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Category: GlobeNewswire

  • MIL-OSI: Oxbridge Announces Pricing of $3.0 Million Registered Direct Offering and Concurrent Private Placement 

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, Feb. 24, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), together with its subsidiaries which is engaged in the business of tokenized Real-World Assets (“RWAs”) initially in the form of tokenized reinsurance securities, and reinsurance solutions to property and casualty insurers in the Gulf Coast region of the United State, today announced that it has entered into a securities purchase agreement with a single institutional investor to purchase 705,884 ordinary shares in a registered direct offering. In a concurrent private placement, the Company also agreed to issue and sell unregistered Series A Warrants to purchase up to an aggregate of 529,413 ordinary shares, and unregistered Series B Warrants to purchase up to an aggregate of 882,355 ordinary shares. The combined effective offering price for each ordinary share and the accompanying Series A Warrants and Series B Warrants is $4.25. The Series A Warrants will be immediately exercisable, and will expire two years from the initial exercise date and will have an exercise price of $4.25 per share. The Series B Warrants will be exercisable on the earlier of shareholder approval or 6 months from issuance, and will expire five years from the initial exercise date and will have an exercise price equal to the lower of (i) the Nasdaq minimum price and (ii) from and after the date the Company receives shareholder approval, $4.25 per share.

    The combined gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $3.0 million before deducting the placement agent’s fees and other estimated offering expenses payable by the Company. The offering is expected to close on or about February 26, 2025, subject to the satisfaction of customary closing conditions.

    Maxim Group LLC is acting as the sole placement agent in connection with the offering.

    The ordinary shares are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-262590), which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 6, 2022. The offering of ordinary shares will be made only by means of a prospectus supplement that forms a part of such registration statement. A prospectus supplement relating to the ordinary shares offered in the registered direct offering will be filed by the Company with the SEC. When available, copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC’s website at www.sec.gov or from Maxim Group LLC, 300 Park Avenue, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@maximgrp.com or telephone at (212) 895-3500.
    The Series A Warrants and Series B Warrants to be issued in the concurrent private placement and the ordinary shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

    About Oxbridge Re Holdings Limited

    Oxbridge Re Holdings Limited (NASDAQ: OXBR, OXBRW) (“Oxbridge Re”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its wholly owned subsidiaries SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited.

    Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.
    Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on-chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non-U.S. investors.

    Forward-Looking Statements

    All statements in this release that are not based on historical fact are “forward-looking statements,” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

    Company Contact:
    Oxbridge Re Holdings Limited
    Jay Madhu, CEO
    +1 345-749-7570
    jmadhu@oxbridgere.com

    The MIL Network –

  • MIL-OSI: Exodus Movement, Inc. to Announce Fourth Quarter and Full Year 2024 Results on March 3, 2025

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., Feb. 24, 2025 (GLOBE NEWSWIRE) — Exodus Movement, Inc. (NYSE American: EXOD) (“Exodus”), a leading self-custodial cryptocurrency platform, today announced that it will release its fourth quarter and full year 2024 financial results on Monday, March 3, 2025, after market close. An earnings conference webcast will be held at 4:30 PM ET on the same day.

    To access the webcast, please use this link. It will also be available on the Company’s website www.exodus.com. Supplementary materials will also be made available prior to the webcast on the “Investor Relations” portion of the Company website.

    About Exodus

    Exodus is a financial technology leader empowering individuals and businesses with secure, user-friendly crypto software solutions. Since 2015, Exodus has made digital assets accessible to everyone through its multi-asset crypto wallets prioritizing design and ease of use.

    With self-custodial wallets, Exodus puts customers in full control of their funds, enabling them to swap, buy, and sell crypto. Its business solutions include Passkeys Wallet and XO Swap, industry-leading tools for embedded crypto wallets and swap aggregation.

    Exodus is committed to driving the future of accessible and secure finance. Learn more at exodus.com or follow us on X at x.com/exodus.

    Investor Contact
    investors@exodus.com

    Disclosure Information
    Exodus uses the following as means of disclosing material nonpublic information and for complying with disclosure obligations under Regulation FD: websites exodus.com/investors and exodus.com/blog; press releases; public videos, calls, and webcasts; and social media: X (@exodus and JP Richardson’s feed @jprichardson), Facebook, LinkedIn, and YouTube.

    Forward-Looking Statements
    This press release contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us as of the date hereof. In some cases, you can identify forward-looking statements by the following words: “will,” “expect,” “would,” “intend,” “believe,” or other comparable terminology. Forward-looking statements in this document include, but are not limited to, quotations from management regarding confidence in our products, services, business trajectory and plans, and certain business metrics. Such forward-looking statements involve a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Such factors include those set forth in “Item 1. Business” and “Item 1A. Risk Factors” of Amendment No. 6 to our Registration Statement on Form 10 filed with the Securities and Exchange Commission (the “SEC”) on November 27, 2024, as well as in our other reports filed with the SEC from time to time. All forward-looking statements are expressly qualified in their entirety by such cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, we undertake no obligation to update or revise any forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

    Source: Exodus Movement, Inc.

    The MIL Network –

  • MIL-OSI: Fluent, Inc. to Announce Unaudited 2024 Fourth Quarter and Full-Year Financial Results and Host Earnings Conference Call on February 28, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT) announced today that it will report its unaudited financial results for the quarter and fiscal year ended December 31, 2024, prior to the open of the U.S. financial markets on February 28, 2025. Fluent will host a conference call at 9:00 am ET on the same day to discuss the results, which should be considered preliminary and unaudited. The Company expects to report its audited full-year 2024 financial results on a Form 10-K to be timely filed with the Securities and Exchange Commission.

    The conference call can be accessed by phone after registering online at Fluent Conference Call or via audio at Audio Registration. The call and accompanying slide presentation will also be webcast simultaneously on the Fluent website on the Investor Relations Page. Please log in at least 15 minutes prior to the start of the call to ensure adequate time for any downloads that may be required. Following the call, a recorded replay of the webcast will be available for one year on Fluent’s Investor Relations Page.

    About Fluent, Inc.
    Fluent, Inc. (NASDAQ: FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging diverse ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights, visit https://www.fluentco.com/.

    Contact Information:
    Investor Relations
    Fluent, Inc.
    InvestorRelations@fluentco.com

    The MIL Network –

  • MIL-OSI: Dadachain Unveils Vision on February 20 with Whitepaper Release, Full Platform Launch on March 17

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, Feb. 24, 2025 (GLOBE NEWSWIRE) — Dadachain, a blockchain platform focused on Real World Asset (RWA) tokenization, is set to release its official whitepaper on February 20, outlining its vision, technology, and roadmap. The platform is scheduled for official launch on March 17, 2025, with its first RWA issuance featuring Starnex, a South Korean defense company.

    Bridging the Gap: Tokenization of Pre-IPO Companies

    Dadachain aims to provide a tokenization framework for Pre-IPO and CSE IPO-ready private companies, offering an alternative way to access liquidity and diversify investment opportunities. Traditionally, early-stage investments are primarily accessible to institutional investors. Dadachain seeks to broaden access to growth-stage companies through:

    • Potential Exposure to Growth-Stage Companies: Providing access to companies before they go public.
    • Tokenized Asset Evolution: Digital assets reflecting companies’ development toward potential IPOs on CSE or NASDAQ.
    • Expanded Market Participation: Enabling a wider range of participants to engage with private equity investments.

    Strategic Support from Columbia Capital

    A key partner in Dadachain’s ecosystem, Columbia Capital provides IPO consultancy services to help companies navigate the public listing process on the CSE. Their support includes:

    • IPO Strategy & Compliance Guidance
    • Market Positioning & Investor Outreach
    • Regulatory Filing & Post-IPO Support

    “By integrating tokenization with expert IPO consultancy, Dadachain and Columbia Capital aim to support high-growth companies in their development,” said Gabriel Lee, CMO of Dadachain.

    Ondo Finance vs. Dadachain: A Different Approach to RWA

    Ondo Finance tokenizes existing NASDAQ-listed stocks, offering digital access to established assets. Dadachain, in contrast, focuses on early-stage companies, allowing investors to engage with businesses before their public listing. “Our platform is designed to support companies in their growth journey by leveraging tokenization,” said Gabriel Lee.

    First RWA Issuance: Starnex Takes the Lead

    Dadachain’s first tokenized asset will be Starnex, a South Korean defense company. “We are excited to be the first company utilizing Dadachain’s tokenization framework,” said Sangrae Park, CEO of Starnex. “This collaboration offers an opportunity to explore new funding avenues and expand our business through digital finance solutions.”

    Future Plans: Additional RWA Issuances to Follow

    Dadachain plans to announce further RWA issuances for CSE IPO-ready companies. Updates will be shared via the official website and social media channels.

    Join the Future of Digital Finance: Dadachain’s platform launch on March 17 marks an expansion of blockchain applications in asset tokenization.

    For Media Inquiries

    Brand: Dadachain

    Contact: Media team

    Email: ask@dadachain.xyz

    Website: https://www.dadachain.xyz

    The MIL Network –

  • MIL-OSI: Archrock Reports Fourth Quarter and Full Year 2024 Results and Provides 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 24, 2025 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock”) today reported results for the fourth quarter and full year 2024.

    Fourth Quarter and Full Year 2024 Highlights

    • Revenue for the fourth quarter of 2024 was $326.4 million compared to $259.6 million in the fourth quarter of 2023. Revenue for 2024 was $1,157.6 million compared to $990.3 million in 2023.
    • Net income for the fourth quarter of 2024 was $59.8 million and EPS was $0.34, compared to $33.0 million and $0.21, respectively, in the fourth quarter of 2023. Net income for 2024 was $172.2 million and EPS was $1.05, compared to $105.0 million and $0.67, respectively, in 2023.
    • Adjusted net income (a non-GAAP measure defined below) for the fourth quarter of 2024 was $61.5 million and adjusted EPS (a non-GAAP measure defined below) was $0.35, compared to $33.0 million and $0.21, respectively, in the fourth quarter of 2023. Adjusted net income for 2024 was $185.2 million and adjusted EPS was $1.13 compared to $105.0 million and $0.67, respectively, in 2023.
    • Adjusted EBITDA (a non-GAAP measure defined below) for the fourth quarter of 2024 was $183.8 million compared to $120.3 million in the fourth quarter of 2023. Adjusted EBITDA for 2024 was $595.4 million compared to $450.4 million in 2023.
    • Declared a quarterly dividend of $0.19 per common share for the fourth quarter of 2024, approximately 15% higher compared to the fourth quarter of 2023, resulting in dividend coverage of 3.5x.

    Management Commentary and Outlook

    “Archrock’s outstanding fourth quarter performance rounded out a record-setting year of robust utilization and profitability,” said Brad Childers, Archrock’s President and Chief Executive Officer. “For 2024, we increased our contract operations adjusted gross margin by 500 basis points, improved our net income by over 60% and grew our adjusted EBITDA by more than 30% year over year. We maintained a prudent balance sheet, ending the year with a leverage ratio of 3.3x, and returned $124 million in capital to our shareholders through dividends and share buybacks. We achieved these milestones while concurrently completing a transformative acquisition that established our leadership position in electric motor drive compression. 

    “We are even more excited about what we are positioned to deliver in 2025. Archrock continues to perform at an exceptional level, reflecting consistent operational execution and the successful progression of our strategic initiatives. Our investment in high-quality assets, excellent customer service and implementation of innovative technology and processes are driving value for our customers and our shareholders.

    “Moreover, we see the market opportunities provided by rising energy demand, and in particular, the natural gas required to support growing LNG exports and power generation, continuing into the foreseeable future. With sustained high utilization levels and a large and contracted backlog for 2025, we are booking units for 2026 delivery and believe we will continue to see strong customer demand for new equipment well into next year.

    “This impressive and durable investment outlook for Archrock is further underpinned by our financial flexibility and returns-based capital allocation. We are investing in profitable, high-return growth in large midstream and electric motor drive compression to support our high-quality customers in premier, primarily associated gas, plays like the Permian.  We also remain committed to consistent growth in shareholder returns and started the year with a 15% year-over-year increase to our quarterly dividend per share, while maintaining prudent dividend coverage and leverage ratios,” concluded Childers.

    Fourth Quarter and Full Year 2024 Financial Results

    Archrock’s fourth quarter 2024 net income of $59.8 million included a non-cash long-lived and other asset impairment of $1.2 million, transaction-related costs totaling $2.2 million and a non-cash unrealized decrease in the fair value of our investment in an unconsolidated affiliate of $1.5 million. Archrock’s fourth quarter 2023 net income of $33.0 million included a non-cash long-lived and other asset impairment of $3.7 million and a non-cash unrealized increase in the fair value of our investment in an unconsolidated affiliate of $1.0 million.

    Fourth quarter 2024 selling, general, and administrative expenses of $42.2 million compared to $33.0 million for the fourth quarter of 2023 primarily reflect the increase in stock price throughout the year, which drove higher long-term incentive compensation, as well as other increases in performance-based short-term and long-term incentive compensation expense given the outperformance relative to earlier expectations in 2024.

    Adjusted EBITDA for the fourth quarter of 2024 and 2023 included $12.7 million and $2.2 million, respectively, in net gains related to the sale of compression and other assets.

    Archrock’s full year 2024 net income of $172.2 million included the following items: transaction-related costs totaling $13.2 million, a non-cash long-lived and other asset impairment of $10.7 million, a debt extinguishment loss of $3.2 million, and a non-cash unrealized decrease in the fair value of our investment in an unconsolidated affiliate of $1.5 million. Archrock’s full year 2023 net income of $105.0 million included the following items: a non-cash long-lived and other asset impairment of $12.0 million, restructuring charges of $1.8 million and a non-cash unrealized decrease in the fair value of our investment in an unconsolidated affiliate of $1.0 million.

    Adjusted EBITDA for the full year 2024 and 2023 included $17.9 million and $10.2 million, respectively, in net gains related to the sale of compression and other assets.

    Contract Operations

    For the fourth quarter of 2024, contract operations segment revenue totaled $286.5 million, an increase of 34% compared to $213.0 million in the fourth quarter of 2023. Adjusted gross margin for the fourth quarter of 2024 was $200.2 million, up 46% from $137.1 million. Adjusted gross margin percentage for the fourth quarter of 2024 was 70%, compared to 64% in the fourth quarter of 2023. Total operating horsepower at the end of the fourth quarter of 2024 was 4.2 million compared to 3.6 million at the end of the fourth quarter of 2023. Utilization at the end of the fourth quarter of 2024 was 96%, consistent with the fourth quarter of 2023.

    Aftermarket Services

    For the fourth quarter of 2024, aftermarket services segment revenue totaled $40.0 million, compared to $46.6 million in the fourth quarter of 2023 due to seasonal delay in service activity. Adjusted gross margin for the fourth quarter of 2024 was $9.1 million, compared to $10.2 million in the fourth quarter of 2023. Adjusted gross margin percentage for the fourth quarter of 2024 was 23%, compared to 22% for the fourth quarter of 2023.

    Balance Sheet

    Long-term debt was $2.2 billion and our available liquidity totaled $688 million at December 31, 2024. Our leverage ratio was 3.3x as of December 31, 2024, down from 3.5x as of December 31, 2023.

    Quarterly Dividend

    Our Board of Directors recently declared a quarterly dividend of $0.19 per share of common stock, or $0.70 per share on an annualized basis for the year ended December 31, 2024. Dividend coverage in the fourth quarter of 2024 was 3.5x. The fourth quarter 2024 dividend was paid on February 19, 2025 to stockholders of record at the close of business on February 12, 2025.

    2025 Annual Guidance

    (in thousands, except percentages, per share amounts, and ratios)

        Full Year 2025 Guidance  
          Low     High  
    Net income (1) (2)   $ 253,000   $ 293,000  
    Adjusted EBITDA(3)     750,000     790,000  
    Cash available for dividend(4) (5)     456,000     471,000  
                   
    Segment              
    Contract operations revenue   $ 1,200,000   $ 1,235,000  
    Contract operations adjusted gross margin percentage     68 %   71 %
    Aftermarket services revenue   $ 190,000   $ 210,000  
    Aftermarket services adjusted gross margin percentage     22 %   24 %
                   
    Selling, general and administrative   $ 147,000   $ 142,000  
                   
    Capital expenditures              
    Growth capital expenditures   $ 330,000   $ 370,000  
    Maintenance capital expenditures     105,000     115,000  
    Other capital expenditures     35,000     50,000  
    __________________________________
    (1) 2025 annual guidance for net income does not include the impact of long-lived and other asset impairment because due to its nature, it cannot be accurately forecasted. Long-lived and other asset impairment does not impact adjusted EBITDA or cash available for dividend, however it is a reconciling item between these measures and net income. Long-lived and other asset impairment for the years 2024 and 2023 was $10.7 million and $12.0 million, respectively.
    (2) Reflects an estimate of expenses to be incurred related to the acquisition of Total Operations and Production Services, LLC (the “TOPS Acquisition”).
    (3) Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
    (4) Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.
    (5) A forward-looking estimate of cash provided by operating activities is not provided because certain items necessary to estimate cash provided by operating activities, including changes in assets and liabilities, are not estimable at this time. Changes in assets and liabilities were $(25.8) million and $(28.0) million for the years 2024 and 2023, respectively.
     

    Summary Metrics

    (in thousands, except percentages, per share amounts and ratios)

        Three Months Ended     Year Ended  
        December 31,    September 30,    December 31,      December 31,    December 31,   
        2024   2024
    		   2023     2024
    		   2023
    		  
    Net income   $ 59,758     $ 37,516     $ 33,002       $ 172,231     $ 104,998    
    Adjusted net income (1)   $ 61,533     $ 47,313     $ 33,002       $ 185,211     $ 104,998    
    Adjusted EBITDA (1)   $ 183,844     $ 150,854     $ 120,263       $ 595,434     $ 450,387    
                                           
    Contract operations revenue   $ 286,466     $ 245,420     $ 213,022       $ 980,405     $ 809,439    
    Contract operations adjusted gross margin   $ 200,245     $ 165,610     $ 137,062       $ 657,353     $ 502,691    
    Contract operations adjusted gross margin percentage     70   %   67   %   64   %     67   %   62   %
                                           
    Aftermarket services revenue   $ 39,950     $ 46,741     $ 46,571       $ 177,186     $ 180,898    
    Aftermarket services adjusted gross margin   $ 9,054     $ 12,346     $ 10,239       $ 41,737     $ 38,627    
    Aftermarket services adjusted gross margin percentage     23   %   26   %   22   %     24   %   21   %
                                           
    Selling, general, and administrative   $ 42,234     $ 34,059     $ 33,007       $ 139,121     $ 116,639    
                                           
    Net cash provided by operating activities   $ 124,338     $ 96,900     $ 71,719         429,591       310,187    
    Cash available for dividend(1)   $ 118,089     $ 92,887     $ 71,484       $ 364,595     $ 232,979    
    Cash available for dividend coverage (2)     3.5   x   3.0   x   2.8   x     3.1   x   2.4   x
                                           
    Adjusted free cash flow (1) (3)   $ 68,945     $ (834,282 )   $ 47,385         (730,472 )     77,696    
    Adjusted free cash flow after dividend (1) (3)   $ 38,255     $ (862,147 )   $ 23,195         (840,846 )     (18,100 )  
                                           
    Total available horsepower (at period end) (4)     4,401       4,418       3,759         4,401       3,759    
    Total operating horsepower (at period end) (5)     4,227       4,179       3,607         4,227       3,607    
    Horsepower utilization spot (at period end) (6)     96   %   95   %   96   %     96   %   96   %
    __________________________________
    (1)  Management believes adjusted net income, adjusted EBITDA, cash available for dividend, adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
    (2)  Defined as cash available for dividend divided by dividends declared for the period.
    (3)  Reflects $866.2 million cash paid in TOPS Acquisition, net of cash acquired.
    (4)  Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
    (5)  Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
    (6)  Defined as total available horsepower divided by total operating horsepower at period end.
     

    Conference Call Details

    Archrock will host a conference call on February 25, 2025, to discuss fourth quarter and full year 2024 financial results. The call will begin at 9:00 a.m. Eastern Time.

    To listen to the call via a live webcast, please visit Archrock’s website at www.archrock.com. The call will also be available by dialing 1 (800) 715-9871 in the United States or 1 (646) 307-1963 for international calls. The access code is 4749623.

    A replay of the webcast will be available on Archrock’s website for 90 days following the event.

    Adjusted net income, a non-GAAP measure, is defined as net income (loss) excluding transaction-related costs and debt extinguishment loss adjusted for income taxes. A reconciliation of adjusted net income to net income, the most directly comparable GAAP measure, and a reconciliation of adjusted earnings per share to basic and diluted earnings per common share, the most directly comparable GAAP measure, appear below.

    Adjusted EBITDA, a non-GAAP measure, is defined as net income (loss) excluding interest expense, income taxes, depreciation and amortization, long-lived and other asset impairment, unrealized change in fair value of investment in unconsolidated affiliate, restructuring charges, debt extinguishment loss, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items. A reconciliation of adjusted EBITDA to net income, the most directly comparable GAAP measure, and a reconciliation of our full year 2025 adjusted EBITDA guidance to net income appear below.

    Adjusted gross margin, a non-GAAP measure, is defined as revenue less cost of sales, exclusive of depreciation and amortization. Adjusted gross margin percentage, a non-GAAP measure, is defined as adjusted gross margin divided by revenue. A reconciliation of adjusted gross margin to net income, the most directly comparable GAAP measure, and a reconciliation of adjusted gross margin percentage to gross margin appear below.

    Cash available for dividend, a non-GAAP measure, is defined as net income (loss) excluding interest expense, income taxes, depreciation and amortization, long-lived and other asset impairment, unrealized change in fair value of investment in unconsolidated affiliate, restructuring charges, debt extinguishment loss, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items, less maintenance capital expenditures, other capital expenditures, cash taxes and cash interest expense. Reconciliations of cash available for dividend to net income and net cash provided by operating activities, the most directly comparable GAAP measures, and a reconciliation of our full year 2025 cash available for dividend guidance to net income appear below.

    Adjusted free cash flow, a non-GAAP measure, is defined as net cash provided by operating activities plus net cash provided by (used in) investing activities. A reconciliation of adjusted free cash flow to net cash provided by operating activities, the most directly comparable GAAP measure, appears below.

    Adjusted free cash flow after dividend, a non-GAAP measure, is defined as net cash provided by operating activities plus net cash provided by (used in) investing activities less dividends paid to stockholders. A reconciliation of adjusted free cash flow after dividend to net cash provided by operating activities, the most directly comparable GAAP measure, appears below.

    About Archrock

    Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how Archrock embodies its purpose, WE POWER A CLEANER AMERICA, visit www.archrock.com.

    Forward–Looking Statements

    All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Archrock. Forward-looking information includes, but is not limited to statements regarding: guidance or estimates related to Archrock’s results of operations or of financial condition; fundamentals of Archrock’s industry, including the attractiveness of returns and valuation, stability of cash flows, demand dynamics and overall outlook, and Archrock’s ability to realize the benefits thereof; Archrock’s expectations regarding future economic, geopolitical and market conditions and trends; Archrock’s operational and financial strategies, including planned growth, coverage and leverage reduction strategies, Archrock’s ability to successfully effect those strategies, and the expected results therefrom; Archrock’s financial and operational outlook; demand and growth opportunities for Archrock’s services; structural and process improvement initiatives, the expected timing thereof, Archrock’s ability to successfully effect those initiatives and the expected results therefrom; the operational and financial synergies provided by Archrock’s size; statements regarding Archrock’s dividend policy; the expected benefits of the TOPS Acquisition, including its expected accretion and the expected impact on Archrock’s leverage ratio; and plans and objectives of management for future operations.

    While Archrock believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: risks related to macroeconomic conditions, including an increase in inflation and trade tensions; pandemics and other public health crises; ongoing international conflicts and tensions; risks related to our operations; competitive pressures; risks of acquisitions to reduce our ability to make distributions to our common stockholders; inability to make acquisitions on economically acceptable terms; risks related to our sustainability initiatives; uncertainty to pay dividends in the future; risks related to a substantial amount of debt and our debt agreements; inability to access the capital and credit markets or borrow on affordable terms to obtain additional capital; inability to fund purchases of additional compression equipment; vulnerability to interest rate increases; erosion of the financial condition of our customers; risks related to the loss of our most significant customers; uncertainty of the renewals for our contract operations service agreements; risks related to losing management or operational personnel; dependence on particular suppliers and vulnerability to product shortages and price increases; information technology and cybersecurity risks; tax-related risks; legal and regulatory risks, including climate-related and environmental, social and governance risks.

    These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Archrock’s Annual Report on Form 10-K for the year ended December 31, 2024, Archrock’s Quarterly Report on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and those set forth from time to time in Archrock’s filings with the Securities and Exchange Commission, which are available at www.archrock.com. Except as required by law, Archrock expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

    SOURCE: Archrock, Inc.

