lease modification.

Non-GAAP operating margin. We define non-GAAP operating margin as non-GAAP operating income (loss) as a percentage of revenue.

Non-GAAP net income (loss). We define non-GAAP net income (loss) as GAAP net loss, excluding stock-based compensation expense, acquisition-related expenses, amortization expense associated with the acquired intangible assets from the Tagger acquisition, tax expense due to changes in valuation allowances from business acquisitions, restructuring charges and non-cash gains from lease modifications. We believe non-GAAP net income (loss) provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as this non-GAAP financial measure eliminates the effect of stock-based compensation, acquisition-related expenses, amortization expense and tax expense due to changes in valuation allowances from business acquisitions, restructuring charges and non-cash gains from lease modifications, which are often unrelated to overall operating performance. During the fourth quarter of 2024, we revised our definition of non-GAAP net income (loss) to exclude restructuring charges associated with a workforce reorganization, consisting primarily of severance and other personnel-related costs, and non-cash gain related to an office lease modification.

Non-GAAP net income (loss) per share. We define non-GAAP net income (loss) per share as GAAP net loss per share attributable to common shareholders, basic and diluted, excluding stock-based compensation expense, acquisition-related expenses, amortization expense associated with the acquired intangible assets from the Tagger acquisition, tax expense due to changes in valuation allowances from business acquisitions, restructuring charges and non-cash gains from lease modifications. We believe non-GAAP net income (loss) per share provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as this non-GAAP financial measure eliminates the effect of stock-based compensation, acquisition-related expenses, amortization expense, tax expense due to changes in valuation allowances from business acquisitions, restructuring charges and non-cash gains from lease modifications, which are often unrelated to overall operating performance. During the fourth quarter of 2024, we revised our definition of non-GAAP net income (loss) per share to exclude restructuring charges associated with a workforce reorganization, consisting primarily of severance and other personnel-related costs, and non-cash gain related to an office lease modification.

Non-GAAP free cash flow. We define non-GAAP free cash flow as net cash provided by (used in) operating activities less expenditures for property and equipment, acquisition-related costs, interest and payments related to restructuring charges. Non-GAAP free cash flow does not reflect our future contractual obligations or represent the total increase or decrease in our cash balance for a given period. We believe non-GAAP free cash flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash used in our core operations that, after expenditures for property and equipment, acquisition-related costs, interest and payments related to restructuring charges, is not available for strategic initiatives. During the fourth quarter of 2024, we revised our definition of non-GAAP free cash flow to exclude payments related to restructuring charges associated with a workforce reorganization.

Non-GAAP free cash flow margin. We define non-GAAP free cash flow margin as non-GAAP free cash flow as a percentage of revenue.

Non-GAAP sales and marketing expenses, non-GAAP research and development expenses and non-GAAP general and administrative expenses. Non-GAAP sales and marketing expenses, non-GAAP research and development expenses and non-GAAP general and administrative expenses are defined as sales and marketing expenses, research and development expenses and general and administrative expenses, respectively, less stock-based compensation expense, acquisition-related expenses, restructuring charges and non-cash gains from lease modifications. We believe these non-GAAP measures provide our management and investors with insight into day-to-day operating expenses given that these measures eliminate the effect of stock-based compensation, acquisition-related expenses, restructuring charges and non-cash gains from lease modifications. During the fourth quarter of 2024, we revised our definition of non-GAAP general and administrative expenses to exclude restructuring charges associated with a workforce reorganization, consisting primarily of severance and other personnel-related costs, and non-cash gain related to an office lease modification.

Key Business Metrics

Remaining performance obligations (“RPO”). RPO, or remaining performance obligations, represents contracted revenue that has not yet been recognized, and includes deferred revenue and amounts that will be invoiced and recognized in future periods.

Current remaining performance obligations (“cRPO”). cRPO, or current RPO, represents contracted revenue that has not yet been recognized, and includes deferred revenue and amounts that will be invoiced and recognized in the next 12 months.

Number of customers contributing more than $10,000 in ARR. We define number of customers contributing more than $10,000 in ARR as those on a paid subscription plan that had more than $10,000 in ARR as of a period end. We view the number of customers that contribute more than $10,000 in ARR as a measure of our ability to scale with our customers and attract larger organizations. We believe this represents potential for future growth, including expanding within our current customer base.

Number of customers contributing more than $50,000 in ARR. We define number of customers contributing more than $50,000 in ARR as those on a paid subscription plan that had more than $50,000 in ARR as of a period end. We view the number of customers that contribute more than $50,000 in ARR as a measure of our ability to scale with large customers and attract sophisticated organizations. We believe this represents potential for future growth, including expanding within our current customer base.

Dollar-based net retention rate. We calculate dollar-based net retention rate by dividing the ARR from our customers as of December 31st in the reported year by the ARR from those same customers as of December 31st in the previous year. This calculation is net of upsells, contraction, cancellation or expansion during the period but excludes ARR from new customers. We use dollar-based net retention to evaluate the long-term value of our customer relationships, because we believe this metric reflects our ability to retain and expand subscription revenue generated from our existing customers.