    For information, contact:

    Megan Repine
    VP of Investor Relations
    281-836-8360
    investor.relations@archrock.com

     
    Archrock, Inc.
    Unaudited Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
                                   
        Three Months Ended   Year Ended
        December 31,    September 30,    December 31,    December 31,    December 31, 
        2024   2024   2023   2024   2023
    Revenue:                              
    Contract operations   $ 286,466     $ 245,420     $ 213,022     $ 980,405     $ 809,439  
    Aftermarket services     39,950       46,741       46,571       177,186       180,898  
    Total revenue     326,416       292,161       259,593       1,157,591       990,337  
                                   
    Cost of sales, exclusive of depreciation and amortization                              
    Contract operations     86,221       79,810       75,960       323,052       306,748  
    Aftermarket services     30,896       34,395       36,332       135,449       142,271  
    Total cost of sales, exclusive of depreciation and amortization     117,117       114,205       112,292       458,501       449,019  
                                   
    Selling, general and administrative     42,234       34,059       33,007       139,121       116,639  
    Depreciation and amortization     58,129       48,377       42,695       193,194       166,241  
    Long-lived and other asset impairment     1,203       2,509       3,658       10,681       12,041  
    Restructuring charges     —       —       221       —       1,775  
    Debt extinguishment loss     —       3,181       —       3,181       —  
    Interest expense     38,238       30,179       27,938       123,610       111,488  
    Transaction-related costs     2,247       9,220       —       13,249       —  
    Gain on sale of assets, net     (12,712 )     (2,218 )     (2,181 )     (17,887 )     (10,199 )
    Other (income) expense, net     1,598       (304 )     (745 )     1,561       1,086  
    Income before income taxes     78,362       52,953       42,708       232,380       142,247  
    Provision for income taxes     18,604       15,437       9,706       60,149       37,249  
    Net income   $ 59,758     $ 37,516     $ 33,002     $ 172,231     $ 104,998  
                                   
    Basic and diluted net income per common share (1)   $ 0.34     $ 0.22     $ 0.21     $ 1.05     $ 0.67  
                                   
    Weighted-average common shares outstanding:                              
    Basic     173,451       165,847       153,879       162,037       154,126  
    Diluted     173,848       166,173       154,177       162,375       154,344  
    __________________________________
    (1)  Basic and diluted net income per common share is computed using the two-class method to determine the net income per share for each class of common stock and participating security (restricted stock and stock-settled restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents) according to dividends declared and participation rights in undistributed earnings. Accordingly, we have excluded net income attributable to participating securities from our calculation of basic and diluted net income per common share.
     
    Archrock, Inc.
    Unaudited Supplemental Information
    (in thousands, except percentages, per share amounts and ratios)
                                       
        Three Months Ended       Year Ended  
        December 31,    September 30,    December 31,      December 31,    December 31,   
        2024   2024   2023     2024   2023  
    Revenue:                                  
    Contract operations   $ 286,466     $ 245,420     $ 213,022       $ 980,405     $ 809,439    
    Aftermarket services     39,950       46,741       46,571         177,186       180,898    
    Total revenue   $ 326,416     $ 292,161     $ 259,593       $ 1,157,591     $ 990,337    
                                       
    Adjusted gross margin:                                  
    Contract operations   $ 200,245     $ 165,610     $ 137,062       $ 657,353     $ 502,691    
    Aftermarket services     9,054       12,346       10,239         41,737       38,627    
    Total adjusted gross margin (1)   $ 209,299     $ 177,956     $ 147,301       $ 699,090     $ 541,318    
                                       
    Adjusted gross margin percentage:                                  
    Contract operations     70   %   67   %   64   %     67   %   62   %
    Aftermarket services     23   %   26   %   22   %     24   %   21   %
    Total adjusted gross margin percentage (1)     64   %   61   %   57   %     60   %   55   %
                                       
    Selling, general and administrative   $ 42,234     $ 34,059     $ 33,007       $ 139,121     $ 116,639    
    % of revenue     13   %   12   %   13   %     12   %   12   %
                                       
    Adjusted EBITDA (1)   $ 183,844     $ 150,854     $ 120,263       $ 595,434     $ 450,387    
    % of revenue     56   %   52   %   46   %     51   %   45   %
                                       
    Capital expenditures   $ 97,988     $ 70,018     $ 36,655       $ 359,032     $ 298,632    
    Proceeds from sale of property, plant and equipment and other assets     (43,387 )     (6,654 )     (17,543 )       (67,591 )     (72,206 )  
    Net capital expenditures   $ 54,601     $ 63,364     $ 19,112       $ 291,441     $ 226,426    
                                       
    Total available horsepower (at period end) (2)     4,401       4,418       3,759         4,401       3,759    
    Total operating horsepower (at period end) (3)     4,227       4,179       3,607         4,227       3,607    
    Average operating horsepower     4,205       3,757       3,607         3,794       3,554    
    Horsepower utilization:                                  
    Spot (at period end) (4)     96   %   95   %   96   %     96   %   96   %
    Average (4)     95   %   95   %   96   %     95   %   95   %
                                       
    Dividend declared for the period per share   $ 0.190     $ 0.175     $ 0.165       $ 0.695     $ 0.625    
    Dividend declared for the period to all stockholders   $ 33,487     $ 30,656     $ 25,913       $ 117,861     $ 97,857    
    Cash available for dividend coverage (5)     3.5   x   3.0   x   2.8   x     3.1   x   2.4   x
                                       
    Adjusted free cash flow (1) (6)   $ 68,945     $ (834,282 )   $ 47,385       $ (730,472 )   $ 77,696    
    Adjusted free cash flow after dividend (1)(6)   $ 38,255     $ (862,147 )   $ 23,195       $ (840,846 )   $ (18,100 )  
    __________________________________
    (1) Management believes adjusted gross margin, adjusted EBITDA, adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
    (2) Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
    (3) Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
    (4) Defined as total available horsepower divided by total operating horsepower at period end (spot) or over time (average).
    (5) Defined as cash available for dividend divided by dividends declared for the period.
    (6) Reflects $866.2 million cash paid in TOPS Acquisition, net of cash acquired.
        December 31,    September 30,    December 31, 
           2024      2024      2023
    Balance Sheet                  
    Long-term debt (1)   $ 2,198,376   $ 2,236,131   $ 1,584,869
    Total equity     1,323,531     1,290,736     871,021
    __________________________________
    (1)  Carrying values are shown net of unamortized premium and deferred financing costs.
     
    Archrock, Inc.
    Unaudited Supplemental Information
    Reconciliation of Net Income to Adjusted Net Income and Earnings Per Share to Adjusted Earnings Per Share
    (in thousands, except per share amounts)
                                       
        Three Months Ended   Year Ended
        December 31,    September 30,    December 31,    December 31,    December 31, 
        2024   2024   2023   2024   2023
    Net income   $ 59,758     $ 37,516     $ 33,002     $ 172,231     $ 104,998  
    Transaction-related costs     2,247       9,220       —       13,249       —  
    Debt extinguishment loss     —       3,181       —       3,181       —  
    Tax effect of adjustments (1)     (472 )     (2,604 )     —       (3,450 )     —  
    Adjusted net income (2)   $ 61,533     $ 47,313     $ 33,002     $ 185,211     $ 104,998  
                                       
    Weighted-average common shares outstanding used in diluted earnings per common share     173,451       166,173       154,401       162,037       154,344  
                                       
    Basic and diluted earnings per common share (3)   $ 0.34     $ 0.22     $ 0.21       1.05       0.67  
    Transaction-related costs per share     0.01       0.06       —       0.08       —  
    Debt extinguishment loss per share     —       0.02       —       0.02       —  
    Tax effect of adjustments per share     (0.00 )     (0.02 )     —       (0.02 )     —  
    Adjusted earnings per share (2)   $ 0.35     $ 0.28     $ 0.21     $ 1.13     $ 0.67  
    __________________________________
    (1) Represents tax effect of transaction-related costs and debt extinguishment loss based on statutory tax rate.
    (2) Management believes adjusted net income and adjusted earnings per share provides useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review our current period operating performance, comparability measure and performance measure for period-to-period comparisons without burdened earnings and earnings per share for non-recurring transactional costs.
    (3) Basic and diluted net income per common share is computed using the two-class method to determine the net income per share for each class of common stock and participating security (restricted stock and stock-settled restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents) according to dividends declared and participation rights in undistributed earnings. Accordingly, we have excluded net income attributable to participating securities from our calculation of basic and diluted net income per common share.
     
    Archrock, Inc.
    Unaudited Supplemental Information
    Reconciliation of Net Income to Adjusted EBITDA and Adjusted Gross Margin
    (in thousands)
                                   
        Three Months Ended   Year Ended
        December 31,    September 30,    December 31,    December 31,    December 31, 
        2024   2024   2023   2024   2023
    Net income   $ 59,758     $ 37,516     $ 33,002     $ 172,231     $ 104,998  
    Depreciation and amortization     58,129       48,377       42,695       193,194       166,241  
    Long-lived and other asset impairment     1,203       2,509       3,658       10,681       12,041  
    Unrealized change in fair value of investment in unconsolidated affiliate     1,484       —       (1,023 )     1,484       973  
    Restructuring charges     —             221       —       1,775  
    Debt extinguishment loss     —       3,181       —       3,181       —  
    Interest expense     38,238       30,179       27,938       123,610       111,488  
    Transaction-related costs     2,247       9,220       —       13,249       —  
    Stock-based compensation expense     3,431       3,738       3,283       14,646       12,998  
    Amortization of capitalized implementation costs     750       697       783       3,009       2,624  
    Provision for income taxes     18,604       15,437       9,706       60,149       37,249  
    Adjusted EBITDA (1)     183,844       150,854       120,263       595,434       450,387  
    Selling, general and administrative     42,234       34,059       33,007       139,121       116,639  
    Stock-based compensation expense     (3,431 )     (3,738 )     (3,283 )     (14,646 )     (12,998 )
    Amortization of capitalized implementation costs     (750 )     (697 )     (783 )     (3,009 )     (2,624 )
    Gain on sale of assets, net     (12,712 )     (2,218 )     (2,181 )     (17,887 )     (10,199 )
    Other (income) expense, net     1,598       (304 )     (745 )     1,561       1,086  
    Adjusted gross margin (1)   $ 209,299     $ 177,956     $ 147,301     $ 699,090     $ 541,318  
    __________________________________
    (1)  Management believes adjusted EBITDA and adjusted gross margin provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
     
    Archrock, Inc.
    Unaudited Supplemental Information
    Reconciliation of Total Revenue to Adjusted Gross Margin
    (in thousands)
                                             
        Three Months Ended   Year Ended
        December 31,    September 30,    December 31,    December 31,    December 31, 
        2024   2024   2023   2024   2023
    Total revenues   $ 326,416       $ 292,161       $ 259,593       $ 1,157,591       $ 990,337    
    Cost of sales, exclusive of depreciation and amortization     (117,117 )       (114,205 )       (112,292 )       (458,501 )       (449,019 )  
    Depreciation and amortization     (58,129 )       (48,377 )       (42,695 )       (193,194 )       (166,241 )  
    Gross margin     151,170   46 %     129,579   44 %     104,606   40 %     505,896   44 %     375,077   38 %
    Depreciation and amortization     58,129         48,377         42,695         193,194         166,241    
    Adjusted gross margin (1)   $ 209,299   64 %   $ 177,956   61 %   $ 147,301   57 %   $ 699,090   60 %     541,318   55 %
    __________________________________
    (1) Management believes adjusted gross margin provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
     
    Archrock, Inc.
    Unaudited Supplemental Information
    Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Dividend
    (in thousands)
                                   
        Three Months Ended   Year Ended
        December 31,    September 30,    December 31,    December 31,    December 31, 
        2024   2024   2023   2024   2023
    Net income   $ 59,758     $ 37,516     $ 33,002     $ 172,231     $ 104,998  
    Depreciation and amortization     58,129       48,377       42,695       193,194       166,241  
    Long-lived and other asset impairment     1,203       2,509       3,658       10,681       12,041  
    Unrealized change in fair value of investment in unconsolidated affiliate     1,484       —       (1,023 )     1,484       973  
    Restructuring charges     —       —       221       —       1,775  
    Debt extinguishment loss     —       3,181       —       3,181       —  
    Interest expense     38,238       30,179       27,938       123,610       111,488  
    Transaction-related costs     2,247       9,220       —       13,249        
    Stock-based compensation expense     3,431       3,738       3,283       14,646       12,998  
    Amortization of capitalized implementation costs     750       697       783       3,009       2,624  
    Provision for income taxes     18,604       15,437       9,706       60,149       37,249  
    Adjusted EBITDA (1)     183,844       150,854       120,263       595,434       450,387  
    Less: Maintenance capital expenditures     (21,623 )     (21,190 )     (18,156 )     (87,753 )     (92,168 )
    Less: Other capital expenditures     (7,023 )     (6,945 )     (3,193 )     (20,333 )     (16,164 )
    Less: Cash tax (payment) refund     134       (404 )     (120 )     (2,209 )     (1,311 )
    Less: Cash interest expense     (37,243 )     (29,428 )     (27,310 )     (120,544 )     (107,765 )
    Cash available for dividend (2)   $ 118,089     $ 92,887     $ 71,484     $ 364,595     $ 232,979  
    __________________________________
    (1)  Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
    (2)  Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.
     
    Archrock, Inc.
    Unaudited Supplemental Information
    Reconciliation of Net Cash Provided by Operating Activities to Cash Available for Dividend
    (in thousands)
                                   
        Three Months Ended   Year Ended
        December 31,    September 30,    December 31,    December 31,    December 31, 
        2024   2024   2023   2024   2023
    Net cash provided by operating activities   $ 124,338     $ 96,900     $ 71,719     $ 429,591     $ 310,187  
    Inventory write-downs     18       (51 )     (164 )     (550 )     (545 )
    Provision for credit losses     (286 )     (90 )     (458 )     (381 )     (224 )
    Gain on sale of assets, net     12,712       2,218       2,181       17,887       10,199  
    Current income tax (benefit) provision     997       (146 )     459       2,059       1,591  
    Cash tax (payment) refund     134       (404 )     (120 )     (2,209 )     (1,311 )
    Amortization of operating lease ROU assets     (1,063 )     (962 )     (831 )     (3,852 )     (3,319 )
    Amortization of contract costs     (6,106 )     (6,046 )     (5,653 )     (23,877 )     (21,289 )
    Deferred revenue recognized in earnings     5,294       4,101       5,421       15,001       16,464  
    Cash restructuring charges     —       —       211       —       1,554  
    Transaction-related costs     2,247       9,220       —       13,249       —  
    Changes in assets and liabilities     8,450       16,282       20,068       25,763       28,004  
    Maintenance capital expenditures     (21,623 )     (21,190 )     (18,156 )     (87,753 )     (92,168 )
    Other capital expenditures     (7,023 )     (6,945 )     (3,193 )     (20,333 )     (16,164 )
    Cash available for dividend (1)   $ 118,089     $ 92,887     $ 71,484     $ 364,595     $ 232,979  
    __________________________________
    (1)  Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.
     
    Archrock, Inc.
    Unaudited Supplemental Information
    Reconciliation of Net Cash Provided By Operating Activities to Adjusted Free Cash Flow
    and Adjusted Free Cash Flow After Dividend
    (in thousands)
                                   
        Three Months Ended   Year Ended
        December 31,    September 30,    December 31,    December 31,    December 31, 
        2024   2024   2023   2024   2023
    Net cash provided by operating activities   $ 124,338     $ 96,900     $ 71,719     $ 429,591     $ 310,187  
    Net cash used in investing activities (1)     (55,393 )     (931,182 )     (24,334 )     (1,160,063 )     (232,491 )
    Adjusted free cash flow (1) (2)     68,945       (834,282 )     47,385       (730,472 )     77,696  
    Dividends paid to stockholders     (30,690 )     (27,865 )     (24,190 )     (110,374 )     (95,796 )
    Adjusted free cash flow after dividend (1) (2)   $ 38,255     $ (862,147 )   $ 23,195     $ (840,846 )   $ (18,100 )
    __________________________________
    (1)  Reflects $866.2 million cash paid in TOPS Acquisition, net of cash acquired.
    (2)  Management believes adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
     
    Archrock, Inc.
    Unaudited Supplemental Information
    Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Dividend Guidance
    (in thousands)
                 
        Annual Guidance Range
        2025
        Low   High
    Net income (1)   $ 253,000     $ 293,000  
    Interest expense     153,000       153,000  
    Provision for income taxes     101,000       101,000  
    Depreciation and amortization     219,000       219,000  
    Stock-based compensation expense     15,000       15,000  
    Amortization of capitalized implementation costs     4,000       4,000  
    Transaction-related costs (2)     5,000       5,000  
    Adjusted EBITDA (3)     750,000       790,000  
    Less: Maintenance capital expenditures     (105,000 )     (115,000 )
    Less: Other capital expenditures     (35,000 )     (50,000 )
    Less: Cash tax expense     (7,000 )     (7,000 )
    Less: Cash interest expense     (147,000 )     (147,000 )
    Cash available for dividend (4)(5)   $ 456,000     $ 471,000  
    __________________________________
    (1) 2025 annual guidance for net income does not include the impact of long-lived and other asset impairment because due to its nature, it cannot be accurately forecasted. Long-lived and other asset impairment does not impact Adjusted EBITDA or cash available for dividend, however it is a reconciling item between these measures and net income. Long-lived and other asset impairment for the years 2024 and 2023 was $10.7 million and $12.0 million, respectively.
    (2) Reflects an estimate of expenses to be incurred related to the TOPS acquisition.
    (3) Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
    (4) Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.
    (5) A forward-looking estimate of cash provided by operating activities is not provided because certain items necessary to estimate cash provided by operating activities, including changes in assets and liabilities, are not estimable at this time. Changes in assets and liabilities were $(25.8) million and $(28.0) million for the years 2024 and 2023, respectively.

    The MIL Network –

  • MIL-OSI: Apollo Announces 2025 Annual Meeting of Stockholders

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that its 2025 Annual Meeting of Stockholders will be held virtually on June 6, 2025, at 9:30 am ET. The record date for the meeting is April 14, 2025. Information on the virtual meeting will be included in the 2025 proxy statement.

    About Apollo
    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

    Apollo Forward-Looking Statements

    This press release may contain forward-looking statements that are 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 include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, liquidity and capital resources and the other non-historical statements. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “will,” “should,” “could,” or “may,” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. These statements are subject to certain risks, uncertainties and assumptions, including but not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on February 24, 2025, as such factors may be updated from time to time in Apollo’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in Apollo’s filings with the SEC. Apollo undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

    Contacts

    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    (212) 822-0540
    IR@apollo.com

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    (212) 822-0491
    Communications@apollo.com

    The MIL Network –

  • MIL-OSI: SECU Foundation Awards $2 Million Grant to Support Expansion of the North Carolina Aquarium at Fort Fisher

    Source: GlobeNewswire (MIL-OSI)

    KURE BEACH, N.C., Feb. 24, 2025 (GLOBE NEWSWIRE) — SECU Foundation has awarded a $2 million capital grant to the North Carolina Aquarium Society, contributing to the expansion of the North Carolina Aquarium at Fort Fisher (NCAFF). The development project will increase the interactive space at the state’s most visited aquarium and include a new education center to serve North Carolina students.

    Operated under the North Carolina Department of Natural and Cultural Resources, the North Carolina Aquariums include three aquariums and Jennette’s Pier. They welcome more than 1.4 million visitors annually. About 500,000 of those guests visit NCAFF, including tens of thousands of students, who visit on field trips. Through engaging and immersive educational activities, the Aquariums foster a deeper understanding and connection to aquatic environments with the hope that visitors are inspired to protect them.

    “We are so pleased to be a part of the expansion of the North Carolina Aquarium at Fort Fisher,” said SECU Foundation Board Vice Chair Mona Moon. “With the SECU Foundation grant and the support of many others in the community, improvements made to this landmark Aquarium will propel it to a world-class facility for our state. With a new education center and other exciting additions to be announced later this year, even more visitors from all corners of our state and beyond can engage with our coastal ecosystems and aquatic environments.”

    “On behalf of the North Carolina Aquarium Society, we are immensely grateful for this generous grant from the SECU Foundation,” said Society Board Chair Drew Covert. “Among other exciting renovation plans, this grant will fund the creation of a new educational center – one that extends beyond the Aquarium walls to provide truly immersive experiences for students in North Carolina who need it most.” 

    “We are honored to have the ongoing support of the North Carolina Aquarium Society and their important collaborative work with partners like the SECU Foundation to bolster the North Carolina Aquariums,” said North Carolina Aquarium Division Director Hap Fatzinger. “The North Carolina Aquarium at Fort Fisher renovation and expansion is the most consequential project since the creation of the marine resource centers nearly 50 years ago. We are excited for what’s ahead and the lasting impact this will have on our state.”

    About SECU and SECU Foundation
    A not-for-profit financial cooperative owned by its members, and federally insured by the National Credit Union Administration (NCUA), SECU has been providing employees of the state of North Carolina and their families with consumer financial services for 87 years. SECU is the second largest credit union in the United States with $53 billion in assets. It serves more than 2.8 million members through 275 branch offices, 1,100 ATMs, Member Services Support via phone, www.ncsecu.org, and the SECU Mobile App. The SECU Foundation, a 501(c)(3) charitable organization funded by the contributions of SECU members, promotes local community development in North Carolina primarily through high-impact projects in the areas of housing, education, healthcare, and human services. Since 2004, SECU Foundation has made a collective financial commitment of over $300 million for initiatives to benefit North Carolinians statewide.

    About North Carolina Aquarium Society
    The North Carolina Aquarium Society is a nonprofit (501c3) organization dedicated to supporting the North Carolina Aquariums through private fundraising, membership, and revenue generation. Established in 1986, the Society partners with the Aquariums to enhance exhibits, animal care, education programs, and conservation initiatives beyond what state funding provides.

    Holding the check left to right are SECU Foundation Board Vice Chair Mona Moon, North Carolina Aquarium Society President and CEO Liz Baird, and NCAFF Director Joanna Zazzali, surrounded by SECU Foundation, SECU, and NCAFF employees and board members from the North Carolina Aquarium Society.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2f1db278-c292-4ef0-aae9-88c8b6f1a46e

    The MIL Network –

  • MIL-OSI: Parker Scheduled to Present at Raymond James’ 46th Annual Institutional Investors Conference on March 3, 2025 at 11:35 a.m. Eastern Time

    Source: GlobeNewswire (MIL-OSI)

    CLEVELAND, Feb. 24, 2025 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it is scheduled to present at Raymond James’ 46th Annual Institutional Investors Conference on March 3, 2025 in Orlando, Florida at 11:35 a.m. Eastern time. A live webcast of the presentation will be accessible on Parker’s investor information website at investors.parker.com and will be archived on the site. 

    Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 68 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more at www.parker.com or @parkerhannifin.

    ###

    The MIL Network –

  • MIL-OSI: BlackRock® Canada Announces Final February Cash Distributions for the iShares® Premium Money Market ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 24, 2025 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the final February 2025 cash distributions for the iShares Premium Money Market ETF. Unitholders of record on February 25, 2025 will receive cash distributions payable on February 28, 2025.

    Details regarding the final “per unit” distribution amounts are as follows:

    Fund Name Fund
    Ticker    		 Cash
    Distribution
    Per Unit
    iShares Premium Money Market ETF CMR $0.123

    Further information on the iShares ETFs can be found at http://www.blackrock.com/ca.

    About BlackRock
    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @BlackRockCA

    About iShares ETFs
    iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.2 trillion in assets under management as of December 31, 2024, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

    iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

    Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.  

    Contact for Media:
    Sydney Punchard
    Email: Sydney.Punchard@blackrock.com

    The MIL Network –

  • MIL-OSI: Skyline Bankshares, Inc. Announces Appointment of Director

    Source: GlobeNewswire (MIL-OSI)

    FLOYD, Va. and INDEPENDENCE, Va., Feb. 24, 2025 (GLOBE NEWSWIRE) — Skyline Bankshares, Inc. (the “Company”) (OTC QX: SLBK) – the holding company for Skyline National Bank (the “Bank”), announces the appointment of Israel O’Quinn as a director of the Company and the Bank effective immediately. The Company’s Board of Directors approved the appointment on February 18, 2025.

    Mr. O’Quinn is President and CEO of The United Company Foundation as well as the James W. and Francis G. McGlothlin Foundation.  He has also served as an elected member of the Virginia House of Delegates since 2011.  For almost all of his tenure in the House of Delegates, Mr. O’Quinn has been a member of the Commerce and Energy committee, among others, which has provided him an in-depth knowledge of the laws and regulations related to banking and other businesses.  Before his current role leading the two charitable foundations, Mr. O’Quinn was a key executive at KVAT Food Stores (Food City) for seventeen years, serving in roles of increasing responsibility across the organization, including strategy, regulatory issues and community relations.  Born and raised in Southwest Virginia, and having represented the area for over a decade in the legislature, he is well-versed in the needs and opportunities of the region.  Mr. O’Quinn is a member of the Emory & Henry University Board of Trustees and he earned Bachelors Degrees in Political Science and History from the college.  In addition to his legislative and professional work, Mr. O’Quinn has served on a number of other boards and commissions, including as Chairman of the Bristol Chamber of Commerce, and provided leadership to economic development projects as Co-Chair of InvestSWVA. 

    President and CEO Blake Edwards stated, “Israel’s professional experience, service in the legislature, and in-depth knowledge of the region, will make him a tremendous addition to Skyline as we continue to expand our presence in the southwest Virginia and eastern Tennessee markets. We are excited to welcome Israel to the Skyline family.”