Dollar-based net retention rate excluding SMB customers. We calculate dollar-based net retention rate excluding SMB customers by dividing the ARR from all customers excluding ARR from customers that we have identified or that self-identified as having less than 50 employees as of December 31st in the reported year by the ARR from those same customers as of December 31st of the previous year. This calculation is net of upsells, contraction, cancellation or expansion during the period but excludes ARR from new customers. We used dollar-based net retention excluding SMB customers to evaluate the long-term value of our larger customer relationships, because we believe this metric reflects our ability to retain and expand subscription revenue generated from our existing customers.

While we no longer believe that ARR and number of customers are key performance indicators of Sprout Social’s business, these metrics are necessary for an understanding of how we define number of customers contributing over $10,000 in ARR and number of customers contributing over $50,000 in ARR. For this purpose, we define ARR as the annualized revenue run-rate of subscription agreements from all customers as of the last date of the specified period and we define a customer as a unique account, multiple accounts containing a common non-personal email domain, or multiple accounts governed by a single agreement or entity.

Availability of Information on Sprout Social’s Website and Social Media Profiles

Investors and others should note that Sprout Social routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the Sprout Social Investors website. We also intend to use the social media profiles listed below as a means of disclosing information about us to our customers, investors and the public. While not all of the information that the Company posts to the Sprout Social Investors website or to social media profiles is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Sprout Social to review the information that it shares at the Investors link located at the bottom of the page on www.sproutsocial.com and to regularly follow our social media profiles. Users may automatically receive email alerts and other information about Sprout Social when enrolling an email address by visiting “Email Alerts” in the “Shareholder Services” section of Sprout Social’s Investor website at https://investors.sproutsocial.com/.

Social Media Profiles:
www.twitter.com/SproutSocial
www.twitter.com/SproutSocialIR
www.facebook.com/SproutSocialInc
www.linkedin.com/company/sprout-social-inc-/
www.instagram.com/sproutsocial

Contact

Media:
Layla Revis
Email: pr@sproutsocial.com
Phone: (866) 878-3231

Investors:
Alex Kurtz
Twitter: @SproutSocialIR
Email: investors@sproutsocial.com
Phone: (312) 528-9166


Sprout Social, Inc.
Consolidated Statements of Operations (Unaudited)
*(in thousands, except share and per share data)*

	Three Months Ended December 31,
	2024	2023
Revenue
Subscription	$ 105,922	$ 92,224
Professional services and other	1,168	1,360
Total revenue	107,090	93,584
Cost of revenue(1)
Subscription	23,094	20,597
Professional services and other	319	364
Total cost of revenue	23,413	20,961
Gross profit	83,677	72,623
Operating expenses
Research and development(1)	27,627	22,661
Sales and marketing(1)	45,889	47,380
General and administrative(1)	23,838	20,805
Total operating expenses	97,354	90,846
Loss from operations	(13,677)	(18,223)
Interest expense	(656)	(1,544)
Interest income	878	1,210
Other expense, net	(620)	(118)
Loss before income taxes	(14,075)	(18,675)
Income tax expense	342	1,402
Net loss	$ (14,417)	$ (20,077)
Net loss per share attributable to common shareholders, basic and diluted	$ (0.25)	$ (0.36)
Weighted-average shares outstanding used to compute net loss per share, basic and diluted	57,511,942	56,098,243

(1) Includes stock-based compensation expense as follows:

	Three Months Ended December 31,
	2024	2023
Cost of revenue	$ 1,046	$ 895
Research and development	6,640	5,529
Sales and marketing	7,017	7,770
General and administrative	7,750	4,465
Total stock-based compensation expense	$ 22,453	$ 18,659

Sprout Social, Inc.
Consolidated Statements of Operations (Unaudited)
*(in thousands, except share and per share data)*

	Twelve Months Ended December 31,
	2024	2023
Revenue
Subscription	$ 402,022	$ 330,458
Professional services and other	3,886	3,185
Total revenue	405,908	333,643
Cost of revenue(1)
Subscription	90,305	75,076
Professional services and other	1,170	1,192
Total cost of revenue	91,475	76,268
Gross profit	314,433	257,375
Operating expenses
Research and development(1)	102,794	79,550
Sales and marketing(1)	184,122	168,091
General and administrative(1)	87,873	79,011
Total operating expenses	374,789	326,652
Loss from operations	(60,356)	(69,277)
Interest expense	(3,525)	(2,754)
Interest income	3,973	7,021
Other expense, net	(1,393)	(768)
Loss before income taxes	(61,301)	(65,778)
Income tax expense	670	649
Net loss	$ (61,971)	$ (66,427)
Net loss per share attributable to common shareholders, basic and diluted	$ (1.09)	$ (1.19)
Weighted-average shares outstanding used to compute net loss per share, basic and diluted	56,935,910	55,664,404

(1) Includes stock-based compensation expense as follows:

	Twelve Months Ended December 31,
	2024	2023
Cost of revenue	$ 3,936	$ 3,224
Research and development	25,619	18,478
Sales and marketing	31,544	30,116
General and administrative	23,204	15,886
Total stock-based compensation expense	$ 84,303	$ 67,704

Sprout Social, Inc.
Consolidated Balance Sheets (Unaudited)
*(in thousands, except share and per share data)*


	December 31, 2024	December 31, 2023
Assets
Current assets
Cash and cash equivalents	$ 86,437	$ 49,760
Marketable securities	3,745	44,645
Accounts receivable, net of allowances of $2,169 and $2,177 at December 31, 2024 and December 31, 2023, respectively	84,033	63,489
Deferred Commissions	20,184	27,725
Prepaid expenses and other assets	15,816	10,324
Total current assets	210,215	195,943
Marketable securities, noncurrent	–	3,699
Property and equipment, net	10,951	11,407
Deferred commissions, net of current portion	51,653	26,240
Operating lease, right-of-use asset	11,326	8,729
Goodwill	121,315	121,404
Intangible assets, net	21,914	28,065
Other assets, net	967	1,098
Total assets	$ 428,341	$ 396,585
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$ 6,984	$ 6,933
Deferred revenue	178,585	140,536
Operating lease liability	3,747	3,948
Accrued wages and payroll related benefits	20,567	18,362
Accrued expenses and other	10,869	11,260
Total current liabilities	220,752	181,039
Revolving credit facility	25,000	55,000
Deferred revenue, net of current portion	1,101	920
Operating lease liability, net of current portion	14,543	15,083
Other non-current liabilities	351	351
Total liabilities	261,747	252,393

Stockholders’ equity

Class A common stock, par value $0.0001 per share; 1,000,000,000 shares authorized; 54,219,684 and 51,277,740 shares issued and outstanding, respectively, at December 31, 2024; 52,133,594 and 49,241,563 shares issued and outstanding, respectively, at December 31, 2023	4	4
Class B common stock, par value $0.0001 per share; 25,000,000 shares authorized; 6,687,582 and 6,480,638 shares issued and outstanding, respectively, at December 31, 2024; 7,201,140 and 6,994,196 shares issued and outstanding, respectively, at December 31, 2023	1	1
Additional paid-in capital	558,391	471,789
Treasury stock, at cost	(37,422)	(35,113)
Accumulated other comprehensive loss	3	(77)
Accumulated deficit	(354,383)	(292,412)
Total stockholders’ equity	166,594	144,192
Total liabilities and stockholders’ equity	$ 428,341	$ 396,585

Sprout Social, Inc.
Consolidated Statements of Cash Flows (Unaudited)
*(in thousands)*

	Three Months Ended December 31,
	2024	2023
Cash flows from operating activities
Net loss	$ (14,417)	$ (20,077)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization of property, equipment and software	1,064	835
Amortization of line of credit issuance costs	51	52
Accretion of discount on marketable securities	(23)	(470)
Amortization of acquired intangible assets	1,474	1,604
Amortization of deferred commissions	4,698	7,518
Amortization of right-of-use operating lease asset	467	425
Stock-based compensation expense	22,453	18,659
Provision for accounts receivable allowances	236	835
Gain on lease modification	(1,570)	–
Tax expense due to change in valuation allowance from business acquisition	–	1,134
Changes in operating assets and liabilities, excluding impact from business acquisition
Accounts receivable	(29,908)	(19,235)
Prepaid expenses and other current assets	(729)	3,979
Deferred commissions	(13,101)	(14,522)
Accounts payable and accrued expenses	4,650	(473)
Deferred revenue	29,475	18,051
Lease liabilities	(678)	(919)
Net cash provided by (used in) operating activities	4,142	(2,604)
Cash flows from investing activities
Expenditures for property and equipment	(888)	(629)
Payments for business acquisition, net of cash acquired	–	143
Proceeds from maturity of marketable securities	4,900	32,657
Net cash provided by investing activities	4,012	32,171
Cash flows from financing activities
Borrowings from line of credit	–	–
Repayments of line of credit	(5,000)	(20,000)
Payments for line of credit issuance costs	–	(208)
Proceeds from employee stock purchase plan	718	912
Employee taxes paid related to the net share settlement of stock-based awards	(309)	(537)
Net cash used in financing activities	(4,591)	(19,833)
Net increase in cash, cash equivalents, and restricted cash	3,563	9,734
Cash, cash equivalents, and restricted cash
Beginning of period	86,855	43,961
End of period	$ 90,418	$ 53,695

Sprout Social, Inc.
Consolidated Statements of Cash Flows (Unaudited)
*(in thousands)*