    Skyline National Bank is the wholly-owned subsidiary of Skyline Bankshares, Inc. and serves southwestern Virginia, northwestern North Carolina, and eastern Tennessee with 28 branches and 2 loan production offices.

    For more information contact:
    Blake Edwards, President & CEO – 276-773-2811
    Lori Vaught, EVP & CFO – 276-773-2811

    The MIL Network –

  • MIL-OSI: Xtract One Announces Fiscal 2025 Second Quarter Conference Call

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 24, 2025 (GLOBE NEWSWIRE) — Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) (“Xtract One” or the “Company”), a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, today announced that it will release fiscal 2025 second quarter results after the close of trading on March 12, 2025. Peter Evans, Xtract One CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will host a webcast and conference call at 10:00 a.m. Eastern Time the following day, March 13, 2025, to review the three months ended January 31, 2025.

    The webcast and presentation will be accessible on the company’s website, and the telephone number for the conference call is 844-481-3016 (412-317-1881 for international callers). Management will provide an overview of the interim financial results along with management’s outlook for the business, followed by a question-and-answer period.

    About Xtract One Technologies
    Xtract One Technologies is a leading technology-driven threat detection and security solution leveraging AI to provide seamless and secure patron access control experiences. The Company makes unobtrusive weapons and threat detection systems that are designed to assist facility operators in prioritizing- and delivering improved “Walk-right-In” experiences while enhancing safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, Twitter, and LinkedIn. 

    About Threat Detection and Security Solutions
    Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today’s world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security.

    For further information, please contact:
    Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com    
    Media Contact: Kristen Aikey, JMG Public Relations, 212-206-1645, kristen@jmgpr.com
    Investor Relations: Chris Witty, Darrow Associates, 646-438-9385, cwitty@darrowir.com

    The MIL Network –

  • MIL-OSI: POPcodes Wins ETA’s Most Innovative Solution for 2025

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, Feb. 24, 2025 (GLOBE NEWSWIRE) — POPcodes, Inc. (POPcodes), a leading provider of value-added, B2B and B2C solutions for payment providers, is honored to receive the Most Innovative Product or Solution Award from the Electronic Transactions Association (ETA). POPcodes will receive the award during the Visa Celebration & ETA Star Awards on April 2, 2025, at TRANSACT, the premier annual event for the payments industry.

    The Most Innovative Product or Solution Award recognizes companies that deliver exceptional increases in usability, reduced friction, increased profitability, or drive advancements for the payments ecosystem. POPcodes’ Direct-to-MerchantTM (D2M) Communication Platform embodies all those criteria, transforming how payment solution providers (PSPs) and their enterprise and SMB merchant customers connect, communicate, and engage.

    D2M accelerates activations, reduces training and support costs, and drives increased adoption of value-added service by enabling instant, campaign-based, and self-serve messaging with graphical, omnichannel workflows delivered in the merchants’ preferred language directly to the in-person point of purchase.

    POPcodes’ unique cloud/app-based hybrid platform gives PSPs unprecedented simplicity, flexibility, control, and effectiveness when meeting their B2B communication and process automation needs — delivering a better merchant experience while meeting the payment ecosystem’s rigorous security and stability demands.

    POPcodes’ clients include two of the top five global payment processors. These processors use D2M to solve multiple business-critical challenges, including delivering a better first experience for new merchants, accelerating new device and application rollouts, reducing training support and costs, and guiding merchants through PCI and AML/KYC compliance. Most importantly, POPcodes drive merchant referrals and increase value-added service sales. By leveraging the D2M platform’s features and POPcodes’ expertise, the solution has proven value to the PSP’s portfolio growth, profitability, and retention goals.

    CEO Gregg Aamoth explained, “We’re dedicated to revolutionizing the payments industry by helping PSPs around the world deliver seamless, secure, and user-friendly workflows that empower merchants and enhance their experience, while optimizing PSPs’ business, partnerships, and shareholder value.”

    “This recognition is an honor and testament to our team’s hard work. We look forward to expanding our mission of innovation and excellence around the globe, ultimately connecting all players in the multi-trillion dollar retail and payments value chains,” Aamoth said.

    The award is the latest for POPcodes’ D2M platform. The company was runner-up in the ETA’s Most Innovation Solution category in 2024 and also received awards and recognitions at Money 20/20 and the SouthEast, NorthEast, and Western States Acquirers Association conferences.

    POPcodes congratulates all nominees and winners in this year’s ETA Awards for their accomplishments and dedication to advancing payment innovation.

    About POPcodes

    POPcodes’ cloud-based platform, white-labeled apps, and AI-enabled content, workflow, and campaign management services transform the rapidly expanding network of smart, in-person payment devices into an exclusive, owned digital media channel with secure, bi-directional messaging and omnichannel workflows that help globally recognized brands meet their B2B, B2B2B, B2C, and B2B2C obligations and goals.

    Learn more at popcodes.com

    Contact
    Kristi Hamilton
    (904) 718-8972
    Kristi@Skyrocketgroup.com

    The MIL Network –

  • MIL-OSI: Spartan Capital Securities Names Brian Duddy as Head of Capital Markets

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, Feb. 24, 2025 (GLOBE NEWSWIRE) — Spartan Capital Securities, LLC is pleased to announce that Brian Duddy has been promoted from Director of Equities to Head of Capital Markets. With over 30 years of experience in Capital Markets, Equity Sales, and Trading, Brian has played a key role in driving institutional engagement and executing complex transactions.

    Prior to joining Spartan Capital, Mr. Duddy held senior positions at leading financial institutions, including William Blair, where he opened the firm’s first New York office and became a partner in the Equity Sales & Trading Group. His extensive background includes roles at DLJ, Cowen, and Soleil Securities, where he worked closely with major hedge funds and institutional investors, facilitating large block trades, overnight transactions, and placing IPOs and Secondary Offerings with his clients.

    Spartan Capital Securities’ Founder and CEO, John Lowry, commented: “Brian Duddy’s expertise and leadership continue to strengthen Spartan’s presence in Capital Markets. His deep institutional relationships and ability to execute complex transactions make him a tremendous asset to our firm and clients. We look forward to his continued contributions.”

    About Spartan Capital Securities, LLC (SCS):

    Spartan Capital Securities, LLC is a full-service, integrated financial services firm that provides sound investment guidance for high-net-worth individuals and institutions. Their in-depth market knowledge, calculated risk management strategy, and investment acumen have earned them a strong reputation as trusted financial advisors. Spartan Capital’s experienced investment professionals provide highly customized personal service, tailoring an asset allocation program to enable each client to meet their financial goals. Spartan Capital also offers advisory and insurance services through its affiliates, Spartan Capital Private Wealth Management, LLC, and Spartan Capital Insurance Services, LLC.

    For inquiries, contact: info@spartancapital.com

    John D. Lowry
    Spartan Capital Securities
    +1 (212) 293-0123

    The MIL Network –

  • MIL-OSI: Skyline Bankshares, Inc. Announces Semi-Annual Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    FLOYD, Va. and INDEPENDENCE, Va., Feb. 24, 2025 (GLOBE NEWSWIRE) — Skyline Bankshares, Inc. (the “Company”) (OTC QX: SLBK) – the holding company for Skyline National Bank (the “Bank”), announces a semi-annual cash dividend on the Company’s common stock of $0.25 per share, payable March 24, 2025 to shareholders of record on March 14, 2025. The Company’s Board of Directors declared the dividend on February 18, 2025.

    Skyline National Bank is the wholly-owned subsidiary of Skyline Bankshares, Inc. and serves southwestern Virginia, northwestern North Carolina, and eastern Tennessee with 28 branches and 2 loan production offices.

    For more information contact:
    Blake Edwards, President & CEO – 276-773-2811
    Lori Vaught, EVP & CFO – 276-773-2811

    The MIL Network –

  • MIL-OSI: Alaris Equity Partners Provides Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN THE UNITED STATES.
    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

    CALGARY, Alberta, Feb. 24, 2025 (GLOBE NEWSWIRE) — (all numbers in this release are in US dollars (US$) unless otherwise noted) Alaris Equity Partners Income Trust (the “Trust“) (TSX: AD.UN) is pleased to announce that its subsidiary, Alaris Equity Partners USA Inc. (collectively, with the Trust and its other subsidiaries, “Alaris“) has made an investment of $21.0 million into Berg Demo Holdings, LLC (“Berg“) (the “Berg Investment”) and $61.1 million into Professional Electric Contractors of Connecticut, Inc. (“PEC“) (the “PEC Investment“). Alaris is also pleased to announce the redemption of Alaris’ investment in Unify Consulting LLC (“Unify“), which closed in December, and resulted in gross proceeds of $12.3 million to Alaris (the “Unify Redemption“).

    “A productive start to 2025 with the closing of two new partnerships and the successful exit of another. Berg and PEC both signify the forming of partnerships with very strong entrepreneurs. David Berg and Jim Bisson from Berg and PEC respectively are exactly what we look for in partners. Long track records of success and a strong passion to continue to grow their businesses. Both partners have the capacity and desire to grow through acquisitions in addition to continued organic growth.

    I’d like to thank Darren Alger and his team at Unify for a wonderful eight years as our partner. Alaris originally funded a management buyout for Darren and we are proud of how well he has done as majority owner. Crystallizing another investment with an IRR of 20% is also an excellent result for our management team,” said Steve King, Chief Executive Officer, Alaris.

    Berg Investment

    The Berg Investment consists of: (i) $17.15 million (the “Berg Preferred Contribution“) of preferred equity, entitling Alaris to an initial annualized distribution of $2.40 million (the “Berg Distribution“); and (ii) $3.85 million (the “Berg Common Equity“) for a minority common equity ownership in Berg. The Berg Distribution will reset annually based on the percentage change in gross profit, subject to a collar of +/- 7%.

    Berg has an earnings coverage ratio between 1.5x and 2.0x based on Berg’s trailing twelve-month financial results and giving effect to certain other changes to Berg’s capital structure. The Berg Investment will be used for capital investment and to provide partial liquidity to equity holders.

    “We are thrilled to partner with Alaris, a partnership that strengthens our leadership team’s ability to drive future growth. As a third-generation demolition, scrap, and hazardous materials company, Berg has built a legacy of excellence. With Alaris’s strategic support and expertise, we are confident that Berg will continue to thrive as an industry leader for generations to come,” said David Berg, Founder, Berg.

    Berg is a leading demolition solutions provider serving public, commercial and industrial end markets in the Baltimore and DC, Maryland & Virginia (“DMV”) metropolitan area in the United States. Founded in 1998 by David Berg and headquartered in Baltimore, MD, Berg has become the preeminent hazardous material abatement, selective structural and building razing operation in the region.

    PEC Investment

    The PEC Investment of $61.1 million consists of a $37.0 million investment in debt and preferred equity (the “PEC Contribution“) as well as an investment of $24.1 million in exchange for a minority common equity ownership in PEC (the “PEC Common Equity“). Included within the $37.0 million PEC Contribution is $10.0 million of preferred equity redeemable at par. The PEC Contribution will result in an annualized cash distribution to Alaris of $5.18 million (the “PEC Distribution“), an initial combined annual yield of 14% and will reset annually +/- 7% based on changes in PEC’s revenue. The proceeds from the PEC Investment were used for partial liquidity to existing PEC shareholders.

    PEC has an earnings coverage ratio between 1.5x and 2.0x, based on PEC’s trailing twelve-month financial results and giving effect to changes to PEC’s capital structure following the Alaris investment.

    “When we first met Alaris, we liked their people and their unique model immediately; Alaris’ combination of financial strength and M&A acumen will allow us to focus on growth, while their approach recognizes our desire to protect and preserve PEC’s culture, which has always been a competitive advantage and our defining attribute,” said Jim Bisson, Jr., President and Chief Executive Officer, PEC.

    PEC is a full-service electrical contracting firm with a broad range of capabilities ranging from commercial installations, historical structural retrofits and large scale Photovoltaic (PV) projects. In addition, through its subsidiary North American Renewables, Inc, PEC is a leading solar engineering, procurement and construction (“EPC”) contractor. PEC serves the Greater New England and New York area.

    Unify Redemption

    Alaris successfully exited its partnership with Unify after eight years resulting in total gross proceeds over the life of the investment of CAD$51.6 million. Alaris’ total return on the Unify investment is CAD$38.6 million, equating to an unlevered IRR of 20% and MOIC of 1.9x.

    Following the Berg and PEC Investment, and the Unify Redemption, Alaris will have approximately CA$412.9 million drawn on its senior credit facility (the “Facility“) and $87.1 million available for investment purposes while the total senior debt to EBITDA on a proforma basis is approximately 2.43x. Alaris estimates its run rate payout ratio to be approximately 57.6% following today’s announcement.

    About Alaris:

    The Trust, through its subsidiaries, invests in a diversified group of private businesses (“Private Company Partners“) primarily through structured equity. The primary goal of our structured equity investments is to deliver stable and predictable returns to our unitholders through both cash distributions and capital appreciation. This strategy is enhanced by common equity positions, which allow us to generate returns in alignment with the founders of our Private Company Partners.

    NON-IFRS MEASURES:

    Earnings Coverage Ratio refers to the Normalized EBITDA of a Partner divided by such Partner’s sum of debt servicing (interest and principal), unfunded capital expenditures and distributions to Alaris. Management believes the earnings coverage ratio is a useful metric in assessing our partners continued ability to make their contracted distributions.

    Normalized EBITDA refers to EBITDA excluding items that are non-recurring in nature and is calculated by adjusting for non-recurring expenses and gains to EBITDA. Management deems non-recurring charges to be unusual and/or infrequent charges that our Partners incur outside of its common day-to-day operations.

    EBITDA refers to earnings determined in accordance with IFRS, before depreciation and amortization, net of gain or loss on disposal of capital assets, interest expense and income tax expense. EBITDA is used by management and many investors to determine the ability of an issuer to generate cash from operations.

    IRR is a supplementary financial measure and refers to internal rate of return, which is a metric used to determine the discount rate that derives a net present value of cash flows to zero. Management uses IRR to analyze partner returns. The Trust’s method of calculating this supplementary financial measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures by other issuers.

    MOIC is a supplementary financial measure and refers to multiple of capital invested, which is a financial metric used to evaluate the value of an investment relative to the initial capital. Management uses MOIC to analyze partner returns. The Trust’s method of calculating this supplementary financial measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures by other issuers.

    The terms Earnings Coverage Ratio, Normalized EBITDA, EBITDA, IRR and MOIC (the “Non-IFRS Measures“) are not standard measures under IFRS. Alaris’ calculation of the Non-IFRS Measures may differ from those of other issuers and, therefore, should only be used in conjunction with the Trust’s annual audited and unaudited interim financial statements, which are available under the Trust’s (and its predecessor’s) profile on SEDAR+ at www.sedarplus.ca.

    FORWARD LOOKING STATEMENTS

    This news release contains forward-looking statements, including forward-looking statements within the meaning of “safe harbor” provisions under applicable securities laws (“forward-looking statements”). Statements other than statements of historical fact contained in this news release may be forward-looking statements, including, without limitation, management’s expectations, intentions and beliefs concerning the Berg and PEC Investments and the Unify redemption. Many of these statements can be identified by words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. Forward looking statements in this news release include, without limitation, statements regarding: the annualized distributions for the Berg and PEC Investments; the earnings coverage ratios for Berg and PEC; and Alaris’ outstanding indebtedness and use of the balance of the Facility. Any forward-looking statements herein which constitute a financial outlook or future-oriented financial information (including the impact on Run Rate Payout Ratio) were approved by management as of the date hereof and have been included to provide an understanding of Alaris’ financial performance and are subject to the same risks and assumptions disclosed herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.

    By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of the Canadian and U.S. economies over the next 24 months and how that will affect Alaris’ business and that of its Partners are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: interest rates will not rise in a matter materially different from the prevailing market expectations over the next 12 to 24 months; no widespread global health crisis will impact the economy or any Partners’ operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; the businesses of new Partners and those of existing partners will perform in line with Alaris’ expectations and diligence; more private companies will require access to alternative sources of capital and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms. Management of Alaris has also assumed that the Canadian and U.S. dollar trading pair will remain in a range of approximately plus or minus 15% of the current rate expectations over the next 6 months. In determining expectations for economic growth, management of Alaris primarily considers historical economic data provided by the Canadian and U.S. governments and their agencies as well as prevailing economic conditions at the time of such determinations.

    Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to: the ability of our Partners and, correspondingly, Alaris to meet performance expectations for 2025 and beyond; any change in the senior lenders’ outlook for Alaris’ business; management’s ability to assess and mitigate the impacts of any local, regional, national or international health crises like COVID-19 or its variants; the dependence of Alaris on the Partners; reliance on key personnel; general economic conditions in Canada, North America and globally; failure to complete or realize the anticipated benefit of Alaris’ financing arrangements with the Partners; a failure of the Trust or any Partners to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions in a timely fashion, or at all; a change in the ability of the Partners to continue to pay Alaris’ distributions; a material change in the unaudited information provided to Alaris by the Partners; a failure of a Partner (or Partners) to realize on their anticipated growth strategies; a failure to achieve the expected benefits of the third-party asset management strategy or similar new investment structures and strategies; conflicts of interest that may arise under the asset management strategy or otherwise; a failure to achieve resolutions for outstanding issues with Partners on terms materially in line with management’s expectations or at all; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading “Risk Factors” and “Forward Looking Statements” in the Trust’s Management Discussion and Analysis for the year ended December 31, 2023, which is filed under the Trust’s profile at www.sedar.com and on its website at www.alarisequitypartners.com.

    This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about increases to the Trust’s net operating cash from activities and revenues, each of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI and forward-looking statements. Alaris’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and FOFI, or if any of them do so, what benefits the Trust will derive therefrom. The Trust has included the forward-looking statements and FOFI in order to provide readers with a more complete perspective on Alaris’ future operations and such information may not be appropriate for other purposes. Alaris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Readers are cautioned not to place undue reliance on any forward-looking information contained in this news release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Statements containing forward-looking information reflect management’s current beliefs and assumptions based on information in its possession on the date of this news release. Although management believes that the assumptions reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations will prove to be correct.

    The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release and Alaris does not undertake or assume any obligation to update or revise such statements to reflect new events or circumstances except as expressly required by applicable securities legislation.

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

    For further information please contact:

    ir@alarisequity.com
    P: (403) 260-1457
    Alaris Equity Partners Income Trust
    Suite 250, 333 24th Avenue S.W.
    Calgary, Alberta T2S 3E6

    www.alarisequitypartners.com

    The MIL Network –

  • MIL-OSI: Tailrow Reciprocal Exchange, an HCI Group Sponsored Insurer, Assumes Just Under 14,000 Policies from Citizens, Representing Approximately $35 Million in Premium

    Source: GlobeNewswire (MIL-OSI)

    TAMPA, Fla., Feb. 24, 2025 (GLOBE NEWSWIRE) — HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that Tailrow Insurance Exchange, an HCI-sponsored reciprocal insurer with plans to write personal residential policies, has successfully assumed just under 14,000 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurance company. The policies assumed represent approximately $35 million of in-force premium.

    “We are excited to complete this assumption and officially commence operations at Tailrow. The technology we’ve built and our management expertise enabled us to identify attractive policies at Citizens for assumption and achieve a high adoption rate by policyholders,” said Paresh Patel, HCI’s chairman and chief executive officer.

    Tailrow was approved for 20,000 policies, made approximately 18,000 offers and assumed just under 14,000 policies – a 76% acceptance rate. The assumption of policies is effective as of February 18, 2025.

    A “reciprocal insurer” is an unincorporated aggregation of at least 25 policyholders operating through an attorney in fact to provide insurance among themselves. A reciprocal insurer is essentially owned by its policyholders, but its operations such as underwriting, claims and management services are provided by an attorney in fact for a predetermined management fee.

    About HCI Group, Inc.
    HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI’s leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. TypTap’s operations are powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners insurance primarily in Florida. HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.

    The company’s common shares trade on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.

    Company Contact:
    Bill Broomall, CFA
    Investor Relations
    HCI Group, Inc.
    Tel (813) 776-1012
    wbroomall@typtap.com

    Investor Relations Contact:
    Matt Glover
    Gateway Group, Inc.
    Tel 949-574-3860
    HCI@gateway-grp.com

    The MIL Network –

  • MIL-OSI: Ready Capital Corporation Announces Closing of $220.0 Million of Senior Secured Notes

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) today announced that on February 21, 2025, ReadyCap Holdings, LLC (“ReadyCap”), an indirect subsidiary of the Company closed a private placement of $220.0 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028 (the “Notes”). The Notes are senior secured obligations of ReadyCap. Payments of the amounts due on the Notes are fully and unconditionally guaranteed (the “Guarantees”), at issuance, by the Company, Ready Capital Partners I, LLC, Ready Capital Subsidiary REIT II, LLC (“SubREIT II”), RCSR I Investments, LLC (“RCSR I”), RCSR II Investments, LLC (“RCSR II”) and RCSR I Intermediate Holdings, LLC (collectively, the “Guarantors”). ReadyCap’s and the Guarantors’ respective obligations under the Notes and the Guarantees are secured by a first-priority lien on the assets of RCSR I and RCSR II and the capital stock of RCSR I, RCSR II, SubREIT II and certain other subsidiaries of the Company.

    The Company intends to use the net proceeds from the private placement to repay its indebtedness and for general corporate purposes.

    Piper Sandler & Co. acted as the placement agent for the offering. Alston & Bird LLP served as counsel for the Company, and Ropes & Gray LLP served as counsel for the placement agent.

    The Notes and the Guarantees will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, or any state securities laws.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any sale of the Company’s securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

    About Ready Capital Corporation

    Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide. The Company is externally managed and advised by Waterfall Asset Management, LLC.

    Forward-Looking Statements

    This press release contains certain forward-looking statements. Words such as “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “could,” “would,” “may,” “potential” or the negative of those terms or other comparable terminology are intended to identify forward-looking statements. These forward-looking statements include statements relating to, among other things, the expected use of the net proceeds from the private placement. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond the control of the Company, including, without limitation, the risk factors and other matters set forth in the Company’s Annual Report on Form 10–K for the year ended December 31, 2023 filed with the SEC and in its other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    Contacts:
    Investor Relations
    Ready Capital Corporation
    212-257-4666
    InvestorRelations@readycapital.com

    The MIL Network –

  • MIL-OSI: Rigetti Computing to Report Fourth Quarter 2024 Financial Results and Host Conference Call on March 5, 2025

    Source: GlobeNewswire (MIL-OSI)

    BERKELEY, Calif., Feb. 24, 2025 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (“Rigetti” or the “Company”) (Nasdaq: RGTI), a pioneer in hybrid quantum-classical computing, announced today that it will release fourth quarter 2024 results on March 5, 2025 after market close. The Company will host a conference call to discuss its financial results and provide an update on its business operations at 5:00 p.m. ET the same day.

    Key details regarding the call are as follows:

    Call Date: Wednesday, March 5, 2025
    Call Time: 5:00 p.m. ET / 2:00 p.m. PT
    Webcast Link: https://edge.media-server.com/mmc/p/5jaikwa8/
    Live Call Participant Link: https://register.vevent.com/register/BIc3642ee5e70e4bea9d3311a88c4e128a

    Webcast Instructions
    You can listen to a live audio webcast of the conference call by visiting the “Webcast Link” above or the “Events & Presentations” section of the Company’s Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.

    Live Call Participant Instructions
    To participate in the live call, you must register using the “Live Call Participant Link” above. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.

    About Rigetti
    Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera™ QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.

    Rigetti Computing Media Contact:
    press@rigetti.com
    Rigetti Computing Investor Relations Contact:
    IR@Rigetti.com

    The MIL Network –

  • MIL-OSI: Zoom Communications Reports Fourth Quarter and Fiscal Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Fourth quarter total revenue of $1,184.1 million, up 3.3% year over year as reported and 3.6% in constant currency; full fiscal year total revenue of $4,665.4 million, up 3.1% year over year as reported and 3.3% in constant currency
    • Fourth quarter Enterprise revenue of $706.8 million, up 5.9% year over year; full fiscal year Enterprise revenue of $2,754.2 million, up 5.2% year over year
    • Fourth quarter operating cash flow of $424.6 million, up 20.9% year over year; full fiscal year operating cash flow of $1,945.3 million, up 21.7% year over year; full fiscal year operating cash flow margin of 41.7%
    • Fourth quarter GAAP operating margin of 19.0%, up 430 bps year over year, and non-GAAP operating margin of 39.5%, up 80 bps year over year; full fiscal year GAAP operating margin of 17.4%, up 580 bps year over year, and non-GAAP operating margin of 39.4%, up 20 bps year over year
    • Number of customers contributing more than $100,000 in trailing 12 months revenue up 7.3% year over year
    • Repurchased approximately 4.3 million shares of common stock in fourth quarter and approximately 15.9 million shares of common stock during full fiscal year

    SAN JOSE, Calif., Feb. 24, 2025 (GLOBE NEWSWIRE) — Zoom Communications, Inc. (NASDAQ: ZM), an AI-first work platform for human connection, today announced financial results for the fourth quarter and fiscal year ended January 31, 2025.