	Twelve Months Ended December 31,
	2024		2023
Cash flows from operating activities
Net loss	$ (61,971)	$ (66,427)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization of property, equipment and software	3,890		3,137
Amortization of line of credit issuance costs	206		86
Accretion of discount on marketable securities	(406)		(3,203)
Amortization of acquired intangible assets	6,151		3,541
Amortization of deferred commissions	16,347		26,582
Amortization of right-of-use operating lease asset	1,827		1,553
Stock-based compensation expense	84,303		67,704
Provision for accounts receivable allowances	1,709		2,418
Gain on lease modification	(1,570)		–
Changes in operating assets and liabilities, excluding impact from business acquisition
Accounts receivable	(22,253)		(26,982)
Prepaid expenses and other current assets	(5,452)		444
Deferred commissions	(34,219)		(40,540)
Accounts payable and accrued expenses	3,124		(226)
Deferred revenue	38,230		41,918
Lease liabilities	(3,595)		(3,549)
Net cash provided by operating activities	26,321		6,456
Cash flows from investing activities
Expenditures for property and equipment	(2,950)		(2,073)
Payments for business acquisition, net of cash acquired	(1,409)		(145,636)
Purchases of marketable securities	–		(63,085)
Proceeds from maturity of marketable securities	45,085		118,621
Proceeds from sale of marketable securities	–		5,538
Net cash provided by (used in) investing activities	40,726		(86,635)
Cash flows from financing activities
Borrowings from line of credit	–		75,000
Repayments of line of credit	(30,000)		(20,000)
Payments for line of credit issuance costs	–		(1,031)
Proceeds from exercise of stock options	29		29
Proceeds from employee stock purchase plan	1,956		2,339
Employee taxes paid related to the net share settlement of stock-based awards	(2,309)		(2,380)
Net cash (used in) provided by financing activities	(30,324)		53,957
Net increase (decrease) in cash, cash equivalents, and restricted cash	36,723		(26,222)
Cash, cash equivalents, and restricted cash
Beginning of period	53,695		79,917
End of period	$ 90,418		$ 53,695

The following schedule reflects our non-GAAP financial measures and reconciles our non-GAAP financial measures to the related GAAP financial measures (in thousands, except per share data):

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended December 31,		Twelve Months Ended December 31,
	2024	2023	2024	2023
Reconciliation of Non-GAAP gross profit
Gross profit	$ 83,677	$ 72,623	$ 314,433	$ 257,375
Stock-based compensation expense	1,046	895	3,936	3,224
Amortization of acquired developed technology	705	705	2,820	1,175
Restructuring charges	62	–	62	–
Non-GAAP gross profit	$ 85,490	$ 74,223	$ 321,251	$ 261,774

Reconciliation of Non-GAAP operating income (loss)
Loss from operations	$ (13,677)	$ (18,223)	$ (60,356)	$ (69,277)
Stock-based compensation expense	22,453	18,659	84,303	67,704
Acquisition-related expenses	–	51	–	4,272
Amortization of acquired intangible assets	1,212	1,213	4,851	2,022
Restructuring charges	3,020	–	3,020	–
Gain on lease modification	(1,570)	–	(1,570)	–
Non-GAAP operating income	$ 11,438	$ 1,700	$ 30,248	$ 4,721

Reconciliation of Non-GAAP net income (loss)
Net loss	$ (14,417)	$ (20,077)	$ (61,971)	$ (66,427)
Stock-based compensation expense	22,453	18,659	84,303	67,704
Acquisition-related expenses	–	51	–	4,272
Amortization of acquired intangible assets	1,212	1,213	4,851	2,022
Restructuring charges	3,020	–	3,020	–
Gain on lease modification	(1,570)	–	(1,570)	–
Tax expense due to change in valuation allowance from business acquisition	–	1,134	–	–
Non-GAAP net income	$ 10,698	$ 980	$ 28,633	$ 7,571

Reconciliation of Non-GAAP net income (loss) per share
Net loss per share attributable to common shareholders, basic and diluted	$ (0.25)	$ (0.36)	$ (1.09)	$ (1.19)
Stock-based compensation expense	0.39	0.34	1.48	1.22
Acquisition-related expenses	–	–	–	0.08
Amortization of acquired intangible assets	0.03	0.02	0.09	0.03
Restructuring charges	0.05	–	0.05	–
Gain on lease modification	(0.03)	–	(0.03)	–
Tax expense due to change in valuation allowance from business acquisition	–	0.02	–	–
Non-GAAP net income per share	$ 0.19	$ 0.02	$ 0.50	$ 0.14

Reconciliation of Non-GAAP free cash flow
Net cash provided by (used in) operating activities	$ 4,142	$ (2,604)	$ 26,321	$ 6,456
Expenditures for property and equipment	(888)	(629)	(2,950)	(2,073)
Acquisition-related costs	–	1,366	–	4,272
Interest paid on credit facility	621	1,588	3,635	1,588
Payments related to restructuring charges	2,682	–	2,682	–
Non-GAAP free cash flow	$ 6,557	$ (279)	$ 29,688	$ 10,243

The MIL Network –

February 26, 2025

MIL-OSI: Astera Labs to Participate in the Morgan Stanley Technology, Media & Telecom Conference

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., Feb. 25, 2025 (GLOBE NEWSWIRE) — Astera Labs (Nasdaq: ALAB), a global leader in semiconductor-based connectivity solutions for AI and cloud infrastructure, today announced that it will participate in the Morgan Stanley Technology, Media & Telecom Conference on March 4, 2025. Astera Labs’ presentation is scheduled for 4:05 pm PT. A webcast of the session will be made available on Astera Labs’ investor relations website at https://ir.asteralabs.com

About Astera Labs
Astera Labs is a global leader in purpose-built connectivity solutions that unlock the full potential of AI and cloud infrastructure. Our Intelligent Connectivity Platform integrates PCIe®, CXL®, and Ethernet semiconductor-based solutions and the COSMOS software suite of system management and optimization tools to deliver a software-defined architecture that is both scalable and customizable. Inspired by trusted relationships with hyperscalers and the data center ecosystem, we are an innovation leader delivering products that are flexible and interoperable. Discover how we are transforming modern data-driven applications at www.asteralabs.com.

IR CONTACT: Leslie Green
leslie.green@asteralabs.com

The MIL Network –

February 26, 2025

MIL-OSI: Concrete Pumping Holdings Sets First Quarter 2025 Earnings Conference Call for Tuesday, March 11, 2025

Source: GlobeNewswire (MIL-OSI)

DENVER, Feb. 25, 2025 (GLOBE NEWSWIRE) — Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (“CPH” or the “Company”), a leading provider of concrete pumping and waste management services in the U.S. and U.K., will hold a conference call on Tuesday, March 11, 2025, at 5:00 p.m. Eastern Time to discuss its financial results for the first quarter ended January 31, 2025. The Company will report its financial results in a press release prior to the conference call.

CPH’s CEO Bruce Young and CFO Iain Humphries will host the conference call, followed by a question-and-answer period.

Date: Tuesday, March 11, 2025
Time: 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time)
Toll-free dial-in number: 1-877-407-9039
International dial-in number: 1-201-689-8470
Conference ID: 13751337

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group, Inc. at 1-949-574-3860.

The conference call will be broadcast live and is available for replay here as well as the investor relations section of the Company’s website at www.concretepumpingholdings.com.

A replay of the conference call will be available after 8:00 p.m. Eastern Time on the same day through March 18, 2025.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13751337

About Concrete Pumping Holdings

Concrete Pumping Holdings is a leading provider of concrete pumping services and concrete waste management services in the U.S. and U.K. markets based on fleet size, primarily operating under what we believe are the only established, national brands in both geographies – Brundage-Bone Concrete Pumping, Inc. for concrete pumping in the U.S., Camfaud Group Limited in the U.K., and Eco-Pan, Inc. for waste management services in both the U.S. and U.K. The Company’s large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate substantial labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan provides a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of October 31, 2024, the Company provided concrete pumping services in the U.S. from a footprint of approximately 90 locations across 22 states, concrete pumping services in the U.K. from 35 locations, and route-based concrete waste management services from 20 locations in the U.S. and one shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company’s brand websites at www.brundagebone.com, www.camfaud.co.uk, or www.eco-pan.com.

Company Contact:

Iain Humphries
Chief Financial Officer
1-303-289-7497

Investor Relations:

Gateway Group, Inc.
Cody Slach
1-949-574-3860
BBCP@gateway-grp.com

The MIL Network –

February 26, 2025

MIL-OSI: Rapid7 to Attend Upcoming Investor Conferences

Source: GlobeNewswire (MIL-OSI)

BOSTON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Rapid7, Inc. (NASDAQ: RPD), a leader in extended risk and threat detection, today announced that the company will be attending the following conferences:

The Wolfe Research ‘March Madness’ Software Conference in New York, NY on Wednesday, February 26, 2025.
The Raymond James 2025 Institutional Investors Conference in Orlando, FL. The presentation is scheduled for Monday, March 3, 2025 at 1:40 p.m. Eastern Time.
The Morgan Stanley Technology, Media & Telecom Conference in San Francisco, CA. The presentation is scheduled for Wednesday, March 5, 2025 at 4:50 p.m. Pacific Time.

The presentations from the Raymond James and Morgan Stanley conferences will be webcast live, and replays will be available for a limited time, under the “Events and Presentations” section on the company’s investor relations website at investors.rapid7.com.

About Rapid7
Rapid7 (Nasdaq: RPD) is on a mission to create a safer digital world by making cybersecurity simpler and more accessible. We empower security professionals to manage a modern attack surface through our best-in-class technology, leading-edge research, and broad, strategic expertise. Rapid7’s comprehensive security solutions help more than 11,000 global customers unite cloud risk management and threat detection to reduce attack surfaces and eliminate threats with speed and precision. For more information, visit our website, check out our blog, or follow us on X.

Investor Contact:
Elizabeth Chwalk
Vice President, Investor Relations
investors@rapid7.com
(617) 865-4277

Press Contact:
Alice Randall
Director, Corporate Communications
press@rapid7.com
(214) 693-4727

The MIL Network –

February 26, 2025

MIL-OSI: Definitive Healthcare to Present at the Raymond James 2025 Institutional Investors Conference

Source: GlobeNewswire (MIL-OSI)

FRAMINGHAM, Mass., Feb. 25, 2025 (GLOBE NEWSWIRE) — Definitive Healthcare Corp. (“Definitive Healthcare”) (Nasdaq: DH), an industry leader in healthcare commercial intelligence, today announced that its Chief Executive Officer, Kevin Coop, and its Chief Financial Officer, Rick Booth, will present at the Raymond James 2025 Institutional Investors Conference.