    “In FY25, Zoom AI Companion emerged as the driving force behind our transformation into an AI-first company, enabling our customers to discover enhanced productivity opportunities. As Zoom AI Companion becomes increasingly agentic, we look forward to continuing to help our customers fully realize the benefits of AI and discover what’s possible with AI agents,” said Eric S. Yuan, Zoom’s founder and CEO. “Both Contact Center and Workvivo had incredible years capped by excellent Q4s in terms of strategic logo wins, upmarket momentum and broader customer growth. As we rapidly innovated for our customers, we delivered a robust 5.8-point expansion in FY25 GAAP operating margin driven by increased focus on prioritizing investments and controlling share-based compensation, and grew FY25 operating cash flow 21.7% year over year to nearly $2 billion, representing an operating cash flow margin of 41.7%.”

    Fourth Quarter Fiscal Year 2025 Financial Highlights:

    • Revenue: Total revenue for the fourth quarter was $1,184.1 million, up 3.3% year over year. After adjusting for foreign currency impact, revenue in constant currency was $1,188.0 million, up 3.6% year over year. Enterprise revenue was $706.8 million, up 5.9% year over year, and Online revenue was $477.3 million, down 0.4% year over year.
    • Income from Operations and Operating Margin: GAAP income from operations for the fourth quarter was $225.1 million, compared to GAAP income from operations of $168.5 million in the fourth quarter of fiscal year 2024. Non-GAAP income from operations, which adjusts for stock-based compensation expense and related payroll taxes, and acquisition-related expenses, was $468.0 million for the fourth quarter, compared to non-GAAP income from operations of $443.7 million in the fourth quarter of fiscal year 2024. For the fourth quarter, GAAP and non-GAAP operating margin was 19.0% and 39.5%, respectively, up from 14.7% and 38.7%, respectively, in the fourth quarter of fiscal year 2024.
    • Net Income and Diluted Net Income Per Share: GAAP net income for the fourth quarter was $367.9 million, or $1.16 per share, compared to GAAP net income of $298.8 million, or $0.95 per share in the fourth quarter of fiscal year 2024.

      Non-GAAP net income, which adjusts for stock-based compensation expense and related payroll taxes, gains on strategic investments, net, acquisition-related expenses, and the tax effects on non-GAAP adjustments, was $446.9 million for the fourth quarter. Non-GAAP net income per share was $1.41 in the fourth quarter. In the fourth quarter of fiscal year 2024, non-GAAP net income was $444.0 million, or $1.42 per share.

    • Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of January 31, 2025 was $7.8 billion.
    • Cash Flow: Net cash provided by operating activities was $424.6 million for the fourth quarter, compared to $351.2 million in the fourth quarter of fiscal year 2024, up 20.9% year over year. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $416.2 million in the fourth quarter, compared to $332.7 million in the fourth quarter of fiscal year 2024, up 25.1% year over year.

    Full Fiscal Year 2025 Financial Highlights:

    • Revenue: Total revenue for the fiscal year was $4,665.4 million, up 3.1% year over year. After adjusting for foreign currency impact, revenue in constant currency was $4,675.0 million, up 3.3% year over year. Enterprise revenue was $2,754.2 million, up 5.2% year over year, and Online revenue was $1,911.2 million, up 0.2% year over year.
    • Income from Operations and Operating Margin: GAAP income from operations for the fiscal year was $813.3 million, compared to GAAP income from operations of $525.3 million for fiscal year 2024. Non-GAAP income from operations, which adjusts for stock-based compensation expense and related payroll taxes, litigation settlements, net, and acquisition-related expenses, was $1,837.9 million for the fiscal year, compared to non-GAAP income from operations of $1,774.9 million for fiscal year 2024. For the fiscal year, GAAP and non-GAAP operating margin was 17.4% and 39.4% respectively, up from 11.6% and 39.2%, respectively, in the fourth quarter of fiscal year 2024.
    • Net Income and Diluted Net Income Per Share: GAAP net income for the fiscal year was $1,010.2 million, or $3.21 per share, compared to GAAP net income of $637.5 million, or $2.07 per share for fiscal year 2024.

      Non-GAAP net income, which adjusts for stock-based compensation expense and related payroll taxes, litigation settlements, net, gains on strategic investments, net, acquisition-related expenses, and the tax effects on non-GAAP adjustments, was $1,744.8 million for the fiscal year. Non-GAAP net income per share was $5.54. In fiscal year 2024, non-GAAP net income was $1,608.0 million, or $5.21 per share.

    • Cash Flow: Net cash provided by operating activities was $1,945.3 million for the fiscal year, compared to $1,598.8 million for fiscal year 2024 up 21.7% year over year. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $1,808.7 million, compared to $1,471.9 million for fiscal year 2024, up 22.9% year over year.

    Customer Metrics: Drivers of revenue included acquiring new customers and expanding across existing customers. At the end of the fourth quarter of fiscal year 2025, Zoom had:

    • Approximately 192,600 Enterprise customers.
    • A trailing 12-month net dollar expansion rate for Enterprise customers of 98%.
    • 4,088 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 7.3% from the same quarter last fiscal year.
    • Online average monthly churn of 2.8% for the fourth quarter, down 20 bps from the same quarter last fiscal year.
    • At the end of the fourth quarter, the percentage of total Online MRR from Online customers with a continual term of service of at least 16 months was 75.1%, up 90 bps year over year.

    As Zoom continues to expand and evolve, we have seen an increasing overlap between our Enterprise and Online customer categories. Over time, customers with lower MRR are expected to move from Enterprise to Online as we optimize our sales strategies. While these moves do not have a material impact on other customer metrics, the number of customers between these two groups has become less meaningful as a customer metric. Therefore, beginning in the first quarter of fiscal year 2026, we will no longer report the number of Enterprise customers as a customer metric. However, we will continue to provide this metric in the appendix of our investor deck through the end of fiscal year 2026, which will be accessible on our investor relations website (investors.zoom.us).

    Financial Outlook: Zoom is providing the following guidance for its first quarter of fiscal year 2026 and its full fiscal year 2026.

    • First Quarter Fiscal Year 2026: Total revenue is expected to be between $1.162 billion and $1.167 billion and revenue in constant currency is expected to be between $1.168 billion and $1.173 billion. Non-GAAP income from operations is expected to be between $440.0 million and $445.0 million. First quarter non-GAAP diluted EPS is expected to be between $1.29 and $1.31 with approximately 316 million non-GAAP weighted average shares outstanding.
    • Full Fiscal Year 2026: Total revenue is expected to be between $4.785 billion and $4.795 billion and revenue in constant currency is expected to be between $4.803 billion and $4.813 billion. Non-GAAP income from operations is expected to be between $1.850 billion and $1.860 billion. Full fiscal year non-GAAP diluted EPS is expected to be between $5.34 and $5.37 with approximately 318 million non-GAAP weighted average shares outstanding. Full fiscal year free cash flow is expected to be between $1.680 billion and $1.720 billion.

    The EPS and share count figures do not include any impact from $1.6 billion of authorized share repurchase remaining as of January 31, 2025.

    Additional information on Zoom’s reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom’s results computed in accordance with GAAP.

    A supplemental financial presentation and other information can be accessed through Zoom’s investor relations website at investors.zoom.us.

    Zoom Video Earnings Call

    Zoom will host a Zoom Video Webinar for investors on February 24, 2025 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company’s financial results, business highlights and financial outlook. Investors are invited to join the Zoom Video Webinar by visiting: https://investors.zoom.us/ 

    About Zoom

    Zoom’s mission is to provide an AI-first platform for human connection. Reimagine teamwork with Zoom Workplace — Zoom’s open collaboration platform with AI Companion empowers teams to be more productive. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer care teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more information at zoom.com.

    Forward-Looking Statements

    This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom’s financial outlook for the first quarter of fiscal year 2026 and full fiscal year 2026, Zoom’s market position, opportunities, and growth strategy, product initiatives, including future product and feature releases and the potential of agentic AI, and go-to-market motions and the expected benefits resulting from the same, market trends, and Zoom’s stock repurchase program. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. 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 statements, including: declines in new customers, renewals or upgrades, or decline in demand for our platform, difficulties in evaluating our prospects and future results of operations given our limited operating history, competition from other providers of communications platforms, the effect of macroeconomic conditions on our business, including tariffs and trade tensions, inflationary pressures and market volatility, lengthened sales cycles with large organizations, delays or outages in services from our co-located data centers, failures in internet infrastructure or interference with broadband access, compromised security measures, including ours and those of the third parties upon which we rely, and global security concerns and their potential impact on regional and global economies and supply chains. 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 most recent filings with the Securities and Exchange Commission (the “SEC”), including our quarterly report on Form 10-Q for the fiscal quarter ended October 31, 2024. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Non-GAAP Financial Measures

    Zoom has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Zoom uses these non-GAAP financial measures internally in analyzing its 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 Zoom’s financial results with other companies in its 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 GAAP financial measures and should be read only in conjunction with Zoom’s condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Zoom’s 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 the reconciliation.

    Non-GAAP Income from Operations and Non-GAAP Operating Margin. Zoom defines non-GAAP income from operations as income from operations excluding stock-based compensation expense and related payroll taxes, acquisition-related expenses, restructuring expenses, and litigation settlements, net. Zoom excludes stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding Zoom’s operational performance and allows investors the ability to make more meaningful comparisons between Zoom’s operating results and those of other companies. Zoom excludes the amount of employer payroll taxes related to employee stock plans, which is a cash expense, in order for investors to see the full effect that excluding stock-based compensation expense had on Zoom’s operating results. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of the business. Zoom views acquisition-related expenses when applicable, such as amortization of acquired intangible assets, transaction costs, and acquisition-related retention payments that are directly related to business combinations as events that are not necessarily reflective of operational performance during a period. Restructuring expenses are expenses associated with a formal restructuring plan and may include employee notice period costs, severance payments, and other related expenses. Zoom excludes these restructuring expenses because they are distinct from ongoing operational costs and Zoom does not believe they are reflective of current and expected future business performance and operating results. Zoom excludes significant litigation settlements, net of amounts covered by insurance, that we deem not to be in the ordinary course of our business. In fact, Zoom believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods that may or may not include such expenses and assist in the comparison with the results of other companies in the industry. Zoom defines non-GAAP operating margin as non-GAAP income from operations divided by GAAP revenue.

    Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted. Zoom defines non-GAAP net income as GAAP net income adjusted to exclude stock-based compensation expense and related payroll taxes, acquisition-related expenses, restructuring expenses, gains on strategic investments, net, litigation settlements, net, income tax benefits from discrete activities, and the tax effects of all non-GAAP adjustments. Zoom excludes these items because they are considered by management to be outside of Zoom’s core operating results. These adjustments are intended to provide investors and management with greater visibility to the underlying performance of Zoom’s business operations, facilitate comparison of its results with other periods, and may also facilitate comparison with the results of other companies in the industry. Zoom defines non-GAAP net income per share, basic and diluted, as non-GAAP net income divided by the number of shares outstanding, basic and diluted, calculated in accordance with GAAP.

    Free Cash Flow and Free Cash Flow Margin. Zoom defines free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment. Zoom considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business. Zoom defines free cash flow margin as free cash flow divided by GAAP revenue.

    Revenue in Constant Currency. Zoom defines revenue in constant currency as GAAP revenue adjusted for revenue reported in currencies other than United States dollars as if they were converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. Zoom provides revenue in constant currency information as a framework for assessing how Zoom’s underlying businesses performed period to period, excluding the effects of foreign currency fluctuations.

    Customer Metrics

    Zoom defines a customer as a separate and distinct buying entity, which can be a single paid user or an organization of any size (including a distinct unit of an organization) that has multiple users. Zoom defines Enterprise customers as distinct business units that have been engaged by either our direct sales team, resellers, or strategic partners. All other customers that subscribe to our services directly through our website are referred to as Online customers.

    Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue (“ARR”) from Enterprise customers as of 12 months prior (“Prior Period ARR”). Zoom defines ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. Zoom calculates ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR is defined as the recurring revenue run-rate of subscription agreements from all Enterprise customers for the last month of the period, including revenue from monthly subscribers who have not provided any indication that they intend to cancel their subscriptions. Zoom then calculates the ARR from these Enterprise customers as of the current period end (“Current Period ARR”), which includes any upsells, contraction, and attrition. Zoom divides the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, Zoom takes an average of the net dollar expansion rate over the trailing 12 months.

    Zoom calculates online average monthly churn by starting with the Online customer MRR as of the beginning of the applicable quarter (“Entry MRR”). Zoom defines Entry MRR as the recurring revenue run-rate of subscription agreements from all Online customers except for subscriptions that Zoom recorded as churn in a previous quarter based on the customers’ earlier indication to us of their intention to cancel that subscription. Zoom then determines the MRR related to customers who canceled or downgraded their subscription or notified us of that intention during the applicable quarter (“Applicable Quarter MRR Churn”) and divides the Applicable Quarter MRR Churn by the applicable quarter Entry MRR to arrive at the MRR churn rate for Online Customers for the applicable quarter. Zoom then divides that amount by three to calculate the online average monthly churn.

    Public Relations

    Colleen Rodriguez
    Head of Global Public Relations
    press@zoom.us 

    Investor Relations

    Charles Eveslage
    Head of Investor Relations
    investors@zoom.us 

    Zoom Communications, Inc.
    Consolidated Balance Sheets
    (In thousands)

        As of January 31,
          2025     2024
    Assets   (unaudited)    
    Current assets:        
    Cash and cash equivalents   $ 1,349,380   $ 1,558,252
    Marketable securities     6,442,329     5,404,233
    Accounts receivable, net     495,228     536,078
    Deferred contract acquisition costs, current     188,358     208,474
    Prepaid expenses and other current assets     200,679     219,182
    Total current assets     8,675,974     7,926,219
    Deferred contract acquisition costs, noncurrent     123,464     138,724
    Property and equipment, net     330,475     293,704
    Operating lease right-of-use assets     55,900     58,975
    Strategic investments     591,481     409,222
    Goodwill     307,295     307,295
    Deferred tax assets     749,759     662,177
    Other assets, noncurrent     154,073     133,477
    Total assets   $ 10,988,421   $ 9,929,793
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable   $ 8,345   $ 10,175
    Accrued expenses and other current liabilities     558,562     500,164
    Deferred revenue, current     1,336,387     1,251,848
    Total current liabilities     1,903,294     1,762,187
    Deferred revenue, noncurrent     17,274     18,514
    Operating lease liabilities, noncurrent     37,406     48,308
    Other liabilities, noncurrent     95,363     81,378
    Total liabilities     2,053,337     1,910,387
             
    Stockholders’ equity:        
    Common stock     305     307
    Additional paid-in capital     5,130,271     5,228,756
    Accumulated other comprehensive income     4,990     1,063
    Retained earnings     3,799,518     2,789,280
    Total stockholders’ equity     8,935,084     8,019,406
    Total liabilities and stockholders’ equity   $ 10,988,421   $ 9,929,793
                 

    Note: The amount of unbilled accounts receivable included within accounts receivable, net on the consolidated balance sheets was $118.5 million and $124.8 million as of January 31, 2025 and 2024, respectively.

    Zoom Communications, Inc.
    Consolidated Statements of Operations
    (Unaudited, in thousands, except share and per share amounts)

        Three Months Ended January 31,   Year Ended January 31,
          2025     2024     2025     2024
    Revenue   $ 1,184,138   $ 1,146,457   $ 4,665,433   $ 4,527,224
    Cost of revenue     287,355     276,307     1,129,627     1,077,801
    Gross profit     896,783     870,150     3,535,806     3,449,423
    Operating expenses:                
    Research and development     217,121     205,282     852,415     803,187
    Sales and marketing     358,903     371,052     1,427,384     1,541,307
    General and administrative     95,696     125,286     442,712     579,650
    Total operating expenses     671,720     701,620     2,722,511     2,924,144
    Income from operations     225,063     168,530     813,295     525,279
    Gains on strategic investments, net     150,357     101,296     177,142     109,770
    Other income, net     74,899     83,057     325,147     197,263
    Income before provision for income taxes     450,319     352,883     1,315,584     832,312
    Provision for income taxes     82,454     54,051     305,346     194,850
    Net income     367,865     298,832     1,010,238     637,462
                     
    Net income per share:                
    Basic   $ 1.20   $ 0.98   $ 3.28   $ 2.12
    Diluted   $ 1.16   $ 0.95   $ 3.21   $ 2.07
    Weighted-average shares used in computing net income per share:                
    Basic     306,553,952     305,822,936     307,981,971     300,748,162
    Diluted     316,693,346     313,467,303     315,069,582     308,519,897
                             

    Zoom Communications, Inc.
    Consolidated Statements of Cash Flows
    (Unaudited, in thousands)

        Three Months Ended January 31,   Year Ended January 31,
          2025       2024       2025       2024  
    Cash flows from operating activities:                
    Net income   $ 367,865     $ 298,832     $ 1,010,238     $ 637,462  
    Adjustments to reconcile net income to net cash provided by operating activities:                
    Stock-based compensation expense     222,939       254,373       931,309       1,057,161  
    Deferred income taxes     (18,416 )     (136,735 )     (90,551 )     (116,679 )
    Amortization of deferred contract acquisition costs     71,063       66,793       282,103       270,701  
    Gains on strategic investments, net     (150,357 )     (101,296 )     (177,142 )     (109,770 )
    Depreciation and amortization     34,591       27,272       122,632       104,451  
    Provision for accounts receivable allowances     2,983       6,182       20,022       35,244  
    Unrealized foreign exchange losses (gains)     12,364       (11,022 )     17,165       12,259  
    Non-cash operating lease cost     6,205       5,225       24,066       21,066  
    Amortization of discount/premium on marketable securities     (16,871 )     (17,463 )     (71,636 )     (50,770 )
    Other     630       (2,419 )     4,048       (7,670 )
    Changes in operating assets and liabilities:                
    Accounts receivable     (47,632 )     (18,723 )     26,640       53,270  
    Prepaid expenses and other assets     (11,360 )     53,208       (17,114 )     (71,247 )
    Deferred contract acquisition costs     (79,932 )     (68,303 )     (246,727 )     (214,657 )
    Accounts payable     (1,686 )     (2,158 )     (3,133 )     (4,416 )
    Accrued expenses and other liabilities     65,245       51,989       62,277       51,974  
    Deferred revenue     (26,253 )     (48,637 )     79,995       (46,719 )
    Operating lease liabilities, net     (6,812 )     (5,893 )     (28,884 )     (22,824 )
    Net cash provided by operating activities     424,566       351,225       1,945,308       1,598,836  
    Cash flows from investing activities:                
    Purchases of marketable securities     (919,938 )     (1,120,371 )     (4,622,104 )     (4,083,968 )
    Maturities of marketable securities     919,856       773,341       3,610,274       3,131,419  
    Sales of marketable securities     —       1,191       47,482       1,191  
    Purchases of property and equipment     (8,334 )     (18,540 )     (136,560 )     (126,953 )
    Purchases of strategic investments     (5,000 )     (17,727 )     (18,500 )     (70,527 )
    Proceeds from strategic investments     8,530       62,823       13,384       170,067  
    Cash paid for acquisition, net of cash acquired     —       —       —       (204,918 )
    Net cash used in investing activities     (4,886 )     (319,283 )     (1,106,024 )     (1,183,689 )
    Cash flows from financing activities:                
    Cash paid for repurchases of common stock     (354,567 )     —       (1,093,878 )     —  
    Proceeds from issuance of common stock for employee stock purchase plan     19,745       21,584       54,008       54,097  
    Proceeds from exercise of stock options     867       1,859       4,619       10,195  
    Proceeds from employee equity transactions to be remitted (remitted) to employees and tax authorities, net     4,984       791       7,174       (4,106 )
    Net cash (used in) provided by financing activities     (328,971 )     24,234       (1,028,077 )     60,186  
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash     (12,150 )     11,077       (15,170 )     (10,196 )
    Net increase (decrease) in cash, cash equivalents, and restricted cash     78,559       67,253       (203,963 )     465,137  
    Cash, cash equivalents, and restricted cash—beginning of year     1,282,858       1,498,127       1,565,380       1,100,243  
    Cash, cash equivalents, and restricted cash—end of year   $ 1,361,417     $ 1,565,380     $ 1,361,417     $ 1,565,380  
                                     

    Zoom Communications, Inc.
    Reconciliation of GAAP to Non-GAAP Measures
    (Unaudited, in thousands, except share and per share amounts)

        Three Months Ended January 31,   Year Ended January 31,
          2025       2024       2025       2024  
    GAAP income from operations   $ 225,063     $ 168,530     $ 813,295     $ 525,279  
    Add:                
    Stock-based compensation expense and related payroll taxes     232,983       262,754       966,732       1,076,212  
    Litigation settlements, net     —       —       16,250       52,500  
    Acquisition-related expenses     9,916       12,465       41,618       47,904  
    Restructuring expenses     —       —       —       72,993  
    Non-GAAP income from operations   $ 467,962     $ 443,749     $ 1,837,895     $ 1,774,888  
    GAAP operating margin     19.0 %     14.7 %     17.4 %     11.6 %
    Non-GAAP operating margin     39.5 %     38.7 %     39.4 %     39.2 %
                     
    GAAP net income   $ 367,865     $ 298,832     $ 1,010,238     $ 637,462  
    Add:                
    Stock-based compensation expense and related payroll taxes     232,983       262,754       966,732       1,076,212  
    Litigation settlements, net     —       —       16,250       52,500  
    Gains on strategic investments, net     (150,357 )     (101,296 )     (177,142 )     (109,770 )
    Acquisition-related expenses     9,916       12,465       41,618       47,904  
    Restructuring expenses     —       —       —       72,993  
    Income tax benefits from discrete activities     —       (8,272 )     —       (8,272 )
    Tax effects on non-GAAP adjustments     (13,461 )     (20,512 )     (112,945 )     (161,006 )
    Non-GAAP net income   $ 446,946     $ 443,971     $ 1,744,751     $ 1,608,023  
                     
    Net income per share – basic and diluted:                
    GAAP net income per share – basic   $ 1.20     $ 0.98     $ 3.28     $ 2.12  
    Non-GAAP net income per share – basic   $ 1.46     $ 1.45     $ 5.67     $ 5.35  
    GAAP net income per share – diluted   $ 1.16     $ 0.95     $ 3.21     $ 2.07  
    Non-GAAP net income per share – diluted   $ 1.41     $ 1.42     $ 5.54     $ 5.21  
                     
    GAAP and non-GAAP weighted-average shares used to compute net income per share – basic     306,553,952       305,822,936       307,981,971       300,748,162  
    GAAP and non-GAAP weighted-average shares used to compute net income per share – diluted     316,693,346       313,467,303       315,069,582       308,519,897  
                     
    Net cash provided by operating activities   $ 424,566     $ 351,225     $ 1,945,308     $ 1,598,836  
    Less: Purchases of property and equipment     (8,334 )     (18,540 )     (136,560 )     (126,953 )
    Free cash flow (non-GAAP)     416,232       332,685       1,808,748       1,471,883  
    Net cash used in investing activities   $ (4,886 )   $ (319,283 )   $ (1,106,024 )   $ (1,183,689 )
    Net cash provided by financing activities   $ (328,971 )   $ 24,234     $ (1,028,077 )   $ 60,186  
    Operating cash flow margin (GAAP)     35.9 %     30.6 %     41.7 %     35.3 %
    Free cash flow margin (non-GAAP)     35.2 %     29.0 %     38.8 %     32.5 %
                     
        Three Months Ended January 31,   Year Ended January 31,
          2025       2025  
        Revenue   YoY Revenue Growth (%)   Revenue   YoY Revenue Growth (%)
    GAAP revenue   $ 1,184,138       3.3 %   $ 4,665,433       3.1 %
    Add: Constant currency impact     3,835       0.3 %     9,545       0.2 %
    Revenue in constant currency (non-GAAP)   $ 1,187,973       3.6 %   $ 4,674,978       3.3 %

    The MIL Network –

  • MIL-OSI: EverCommerce Announces Date of Fourth Quarter 2024 Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Feb. 24, 2025 (GLOBE NEWSWIRE) — EverCommerce Inc. (NASDAQ: EVCM), a leading provider of SaaS solutions for service SMBs, will report its fourth quarter 2024 financial results after the U.S. financial markets close on Thursday, March 13, 2025.

    Management will host a conference call on Thursday, March 13 at 5:00 p.m. Eastern Time / 3:00 p.m. Mountain Time to discuss the Company’s financial results and provide a business update. Please visit the “Investor Relations” page of the Company’s website (https://investors.evercommerce.com/) for both telephonic and webcast access to this call; a replay will be archived on the website as well.

    About EverCommerce

    EverCommerce (Nasdaq: EVCM) is a leading service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 690,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. With its EverPro, EverHealth, and EverWell brands specializing in Home, Health, and Wellness service industries, EverCommerce provides end-to-end business management software, embedded payment acceptance, marketing technology, and customer experience applications. Learn more at EverCommerce.com.

    Investor Contact:
    Brad Korch
    SVP and Head of Investor Relations
    720-796-7664
    ir@evercommerce.com

    Press Contact:
    Jeanne Trogan
    VP of Corporate Communications
    512-705-1293
    press@evercommerce.com

    The MIL Network –

  • MIL-OSI: American National Completes Full Redemption of Outstanding Depositary Shares Representing Interests in its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 24, 2025 (GLOBE NEWSWIRE) — American National Group Inc. (the “Company”) (NYSE: ANG PRA) today announced that the Company has completed the previously announced redemption (the “Redemption”) of all the 16,000 outstanding shares of its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”) and the corresponding 16,000,000 depositary shares, each representing a 1/1,000th interest in one share of Series A Preferred Stock (the “Depositary Shares”). The redemption price for the Depositary Shares was $25.00 per Depositary Share (equivalent to $25,000 per share of Series A Preferred Stock) plus an amount equal to any declared but unpaid dividends and the portion of the quarterly dividend attributable to 1/1,000th of a share of Series A Preferred Stock to the then-current dividend period that has not been declared and paid to, but excluding, the redemption date (which was February 24, 2025) (the “Redemption Date”, and such redemption price, the “Redemption Price”). The Company funded the Redemption Price with the net proceeds from its previously announced sale of 12,000,000 depositary shares, each representing a 1/1,000th interest in a share of the Company’s Fixed-Rate Non-Cumulative Preferred Stock, Series D, together with cash on hand.

    None of the Series A Preferred Stock or Depositary Shares remain outstanding, and all rights with respect to such stock or depositary shares have ceased and terminated except only the right of the holders of the Depositary Shares to receive the Redemption Price, without interest. Investors in the Depositary Shares should contact the bank or broker through which they held a beneficial interest in the Depositary Shares for information about obtaining the Redemption Price for the Depositary Shares in which they had a beneficial interest.

    In connection with the Redemption, the New York Stock Exchange (“NYSE”) has suspended trading of the Depositary Shares effective prior to the opening of trading on the Redemption Date. NYSE has filed with the Securities and Exchange Commission (the “SEC”) a notification of removal from listing and registration on Form 25 to effect the delisting of all of the Depositary Shares from NYSE. In addition, the Company intends to file a certification on Form 15 with the SEC requesting the termination of registration of all of the Depositary Shares. Deregistration of the Depositary Shares is expected to become effective 90 days after the Form 15 is filed.

    ABOUT AMERICAN NATIONAL GROUP INC.

    American National Group Inc. offers a broad array of insurance products and services through its operating subsidiaries, American National and American Equity Life. Operating across 50 U.S. states, the group’s customer offering includes annuities, personal and commercial property and casualty insurance and life insurance. For more information, please visit AmericanNational.com/home/about-us/investor-relations.

    Forward-Looking Statements

    All statements contained in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They may relate to markets for our products, trends in our operations or financial results, strategic alternatives, future operations, strategies, plans, partnerships, investments, share buybacks and other financial developments. They use words and terms such as “anticipate,” “assume,” “believe,” “can,” “continue,” “could,” “enable,” “estimate,” “expect,” “foreseeable,” “goal,” “improve,” “intend,” “likely,” “may,” “model,” “objective,” “opportunity,” “outlook,” “plan,” “potential,” “project,” “remain,” “risk,” “seek,” “should,” “strategy,” “target,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all forms of speech and derivative forms, or similar words, as well as any projections of future events or results. Forward-looking statements, by their nature, are subject to a variety of assumptions, risks, and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by the Company. Factors that may cause our actual decisions or results to differ materially from those contemplated by these forward-looking statements include, among other things, the factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and any other documents we file with the SEC.

    Forward-looking statements speak only as of the date the statement was made and the Company undertakes no obligation to update such forward-looking statements except as required by law. There can be no assurance that other factors not currently disclosed or anticipated by the Company will not materially adversely affect our results of operations or plans. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.

    Contact: Steven Schwartz
    Treasurer, Head of Investor Relations
    888-221-1234 ext. 3763
    sschwartz@american-equity.com

    The MIL Network –

  • MIL-OSI: Kneat to Announce 2024 Fourth-Quarter and Full-Year Financial Results February 26, 2025

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Ireland, Feb. 24, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, announced today that the Company will release its financial results for the quarter ended December 31, 2024, after TSX market close on February 26, 2025.

    Eddie Ryan, Chief Executive Officer and Hugh Kavanagh, Chief Financial Officer, will host a conference call and Q&A for sell side analysts via webcast on February 27, 2025 at 09:00 ET (14:00 GMT).

    Interested parties can register for the live webcast via the following link:

    Register Here

    The fourth-quarter financial results will be available from the Financial Information section of the Investors page on the Kneat Solutions website, at: https://kneat.com/investors/ 

    About Kneat
    Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show a 40% or more reduction in validation cycle times, nearly 20% faster speed to market, and 80% reduced changeover time. For more information visit www.kneat.com.

    For further information:

    Katie Keita, Investor Relations Lead, +902-706-9074, katie.keita@kneat.com

    The MIL Network –

  • MIL-OSI: Wah Fu Education Group Deeply Integrates DeepSeek: Driving AI-based Education Innovation and Establishing Long-term Growth Strategies

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, China, Feb. 24, 2025 (GLOBE NEWSWIRE) — Wah Fu Education Group Limited (“Wah Fu” or the “Company”) (NASDAQ: WAFU), a provider of online education and exam preparation services, as well as related training materials and technology solutions for both institutions and individuals, announced that it planned to fully access a domestic large language model – DeepSeek, and to officially enter a new era of strategic AI-based education transformation through by intelligently upgrading the curriculum system. 

    AI-driven Product Innovation: Optimization of Short-term Tactics

    Answer questions accurately and intelligently to improve learning efficiency. Wah Fu  has introduced DeepSeek into its self-taught online assisted learning programs to provide AI-based Q&A assistants for more than a thousand popular programs. With the aid of DeepSeek’s powerful natural language processing capabilities and in combination with the knowledge base of the programs, the students can quickly get accurate answers when they have questions. Complex theoretical doubts can be cleared in time, thus helping students understand knowledge, improve their learning efficiency, and enhancing their learning continuity and enthusiasm.

    Personalized learning support increases customer stickiness. Based on DeepSeek’s comprehension, Wah Fu customizes exclusive learning plans based on the students’ learning habits, mastery of knowledge and answering of questions. It pushes learning materials and exercises suitable for the students, teaching the students in accordance with their aptitudes. This cannot only improve the learning efficiency, but also significantly increase the customer stickiness, thereby enhancing market competitiveness of the products.

    Building an AI-based Education Ecosystem: Long-term Strategic Layout

    Perform technological integration and innovation to foster core competencies. Access to DeepSeek is just the beginning. Wah Fu will continuously invest resources in optimizing the knowledge base of programs and the cooperative mechanism of models, to improve the efficiency of data processing and knowledge matching.

    Expand market businesses and develop new growth paths. Taking the upgrading of self-taught education as a breakthrough, Wah Fu continuously expands AI-empowered fields, constantly making adult education, vocational training, evaluation, examination, and resource construction more intelligent.

    About Wah Fu Education Group Limited

    Since its establishment in 1999, Wah Fu has been committed to providing diversified and customized education solutions for the development of students, institutions and universities. It keeps innovating in self-taught examination for higher academic degrees, information application in adult education, non-degree training and others. It has now become one of the most influential brands of distance education for adults in China.

    Safe Harbor Statement

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are not statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; government regulations; and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the “SEC”). For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    For more information, please contact:

    At the Company:

    Raincy Du
    ir@edu-edu.com.cn

    The MIL Network –

  • MIL-OSI: HTXMining: Transforming Passive Income with Next-Generation Crypto Staking Solutions

    Source: GlobeNewswire (MIL-OSI)

    London, UK, Feb. 24, 2025 (GLOBE NEWSWIRE) — HTXMining, a leading Liquidity Staking Platform, is making waves in the cryptocurrency industry by providing one of the best ways to earn passive income. HTXMining can rock the world of cryptocurrencies with its appealing features. Htxmining impressed its investors by providing new ways to make the most of their digital assets, all while keeping things safe and profitable.

    HTXMining: The Future of Crypto Staking

    Cryptocurrency staking is a new way to earn passive income. HTXMining is the best crypto-staking platform to stake your digital assets and get high returns. Since staking won’t ask you to invest in expensive hardware or consume excess energy, it will be an eco-friendly and sustainable investment compared to traditional mining.

    HTXMining’s staking services allow you to lock your assets for a set period and earn staking rewards in return. HTXMining is the go-to platform for both beginners and experienced investors because of its high annual percentage yields (APYs), user-friendly interface, and low transaction fees.

    Liquidity Staking Platform: Profitability & Accessibility

    HTXMining is ahead of the curve with its Liquidity Staking Platform. Liquidity staking allows you to stake your assets while keeping liquidity, so you can still trade or use your funds while earning rewards. This is unique to HTXMining and investors have flexibility and financial freedom.

    HTXMining’s staking model guarantees stakers trading and staking rewards. You can maximize your profit potential by providing liquidity to decentralized exchanges (DEXs) and automated market makers (AMMs) without sacrificing asset availability.

    Liquidity Mining Platform: Maximizing Crypto Returns

    HTXMining’s Liquidity Mining Platform is designed to provide unparalleled earning opportunities to crypto enthusiasts. Liquidity mining involves providing assets to liquidity pools in decentralized finance (DeFi) protocols. As a reward for their contribution, liquidity providers can get extra tokens, a share of the transaction fees, or even voting rights within the platform.

    The platform offers diverse liquidity mining pools. Whether staking Ethereum (ETH), Bitcoin (BTC), or stablecoins like USDT and USDC, HTXMining ensures that users can diversify their investments while optimizing their earnings.

    Why HTXMining Serves the Best Crypto Staking Platform

    HTXMining is regarded as the leading platform for crypto staking due to its commitment to transparency, security, and profitability. Among the key distinguishing features of HTXMining are:

    • High-Yield Staking Plans: Users can select from flexible or fixed staking options, with competitive APYs.
    • Low Transaction Fees: Users can maximize their staking and liquidity mining rewards since Htxmining has minimal transaction fees.
    • User-Friendly Interface: The intuitive interface of HTXMining and it is easy to get in touch with a platform for both beginners and experienced users.
    • 24/7 Customer Support: HTXMining provides 24/7 assistance to help users with any inquiries.

    Best Ways to Earn Passive Income with HTXMining

    It was never so easy to earn passive income through cryptocurrency investments as is possible now with HTXMining’s comprehensive solutions for staking and liquidity mining. Whether you’re a beginner or a seasoned investor, here are the best ways to earn passive income on HTXMining:

    1. Traditional Staking

    By staking cryptocurrencies on HTXMining, users can earn attractive staking rewards with minimal risk. Traditional staking offers long-term stability and predictable returns, making it ideal for investors seeking a reliable income stream.

    2. Liquidity Staking

    Liquidity staking in HTXMining enables investors to stake their assets while still being able to access liquidity. HTXMining’s liquidity staking mechanism ensures that stakers benefit from both trading and staking rewards

    3. Liquidity Mining

    HTXMining’s liquidity mining pools are another lucrative way to earn passive income. Investors can boost their overall earnings when they contribute their assets to liquidity pools.

    4. Referral and Affiliate Programs

    HTXMining has an affiliate program where the users can earn commission by referral that helps to earn by referring new investors to the platform. This serves as a good income generator to earn passive income.  

    The Future of Crypto Staking and Liquidity Mining with HTXMining

    The user experience and profitability would be increased by introducing new features with the continuously evolving nature of Htxmining. Upcoming developments will include AI-powered staking optimization, advanced DeFi integration, and multi-chain functionality, which will allow users to stake tokens on various blockchain networks.

    HTXMining holds in high regard innovation, transparency, and financial independence. The platform’s Liquidity Staking Platform and Liquidity Mining Platform provide unparalleled opportunities for investors to generate sustainable passive income in the rapidly growing digital asset space.

    Join HTXMining Today!

    The robust security measures and liquidity mining solutions offer the best way to earn passive income with Htxmining. without considering whether you are a pro or a newcomer to the crypto world. HTXMining is the top choice for anyone looking to make the most out of their crypto. It offers high returns, top-notch security, and an incredibly smooth user experience.

    Get started with Htxmining today, the leading Liquidity Staking Platform and the best crypto staking platform for earning passive income.

    About HTXMining: HTXMining is a cutting-edge cryptocurrency staking and liquidity mining platform that provides users with innovative solutions to earn passive income. With its advanced staking options, secure infrastructure, and user-friendly interface, HTXMining is revolutionizing the way investors engage with digital assets.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI: Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports Fourth Quarter and Full Year 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc., (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the fourth quarter and full year ended December 31, 2024.

    FOURTH QUARTER HIGHLIGHTS

    • Q4 2024 average production of 29,859 bo/d (56,109 boe/d)
    • Q4 2024 consolidated net income (including non-controlling interest) of $272.8 million; net income attributable to Viper of $210.1 million, or $2.04 per Class A common share; includes a one-time tax benefit of $155.9 million from the reversal of the valuation allowance against the Company’s deferred tax assets
    • Q4 2024 cash available for distribution to Viper’s Class A common shares (as defined and reconciled below) of $89.0 million, or $0.86 per Class A common share
    • As previously announced, declared Q4 2024 base cash dividend of $0.30 per Class A common share; implies a 2.5% annualized yield based on the February 21, 2025, share closing price of $48.33
    • As previously announced, declared Q4 2024 variable cash dividend of $0.35 per Class A common share; total base-plus-variable dividend of $0.65 per Class A common share implies a 5.4% annualized yield based on the February 21, 2025, share closing price of $48.33
    • Total Q4 2024 return of capital of $66.7 million, or $0.65 per Class A common share, represents 75% of cash available for distribution
    • 381 total gross (8.1 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q4 2024 with an average lateral length of 10,818 feet

    FULL YEAR 2024 HIGHLIGHTS

    • Full year 2024 average production of 27,156 bo/d (49,784 boe/d)
    • Received $6.2 million in lease bonus income
    • Full year 2024 consolidated net income (including non-controlling interest) of $603.6 million; net income attributable to Viper of $359.2 million, or $3.82 per Class A common share
    • Declared dividends of $2.49 per Class A common share during the full year 2024
    • Generated full year 2024 consolidated adjusted EBITDA (as defined and reconciled below) of $782.2 million
    • Proved reserves as of December 31, 2024 of 195,873 Mboe (84% PDP, 93,563 Mbo), up 9% year over year with oil up 4% from year end 2023
    • 1,461 total gross (27.9 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during 2024 with an average lateral length of 11,381 feet

    2025 OUTLOOK

    • As previously announced, on January 30, 2025, entered into a definitive purchase and sale agreement to acquire all of the equity interests of certain mineral and royalty interest owning subsidiaries of Diamondback in exchange for $1.0 billion of cash and approximately 69.63 million limited liability company membership interests of Viper Energy Partners LLC (“OpCo units”), along with an accompanying equal amount of Class B common stock of the Company, subject to customary closing adjustments (the “Drop Down”); expected to close in the second quarter of 2025, subject to the approval by Viper’s stockholders and clearance of other typical closing conditions
    • On February 14, 2025, closed the acquisition of certain mineral and royalty interests from Morita Ranches Minerals LLC in exchange for approximately $211.0 million of cash and approximately 2.40 million OpCo units (along with an accompanying equal amount of Class B common stock of the Company), subject to customary post-closing adjustments (the “Quinn Ranch Acquisition”)
    • Initiating average daily production guidance for Q1 2025 of 30,000 to 31,000 bo/d (54,000 to 56,000 boe/d)
    • Upon the assumed closing of the Drop Down during Q2 2025, expect average daily production for the balance of 2025 in the range of 47,000 to 49,000 bo/d (85,000 to 88,000) boe/d
    • As of December 31, 2024, there were approximately 867 gross horizontal wells in the process of active development on Viper’s acreage in which Viper expects to own an average 1.6% net royalty interest (14.1 net 100% royalty interest wells)
    • Approximately 1,191 gross (23.9 net 100% royalty interest) line-of-sight wells on Viper’s acreage that are not currently in the process of active development, but for which Viper has visibility to the potential of future development in coming quarters, based on Diamondback’s current completion schedule and third-party operators’ permits

    “The fourth quarter concluded a landmark year for Viper. For the full year, we continued to deliver strong organic production growth on our legacy assets and successfully executed on our differentiated acquisition strategy. Looking ahead, we continue to be excited about the transformative Drop Down transaction between Viper and Diamondback that was previously announced. We look forward to working toward a timely closing of the transaction and the unmatched forward outlook Viper will be provided upon that closing,” stated Kaes Van’t Hof, Chief Executive Officer of Viper.

    FINANCIAL UPDATE

    Viper’s fourth quarter 2024 average unhedged realized prices were $69.91 per barrel of oil, $0.84 per Mcf of natural gas and $22.15 per barrel of natural gas liquids, resulting in a total equivalent realized price of $43.56/boe.

    Viper’s fourth quarter 2024 average hedged realized prices were $69.00 per barrel of oil, $1.05 per Mcf of natural gas and $22.15 per barrel of natural gas liquids, resulting in a total equivalent realized price of $43.38/boe.

    During the fourth quarter of 2024, the Company recorded total operating income of $228.7 million and consolidated net income (including non-controlling interest) of $272.8 million. During the quarter, the Company reversed the valuation allowance against its deferred tax assets as of the quarter and year ended December 31, 2024, with an accompanying $155.9 million deferred tax benefit recorded through continuing operations.

    As of December 31, 2024, the Company had a cash balance of $26.9 million and total long-term debt outstanding (excluding debt issuance costs, discounts and premiums) of $1.1 billion, resulting in net debt (as defined and reconciled below) of $1.1 billion. Viper’s outstanding long-term debt as of December 31, 2024 consisted of $430.4 million in aggregate principal amount of its 5.375% Senior Notes due 2027, $400.0 million in aggregate principal amount of its 7.375% Senior Notes due 2031 and $261.0 million in borrowings on its revolving credit facility, leaving $989.0 million available for future borrowings and $1.0 billion of total liquidity.

    FOURTH QUARTER 2024 CASH DIVIDEND & CAPITAL RETURN PROGRAM

    As previously announced, the Board of Directors (the “Board”) of Viper Energy, Inc., declared a base dividend of $0.30 per Class A common share for the fourth quarter of 2024 payable on March 13, 2025 to Class A common shareholders of record at the close of business on March 6, 2025.

    The Board also declared a variable cash dividend of $0.35 per Class A common share for the fourth quarter of 2024 payable on March 13, 2025 to Class A common shareholders of record at the close of business on March 6, 2025.

    OPERATIONS UPDATE

    During the fourth quarter of 2024, Viper estimates that 381 gross (8.1 net 100% royalty interest) horizontal wells with an average royalty interest of 2.1% were turned to production on its acreage position with an average lateral length of 10,818 feet. Of these 381 gross wells, Diamondback is the operator of 88 gross wells, with an average royalty interest of 6.4%, and the remaining 293 gross wells, with an average royalty interest of 0.9%, are operated by third parties.

    Viper’s footprint of mineral and royalty interests was 35,671 net royalty acres as of December 31, 2024.

    Our gross well information as of December 31, 2024 is as follows, unless otherwise specified:

      Diamondback Operated   Third-Party Operated   Total
    Horizontal wells turned to production (fourth quarter 2024)(1):          
    Gross wells 88   293   381
    Net 100% royalty interest wells 5.6   2.5   8.1
    Average percent net royalty interest 6.4%   0.9%   2.1%
               
    Horizontal wells turned to production (year ended December 31, 2024)(2):          
    Gross wells 285   1,176   1,461
    Net 100% royalty interest wells 16.0   11.9   27.9
    Average percent net royalty interest 5.6%   1.0%   1.9%
               
    Horizontal producing well count:          
    Gross wells 2,898   8,161   11,059
    Net 100% royalty interest wells 156.3   104.1   260.4
    Average percent net royalty interest 5.4%   1.3%   2.4%
               
    Horizontal active development well count:          
    Gross wells 146   721   867
    Net 100% royalty interest wells 6.0   8.1   14.1
    Average percent net royalty interest 4.1%   1.1%   1.6%
               
    Line of sight wells:          
    Gross wells 324   867   1,191
    Net 100% royalty interest wells 10.1   13.8   23.9
    Average percent net royalty interest 3.1%   1.6%   2.0%

    (1) Average lateral length of 10,818 feet.
    (2) Average lateral length of 11,381 feet.

    The 867 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months. Further in regard to the active development on Viper’s asset base, there are currently 54 gross rigs operating on Viper’s acreage, 10 of which are operated by Diamondback. The 1,191 line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to believe that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third-party operators or Diamondback’s current expected completion schedule. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production.

    YEAR END RESERVES UPDATE

    Viper’s proved oil and natural gas reserve estimates and their associated future net cash flows were prepared by Viper’s internal reservoir engineers, and audited by Ryder Scott Company, L.P., independent petroleum engineers, as of December 31, 2024. Reference prices of $75.48 per barrel of oil and natural gas liquids and $2.13 per MMbtu of natural gas were used in accordance with applicable rules of the Securities and Exchange Commission. Realized prices with applicable differentials were $75.61 per barrel of oil, $0.49 per Mcf of natural gas and $20.62 per barrel of natural gas liquids.

    Proved reserves at year-end 2024 of 195,873 Mboe (93,563 Mbo) represent a 9% increase over year-end 2023 reserves. The year-end 2024 proved reserves have a PV-10 value (as defined and reconciled below) of approximately $3.7 billion and a standardized measure of discounted future net cash flows of $3.3 billion.

    Proved developed reserves increased by 14% year over year to 163,865 Mboe (76,020 Mbo) as of December 31, 2024, reflecting continued horizontal development by the operators of Viper’s acreage.

    Net proved reserve additions of 34,845 Mboe resulted in a reserve replacement ratio of 191% (defined as the sum of extensions, discoveries, revisions, purchases and divestitures, divided by annual production). The organic reserve replacement ratio was 121% (defined as the sum of extensions, discoveries and revisions, divided by annual production).

    Extensions and discoveries of 24,936 Mboe are primarily attributable to the drilling of 1,170 new wells and from 447 new proved undeveloped locations added. The Company’s total downward revisions of previous estimated quantities of 2,894 Mboe consist of negative revisions of 6,539 Mboe associated with lower commodity prices and PUD downgrades of 2,936 Mboe offset by positive revisions of 6,580 Mboe primarily attributable to performance revisions. The purchase of reserves in place of 14,941 Mboe resulted primarily from the previously reported Tumbleweed acquisitions and other acquisitions of certain mineral and royalty interests.

      Oil (MBbls)   Gas (MMcf)   Liquids (MBbls)   Mboe
    As of December 31, 2023 89,903     263,578     45,416     179,249  
    Purchase of reserves in place 7,891     20,310     3,665     14,941  
    Extensions and discoveries 13,099     33,498     6,254     24,936  
    Revisions of previous estimates (6,472 )   4,449     2,837     (2,894 )
    Divestitures (919 )   (4,605 )   (451 )   (2,138 )
    Production (9,939 )   (24,606 )   (4,181 )   (18,221 )
    As of December 31, 2024 93,563     292,624     53,540     195,873  
                           

    As the owner of mineral and royalty interests, Viper incurred no exploration and development costs during the year ended December 31, 2024.

      December 31,
      2024
    		   2023
    		   2022
      (in thousands)
    Acquisition costs:          
    Proved properties $ 340,907     $ 402,659     $ 46,307  
    Unproved properties   830,450       758,342       16,624  
    Total $ 1,171,357     $ 1,161,001     $ 62,931  
                           

    GUIDANCE UPDATE

    Below is Viper’s guidance for Q1 2025. Guidance for full year 2025 will be provided pending the closing of the Drop Down.

       
      Viper Energy, Inc.
       
    Q1 2025 Net Production – Mbo/d 30.00 – 31.00
    Q1 2025 Net Production – Mboe/d 54.00 – 56.00
       
    Unit costs ($/boe)  
    Depletion $12.25 – $12.75
    Cash G&A $0.80 – $1.00
    Non-Cash Share-Based Compensation $0.10 – $0.20
    Net Interest Expense $2.50 – $3.00
       
    Production and Ad Valorem Taxes (% of Revenue) ~7%
    Cash Tax Rate (% of Pre-Tax Income Attributable to Viper Energy, Inc.)(1) 20% – 22%
    Q1 2025 Cash Taxes ($ – million)(2) $15.0 – $20.0

    (1)   Pre-tax income attributable to Viper Energy, Inc. is reconciled below.
    (2)   Attributable to Viper Energy, Inc.

    CONFERENCE CALL

    Viper will host a conference call and webcast for investors and analysts to discuss its results for the fourth quarter of 2024 on Tuesday, February 25, 2025 at 10:00 a.m. CT. Access to the live audio-only webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Viper’s website at www.viperenergy.com under the “Investor Relations” section of the site.

    About Viper Energy, Inc.

    Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin. For more information, please visit www.viperenergy.com.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper’s: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow, and financial position; production levels on properties in which Viper has mineral and royalty interests, developmental activity by other operators; reserve estimates and Viper’s ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the pending Drop Down and other acquisitions or divestitures); and plans and objectives (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and common stock repurchase program) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Viper are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Viper believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, forward-looking statements are not guarantees of Viper’s future performance and the actual outcomes could differ materially from what Viper expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases, and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial sector; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production on Viper’s mineral and royalty acreage, or governmental orders, rules or regulations that impose production limits on such acreage; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change and the risks and other factors disclosed in Viper’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov.