The Definitive Healthcare presentation is scheduled for Tuesday, March 4, 2025, at 3:25 p.m. Eastern Time. A live webcast of the presentation will be available on the Events page of the Definitive Healthcare investor relations website at https://ir.definitivehc.com/. A replay of the webcast will also be available for a limited time.

About Definitive Healthcare
At Definitive Healthcare, our mission is to transform data, analytics, and expertise into healthcare commercial intelligence. We help clients uncover the right markets, opportunities, and people, so they can shape tomorrow’s healthcare industry. Our SaaS products and solutions create new paths to commercial success in the healthcare market, so companies can identify where to go next. Learn more at definitivehc.com.

Investor Contact:
Brian Denyeau
ICR for Definitive Healthcare
brian.denyeau@icrinc.com
646-277-1251

Media Contact:
Bethany Swackhamer
bswackhamer@definitivehc.com

The MIL Network –

February 26, 2025

MIL-OSI: Synchronoss Technologies Announces Fourth Quarter and Full Year 2024 Earnings Call Date

Source: GlobeNewswire (MIL-OSI)

BRIDGEWATER, N.J., Feb. 25, 2025 (GLOBE NEWSWIRE) — Synchronoss Technologies Inc. (“Synchronoss” or the “Company”) (Nasdaq: SNCR), a global leader and innovator in Personal Cloud platforms, will hold a conference call on Tuesday, March 11, 2025 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the fourth quarter and full year ended December 31, 2024. Financial results will be issued in a press release prior to the call.

Synchronoss management will host the presentation, followed by a question-and-answer period.

Date: Tuesday, March 11, 2025
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Dial-In Number: 877-451-6152 (domestic) or 201-389-0879 (international)
Conference ID: 13751475

The conference call will be broadcast live here and via the Investor Relations section of Synchronoss’ website.

About Synchronoss
Synchronoss Technologies (Nasdaq: SNCR), a global leader in personal Cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Our SaaS Cloud platform simplifies onboarding processes and fosters subscriber engagement, resulting in enhanced revenue streams, reduced expenses, and faster time-to-market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content. Explore how our Cloud-focused solutions redefine the way you connect with your digital world at www.synchronoss.com.

Media Relations Contact:
Domenick Cilea
Springboard
dcilea@springboardpr.com

Investor Relations Contact:
Ryan Gardella
ICR for Synchronoss
SNCRIR@icrinc.com

The MIL Network –

February 26, 2025

MIL-OSI: Robinhood Markets, Inc. to Present at the Citizens JMP Technology Conference on March 4, 2025

Source: GlobeNewswire (MIL-OSI)

MENLO PARK, Calif., Feb. 25, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced that it will be participating in the upcoming Citizens JMP Technology Conference on Tuesday, March 4, 2025.

Robinhood Chairman and Chief Executive Officer Vlad Tenev is scheduled to present on Tuesday, March 4, 2025, at 11:00 AM PT / 2:00 PM ET. Interested parties may access a live audio webcast of the presentation by visiting investors.robinhood.com. Following the presentation, a recording will be available for replay for at least 90 days on the same website.

About Robinhood

Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the SEC Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

“Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

Contacts

Investor Relations

ir@robinhood.com

Media

press@robinhood.com

The MIL Network –

February 26, 2025

MIL-OSI: BigCommerce to Host Analyst and Investor Day 2025

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, Feb. 25, 2025 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (“BigCommerce”) (Nasdaq: BIGC), a leading provider of professional-grade, composable commerce solutions, today announced that it will host its Analyst and Investor Day on Tuesday, March 11, 2025 in New York City. The event will be held from 2:30 p.m. to 5:30 p.m. Eastern Time.

Members of the BigCommerce leadership team will discuss the company’s strategic vision, product offerings, financial performance and long-term growth opportunities. Presentations will be followed by a live Q&A session. In-person attendance at the event is by invitation only, and registration is required as participation will be limited.

The event will also be webcast live. Interested parties can register for the live webcast on BigCommerce’s Investor Relations website at http://investors.bigcommerce.com. Following the event, an archived replay will be made available at the same location for twelve months.

About BigCommerce

BigCommerce (Nasdaq: BIGC) is a leading open SaaS and composable ecommerce platform that empowers brands, retailers, manufacturers and distributors of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated professional-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Coldwater Creek, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit www.bigcommerce.com or follow us on X and LinkedIn.

BigCommerce® is a registered trademark of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owners.

The MIL Network –

February 26, 2025

MIL-OSI: Wintrust Financial Corporation to Present at RBC Capital Markets Global Financial Institutions Conference on March 4, 2025

Source: GlobeNewswire (MIL-OSI)

ROSEMONT, Ill., Feb. 25, 2025 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust” or the “Company”) (Nasdaq: WTFC) will present at the RBC Capital Markets Global Financial Institutions Conference to be held on March 4-5, 2025. Wintrust management will participate in a question and answer session that is scheduled to begin at approximately 8:40 AM Eastern Time on March 4, 2025.

This event will be available via an audio webcast and may be accessed at https://kvgo.com/rbc/wintrust-financial-corporation-march-2025 or at Wintrust’s website at www.wintrust.com, Investor Relations, Investor News and Events, Presentations and Conference Calls. Listeners should go to the website at least fifteen minutes before the presentation to download and install any necessary audio software. For those unable to attend the live broadcast, a replay will be available for up to 90 days after the conference. There is no charge to access the event.