    In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this news release. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

     
    Viper Energy, Inc.
    Consolidated Balance Sheets
    (unaudited, in thousands, except share amounts)
           
      December 31,
      2024   2023
    Assets      
    Current assets:      
    Cash and cash equivalents $ 26,851     $ 25,869  
    Royalty income receivable (net of allowance for credit losses)   149,234       108,681  
    Royalty income receivable—related party   30,971       3,329  
    Income tax receivable   2,238       813  
    Derivative instruments   17,638       358  
    Prepaid expenses and other current assets   11,112       4,467  
    Total current assets   238,044       143,517  
    Property:      
    Oil and natural gas interests, full cost method of accounting ($2,179,837 and $1,769,341 excluded from depletion at December 31, 2024 and December 31, 2023, respectively)   5,712,671       4,628,983  
    Land   5,688       5,688  
    Accumulated depletion and impairment   (1,080,764 )     (866,352 )
    Property, net   4,637,595       3,768,319  
    Derivative instruments   —       92  
    Deferred income taxes (net of allowances)   185,235       56,656  
    Other assets   8,166       5,509  
    Total assets $ 5,069,040     $ 3,974,093  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 85     $ 19  
    Accounts payable—related party   1,980       1,330  
    Accrued liabilities   42,272       27,021  
    Derivative instruments   2,323       2,961  
    Income taxes payable   2,034       1,925  
    Total current liabilities   48,694       33,256  
    Long-term debt, net   1,082,979       1,083,082  
    Derivative instruments   —       201  
    Other long-term liabilities   30,148       —  
    Total liabilities   1,161,821       1,116,539  
    Stockholders’ equity:      
    Class A Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 102,977,142 and 86,144,273 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively   —       —  
    Class B Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 85,431,453 and 90,709,946 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively   —       —  
    Additional paid-in capital   1,568,560       1,031,078  
    Retained earnings (accumulated deficit)   118,444       (16,786 )
    Total Viper Energy, Inc. stockholders’ equity   1,687,004       1,014,292  
    Non-controlling interest   2,220,215       1,843,262  
    Total equity   3,907,219       2,857,554  
    Total liabilities and stockholders’ equity $ 5,069,040     $ 3,974,093  
                   
     
    Viper Energy, Inc.
    Consolidated Statements of Operations
    (unaudited, in thousands, except per share data)
                   
      Three Months Ended December 31,   Year Ended December 31,
      2024   2023   2024   2023
    Operating income:              
    Oil income $ 192,040     $ 175,254     $ 750,243     $ 619,181  
    Natural gas income   6,050       7,979       14,813       30,953  
    Natural gas liquids income   26,775       18,981       88,520       66,976  
    Royalty income   224,865       202,214       853,576       717,110  
    Lease bonus income—related party   —       2,238       227       107,823  
    Lease bonus income   3,655       125       5,944       1,855  
    Other operating income   179       135       640       909  
    Total operating income   228,699       204,712       860,387       827,697  
    Costs and expenses:              
    Production and ad valorem taxes   16,162       12,607       60,882       50,401  
    Depletion   64,591       44,787       214,412       146,118  
    General and administrative expenses—related party   3,150       924       10,541       3,696  
    General and administrative expenses   1,388       3,027       8,100       6,907  
    Other operating (income) expense   58       356       55       356  
    Total costs and expenses   85,349       61,701       293,990       207,478  
    Income (loss) from operations   143,350       143,011       566,397       620,219  
    Other income (expense):              
    Interest expense, net   (19,112 )     (15,756 )     (73,848 )     (47,392 )
    Gain (loss) on derivative instruments, net   6,122       4,892       11,386       (25,793 )
    Other income, net   —       1       —       259  
    Total other expense, net   (12,990 )     (10,863 )     (62,462 )     (72,926 )
    Income (loss) before income taxes   130,360       132,148       503,935       547,293  
    Provision for (benefit from) income taxes   (142,440 )     6,217       (99,711 )     45,952  
    Net income (loss)   272,800       125,931       603,646       501,341  
    Net income (loss) attributable to non-controlling interest   62,733       68,959       244,401       301,253  
    Net income (loss) attributable to Viper Energy, Inc. $ 210,067     $ 56,972     $ 359,245     $ 200,088  
                   
    Net income (loss) attributable to common shares:              
    Basic $ 2.04     $ 0.70     $ 3.82     $ 2.69  
    Diluted $ 2.04     $ 0.70     $ 3.82     $ 2.69  
    Weighted average number of common shares outstanding:              
    Basic   102,977       81,219       93,932       74,176  
    Diluted   102,977       81,219       93,932       74,176  
                                   
     
    Viper Energy, Inc.
    Consolidated Statements of Cash Flows
    (unaudited, in thousands)
                   
      Three Months Ended December 31,   Year Ended December 31,
      2024   2023   2024   2023
    Cash flows from operating activities:              
    Net income (loss) $ 272,800     $ 125,931     $ 603,646     $ 501,341  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
    Provision for (benefit from) deferred income taxes   (148,580 )     (7,887 )     (149,085 )     (7,000 )
    Depletion   64,591       44,787       214,412       146,118  
    (Gain) loss on derivative instruments, net   (6,122 )     (4,892 )     (11,386 )     25,793  
    Net cash receipts (payments) on derivatives   (940 )     (3,300 )     (2,978 )     (13,319 )
    Other   1,727       1,397       6,197       3,442  
    Changes in operating assets and liabilities:              
    Royalty income receivable   (16,135 )     (5,232 )     (13,249 )     (27,379 )
    Royalty income receivable—related party   5,025       4,102       (27,642 )     2,931  
    Accounts payable and accrued liabilities   (7,190 )     2,155       7,002       6,311  
    Accounts payable—related party   1,981       1,330       651       1,024  
    Income taxes payable   218       (11,397 )     109       1,014  
    Other   (9,467 )     (1,199 )     (8,069 )     (2,084 )
    Net cash provided by (used in) operating activities   157,908       145,795       619,608       638,192  
    Cash flows from investing activities:              
    Acquisitions of oil and natural gas interests—related party   —       —       —       (75,073 )
    Acquisitions of oil and natural gas interests   (425,190 )     (731,618 )     (696,242 )     (830,128 )
    Proceeds from sale of oil and natural gas interests   (5 )     2       87,669       (3,164 )
    Net cash provided by (used in) investing activities   (425,195 )     (731,616 )     (608,573 )     (908,365 )
    Cash flows from financing activities:              
    Proceeds from borrowings under credit facility   372,000       313,000       842,000       573,000  
    Repayment on credit facility   (111,000 )     (300,000 )     (844,000 )     (462,000 )
    Proceeds from Notes   —       400,000       —       400,000  
    Net proceeds from public offering   2       —       475,906       —  
    Proceeds from public offering to Diamondback   —       200,000       —       200,000  
    Repurchased shares/units under buyback program   —       (28,040 )     —       (95,221 )
    Dividends/distributions to stockholders   (62,912 )     (44,596 )     (219,465 )     (128,777 )
    Dividends/distributions to Diamondback   (62,386 )     (68,047 )     (254,216 )     (195,976 )
    Dividends to other non-controlling interest   (7,368 )     —       (7,368 )     —  
    Other   (2,847 )     (7,441 )     (2,910 )     (13,163 )
    Net cash provided by (used in) financing activities   125,489       464,876       (10,053 )     277,863  
    Net increase (decrease) in cash and cash equivalents   (141,798 )     (120,945 )     982       7,690  
    Cash, cash equivalents and restricted cash at beginning of period   168,649       146,814       25,869       18,179  
    Cash, cash equivalents and restricted cash at end of period $ 26,851     $ 25,869     $ 26,851     $ 25,869  
                                   
     
    Viper Energy, Inc.
    Selected Operating Data
    (unaudited)
                   
      Three Months Ended December 31,   Year Ended December 31,
      2024
    		   2023
    		   2024
    		   2023
    Production Data:              
    Oil (MBbls)   2,747       2,257       9,939       8,028  
    Natural gas (MMcf)   7,236       5,321       24,606       19,130  
    Natural gas liquids (MBbls)   1,209       884       4,181       3,108  
    Combined volumes (Mboe)(1)   5,162       4,028       18,221       14,324  
                   
    Average daily oil volumes (bo/d)   29,859       24,533       27,156       21,995  
    Average daily combined volumes (boe/d)   56,109       43,783       49,784       39,244  
                   
    Average sales prices:              
    Oil ($/Bbl) $ 69.91     $ 77.65     $ 75.48     $ 77.13  
    Natural gas ($/Mcf) $ 0.84     $ 1.50     $ 0.60     $ 1.62  
    Natural gas liquids ($/Bbl) $ 22.15     $ 21.47     $ 21.17     $ 21.55  
    Combined ($/boe)(2) $ 43.56     $ 50.20     $ 46.85     $ 50.06  
                   
    Oil, hedged ($/Bbl)(3) $ 69.00     $ 76.56     $ 74.57     $ 76.05  
    Natural gas, hedged ($/Mcf)(3) $ 1.05     $ 1.34     $ 0.85     $ 1.37  
    Natural gas liquids ($/Bbl)(3) $ 22.15     $ 21.47     $ 21.17     $ 21.55  
    Combined price, hedged ($/boe)(3) $ 43.38     $ 49.38     $ 46.68     $ 49.13  
                   
    Average Costs ($/boe):              
    Production and ad valorem taxes $ 3.13     $ 3.13     $ 3.34     $ 3.52  
    General and administrative – cash component   0.72       0.90       0.86       0.65  
    Total operating expense – cash $ 3.85     $ 4.03     $ 4.20     $ 4.17  
                   
    General and administrative – non-cash stock compensation expense $ 0.16     $ 0.08     $ 0.16     $ 0.09  
    Interest expense, net $ 3.70     $ 3.91     $ 4.05     $ 3.31  
    Depletion $ 12.51     $ 11.12     $ 11.77     $ 10.20  

    (1)   Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
    (2)   Realized price net of all deducts for gathering, transportation and processing.
    (3)   Hedged prices reflect the impact of cash settlements of our matured commodity derivative transactions on our average sales prices.

    NON-GAAP FINANCIAL MEASURES

    Adjusted EBITDA is a supplemental non-GAAP (as defined below) financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Viper defines Adjusted EBITDA as net income (loss) attributable to Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash share-based compensation expense, depletion, non-cash (gain) loss on derivative instruments, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, other non-recurring expenses and provision for (benefit from) income taxes. Adjusted EBITDA is not a measure of net income as determined by United States’ generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because it allows them to more effectively evaluate Viper’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income, royalty income, cash flow from operating activities or any other measure of financial performance or liquidity presented as determined in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA.

    Viper defines cash available for distribution to Viper Energy, Inc. shareholders generally as an amount equal to its Adjusted EBITDA for the applicable quarter less cash needed for income taxes payable for the current period, debt service, contractual obligations, fixed charges and reserves for future operating or capital needs that the Board may deem appropriate, lease bonus income, net of tax, distribution equivalent rights payments, preferred dividends, and an adjustment for changes in ownership interests that occurred subsequent to the quarter, if any. Management believes cash available for distribution is useful because it allows them to more effectively evaluate Viper’s operating performance excluding the impact of non-cash financial items and short-term changes in working capital. Viper’s computations of Adjusted EBITDA and cash available for distribution may not be comparable to other similarly titled measures of other companies or to such measure in its credit facility or any of its other contracts. Viper further defines cash available for variable dividends as at least 75 percent of cash available for distribution less base dividends declared and repurchased shares as part of its share buyback program for the applicable quarter.

    The following tables present a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measures of Adjusted EBITDA, cash available for distribution and cash available for variable dividends:

    Viper Energy, Inc.
    (unaudited, in thousands, except per share data)
           
      Three Months Ended December 31, 2024   Year Ended December 31, 2024
    Net income (loss) attributable to Viper Energy, Inc. $ 210,067     $ 359,245  
    Net income (loss) attributable to non-controlling interest   62,733       244,401  
    Net income (loss)   272,800       603,646  
    Interest expense, net   19,112       73,848  
    Non-cash share-based compensation expense   815       2,975  
    Depletion   64,591       214,412  
    Non-cash (gain) loss on derivative instruments   (7,062 )     (14,364 )
    Other non-cash operating expenses   58       55  
    Other non-recurring expenses   —       1,314  
    Provision for (benefit from) income taxes   (142,440 )     (99,711 )
    Consolidated Adjusted EBITDA   207,874       782,175  
    Less: Adjusted EBITDA attributable to non-controlling interest   100,035       371,813  
    Adjusted EBITDA attributable to Viper Energy, Inc. $ 107,839     $ 410,362  
           
    Adjustments to reconcile Adjusted EBITDA to cash available for distribution:      
    Income taxes payable for the current period $ (6,139 )   $ (49,372 )
    Debt service, contractual obligations, fixed charges and reserves   (11,118 )     (39,219 )
    Lease bonus income, net of tax   (1,502 )     (2,510 )
    Distribution equivalent rights payments   (98 )     (393 )
    Preferred distributions   (20 )     (80 )
    Cash available for distribution to Viper Energy, Inc. shareholders $ 88,962     $ 318,788  
      Three Months Ended December 31, 2024
      Amounts   Amounts Per Common Share
    Reconciliation to cash available for variable dividends:      
    Cash available for distribution to Viper Energy, Inc. shareholders $ 88,962     $ 0.86  
           
    Return of Capital $ 66,722     $ 0.65  
    Less:      
    Base dividend   30,893       0.30  
    Cash available for variable dividends $ 35,829     $ 0.35  
           
    Total approved base and variable dividend per share     $ 0.65  
           
    Class A common stock outstanding       102,977  
               

    The following table presents a reconciliation of the GAAP financial measure of income (loss) before income taxes to the non-GAAP financial measure of pre-tax income attributable to Viper Energy, Inc. Management believes this measure is useful to investors given it provides the basis for income taxes payable by Viper Energy, Inc, which is an adjustment to reconcile Adjusted EBITDA to cash available for distribution to holders of Viper Energy, Inc.’s Class A common stock.

     
    Viper Energy, Inc.
    Pre-tax income attributable to Viper Energy, Inc.
    (unaudited, in thousands)
       
      Three Months Ended December 31, 2024
    Income (loss) before income taxes $ 130,360  
    Less: Net income (loss) attributable to non-controlling interest   62,733  
    Pre-tax income attributable to Viper Energy, Inc. $ 67,627  
       
    Income taxes payable for the current period $ 6,139  
    Effective cash tax rate attributable to Viper Energy, Inc.   9.1 %
           

    Adjusted net income (loss) is a non-GAAP financial measure equal to net income (loss) attributable to Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, other non-recurring expenses and related income tax adjustments. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors.

    The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Viper Energy, Inc. to the non-GAAP financial measure of adjusted net income (loss):

    Viper Energy, Inc.
    Adjusted Net Income (Loss)
    (unaudited, in thousands, except per share data)
       
      Three Months Ended December 31, 2024
      Amounts   Amounts Per Diluted Share
    Net income (loss) attributable to Viper Energy, Inc.(1) $ 210,067     $ 2.04  
    Net income (loss) attributable to non-controlling interest   62,733       0.61  
    Net income (loss)(1)   272,800       2.65  
    Non-cash (gain) loss on derivative instruments, net   (7,062 )     (0.07 )
    Other non-cash operating expenses   58       —  
    Adjusted income excluding above items(1)   265,796       2.58  
    Income tax adjustment for above items   (7,653 )     (0.08 )
    Adjusted net income (loss)(1)   258,143       2.50  
    Less: Adjusted net income (loss) attributed to non-controlling interests   59,211       0.57  
    Adjusted net income (loss) attributable to Viper Energy, Inc.(1) $ 198,932     $ 1.93  
           
    Weighted average Class A common shares outstanding:      
    Basic   102,977  
    Diluted   102,977  

    (1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of Class A common shares and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Viper Energy, Inc., (ii) less the reallocation of $0.4 million in earnings attributable to participating securities, and (iii) divided by diluted weighted average Class A common shares outstanding.

    RECONCILIATION OF LONG-TERM DEBT TO NET DEBT

    The Company defines the non-GAAP measure of net debt as debt (excluding debt issuance costs, discounts and premiums) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

                           
      December 31, 2024   Net Q4 Principal Borrowings/ (Repayments)   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
      (in thousands)
    Total long-term debt(1) $ 1,091,350     $ 261,000     $ 830,350     $ 1,007,350     $ 1,103,350     $ 1,093,350  
    Cash and cash equivalents   (26,851 )         (168,649 )     (35,211 )     (20,005 )     (25,869 )
    Net debt $ 1,064,499         $ 661,701     $ 972,139     $ 1,083,345     $ 1,067,481  

    (1) Excludes debt issuance costs, discounts & premiums.

    PV-10

    PV-10 is the Company’s estimate of the present value of the future net revenues from proved oil and natural gas reserves after deducting estimated production and ad valorem taxes, future capital costs and operating expenses, but before deducting any estimates of future income taxes. The estimated future net revenues are discounted at an annual rate of 10% to determine their “present value.” The Company believes PV-10 to be an important measure for evaluating the relative significance of its oil and natural gas properties and that the presentation of the non-GAAP financial measure of PV-10 provides useful information to investors because it is widely used by professional analysts and investors in evaluating oil and natural gas companies. Because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid, the Company believes the use of a pre-tax measure is valuable for evaluating the Company. The Company believes that PV-10 is a financial measure routinely used and calculated similarly by other companies in the oil and natural gas industry.

    The following table reconciles the Company’s standardized measure of discounted future net cash flows, a GAAP financial measure to PV-10, a non-GAAP financial measure. PV-10 should not be considered as an alternative to the standardized measure as computed under GAAP.

       
    (in thousands) December 31, 2024
    Standardized measure of discounted future net cash flows after taxes $ 3,319,544  
    Add: Present value of future income tax discounted at 10%   364,976  
    PV-10 $ 3,684,520  
           

    Derivatives

    As of the filing date, the Company had the following outstanding derivative contracts. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent. When aggregating multiple contracts, the weighted average contract price is disclosed.

       
      Crude Oil (Bbls/day, $/Bbl)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027
    Deferred Premium Puts – WTI (Cushing)   20,000       20,000       18,000       —       —       —  
    Strike $ 55.00     $ 55.00     $ 55.00     $ —     $ —     $ —  
    Premium $ (1.62 )   $ (1.61 )   $ (1.60 )   $ —     $ —     $ —  
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027
    Costless Collars – Henry Hub   60,000       60,000       60,000       60,000       60,000       —  
    Floor $ 2.50     $ 2.50     $ 2.50     $ 2.50     $ 2.75     $ —  
    Ceiling $ 4.93     $ 4.93     $ 4.93     $ 4.93     $ 6.64     $ —  
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027
    Natural Gas Basis Swaps – Waha Hub   60,000       60,000       60,000       60,000       40,000       40,000  
    Swap Price $ (0.80 )   $ (0.80 )   $ (0.80 )   $ (0.80 )   $ (1.40 )   $ (1.40 )
                                                   

    Investor Contact:

    Chip Seale
    +1 432.247.6218
    cseale@viperenergy.com

    Source: Viper Energy, Inc.; Diamondback Energy, Inc.

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    – Total Revenue Increased 20% for the year to $314.5 million –
    – Core Revenue Grew 17% for the year to $273.7 million –
    – Total Written Premium in 2024 Increased 29% to $3.8 billion –
    – 2024 Net Income of $49.1 million versus $23.7 million in 2023 –
    – Adjusted EBITDA in 2024 up 43% to $99.9 million –

    WESTLAKE, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the fourth quarter and year ended December 31, 2024.

    Fourth Quarter 2024 Highlights

    • Total Revenues grew 49% over the prior-year period to $93.9 million in the fourth quarter of 2024
    • Fourth quarter Core Revenues* of $68.0 million increased 19% over the prior-year period
    • Fourth quarter net income of $23.8 million improved from net income of $5.4 million a year ago. EPS of $0.60 per share increased 300% and adjusted EPS* of $0.79 per share increased 182%, over the prior-year period
    • Net income margin for the fourth quarter was 25%
    • Adjusted EBITDA* of $37.4 million increased 164% from $14.1 million in the prior-year period
    • Adjusted EBITDA Margin* increased 17 percentage points over the prior-year period to 40%
    • Total written premiums placed for the fourth quarter increased 28% over the prior-year period to $965.6 million
    • Policies in force grew 13% from the prior-year period to approximately 1,674,000

    *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.

    “We had an outstanding 2024 in the face of significant macro headwinds. For the full year premium growth was 29%, total revenue increased 20%, core revenue was up 17%, net income grew 107% to $49.1 million and Adjusted EBITDA grew 43% to $99.9 million, with net income margin of 16% up 700 basis points and Adjusted EBITDA Margin of 32% up 500 basis points,” stated Mark K Miller, President and CEO. “I am pleased we began to demonstrate growth re-acceleration in a number of key performance indicators including policies in force were up 13%. Our producer base is healthier than ever as franchise productivity was up 49%, coupled with franchise producer growth of 7%. Loss activity and insurance market challenges in 2024 and the start of 2025 have further highlighted the importance of appropriate personal lines coverage, as well as the value we bring to clients, agents and carriers. We are encouraged to be seeing signs of gradual improvement in the product market. I couldn’t be more excited for what lies ahead as we continue to invest in people and technology. This further expands our competitive moat as we progress on our journey to becoming the largest distributor of personal lines in the US.” 

    Fourth Quarter 2024 Results
    For the fourth quarter of 2024, revenues were $93.9 million, an increase of 49% compared to the corresponding period in 2023. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other income, were $68.0 million, a 19% increase from $56.9 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was primarily driven by strong client retention of 84% and rising premium rates as well as increases in both the number of corporate agents and productivity per agency. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 28% in the fourth quarter compared to the corresponding period in prior year.

    Total operating expenses, excluding equity-based compensation, depreciation and amortization and impairment expenses, for the fourth quarter of 2024 were $56.5 million, up 16% from $48.9 million in the prior-year period. The increase from the prior period was primarily due to increased employee compensation and benefits expenses related to investments in corporate producers, technology, and service functions. General and administrative expenses, excluding impairment, increased to $17.8 million from $14.1 million primarily due to investments in technology and systems to drive growth and continue to improve the client experience. Equity-based compensation increased to $6.9 million for the period, compared to $5.0 million a year ago. Bad debt expense of $0.6 million decreased from $1.0 million a year ago.

    Net income in the fourth quarter of 2024 was $23.8 million versus net income of $5.4 million a year ago, with the improvement primarily due to strong revenue growth and expense discipline. Earnings per share and Net Income Margin for the fourth quarter of 2024 were $0.60 and 25%, respectively. Adjusted EPS for the fourth quarter of 2024, which excludes equity-based compensation and impairment expense, was $0.79 per share. Total Adjusted EBITDA was $37.4 million for the fourth quarter of 2024 compared to $14.1 million in the prior-year period. Adjusted EBITDA Margin of 40% was up 17 percentage points in the quarter.

    Liquidity and Capital Resources
    As of December 31, 2024, the Company had cash and cash equivalents of $58.0 million. We had an unused line of credit of $74.8 million as of December 31, 2024. Total outstanding term note payable balance was $93.1 million as of December 31, 2024.

    On January 8, 2025, the Company entered into a credit agreement (the “2025 Credit Agreement”) providing for an aggregate $300 million term notes payable (the “2025 Initial Term Loan”) and $75 million revolving credit facility (the “2025 Revolving Credit Facility”). The 2025 Initial Term Loan matures on January 8, 2032 and the 2025 Revolving Credit Facility matures on January 8, 2030. This credit agreement replaces the existing Second Amended and Restated Credit Agreement, dated July 21, 2021, which was repaid with the proceeds of the 2025 Initial Term Loan and terminated.

    On January 9, 2025, Goosehead Financial, LLC (“GF”) declared a special distribution of $175 million, which was paid in cash on January 31, 2025 to holders of record of LLC Units, including to GSHD, as of the close of business on January 21, 2025. The special distribution resulted in a payment of $59 million to our non-controlling interest holders. On January 9, 2025, the board of directors of the Company declared a one-time special cash dividend of $5.91 to all holders of Class A common stock of GSHD as of the close of business on January 21, 2025, which was paid in cash on January 31, 2025 for a total of $146 million. $1.22 of the special cash dividend was funded by cash received by GSHD from prior tax distributions from GF that are in excess of the corporate income taxes payable by GSHD. The remaining $4.69 of the special dividend was funded by the cash received by the Company from the special distribution by GF.

    2025 Outlook
    Our guidance for the full year 2025 is as follows:

    • Total written premiums placed are expected to be between $4.65 billion and $4.88 billion representing 22% organic growth on the low end of the range, and 28% organic growth on the high end of the range.
    • Total revenues are expected to be between $350 million and $385 million representing 11% organic growth on the low end of the range and 22% organic growth on the high end of the range.

    Conference Call Information
    Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.

    To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.

    In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.goosehead.com.

    A webcast replay of the call will be available at http://ir.goosehead.com for one year following the call.