About Wintrust
Wintrust is a financial holding company with approximately $65 billion in assets whose common stock is traded on the NASDAQ Global Select Market. Guided by its “Different Approach, Better Results” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges.

FOR MORE INFORMATION CONTACT:
Timothy S. Crane, President & Chief Executive Officer
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Website address: www.wintrust.com

The MIL Network –

February 26, 2025

MIL-OSI: Nokia Corporation: Repurchase of own shares on 25.02.2025

Source: GlobeNewswire (MIL-OSI)

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

Nokia Corporation: Repurchase of own shares on 25.02.2025

Espoo, Finland – On 25 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	1,370,114	4.72
CEUX	–	–
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	1,370,114	4.72

* Rounded to two decimals

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

Total cost of transactions executed on 25 February 2025 was EUR 6,466,116. After the disclosed transactions, Nokia Corporation holds 258,517,814 treasury shares.

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

On behalf of Nokia Corporation

BofA Securities Europe SA

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

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

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

Inquiries:

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

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

Attachment

Daily Report 2025-02-25

The MIL Network –

February 26, 2025

MIL-OSI: Missouri Scholarship & Loan Foundation Announces Mission-Mini Grant to Support Career and Technical Education

Source: GlobeNewswire (MIL-OSI)

CHESTERFIELD, Mo., Feb. 25, 2025 (GLOBE NEWSWIRE) — As the nation recognizes February 2025 as Career and Technical Education Month, the Missouri Scholarship & Loan Foundation (MSLF) and MOHELA are proud to support Missouri students through its Career Development Mission-Mini Grant initiative. This grant program is designed to connect students with career opportunities, corporate partnerships, and pathways to success beyond high school.

“Investing in our students means investing in the future of our workforce,” said Melissa Findley, Executive Director, Missouri Scholarship & Loan Foundation. “Through the Career Development Mission-Mini Grant, we are strengthening career pathways and equipping Missouri students with real-world skills to thrive in high-demand industries.”

The Career Development Mission-Mini Grant opportunity focuses on career exploration, job shadowing, internships, mentorships, and workforce development. High schools, colleges, and nonprofit organizations are encouraged to apply for funding of up to $1,000 to support initiatives such as:

Career Counseling & Exploration – Connecting students with advisors and professionals to help them navigate their career interests.
Business & College Tours – Providing opportunities for students to visit local employers and higher education institutions.
Job Shadowing & Mentorships – Pairing students with professionals in their chosen career paths.
Career Events & Workshops – Organizing job fairs, industry panels, and hands-on experiences.

To date, MSLF has received 27 applications, with 18 already approved for funding. Examples of funded projects include:

Hamilton R-II – Job shadow partnerships and guest speaker events for sophomore Career course students.
Fair Play High School – “March Madness Career Match-Up,” a basketball-themed career exploration program.
Carl Junction High School – Incentives for students completing job shadowing or college visits.
Ozark Mountain Technical Center – Mock Job Fair featuring over 30 employers.
Mexico High School – “Show-Me Opportunities” local workforce development event.
Salisbury R-IV – Transportation and incentives for job shadowing experiences.
Bolivar High School – Student certifications in high-demand fields such as Google IT, CDL, OSHA, and restorative nursing.

“Providing students with opportunities to explore career pathways is critical to building a strong workforce and a thriving economy,” said Scott Giles, Chairman of the MSLF Foundation Board and CEO of MOHELA. “We are proud to support this initiative, which empowers students to make informed career choices and gain the skills necessary for long-term success.”

Applications for the Career Development Mission-Mini Grant will be accepted through April 1, 2025, or until funding is depleted. Interested schools and nonprofit organizations can request an application by visiting the Missouri Scholarship & Loan Foundation page.

For more information on how MSLF is empowering Missouri students and supporting career and technical education, visit www.moslf.org.

About Missouri Scholarship & Loan Foundation
MSLF is dedicated to providing innovative financial solutions and career development opportunities for Missouri students, particularly those with financial need, to prepare for and successfully complete their higher education journeys.

About MOHELA
MOHELA is a non-profit, governmental corporation with 40 years of experience and a track record of providing exceptional customer service to the borrowers it serves. MOHELA plays an essential role in the student loan ecosystem, providing support and assistance for around 9 million borrowers.

The MIL Network –

February 26, 2025

MIL-OSI: Dividend Select 15 Corp. Financial Results to November 30, 2024

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — Dividend Select 15 Corp. (“the Company”) announces that its annual financial statements and management report of fund performance for the year ended November 30, 2024 are now available on the Company’s website at www.dividendselect15.com and at www.sedarplus.com.

For further information, please contact Investor Relations at 416-304-4443, toll free at 1-877-4-Quadra (1-877-478-2372), or visit www.dividendselect15.com.