    About Goosehead

    Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

    Forward-Looking Statements

    This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

    Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2024 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

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

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

    Goosehead Insurance, Inc.
    Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)

        Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
          2024       2023       2024       2023  
    Revenues:                
    Commissions and agency fees   $ 50,277     $ 27,424     $ 139,059     $ 116,061  
    Franchise revenues     43,438       35,282       174,514       143,772  
    Interest income     207       308       932       1,443  
    Total revenues     93,922       63,014       314,505       261,276  
    Operating Expenses:                
    Employee compensation and benefits     45,044       38,803       172,942       152,604  
    General and administrative expenses     17,833       14,092       67,069       62,111  
    Bad debts     556       1,009       2,901       4,361  
    Depreciation and amortization     2,639       2,427       10,453       9,244  
    Total operating expenses     66,072       56,331       253,365       228,320  
    Income from operations     27,850       6,683       61,140       32,956  
    Other Income:                
    Interest expense     (1,810 )     (1,511 )     (7,339 )     (6,568 )
    Other income (expense)     (1,359 )     —       (7,101 )     —  
    Income before taxes     24,681       5,172       46,700       26,388  
    Tax expense (benefit)     859       (252 )     (2,413 )     2,692  
    Net Income     23,822       5,423       49,113       23,696  
    Less: net income attributable to non-controlling interests     8,968       1,803       18,688       9,556  
    Net Income attributable to Goosehead Insurance, Inc.   $ 14,855     $ 3,620     $ 30,425     $ 14,140  
    Earnings per share:                
    Basic   $ 0.60     $ 0.15     $ 1.23     $ 0.59  
    Diluted   $ 0.57     $ 0.14     $ 1.15     $ 0.55  
    Weighted average shares of Class A common stock outstanding:                
    Basic     24,562       24,688       24,657       23,929  
    Diluted     38,399       25,516       38,301       38,356  
                                     


    Goosehead Insurance, Inc.
    Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)

        Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
          2024       2023       2024       2023  
    Revenues:                
    Core Revenue:                
    Renewal Commissions(1)   $ 18,171     $ 17,335     $ 74,938     $ 70,730  
    Renewal Royalty Fees(2)     34,990       27,180       138,942       107,524  
    New Business Commissions(1)     5,997       5,512       24,608       23,411  
    New Business Royalty Fees(2)     6,725       5,349       27,122       23,168  
    Agency Fees(1)     2,091       1,532       8,127       8,174  
    Total Core Revenue     67,974       56,908       273,737       233,007  
    Cost Recovery Revenue:                
    Initial Franchise Fees(2)     1,332       2,458       6,620       11,238  
    Interest Income     207       308       932       1,443  
    Total Cost Recovery Revenue     1,539       2,766       7,552       12,681  
    Ancillary Revenue:                
    Contingent Commissions(1)     24,018       3,045       31,385       13,746  
    Other Franchise Revenues(2)     391       296       1,831       1,843  
    Total Ancillary Revenue     24,409       3,340       33,216       15,588  
    Total Revenues     93,922       63,014       314,505       261,276  
    Operating Expenses:                
    Employee compensation and benefits, excluding equity-based compensation     38,155       33,765       144,971       128,615  
    General and administrative expenses, excluding impairment     17,833       14,092       66,723       58,483  
    Bad debts     556       1,009       2,901       4,361  
    Total     56,544       48,866       214,594       191,459  
    Adjusted EBITDA     37,378       14,148       99,911       69,817  
    Adjusted EBITDA Margin     40 %     22 %     32 %     27 %
                     
    Interest expense     (1,810 )     (1,511 )     (7,339 )     (6,568 )
    Depreciation and amortization     (2,639 )     (2,427 )     (10,453 )     (9,244 )
    Tax (expense) benefit     (859 )     252       2,413       (2,692 )
    Equity-based compensation     (6,889 )     (5,038 )     (27,971 )     (23,989 )
    Impairment expense     —       —       (347 )     (3,628 )
    Other Income (expense)     (1,359 )     —       (7,101 )     —  
    Net Income   $ 23,822     $ 5,423     $ 49,113     $ 23,696  
    Net Income Margin     25 %     9 %     16 %     9 %

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated Statements of Operations within Goosehead’s Form 10-K for the twelve months ended December 31, 2024 and 2023.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Consolidated Statements of Operations within Goosehead’s Form 10-K for the twelve months ended December 31, 2024 and 2023.

    Goosehead Insurance, Inc.
    Consolidated Balance Sheets
    (Unaudited) 
    (In thousands, except par value amounts)

        December 31,
          2024     2023
    Assets        
    Current Assets:        
    Cash and cash equivalents   $ 54,280   $ 41,956
    Restricted cash     3,693     2,091
    Commissions and agency fees receivable, net     31,375     12,903
    Receivable from franchisees, net     11,077     9,720
    Prepaid expenses     8,139     7,889
    Total current assets     108,564     74,559
    Receivable from franchisees, net of current portion     3,469     9,269
    Property and equipment, net of accumulated depreciation     24,101     30,316
    Right-of-use asset     37,420     38,406
    Intangible assets, net of accumulated amortization     25,075     17,266
    Deferred income taxes, net     193,478     181,209
    Other assets     5,546     3,867
    Total assets   $ 397,653   $ 354,892
    Liabilities and Stockholders’ Equity        
    Current Liabilities:        
    Accounts payable and accrued expenses   $ 22,894   $ 16,398
    Premiums payable     3,693     2,091
    Lease liability     6,535     8,897
    Contract liabilities     3,275     4,129
    Note payable     10,063     9,375
    Total current liabilities     46,460     40,890
    Lease liability, net of current portion     54,536     57,382
    Note payable, net of current portion     82,251     67,562
    Contract liabilities, net of current portion     15,191     22,970
    Liabilities under tax receivable agreement     160,142     149,302
    Total liabilities     358,580     338,106
    Total equity     39,073     16,786
    Total liabilities and equity   $ 397,653   $ 354,892

    Goosehead Insurance, Inc.
    Reconciliation Non-GAAP Measures to GAAP

    This release includes Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted EPS for business planning purposes and in measuring its performance relative to that of its competitors.

    These non-GAAP financial measures are defined by the Company as follows:

    • “Core Revenue” is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies.
    • “Cost Recovery Revenue” is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms.
    • “Ancillary Revenue” is a supplemental measure of our performance and includes Contingent Commissions and Other Income. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business.
    • “Adjusted EBITDA” is a supplemental measure of the Company’s performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment expense, and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses.
    • “Adjusted EBITDA Margin” is Adjusted EBITDA as defined above, divided by total revenue. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.
    • “Adjusted EPS” is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.

    While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.

    The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and twelve months ended December 31, 2024 and 2023 (in thousands):

      Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
        2024     2023     2024     2023
    Total Revenues $ 93,922   $ 63,014   $ 314,505   $ 261,276
                   
    Core Revenue:              
    Renewal Commissions(1) $ 18,171   $ 17,335   $ 74,938   $ 70,730
    Renewal Royalty Fees(2)   34,990     27,180     138,942     107,524
    New Business Commissions(1)   5,997     5,512     24,608     23,411
    New Business Royalty Fees(2)   6,725     5,349     27,122     23,168
    Agency Fees(1)   2,091     1,532     8,127     8,174
    Total Core Revenue   67,974     56,908     273,737     233,007
    Cost Recovery Revenue:              
    Initial Franchise Fees(2)   1,332     2,458     6,620     11,238
    Interest Income   207     308     932     1,443
    Total Cost Recovery Revenue   1,539     2,766     7,552     12,681
    Ancillary Revenue:              
    Contingent Commissions(1)   24,018     3,045     31,385     13,746
    Other Franchise Revenues(2)   391     296     1,831     1,843
    Total Ancillary Revenue   24,409     3,340     33,216     15,588
    Total Revenues $ 93,922   $ 63,014   $ 314,505   $ 261,276

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated Statements of Operations.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Consolidated Statements of Operations.

    The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and twelve months ended December 31, 2024 and 2023 (in thousands):

        Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
          2024       2023       2024       2023  
    Net Income   $ 23,822     $ 5,423     $ 49,113     $ 23,696  
    Interest expense     1,810       1,511       7,339       6,568  
    Depreciation and amortization     2,639       2,427       10,453       9,244  
    Tax expense (benefit)     859       (252 )     (2,413 )     2,692  
    Equity-based compensation     6,889       5,038       27,971       23,989  
    Impairment expense     —       —       347       3,628  
    Other (income) expense     1,359       —       7,101       —  
    Adjusted EBITDA   $ 37,378     $ 14,148     $ 99,911     $ 69,817  
    Net Income Margin(1)     25 %     9 %     16 %     9 %
    Adjusted EBITDA Margin(2)     40 %     22 %     32 %     27 %

    (1) Net Income Margin is calculated as Net Income divided by Total Revenue ($23,822/$93,922) and ($5,423/$63,014) for the three months ended December 31, 2024 and 2023. Net Income Margin is calculated as Net Income divided by Total Revenue ($49,113/$314,505) and ($23,696/$261,276) for the twelve months ended December 31, 2024 and 2023
    (2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($37,378/$93,922), and ($14,148/$63,014) for the three months ended December 31, 2024 and 2023, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($99,911/$314,505), and ($69,817/$261,276) for the twelve months ended December 31, 2024 and 2023.

    The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and twelve months ended December 31, 2024 and 2023. Note that totals may not sum due to rounding:

        Three Months
    Ended December 31,    		   Twelve Months
    Ended December 31,
          2024     2023     2024     2023
    Earnings per share – basic (GAAP)   $ 0.60   $ 0.15   $ 1.23   $ 0.59
    Add: equity-based compensation(1)     0.19     0.13     0.75     0.64
    Add: impairment expense(2)     —     —     0.01     0.10
    Adjusted EPS (non-GAAP)   $ 0.79   $ 0.28   $ 1.99   $ 1.33

    (1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$6.9 million/(24.6 million + 12.7 million)] for the three months ended December 31, 2024 and [$5.0 million/ (24.7 million + 13.2 million)] for the three months ended December 31, 2023. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$28.0 million/(24.7 million + 12.7 million)] for the twelve months ended December 31, 2024 and [$24.0 million/ (23.9 million + 13.8 million)] for the twelve months ended December 31, 2023.
    (2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$0.3 million/(24.7 million + 12.7 million)] for the twelve months ended December 31, 2024 and [$3.6 million/ (23.9 million + 13.8 million)] for the twelve months ended December 31, 2023. No impairment was recorded for the three months ended December 31, 2024 nor the three months ended December 31, 2023.


    Goosehead Insurance, Inc.
    Key Performance Indicators

        December 31, 2024   December 31, 2023
    Corporate sales agents < 1 year tenured     253       135  
    Corporate sales agents > 1 year tenured     164       165  
    Operating franchises < 1 year tenured     90       183  
    Operating franchises > 1 year tenured     1,013       1,043  
    Total Franchise Producers     2,092       1,957  
    QTD Corporate Agent Productivity < 1 Year (1)   $ 12,787     $ 13,789  
    QTD Corporate Agent Productivity > 1 Year (1)   $ 26,788     $ 25,738  
    QTD Franchise Productivity < 1 Year (2)   $ 17,861     $ 10,975  
    QTD Franchise Productivity > 1 Year (2)   $ 29,089     $ 21,103  
    Policies in Force     1,674,000       1,486,000  
    Client Retention     84 %     86 %
    Premium Retention     98 %     101 %
    QTD Written Premium (in thousands)   $ 965,596     $ 756,082  
    Net Promoter Score (“NPS”)     89       92  

    (1) – Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.
    (2) – Franchise Productivity is New Business Production per Agency: The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents, divided by the average number of franchises for the same period, prior to paying Royalty Fees to the Company.

    The MIL Network –

  • MIL-OSI: Diamondback Energy, Inc. Announces Fourth Quarter and Full Year 2024 Financial and Operating Results; Increases Base Dividend

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the fourth quarter and full year ended December 31, 2024.

    FOURTH QUARTER 2024 HIGHLIGHTS

    • Average production of 475.9 MBO/d (883.4 MBOE/d)
    • Net cash provided by operating activities of $2.3 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $2.3 billion
    • Cash capital expenditures of $933 million
    • Free Cash Flow (as defined and reconciled below) of $1.3 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $1.4 billion
    • Increased annual base dividend by 11% to $4.00 per share; declared Q4 2024 base cash dividend of $1.00 per share payable on March 13, 2025; implies a 2.6% annualized yield based on February 21, 2025 closing share price of $156.12
    • Repurchased 2,326,247 shares of common stock in Q4 2024 for $402 million, excluding excise tax (at a weighted average price of $172.91 per share); repurchased 1,254,600 shares of common stock to date in Q1 2025 for $210 million, excluding excise tax (at a weighted average price of $167.42 per share)
    • Total Q4 2024 return of capital of $694 million; represents ~51% of Adjusted Free Cash Flow (as defined and reconciled below) from stock repurchases and the declared Q4 2024 base dividend
    • Closed previously announced TRP Energy (“TRP”) transaction in December 2024

    FULL YEAR 2024 HIGHLIGHTS

    • Average production of 337.0 MBO/d (598.3 MBOE/d)
    • Net cash provided by operating activities of $6.4 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $6.5 billion
    • Cash capital expenditures of $2.9 billion
    • Free Cash Flow (as defined and reconciled below) of $3.6 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $4.0 billion
    • Declared total base-plus-variable dividends of $6.21 per share for the full year 2024
    • Repurchased 5,525,276 shares of common stock in 2024 for $959 million, excluding excise tax (at a weighted average price of $173.57 per share)
    • Total full year 2024 return of capital of $2.3 billion; represents ~57% of FY 2024 Adjusted Free Cash Flow (as defined and reconciled below)
    • As previously announced, closed merger with Endeavor Energy Resources, L.P. (“Endeavor”) on September 10, 2024
    • Proved reserves as of December 31, 2024 of 3,557 MMBOE (1,761 MMBO, 50% oil), up 63% year over year; proved developed producing (“PDP”) reserves of 2,385 MMBOE (1,121 MMBO, 47% oil, 67% of proved reserves), up 59% year over year

    2025 GUIDANCE HIGHLIGHTS

    Please note the guidance below gives effect to the pending acquisition of Double Eagle IV Midco, LLC (“Double Eagle”) from April 1, 2025 onward.

    • Full year 2025 oil production guidance of 485 – 498 MBO/d (883 – 909 MBOE/d)
    • Full year 2025 cash capital expenditures guidance of $3.8 – $4.2 billion
    • The Company expects to drill between 446 – 471 gross (406 – 428 net) wells and complete between 557 – 592 gross (526 – 560 net) wells with an average lateral length of approximately 11,500 feet in 2025
    • Q1 2025 oil production guidance of 470 – 475 MBO/d (860 – 875 MBOE/d)
    • Q1 2025 cash capital expenditures guidance of $900 million – $1.0 billion
    • Implies Q2 2025 – Q4 2025 run-rate oil production of 490 – 505 MBO/d (891 – 920 MBOE/d)
    • Full year 2025 Midland Basin well costs per lateral foot guidance of $555 – $605
    • Implies full year 2025 oil production per million dollars of cash capital expenditures (“MBO per $MM of CAPEX”) of 44.8, 10% better than the Company’s original pro forma 2025 outlook provided in February 2024

    OPERATIONS UPDATE

    The tables below provide a summary of operating activity for the fourth quarter of 2024.

    Total Activity (Gross Operated):          
      Number of Wells Drilled
    		   Number of Wells Completed
    Midland Basin 131     124  
    Delaware Basin 6     4  
    Total 137     128  
    Total Activity (Net Operated):          
      Number of Wells Drilled
    		   Number of Wells Completed
    Midland Basin 124     113  
    Delaware Basin 5     4  
    Total 129     117  

    During the fourth quarter of 2024, Diamondback drilled 131 gross wells in the Midland Basin and six gross wells in the Delaware Basin. The Company turned 124 operated wells to production in the Midland Basin and four gross wells in the Delaware Basin, with an average lateral length of 11,810 feet. Operated completions during the fourth quarter consisted of 26 Wolfcamp A wells, 26 Lower Spraberry wells, 24 Wolfcamp B wells, 19 Jo Mill wells, 15 Middle Spraberry wells, four Wolfcamp D wells, four Dean wells, three Upper Spraberry wells, three Barnett wells, two Second Bone Spring wells and two Third Bone Spring wells.

    For the year ended December 31, 2024, Diamondback drilled 342 gross wells in the Midland Basin and 30 gross wells in the Delaware Basin. The Company turned 391 operated wells to production in the Midland Basin and 19 operated wells to production in the Delaware Basin. The average lateral length for wells completed during the year ended December 31, 2024 was 11,719 feet, and consisted of 98 Lower Spraberry wells, 87 Wolfcamp A wells, 69 Wolfcamp B wells, 59 Jo Mill wells, 49 Middle Spraberry wells, 13 Wolfcamp D wells, 13 Dean wells, nine Upper Spraberry wells, six Third Bone Spring wells, four Barnett wells and three Second Bone Spring wells.

    FINANCIAL UPDATE

    Diamondback’s fourth quarter 2024 net income was $1.1 billion, or $3.67 per diluted share. Adjusted net income (as defined and reconciled below) for the fourth quarter was $1.1 billion, or $3.64 per diluted share. For the full year ended December 31, 2024, Diamondback’s net income was $3.3 billion, or $15.53 per diluted share. Adjusted net income for the full year was $3.6 billion, or $16.57 per diluted share.

    Fourth quarter 2024 net cash provided by operating activities was $2.3 billion. For the full year ended December 31, 2024, Diamondback’s net cash provided by operating activities was $6.4 billion.

    During the fourth quarter of 2024, Diamondback spent $834 million on operated and non-operated drilling and completions, $93 million on infrastructure and environmental and $6 million on midstream, for total cash capital expenditures of $933 million. For the full year ended 2024, Diamondback spent $2.6 billion on operated and non-operated drilling and completions, $221 million on infrastructure and environmental and $14 million on midstream, for total cash capital expenditures of $2.9 billion.

    Fourth quarter 2024 Consolidated Adjusted EBITDA (as defined and reconciled below) was $2.6 billion. Adjusted EBITDA net of non-controlling interest (as defined and reconciled below) for the fourth quarter was $2.5 billion. For the full year ended December 31, 2024, Consolidated Adjusted EBITDA was $7.7 billion. Adjusted EBITDA net of non-controlling interest for the full year was $7.3 billion.

    Diamondback’s fourth quarter 2024 Free Cash Flow (as defined and reconciled below) was $1.3 billion. Adjusted Free Cash Flow (as reconciled and defined below) for the fourth quarter was $1.4 billion. For the full year ended December 31, 2024, Diamondback’s Free Cash Flow was $3.6 billion, with $4.0 billion of Adjusted Free Cash Flow over the same period.

    Fourth quarter 2024 average unhedged realized prices were $69.48 per barrel of oil, $0.48 per Mcf of natural gas and $19.27 per barrel of natural gas liquids (“NGLs”), resulting in a total equivalent unhedged realized price of $42.71 per BOE.

    Diamondback’s cash operating costs for the fourth quarter of 2024 were $10.30 per BOE, including lease operating expenses (“LOE”) of $5.67 per BOE, cash general and administrative (“G&A”) expenses of $0.69 per BOE, production and ad valorem taxes of $2.77 per BOE and gathering, processing and transportation expenses of $1.17 per BOE.

    As of December 31, 2024, Diamondback had $134 million in standalone cash and no borrowings outstanding under its revolving credit facility, with approximately $2.5 billion available for future borrowings under the facility and approximately $2.6 billion of total liquidity. As of December 31, 2024, the Company had consolidated total debt of $13.2 billion and consolidated net debt (as defined and reconciled below) of $13.0 billion, up from consolidated total debt of $13.1 billion and consolidated net debt of $12.7 billion as of September 30, 2024.

    DIVIDEND DECLARATIONS

    Diamondback announced today that the Company’s Board of Directors declared a base cash dividend of $1.00 per common share for the fourth quarter of 2024 payable on March 13, 2025 to stockholders of record at the close of business on March 6, 2025.

    Future base and variable dividends remain subject to review and approval at the discretion of the Company’s Board of Directors.

    COMMON STOCK REPURCHASE PROGRAM

    During the fourth quarter of 2024, Diamondback repurchased ~2.3 million shares of common stock at an average share price of $172.91 for a total cost of approximately $402 million, excluding excise tax. To date, Diamondback has repurchased ~25.8 million shares of common stock at an average share price of $136.82 for a total cost of approximately $3.5 billion and has approximately $2.5 billion remaining on its current share buyback authorization. Subject to factors discussed below, Diamondback intends to continue to purchase common stock under the common stock repurchase program opportunistically with cash on hand, free cash flow from operations and proceeds from potential liquidity events such as the sale of assets. This repurchase program has no time limit and may be suspended from time to time, modified, extended or discontinued by the Board at any time. Purchases under the repurchase program may be made from time to time in privately negotiated transactions, or in open market transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors. Any common stock purchased as part of this program will be retired.

    RESERVES

    Estimates of Diamondback’s proved reserves as of December 31, 2024 were prepared by Diamondback’s internal reservoir engineers and audited by Ryder Scott Company, L.P., an independent petroleum engineering firm. Reference prices of $75.48 per barrel of oil and $2.13 per Mmbtu of natural gas were used in accordance with applicable rules of the Securities and Exchange Commission. Realized prices with applicable differentials were $76.15 per barrel of oil, $0.54 per Mcf of natural gas and $22.02 per barrel of natural gas liquids.

    Proved reserves at year-end 2024 of 3,557 MMBOE represent a 63% increase over year-end 2023 reserves. Proved developed reserves increased by 59% to 2,385 MMBOE (67% of total proved reserves) as of December 31, 2024, reflecting the continued development of the Company’s horizontal well inventory. Proved undeveloped reserves (“PUD” or “PUDs”) increased to 1,173 MMBOE, a 72% increase over year-end 2023, and are comprised of 1,381 horizontal locations in which we have a working interest, of which 1,310 are in the Midland Basin. Crude oil represents 50% of Diamondback’s total proved reserves.

    Net proved reserve additions of 1,599 MMBOE resulted in a reserve replacement ratio of 730% (defined as the sum of extensions and discoveries, revisions, purchases and divestitures, divided by annual production). The organic reserve replacement ratio was 68% (defined as the sum of extensions and discoveries and revisions, divided by annual production).

    Net purchases of reserves were the primary contributor to the increase in reserves totaling 1,449 MMBOE followed by Extensions and discoveries of reserves totaling 279 MMBOE, with downward revisions of 129 MMBOE. PDP extensions were the result of 1,172 new wells in which the Company has an interest, and PUD extensions were the result of 445 new locations in which the Company has a working interest. Net purchases of reserves of 1,449 MMBOE were the net result of acquisitions of 1,569 MMBOE and divestitures of 121 MMBOE. Downward revisions of 129 MMBOE were primarily the result of negative revisions of 89 MMBOE associated with lower commodity prices, 49 MMBOE due to PUD downgrades related to changes in the corporate development plan and 17 MMBOE due to a decline in well performance. These were partially offset by positive performance revisions of 26 MMBOE related to ownership and acquisition variance revisions.

    The SEC PUD guidelines allow a company to book PUD reserves associated with projects that are to occur within the next five years. With its current development plan, the Company expects to continue its strong PUD conversion ratio in 2025 by converting an estimated 33% of its PUDs to a Proved Developed category, and develop approximately 78% of the consolidated 2024 year-end PUD reserves by the end of 2027.

      Oil (MBbls)   Gas (MMcf)   Liquids (MBbls)   MBOE
    As of December 31, 2023 1,143,944     2,997,422     534,247     2,177,761  
    Extensions and discoveries 168,375     310,421     58,696     278,808  
    Revisions of previous estimates (78,142 )   (158,468 )   (24,518 )   (129,071 )
    Purchase of reserves in place 697,702     2,391,264     473,236     1,569,482  
    Divestitures (47,505 )   (240,044 )   (33,080 )   (120,592 )
    Production (123,325 )   (275,680 )   (49,700 )   (218,972 )
    As of December 31, 2024 1,761,049     5,024,915     958,881     3,557,416  

    Diamondback’s exploration and development costs in 2024 were $3.2 billion. PD F&D costs were $10.51/BOE. PD F&D costs are defined as exploration and development costs, excluding midstream, divided by the sum of reserves associated with transfers from proved undeveloped reserves at year-end 2023 including any associated revisions in 2024 and extensions and discoveries placed on production during 2024. Drill bit F&D costs were $19.12/BOE including the effects of all revisions including pricing revisions. Drill bit F&D costs are defined as the exploration and development costs, excluding midstream, divided by the sum of extensions, discoveries and revisions.

      Year Ended December 31,
        2024       2023       2022  
      (In millions)
    Acquisition costs:          
    Proved properties $ 21,275     $ 1,314     $ 778  
    Unproved properties   15,568       1,701       1,536  
    Development costs   2,992       1,962       566  
    Exploration costs   194       768       1,698  
    Total $ 40,029     $ 5,745     $ 4,578  


    FULL YEAR 2025 GUIDANCE

    Below is Diamondback’s guidance for the full year 2025, which includes first quarter production, cash tax and capital guidance. This guidance gives effect to the estimated contribution related to the pending Double Eagle acquisition, which is expected to close on April 1, 2025, subject to the satisfaction of customary closing conditions and regulatory approval.