Investor Relations: 1-877-478-2372
Local: 416-304-4443
dividendselect15.com
info@quadravest.com

The MIL Network –

February 26, 2025

MIL-OSI: TDb Split Corp. Financial Results to November 30, 2024

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — TDb Split Corp. (“the Company”) announces that its annual financial statements and management report of fund performance for the year ended November 30, 2024 are now available on the Company’s website at www.tdbsplit.com and at www.sedarplus.com.

For further information, please contact Investor Relations at 416-304-4443, toll free at 1-877-4-Quadra (1-877-478-2372), or visit www.tdbsplit.com.

The MIL Network –

February 26, 2025

MIL-OSI: Virtu Financial Announces Fifth Annual Women in Data Science Conference

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — Virtu Financial, Inc. (Nasdaq: VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today announced its fifth annual Women in Data Science (WiDS) conference. This event continues Virtu’s commitment to fostering education and advancement in data science and technology.

This year’s conference features insightful discussions on core statistical concepts in AI, practical applications of AI in professional and personal settings, and ethical considerations in AI development. Designed for a wide range of attendees—from beginners to seasoned professionals—the event provides a unique opportunity to learn, connect, and engage with experts in the field. Additional event details and registration can be found here.

“We’re proud to host this conference for the fifth consecutive year,” said Erin Stanton, Global Head of Analytics Client Services at Virtu. “With AI rapidly evolving, it’s critical to provide a space where professionals can learn, share, and discuss AI’s potential applications and implications in a supportive community.”

“At Virtu, we are constantly seeking new avenues to promote and support women in technology fields,” said Doug Cifu, Chief Executive Officer. “The WiDS conference exemplifies our dedication to empowering the next generation of innovators and data leaders.”

Virtu’s WiDS conference will take place on February 26, March 5 and March 12 and is open to professionals at all experience levels. For more information and to register, visit the event website: https://www.virtu.com/wids-2025/.

About Virtu Financial, Inc.
Virtu is a leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre- and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

Contact:

Investor Relations and Media Relations
Andrew Smith
investor_relations@virtu.com
media@virtu.com

The MIL Network –

February 26, 2025

MIL-OSI: M SPLIT CORP. Financial Results to November 30, 2024

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — M Split Corp. (“the Company”) announces that its annual financial statements and management report of fund performance for the year ended November 30, 2024, are now available on the Company’s website at www.m-split.com and at www.sedarplus.com.

For further information, please contact Investor Relations at 416-304-4443, toll free at 1-877-4-Quadra (1-877-478-2372), or visit www.m-split.com.

The MIL Network –

February 26, 2025

MIL-OSI: US FINANCIAL 15 SPLIT CORP. Financial Results to November 30, 2024

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — US Financial 15 Split Corp (“the Company”) announces that its annual financial statements and management report of fund performance for the year ended November 30, 2024 are now available on the Company’s website at www.financial15.com and at www.sedarplus.com.

For further information, please contact Investor Relations at 416-304-4443, toll free at 1-877-4-Quadra (1-877-478-2372), or visit www.financial15.com.

The MIL Network –

February 26, 2025

MIL-OSI: Canadian Banc Corp. Financial Results to November 30, 2024

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — Canadian Banc Corp. (“the Company”) announces that its annual financial statements and management report of fund performance for the year ended November 30, 2024 are now available on the Company’s website at www.canadianbanc.com and at www.sedarplus.com.

For further information, please contact Investor Relations at 416-304-4443, toll free at 1-877-4-Quadra (1-877-478-2372), or visit www.canadianbanc.com.

Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.canadianbanc.com
info@quadravest.com

The MIL Network –

February 26, 2025

MIL-OSI: New Commerce Split Financial Results to November 30, 2024

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — New Commerce Split (“the Company”) announces that its annual financial statements and management report of fund performance for the year ended November 30, 2024 are now available on the Company’s website at www.commercesplit.com and at www.sedarplus.com.

For further information, please contact Investor Relations at 416-304-4443, toll free at 1-877-4-Quadra (1-877-478-2372), or visit www.commercesplit.com.

Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.commercesplit.com
info@quadravest.com

The MIL Network –

February 26, 2025

MIL-OSI: CANADIAN LIFE COMPANIES SPLIT CORP. Financial Results to November 30, 2024

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — Canadian Life Companies Split Corp. (“the Company”) announces that its annual financial statements and management report of fund performance for the year ended November 30, 2024 are now available on the Company’s website at www.lifesplit.com and at www.sedarplus.com.

For further information, please contact Investor Relations at 416-304-4443, toll free at 1-877-4-Quadra (1-877-478-2372), or visit www.lifesplit.com.


Investor Relations: 1-877-478-2372	Local: 416-304-4443	www.lifesplit.com	info@quadravest.com

The MIL Network –

February 26, 2025

MIL-OSI: PRIME DIVIDEND CORP. Financial Results to November 30, 2024

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — Prime Dividend Corp. (“the Company”) announces that its annual financial statements and management report of fund performance for the year ended November 30, 2024 are now available on the Company’s website at www.primedividend.com and at www.sedarplus.com.

For further information, please contact Investor Relations at 416-304-4443, toll free at 1-877-4-Quadra (1-877-478-2372), or visit www.primedividend.com.

The MIL Network –

February 26, 2025

Category: GlobeNewswire