      2025 Guidance 2025 Guidance
      Diamondback Energy, Inc. Viper Energy, Inc.
         
    2025 Net production – MBOE/d 883 – 909  
    2025 Oil production – MBO/d 485 – 498  
    Q1 2025 Oil production – MBO/d (total – MBOE/d) 470 – 475 (860 – 875) 30.0 – 31.0 (54.0 – 56.0)
         
    Unit costs ($/BOE)    
    Lease operating expenses, including workovers $5.90 – $6.30  
    G&A    
    Cash G&A $0.60 – $0.75  
    Non-cash equity-based compensation $0.25 – $0.35  
    DD&A $14.00 – $15.00  
    Interest expense (net of interest income) $0.25 – $0.50  
    Gathering, processing and transportation $1.20 – $1.40  
         
    Production and ad valorem taxes (% of revenue) ~7%  
    Corporate tax rate (% of pre-tax income) 23%  
    Cash tax rate (% of pre-tax income) 17% – 20%  
    Q1 2025 Cash taxes ($ – million) $280 – $340  
         
    Capital Budget ($ – million)    
    Operated drilling and completion $3,130 – $3,440  
    Capital workovers, non-operated properties and science $280 – $320  
    Infrastructure, environmental and midstream(1) $390 – $440  
    2025 Total capital expenditures $3,800 – $4,200  
    Q1 2025 Capital expenditures $900 – $1,000  
         
    Gross horizontal wells drilled (net) 446 – 471 (406 – 428)  
    Gross horizontal wells completed (net) 557 – 592 (526 – 560)  
    Average lateral length (Ft.) ~11,500′  
    FY 2025 Midland Basin well costs per lateral foot $555 – $605  
    FY 2025 Delaware Basin well costs per lateral foot $860 – $910  
    Midland Basin completed net lateral feet (%) ~95%  
    Delaware Basin completed net lateral feet (%) ~5%  

    (1) Includes approximately $60 million in estimated midstream capital expenditures for the full year 2025.

    CONFERENCE CALL

    Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the fourth quarter of 2024 on Tuesday, February 25, 2025 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the recently completed Endeavor merger, the pending Double Eagle acquisition and other acquisitions or divestitures); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial markets; inflationary pressures; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change; those risks described in Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 22, 2024, and those risks disclosed in its subsequent filings on Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

    In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this letter or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

     
    Diamondback Energy, Inc.
    Consolidated Balance Sheets
    (unaudited, in millions, except share amounts)
           
      December 31,   December 31,
        2024       2023  
    Assets      
    Current assets:      
    Cash and cash equivalents ($27 million and $26 million related to Viper) $ 161     $ 582  
    Restricted cash   3       3  
    Accounts receivable:      
    Joint interest and other, net   198       192  
    Oil and natural gas sales, net ($149 million and $109 million related to Viper)   1,387       654  
    Inventories   116       63  
    Derivative instruments   168       17  
    Prepaid expenses and other current assets   77       110  
    Total current assets   2,110       1,621  
    Property and equipment:      
    Oil and natural gas properties, full cost method of accounting ($22,666 million and $8,659 million excluded from amortization at December 31, 2024 and December 31, 2023, respectively) ($5,713 million and $4,629 million related to Viper and $2,180 million and $1,769 million excluded from amortization related to Viper)   82,240       42,430  
    Other property, equipment and land   1,440       673  
    Accumulated depletion, depreciation, amortization and impairment ($1,081 million and $866 million related to Viper)   (19,208 )     (16,429 )
    Property and equipment, net   64,472       26,674  
    Funds held in escrow   1       —  
    Equity method investments   375       529  
    Derivative instruments   2       1  
    Deferred income taxes, net ($185 million and $57 million related to Viper)   173       45  
    Other assets   159       131  
    Total assets $ 67,292     $ 29,001  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable – trade $ 253     $ 261  
    Accrued capital expenditures   690       493  
    Current maturities of debt   900       —  
    Other accrued liabilities   1,020       475  
    Revenues and royalties payable   1,491       764  
    Derivative instruments   43       86  
    Income taxes payable   414       29  
    Total current liabilities   4,811       2,108  
    Long-term debt ($1,083 million and $1,083 million related to Viper)   12,075       6,641  
    Derivative instruments   106       122  
    Asset retirement obligations   573       239  
    Deferred income taxes   9,826       2,449  
    Other long-term liabilities   39       12  
    Total liabilities   27,430       11,571  
    Stockholders’ equity:      
    Common stock, $0.01 par value; 800,000,000 shares authorized; 290,984,373 and 178,723,871 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively   3       2  
    Additional paid-in capital   33,501       14,142  
    Retained earnings (accumulated deficit)   4,238       2,489  
    Accumulated other comprehensive income (loss)   (6 )     (8 )
    Total Diamondback Energy, Inc. stockholders’ equity   37,736       16,625  
    Non-controlling interest   2,126       805  
    Total equity   39,862       17,430  
    Total liabilities and stockholders’ equity $ 67,292     $ 29,001  
     
    Diamondback Energy, Inc.
    Consolidated Statements of Operations
    (unaudited, $ in millions except per share data, shares in thousands)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Revenues:              
    Oil, natural gas and natural gas liquid sales $ 3,471     $ 2,165     $ 10,100     $ 8,228  
    Sales of purchased oil   225       52       923       111  
    Other operating income   15       11       43       73  
    Total revenues   3,711       2,228       11,066       8,412  
    Costs and expenses:              
    Lease operating expenses   461       254       1,286       872  
    Production and ad valorem taxes   225       104       638       525  
    Gathering, processing and transportation   95       78       356       287  
    Purchased oil expense   225       52       921       111  
    Depreciation, depletion, amortization and accretion   1,156       469       2,850       1,746  
    General and administrative expenses   72       39       213       150  
    Merger and integration expense   30       —       303       11  
    Other operating expenses   35       27       103       140  
    Total costs and expenses   2,299       1,023       6,670       3,842  
    Income (loss) from operations   1,412       1,205       4,396       4,570  
    Other income (expense):              
    Interest expense, net   (34 )     (29 )     (135 )     (159 )
    Other income (expense), net   (7 )     (9 )     80       52  
    Gain (loss) on derivative instruments, net   36       99       137       (259 )
    Gain (loss) on extinguishment of debt   —       —       2       (4 )
    Income (loss) from equity investments, net   (2 )     9       21       48  
    Total other income (expense), net   (7 )     70       105       (322 )
    Income (loss) before income taxes   1,405       1,275       4,501       4,248  
    Provision for (benefit from) income taxes   115       264       800       912  
    Net income (loss)   1,290       1,011       3,701       3,336  
    Net income (loss) attributable to non-controlling interest   216       51       363       193  
    Net income (loss) attributable to Diamondback Energy, Inc. $ 1,074     $ 960     $ 3,338     $ 3,143  
                   
    Earnings (loss) per common share:              
    Basic $ 3.67     $ 5.34     $ 15.53     $ 17.34  
    Diluted $ 3.67     $ 5.34     $ 15.53     $ 17.34  
    Weighted average common shares outstanding:              
    Basic   291,851       178,811       213,545       179,999  
    Diluted   291,851       178,811       213,545       179,999  
     
    Diamondback Energy, Inc.
    Consolidated Statements of Cash Flows
    (unaudited, in millions)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Cash flows from operating activities:              
    Net income (loss) $ 1,290     $ 1,011     $ 3,701     $ 3,336  
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
    Provision for (benefit from) deferred income taxes   (165 )     193       15       378  
    Depreciation, depletion, amortization and accretion   1,156       469       2,850       1,746  
    (Gain) loss on extinguishment of debt   —       —       (2 )     4  
    (Gain) loss on derivative instruments, net   (36 )     (99 )     (137 )     259  
    Cash received (paid) on settlement of derivative instruments   (15 )     (48 )     (51 )     (110 )
    (Income) loss from equity investment, net   2       (9 )     (21 )     (48 )
    Equity-based compensation expense   16       14       65       54  
    Other   12       28       89       5  
    Changes in operating assets and liabilities:              
    Accounts receivable   (103 )     147       (42 )     (71 )
    Income tax receivable   (3 )     16       9       283  
    Prepaid expenses and other current assets   (24 )     (94 )     54       (89 )
    Accounts payable and accrued liabilities   114       11       (376 )     57  
    Income taxes payable   138       (9 )     87       (5 )
    Revenues and royalties payable   59       (16 )     168       123  
    Other   (100 )     10       4       (2 )
    Net cash provided by (used in) operating activities   2,341       1,624       6,413       5,920  
    Cash flows from investing activities:              
    Drilling, completions, infrastructure and midstream additions to oil and natural gas properties   (933 )     (649 )     (2,867 )     (2,701 )
    Property acquisitions   (926 )     (820 )     (8,920 )     (2,013 )
    Proceeds from sale of assets   8       7       467       1,407  
    Other   (4 )     (2 )     99       (16 )
    Net cash provided by (used in) investing activities   (1,855 )     (1,464 )     (11,221 )     (3,323 )
    Cash flows from financing activities:              
    Proceeds under term loan agreement   —       —       1,000       —  
    Repayments under term loan agreement   (100 )     —       (100 )     —  
    Proceeds from borrowings under credit facilities   2,190       313       3,375       4,779  
    Repayments under credit facilities   (2,044 )     (300 )     (3,377 )     (4,668 )
    Proceeds from senior notes   —       400       5,500       400  
    Repayment of senior notes   —       —       (25 )     (134 )
    Repurchased shares under buyback program   (402 )     (131 )     (959 )     (840 )
    Repurchased shares/units under Viper’s buyback program   —       (28 )     —       (95 )
    Proceeds from partial sale of investment in Viper Energy, Inc.   —       —       451       —  
    Net proceeds from Viper’s issuance of common stock   —       —       476       —  
    Dividends paid to stockholders   (262 )     (603 )     (1,578 )     (1,444 )
    Dividends/distributions to non-controlling interest   (70 )     (45 )     (227 )     (129 )
    Other   (7 )     (11 )     (149 )     (45 )
    Net cash provided by (used in) financing activities   (695 )     (405 )     4,387       (2,176 )
    Net increase (decrease) in cash and cash equivalents   (209 )     (245 )     (421 )     421  
    Cash, cash equivalents and restricted cash at beginning of period   373       830       585       164  
    Cash, cash equivalents and restricted cash at end of period $ 164     $ 585     $ 164     $ 585  
     
    Diamondback Energy, Inc.
    Selected Operating Data
    (unaudited)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Production Data:              
    Oil (MBbls)   43,785       25,124       123,325       96,176  
    Natural gas (MMcf)   107,249       50,497       275,680       198,117  
    Natural gas liquids (MBbls)   19,615       9,016       49,700       34,217  
    Combined volumes (MBOE)(1)   81,275       42,556       218,972       163,413  
                   
    Daily oil volumes (BO/d)   475,924       273,087       336,954       263,496  
    Daily combined volumes (BOE/d)   883,424       462,565       598,284       447,707  
                   
    Average Prices:              
    Oil ($ per Bbl) $ 69.48     $ 76.42     $ 73.52     $ 75.68  
    Natural gas ($ per Mcf) $ 0.48     $ 1.29     $ 0.32     $ 1.32  
    Natural gas liquids ($ per Bbl) $ 19.27     $ 19.96     $ 18.99     $ 20.08  
    Combined ($ per BOE) $ 42.71     $ 50.87     $ 46.12     $ 50.35  
                   
    Oil, hedged ($ per Bbl)(2) $ 68.72     $ 75.59     $ 72.68     $ 74.72  
    Natural gas, hedged ($ per Mcf)(2) $ 0.82     $ 1.31     $ 0.91     $ 1.48  
    Natural gas liquids, hedged ($ per Bbl)(2) $ 19.27     $ 19.96     $ 18.99     $ 20.08  
    Average price, hedged ($ per BOE)(2) $ 42.76     $ 50.40     $ 46.38     $ 49.98  
                   
    Average Costs per BOE:              
    Lease operating expenses $ 5.67     $ 5.97     $ 5.87     $ 5.34  
    Production and ad valorem taxes   2.77       2.44       2.91       3.21  
    Gathering, processing and transportation expense   1.17       1.83       1.63       1.76  
    General and administrative – cash component   0.69       0.59       0.68       0.59  
    Total operating expense – cash $ 10.30     $ 10.83     $ 11.09     $ 10.90  
                   
    General and administrative – non-cash component $ 0.20     $ 0.33     $ 0.30     $ 0.33  
    Depreciation, depletion, amortization and accretion $ 14.22     $ 11.02     $ 13.02     $ 10.68  
    Interest expense, net $ 0.42     $ 0.68     $ 0.62     $ 0.97  

    (1)   Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
    (2)   Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts.


    NON-GAAP FINANCIAL MEASURES

    ADJUSTED EBITDA

    Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as net income (loss) attributable to Diamondback Energy, Inc., plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before non-cash (gain) loss on derivative instruments, net, interest expense, net, depreciation, depletion, amortization and accretion, depreciation and interest expense related to equity method investments, (gain) loss on extinguishment of debt, if any, non-cash equity-based compensation expense, capitalized equity-based compensation expense, merger and integration expenses, other non-cash transactions and provision for (benefit from) income taxes, if any. Adjusted EBITDA is not a measure of net income as determined by United States generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because the measure allows it to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company adds the items listed above to net income (loss) to determine Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Further, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets. The Company’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.

    The following tables present a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP financial measure of Adjusted EBITDA:

    Diamondback Energy, Inc.
    Reconciliation of Net Income (Loss) to Adjusted EBITDA
    (unaudited, in millions)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Net income (loss) attributable to Diamondback Energy, Inc. $ 1,074     $ 960     $ 3,338     $ 3,143  
    Net income (loss) attributable to non-controlling interest   216       51       363       193  
    Net income (loss)   1,290       1,011       3,701       3,336  
    Non-cash (gain) loss on derivative instruments, net   (51 )     (147 )     (188 )     149  
    Interest expense, net   34       29       135       159  
    Depreciation, depletion, amortization and accretion   1,156       469       2,850       1,746  
    Depreciation and interest expense related to equity method investments   30       18       91       70  
    (Gain) loss on extinguishment of debt   —       —       (2 )     4  
    Non-cash equity-based compensation expense   24       21       95       80  
    Capitalized equity-based compensation expense   (8 )     (7 )     (30 )     (26 )
    Merger and integration expenses   30       —       303       11  
    Other non-cash transactions   2       12       (62 )     (52 )
    Provision for (benefit from) income taxes   115       264       800       912  
    Consolidated Adjusted EBITDA   2,622       1,670       7,693       6,389  
    Less: Adjustment for non-controlling interest   118       82       411       290  
    Adjusted EBITDA attributable to Diamondback Energy, Inc. $ 2,504     $ 1,588     $ 7,282     $ 6,099  

    ADJUSTED NET INCOME

    Adjusted net income is a non-GAAP financial measure equal to net income (loss) attributable to Diamondback Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, merger and integration expense, other non-cash transactions and related income tax adjustments, if any. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors. Further, in order to allow investors to compare the Company’s performance across periods, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods.

    The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP measure of adjusted net income:

    Diamondback Energy, Inc.
    Adjusted Net Income
    (unaudited, $ in millions except per share data, shares in thousands)
               
      Three Months Ended
    December 31, 2024    		   Year Ended
    December 31, 2024
      Amounts   Amounts Per
    Diluted
    Share    		   Amounts   Amounts Per
    Diluted
    Share
    Net income (loss) attributable to Diamondback Energy, Inc.(1) $ 1,074     $ 3.67     $ 3,338     $ 15.53  
    Net income (loss) attributable to non-controlling interest   216       0.74       363       1.70  
    Net income (loss)(1)   1,290       4.41       3,701       17.23  
    Non-cash (gain) loss on derivative instruments, net   (51 )     (0.17 )     (188 )     (0.88 )
    (Gain) loss on extinguishment of debt   —       —       (2 )     (0.01 )
    Merger and integration expense   30       0.10       303       1.42  
    Other non-cash transactions   2       —       (62 )     (0.29 )
    Adjusted net income excluding above items(1)   1,271       4.34       3,752       17.47  
    Income tax adjustment for above items   2       0.01       (9 )     (0.04 )
    Adjusted net income(1)   1,273       4.35       3,743       17.43  
    Less: Adjusted net income attributable to non-controlling interest   206       0.71       183       0.86  
    Adjusted net income attributable to Diamondback Energy, Inc.(1) $ 1,067     $ 3.64     $ 3,560     $ 16.57  
                   
    Weighted average common shares outstanding:              
    Basic     291,851           213,545  
    Diluted     291,851           213,545  

    (1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc, (ii) less the reallocation of $4 million and $21 million in earnings attributable to participating securities for the three months ended December 31, 2024 and the year ended December 31, 2024, respectively, (iii) divided by diluted weighted average common shares outstanding for the respective periods.

    OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES AND FREE CASH FLOW

    Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to changes in operating assets and liabilities. The Company believes operating cash flow before working capital changes is a useful measure of an oil and natural gas company’s ability to generate cash used to fund exploration, development and acquisition activities and service debt or pay dividends. The Company also uses this measure because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. This allows the Company to compare its operating performance with that of other companies without regard to financing methods and capital structure.

    Free Cash Flow, which is a non-GAAP financial measure, is cash flow from operating activities before changes in working capital in excess of cash capital expenditures. The Company believes that Free Cash Flow is useful to investors as it provides measures to compare both cash flow from operating activities and additions to oil and natural gas properties across periods on a consistent basis as adjusted for non-recurring tax impacts from divestitures, merger and integration expenses, the early termination of derivative contracts and settlements of treasury locks. These measures should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of operating performance. The Company’s computation of Free Cash Flow may not be comparable to other similarly titled measures of other companies. The Company uses Free Cash Flow to reduce debt, as well as return capital to stockholders as determined by the Board of Directors.

    The following tables present a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP measure of operating cash flow before working capital changes and to the non-GAAP measure of Free Cash Flow:

    Diamondback Energy, Inc.
    Operating Cash Flow Before Working Capital Changes and Free Cash Flow
    (unaudited, in millions)
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Net cash provided by operating activities $ 2,341     $ 1,624     $ 6,413     $ 5,920  
    Less: Changes in cash due to changes in operating assets and liabilities:              
    Accounts receivable   (103 )     147       (42 )     (71 )
    Income tax receivable   (3 )     16       9       283  
    Prepaid expenses and other current assets   (24 )     (94 )     54       (89 )
    Accounts payable and accrued liabilities   114       11       (376 )     57  
    Income taxes payable   138       (9 )     87       (5 )
    Revenues and royalties payable   59       (16 )     168       123  
    Other   (100 )     10       4       (2 )
    Total working capital changes   81       65       (96 )     296  
    Operating cash flow before working capital changes   2,260       1,559       6,509       5,624  
    Drilling, completions, infrastructure and midstream additions to oil and natural gas properties   (933 )     (649 )     (2,867 )     (2,701 )
    Total Cash CAPEX   (933 )     (649 )     (2,867 )     (2,701 )
    Free Cash Flow   1,327       910       3,642       2,923  
    Tax impact from divestitures(1)   —       —       —       64  
    Merger and integration expenses   30       —       303       —  
    Early termination of derivatives   —       —       37       —  
    Treasury locks   —       —       25       —  
    Adjusted Free Cash Flow $ 1,357     $ 910     $ 4,007     $ 2,987  

    (1) Includes the tax impact for the disposal of certain Midland Basin water assets and Delaware Basin oil gathering assets.

    NET DEBT

    The Company defines the non-GAAP measure of net debt as total debt (excluding debt issuance costs, discounts, premiums and unamortized basis adjustments) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

    Diamondback Energy, Inc.
    Net Debt
    (unaudited, in millions)
                           
      December 31,
    2024    		   Net Q4
    Principal
    Borrowings/
    (Repayments)    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
      (in millions)
    Diamondback Energy, Inc.(1) $ 12,069     $ (215 )   $ 12,284     $ 11,169     $ 5,669     $ 5,697  
    Viper Energy, Inc.(1)   1,091       261       830       1,007       1,103       1,093  
    Total debt   13,160     $ 46       13,114       12,176       6,772       6,790  
    Cash and cash equivalents   (161 )         (370 )     (6,908 )     (896 )     (582 )
    Net debt $ 12,999         $ 12,744     $ 5,268     $ 5,876     $ 6,208  

    (1)  Excludes debt issuance costs, discounts, premiums and unamortized basis adjustments.

    DERIVATIVES

    As of February 21, 2025, the Company had the following outstanding consolidated derivative contracts, including derivative contracts at Viper Energy, Inc. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent pricing and with natural gas derivative settlements based on the New York Mercantile Exchange Henry Hub pricing. When aggregating multiple contracts, the weighted average contract price is disclosed.

      Crude Oil (Bbls/day, $/Bbl)
      Q1 2025     Q2 2025     Q3 2025     Q4 2025     FY2026  
    Long Puts – Crude Brent Oil 52,000     48,000     27,000     12,000     —  
    Long Put Price ($/Bbl) $60.00     $58.44     $56.85     $55.00     —  
    Deferred Premium ($/Bbl) $-1.48     $-1.50     $-1.54     $-1.56     —  
    Long Puts – WTI (Magellan East Houston) 83,000     86,000     72,000     35,000     —  
    Long Put Price ($/Bbl) $55.84     $55.12     $55.00     $55.00     —  
    Deferred Premium ($/Bbl) $-1.59     $-1.58     -1.60     $-1.62     —  
    Long Puts – WTI (Cushing) 142,000     137,000     101,000     41,000     —  
    Long Put Price ($/Bbl) $56.58     $55.58     $55.00     $55.00     —  
    Deferred Premium ($/Bbl) $-1.59     $-1.58     $-1.58     $-1.61     —  
    Costless Collars – WTI (Cushing) 13,000     —     —     —     —  
    Long Put Price ($/Bbl) $60.00     —     —     —     —  
    Short Call Price ($/Bbl) $89.55     —     —     —     —  
    Basis Swaps – WTI (Midland) 64,000     66,000     66,000     66,000     —  
    $1.09     $1.05     $1.05     $1.05     —  
    Roll Swaps – WTI 16,389     25,000     25,000     25,000     —  
    $0.93     $0.93     $0.93     $0.93     —  
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027  
    Costless Collars – Henry Hub 750,000     690,000     690,000     690,000     500,000     —  
    Long Put Price ($/Mmbtu) $2.52     $2.49     $2.49     $2.49     $2.64     —  
    Ceiling Price ($/Mmbtu) $5.26     $5.28     $5.28     $5.28     $6.31     —  
    Natural Gas Basis Swaps – Waha Hub 670,000     610,000     610,000     610,000     230,000     200,000  
    $-0.82     $-0.84     $-0.84     $-0.84     $-1.41     $-1.42  

    Investor Contact:
    Adam Lawlis
    +1 432.221.7467
    alawlis@diamondbackenergy.com

    The MIL Network –

  • MIL-OSI: Dave to Participate in Upcoming Investor Conferences in March

    Source: GlobeNewswire (MIL-OSI)

    Los Angeles, California , Feb. 24, 2025 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced that the Company will participate in two upcoming investor conferences in March 2025.

    • The Citizens JMP Technology Conference is being held March 3-4 at The Ritz-Carlton in San Francisco, CA. The Company will participate in a fireside chat at 12:30pm PT and hold 1×1 meetings throughout the day on March 4. Please click here to view the live event. A replay of the presentation will also be available on the Dave investor relations website at investors.dave.com.
    • The Wolfe Research FinTech Forum is being held March 11-12 at the Lotte New York Palace in New York, NY. The Company will participate in an investor presentation and hold 1×1 meetings throughout the day on March 12.

    To request a meeting with the Dave team, please contact your respective conference representative or email the Company’s investor relations team at DAVE@elevate-ir.com.

    About Dave

    Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. Dave partners with Evolve Bank & Trust, a FDIC member. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    DAVE@elevate-ir.com

    Media Contact

    Dan Ury
    press@dave.com

    The MIL Network –

  • MIL-OSI: Varonis to Present at March Investor Conference

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 24, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), a leader in data security, announced its participation at the following upcoming conference:

    • The Morgan Stanley Technology, Media & Telecom Conference, March 3 – 6, in San Francisco. The presentation is scheduled for March 3 at 1:50 p.m. PT.

    The audio presentations will be webcast live and available by visiting the “Investor Relations” section of Varonis’ website at ir.varonis.com. The webcasts will be archived on the website for a limited time following the conferences.

    Additional Resources

    About Varonis

    Varonis (Nasdaq: VRNS) is a leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

    Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), and insider risk management.

    Varonis protects data first, not last. Learn more at www.varonis.com.

    Investor Relations Contact:
    Tim Perz
    Varonis Systems, Inc.
    646-640-2112
    investors@varonis.com

    News Media Contact:
    Rachel Hunt
    Varonis Systems, Inc.
    877-292-8767 (ext. 1598)
    pr@varonis.com

    The MIL Network –

  • MIL-OSI: Nasdaq CFO Sarah Youngwood to Present at the Morgan Stanley Technology, Media & Telecom Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) will be presenting at the following conference, with a webcast available at Nasdaq’s Investor Relations website: ir.nasdaq.com/events.cfm.

    Who:          Sarah Youngwood, EVP & CFO, Nasdaq
         
    What:   Morgan Stanley Technology, Media & Telecom Conference
         
    When:   Monday, March 3, 2025
    2:30 PM ET
         

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Relations Contact:

    Nick Eghtessad
    +1.929.996.8894
    Nick.Eghtessad@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –