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Category: GlobeNewswire

  • MIL-OSI: Real Estate Split Corp. Renews At-The-Market Equity Program

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. Newswire Services or for dissemination in the United States.

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — (TSX: RS, RS.PR.A) Real Estate Split Corp. (the “Company”) is pleased to announce it has renewed its at-the-market equity program (“ATM Program”) that allows the Company to issue Class A and Preferred Shares (the “Class A Shares” and “Preferred Shares”, respectively) to the public from time to time, at the Company’s discretion. Any Class A Shares or Preferred Shares sold in the ATM Program will be sold through the Toronto Stock Exchange (the “TSX”) or any other marketplace in Canada on which the Class A Shares and Preferred Shares are listed, quoted or otherwise traded at the prevailing market price at the time of sale.

    Sales of Class A Shares and Preferred Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated February 14, 2025 (the “Equity Distribution Agreement”) with National Bank Financial Inc. (the “Agent”). Sales of Class A Shares and Preferred Shares will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Class A Shares and Preferred Shares in Canada. Since the Class A Shares and Preferred Shares will be distributed at the prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution.

    The ATM Program is being offered pursuant to a prospectus supplement dated February 14, 2025 to the Company’s short form base shelf prospectus dated February 12, 2025. The maximum gross proceeds from the issuance of the shares will be $75,000,000 for each of the Class A and Preferred Shares. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor or from representatives of the Agent and are available on SEDAR+ at www.sedarplus.ca. The volume and timing of distributions under the ATM Program, if any, will be determined at the Company’s sole discretion. The ATM Program will be effective until March 13, 2027, unless terminated prior to such date by the Company.

    The Company intends to use the proceeds from the ATM Program in accordance with the investment objectives and investment strategies of the Company, subject to the investment restrictions of the Company. Real Estate Split Corp. has been designed to provide investors with a diversified, actively managed, high conviction portfolio comprised of issuers operating in the real estate or related sectors, including real estate investment trusts, that are engaged in E-Commerce, data infrastructure as well as the multi-family, retail, office and healthcare sectors. Middlefield Capital Corporation provides investment management advice to the Company.

    The investment objectives for the Class A Shares are to provide holders with non-cumulative monthly cash distributions and to provide holders with the opportunity for capital appreciation potential. On August 17, 2021, the monthly cash distribution was increased to $0.13 per Class A Share from $0.10 per Class A Share. The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions, currently in the amount of $0.13125 per Preferred Share, and to return the original issue price to holders of Preferred Shares on December 31, 2025.

    For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

    You will usually pay brokerage fees to your dealer if you purchase or sell shares of the investment funds on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”). If the shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the investment fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the funds. You can find more detailed information about the fund in the public filings available at www.sedar.com. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all distributions and do not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “plans”, “estimates” or “intends” (or negative or grammatical variations thereof), or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements including as a result of changes in the general economic and political environment, changes in applicable legislation, and the performance of each fund. There are no assurances the funds can fulfill such forward-looking statements and the funds do not undertake any obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing one or more of the funds, many of which are beyond the control of the funds. Investors should not place undue reliance on forward-looking statements.

    The MIL Network –

  • MIL-OSI: Tom Geisel to Join Dime’s Senior Executive Leadership Team

    Source: GlobeNewswire (MIL-OSI)

    HAUPPAUGE, N.Y., Feb. 20, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), announced today that Thomas X. Geisel will join Dime as Senior Executive Vice President of Commercial Lending. Mr. Geisel will be responsible for the continued buildout and diversification of Dime’s commercial lending business.

    Stuart H. Lubow, President and CEO said, “Dime has had tremendous success growing core deposits and business loans over the past two years by taking advantage of the significant disruption in our marketplace and adding talent to our organization. Recruiting Tom to our organization is the next logical step in the execution of our business plan. Tom has a proven track record as a business leader and he was instrumental in the growth and transformation of Sterling National Bank into a highly profitable $30 billion institution. Tom is an experienced leader and well-known brand name in the New York Metropolitan market. I look forward to working with him closely as we advance Dime’s mission of being the best business bank in New York.”

    Mr. Geisel stated, “I’m very pleased to join Dime and be part of the growth story. Dime’s entrepreneurial culture and customer first mindset attracted me to the institution.  Its strong balance sheet and best-in-class capital strength provides an attractive foundation for talented commercial bankers. I look forward to working with Stu and the management team to leverage its positive momentum in creating a high performing, local champion.” 

    Mr. Geisel has a diverse financial services background, including leadership experience growing regional banks for more than twenty years. He was President of Corporate Banking, at Webster Bank (formally known as Sterling National Bank). Prior to Sterling National Bank, Mr. Geisel was President, Chief Executive Officer and a Director of Sun Bancorp. Prior to Sun Bancorp, Mr. Geisel was at KeyCorp, including serving as President of the Northeast Region where he was responsible for $20 billion of assets within seven states, including commercial, consumer and private banking. He also helped to build the company’s general M&A investment banking practice in the East and West regions. Most recently, he was recruited to lead a turnaround of Republic First, which culminated in an assisted transaction.

    ABOUT DIME COMMUNITY BANCSHARES, INC.

    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island (1).

    Dime Community Bancshares, Inc.
    Investor Relations Contact:
    Avinash Reddy
    Senior Executive Vice President – Chief Financial Officer
    Phone: 718-782-6200; Ext. 5909
    Email: avinash.reddy@dime.com

    1 Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    The MIL Network –

  • MIL-OSI: LanzaTech Announces Date for Fourth Quarter and Full-Year 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 20, 2025 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or the “Company”), a carbon management company providing a differentiated syngas-to-ethanol solution, today announced that it will issue its fourth quarter and full-year 2024 financial results before financial markets in the United States open on Monday, March 17, 2025. A conference call will be held that same day at 8:30 a.m. Eastern Time.

    The conference call may be accessed via a live webcast on a listen-only basis through the Events and Presentations section of LanzaTech’s Investor Relations website. An archive of the webcast will be available for twelve months.

    To attend the live conference call via telephone, domestic callers can access by dialing (800) 225-9448 and international callers can access by dialing (203) 518-9708, and using the conference identification code LANZA.

    A replay of the conference call will be available shortly after the call ends and can be accessed by domestic callers by dialing (844)-512-2921 and by international callers by dialing (412)-317-6671, and entering the access identification code 11157950. The replay will be available until 11:59 pm Eastern Time March 31, 2025.

    About LanzaTech
    LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein for everyday products. Using its bio-recycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Coty, Craghoppers, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.

    Contacts

    Investor Relations
    Kate Walsh
    VP, Investor Relations & Tax
    Investor.Relations@lanzatech.com

    The MIL Network –

  • MIL-OSI: Targa Resources Corp. Announces Form 10-K Available

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 20, 2025 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“TRGP” or the “Company” or “Targa”) has filed its Form 10-K with the Securities and Exchange Commission (SEC) for the year ended December 31, 2024. The report may be accessed at www.sec.gov.

    The report is also available in the Investors section of the Company’s website at www.targaresources.com, or by going directly to https://www.targaresources.com/investors/financial-information/sec-filings. Hard copies of the report may be ordered free of charge by contacting the Company’s investor relations department by email at investorrelations@targaresources.com, or by phone at (713) 584-1133.

    About Targa Resources Corp.

    Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic midstream infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

    Targa is a FORTUNE 500 company and is included in the S&P 500.

    For more information, please visit the Company’s website at www.targaresources.com.

    Forward-Looking Statements

    Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding our projected financial performance, capital spending and payment of future dividends. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of our completion of capital projects and business development efforts, the expected growth of volumes on our systems, the impact of significant public health crises, commodity price volatility due to ongoing or new global conflicts, the impact of disruptions in the bank and capital markets, including those resulting from lack of access to liquidity for banking and financial services firms, and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    Targa Investor Relations
    InvestorRelations@targaresources.com
    (713) 584-1133

    The MIL Network –

  • MIL-OSI: MINILUXE ANNOUNCES NORMAL COURSE ISSUER BID

    Source: GlobeNewswire (MIL-OSI)

    Boston, MA, Feb. 20, 2025 (GLOBE NEWSWIRE) — MiniLuxe Holding Corp. (TSXV: MNLX) (“MiniLuxe” or the “Company”) announces today, as an update to its press release dated February 11, 2025, its intent to commence a normal course issuer bid through the facilities of the TSX Venture Exchange (the “TSXV“) to repurchase, for cancellation, up to 2,000,000 Class A subordinate voting shares of the Company, representing less than 3% of the Company’s presently issued and outstanding Class A subordinate voting shares (the “NCIB“). The NCIB remains subject to the final approval of the TSXV.

    The NCIB will now commence on February 25, 2025 and will terminate upon the earliest of (i) the Company purchasing 2,000,000 Class A subordinate voting shares, (ii) the Company providing notice of termination of the NCIB, and (iii) February 24, 2026. Under the NCIB, the Company may not acquire more than 2% of its issued and outstanding subordinate voting shares in any 30-day period.

    The Company believes that, from time to time, the market price of its Class A subordinate voting shares does not adequately reflect the Company’s underlying value and prospects and that, at such times, the purchase of the Company’s Class A subordinate voting shares represents an appropriate use of the Company’s financial resources and will enhance shareholder value.

    The Company has engaged Ventum Financial Corp. to act as its broker for the NCIB (the “Broker“). Trades made pursuant to the NCIB will be made on an as-directed basis, and the Company will not enter into an automatic share purchase plan entered into with the Broker. The NCIB will be made through the facilities of the TSXV and/or alternative authorized Canadian trading systems, and the purchase and payment for the Class A subordinate voting shares will be made from the Company’s existing working capital at the market price of the applicable securities at the time of acquisition, plus brokerage fees, if any, charged by the Broker. All Class A subordinate voting shares purchased by the Company under the NCIB will be cancelled.

    To the Company’s knowledge, none of the directors, senior officers or insiders of the Company, or any associate of such person, or any associate or affiliate of the Company, has any present intention to sell any securities to the Company during the course of the NCIB. The Company completed a normal course issuer bid on September 20, 2023, under which the Company purchased 63,500 Class A subordinate voting shares at an average price of $0.444 per share, for an aggregate purchase price of $28,213. The Company also completed a normal course issuer bid on December 4, 2024, under which the Company purchased 46,700 Class A subordinate voting shares at an average price of $0.40 per share, for an aggregate purchase price of $18,680.

    A copy of the Form 5G – Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the TSXV in respect of the NCIB can be obtained from the Company upon request without charge.

    About MiniLuxe

    MiniLuxe, a Delaware corporation based in Boston, Massachusetts. MiniLuxe is a lifestyle brand and talent empowerment platform servicing the beauty and self-care industry. Through its company-owned and partner-operated studios, Company delivers high-quality nail care and esthetic services that incorporate the brand’s proprietary products. For over a decade, MiniLuxe has been elevating industry standards through healthier, ultra-hygienic services, modern design, ethical labor practices, and better-for-you, cleaner products. MiniLuxe’s vision is to radically transform the highly fragmented and under-regulated self-care and nail care industry through its brand, standards, and technology platform that together enable better talent and client experiences.

    Towards building long-term durable value for its stakeholders, MiniLuxe is expanding its reach through franchising and operating JV partners seeking ownership and impact with a brand recognized as the best nail salon franchise. Through self-care and self-expression, MiniLuxe is empowering one of the largest hourly work forces through professional development, economic mobility, and equity ownership. Since its founding, MiniLuxe has performed over 4.5 million services.

    For further information

    Christine Mastrangelo
    Investor Relations, MiniLuxe Holding Corp.
    cmastrangelo@MiniLuxe.com
    MiniLuxe.com

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

    The MIL Network –

  • MIL-OSI: illumin Holdings Inc. announces date for Fourth Quarter and Year-End 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and NEW YORK, Feb. 20, 2025 (GLOBE NEWSWIRE) — illumin Holdings Inc. (TSX: ILLM, OTCQB:ILLMF) (“illumin” or “Company”), a leader in digital advertising technology that empowers marketers to make smarter decisions about communicating with online consumers, announces that it will report its fourth quarter and year-end 2024 financial results before market open on Friday, March 14, 2025.

    Investors and analysts are invited to join a live webcast on Friday, March 14, 2025, at 8:30 AM ET, where CEO Simon Cairns and CFO Elliot Muchnik will discuss illumin’s Fourth Quarter and Year-End 2024 results, followed by a question-and-answer session.

    Conference Call Details:

    To register for the conference call webcast and presentation, please visit: https://events.illumin.com/q4-2024-earnings-call

    Please connect at least 15 minutes prior to ensure time for any software download that may be needed to hear the webcast.

    A recording of the conference call webcast will be available after the call by visiting the Company’s website at https://illumin.com/investor-information/.

    About illumin:

    illumin is evolving the digital advertising landscape by empowering marketers to achieve transformative results through its customer-centric approach. Featuring a unified canvas built around the open web, illumin lets brands and agencies seamlessly plan, build, and execute campaigns across the entire marketing funnel—connecting programmatic channels, email, and social media within a single platform. Headquartered in Toronto, Canada, illumin serves clients across North America, Latin America, and Europe. For more information, visit illumin.com.

    For further information, please contact.

      Steve Hosein David Hanover
      Investor relations Investor Relations – U.S.
      illumin Holdings Inc. KCSA Strategic Communications
      416-218-9888 x5313 212-896-1220
      investors@illumin.com     dhanover@kcsa.com


    Disclaimer in regard to Forward-looking Statements

    Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  Investors are cautioned not to put undue reliance on forward-looking statements.  Except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

    The MIL Network –

  • MIL-OSI: Kayne Anderson Energy Infrastructure Fund Enters Into $175 Million Revolving Credit Facility

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 20, 2025 (GLOBE NEWSWIRE) — Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) (NYSE: KYN) has entered into a $175 million unsecured revolving credit facility (the “Credit Facility”). The Credit Facility matures on February 19, 2026 and replaces the Company’s $135 million credit facility that was scheduled to mature on February 20, 2025.

    The interest rate on outstanding borrowings under the Credit Facility may vary between SOFR plus 1.40% and SOFR plus 2.25%, depending on the Company’s asset coverage ratios. Based on the Company’s current asset coverage ratios, the interest rate is SOFR plus 1.40%. The Company will pay a commitment fee of 0.20% per annum on any unused amounts of the Credit Facility. As of February 20, 2025, the Company had $101 million borrowed under the Credit Facility.

    A copy of the credit agreement is available on the Company’s website at www.kaynefunds.com/kyn.

    Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Company’s investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least 80% of its total assets in securities of Energy Infrastructure Companies. See Glossary of Key Terms in the Company’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

    The Company pays cash distributions to common stockholders at a rate that may be adjusted from time to time. Distribution amounts are not guaranteed and may vary depending on a number of factors, including changes in portfolio holdings and market conditions. 

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or consider any investor’s specific objectives or circumstances. Before investing, please consult with your investment, tax, or legal adviser regarding your individual circumstances.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include but are not limited to changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Company’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. Actual events could differ materially from these statements or our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objectives will be attained.

    Contact investor relations at 877-657-3863 or cef@kayneanderson.com.

    The MIL Network –

  • MIL-OSI: Logansport Financial Corp. Announces First Quarter Dividend

    Source: GlobeNewswire (MIL-OSI)

    LOGANSPORT, Ind., Feb. 20, 2025 (GLOBE NEWSWIRE) — Logansport Financial Corp. (OTCBB – Symbol “LOGN”), an Indiana corporation which is the holding company for Logansport Savings Bank, a State Commercial bank located in Logansport, Indiana, announces that Logansport Financial Corp. has declared a quarterly cash dividend of $.45 on each share of its common stock for the first quarter of 2025. The dividend is payable on April 14, 2025 to the holders of record on March 13, 2025.

    Contact: Kristie Richey
    Chief Financial Officer
    Phone 574-722-3855
    Fax 574-722-3857

    The MIL Network –

  • MIL-OSI: Reckoner Capital Management Announces Launch as New Credit Asset Manager

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 20, 2025 (GLOBE NEWSWIRE) — Today, Reckoner Capital Management (“Reckoner”) announced its launch as a global alternative credit asset manager. Led by Co-Founder and CEO John Kim, the firm will capitalize on the team’s extensive experience investing in credit assets to provide tailored solutions for regulated, institutional, and retail clients. The firm launches with the backing of RedBird Capital Partners (“RedBird”) and is headquartered in New York City.

    Reckoner will leverage a comprehensive view of the credit markets to deliver premium, customized investment solutions across liquid and illiquid investment-grade fixed income and structured products. Reckoner intends to empower both institutional and individual investors to achieve their financial goals through innovative solutions, disciplined risk management, and a client-focused approach.

    The firm is led by a proven management team with decades of experience in credit investments and established performance in the space. The team’s strong track record of managing scaled portfolios with above-market returns will support Reckoner’s mission to meet growing demand for public and private credit products.

    “I’m thrilled to be launching Reckoner alongside this best-in-class team, prepared to provide adaptive and innovative solutions for our clients in credit,” said Mr. Kim. “Alternative credit’s enhanced liquidity, transparency, and performance over cycles make it an attractive asset allocation, and we have the knowledge and robust industry network to source and execute transactions to maximize value.”

    Reckoner is supported by RedBird, a strategic investor with extensive expertise building businesses within the financial services industry. The partnership aligns with RedBird’s strategy, which focuses on providing growth capital and operational support to industry-leading management teams.

    “We are proud to partner with the Reckoner team, whose significant experience managing credit assets and ability to structure superior risk-adjusted investments is evident in their track record of success,” added Mike Zabik, Partner at RedBird. “As investors, we’re always looking for opportunities to unlock value by building scalable, industry-leading platforms and we look forward to working with the team to drive transformative growth in the asset management space.”

    Founding Team
    Reckoner was co-founded by John Kim, Ricky Li, Timothy Wickstrom, and Jamie Kim, who previously worked together at Panagram Structured Asset Management. The senior management team consists of experienced investors with specialized expertise in credit investment management.

    About Reckoner Capital Management
    Reckoner Capital Management is a newly launched global asset manager dedicated to delivering superior investment performance across a range of alternative credit strategies. Reckoner provides its clients with customized access to liquid and complex credit assets, structuring expertise for rating-sensitive and regulatory capital investors, and capital markets capabilities in both liquid and semi-liquid markets. Reckoner strives to deliver the best possible risk-adjusted returns to its clients by taking a long-term approach to investment portfolios and creating partnerships across banks, asset originators, financiers, and its client base. For more information, please visit www.reckoner.com.

    About RedBird Capital Partners
    RedBird Capital Partners is a private investment firm that builds high-growth companies with strategic capital solutions to founders and entrepreneurs. The firm currently manages $10 billion in assets on behalf of a global group of blue-chip institutional and family office investors. Founded in 2014 by Gerry Cardinale, RedBird integrates sophisticated private equity investing with a hands-on business-building mandate that focuses on three core industry verticals – Financial Services, Sports and Media & Entertainment. Over his 30-year investment career, Cardinale has partnered with founders and entrepreneurs to build some of the most iconic growth companies in their respective industries. For more information, please go to www.redbirdcap.com.

    Media Contacts:
    Dan Gagnier / Lindsay Barber
    Gagnier Communications
    RedBird@gagnierfc.com

    The MIL Network –

  • MIL-OSI: Oaktree Specialty Lending Corporation Prices Public Offering of $300,000,000 6.340% Notes due 2030

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, CA, Feb. 20, 2025 (GLOBE NEWSWIRE) — Oaktree Specialty Lending Corporation (NASDAQ: OCSL) (“OCSL” or the “Company”), a specialty finance company, today announced that it has priced an underwritten public offering of $300.0 million aggregate principal amount of 6.340% notes due 2030. The notes will mature on February 27, 2030 and may be redeemed in whole or in part at the Company’s option at any time at par plus a “make-whole” premium, if applicable.

    OCSL expects to use the net proceeds of this offering to reduce its outstanding debt under its revolving credit facilities and for general corporate purposes.

    SMBC Nikko Securities America, Inc., BNP Paribas Securities Corp., ING Financial Markets LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, CIBC World Markets Corp., Citigroup Global Markets Inc., Barclays Capital Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for this offering. KeyBanc Capital Markets Inc., First Citizens Capital Securities, LLC, Keefe, Bruyette & Woods, Inc., A Stifel Company, R. Seelaus & Co., LLC, B. Riley Securities, Inc., Blaylock Van, LLC, Citizens JMP Securities, LLC, Jefferies LLC and Oppenheimer & Co. Inc. are acting as co-managers for this offering. The offering is expected to close on February 27, 2025, subject to customary closing conditions.

    Investors are advised to carefully consider the investment objective, risks, charges and expenses of OCSL before investing. The pricing term sheet dated February 20, 2025, the preliminary prospectus supplement dated February 20, 2025 and the accompanying prospectus dated February 7, 2023, each of which have been filed with the Securities and Exchange Commission, contain this and other information about the Company and should be read carefully before investing.

    The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of OCSL and are not soliciting an offer to buy such securities in any jurisdiction where such offer and sale is not permitted.

    The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus. Copies of the preliminary prospectus supplement (and accompanying prospectus) may be obtained by calling SMBC Nikko Securities America, Inc. at 1-212-224-5135, BNP Paribas Securities Corp. at 1-800-854-5674, ING Financial Markets LLC at 1-877-446-4930 or Wells Fargo Securities, LLC at 1-800-645-3751.

    About Oaktree Specialty Lending Corporation

    Oaktree Specialty Lending Corporation (NASDAQ:OCSL) is a specialty finance company dedicated to providing customized one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company’s investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions including first and second lien loans, unsecured and mezzanine loans, and preferred equity. The Company is regulated as a business development company under the Investment Company Act of 1940, as amended, and is externally managed by Oaktree Fund Advisors, LLC, an affiliate of Oaktree Capital Management, L.P.

    Forward-Looking Statements

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

    Contacts
    Investor Relations:
    Oaktree Specialty Lending Corporation
    Dane Kleven
    (213) 356-3260
    ocsl-ir@oaktreecapital.com

    The MIL Network –

  • MIL-OSI: Drugs Made In America Acquisition Corp. Announces the Separate Trading of its Ordinary Shares and Rights, Commencing February 25, 2025

    Source: GlobeNewswire (MIL-OSI)

    Fort Lauderdale, Florida, Feb. 20, 2025 (GLOBE NEWSWIRE) — Drugs Made In America Acquisition Corp. (Nasdaq: DMAAU) (the “Company”) today announced that, commencing February 25, 2025, holders of the units sold in the Company’s initial public offering may elect to separately trade the Company’s ordinary shares and rights included in the units.

    No fractional rights will be issued upon separation of the units and only whole rights will trade. The ordinary shares and rights that are separated will trade on The Nasdaq Global Market under the symbols “DMAA” and “DMAAR,” respectively. Those units not separated will continue to trade on The Nasdaq Global Market under the symbol “DMAAU.” Holders of units will need to have their brokers contact VStock Transfer LLC, the Company’s transfer agent, in order to separate the units into ordinary shares and rights.

    The offering of the units was made only by means of a prospectus, copies of which may be obtained from Clear Street, Attn: Syndicate Department, 150 Greenwich Street, 45th floor, New York, NY 10007, or by email at ecm@clearstreet.io. A registration statement on Form S-1 (333-281170) relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and was declared effective on January 7, 2025, and a post-effective amendment to the registration statement was declared effective on January 27, 2025. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.

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

    About Drugs Made In America Acquisition Corp.

    The Company is a blank check company incorporated in the Cayman Islands as an exempted company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses. While the Company may pursue a business combination target in any business, industry or geographical location, it intends to focus its search for businesses in the pharmaceutical industry. The Company believes that it is possible to mitigate risks in the U.S. medical supply chain by investing in companies that will reduce America’s overreliance on production of pharmaceuticals from concentrated geographic regions through investments in strategic on-shoring of advanced domestic manufacturing technologies for critical drugs.

    Cautionary Note Concerning Forward-Looking Statements

    This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the registration statement, as amended by the post-effective amendment, and the prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC’s website, www.sec.gov.

    Contact Information

    Drugs Made In America Acquisition Corp.
    1 East Broward Boulevard, Suite 700
    Fort Lauderdale, FL 33301

    Lynn Stockwell
    Chief Executive Officer and Executive Chair
    Email: executive@dmaacorp.com
    Phone: (954) 870-3099

    The MIL Network –

  • MIL-OSI: Renasant Corporation Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    TUPELO, Miss., Feb. 20, 2025 (GLOBE NEWSWIRE) — The board of directors of Renasant Corporation (NYSE: RNST) approved the payment of a quarterly cash dividend of twenty-two cents ($0.22) per share to be paid March 31, 2025, to shareholders of record as of March 17, 2025.

    ABOUT RENASANT CORPORATION:
    Renasant Corporation is the parent of Renasant Bank, a 120-year-old financial services institution. Renasant has assets of approximately $18.0 billion and operates 186 banking, lending, mortgage, and wealth management offices throughout the Southeast as well as offering factoring and asset-based lending on a nationwide basis.

    For more information, please visit www.renasantbank.com or Renasant’s IR site at www.renasant.com.

    Contacts:  For Media: For Financials:
      John S. Oxford James C. Mabry IV
      Senior Vice President Executive Vice President
      Chief Marketing Officer Chief Financial Officer
      (662) 680-1219 (662) 680-1281
      joxford@renasant.com jim.mabry@renasant.com

    The MIL Network –

  • MIL-OSI: Altair Announces Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TROY, Mich., Feb. 20, 2025 (GLOBE NEWSWIRE) — Altair (Nasdaq: ALTR), a global leader in computational intelligence, today released its financial results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Financial Highlights

    • Software revenue was $179.4 million compared to $155.9 million for the fourth quarter of 2023, an increase of 15.0% in reported currency and 16.5% in constant currency
    • Total revenue was $192.6 million compared to $171.5 million for the fourth quarter of 2023, an increase of 12.3% in reported currency and 13.8% in constant currency
    • Net income was $1.0 million compared to $19.7 million for the fourth quarter of 2023, a decrease in earnings of $18.7 million. Net income per share, diluted was $0.01 based on 89.3 million diluted weighted average common shares outstanding, compared to net income per share, diluted of $0.22 for the fourth quarter of 2023, based on 89.0 million diluted weighted average common shares outstanding. Net income margin was 0.5% compared to net income margin of 11.5% for the fourth quarter of 2023
    • Non-GAAP net income was $47.4 million, compared to non-GAAP net income of $41.1 million for the fourth quarter of 2023, an increase of $6.3 million. Non-GAAP net income per share, diluted was $0.52 based on 92.6 million non-GAAP diluted common shares outstanding, compared to non-GAAP net income per share, diluted of $0.47 for the fourth quarter of 2023, based on 89.0 million non-GAAP diluted common shares outstanding
    • Adjusted EBITDA was $61.0 million compared to $53.6 million for the fourth quarter of 2023, an increase of 13.9%. Adjusted EBITDA margin was 31.7% compared to 31.2% for the fourth quarter of 2023
    • Cash provided by operating activities was $37.5 million, compared to $21.7 million for the fourth quarter of 2023
    • Free cash flow was $33.2 million, compared to $19.3 million for the fourth quarter of 2023.

    Full Year 2024 Financial Highlights

    • Software revenue was $611.9 million compared to $550.0 million for the full year of 2023, an increase of 11.3% in reported currency and 12.5% in constant currency
    • Total revenue was $665.8 million compared to $612.7 million for the full year of 2023, an increase of 8.7% in reported currency and 9.8% in constant currency
    • Net income was $14.2 million compared to a net loss of $(8.9) million for the full year of 2023, an improvement in earnings of $23.1 million. Net income per share, diluted was $0.16 based on 88.6 million diluted weighted average common shares outstanding, compared to net loss per share, diluted of $(0.11) for the full year of 2023, based on 80.6 million diluted weighted average common shares outstanding. Net income margin was 2.1% compared to net loss margin of -1.5% for the full year of 2023
    • Non-GAAP net income was $119.6 million, compared to non-GAAP net income of $98.8 million for the full year of 2023, an increase of $20.8 million. Non-GAAP net income per share, diluted was $1.35 based on 91.8 million non-GAAP diluted common shares outstanding, compared to non-GAAP net income per share, diluted of $1.17 for the full year of 2023, based on 84.4 million non-GAAP diluted common shares outstanding
    • Adjusted EBITDA was $149.9 million compared to $129.1 million for the full year of 2023, an increase of 16.1%, Adjusted EBITDA margin was 22.5% compared to 21.1% for the full year of 2023
    • Cash provided by operating activities was $154.1 million, compared to $127.3 million for the full year of 2023
    • Free cash flow was $140.0 million, compared to $117.1 million for the full year of 2023.

    Pending Transaction with Siemens and Conference Call Information

    On January 22, 2025, Altair’s stockholders approved the previously announced merger agreement providing for the acquisition of Altair by Siemens Industry Software Inc. (“Siemens”). Completion of the pending transaction remains subject to certain customary closing conditions. Altair now anticipates that this transaction may close in the first half of 2025. In light of the pending transaction with Siemens, Altair is suspending quarterly financial results conference calls and its quarterly and annual guidance.

    Non-GAAP Financial Measures

    This press release contains the following non-GAAP financial measures: Non-GAAP Net Income, Non-GAAP Net Income Per Share, Billings, Adjusted EBITDA, Free Cash Flow, Non-GAAP Gross Profit and Non-GAAP Operating Expense.

    Altair believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. The Company also believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.

    Non-GAAP net income excludes stock-based compensation, amortization of intangible assets related to acquisitions, asset impairment charges, non-cash interest expense, other special items as identified by management and described elsewhere in this press release, and the impact of non-GAAP tax rate to income tax expense, which approximates our tax rate excluding discrete items and other specific events that can fluctuate from period to period.

    Non-GAAP diluted common shares is calculated using the treasury stock method to calculate the effect of dilutive securities, stock options, restricted stock units and employee stock purchase plan shares and using the if-converted method to calculate the effect of convertible instruments. This is the same methodology that is used when calculating GAAP diluted shares. However, the determination of whether the shares are dilutive or antidilutive is made independently on a GAAP and non-GAAP net income (loss) basis and therefore the number of diluted shares outstanding for GAAP and non-GAAP may be different.

    Billings consists of total revenue plus the change in deferred revenue, excluding deferred revenue from acquisitions.

    Adjusted EBITDA represents net income adjusted for income tax expense, interest expense, interest income and other, depreciation and amortization, stock-based compensation expense, asset impairment charges and other special items as identified by management and described elsewhere in this press release.

    Free cash flow consists of cash flow from operations less capital expenditures.

    Non-GAAP gross profit represents gross profit adjusted for stock-based compensation expense and other special items as identified by management and described elsewhere in this press release.

    Non-GAAP operating expense represents operating expense excluding stock-based compensation expense, amortization, asset impairment charges and other special items as identified by management and described elsewhere in this press release.

    Company management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Altair urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.

    Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release.

    About Altair

    Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing, data analytics and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit https://www.altair.com.

    Forward-Looking Statements

    This communication contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact, including statements regarding the proposed transaction, including the expected timing and closing of the proposed transaction; Altair’s ability to consummate the proposed transaction; the expected benefits of the proposed transaction and other considerations taken into account by the Altair Board of Directors in approving the proposed transaction; the amounts to be received by stockholders and expectations for Altair prior to and following the closing of the proposed transaction, may be deemed to be forward-looking statements. All  such forward-looking statements are intended to provide management’s current expectations for the future of Altair based on current expectations and assumptions relating to Altair’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: (i) the timing to consummate the pending merger transaction with Siemens Industry Software Inc. (the “Merger”), (ii) the risk that a condition of closing of the pending Merger transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur, (iii) the risk that a regulatory approval that may be required for the pending Merger transaction is not obtained or is obtained subject to conditions that are not anticipated, (iv) the diversion of management time on transaction-related issues, (v) risks related to disruption of management time from ongoing business operations due to the pending Merger transaction, (vi) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of Altair, (vii) the risk that the pending Merger transaction and its announcement could have an adverse effect on the ability of Altair to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, (viii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, dated October 30, 2024, with Siemens Industry Software Inc. (the “Merger Agreement”), (ix) business uncertainties and contractual restrictions on our operations while the proposed Merger transaction is pending, (x) unexpected costs, charges or expenses resulting from the pending Merger transaction, (xi) potential litigation relating to the pending Merger transaction that could be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto, (xii) worldwide economic or political changes that affect the markets that Altair’s businesses serve which could have an effect on demand for Altair’s products and impact Altair’s profitability, and (xiii) disruptions in the global credit and financial markets, including diminished liquidity and credit availability, changes in international trade agreements, including tariffs and trade restrictions, cyber-security vulnerabilities, foreign currency volatility, swings in consumer confidence and spending, raw material pricing and supply issues, retention of key employees, increases in fuel prices, and outcomes of legal proceedings, claims and investigations. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Altair’s filings with the SEC, including the risks and uncertainties identified in Part I, Item 1A – Risk Factors of Altair’s Annual Report on Form 10-K for the year ended December 31, 2024 and in Altair’s other filings with the SEC. The list of factors is not intended to be exhaustive. These forward-looking statements speak only as of the date of this communication, and Altair does not assume any obligation to update or revise any forward-looking statement made in this communication or that may from time to time be made by or on behalf of Altair.

    Media Relations
    Altair
    Jennifer Ristic
    216-849-3109
    jristic@altair.com

    Investor Relations
    Altair
    Stephen Palmtag
    669-328-9111
    spalmtag@altair.com

    ALTAIR ENGINEERING INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
         
      December 31,  
    (in thousands) 2024     2023  
    ASSETS          
    CURRENT ASSETS          
    Cash and cash equivalents $ 561,898     $ 467,459  
    Accounts receivable, net   173,509       190,461  
    Income tax receivable   21,513       16,650  
    Prepaid expenses and other current assets   28,058       26,053  
    Total current assets   784,978       700,623  
    Property and equipment, net   41,008       39,803  
    Operating lease right of use assets   31,117       30,759  
    Goodwill   462,459       458,125  
    Other intangible assets, net   72,937       83,550  
    Deferred tax assets   8,770       9,955  
    Other long-term assets   44,378       40,678  
    TOTAL ASSETS $ 1,445,647     $ 1,363,493  
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    CURRENT LIABILITIES          
    Accounts payable $ 7,316     $ 8,995  
    Accrued compensation and benefits   50,328       45,081  
    Current portion of operating lease liabilities   7,876       8,825  
    Other accrued expenses and current liabilities   56,058       48,398  
    Deferred revenue   139,085       131,356  
    Current portion of convertible senior notes, net   227,106       81,455  
    Total current liabilities   487,769       324,110  
    Convertible senior notes, net   —       225,929  
    Operating lease liabilities, net of current portion   24,141       22,625  
    Deferred revenue, non-current   28,531       32,347  
    Other long-term liabilities   48,017       47,151  
    TOTAL LIABILITIES   588,458       652,162  
    Commitments and contingencies          
    STOCKHOLDERS’ EQUITY          
    Preferred stock ($0.0001 par value), authorized 45,000 shares, none issued or outstanding   —       —  
    Common stock ($0.0001 par value)          
    Class A common stock, authorized 513,797 shares, issued and outstanding 60,181
    and 55,240 shares as of December 31, 2024 and 2023, respectively    		   6       5  
    Class B common stock, authorized 41,203 shares, issued and outstanding 25,394
    and 26,814 shares as of December 31, 2024 and 2023, respectively    		   3       3  
    Additional paid-in capital   1,010,789       864,135  
    Accumulated deficit   (116,328 )     (130,503 )
    Accumulated other comprehensive loss   (37,281 )     (22,309 )
    TOTAL STOCKHOLDERS’ EQUITY   857,189       711,331  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,445,647     $ 1,363,493  
                   
    ALTAIR ENGINEERING INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
               
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
    (in thousands, except per share data) 2024     2023     2024     2023  
    Revenue                      
    License $ 131,943     $ 113,172     $ 435,288     $ 393,144  
    Maintenance and other services   47,433       42,761       176,612       156,830  
    Total software   179,376       155,933       611,900       549,974  
    Engineering services and other   13,255       15,570       53,888       62,727  
    Total revenue   192,631       171,503       665,788       612,701  
    Cost of revenue                      
    License   4,662       3,200       15,099       15,088  
    Maintenance and other services   17,604       14,340       64,014       56,094  
    Total software *   22,266       17,540       79,113       71,182  
    Engineering services and other   11,113       11,633       45,690       50,609  
    Total cost of revenue   33,379       29,173       124,803       121,791  
    Gross profit   159,252       142,330       540,985       490,910  
    Operating expenses:                      
    Research and development *   57,147       52,519       221,161       212,645  
    Sales and marketing *   47,812       43,595       184,280       176,138  
    General and administrative *   35,595       17,096       90,150       70,887  
    Amortization of intangible assets   8,709       7,708       33,022       30,851  
    Other operating (income) expense, net   (976 )     (1,178 )     (5,313 )     146  
    Total operating expenses   148,287       119,740       523,300       490,667  
    Operating income   10,965       22,590       17,685       243  
    Interest expense   1,339       1,533       5,836       6,116  
    Other income, net   (316 )     (8,794 )     (20,781 )     (18,492 )
    Income before income taxes   9,942       29,851       32,630       12,619  
    Income tax expense   8,946       10,176       18,455       21,545  
    Net income (loss) $ 996     $ 19,675     $ 14,175     $ (8,926 )
    Earnings (loss) per share, basic                      
    Earnings (loss) per share $ 0.01     $ 0.24     $ 0.17     $ (0.11 )
    Weighted average shares   85,289       81,760       84,085       80,596  
    Earnings (loss) per share, diluted                      
    Earnings (loss) per share $ 0.01     $ 0.22     $ 0.16     $ (0.11 )
    Weighted average shares   89,346       88,977       88,558       80,596  
     
    *     Amounts include stock-based compensation expense as follows (in thousands):
     
      (Unaudited)  
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
    (in thousands) 2024     2023     2024     2023  
    Cost of revenue – software $ 2,167     $ 2,303     $ 8,397     $ 10,095  
    Research and development   6,274       7,332       25,630       33,842  
    Sales and marketing   4,784       6,271       19,459       28,376  
    General and administrative   3,745       3,252       14,194       13,268  
    Total stock-based compensation expense $ 16,970     $ 19,158     $ 67,680     $ 85,581  
                                   
    ALTAIR ENGINEERING INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOW
    (Unaudited)
         
      Year Ended December 31,  
    (in thousands) 2024     2023     2022  
    OPERATING ACTIVITIES:                
    Net income (loss) $ 14,175     $ (8,926 )   $ (43,429 )
    Adjustments to reconcile net income (loss) to net cash provided by
    operating activities:    		                
    Depreciation and amortization   42,164       39,124       35,504  
    Stock-based compensation expense   67,680       85,581       84,787  
    Deferred income taxes   (707 )     (2,319 )     (4,164 )
    Loss (gain) on mark-to-market adjustment of contingent consideration   476       5,706       (7,153 )
    Expense on repurchase of convertible senior notes   —       —       16,621  
    Other, net   2,015       1,943       2,179  
    Changes in assets and liabilities:                
    Accounts receivable   14,560       (19,141 )     (34,175 )
    Prepaid expenses and other current assets   (7,622 )     (1,915 )     1,014  
    Other long-term assets   2,431       (52 )     2,852  
    Accounts payable   (2,127 )     (1,878 )     3,771  
    Accrued compensation and benefits   7,013       1,783       280  
    Other accrued expenses and current liabilities   7,791       9,068       (59,463 )
    Deferred revenue   6,235       18,333       40,946  
    Net cash provided by operating activities   154,084       127,307       39,570  
    INVESTING ACTIVITIES:                
    Payments for acquisition of businesses, net of cash acquired   (27,070 )     (3,236 )     (134,541 )
    Capital expenditures   (14,086 )     (10,193 )     (9,648 )
    Other investing activities, net   (4,974 )     (2,423 )     (10,322 )
    Net cash used in investing activities   (46,130 )     (15,852 )     (154,511 )
    FINANCING ACTIVITIES:                
    Settlement of convertible senior notes   (81,729 )     —       —  
    Proceeds from the exercise of common stock options   65,537       36,140       3,577  
    Proceeds from employee stock purchase plan contributions   9,157       7,978       8,976  
    Payments for repurchase and retirement of common stock   —       (6,255 )     (19,659 )
    Proceeds from issuance of convertible senior notes,
    net of underwriters’ discounts and commissions    		   —       —       224,265  
    Repurchase of convertible senior notes   —       —       (192,422 )
    Payments for issuance costs of convertible senior notes   —       —       (1,523 )
    Other financing activities   —       (97 )     (233 )
    Net cash (used in) provided by financing activities   (7,035 )     37,766       22,981  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   (6,453 )     1,397       (5,094 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   94,466       150,618       (97,054 )
    Cash, cash equivalents and restricted cash at beginning of year   467,576       316,958       414,012  
    Cash, cash equivalents and restricted cash at end of period $ 562,042     $ 467,576     $ 316,958  
                           

    Change in Presentation of Revenue and Cost of Revenue

    Effective in the first quarter of 2024, the Company changed the presentation of revenue and cost of revenue in its Consolidated Statements of Operations to combine the financial statement line items (“FSLIs”) labeled “Software related services”, “Client engineering services” and “Other” into one FSLI labeled “Engineering services and other”. The change in presentation has been applied retrospectively and does not affect the software revenue, total revenue, software cost of revenue or total cost of revenue amounts previously reported or have any effect on segment reporting.

    Financial Results

    The following table provides a reconciliation of Non-GAAP net income and Non-GAAP net income per share – diluted, to net income (loss) and net income (loss) per share – diluted, the most comparable GAAP financial measures:

        (Unaudited)  
        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
     (in thousands, except per share amounts) 2024     2023     2024     2023  
     Net income (loss) $ 996     $ 19,675     $ 14,175     $ (8,926 )
     Stock-based compensation expense   16,970       19,158       67,680       85,581  
     Amortization of intangible assets   8,709       7,708       33,022       30,851  
     Non-cash interest expense   310       470       1,514       1,869  
     Impact of non-GAAP tax rate(1)   (6,842 )     (4,261 )     (21,406 )     (13,158 )
     Special adjustments and other(2)   27,219       (1,659 )     24,597       2,553  
     Non-GAAP net income $ 47,362     $ 41,091     $ 119,582     $ 98,770  
                            
     Net income (loss) per share, diluted $ 0.01     $ 0.22     $ 0.16     $ (0.11 )
     Non-GAAP net income per share, diluted $ 0.52     $ 0.47     $ 1.35     $ 1.17  
                            
     GAAP diluted shares outstanding:   89,346       88,977       88,558       80,596  
     Non-GAAP diluted shares outstanding:   92,555       88,977       91,767       84,433  
     
    (1)  For the three months and year ended December 31, 2024, the Company used a non-GAAP effective tax rate of 25%. For the three months and year ended December 31, 2023, the Company used a non-GAAP effective tax rate of 26%.
    (2)  The three months ended December 31, 2024, includes $22.3 million of expenses related to the pending Merger transaction, $4.7 million of currency losses on acquisition-related intercompany loans and a $0.3 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions. The three months ended December 31, 2023, includes $2.9 million of currency gains on acquisition-related intercompany loans and a $1.2 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions. The year ended December 31, 2024, includes $22.3 million of expenses related to the pending Merger transaction, $1.9 million of currency losses on acquisition-related intercompany loans and a $0.5 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions. The year ended December 31, 2023, includes a $5.7 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions and $3.2 million of currency gains on acquisition-related intercompany loans.
                                     

    The following table provides a reconciliation of Adjusted EBITDA to net income (loss), the most comparable GAAP financial measure:

      (Unaudited)  
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
    (in thousands) 2024     2023     2024     2023  
    Net income (loss) $ 996     $ 19,675     $ 14,175     $ (8,926 )
    Income tax expense   8,946       10,176       18,455       21,545  
    Stock-based compensation expense   16,970       19,158       67,680       85,581  
    Interest expense   1,339       1,533       5,836       6,116  
    Depreciation and amortization   11,044       9,853       42,164       39,124  
    Special adjustments, interest income and other(1)   21,746       (6,822 )     1,602       (14,302 )
    Adjusted EBITDA $ 61,041     $ 53,573     $ 149,912     $ 129,138  
    (1) The three months ended December 31, 2024, includes $22.3 million of expenses related to the pending Merger transaction, $4.7 million of currency losses on acquisition-related intercompany loans, a $0.3 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions, and $5.5 million of interest income. The three months ended December 31, 2023, includes $2.9 million of currency gains on acquisition-related intercompany loans, a $1.2 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions, and $5.2 million of interest income. The year ended December 31, 2024, includes $22.3 million of expenses related to the pending Merger transaction, $1.9 million of currency losses on acquisition-related intercompany loans, a $0.5 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions, and $23.0 million of interest income. The year ended December 31, 2023, includes a $5.7 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions, $3.2 million of currency gains on acquisition-related intercompany loans, and $16.9 million of interest income.
       

     The following table provides a reconciliation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP financial measure:

      (Unaudited)  
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
    (in thousands) 2024 (1)     2023     2024     2023  
    Net cash provided by operating activities $ 37,530     $ 21,651     $ 154,084     $ 127,307  
    Capital expenditures   (4,347 )     (2,311 )     (14,086 )     (10,193 )
    Free Cash Flow $ 33,183     $ 19,340     $ 139,998     $ 117,114  
    (1) Free Cash Flow for the year ended December 31, 2024, was adversely impacted by approximately $13.2 million of expenses paid related to the pending Merger transaction.
       

    The following table provides a reconciliation of Non-GAAP gross profit to gross profit, the most comparable GAAP financial measure, and a comparison of Non-GAAP gross margin (Non-GAAP gross profit as a percentage of total revenue) to gross margin (gross profit as a percentage of total revenue), the most comparable GAAP financial measure:

      (Unaudited)  
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
    (in thousands) 2024     2023     2024     2023  
    Gross profit $ 159,252     $ 142,330     $ 540,985     $ 490,910  
    Stock-based compensation expense   2,167       2,303       8,397       10,095  
    Pending merger expenses   1,155       —       1,155       —  
    Non-GAAP gross profit $ 162,574     $ 144,633     $ 550,537     $ 501,005  
                           
    Gross profit margin   82.7 %     83.0 %     81.3 %     80.1 %
    Non-GAAP gross margin   84.4 %     84.3 %     82.7 %     81.8 %
                                   

    The following table provides a reconciliation of Non-GAAP operating expense to Total operating expense, the most comparable GAAP financial measure:

      (Unaudited)  
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
    (in thousands) 2024     2023     2024     2023  
    Total operating expense $ 148,287     $ 119,740     $ 523,300     $ 490,667  
    Stock-based compensation expense   (14,803 )     (16,855 )     (59,283 )     (75,486 )
    Amortization   (8,709 )     (7,708 )     (33,022 )     (30,851 )
    Loss on mark-to-market adjustment of
    contingent consideration    		   (287 )     (1,212 )     (476 )     (5,706 )
    Pending merger expenses   (21,095 )     —       (21,095 )     —  
    Non-GAAP operating expense $ 103,393     $ 93,965     $ 409,424     $ 378,624  
                                   

    The following table provides the calculation of non-GAAP diluted common shares and non-GAAP net income per share, diluted:

      (Unaudited)  
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
      2024     2023     2024     2023  
    Numerator:                      
    Non-GAAP net income $ 47,362     $ 41,091     $ 119,582     $ 98,770  
    Interest expense related to convertible notes, net of tax   1,006       1,006       4,024       —  
    Numerator for non-GAAP diluted income per share $ 48,368     $ 42,097     $ 123,606     $ 98,770  
    Denominator:                      
    Weighted average shares outstanding, basic   85,289       81,760       84,085       80,596  
    Effect of dilutive shares   7,266       7,217       7,682       3,837  
    Non-GAAP diluted shares outstanding   92,555       88,977       91,767       84,433  
    Non-GAAP net income per share, diluted $ 0.52     $ 0.47     $ 1.35     $ 1.17  
                                   

    The following table provides a reconciliation of Billings to revenue, the most comparable GAAP financial measure:

      (Unaudited)  
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
    (in thousands) 2024     2023     2024     2023  
    Revenue $ 192,631     $ 171,503     $ 665,788     $ 612,701  
    Ending deferred revenue   167,616       163,703       167,616       163,703  
    Beginning deferred revenue   (140,835 )     (138,933 )     (163,703 )     (144,460 )
    Deferred revenue acquired   —       (149 )     (1,825 )     (149 )
    Billings $ 219,412     $ 196,124     $ 667,876     $ 631,795  
                                   

    The following table provides Software revenue, Total revenue, Billings and Adjusted EBITDA on a constant currency basis:

      (Unaudited)  
      Three Months Ended
    December 31, 2024    		     Three Months Ended December 31, 2023     Increase/
    (Decrease) %    		  
    (in thousands) As reported     Currency
    changes    		     As adjusted for
    constant
    currency    		     As reported     As reported     As adjusted for
    constant
    currency    		  
    Software revenue $ 179.4     $ 2.3     $ 181.7     $ 155.9       15.0 %     16.5 %
    Total revenue $ 192.6     $ 2.6     $ 195.2     $ 171.5       12.3 %     13.8 %
    Billings $ 219.4     $ 3.6     $ 223.0     $ 196.1       11.9 %     13.7 %
    Adjusted EBITDA $ 61.0     $ 1.3     $ 62.3     $ 53.6       13.9 %     16.2 %
                                       
                                       
      (Unaudited)  
      Year Ended
    December 31, 2024    		     Year Ended
    December 31, 2023    		     Increase/
    (Decrease) %    		  
    (in thousands) As reported     Currency
    changes    		     As adjusted for
    constant
    currency    		     As reported     As reported     As adjusted for
    constant
    currency    		  
    Software revenue $ 611.9     $ 6.8     $ 618.7     $ 550.0       11.3 %     12.5 %
    Total revenue $ 665.8     $ 7.2     $ 673.0     $ 612.7       8.7 %     9.8 %
    Billings $ 667.9     $ 8.1     $ 676.0     $ 631.8       5.7 %     7.0 %
    Adjusted EBITDA $ 149.9     $ 4.6     $ 154.5     $ 129.1       16.1 %     19.7 %
                                                   

    The MIL Network –

  • MIL-OSI: Vicor Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Feb. 20, 2025 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the fourth quarter and year ended December 31, 2024. These results will be discussed later today at 5:00 p.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are below.

    Revenues for the fourth quarter ended December 31, 2024 totaled $96.2 million, a 3.8% increase from $92.7 million for the corresponding period a year ago, and a 3.2% sequential increase from $93.2 million in the third quarter of 2024.

    Gross margin increased to $50.4 million for the fourth quarter of 2024, compared to $47.3 million for the corresponding period a year ago and increased from $45.7 million for the third quarter of 2024. Gross margin, as a percentage of revenue, increased to 52.4% for the fourth quarter of 2024, compared to 51.1% for the corresponding period a year ago and 49.1% for the third quarter of 2024. Operating expenses increased to $41.2 million for the fourth quarter of 2024, compared to $40.0 million for the corresponding period a year ago, and increased sequentially from $40.4 million for the third quarter of 2024.

    Net income for the fourth quarter was $10.2 million, or $0.23 per diluted share, compared to net income of $8.7 million or $0.19 per diluted share, for the corresponding period a year ago and net income of $11.6 million, or $0.26 per diluted share, for the third quarter of 2024.

    Cash flow from operations totaled $10.1 million for the fourth quarter, compared to cash flow from operations of $21.5 million for the corresponding period a year ago, and cash flow from operations of $22.6 million in the third quarter of 2024. Capital expenditures for the fourth quarter totaled $1.7 million, compared to $7.2 million for the corresponding period a year ago and $8.5 million for the third quarter of 2024. Cash and cash equivalents as of December 31, 2024 increased 3.6% sequentially to approximately $277.3 million compared to approximately $267.6 million as of September 30, 2024.

    Backlog for the fourth quarter ended December 31, 2024 totaled $155.5 million, a 3.3% decrease from $160.8 million for the corresponding period a year ago, and 3.3% sequential increase from $150.6 million at the end of the third quarter of 2024.

    Revenues for the year ended December 31, 2024 decreased 11.4% to $359.1 million, from $405.1 million for the prior year. Gross margin, as a percentage of revenue, increased to 51.2% for the year ended December 31, 2024, compared to 50.6% for the prior year. Net income for 2024 was $6.1 million, or $0.14 per diluted share and 1.7% of revenues, compared to $53.6 million, or $1.19 per diluted share and 13.2% of revenue in the prior year. Cash flows from operations totaled $50.8 million for the year ended December 31, 2024, a 31.8% decrease from cash flows from operations of $74.5 million for the prior year.

    Commenting on fourth quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli stated: “Revenues and gross margins improved. Further margin improvements depend upon higher utilization of our ChiP fab and increased licensing income. These revenue and income streams are synergistic as our standard license provides royalty discounts commensurate to the Licensee’s annual purchases of Vicor modules. Licensing has been gaining traction with companies whose computing hardware is increasingly dependent on high density power system solutions pioneered and patented by Vicor, including NBMs. Avoiding infringement is the ethical choice, but hyper-scalers also want to avoid the risk of their computing hardware being excluded from importation into the United States. Patent infringement has severe consequences.”

    “Perfecting our 2nd generation, high density VPD for leading AI applications has taken longer than expected, with the fab out of a new ASIC raising the bar on the density and bandwidth of our current multipliers. 2nd generation VPD will enable AI processors to set new standards for performance and power system efficiency. We are focused on completing development of a high density VPD system for a lead customer ahead of providing demo systems to processor chip companies and hyper-scalers.”

    For more information on Vicor and its products, please visit the Company’s website at www.vicorpower.com.

    Earnings Conference Call

    Vicor will be holding its investor conference call today, Thursday, February 20, 2025 at 5:00 p.m. Eastern Time. Vicor encourages investors and analysts who intend to ask questions via the conference call to register with Notified, the service provider hosting the conference call. Those registering on Notified’s website will receive dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Registration may be completed at any time prior to 5:00 p.m. on February 20, 2025. For those parties interested in listen-only mode, the conference call will be webcast via a link that will be posted on the Investor Relations page of Vicor’s website prior to the conference call. Please access the website at least 15 minutes prior to the conference call to register and, if necessary, download and install any required software. For those who cannot participate in the live conference call, a webcast replay of the conference call will also be available on the Investor Relations page of Vicor’s website.

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,” “will,” “would,” “should,” “continue,” “prospective,” “project,” and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase in manufacturing capacity and utilization thereof, future products and capital resources. These statements are based upon management’s current expectations and estimates as to the prospective events and circumstances that may or may not be within the company’s control and as to which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business, operational and financial considerations set forth in Vicor’s Annual Report on Form 10-K for the year ended December 31, 2023, under Part I, Item I — “Business,” under Part I, Item 1A — “Risk Factors,” under Part I, Item 3 — “Legal Proceedings,” and under Part II, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The risk factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or developments.

    Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, and aerospace and defense electronics.
      
    For further information contact:
            
    James F. Schmidt, Chief Financial Officer
    Office: (978) 470-2900
    Email: invrel@vicorpower.com

    VICOR CORPORATION              
                   
    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS      
    (Thousands except for per share amounts)              
                   
      QUARTER ENDED   YEAR ENDED
      (Unaudited)   (Unaudited)
                   
      DEC 31,   DEC 31,   DEC 31,   DEC 31,
        2024       2023       2024       2023
                   
                   
    Product revenue $ 80,392     $ 85,524     $ 312,463     $ 389,187
    Royalty revenue   15,774       7,128       46,595       15,872
    Net revenues   96,166       92,652       359,058       405,059
    Cost of product revenues   45,806       45,308       175,060       200,130
             Gross margin   50,360       47,344       183,998       204,929
                   
    Operating expenses:              
              Selling, general and administrative   24,171       22,694       96,886       85,714
              Research and development   16,984       17,301       68,922       67,857
              Litigation-contingency expense                       –                           –       19,500                           –
                 Total operating expenses   41,155       39,995       185,308       153,571
                   
    Income (loss) from operations   9,205       7,349       (1,310 )     51,358
                   
    Other income (expense), net   2,553       3,243       11,797       8,886
                   
    Income before income taxes   11,758       10,592       10,487       60,244
                   
    Less: Provision for income taxes   1,516       1,928       4,348       6,644
                   
    Consolidated net income   10,242       8,664       6,139       53,600
                   
    Less: Net (loss) income attributable to              
      noncontrolling interest   (4 )     (4 )     10       5
                   
    Net income attributable to              
      Vicor Corporation $ 10,246     $ 8,668     $ 6,129     $ 53,595
                   
                   
    Net income per share attributable              
      to Vicor Corporation:              
               Basic $ 0.23     $ 0.19     $ 0.14     $ 1.21
               Diluted $ 0.23     $ 0.19     $ 0.14     $ 1.19
                   
    Shares outstanding:              
               Basic   45,161       44,455       44,912       44,320
               Diluted   45,296       45,017       45,168       45,004
                   
    VICOR CORPORATION      
           
    CONDENSED CONSOLIDATED BALANCE SHEET    
    (Thousands)      
           
           
      DEC 31,   DEC 31,
        2024       2023  
      (Unaudited)   (Unaudited)
    Assets      
           
    Current assets:      
            Cash and cash equivalents $ 277,273     $ 242,219  
            Accounts receivable, net   52,948       52,631  
            Inventories   106,032       106,579  
            Other current assets   26,781       18,937  
                      Total current assets   463,034       420,366  
           
    Long-term deferred tax assets   261       296  
    Long-term investment, net   2,641       2,530  
    Property, plant and equipment, net   152,705       157,689  
    Other assets   22,477       14,006  
           
                      Total assets $ 641,118     $ 594,887  
           
    Liabilities and Equity      
           
    Current liabilities:      
            Accounts payable $ 8,737     $ 12,100  
            Accrued compensation and benefits   10,852       11,227  
            Accrued expenses   6,589       5,093  
            Accrued litigation   26,888       6,500  
            Sales allowances   1,667       3,482  
            Short-term lease liabilities   1,716       1,864  
            Income taxes payable   59       746  
            Short-term deferred revenue and customer prepayments   5,312       3,157  
           
                     Total current liabilities   61,820       44,169  
           
    Long-term deferred revenue   –       1,020  
    Long-term income taxes payable   3,387       2,228  
    Long-term lease liabilities   5,620       6,364  
                     Total liabilities   70,827       53,781  
           
    Equity:      
      Vicor Corporation stockholders’ equity:      
            Capital stock   408,187       384,395  
            Retained earnings   302,803       296,674  
            Accumulated other comprehensive loss   (1,495 )     (1,273 )
            Treasury stock   (139,424 )     (138,927 )
                 Total Vicor Corporation stockholders’ equity   570,071       540,869  
      Noncontrolling interest   220       237  
            Total equity   570,291       541,106  
           
                      Total liabilities and equity $ 641,118     $ 594,887  
           

    The MIL Network –

  • MIL-OSI: CarGurus Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Q4’24 Marketplace revenue grew 15% YoY

    Q4’24 International revenue grew 26% YoY and OEM Advertising revenue grew double-digit YoY

    Q4’24 Consolidated GAAP Net Income of $45.9 million; Q4’24 Non-GAAP Consolidated Adjusted EBITDA of $76.4 million, up 25% YoY

    BOSTON, Feb. 20, 2025 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles*, today announced financial results for the fourth quarter and year ended December 31, 2024.

    “We delivered exceptional results in 2024, with sustained revenue acceleration and significant margin expansion across geographies. Our Marketplace business achieved double-digit growth, driven by continued migration to premium tiers, strong OEM advertising demand, and growing adoption of our value-added products and services,” said Jason Trevisan, Chief Executive Officer at CarGurus. “Our relentless focus on product innovation and our ability to enhance dealers’ ROI throughout their workflow resulted in higher engagement and increased wallet share as dealers consolidate their investment with the highest-yielding online marketplaces. Looking ahead to 2025, we are excited about the opportunity to further consolidate our leadership position, leveraging our data-driven actionable insights and our unique ability to deliver dealer-specific competitive intelligence.”

    Fourth Quarter and Full Year Financial Highlights

        Three Months Ended     Year Ended  
        December 31, 2024     December 31, 2024  
        Results
    (in millions)    		     Variance from Prior Year     Results
    (in millions)    		     Variance from Prior Year  
    Revenue                        
    Marketplace Revenue   $ 210.2       15 %   $ 796.6       14 %
    Wholesale Revenue     9.9       (55 )%     51.2       (49 )%
    Product Revenue     8.5       (55 )%     46.6       (60 )%
    Total Revenue   $ 228.5       2 %   $ 894.4       (2 )%
                             
    Gross Profit (1)   $ 199.0       18 %   $ 738.9       13 %
    % Margin     87 %   1,176 bps       83 %   1,136 bps  
                             
    Operating Expenses (2)   $ 145.7       (23 )%   $ 725.5       17 %
                             
    GAAP Consolidated Net Income (3)   $ 45.9     NM(5)     $ 21.0       (5 )%
    % Margin     20 %   NM(5)       2 %   (7) bps  
                             
    Non-GAAP Consolidated Adjusted EBITDA (4)   $ 76.4       25 %   $ 247.2       26 %
    % Margin (4)     33 %   602 bps       28 %   623 bps  
                             
    Cash, Cash Equivalents, and Short-Term Investments   $ 304.2       (3 )%   $ 304.2       (3 )%

    (1)  During the three months ended December 31, 2024, no impairment was recorded. During the year ended December 31, 2024, we recorded a $9.9 million impairment-related charge in cost of revenue.
    (2)  During the three months ended December 31, 2024, no impairment was recorded. During the year ended December 31, 2024, we recorded a $134.5 million impairment-related charge in operating expenses.
    (3)  During the three months ended December 31, 2024, no impairment was recorded. During the year ended December 31, 2024, we recorded a $144.4 million impairment-related charge.
    (4)  For more information regarding our use of non-GAAP Consolidated Adjusted EBITDA and other non-GAAP financial measures, please see the reconciliations of GAAP financial measures to non-GAAP financial measures and the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.
    (5)  Not meaningful.

        Three Months Ended     Year Ended  
        December 31, 2024     December 31, 2024  
        Results     Variance from Prior Year     Results     Variance from Prior Year  
    Key Performance Indicators (1)                        
    U.S. Paying Dealers (2)     24,692       2 %     24,692       2 %
    International Paying Dealers (2)     7,318       11 %     7,318       11 %
    Total Paying Dealers (2)     32,010       3 %     32,010       3 %
                             
    U.S. QARSD (2)   $ 7,337       12 %   $ 7,337       12 %
    International QARSD (2)   $ 2,072       17 %   $ 2,072       17 %
    Consolidated QARSD (2)   $ 6,144       12 %   $ 6,144       12 %
                             
    Transactions     7,066       (48 )%     34,395       (47 )%
                             
    U.S. Average Monthly Unique Users (in millions) (3)     29.3     N/A(5)     N/A(5)     N/A(5)  
    U.S. Average Monthly Sessions (in millions) (3)     74.6     N/A(5)     N/A(5)     N/A(5)  
                             
    International Average Monthly Unique Users (in millions) (3)     9.1     N/A(5)     N/A(5)     N/A(5)  
    International Average Monthly Sessions (in millions) (3)     19.2     N/A(5)     N/A(5)     N/A(5)  
                             
    Segment Reporting (in millions)                        
    U.S. Marketplace Segment Revenue   $ 193.4       15 %   $ 733.7       13 %
    U.S. Marketplace Segment Operating Income   $ 56.1       30 %   $ 182.7       43 %
    Digital Wholesale Segment Revenue   $ 18.3       (55 )%   $ 97.8       (55 )%
    Digital Wholesale Segment Operating Loss (4)   $ (5.5 )   NM(6)     $ (179.3 )   NM(6)  

    (1)  For more information regarding our use of Key Performance Indicators, please see the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.
    (2)  Metrics presented as of December 31, 2024.
    (3)  CarOffer website is excluded from the metrics presented for users and sessions.
    (4)  During the three months ended December 31, 2024, no impairment was recorded. During the year ended December 31, 2024, we recorded a $144.4 million impairment-related charge.
    (5)  As a result of the change from Google Universal Analytics (“Google Analytics”) to Google Analytics 4 (“GA4”) on July 1, 2024, we are unable to provide comparable monthly unique users or monthly sessions information for this period. For more information regarding the change in methodology for monthly unique users or monthly sessions, please see the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.
    (6)  Not meaningful.

    First Quarter 2025 Guidance

    The table below provides CarGurus’ guidance, which is based on recent market trends, industry conditions, and management’s expectations and assumptions as of today.

      Guidance Metrics Range
      Total revenue $216 million to $236 million
      Marketplace revenue $209 million to $214 million
      Non-GAAP Consolidated Adjusted EBITDA $60 million to $68 million
      Non-GAAP EPS $0.41 to $0.47

    The first quarter 2025 non-GAAP EPS calculation assumes 107.0 million diluted weighted-average common shares outstanding.

    The assumptions that are built into guidance for the first quarter 2025 regarding our pace of paid dealer acquisition, churn, and expansion activity for the relevant period are based on recent market trends and industry conditions. Guidance for the first quarter 2025 excludes macro-level industry issues that result in dealers and consumers materially changing their recent market trends or that cause us to enact measures to assist dealers. Guidance also excludes any potential impact of future foreign currency exchange gains or losses.

    CarGurus has not reconciled its guidance of non-GAAP consolidated adjusted EBITDA to GAAP consolidated net income or non-GAAP EPS to GAAP EPS because reconciling items between such GAAP and non-GAAP financial measures, which include, as applicable, stock-based compensation, amortization of intangible assets, impairment, depreciation expenses, non-intangible amortization, transaction-related expenses, other income, net, the provision for income taxes, and income tax effects, cannot be reasonably predicted due to, as applicable, the timing, amount, valuation, and number of future employee equity awards and the uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses, and therefore cannot be determined without unreasonable effort.

    Conference Call and Webcast Information

    CarGurus will host a conference call and live webcast to discuss its fourth quarter and full year 2024 financial results and business outlook at 5:00 p.m. Eastern Time today, February 20, 2025. To access the conference call, dial (877) 451-6152 for callers in the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of CarGurus’ website at https://investors.cargurus.com.

    An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time today, February 20, 2025, until 11:59 p.m. Eastern Time on March 6, 2025, by dialing (844) 512-2921 for callers in the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 13750508. In addition, an archived webcast will be available on the Investors section of CarGurus’ website at https://investors.cargurus.com.

    About CarGurus

    CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The Company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.*

    CarGurus also operates online marketplaces under the CarGurus brand in Canada and the U.K. In the U.S. and the U.K., CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

    To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.

    *Source: Similarweb, Traffic Report (Cars.com, Autotrader, TrueCar, CARFAX Listings
    (defined as CARFAX Total visits minus Vehicle History Reports traffic), Q4 2024, U.S.

    CarGurus® and Autolist® are each a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. PistonHeads® is a registered trademark of CarGurus Ireland Limited in the United Kingdom and the European Union. All other product names, trademarks, and registered trademarks are property of their respective owners.

    © 2025 CarGurus, Inc., All Rights Reserved.

    Cautionary Language Concerning Forward-Looking Statements

    This press release includes forward-looking statements. Other than statements of historical facts, all statements contained in this press release, including statements regarding our future financial and operating results; our first quarter 2025 financial and business performance, including guidance; our business and growth strategy and our plans to execute on our growth strategy; our ability to grow our business profitably and efficiently; our capital allocation and investment strategy; the attractiveness and value proposition of our current offerings and other product opportunities; our ability to maintain existing and acquire new customers; addressable opportunities; our expectation that we will continue to invest in growth initiatives; our ability to quickly make transformations necessary for our business to achieve long-term goals; and the impact of macro-level issues on our industry, business, and financial results, are forward-looking statements. The words “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “guide,” “guidance,” “intend,” “may,” “might,” “plan,” “potential,” “predicts,” “projects,” “seeks,” “should,” “strive,” “target,” “will,” “would,” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. You should not rely upon forward-looking statements as predictions of future events.

    These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including risks related to our growth and our ability to grow our revenue; our relationships with dealers; competition in the markets in which we operate; market growth; our ability to innovate; our ability to realize benefits from our acquisitions and successfully implement the integration strategies in connection therewith; impairment of the carrying value of our goodwill, intangible assets, right-of-use assets, or other assets; increased inflation and interest rates, global supply chain challenges, and other macroeconomic issues; changes in our key personnel; natural disasters, epidemics, or pandemics; and our ability to operate in compliance with applicable laws as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the U.S. Securities and Exchange Commission. Moreover, we operate in very competitive and rapidly changing environments. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, we cannot guarantee that future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

    Investor Contact:
    Kirndeep Singh
    Vice President, Head of Investor Relations
    investors@cargurus.com

    Media Contact:
    Maggie Meluzio
    Director, Public Relations and External Communications
    pr@cargurus.com

    Unaudited Condensed Consolidated Balance Sheets
    (in thousands, except share and per share data)

        As of December 31,  
        2024     2023  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 304,193     $ 291,363  
    Short-term investments     —       20,724  
    Accounts receivable, net of allowance for doubtful accounts of $788 and $610, respectively     44,248       39,963  
    Inventory     338       331  
    Prepaid expenses, prepaid income taxes and other current assets     27,868       25,152  
    Deferred contract costs     12,523       11,095  
    Restricted cash     2,036       2,563  
    Total current assets     391,206       391,191  
    Property and equipment, net     130,010       83,370  
    Intangible assets, net     11,767       23,056  
    Goodwill     46,167       157,898  
    Operating lease right-of-use assets     121,484       169,682  
    Deferred tax assets     106,672       73,356  
    Deferred contract costs, net of current portion     13,196       12,998  
    Other non-current assets     4,034       7,376  
    Total assets   $ 824,536     $ 918,927  
    Liabilities, redeemable noncontrolling interest and stockholders’ equity            
    Current liabilities:            
    Accounts payable   $ 26,410     $ 47,854  
    Accrued expenses, accrued income taxes and other current liabilities     35,975       33,718  
    Deferred revenue     21,661       21,322  
    Operating lease liabilities     9,005       12,284  
    Total current liabilities     93,051       115,178  
    Operating lease liabilities     183,739       182,106  
    Deferred tax liabilities     26       58  
    Other non–current liabilities     6,031       4,733  
    Total liabilities     282,847       302,075  
    Stockholders’ equity:            
    Preferred stock, $0.001 par value per share; 10,000,000 shares authorized;
    no shares issued and outstanding    		     —       —  
    Class A common stock, $0.001 par value per share; 500,000,000 shares
    authorized; 89,002,571 and 92,175,243 shares issued and outstanding at
    December 31, 2024 and 2023, respectively    		     89       92  
    Class B common stock, $0.001 par value per share; 100,000,000 shares
    authorized; 14,986,745 and 15,999,173 shares issued and outstanding at
    December 31, 2024 and 2023, respectively    		     15       16  
    Additional paid–in capital     169,013       263,498  
    Retained earnings     375,119       354,147  
    Accumulated other comprehensive loss     (2,547 )     (901 )
    Total stockholders’ equity     541,689       616,852  
    Total liabilities, redeemable noncontrolling interest and stockholders’ equity   $ 824,536     $ 918,927  

    Unaudited Condensed Consolidated Income Statements
    (in thousands, except share and per share data)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    Revenue                        
    Marketplace   $ 210,194     $ 182,250     $ 796,599     $ 698,236  
    Wholesale     9,850       22,035       51,201       100,908  
    Product     8,494       18,838       46,584       115,098  
    Total revenue     228,538       223,123       894,384       914,242  
    Cost of revenue(1)                        
    Marketplace     13,899       14,190       54,950       60,020  
    Wholesale(2)     7,068       22,286       54,340       90,066  
    Product     8,582       18,612       46,149       112,702  
    Total cost of revenue     29,549       55,088       155,439       262,788  
    Gross profit     198,989       168,035       738,945       651,454  
    Operating expenses:                        
    Sales and marketing     76,448       73,827       322,249       304,070  
    Product, technology, and development     35,948       36,737       144,432       146,169  
    General and administrative     28,384       75,667       112,066       152,757  
    Impairment     —       —       134,501       —  
    Depreciation and amortization     4,931       4,069       12,285       15,831  
    Total operating expenses     145,711       190,300       725,533       618,827  
    Income (loss) from operations     53,278       (22,265 )     13,412       32,627  
    Other income, net:                        
    Interest income     3,126       5,093       12,189       18,430  
    Other (expense) income, net     (1,066 )     782       (944 )     630  
    Total other income, net     2,060       5,875       11,245       19,060  
    Income (loss) before income taxes     55,338       (16,390 )     24,657       51,687  
    Provision for income taxes     9,457       6,213       3,685       29,634  
    Consolidated net income (loss)     45,881       (22,603 )     20,972       22,053  
    Net loss attributable to redeemable noncontrolling interest     —       (4,698 )     —       (14,889 )
    Net income (loss) attributable to CarGurus, Inc.   $ 45,881     $ (17,905 )   $ 20,972     $ 36,942  
    Deemed dividend on redemption of noncontrolling interest     —       5,838       —       5,838  
    Net income (loss) attributable to common stockholders   $ 45,881     $ (23,743 )   $ 20,972     $ 31,104  
    Net income (loss) per share attributable to common stockholders:                        
    Basic   $ 0.44     $ (0.21 )   $ 0.20     $ 0.27  
    Diluted   $ 0.43     $ (0.21 )   $ 0.20     $ 0.19  
    Weighted–average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders:                        
    Basic     103,838,821       110,988,515       104,535,572       113,240,139  
    Diluted     106,116,888       110,988,515       106,263,886       114,188,834  

    (1)  For the three months ended December 31, 2024 and 2023 and for the years ended December 31, 2024 and 2023, there was depreciation and amortization of $2,107, $8,692, $13,075, and $32,643, respectively, in cost of revenue.
    (2)  For the three months ended December 31, 2024 and 2023, no impairment was recorded in cost of revenue. For the years ended December 31, 2024 and 2023, we recorded impairment of $9,930 and $184, respectively in cost of revenue.

    Unaudited Segment Revenue
    (in thousands)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    Segment Revenue:                        
    U.S. Marketplace   $ 193,395     $ 168,897     $ 733,688     $ 647,284  
    Digital Wholesale     18,344       40,872       97,785       216,005  
    Other     16,799       13,354       62,911       50,953  
    Total   $ 228,538     $ 223,123     $ 894,384     $ 914,242  

    Unaudited Segment Income (Loss) from Operations
    (in thousands)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    Segment Income (Loss) from Operations:                        
    U.S. Marketplace   $ 56,068     $ 43,281     $ 182,738     $ 127,724  
    Digital Wholesale     (5,500 )     (67,199 )     (179,315 )     (96,383 )
    Other     2,710       1,653       9,989       1,286  
    Total   $ 53,278     $ (22,265 )   $ 13,412     $ 32,627  

    Unaudited Condensed Consolidated Statements of Cash Flows
    (in thousands)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    Operating Activities                        
    Consolidated net income (loss)   $ 45,881     $ (22,603 )   $ 20,972     $ 22,053  
    Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities:                        
    Depreciation and amortization     7,038       12,761       25,360       48,474  
    Gain on sale of property and equipment     —       —       —       (460 )
    Currency loss (gain) on foreign denominated transactions     1,205       (532 )     971       (283 )
    Other non-cash (income) expense, net     —       (80 )     (816 )     88  
    Deferred taxes     13,996       (5,735 )     (33,348 )     (37,864 )
    Provision for doubtful accounts     517       131       2,051       378  
    Stock-based compensation expense     15,658       19,968       62,272       63,737  
    Amortization of deferred financing costs     128       128       515       515  
    Amortization of deferred contract costs     3,734       3,188       13,975       11,817  
    Impairment     —       —       144,431       184  
    Changes in operating assets and liabilities:                        
    Accounts receivable     527       10,638       (4,866 )     10,975  
    Inventory     (261 )     (3,001 )     (112 )     1,958  
    Prepaid expenses, prepaid income taxes, and other assets     (8,720 )     (7,525 )     (1,627 )     (1,498 )
    Deferred contract costs     (4,394 )     (4,752 )     (15,701 )     (18,440 )
    Accounts payable     (15,433 )     903       (4,663 )     2,080  
    Accrued expenses, accrued income taxes, and other liabilities     6,465       (4,435 )     3,897       (3,419 )
    Deferred revenue     (193 )     270       362       9,067  
    Lease obligations     9,589       3,172       41,821       15,165  
    Net cash provided by operating activities     75,737       2,496       255,494       124,527  
    Investing Activities                        
    Purchases of property and equipment     (10,236 )     (15,515 )     (75,173 )     (24,563 )
    Proceeds from sale of property and equipment     —       —       —       460  
    Capitalization of website development costs     (3,462 )     (4,875 )     (18,776 )     (16,648 )
    Purchases of short-term investments     —       (1,268 )     (494 )     (98,016 )
    Sale of short-term investments     —       72,462       21,218       77,462  
    Advance payments to customers, net of collections     —       2,649       259       (259 )
    Net cash (used in) provided by investing activities     (13,698 )     53,453       (72,966 )     (61,564 )
    Financing Activities                        
    Proceeds from issuance of common stock upon exercise of stock options     4,848       —       4,923       74  
    Payment of withholding taxes on net share settlements of restricted stock units     (7,500 )     (3,859 )     (24,891 )     (15,597 )
    Repurchases of common stock     —       (101,115 )     (146,180 )     (208,524 )
    Payment of excise taxes on repurchases of common stock     (1,584 )     —       (1,584 )     —  
    Payment of finance lease obligations     (19 )     (18 )     (75 )     (70 )
    Payment of tax distributions to redeemable noncontrolling interest holders     —       —       —       (38 )
    Acquisition of remaining interest in CarOffer, LLC     —       (25,014 )     —       (25,014 )
    Change in gross advance payments received from third-party transaction processor     (118 )     48       (822 )     (4,475 )
    Net cash used in financing activities     (4,373 )     (129,958 )     (168,629 )     (253,644 )
    Impact of foreign currency on cash, cash equivalents, and restricted cash     (2,178 )     981       (1,596 )     475  
    Net increase (decrease) in cash, cash equivalents, and restricted cash     55,488       (73,028 )     12,303       (190,206 )
    Cash, cash equivalents, and restricted cash at beginning of period     250,741       366,954       293,926       484,132  
    Cash, cash equivalents, and restricted cash at end of period   $ 306,229     $ 293,926     $ 306,229     $ 293,926  

    Unaudited Reconciliation of GAAP Consolidated Net Income (Loss) to Non-GAAP Consolidated Net Income and Non-GAAP Net Income Attributable to Common Stockholders and GAAP Net Income (Loss) Per Share Attributable to Common Stockholders to Non-GAAP Net Income Per Share Attributable to Common Stockholders:
    (in thousands, except per share data)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    GAAP consolidated net income (loss)   $ 45,881     $ (22,603 )   $ 20,972     $ 22,053  
    Stock-based compensation expense     15,658       14,071       62,492       57,913  
    Stock-based compensation expense for CarOffer, LLC Units(1)     —       55,543       —       55,543  
    Amortization of intangible assets     507       7,513       3,655       30,062  
    Impairment(2)     —       —       144,431       184  
    Transaction-related expenses     421       1,044       1,536       1,044  
    Income tax effects and adjustments     (3,767 )     (16,807 )     (49,798 )     (27,489 )
    Non-GAAP consolidated net income   $ 58,700     $ 38,761     $ 183,288     $ 139,310  
    Non-GAAP net loss attributable to redeemable noncontrolling interest     —       (456 )     —       (1,686 )
    Non-GAAP net income attributable to common stockholders   $ 58,700     $ 39,217     $ 183,288     $ 140,996  
    GAAP net income (loss) per share attributable to common stockholders:                        
    Basic   $ 0.44     $ (0.21 )   $ 0.20     $ 0.27  
    Diluted   $ 0.43     $ (0.21 )   $ 0.20     $ 0.19  
    Non-GAAP net income per share attributable to common stockholders:                        
    Basic   $ 0.57     $ 0.35     $ 1.75     $ 1.25  
    Diluted   $ 0.55     $ 0.35     $ 1.72     $ 1.23  
    Shares used in GAAP and Non-GAAP per share calculations                        
    Basic     103,839       110,989       104,536       113,240  
    Diluted     106,117       110,989       106,264       114,189  

    (1)  CarOffer, LLC Units consist of CO Incentive Units, Subject Units (each as defined in the Company’s Annual Report on Form 10-K as of December 31, 2024, filed with the U.S. Securities and Exchange Commission on February 20, 2025), and payments made to noncontrolling interest holders. 
    (2)  During the three months ended June 30, 2024, we updated the table to disclose impairment in Non-GAAP Consolidated Net Income and Non-GAAP Net Income Attributable to Common Stockholders; the three months and year ended December 31, 2023 have been updated for comparison purposes.

    Unaudited Reconciliation of GAAP Net Loss Attributable to Redeemable Noncontrolling Interest to Non-GAAP Net Loss Attributable to Redeemable Noncontrolling Interest
    (in thousands)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    GAAP net loss attributable to redeemable noncontrolling interest   $ —     $ (4,698 )   $ —     $ (14,889 )
    Stock-based compensation expense(1)     —       144       —       783  
    Stock-based compensation expense for CarOffer, LLC Units (1)     —       2,249       —       2,249  
    Amortization of intangible assets(1)     —       1,849       —       10,171  
    Non-GAAP net loss attributable to redeemable noncontrolling interest   $ —     $ (456 )   $ —     $ (1,686 )

    (1)  These exclusions are adjusted to reflect the noncontrolling interest of 38% for the period prior to our acquisition of the remaining minority equity interests in CarOffer, LLC in December 2023 (the “2023 CarOffer Transaction”).

    Unaudited Reconciliation of GAAP Consolidated Net Income (Loss) to Non-GAAP Consolidated Adjusted EBITDA and Non-GAAP Adjusted EBITDA and GAAP Consolidated Net Income (Loss) Margin to Non-GAAP Consolidated Adjusted EBITDA Margin
    (in thousands)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    GAAP consolidated net income (loss)   $ 45,881     $ (22,603 )   $ 20,972     $ 22,053  
    Depreciation and amortization     7,038       12,761       25,360       48,474  
    Impairment     —       —       144,431       184  
    Stock-based compensation expense     15,658       14,071       62,492       57,913  
    Stock-based compensation expense for CarOffer, LLC Units     —       55,543       —       55,543  
    Transaction-related expenses     421       1,044       1,536       1,044  
    Other income, net     (2,060 )     (5,875 )     (11,245 )     (19,060 )
    Provision for income taxes     9,457       6,213       3,685       29,634  
    Non-GAAP consolidated adjusted EBITDA     76,395       61,154       247,231       195,785  
    Non-GAAP adjusted EBITDA attributable to redeemable noncontrolling interest     —       (303 )     —       83  
    Non-GAAP adjusted EBITDA   $ 76,395     $ 61,457     $ 247,231     $ 195,702  
                             
    GAAP consolidated net income (loss) margin     20 %     (10 )%     2 %     2 %
    Non-GAAP consolidated adjusted EBITDA margin     33 %     27 %     28 %     21 %

    Unaudited Reconciliation of GAAP Net Loss Attributable to Redeemable Noncontrolling Interest to Non-GAAP Adjusted EBITDA Attributable to Redeemable Noncontrolling Interest
    (in thousands)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    GAAP net loss attributable to redeemable noncontrolling interest   $ —     $ (4,698 )   $ —     $ (14,889 )
    Depreciation and amortization (1)     —       1,989       —       10,863  
    Impairment (1)     —       —       —       67  
    Stock-based compensation expense (1)     —       144       —       783  
    Stock-based compensation expense for CarOffer, LLC Units (1)     —       2,249       —       2,249  
    Other expense, net (1)     —       13       —       985  
    Provision for income taxes (1)     —       —       —       25  
    Adjusted EBITDA attributable to redeemable noncontrolling interest   $ —     $ (303 )   $ —     $ 83  

    (1)  These exclusions are adjusted to reflect the noncontrolling interest of 38% for the period prior to the 2023 CarOffer Transaction.


    Unaudited Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit and GAAP Gross Profit Margin to Non-GAAP Gross Profit Margin
    (in thousands, except percentages)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    Revenue   $ 228,538     $ 223,123     $ 894,384     $ 914,242  
    Cost of revenue     29,549       55,088       155,439       262,788  
    GAAP gross profit     198,989       168,035       738,945       651,454  
    Stock-based compensation expense included in Cost of revenue     105       186       492       699  
    Stock-based compensation expense for CarOffer, LLC Units included in Cost of revenue     —       1,671       —       1,671  
    Amortization of intangible assets included in Cost of revenue     —       5,250       875       21,016  
    Transaction-related expenses included in Cost of revenue     —       —       92       —  
    Impairment included in Cost of revenue (1)     —       —       9,930       184  
    Non-GAAP gross profit   $ 199,094     $ 175,142     $ 750,334     $ 675,024  
                             
    GAAP gross profit margin     87 %     75 %     83 %     71 %
    Non-GAAP gross profit margin     87 %     78 %     84 %     74 %

    (1)  During the three months ended June 30, 2024, we updated the table to disclose impairment in Non-GAAP Gross Profit and Non-GAAP Gross Profit Margin; the three months and year ended December 31, 2023 have been updated for comparison purposes.


    Unaudited Reconciliation of GAAP Expense to Non-GAAP Expense
    (in thousands)

        Three Months Ended December 31, 2024  
        GAAP expense     Stock-based
    compensation
    expense    		     Stock-Based compensation expense for CarOffer, LLC Units     Amortization of
    intangible assets    		     Impairment (2)     Transaction-related expenses     Non-GAAP
    expense    		  
    Cost of revenue   $ 29,549     $ (105 )   $ —     $ —     $ —     $ —     $ 29,444  
    Sales and marketing     76,448       (3,035 )     —       —       —       (3 )     73,410  
    Product, technology, and development     35,948       (6,278 )     —       —       —       (283 )     29,387  
    General and administrative     28,384       (6,240 )     —       —       —       (135 )     22,009  
    Impairment     —       —       —       —       —       —       —  
    Depreciation & amortization     4,931       —       —       (507 )     —       —       4,424  
    Operating expenses(1)   $ 145,711     $ (15,553 )   $ —     $ (507 )   $ —     $ (421 )   $ 129,230  
    Total cost of revenue and operating expenses   $ 175,260     $ (15,658 )   $ —     $ (507 )   $ —     $ (421 )   $ 158,674  
                                               
        Three Months Ended December 31, 2023  
        GAAP expense     Stock-based
    compensation
    expense    		     Stock-Based compensation expense for CarOffer, LLC Units     Amortization of
    intangible assets    		     Impairment (2)     Transaction-related expenses     Non-GAAP
    expense    		  
    Cost of revenue   $ 55,088     $ (186 )   $ (1,671 )   $ (5,250 )   $ —     $ —     $ 47,981  
    Sales and marketing     73,827       (2,701 )     (2,273 )     —       —       (1 )     68,852  
    Product, technology, and development     36,737       (5,408 )     (2,458 )     —       —       (3 )     28,868  
    General and administrative     75,667       (5,776 )     (49,141 )     —       —       (1,040 )     19,710  
    Impairment     —       —       —       —       —       —       —  
    Depreciation & amortization     4,069       —       —       (2,263 )     —       —       1,806  
    Operating expenses(1)   $ 190,300     $ (13,885 )   $ (53,872 )   $ (2,263 )   $ —     $ (1,044 )   $ 119,236  
    Total cost of revenue and operating expenses   $ 245,388     $ (14,071 )   $ (55,543 )   $ (7,513 )   $ —     $ (1,044 )   $ 167,217  
                                               
        Year Ended December 31, 2024  
        GAAP expense     Stock-based
    compensation
    expense    		     Stock-Based compensation expense for CarOffer, LLC Units     Amortization of
    intangible assets    		     Impairment (2)     Transaction-related expenses     Non-GAAP
    expense    		  
    Cost of revenue   $ 155,439     $ (492 )   $ —     $ (875 )   $ (9,930 )   $ (92 )   $ 144,050  
    Sales and marketing     322,249       (12,176 )     —       —       —       (573 )     309,500  
    Product, technology, and development     144,432       (24,443 )     —       —       —       (346 )     119,643  
    General and administrative     112,066       (25,381 )     —       —       —       (525 )     86,160  
    Impairment     134,501       —       —       —       (134,501 )     —       —  
    Depreciation & amortization     12,285       —       —       (2,780 )     —       —       9,505  
    Operating expenses(1)   $ 725,533     $ (62,000 )   $ —     $ (2,780 )   $ (134,501 )   $ (1,444 )   $ 524,808  
    Total cost of revenue and operating expenses   $ 880,972     $ (62,492 )   $ —     $ (3,655 )   $ (144,431 )   $ (1,536 )   $ 668,858  
                                               
        Year Ended December 31, 2023  
        GAAP expense     Stock-based
    compensation
    expense    		     Stock-Based compensation expense for CarOffer, LLC Units     Amortization of
    intangible assets    		     Impairment (2)     Transaction-related expenses     Non-GAAP
    expense    		  
    Cost of revenue   $ 262,788     $ (699 )   $ (1,671 )   $ (21,016 )   $ (184 )   $ —     $ 239,218  
    Sales and marketing     304,070       (11,437 )     (2,273 )     —       —       (1 )     290,359  
    Product, technology, and development     146,169       (23,476 )     (2,458 )     —       —       (3 )     120,232  
    General and administrative     152,757       (22,301 )     (49,141 )     —       —       (1,040 )     80,275  
    Impairment     —       —       —       —       —       —       —  
    Depreciation & amortization     15,831       —       —       (9,046 )     —       —       6,785  
    Operating expenses(1)   $ 618,827     $ (57,214 )   $ (53,872 )   $ (9,046 )   $ —     $ (1,044 )   $ 497,651  
    Total cost of revenue and operating expenses   $ 881,615     $ (57,913 )   $ (55,543 )   $ (30,062 )   $ (184 )   $ (1,044 )   $ 736,869  

    (1)  Operating expenses include sales and marketing, product, technology, and development, general and administrative, impairment, and depreciation & amortization. 
    (2)  During the three months ended June 30, 2024, we updated the table above to disclose impairment in Non-GAAP Expense; the three months and year ended December 31, 2023 have been updated for comparison purposes.


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

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    GAAP net cash and cash equivalents provided by operating activities   $ 75,737     $ 2,496     $ 255,494     $ 124,527  
    Purchases of property and equipment     (10,236 )     (15,515 )     (75,173 )     (24,563 )
    Capitalization of website development costs     (3,462 )     (4,875 )     (18,776 )     (16,648 )
    Non-GAAP free cash flow   $ 62,039     $ (17,894 )   $ 161,545     $ 83,316  

    Non-GAAP Financial Measures and Other Business Metrics

    To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”), we provide investors with certain non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

    The presentation of non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included above, and not to rely on any single financial measure to evaluate our business.

    While a reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to, as applicable, the timing, amount, valuation, and number of future employee equity awards and the uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses, we have provided a reconciliation of non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.

    We monitor operating measures of certain non-GAAP items including non-GAAP gross profit, non-GAAP gross margin, non-GAAP expense, non-GAAP consolidated net income, non-GAAP net income attributable to common stockholders, and non-GAAP net income per share attributable to common stockholders. These non-GAAP financial measures exclude the effect of stock-based compensation expense, stock-based compensation expense for CarOffer, LLC Units, amortization of intangible assets, impairments, and transaction related-expenses. Non-GAAP consolidated net income, non-GAAP net income attributable to common stockholders, and non-GAAP net income per share attributable to common stockholders also exclude certain income tax effects and adjustments. Non-GAAP net income attributable to common stockholders and non-GAAP net income per share attributable to common stockholders also exclude non-GAAP net loss attributable to redeemable noncontrolling interest. We define non-GAAP net loss attributable to redeemable noncontrolling interest as net loss attributable to redeemable noncontrolling interest, adjusted to exclude: stock-based compensation expense, stock-based compensation expense for CarOffer, LLC Units, and amortization of intangible assets. These exclusions are adjusted for redeemable noncontrolling interest, as applicable. Our calculations of non-GAAP net income per share attributable to common stockholders utilize applicable GAAP share counts as included in the accompanying financial statement tables included in this press release. In addition, we evaluate our non-GAAP gross profit in relation to our revenue. We refer to this as non-GAAP gross profit margin and define it as non-GAAP gross profit divided by total revenue. We believe that these non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

    We define Consolidated Adjusted EBITDA as consolidated net income (loss), adjusted to exclude: depreciation and amortization, impairments, stock-based compensation expense, stock-based compensation expense for CarOffer, LLC Units, transaction-related expenses, other income, net, and provision for income taxes.

    We define Adjusted EBITDA as Consolidated Adjusted EBITDA adjusted to exclude: Adjusted EBITDA attributable to redeemable noncontrolling interest.

    We define Adjusted EBITDA attributable to redeemable noncontrolling interest as net loss attributable to redeemable noncontrolling interest, adjusted to exclude: depreciation and amortization, impairments, stock-based compensation expense, stock-based compensation expense for CarOffer, LLC Units, other expense, net, and provision for income taxes. These exclusions are adjusted for redeemable noncontrolling interest of 38% by taking the noncontrolling interest’s full financial results and multiplying each line item in the reconciliation by 38%. We note that we use 38%, versus 49%, to allocate the share of loss because it represents the portion attributable to the redeemable noncontrolling interest. The 38% is exclusive of CO Incentive Units, Subject Units, and 2021 Incentive Units (as each term is defined in Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on February 20, 2025), which are liability-classified awards that do not participate in the share of loss. Adjusted EBITDA attributable to redeemable noncontrolling interest is reflective of the 2023 CarOffer Transaction. Following the 2023 CarOffer Transaction there was no redeemable noncontrolling interest as of December 1, 2023, and as a result, Consolidated Adjusted EBITDA is equivalent to Adjusted EBITDA for the three months and year ended December 31, 2024.

    In addition, we evaluate our Non-GAAP consolidated Adjusted EBITDA in relation to our revenue. We refer to this as Non-GAAP consolidated Adjusted EBITDA margin and define it as Non-GAAP consolidated Adjusted EBITDA divided by total revenue.

    We have presented Consolidated Adjusted EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin because they are key measures used by our management and Board of Directors to understand and evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. We believe Consolidated Adjusted EBITDA and Adjusted EBITDA help identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude. Accordingly, we believe that Consolidated Adjusted EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision making. We have presented Adjusted EBITDA attributable to redeemable noncontrolling interest because it is used by our management to reconcile Consolidated Adjusted EBITDA to Adjusted EBITDA. It represents the portion of Consolidated Adjusted EBITDA that is attributable to our redeemable noncontrolling interest and enables an investor to gain a clearer understanding of the portion of Consolidated Adjusted EBITDA that is attributable to our redeemable noncontrolling interest. Adjusted EBITDA attributable to redeemable noncontrolling interest is not intended to be reviewed on its own.

    We define Free Cash Flow as cash flow from operations adjusted to include: purchases of property and equipment and capitalization of website development costs. We have presented Free Cash Flow because it is a measure of our financial performance that represents the cash that we are able to generate after expenditures required to maintain or expand our asset base.

    We define a paying dealer as a dealer account with an active, paid marketplace subscription at the end of a defined period. The number of paying dealers we have is important to us and we believe it provides valuable information to investors because it is indicative of the value proposition of our marketplace products, as well as our sales and marketing success and opportunity, including our ability to retain paying dealers and develop new dealer relationships.

    We define Quarterly Average Revenue per Subscribing Dealer (“QARSD”), which is measured at the end of a fiscal quarter, as the marketplace revenue primarily from subscriptions to our Listings packages and Real-time Performance Marketing, our digital advertising suite, and other digital add-on products during that trailing quarter divided by the average number of paying dealers in that marketplace during the quarter. We calculate the average number of paying dealers for a period by adding the number of paying dealers at the end of such period and the end of the prior period and dividing by two. This information is important to us, and we believe it provides useful information to investors, because we believe that our ability to grow QARSD is an indicator of the value proposition of our products and the return on investment that our paying dealers realize from our products. In addition, increases in QARSD, which we believe reflect the value of exposure to our engaged audience in relation to subscription cost, are driven in part by our ability to grow the volume of connections to our users and the quality of those connections, which result in increased opportunity to upsell package levels and cross-sell additional products to our paying dealers.

    We define Transactions within the Digital Wholesale segment as the number of vehicles processed from car dealers, consumers, and other marketplaces through the CarOffer website within the defined period. Transactions consists of each unique vehicle (based on vehicle identification number) that reaches “sold and invoiced” status on the CarOffer website within the defined period, including vehicles sold to car dealers, vehicles sold at third-party auctions, vehicles ultimately sold to a different buyer, and vehicles that are returned to their owners without completion of a sale transaction. We exclude vehicles processed within CarOffer’s intra-group trading solution (Group Trade) from the definition of Transactions, and we only count any unique vehicle once even if it reaches sold status multiple times. The Digital Wholesale segment includes the purchase and sale of vehicles between dealers, or Dealer-to-Dealer transactions, and Sell My Car – Instant Max Cash Offer transactions. We view Transactions as a key business metric, and we believe it provides useful information to investors, because it provides insight into growth and revenue for the Digital Wholesale segment. Transactions drive a significant portion of Digital Wholesale segment revenue. We believe growth in Transactions demonstrates consumer and dealer utilization and our market share penetration in the Digital Wholesale segment.

    Historically, we have used data from Google Analytics to measure two of our key business metrics: monthly unique users and monthly sessions. Effective July 1, 2024, GA4 replaced Google Analytics. The methodologies used in GA4 are different and not comparable to the methodologies used in Google Analytics. As discussed below, we also make certain adjustments to the GA4 data in order to improve the accuracy of the reported monthly unique users and monthly sessions. Due to the change in methodology, we are unable to provide comparable monthly unique user and monthly session information for prior periods, including any periods prior to June 30, 2024.

    For each of our websites (excluding the CarOffer website), we define a monthly unique user as an individual who has visited any such website and taken a Visitor Action (as defined below) within a calendar month, based on data as measured by GA4. We calculate average monthly unique users as the sum of the monthly unique users of each of our websites in a defined period, divided by the number of months in that period. Effective July 1, 2024, we count a unique user the first time a computer or mobile device with a unique device identifier accesses any of our websites or application during a calendar month and takes an action on such website or in such application, such as performing a search, visiting vehicle detail pages, and connecting with a dealer, which we refer to as a Visitor Action. If an individual accesses a website or application using a different device within a given month, the first Visitor Action taken by each such device is counted as a separate unique user. If an individual uses multiple browsers on a single device and/or clears their cookies and returns to our website or application and takes a Visitor Action within a calendar month, each such Visitor Action is counted as a separate unique user. We eliminate any duplicate unique users that may arise when users visit a webview within our native application. We view our average monthly unique users as a key indicator of the quality of our user experience, the effectiveness of our advertising and traffic acquisition, and the strength of our brand awareness. Measuring unique users is important to us and we believe it provides useful information to our investors because our marketplace revenue depends, in part, on our ability to provide dealers with connections to our users and exposure to our marketplace audience. We define connections as interactions between consumers and dealers on our marketplace through phone calls, email, managed text and chat, and clicks to access the dealer’s website or map directions to the dealership.

    We define monthly sessions as the number of distinct visits to our websites (excluding the CarOffer website) that include a Visitor Action that take place each month within a given time frame, as measured and defined by GA4. We calculate average monthly sessions as the sum of the monthly sessions in a defined period, divided by the number of months in that period. Effective July 1, 2024, a session is defined as beginning with the first Visitor Action from a computer or mobile device and ending at the earliest of when a user closes their browser window or after 30 minutes of inactivity. We eliminate any duplicate monthly sessions that may arise when users visit a webview within our native application. We believe that measuring the volume of sessions in a time period, when considered in conjunction with the number of unique users in that time period, is an important indicator to us of consumer satisfaction and engagement with our marketplace, and we believe it provides useful information to our investors because the more satisfied and engaged consumers we have, the more valuable our service is to dealers.

    The MIL Network –

  • MIL-OSI: iRhythm Technologies Announces Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Feb. 20, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today reported financial results for the three months and full year ended December 31, 2024.

    Fourth Quarter 2024 Financial Highlights

    • Revenue of $164.3 million, a 24.0% increase compared to fourth quarter 2023
    • Gross margin of 70.0%, a 410-basis point increase compared to fourth quarter 2023
    • Net loss of $1.3 million, a $37.4 million improvement compared to fourth quarter 2023
    • Adjusted EBITDA of $19.3 million, a $16.9 million improvement compared to fourth quarter 2023
    • Cash, cash equivalents and marketable securities of $535.6 million at December 31, 2024, a $13.6 million increase from September 30, 2024

    Full Year 2024 Financial Highlights

    • Revenue of $591.8 million, a 20.1% increase compared to full year 2023
    • Gross margin of 68.9%, a 160-basis point increase compared to full year 2023
    • Net loss of $113.3 million, a $10.1 million improvement compared to full year 2023
    • Adjusted EBITDA of $(7.7) million, a decline of $2.9 million compared to full year 2023

    Recent Operational Highlights

    • Fourth quarter 2024 capped a year of progressively accelerating year-over-year volume growth every quarter, with full year 2024 revenue driven by sustained volume demand across all customer channels
    • Analysis of real-world claims data conducted by Eversana and presented at AHA in November 2024 suggested that early detection with arrhythmia monitoring devices could have the combined potential to help prevent serious outcomes like stroke and heart failure while also significantly reducing acute care utilization and related costs in patients with type 2 diabetes and chronic obstructive pulmonary disease
    • Upcoming data presentations at the American College of Cardiology’s Annual Scientific Session & Expo in Chicago, IL, from March 29 – 31, 2025

    “Our fourth quarter capped a transformative year for iRhythm, marked by 24% revenue growth and significant operational achievements,” said Quentin Blackford, President and CEO of iRhythm. “We achieved record new account onboarding, with balanced volume contributions across multiple channels, particularly in risk-bearing, primary care settings where Zio’s value as a population health management tool has resonated strongly. Throughout 2024, we enhanced our quality systems, improved customer experience through EHR integration and innovative product launches, expanded into multiple international markets, and secured strategic technology licensing agreements to advance connected patient care. Our commitment to operational discipline has yielded positive cash flow for three consecutive quarters, while our extensive scientific publications have further validated our approach. Looking ahead, we remain focused on delivering a best-in-class quality system while creating shareholder value through our strategies of expanding our core U.S. market presence, accelerating international growth, advancing product innovation, and further advancing operational efficiencies. As we scale the Zio platform globally, we’re uniquely positioned to shape the future of healthcare while driving value for patients, physicians, health systems, and shareholders.”

    Fourth Quarter 2024 Financial Results
    Revenue for the three months ended December 31, 2024, increased 24.0% to $164.3 million, from $132.5 million during the same period in 2023. The increase was primarily attributable to increases in the volume of Zio Services resulting from increased demand, partially offset by a slight decline in average selling price.

    Gross profit for the fourth quarter of 2024 was $115.1 million, up from $87.4 million during the same period in 2023, while gross margins were 70.0% as compared to 66.0% during the same period in 2023. The improvement in gross margin was primarily driven by operational efficiencies leading to lower costs per unit to serve a higher volume of patients compared to the prior year.

    Operating expenses for the fourth quarter of 2024 were $119.2 million, compared to $126.6 million for the same period in 2023 and $151.8 million in the third quarter of 2024. The fourth quarter of 2023 included $11.1 million of higher operating expenses due to an impairment charge for our right-of-use capitalized leased asset value of our San Francisco office. The decrease in operating expenses compared to the third quarter 2024 was due primarily to a $32.1 million charge in the third quarter of 2024 for in-process research and development charges related to technology license consideration.

    Net loss for the fourth quarter of 2024 was $1.3 million, or a diluted loss of $0.04 per share, compared with net loss of $38.7 million, or a diluted loss of $1.26 per share, for the same period in 2023.

    Full Year 2024 Financial Results
    Revenue for the year ended December 31, 2024, increased 20.1% to $591.8 million, from $492.7 million in 2023. The increase in revenue was primarily due to increased volume of Zio services provided as a result of increased demand.

    Gross profit for the year was $407.5 million, up from $331.8 million in 2023, while gross margin was 68.9%, an improvement from 67.3% in 2023. The improvement in gross margin was primarily driven by operational efficiencies leading to lower costs per unit to serve a higher volume of patients compared to the prior year.

    Operating expenses for the year were $523.0 million, an increase of 14.5% compared to 2023. The increase was mainly due to acquired IPR&D expenses related to license consideration, along with an increase in headcount-related costs and professional fees to support the growth in our business.

    Net loss for 2024 was $113.3 million, or a diluted loss of $3.63 per share, compared with net loss of $123.4 million, or a diluted loss of $4.04 per share in 2023.

    Cash, cash equivalents and marketable securities were $535.6 million as of December 31, 2024.

    2025 Guidance
    iRhythm projects revenue for the full year 2025 between $675 million to $685 million. Adjusted EBITDA margin for the full year 2025 is expected to range from approximately 7.0% to 8.0% of revenues.

    Webcast and Conference Call Information
    iRhythm’s management team will host a conference call today beginning at 1:30 p.m. PT/4:30 p.m. ET. Investors interested in listening to the conference call may do so by accessing the live and archived webcast of the event, which will be available on the investors section of the Company’s website at investors.irhythmtech.com.

    About iRhythm Technologies, Inc.
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

    Use of Non-GAAP Financial Measures
    We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including adjusted EBITDA, adjusted net loss, adjusted net loss per share and adjusted operating expenses. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. See the schedules attached to this press release for additional information and reconciliations of such non-GAAP financial measures. We have not reconciled our adjusted operating expenses and adjusted EBITDA estimates for full year 2025 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, a reconciliation of adjusted operating expenses and adjusted EBITDA estimates is not available without unreasonable effort.

    Adjusted EBITDA excludes non-cash operating charges for stock-based compensation expense, changes in fair value of strategic investments, impairment and restructuring charges, business transformation costs, and loss on extinguishment of debt. Business transformation costs include costs associated with professional services, employee termination and relocation, third-party merger and acquisition, integration, and other costs to augment and restructure the organization, inclusive of both outsourced and offshore resources.

    Forward-Looking Statements
    This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular these statements include statements regarding financial guidance, market opportunity, ability to penetrate the market, international market expansion, anticipated productivity and quality improvements, and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-K expected to be filed on or about February 20, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    IRHYTHM TECHNOLOGIES, INC.
    Consolidated Balance Sheets
    (In thousands, except par value)
     
      December 31,
        2024       2023  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 419,597     $ 36,173  
    Marketable securities   115,956       97,591  
    Accounts receivable, net   79,941       61,484  
    Inventory   14,039       13,973  
    Prepaid expenses and other current assets   16,286       21,591  
    Total current assets   645,819       230,812  
    Property and equipment, net   125,092       104,114  
    Operating lease right-of-use assets   47,564       49,317  
    Restricted cash   8,358       —  
    Goodwill   862       862  
    Long-term strategic investments   61,902       3,000  
    Other assets   41,852       45,039  
    Total assets $ 931,449     $ 433,144  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 7,221     $ 5,543  
    Accrued liabilities   84,900       83,362  
    Deferred revenue   2,932       3,306  
    Operating lease liabilities, current portion   15,867       15,159  
    Total current liabilities   110,920       107,370  
    Long-term senior convertible notes   646,443       —  
    Debt, noncurrent portion   —       34,950  
    Other noncurrent liabilities   8,579       1,012  
    Operating lease liabilities, noncurrent portion   74,599       79,715  
    Total liabilities   840,541       223,047  
    Stockholders’ equity:      
    Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at December 31, 2024 and 2023   —       —  
    Common stock, $0.001 par value – 100,000 shares authorized; 31,621 shares issued and 31,392 shares outstanding at December 31, 2024, respectively; and 30,954 shares issued and outstanding at December 31, 2023   31       31  
    Additional paid-in capital   874,607       855,784  
    Accumulated other comprehensive income (loss)   165       (112 )
    Accumulated deficit   (758,895 )     (645,606 )
    Treasury stock, at cost; 229 and 0 shares at December 31, 2024 and 2023, respectively   (25,000 )     —  
    Total stockholders’ equity   90,908       210,097  
    Total liabilities and stockholders’ equity $ 931,449     $ 433,144  
           
    IRHYTHM TECHNOLOGIES, INC.
    Consolidated Statements of Operations
    (In thousands, except per share data)
     
      (Unaudited)
    Three Months Ended December 31,    		   Year Ended December 31,
        2024       2023       2024       2023  
    Revenue, net $ 164,325     $ 132,511     $ 591,839     $ 492,681  
    Cost of revenue   49,257       45,085       184,308       160,875  
    Gross profit   115,068       87,426       407,531       331,806  
    Operating expenses:              
    Research and development   19,081       15,416       71,459       60,244  
    Acquired in-process research and development   302       —       32,371       —  
    Selling, general and administrative   99,768       100,114       418,565       385,645  
    Impairment and restructuring charges   —       11,078       641       11,078  
    Total operating expenses   119,151       126,608       523,036       456,967  
    Loss from operations   (4,083 )     (39,182 )     (115,505 )     (125,161 )
    Interest and other income (expense), net:              
    Interest income   5,740       1,734       21,938       6,353  
    Interest expense   (3,320 )     (941 )     (12,821 )     (3,650 )
    Loss on extinguishment of debt   —       —       (7,589 )     —  
    Other income (expense), net   481       (55 )     1,253       (198 )
    Total interest and other income (expense), net   2,901       738       2,781       2,505  
    Loss before income taxes   (1,182 )     (38,444 )     (112,724 )     (122,656 )
    Income tax provision   151       255       565       750  
    Net loss $ (1,333 )   $ (38,699 )   $ (113,289 )   $ (123,406 )
    Net loss per common share, basic and diluted $ (0.04 )   $ (1.26 )   $ (3.63 )   $ (4.04 )
    Weighted-average shares, basic and diluted   31,343       30,702       31,196       30,528  
    IRHYTHM TECHNOLOGIES, INC.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Adjusted EBITDA reconciliation*              
    Net loss1 $ (1,333 )   $ (38,699 )   $ (113,289 )   $ (123,406 )
    Interest expense   3,320       941       12,821       3,650  
    Interest income   (5,740 )     (1,734 )     (21,938 )     (6,353 )
    Changes in fair value of strategic investments   (843 )     —       (1,902 )     —  
    Income tax provision   151       255       565       750  
    Depreciation and amortization   5,289       4,914       20,715       16,348  
    Stock-based compensation   16,008       23,846       75,978       77,204  
    Impairment charges   —       11,078       641       11,078  
    Business transformation costs   2,416       1,772       11,072       15,866  
    Loss on extinguishment of debt   —       —       7,589       —  
    Adjusted EBITDA $ 19,268     $ 2,373     $ (7,748 )   $ (4,863 )
                   
    *Certain numbers expressed may not sum due to rounding.
    1Net loss for the three and twelve months ended December 31, 2024, includes acquired in-process research and development expense of $0.3 million and $32.4 million, respectively.
    Adjusted net income (loss) reconciliation*              
    Net loss, as reported1 $ (1,333 )   $ (38,699 )   $ (113,289 )   $ (123,406 )
    Impairment charges   —       11,078       641       11,078  
    Business transformation costs   2,416       1,772       11,072       15,866  
    Changes in fair value of strategic investments   (843 )     —       (1,902 )     —  
    Loss on extinguishment of debt   —       —       7,589       —  
    Adjusted net income (loss) $ 240     $ (25,849 )   $ (95,889 )   $ (96,462 )
                   
    Adjusted net income (loss) per share reconciliation:*              
    Diluted net loss per share, as reported1 $ (0.04 )   $ (1.26 )   $ (3.63 )   $ (4.04 )
    Impairment charges per share   —       0.36       0.02       0.36  
    Business transformation costs per share   0.08       0.06       0.35       0.52  
    Changes in fair value of strategic investments per share   (0.03 )     —       (0.06 )     —  
    Loss on extinguishment of debt per share   —       —       0.24       —  
    Adjusted diluted net income (loss) per share $ 0.01     $ (0.84 )   $ (3.08 )   $ (3.16 )
                   
    Weighted-average shares, basic   31,343       30,702       31,196       30,528  
    Weighted-average shares, diluted   31,710       30,702       31,196       30,528  
                   
    Adjusted operating expenses reconciliation*              
    Operating expenses, as reported $ 119,151     $ 126,608     $ 523,036     $ 456,967  
    Impairment charges   —       (11,078 )     (641 )     (11,078 )
    Business transformation costs   (2,416 )     (1,772 )     (11,072 )     (15,866 )
    Adjusted operating expenses $ 116,735     $ 113,758     $ 511,323     $ 430,023  
     
    *Certain numbers expressed may not sum due to rounding.
    1Net loss for the three and twelve months ended December 31, 2024, includes acquired in-process research and development expense of $0.3 million and $32.4 million, respectively.

    The MIL Network –

  • MIL-OSI: LPL Financial Reports Monthly Activity for January 2025

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Feb. 20, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC (“LPL Financial”), a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”), today released its monthly activity report for January 2025.

    Total advisory and brokerage assets at the end of January were $1.81 trillion, an increase of $71.1 billion, or 4.1%, compared to the end of December 2024.

    Total net new assets for January were $34.1 billion, which included $0.1 billion of acquired net new assets resulting from Liquidity & Succession activity.

    Total organic net new assets for January were $34.0 billion, translating to a 23.4% annualized growth rate. This included $13.5 billion of assets from Prudential Advisors (“Prudential”) and $15.2 billion of assets from Wintrust Investments, LLC and certain private client business at Great Lakes Advisors, LLC (collectively, “Wintrust”) that onboarded in January, and $0.2 billion of assets that off-boarded as part of the previously disclosed planned separation from misaligned large OSJs. Prior to these impacts, organic net new assets were $5.4 billion, translating to a 3.9% annualized growth rate.

    Total client cash balances at the end of January were $52.2 billion, a decrease of $2.9 billion compared to the end of December 2024. Net buying in January was $14.5 billion.

    (End of period $ in billions, unless noted) January December Change January Change
    2025 2024 M/M 2024 Y/Y
    Advisory and Brokerage Assets          
    Advisory assets 992.4 957.0 3.7% 740.7 34.0%
    Brokerage assets 819.4 783.7 4.6% 621.1 31.9%
    Total Advisory and Brokerage Assets 1,811.8 1,740.7 4.1% 1,361.8 33.0%
               
    Organic Net New Assets          
    Organic net new advisory assets 13.4 12.5 n/m 2.4 n/m
    Organic net new brokerage assets 20.5 12.9 n/m (0.4) n/m
    Total Organic Net New Assets 34.0 25.5 n/m 2.0 n/m
               
    Acquired Net New Assets          
    Acquired net new advisory assets 0.1 0.0 n/m 0.0 n/m
    Acquired net new brokerage assets 0.0 0.2 n/m 0.0 n/m
    Total Acquired Net New Assets 0.1 0.3 n/m 0.0 n/m
               
    Total Net New Assets          
    Net new advisory assets 13.5 12.6 n/m 2.4 n/m
    Net new brokerage assets 20.6 13.2 n/m (0.4) n/m
    Total Net New Assets 34.1 25.8 n/m 2.0 n/m
               
    Net brokerage to advisory conversions 2.1 2.0 n/m 1.0 n/m
               
    Client Cash Balances          
    Insured cash account sweep 36.2 38.3 (5.5%) 33.7 7.4%
    Deposit cash account sweep 10.0 10.7 (6.5%) 8.9 12.4%
    Total Bank Sweep 46.3 49.0 (5.5%) 42.6 8.7%
    Money market sweep 4.1 4.3 (4.7%) 2.4 70.8%
    Total Client Cash Sweep Held by Third Parties 50.4 53.3 (5.4%) 45.0 12.0%
    Client cash account(1) 1.8 1.8 —% 1.9 (5.3%)
    Total Client Cash Balances 52.2 55.1 (5.3%) 46.9 11.3%
               
    Net buy (sell) activity 14.5 13.5 n/m 12.0 n/m
               
    Market Drivers          
    S&P 500 Index (end of period) 6,041 5,882 2.7% 4,846 24.7%
    Russell 2000 Index (end of period) 2,288 2,230 2.6% 1,947 17.5%
    Fed Funds daily effective rate (average bps) 433 448 (3.3%) 533 (18.8%)
               

    For additional information regarding these and other LPL Financial business metrics, please refer to the Company’s most recent earnings announcement, which is available in the quarterly results section of investor.lpl.com.

    Contacts

    Investor Relations
    investor.relations@lplfinancial.com

    Media Relations
    media.relations@lplfinancial.com

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

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

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

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


    Note: Totals may not foot due to rounding.
    (1) During the first quarter of 2024, the Company updated its definition of client cash account balances to exclude other client payables. Prior period disclosures have been updated to reflect this change as applicable.

    The MIL Network –

  • MIL-OSI: Altus Group Reports Q4 and Fiscal 2024 Financial Results; Announces Quarterly Dividend and Renewal of Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    Delivers robust recurring revenue growth, margin expansion and cashflow improvement in FY 2024

    Altus Group remains strongly positioned to sustain revenue growth and margin expansion in FY 2025

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — Altus Group Limited (ʺAltus Group” or “the Company”) (TSX: AIF), a leading provider of asset and fund intelligence for commercial real estate (“CRE”), announced today its financial and operating results for the fourth quarter and year ended December 31, 2024. The Company also announced the approval by its Board of Directors (“Board”) of the payment of a cash dividend of $0.15 per common share for the first quarter ending March 31, 2025, and that the Toronto Stock Exchange (“TSX”) has approved its notice of intention to renew its normal course issuer bid (“NCIB”).

    The 2024 results from the Property Tax segment have been classified as Discontinued Operations. Accordingly, all amounts except for Free Cash Flow and net cash provided by operating activities represent results from Continuing Operations. Unless otherwise indicated, all amounts are in Canadian dollars and percentages are on an as reported basis in comparison to Q4 2023 and FY 2023 (which have been restated to exclude results from Property Tax).

    Q4 2024 Summary

    • Consolidated revenues were $135.5 million, up 3.4% (1.0% on a Constant Currency* basis).
    • Profit (loss) from continuing operations was $22.9 million, compared to $(8.3) million.  
    • Earnings per share (“EPS”) from continuing operations were $0.50 basic and $0.48 diluted, compared to $(0.18) basic diluted.
    • Consolidated Adjusted EBITDA* was $32.4 million, up 55.4% (51.8% on a Constant Currency basis).
    • Adjusted EPS* was $0.85, compared to $0.26.
    • Analytics Recurring Revenue* was $101.1 million, up 8.7% (5.8% on a Constant Currency basis).
    • Analytics Adjusted EBITDA was $36.4 million, up 29.4% (25.2% on a Constant Currency basis).
    • Analytics Adjusted EBITDA margin* improved to 33.8%, up 650 bps (630 bps on a Constant Currency basis).
    • Analytics Recurring New Bookings* were $21.1 million, up 15.6% (10.9% on a Constant Currency basis).

    FY 2024 Summary

    • Consolidated revenues were $519.7 million, up 2.0% (0.6% on a Constant Currency* basis).
    • Profit (loss) from continuing operations was $(0.8) million, compared to $(33.5) million.  
    • Earnings per share (“EPS”) from continuing operations were $(0.02) basic and diluted, compared to $(0.74) basic and diluted.
    • Consolidated Adjusted EBITDA* was $82.9 million, up 26.0% (23.7% on a Constant Currency basis).
    • Adjusted EPS* was $1.17, compared to $0.48.
    • Analytics Recurring Revenue* was $383.4 million, up 8.1% (6.4% on a Constant Currency basis).
    • Analytics Adjusted EBITDA was $117.2 million, up 22.7% (20.0% on a Constant Currency basis).
    • Analytics Adjusted EBITDA margin* improved to 28.5%, up 420 bps (400 bps on a Constant Currency basis).
    • Net cash provided by operating activities was $79.9 million, up 11.9% and Free Cash Flow* was $72.5 million, up 23.0%.
    • In 2024, the Company repurchased 203,400 common shares under the NCIB for total cash consideration of approximately $11.0 million, at a weighted average price per share of $54.29. (An additional 115,300 common shares were purchased in January 2025 for total cash consideration of $6.3 million at a weighted average price per share of $54.49.)

    *Altus Group uses certain non-GAAP financial measures such as Adjusted Earnings (Loss), and Constant Currency; non-GAAP ratios such as Adjusted EPS; total of segments measures such as Adjusted EBITDA; capital management measures such as Free Cash Flow; and supplementary financial and other measures such as Adjusted EBITDA margin, New Bookings, Recurring New Bookings, Non-Recurring New Bookings, Organic Revenue, Recurring Revenue, Non-Recurring Revenue, Organic Recurring Revenue, and Cloud Adoption Rate.   Refer to the “Non-GAAP and Other Measures” section for more information on each measure and a reconciliation of Adjusted EBITDA and Adjusted Earnings (Loss) to Profit (Loss) and Free Cash Flow to Net cash provided by (used in) operating activities.

    “I’m incredibly proud of our team for finishing the year on such a strong note,” said Jim Hannon, Chief Executive Officer. “In 2024, we achieved record performance at Analytics – $411 million in revenue and $117 million in Adjusted EBITDA, with an Adjusted EBITDA margin of 28.5%, our highest in a decade.

    Throughout the year, we delivered significant product enhancements, streamlined our portfolio, won outstanding new customers, and deepened relationships across our expanding client base. This success fuelled cash flow growth and reinforced our momentum, even as the industry navigated a challenging cycle.

    As we celebrate our 20-year anniversary this year, I’m more excited than ever about the road ahead. With a strengthened operating foundation in place, we’re poised to redefine how the CRE industry leverages data to drive performance – empowering our clients with unparalleled insights to make faster, more informed decisions and seize opportunities as the market continues to recover.”

    Summary of Operating and Financial Performance by Reportable Segment:

    “CC” in the tables indicates “Constant Currency”.  

    Consolidated
    Quarter ended December 31, Year ended December 31,
    In thousands of dollars   2024   2023   % Change   Constant Currency % Change   2024   2023   % Change   Constant Currency % Change
    Revenues $ 135,501 $ 131,050   3.4%   1.0% $ 519,727 $ 509,732   2.0%   0.6%
    Profit (loss) from continuing operations, net of tax $ 22,872 $ (8,319)   374.9%     $ (793) $ (33,493)   97.6%    
    Adjusted EBITDA* $ 32,420 $ 20,858   55.4%   51.8% $ 82,895 $ 65,763   26.1%   23.7%
    Adjusted EBITDA margin*   23.9%   15.9%   800 bps   800 bps   15.9%   12.9%   305 bps   300 bps
    Net cash provided by operating activities $ 24,708 $ 44,693   (44.7%)     $ 79,920 $ 71,429   11.9%    
    Free Cash Flow* $ 24,599 $ 40,141   (38.7%)     $ 72,465 $ 58,938   23.0%    
    Analytics
      Quarter ended December 31, Year ended December 31,
    In thousands of dollars   2024   2023   % Change   Constant Currency % Change   2024   2023   % Change   Constant Currency % Change
    Revenues $ 107,721 $ 103,190   4.4%   1.6% $ 411,282 $ 392,913   4.7%   3.0%
    Adjusted EBITDA $ 36,409 $ 28,145   29.4%   25.2% $ 117,162 $ 95,469   22.7%   20.0%
    Adjusted EBITDA margin   33.8%   27.3%   650 bps   630 bps   28.5%   24.3%   420 bps   400 bps
                                     
    Other Measures                                
    Recurring Revenue* $ 101,060 $ 93,010   8.7%   5.8% $ 383,366 $ 354,563   8.1%   6.4%
    New Bookings* $ 25,845 $ 26,254   (1.6%)   (5.3%) $ 86,306 $ 94,493   (8.7%)   (10.2%)
    Recurring New Bookings* $ 21,074 $ 18,236   15.6%   10.9% $ 67,780 $ 64,507   5.1%   3.3%
    Non-Recurring New Bookings* $ 4,771 $ 8,017   (40.5%)   (42.2%) $ 18,526 $ 29,986   (38.2%)   (39.2%)
    Geographical revenue split                                
    North America   77%   77%           76%   77%        
    International   23%   23%           24%   23%        
    Cloud Adoption Rate* (as at end of period)   –   –           82%   74%        
    Appraisals and Development Advisory
      Quarter ended December 31, Year ended December 31,
    In thousands of dollars   2024   2023   % Change   Constant Currency % Change   2024   2023   % Change   Constant Currency % Change
    Revenues $ 27,964 $ 28,046   (0.3%)   (1.0%) $ 109,208 $ 117,577   (7.1%)   (7.3%)
    Adjusted EBITDA $ 4,401 $ 2,254   95.3%   93.4% $ 9,909 $ 11,540   (14.1%)   (15.0%)
    Adjusted EBITDA margin   15.7%   8.0%   770 bps   770 bps   9.1%   9.8%   70 bps   80 bps


    Q4 2024 Financial Review

    On a consolidated basis, revenues were $135.5 million, up 3.4% (1.0% on a Constant Currency basis) and Adjusted EBITDA was $32.4 million, up 55.4% (51.8% on a Constant Currency basis). Adjusted EPS was $0.85, compared to $0.26 in the fourth quarter of 2023.

    In early 2024, the Company initiated a global restructuring program as part of an ongoing effort to optimize its operating model. Restructuring costs were $2.9 million in the fourth quarter, totalling $12.1 million for the year. The restructuring costs primarily related to employee severance impacting both the Analytics and Appraisals and Development Advisory business segments, as well as corporate functions.

    Profit (loss) from continuing operations was $22.9 million and $0.50 per share basic and $0.48 diluted, compared to $(8.3) million and $(0.18) per share basic and diluted, in the same period in 2023. Profit (loss) from continuing operations benefitted from higher revenues, offset by acquisition and related costs and the restructuring program.

    Analytics revenues increased to $107.7 million, up 4.4% (1.6% on a Constant Currency basis). Organic Revenue* growth was 3.2% (0.4% on a Constant Currency basis). Adjusted EBITDA was $36.4 million, up 29.4% (25.2% on a Constant Currency basis), driving an Adjusted EBITDA margin of 33.8%, up 650 basis points (630 basis points on a Constant Currency basis).

    • Revenue growth was driven by resilient Recurring Revenue performance benefitting from higher software and Valuation Management Solutions (“VMS”) sales and contribution from Forbury.   
    • Recurring Revenue was $101.1 million, up 8.7% (5.8% on a Constant Currency basis). Organic Recurring Revenue* was $99.3 million, up 7.3% (4.5% on a Constant Currency Basis) from $92.5 million in the same period in 2023.
    • New Bookings totalled $25.8 million, down 1.6% (5.3% on a Constant Currency basis). Recurring New Bookings were $21.1 million, up 15.6% (10.9% on a Constant Currency basis), and Non-Recurring New Bookings were $4.8 million, down 40.5% (42.2% on a Constant Currency basis).
    • Adjusted EBITDA growth and margin expansion benefitted from higher revenues, operating efficiencies, ongoing cost optimization efforts, and foreign exchange fluctuations.

    Appraisals and Development Advisory revenues were $28.0 million, down 0.3% (1.0% on a Constant Currency basis) and Adjusted EBITDA was $4.4 million, up 95.3% (93.4% on a Constant Currency basis). The revenue performance reflects muted market activity in the current economic environment. The improvement in Adjusted EBITDA reflects ongoing cost optimization efforts.

    Corporate costs were $8.4 million for the quarter ended December 31, 2024, compared to $9.5 million in the same period in 2023. The decrease in corporate costs in the fourth quarter primarily reflects the settlement of certain balances in preparation for the sale of the Property Tax business resulting in favourable foreign exchange fluctuations for the period.

    Cash generation (which reflects both continuing and discontinued operations) was down in the fourth quarter reflecting a tough compare. Net cash provided by operating activities was $24.7 million and Free Cash Flow was $24.6 million, down 44.7% and 38.7% respectively. On a year-over-year view, the fourth quarter of 2023 benefitted from a catch up on billings related to the implementation of a new enterprise resource planning (“ERP”) system. For full year 2024, net cash provided by operating activities was up 11.9% and Free Cash Flow was up 23.0%.

    As at December 31, 2024, bank debt was $282.9 million and cash and cash equivalents were $41.9 million, representing a Funded debt to EBITDA ratio as defined in the Company’s credit facility agreement of 2.01 times, well below the Company’s 4.5x maximum capacity limit under its credit facilities. At the end of the year, the Company had approximately $309.0 million of total liquidity as measured by the sum of cash and cash equivalents and bank credit facilities available. Including approximately $600.0 million of net proceeds from the sale of the Property Tax business, completed on January 1, 2025, total liquidity would be approximately $909.0 million.

    2025 Business Outlook

    The Company remains strongly positioned to sustain revenue and Adjusted EBITDA growth at a higher Adjusted EBITDA margin in 2025. Management expects CRE market conditions to gradually improve throughout 2025 with a stronger second half of the year. The business outlook for 2025 by reportable segment is as follows: 

    FY 2025 Q1 2025
    Analytics        
    • 4 – 7% total Analytics revenue growth • 0 – 2% total Analytics revenue growth
    • 6 – 9% Recurring Revenue growth • 2 – 3% Recurring Revenue growth
    • 250 – 350 bps of Adjusted EBITDA margin expansion • 50– 150 bps of Adjusted EBITDA margin expansion
           
    Appraisals and Development Advisory        
    • Low single digit revenue growth • 4 – 6% revenue decline
    • Adjusted EBITDA margin expansion • $1 – 2M Adjusted EBITDA improvement
           
    Consolidated        
    • 3 – 5% revenue growth • Flat revenue growth
    • 300 – 400 bps of Adjusted EBITDA margin expansion • 150 – 250 bps of Adjusted EBITDA margin expansion
           


    Note: Business Outlook presented on a Constant Currency basis over     the corresponding period in 2024.  Future acquisitions are not factored into this outlook.

    Forecasting future results or trends is inherently difficult for any business and actual results or trends may vary significantly. The business outlook is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the “Forward-Looking Information Disclaimer” section.

    Key assumptions for the business outlook by segment:  Analytics: consistency and growth in number of assets on the Valuation Management Solutions platform, continued ARGUS cloud conversions, new sales (including New Bookings converting to revenue within Management’s expected timeline and uptake on new product functionality), client and software retention consistent with 2024 levels, pricing action, improved operating leverage, as well as consistent and gradually improving economic conditions in financial and CRE markets.  Appraisal & Development Advisory: improved client profitability and improved operating leverage. The Consolidated outlook assumes that corporate costs will remain elevated throughout 2025 consistent with 2024 levels.  

    Q1 2025 Dividend

    Altus Group’s Board approved the payment of a cash dividend of $0.15 per common share for the first quarter ending March 31, 2025, with payment to be made on April 15, 2025 to common shareholders of record as at March 31, 2024.

    Altus Group’s Dividend Reinvestment Plan (“DRIP”) permits eligible shareholders to direct their cash dividends to be reinvested in additional common shares of the Company. For shareholders who wish to reinvest their dividends under the DRIP, Altus Group intends to issue common shares from treasury at a price equal to 96% of the weighted average closing price of the shares for the five trading days preceding the dividend payment date. Full details of the DRIP program are available on the Company’s website.

    Altus Group confirms that all dividends paid or deemed to be paid to its common shareholders qualify as ʺeligible dividendsʺ for purposes of subsection 89(14) of the Income Tax Act (Canada) and similar provincial and territorial legislation, unless indicated otherwise.

    Renewal of Normal Course Issuer Bid

    The Toronto Stock Exchange (“TSX”) has approved the Company’s notice of intention to renew its normal course issuer bid (“NCIB”) for its common shares. Altus’ NCIB will be made in accordance with the policies of the TSX. Altus may purchase its common shares during the period from February 25, 2025 to February 24, 2026.

    Under the NCIB and subject to the market price of its common shares and other considerations, over the next 12 months Altus may purchase for cancellation up to 3,219,967 common shares, representing approximately 10% of its public float as at February 11, 2025. There were 46,190,841 common shares outstanding as at February 11, 2025. The average daily trading volume through the facilities of the TSX during the 26-week period ending January 31, 2025 was 70,585 common shares. Daily purchases will be limited to 17,646 common shares, representing 25% of the average daily trading volume, other than block purchase exemptions. Purchases may be made on the open market through the facilities of the TSX and/or alternative Canadian trading systems at the market price at the time of acquisition, as well as by other means as may be permitted by TSX rules and applicable securities laws. Any tendered shares taken up and paid for by Altus will be cancelled. The Company plans to fund the NCIB purchases from its existing cash balance.

    Under its previous NCIB which commenced on February 8, 2024 and expired on February 7, 2025, Altus obtained approval from the TSX to purchase up to 1,376,034 common shares. As of February 11, 2025, Altus had purchased an aggregate of 318,700 common shares for cancellation under an NCIB in the past 12 months at a weighted average price of approximately $54.36 per common share. All repurchases under an NCIB within the past 12 months were conducted through the facilities of the TSX and/or alternative Canadian trading systems.

    The Company intends to enter into an automatic share purchase plan with a designated broker in relation to the NCIB that would allow for the purchase of its common shares, subject to certain trading parameters, at times when Altus ordinarily would not be active in the market due to its own internal trading black-out period, insider trading rules or otherwise. Any such plan entered into with a broker will be adopted in accordance with applicable Canadian securities law. Outside of these periods, common shares will be repurchased in accordance with management’s discretion and in compliance with applicable law.

    The Company is renewing the NCIB because it believes that it provides flexibility around its capital allocation investments, particularly during periods when its common shares may trade in a price range that does not adequately reflect their underlying value based on the Company’s business and strong financial position. As a result, to maximize shareholder value, Altus believes that an investment in its outstanding common shares may represent an attractive use of available funds while continuing to balance other growth investments, including investing in operations and in potential M&A. Decisions regarding the amount and timing of future purchases of common shares will be based on market conditions, share price and other factors and will be at management’s discretion. The Company’s Board of Directors will regularly review the NCIB in connection with a balanced capital allocation strategy focused primarily on funding growth.


    About Altus Group

    Altus Group is a leading provider of asset and fund intelligence for commercial real estate. We deliver intelligence as a service to our global client base through a connected platform of industry-leading technology, advanced analytics, and advisory services. Trusted by the largest CRE leaders, our capabilities help commercial real estate investors, developers, lenders, and advisors manage risks and improve performance returns throughout the asset and fund lifecycle. Altus Group is a global company headquartered in Toronto with approximately 1,900 employees across North America, EMEA and Asia Pacific. For more information about Altus (TSX: AIF) please visit www.altusgroup.com.

    Non-GAAP and Other Measures

    Altus Group uses certain non-GAAP financial measures, non-GAAP ratios, total of segments measures, capital management measures, and supplementary and other financial measures as defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). Management believes that these measures may assist investors in assessing an investment in the Company’s shares as they provide additional insight into the Company’s performance. Readers are cautioned that they are not defined performance measures, and do not have any standardized meaning under IFRS and may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to financial measures as reported by those entities. These measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS.

    Adjusted Earnings (Loss): Altus Group uses Adjusted Earnings (Loss) to facilitate the calculation of Adjusted EPS. How it’s calculated: Profit (loss) added or (deducted) by: profit (loss) from discontinued operations, net of tax; occupancy costs calculated on a similar basis prior to the adoption of IFRS 16; depreciation of right‐of‐use assets; amortization of intangibles of acquired businesses; acquisition and related transition costs (income); unrealized foreign exchange losses (gains); (gains) losses on disposal of right‐of‐use assets, property, plant and equipment and intangibles; share of (profit) loss of joint venture; non‐cash share‐based compensation costs; (gains) losses on equity derivatives net of mark‐to‐market adjustments on related RSUs and DSUs; (gains) losses on derivatives; interest accretion on contingent consideration payables; restructuring costs (recovery); impairment charges; (gains) losses on investments; (gains) losses on hedging transactions and interest expense (income) on swaps; other costs or income of a non‐operating and/or non‐recurring nature; finance costs (income), net ‐ leases; and the tax impact of these items.

    Constant Currency: Altus Group uses Constant Currency to allow current financial and operational performance to be understood against comparative periods without the impact of fluctuations in foreign currency exchange rates against the Canadian dollar. How it’s calculated: The financial results and non-GAAP and other measures presented at Constant Currency within this document are obtained by translating monthly results denominated in local currency (U.S. dollars, British pound, Euro, Australian dollars, and other foreign currencies) to Canadian dollars at the foreign exchange rates of the comparable month in the previous year.

    Adjusted EPS: Altus Group uses Adjusted EPS to assess the performance of the business, on a per share basis, before the effects of the noted items because they affect the comparability of the Company’s financial results and could potentially distort the analysis of trends in business performance. How it’s calculated: Adjusted Earnings (Loss) divided by basic weighted average number of shares, adjusted for the effects of the weighted average number of restricted shares.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”): Altus Group uses Adjusted EBITDA to evaluate the performance of the business, as well as when making decisions about the ongoing operations of the business and the Company’s ability to generate cash flows. This measure represents Adjusted EBITDA determined on a consolidated entity-basis as a total of the various segments. All other Adjusted EBITDA references are disclosed in the financial statements and are not considered to be non-GAAP financial measures pursuant to NI 52-112. How it’s calculated: Profit (loss) added or (deducted) by: profit (loss) from discontinued operations, net of tax; occupancy costs calculated on a similar basis prior to the adoption of IFRS 16; depreciation of right‐of‐use assets; depreciation of property, plant and equipment and amortization of intangibles; acquisition and related transition costs (income); unrealized foreign exchange (gains) losses; (gains) losses on disposal of right‐of-use assets, property, plant and equipment and intangibles; share of (profit) loss of joint venture; non‐cash share‐based compensation costs; (gains) losses on equity derivatives net of mark‐to market adjustments on related restricted share units (“RSUs”) and deferred share units (“DSUs”); (gains) losses on derivatives, restructuring costs (recovery); impairment charges; (gains) losses on investments; other costs or income of a non‐operating and/or non‐recurring nature; finance costs (income), net ‐ leases; finance costs (income), net ‐ other; and income tax expense (recovery).

    Free Cash Flow: Altus Group uses Free Cash Flow to understand how much of the cash generated from operating activities is available to repay borrowings and to reinvest in the Company. How it’s calculated: Net cash provided by (used in) operating activities deducted by capital expenditures.

    Adjusted EBITDA Margin: Altus Group uses Adjusted EBITDA margin to evaluate the performance of the business, as well as when making decisions about the ongoing operations of the business and its ability to generate cash flows. How it’s calculated: Adjusted EBITDA divided by revenue.

    New Bookings, Recurring New Bookings and Non-Recurring New Bookings: For its Analytics reportable segment, Altus Group uses New Bookings, Recurring New Bookings and Non-Recurring New Bookings as measures to track the performance and success of sales initiatives, and as an indicator of future revenue growth. How it’s calculated: New Bookings: The total of annual contract values for new sales of the Company’s recurring solutions and services (software subscriptions, Valuation Management Solutions and data subscriptions) plus the total of contract values for one-time engagements (consulting, training, and due diligence). The value of contract renewals is excluded from this metric with the exception of additional capacity or products purchased at the time of renewal. The total annual contract values for VMS are based on an estimated number of assets at the end of the first year of the contract term. New Bookings is inclusive of any new signed contracts as well as any additional solutions and services added by existing customers within the Analytics reportable segment. Recurring New Bookings: The total of annual contract values for new sales of the recurring solutions and services. Non-Recurring New Bookings: The total of contract values for one-time engagements.

    Organic Revenue: Altus Group uses Organic Revenue to evaluate and assess revenue trends in the business on a comparable basis versus the prior year, and as an indicator of future revenue growth. How it’s calculated: Revenue deducted by revenues from business acquisitions that are not fully integrated (up to the first anniversary of the acquisition).

    Recurring Revenue, Non-Recurring Revenue, Organic Recurring Revenue: For its Analytics reportable segment, Altus Group uses Recurring Revenue and Non-Recurring Revenue, and Organic Recurring Revenue as measures to assess revenue trends in the business, and as indicators of future revenue growth. How it’s calculated: Recurring Revenue: Revenue from software subscriptions recognized on an over time basis in accordance with IFRS 15, software maintenance revenue associated with the Company’s legacy licenses sold on perpetual terms, Valuation Management Solutions, and data subscriptions. Non-Recurring Revenue: Total Revenue deducted by Recurring Revenue. Organic Recurring Revenue: Recurring Revenue deducted by Recurring Revenue from business acquisitions that are not fully integrated (up to the first anniversary of the acquisition).

    Cloud Adoption Rate: For its Analytics reportable segment, Altus Group uses the Cloud Adoption Rate as a measure of its progress in transitioning the AE user base to its cloud-based platform, a key component of its overall product strategy. How it’s calculated: Percentage of the total AE user base contracted on the ARGUS Cloud platform.

    Forward-looking Information

    Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes, but is not limited to, statements relating to expected financial and other benefits of acquisitions and the closing of acquisitions (including the expected timing of closing), as well as the discussion of our business, strategies and leverage (including the commitment to increase borrowing capacity), expectations of future performance, including any guidance on financial expectations, and our expectations with respect to cash flows and liquidity. Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “intend”, “plan”, “would”, “could”, “should”, “continue”, “goal”, “objective”, “remain” and other similar terminology. 

    Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may not be known and may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and applied in drawing conclusions or making forecasts or projections set out in the forward-looking information (including sections entitled “Business Outlook”) include, but are not limited to: engagement and product pipeline opportunities in Analytics will result in associated definitive agreements; continued adoption of cloud subscriptions by our customers; retention of material clients and bookings; sustaining our software and subscription renewals; successful execution of our business strategies; consistent and stable economic conditions or conditions in the financial markets including stable interest rates and credit availability for CRE; consistent and stable legislation in the various countries in which we operate; consistent and stable foreign exchange conditions; no disruptive changes in the technology environment; opportunity to acquire accretive businesses and the absence of negative financial and other impacts resulting from strategic investments or acquisitions on short term results; successful integration of acquired businesses; and continued availability of qualified professionals.  

    Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks include, but are not limited to: the CRE market conditions; the general state of the economy; our financial performance; our financial targets; our international operations; acquisitions, joint ventures and strategic investments; business interruption events; third party information and data; cybersecurity; industry competition; professional talent; our subscription renewals; our sales pipeline; client concentration and loss of material clients; product enhancements and new product introductions; technology strategy; our use of technology; intellectual property; compliance with laws and regulations; privacy and data protection; artificial intelligence; our leverage and financial covenants; interest rates; inflation; our brand and reputation; our cloud transition; fixed price engagements; currency fluctuations; credit; tax matters; our contractual obligations; legal proceedings; regulatory review; health and safety hazards; our insurance limits; dividend payments; our share price; share repurchase programs; our capital investments; equity and debt financings; our internal and disclosure controls; and environmental, social and governance (“ESG”) matters and climate change, as well as those described in our annual publicly filed documents, including the Annual Information Form for the year ended December 31, 2024 (which are available on SEDAR+ at www.sedarplus.ca).  

    Investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although we have attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, we do not undertake to update or revise it to reflect new events or circumstances. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, our financial or operating results, or our securities. 

    Certain information in this press release, including sections entitled “2025 Business Outlook”, may be considered as “financial outlook” within the meaning of applicable securities legislation. The purpose of this financial outlook is to provide readers with disclosure regarding Altus Group’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes. 

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Camilla Bartosiewicz
    Chief Communications Officer, Altus Group
    (416) 641-9773
    camilla.bartosiewicz@altusgroup.com  

    Martin Miasko
    Investor Relations Director, Altus Group
    (416) 204-5136
    martin.miasko@altusgroup.com


    Interim Condensed Consolidated Statements of Comprehensive Income (Loss)
    For the Years Ended December 31, 2024 and 2023
    (Unaudited)
    (Expressed in Thousands of Canadian Dollars, Except for Per Share Amounts)

        For the year ended December 31, 2024   For the year ended December 31, 2023 (1)
    Revenues $ 519,727 $ 509,732
    Expenses        
    Employee compensation   336,327   340,525
    Occupancy   5,398   5,359
    Other operating   100,464   124,075
    Depreciation of right-of-use assets   8,271   8,047
    Depreciation of property, plant and equipment   3,706   4,629
    Amortization of intangibles   32,039   32,753
    Acquisition and related transition costs (income)   8,914   3,950
    Share of (profit) loss of joint venture   (2,950)   (3,146)
    Restructuring costs (recovery)   12,052   313
    (Gain) loss on investments   (446)   301
    Impairment charge   7,000   –
    Finance costs (income), net – leases   938   771
    Finance costs (income), net – other   18,457   23,836
    Profit (loss) before income taxes from continuing operations   (10,443)   (31,681)
    Income tax expense (recovery)   (9,650)   1,812
    Profit (loss) from continuing operations, net of tax $ (793) $ (33,493)
    Profit (loss) from discontinued operations, net of tax   14,216   43,725
    Profit (loss) for the year $ 13,423 $ 10,232
    Other comprehensive income (loss):        
    Items that may be reclassified to profit or loss in subsequent periods:        
    Currency translation differences   30,553   (2,055)
    Items that are not reclassified to profit or loss in subsequent periods:        
    Changes in investments measured at fair value through other comprehensive income, net of tax   (1,646)   (1,144)
    Other comprehensive income (loss), net of tax   28,907   (3,199)
    Total comprehensive income (loss) for the year, net of tax $ 42,330 $ 7,033
             
    Earnings (loss) per share attributable to the shareholders of the Company during the year        
    Basic earnings (loss) per share:        
    Continuing operations   $(0.02)   $(0.74)
    Discontinued operations   $0.31   $0.97
    Diluted earnings (loss) per share:        
    Continuing operations   $(0.02)   $(0.74)
    Discontinued operations   $0.30   $0.95
    (1) Comparative figures have been restated to reflect discontinued operations


    Interim Condensed Consolidated Balance Sheets
    As at December 31, 2024 and December 31, 2023
    (Unaudited)

    (Expressed in Thousands of Canadian Dollars)

        December 31, 2024   December 31, 2023
    Assets        
    Current assets        
    Cash and cash equivalents $ 41,876 $ 41,892
    Trade receivables and other   144,812   250,462
    Income taxes recoverable   5,099   9,532
    Derivative financial instruments   8,928   677
        200,715   302,563
    Assets held for sale   282,233   –
    Total current assets   482,948   302,563
    Non-current assets        
    Trade receivables and other   9,620   10,511
    Derivative financial instruments   9,984   8,134
    Investments   14,580   14,509
    Investment in joint venture   25,605   22,655
    Deferred tax assets   56,797   30,650
    Right-of-use assets   19,420   25,282
    Property, plant and equipment   13,217   19,768
    Intangibles   214,614   270,641
    Goodwill   404,176   509,980
    Total non-current assets   768,013   912,130
    Total assets $ 1,250,961 $ 1,214,693
    Liabilities        
    Current liabilities        
    Trade payables and other $ 216,390 $ 199,220
    Income taxes payable   3,017   4,710
    Lease liabilities   11,009   14,346
        230,416   218,276
    Liabilities directly associated with assets held for sale   57,680   –
    Total current liabilities   288,096   218,276
    Non-current liabilities        
    Trade payables and other   19,828   22,530
    Lease liabilities   26,751   33,755
    Borrowings   281,887   307,451
    Deferred tax liabilities   17,179   30,144
    Total non-current liabilities   345,645   393,880
    Total liabilities   633,741   612,156
    Shareholders’ equity        
    Share capital   798,087   769,296
    Contributed surplus   21,394   50,143
    Accumulated other comprehensive income (loss)   56,243   42,434
    Retained earnings (deficit)   (275,935)   (259,336)
    Reserves of assets held for sale   17,431   –
    Total shareholders’ equity   617,220   602,537
    Total liabilities and shareholders’ equity $ 1,250,961 $ 1,214,693


    Interim Condensed Consolidated Statements of Cash Flows
    For the Years Ended December 31, 2024 and 2023
    (Unaudited)
    (Expressed in Thousands of Canadian Dollars)

        For the year ended December 31, 2024   For the year ended December 31, 2023
    Cash flows from operating activities        
    Profit (loss) before income taxes from continuing operations  $  (10,443)  $ (31,681)
    Profit (loss) before income taxes from discontinued operations   19,200   54,011
    Profit (loss) before income taxes $ 8,757 $ 22,330
    Adjustments for:        
    Depreciation of right-of-use assets   9,945   11,121
    Depreciation of property, plant and equipment   4,554   6,102
    Amortization of intangibles   35,916   40,717
    Finance costs (income), net – leases   1,189   1,222
    Finance costs (income), net – other   17,979   23,877
    Share-based compensation   23,669   23,068
    Unrealized foreign exchange (gain) loss   (337)   1,622
    (Gain) loss on investments   (446)   301
    (Gain) loss on disposal of right-of-use assets, property, plant and equipment and intangibles   (2,025)   454
    (Gain) loss on equity derivatives   (9,942)   8,599
    Share of (profit) loss of joint venture   (2,950)   (3,146)
    Impairment of non-financial assets   7,000   –
    Impairment of right-of-use assets, net of (gain) loss on sub-leases   (322)   (565)
    Net changes in:        
    Operating working capital   11,703   (24,117)
    Liabilities for cash-settled share-based compensation   19,246   591
    Deferred consideration payables   (1,674)   (1,610)
    Contingent consideration payables   (200)   (2,989)
    Net cash generated by (used in) operations   122,062   107,577
    Less: interest paid on borrowings   (18,064)   (20,273)
    Less: interest paid on leases   (1,189)   (1,222)
    Less: income taxes paid   (23,588)   (14,889)
    Add: income taxes refunded   699   236
    Net cash provided by (used in) operating activities   79,920   71,429
    Cash flows from financing activities        
    Proceeds from exercise of options   17,678   10,417
    Financing fees paid   (170)   (8)
    Proceeds from borrowings   34,426   72,154
    Repayment of borrowings   (72,360)   (83,599)
    Payments of principal on lease liabilities   (15,944)   (15,094)
    Proceeds from right-of-use asset lease inducements   –   525
    Dividends paid   (24,726)   (26,579)
    Treasury shares purchased for share-based compensation   (3,483)   (4,817)
    Cancellation of shares   (11,043)   (4,780)
    Net cash provided by (used in) financing activities   (75,622)   (51,781)
    Cash flows from investing activities        
    Purchase of investments   (882)   (841)
    Purchase of intangibles   (6,063)   (7,664)
    Purchase of property, plant and equipment   (1,392)   (4,827)
    Proceeds from investments   93   28
    Proceeds from disposal of investments   –   3,471
    Proceeds from sale of disposal group   11,016   –
    Acquisitions, net of cash acquired   –   (25,090)
    Net cash provided by (used in) investing activities   2,772   (34,923)
    Effect of foreign currency translation   1,630   1,900
    Net increase (decrease) in cash and cash equivalents   8,700   (13,375)
    Cash and cash equivalents, beginning of year   41,892   55,267
    Cash and cash equivalents, end of year (1)  $ 50,592 $ 41,892
    (1) Included in cash and cash equivalents as at December 31, 2024 is $8,716 related to discontinued operations


    Reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings (Loss)

    The following table provides a reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings (Loss):

      Quarter ended December 31, Year ended December 31,
    In thousands of dollars, except for per share amounts   2024   2023 (1)   2024   2023 (1)
    Profit (loss) for the period $ 10,638 $ (140) $ 13,423 $ 10,232
    (Profit) loss from discontinued operations, net of tax   12,234   (8,179)   (14,216)   (43,725)
    Occupancy costs calculated on a similar basis prior to the adoption of IFRS 16 (2)   (1,618)   (1,289)   (9,157)   (8,431)
    Depreciation of right-of-use assets   1,595   2,078   8,271   8,047
    Depreciation of property, plant and equipment and amortization of intangibles (8)   8,752   9,560   35,745   37,382
    Acquisition and related transition costs (income)   20   3,759   8,914   3,950
    Unrealized foreign exchange (gain) loss (3)   543   970   760   3,622
    (Gain) loss on disposal of right-of-use assets, property, plant and equipment and intangibles (3)   (4,074)   (3)   (2,496)   16
    Share of (profit) loss of joint venture   (937)   (810)   (2,950)   (3,146)
    Non-cash share-based compensation costs (4)   3,231   3,041   13,285   11,178
    (Gain) loss on equity derivatives net of mark-to-market adjustments on related RSUs and DSUs (4)   24   1,512   (2,891)   5,531
    Restructuring costs (recovery)   2,939   311   12,052   313
    (Gain) loss on investments (5)   194   659   (446)   301
    Impairment charge   7,000   –   7,000   –
    Other non-operating and/or non-recurring (income) costs (6)   2,951   2,528   5,856   14,074
    Finance costs (income), net – leases   301   131   938   771
    Finance costs (income), net – other (9)   3,781   8,816   18,457   23,836
    Income tax expense (recovery) (10)   (15,154)   (2,086)   (9,650)   1,812
    Adjusted EBITDA $ 32,420 $ 20,858 $ 82,895 $ 65,763
    Depreciation of property, plant and equipment and amortization of intangibles of non-acquired businesses (8)   (1,836)   (2,322)   (6,797)   (8,955)
    Finance (costs) income, net – other (9)   (3,781)   (8,816)   (18,457)   (23,836)
    (Gain) loss on hedging transactions, including currency forward contracts and interest expense (income) on swaps (9)   (502)   3,762   202   3,057
    Tax effect of adjusted earnings (loss) adjustments (10)   13,055   (1,664)   (3,830)   (13,958)
    Adjusted earnings (loss)* $ 39,356 $ 11,818 $ 54,013 $ 22,071
    Weighted average number of shares – basic   45,904,069   45,421,165   45,787,374   45,302,194
    Weighted average number of restricted shares   233,275   433,123   308,353   485,530
    Weighted average number of shares – adjusted   46,137,344   45,854,288   46,095,727   45,787,724
    Adjusted earnings (loss) per share (7)   $0.85   $0.26   $1.17   $0.48
    (1) Comparative figures have been restated to reflect discontinued operations. Refer to Note 11 of the financial statements.
    (2) Management uses the non-GAAP occupancy costs calculated on a similar basis prior to the adoption of IFRS 16 when analyzing financial and operating performance.
    (3) Included in other operating expenses in the consolidated statements of comprehensive income (loss).
    (4) Included in employee compensation expenses in the consolidated statements of comprehensive income (loss).
    (5) (Gain) loss on investments relates to changes in the fair value of investments in partnerships.
    (6) Other non-operating and/or non-recurring (income) costs for the quarters and years ended December 31, 2024 and 2023 relate to legal, advisory, consulting, and other professional fees related to organizational and strategic initiatives. These are included in other operating expenses in the consolidated statements of comprehensive income (loss).
    (7) Refer to page 4 of the MD&A for the definition of Adjusted EPS.
    (8) For the purposes of reconciling to Adjusted Earnings (Loss), the amortization of intangibles of acquired businesses is adjusted from Profit (loss) for the period. Per the quantitative reconciliation above, we have added back depreciation of property, plant and equipment and amortization of intangibles and then deducted the depreciation of property, plant and equipment and amortization of intangibles of non-acquired businesses to arrive at the amortization of intangibles of acquired businesses.
    (9) For the purposes of reconciling to Adjusted Earnings (Loss), the interest accretion on contingent consideration payables and (gains) losses on hedging transactions and interest expense (income) on swaps is adjusted from Profit (loss) for the period. Per the quantitative reconciliation above, we have added back finance costs (income), net – other and then deducted finance costs (income), net – other prior to adjusting for interest accretion on contingent consideration payables and (gains) losses on hedging transactions and interest expense (income) on swaps.
    (10) For the purposes of reconciling to Adjusted Earnings (Loss), only the tax impacts for the reconciling items noted in the definition of Adjusted Earnings (Loss) is adjusted from profit (loss) for the period.


    Reconciliation of Free Cash Flow

    The Company proactively manages and optimizes Free Cash Flow available for reinvestment in the business. Free Cash Flow is reconciled as follows:

    Free Cash Flow Quarter ended December 31, Year ended December 31,
    In thousands of dollars   2024   2023   2024   2023
    Net cash provided by (used in) operating activities $ 24,708 $ 44,693 $ 79,920 $ 71,429
    Less: Capital Expenditures   (109)   (4,552)   (7,455)   (12,491)
    Free Cash Flow $ 24,599 $ 40,141 $ 72,465 $ 58,938


    Constant Currency

    The following tables provide a summarization of the foreign exchange rates used as presented based on the average monthly rates, and the foreign exchange rates used for Constant Currency for currencies in which the Company primarily transacts in:

      Quarter ended December 31, 2024 Year ended December 31, 2024
        As presented   For Constant Currency   As presented   For Constant Currency
    Canadian Dollar   1.000   1.000   1.000   1.000
    United States Dollar   1.399   1.361   1.370   1.349
    Pound Sterling   1.792   1.689   1.750   1.677
    Euro   1.492   1.464   1.482   1.459
    Australian Dollar   0.912   0.886   0.903   0.896
      Quarter ended December 31, 2023 Year ended December 31, 2023
        As presented   For Constant Currency   As presented   For Constant Currency
    Canadian Dollar   1.000   1.000   1.000   1.000
    United States Dollar   1.361   1.357   1.349   1.301
    Pound Sterling   1.689   1.593   1.677   1.608
    Euro   1.464   1.386   1.459   1.370
    Australian Dollar   0.886   0.892   0.896   0.903

    The MIL Network –

  • MIL-OSI: Wintrust Financial Corporation to Present at Raymond James 46th Annual Institutional Investors Conference

    Source: GlobeNewswire (MIL-OSI)

    ROSEMONT, Ill., Feb. 20, 2025 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) will present at the Raymond James 46th Annual Institutional Investors Conference to be held on March 2 – 5, 2025. Wintrust management will participate in a question and answer session that is scheduled to begin at 10:25 AM, Eastern Time, on March 3, 2025.

    This event will be webcast and may be accessed at https://wsw.com/webcast/rj131/wtfc/1602900 or at Wintrust’s website at www.wintrust.com, Investor Relations, Investor News and Events, Presentations and Conference Calls. Listeners should go to the website at least fifteen minutes before the presentation to download and install any necessary audio software. There is no charge to access the event. For those unable to attend the live broadcast, a replay will be available for 90 days after the conference.

    About Wintrust

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

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

    The MIL Network –

  • MIL-OSI: Employers Holdings, Inc. Reports Fourth Quarter 2024 and Full-Year Financial Results; Declares Quarterly Cash Dividend of $0.30 per Share

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., Feb. 20, 2025 (GLOBE NEWSWIRE) — Employers Holdings, Inc. (the “Company”) (NYSE:EIG), a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services focused on small and mid-sized businesses engaged in low-to-medium hazard industries, today reported financial results for its fourth quarter ended December 31, 2024.

    Full-Year 2024 Financial Highlights

    (All comparisons versus full-year 2023)

    • Net income of $118.6 million ($4.71 per diluted share), versus $118.1 million ($4.45 per diluted share);
    • Adjusted net income of $94.0 million ($3.73 per diluted share), versus $101.7 million ($3.83 per diluted share);
    • Net investment income of $107.0 million, versus $106.5 million;
    • Gross premiums written of $776.3 million, versus $767.7 million;
    • Net premiums earned of $749.5 million, versus $721.9 million;
    • Net favorable prior year loss reserve development of $18.4 million, versus $44.9 million;
    • GAAP combined ratio of 97.9% (98.6% excluding the LPT), versus 95.0% (96.0% excluding the LPT);
    • Returned $71.7 million to stockholders through a combination of share repurchases and regular quarterly dividends;
    • Record number of ending policies in-force of 130,767, versus 126,409; and
    • Adjusted Book value per share of $50.71, up 9.8% including dividends declared.

    Fourth Quarter 2024 Financial Highlights

    (All comparisons versus fourth quarter 2023)

    • Net income of $28.3 million ($1.14 per diluted share), versus $45.6 million ($1.77 per diluted share);
    • Adjusted net income of $28.7 million ($1.15 per diluted share), versus $36.1 million ($1.40 per diluted share);
    • Net investment income of $26.7 million, versus $26.2 million;
    • Gross premiums written of $176.3 million, versus $178.2 million;
    • Net premiums earned of $190.2 million, versus $187.5 million;
    • Net favorable prior year loss reserve development of $9.1 million, versus $24.9 million;
    • GAAP combined ratio of 95.5% (including and excluding the LPT), versus 88.1% (88.8% excluding the LPT); and
    • Returned $17.5 million to stockholders through a combination of share repurchases and a regular quarterly dividend.

    CEO Commentary

    Chief Executive Officer Katherine Antonello commented: “We are pleased with our fourth quarter and full-year 2024 results. In fact, we closed the year with the highest levels of written and earned premium, ending in-force premium and policies and net investment income in the Company’s history.

    We achieved solid growth in new and renewal premium in 2024, but that growth was offset by lower final audit premiums and endorsements. Our investment performance contributed nicely to our overall results and financial strength. In addition to the record level of net investment income we generated, we also recognized $24.1 million of after-tax unrealized gains from our common stocks and other investments.”

    Ms. Antonello continued, “Our current accident year loss and LAE ratio on voluntary business was 64.0%, slightly above the loss and LAE ratio we maintained throughout 2023 and consistent with that of 2022. Our fourth quarter full reserve study led to the recognition of $8.6 million of net favorable prior year loss reserve development from our voluntary business. Those actions, coupled with our continual focus on our underwriting expenses, yielded an ex-LPT combined ratio of 95.5% for the fourth quarter, and 98.6% for the full year.

    Our active capital management efforts throughout 2024, which consisted of $41.7 million of share repurchases and $30.0 million of regular quarterly dividends, contributed to year-over-year increases of 10.6% and 9.8% in our book value per share including the deferred gain and adjusted book value per share, respectively. Our focus on disciplined underwriting, prudent risk management, and strategic investments has positioned us strongly in the workers’ compensation insurance market, which is evidenced by the recent upgrade to our insurance companies’ AM Best Financial Strength Rating to “A” (Excellent).

    Beyond our financial results, we continue to offer direct-to-consumer policies through the Cerity brand but, with the Cerity integration that was undertaken a year ago, we now do so without any meaningful fixed underwriting expenses. Further, our continued focus for 2025 will be on further appetite expansion, increased self-service options for policyholders, agents and injured workers and greater operational efficiencies.

    Finally, we are saddened by the California wildfires and the impact on the Los Angeles area community and small businesses. Our thoughts are with all of those who have lost their homes, businesses, and livelihoods, and we are working with our partners to provide immediate and long-term assistance. As a monoline workers’ compensation insurance provider, these catastrophic events would not typically have a significant impact on our results, nor our long-term trends. We have analyzed the loss exposure and experience in the affected fire zones and have determined that approximately 1% of our in-force policies, representing less than 1% of our payroll exposure, are within the impacted areas and we are not currently experiencing any significant impacts from these devastating fires.”

    Summary of Consolidated Fourth Quarter 2024 Results

    (All comparisons versus fourth quarter 2023, unless otherwise noted)

    Gross premiums written were $176.3 million, a decrease of 1%. The slight decrease was due to higher new and renewal business writings being offset by lower final audit premiums and endorsements. Net earned premiums were $190.2 million, an increase of 1%.

    Losses and loss adjustment expenses were $113.2 million, an increase of 22%. The increase was due to higher earned premium, lower net favorable prior year loss reserve development and a slightly higher current accident year loss and loss adjustment expense provision. The Company recognized $9.1 million of favorable prior year loss reserve development versus $24.9 million. The Company’s loss and loss adjustment expense ratio was 59.5% for the quarter (including and excluding the LPT) versus 49.5% (50.2% excluding the LPT).

    Total underwriting expenses (consisting of commissions, other underwriting and general and administrative expenses) were $68.6 million, a decrease of 5%. The decrease was primarily related to lower information technology expenses resulting from the Cerity integration plan that was executed in the fourth quarter of 2023, lower compensation-related expenses and a non-recurring commission adjustment, partially offset by higher bad debt expense. The Company’s total underwriting expense ratio was 36.0% versus 38.6%.

    Within the 2024 periods presented herein, the Company refined its presentation of certain expenses associated with its involuntary premium. This revision, which was immaterial, had the effect of reducing both its fourth quarter and full year 2024 commission expense ratios by approximately 0.3 percentage points, and increasing its respective underwriting and general and administrative expense ratios by the same amount. This revision had no net effect on the Company’s total underwriting expenses or net income.

    Net investment income was $26.7 million, an increase of 2%. The increase was due to higher investment yields, partially offset by lower invested balances of fixed maturity securities, short-term investments and cash and cash equivalents, as measured by amortized cost.

    Net realized and unrealized gains (losses) on investments reflected on the income statement were $(0.4) million versus $12.1 million.

    Interest and financing expenses were $0.1 million versus $0.6 million. The decrease resulted from the unwinding of our former Federal Home Loan Bank leveraged investment strategy in the fourth quarter of 2023.

    Other expenses of $1.6 million recorded in the fourth quarter of 2023 consisted of a non-recurring charge in connection with previously capitalized cloud computing costs.

    Federal and state income tax expense was $6.4 million (18.4% effective rate) versus $12.6 million (21.6% effective rate). The effective rates in each period reflect applicable income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, pre-privatization loss and loss adjustment expense reserve adjustments and deferred gain amortization.

    The Company’s book value per share including the deferred gain of $47.35 increased by 10.6% during 2024 and its adjusted book value per share of $50.71 increased by 9.8% during 2024, each including dividends declared. These measures were favorably impacted by $24.1 million of net after tax unrealized gains arising from equity securities and other investments.

    Share Repurchases and First Quarter 2025 Dividend Declaration

    During the fourth quarter of 2024, the Company repurchased 193,857 shares of its common stock at an average price of $51.20 per share. During the period from January 1, 2025 through February 19, 2025, the Company repurchased a further 222,438 shares of its common stock at an average price of $49.38 per share. The Company currently has a remaining share repurchase authorization of $18.7 million.

    On February 19, 2025, the Board of Directors declared a first quarter dividend of $0.30 per share. The dividend is payable on March 19, 2025 to stockholders of record as of March 5, 2025.

    Earnings Conference Call and Webcast

    The Company will host a conference call on Friday, February 21, 2025 at 11:00 a.m. Eastern Standard Time / 8:00 a.m. Pacific Standard Time.

    To participate in the live conference call, you must first register here. Once registered you will receive dial-in numbers and a unique PIN number.

    The webcast will be accessible on the Company’s website at www.employers.com through the “Investors” link.

    Reconciliation of Non-GAAP Financial Measures to GAAP

    Within this earnings release we present various financial measures, some of which are “non-GAAP financial measures” as defined in Regulation G pursuant to Section 401 of the Sarbanes – Oxley Act of 2002. A description of these non-GAAP financial measures, as well as a reconciliation of such non-GAAP measures to our most directly comparable GAAP financial measures is included in the attached Financial Supplement. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

    The information in this press release should be read in conjunction with the Financial Supplement that is attached to this press release and available on our website.

    Forward-Looking Statements

    In this press release, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections of, among other things, the Company’s future performance, economic or market conditions, including current or future levels of inflation, changes in interest rates, labor market expectations, catastrophic events or geo-political conditions, legislative or regulatory actions or court decisions, business growth, retention rates, loss costs, claim trends and the impact of key business initiatives, future technologies and planned investments. Certain of these statements may constitute “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue,” or other comparable terminology and their negatives. The Company and its management caution investors that such forward-looking statements are not guarantees of future performance. Risks and uncertainties are inherent in the Company’s future performance. Factors that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements include, among other things, those discussed or identified from time to time in the Company’s public filings with the Securities and Exchange Commission (SEC), including the risks detailed in the Company’s Quarterly Reports on Form 10-Q and the Company’s Annual Reports on Form 10-K. Except as required by applicable securities laws, 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.

    Filings with the SEC

    The Company’s filings with the SEC and its quarterly investor presentations can be accessed through the “Investors” link on the Company’s website, www.employers.com. The Company’s filings with the SEC can also be accessed through the SEC’s EDGAR Database at www.sec.gov (EDGAR CIK No. 0001379041).

    About Employers Holdings, Inc.

    Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in low-to-medium hazard industries. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, creating safer work environments.

    EMPLOYERS is also proud to offer Cerity®, which is focused on providing digital-first, direct-to-consumer workers’ compensation insurance solutions with fast, and affordable coverage options through a user-friendly online platform.

    EMPLOYERS operates throughout the United States, apart from four states that are served exclusively by their state funds. Insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company and Cerity Insurance Company, all rated A (Excellent) by AM Best. Not all companies do business in all jurisdictions. EIG Services, Inc., and Cerity Services, Inc., are subsidiaries of Employers Holdings, Inc. EMPLOYERS® is a registered trademark of EIG Services, Inc., and Cerity® is a registered trademark of Cerity Services, Inc. For more information, please visit www.employers.com and www.cerity.com.

    Contact Information

    Mike Paquette (775) 327-2562 or mpaquette@employers.com

    EMPLOYERS HOLDINGS, INC.
    Table of Contents

    Page

    1. Consolidated Financial Highlights
    2. Summary Consolidated Balance Sheets
    3. Summary Consolidated Income Statements
    4. Return on Equity
    5. Combined Ratios
    6. Roll-forward of Unpaid Losses and LAE
    7. Consolidated Investment Portfolio
    8. Book Value Per Share
    9. Earnings Per Share
    10. Non-GAAP Financial Measures
    EMPLOYERS HOLDINGS, INC.
    Consolidated Financial Highlights (unaudited)
    $ in millions, except per share amounts
                        
        Three Months Ended           Years Ended      
        December 31,           December 31,      
        2024       2023     % change     2024       2023     % change
    Selected financial highlights:                          
    Gross premiums written  $ 176.3     $ 178.2     (1 )%   $ 776.3     $ 767.7     1 %
    Net premiums written   174.7       176.4     (1 )     769.5       760.6     1  
    Net premiums earned   190.2       187.5     1       749.5       721.9     4  
    Net investment income   26.7       26.2     2       107.0       106.5     —  
    Net income excluding LPT (1)   28.4       44.4     (36 )     113.0       110.9     2  
    Adjusted net income (1)   28.7       36.1     (20 )     94.0       101.7     (8 )
    Net income before income taxes   34.7       58.2     (40 )     146.7       148.4     (1 )
    Net income   28.3       45.6     (38 )     118.6       118.1     —  
    Comprehensive income (loss)   (8.9 )     116.2     (108 )     122.1       171.0     (29 )
    Total assets                   3,541.3       3,550.4     —  
    Stockholders’ equity                   1,068.7       1,013.9     5  
    Stockholders’ equity including the Deferred Gain (2)                   1,162.7       1,113.1     4  
    Adjusted stockholders’ equity (2)                   1,245.2       1,199.1     4  
    Annualized adjusted return on stockholders’ equity (3)   9.3 %     12.2 %   (24 )%     7.7 %     8.5 %   (9 )
    Amounts per share:                          
    Cash dividends declared per share  $ 0.30     $ 0.28     7 %   $ 1.18     $ 1.10     7 %
    Earnings per diluted share (4)   1.14       1.77     (36 )     4.71       4.45     6  
    Earnings per diluted share excluding LPT (4)           1.72     (34 )     4.49       4.18     7  
    Adjusted earnings per diluted share(4)   1.14       1.40     (18 )     3.73       3.83     (3 )
    Book value per share (2)   1.15               43.52       39.96     9  
    Book value per share including the Deferred Gain (2)                   47.35       43.88     8  
    Adjusted book value per share (2)                   50.71       47.26     7  
    Combined ratio excluding LPT: (5)                          
    Loss and loss adjustment expense ratio:                          
    Current year   64.2 %     63.5 %         64.1 %     63.4 %    
    Prior Year   (4.7 )     (13.3 )         (2.5 )     (6.2 )    
    Loss and loss adjustment expense ratio   59.5 %     50.2 %         61.6 %     57.2 %    
    Commission expense ratio   12.8       14.0           13.5       13.9      
    Underwriting and general and administrative expense ratio   23.2       24.6           23.5       24.9      
    Combined ratio excluding LPT   95.5 %     88.8 %         98.6 %     96.0 %    
         
    (1) See Page 5 for calculations and Page 12 for information regarding our use of Non-GAAP Financial Measures.
    (2) See Page 10 for calculations and Page 12 for information regarding our use of Non-GAAP Financial Measures.
    (3) See Page 6 for calculations and Page 12 for information regarding our use of Non-GAAP Financial Measures.
    (4) See Page 11 for calculations and Page 12 for information regarding our use of Non-GAAP Financial Measures.
    (5) See Page 7 for calculations and Page 12 for information regarding our use of Non-GAAP Financial Measures.  
    EMPLOYERS HOLDINGS, INC.
    Summary Consolidated Balance Sheets (unaudited)
    $ in millions, except per share amounts
      December 31,
    2024
    		     December 31,
    2023    		  
    ASSETS            
    Available for sale:            
    Investments, cash and cash equivalents $ 2,532.4   $ 2,504.7  
    Accrued investment income   15.7     16.3  
    Premiums receivable, net   361.3     359.4  
    Reinsurance recoverable, net of allowance, on paid and unpaid losses and LAE   417.8     433.8  
    Deferred policy acquisition costs   59.6     55.6  
    Deferred income taxes, net   38.3     43.4  
    Contingent commission receivable—LPT Agreement   —     14.2  
    Other assets   116.2     123.0  
    Total assets $ 3,541.3   $ 3,550.4  
                 
    LIABILITIES            
    Unpaid losses and LAE $ 1,808.2   $ 1,884.5  
    Unearned premiums   402.2     379.7  
    Commissions and premium taxes payable   65.8     66.0  
    Deferred Gain   94.0     99.2  
    Other liabilities   102.4     107.1  
    Total liabilities $ 2,472.6   $ 2,536.5  
                 
    STOCKHOLDERS’ EQUITY            
    Common stock and additional paid-in capital $ 424.8   $ 420.4  
    Retained earnings   1,472.9     1,384.3  
    Accumulated other comprehensive loss, net   (82.5 )   (86.0 )
    Treasury stock, at cost   (746.5 )   (704.8 )
    Total stockholders’ equity   1,068.7     1,013.9  
    Total liabilities and stockholders’ equity $ 3,541.3   $ 3,550.4  
                 
    Stockholders’ equity including the Deferred Gain (1) $ 1,162.7   $ 1,113.1  
    Adjusted stockholders’ equity (1)   1,245.2     1,199.1  
    Book value per share (1) $ 43.52   $ 39.96  
    Book value per share including the Deferred Gain (1)   47.35     43.88  
    Adjusted book value per share (1)   50.71     47.26  
                 
    (1) See Page 10 for calculations and Page 12 for information regarding our use of Non-GAAP Financial Measures.            
    EMPLOYERS HOLDINGS, INC.
    Summary Consolidated Income Statements (unaudited)
    $ in millions
                             
      Three Months Ended     Years Ended
    		  
      December 31,     December 31,
    		  
        2024     2023     2024     2023  
    Revenues:        
    Net premiums earned $ 190.2   $ 187.5   $ 749.5   $ 721.9  
    Net investment income   26.7     26.2     107.0     106.5  
    Net realized and unrealized (losses) gains on investments (1)   (0.4 )   12.1     24.1     22.7  
    Other income (loss)   0.1     (0.1 )   0.1     (0.2 )
    Total revenues   216.6     225.7     880.7     850.9  
    Expenses:        
    Losses and LAE incurred   113.2     92.9     456.2     405.7  
    Commission expense   24.4     26.3     101.2     100.0  
    Underwriting and general and administrative expenses   44.2     46.1     176.5     180.0  
    Interest and financing expenses   0.1     0.6     0.1     5.8  
    Other expenses   —     1.6     —     11.0  
    Total expenses   (181.9 )   (167.5 )   (734.0 )   (702.5 )
    Net income before income taxes   34.7     58.2     146.7     148.4  
    Income tax expense   (6.4 )   (12.6 )   (28.1 )   (30.3 )
    Net income   28.3     45.6     118.6     118.1  
    Unrealized AFS investment (losses) gains arising during the period, net of tax   (39.2 )   66.6     (3.5 )   46.6  
    Reclassification adjustment for realized AFS investment gains in net income, net of tax   2.0     4.0     7.0     6.3  
    Total Comprehensive income $ (8.9 ) $ 116.2   $ 122.1   $ 171.0  
    Net income $ 28.3   $ 45.6   $ 118.6   $ 118.1  
    Amortization of the Deferred Gain – losses   (1.6 )   (1.5 )   (6.1 )   (6.3 )
    Amortization of the Deferred Gain – contingent commission   —     (0.3 )   (0.8 )   (1.5 )
    LPT reserve adjustment   1.7     0.9     1.7     0.9  
    LPT contingent commission adjustments   —     (0.3 )   (0.4 )   (0.3 )
    Net income excluding LPT Agreement (2) $ 28.4   $ 44.4   $ 113.0   $ 110.9  
    Net realized and unrealized losses (gains) on investments   0.4     (12.1 )   (24.1 )   (22.7 )
    Lease termination and asset impairment charges   —     1.6     —     11.0  
    Income tax (benefit) expense related to items excluded from Net income   (0.1 )   2.2     5.1     2.5  
    Adjusted net income (2) $ 28.7   $ 36.1   $ 94.0   $ 101.7  
                             
    (1) Includes unrealized gains on equity securities and other invested assets of $2.4 million and $17.8 million for the three months ended December 31, 2024 and 2023, respectively, and $30.5 million and $36.2 million for the year ended December 31, 2024 and 2023, respectively
    (2) See Page 12 regarding our use of Non-GAAP Financial Measures.
    EMPLOYERS HOLDINGS, INC.
    Return on Equity (unaudited)
    $ in millions
                             
      Three Months Ended    Years Ended  
      December 31,
    		    December 31,
    		  
        2024     2023     2024     2023  
           
    Net income A $ 28.3   $ 45.6   $ 118.6   $ 118.1  
    Impact of the LPT Agreement     0.1     (1.2 )   (5.6 )   (7.2 )
    Net realized and unrealized losses (gains) on investments     0.4     (12.1 )   (24.1 )   (22.7 )
    Lease termination and asset impairment charges     —     1.6     —     11.0  
    Income tax (benefit) expense related to items excluded from Net income     (0.1 )   2.2     5.1     2.5  
    Adjusted net income (1) B $ 28.7   $ 36.1   $ 94.0   $ 101.7  
               
    Stockholders’ equity – end of period   $ 1,068.7   $ 1,013.9   $ 1,068.7   $ 1,013.9  
    Stockholders’ equity – beginning of period     1,093.4     919.0     1,013.9     944.2  
    Average stockholders’ equity C $ 1,081.1   $ 966.5   $ 1,041.3   $ 979.1  
               
    Stockholders’ equity – end of period   $ 1,068.7   $ 1,013.9   $ 1,068.7   $ 1,013.9  
    Deferred Gain – end of period     94.0     99.2     94.0     99.2  
    Accumulated other comprehensive loss, before taxes – end of period     104.5     108.9     104.5     108.9  
    Income tax related to accumulated other comprehensive loss – end of period     (22.0 )   (22.9 )   (22.0 )   (22.9 )
    Adjusted stockholders’ equity – end of period     1,245.2     1,199.1     1,245.2     1,199.1  
    Adjusted stockholders’ equity – beginning of period     1,232.5     1,175.8     1,199.1     1,189.2  
    Average adjusted stockholders’ equity (1) D $ 1,238.9   $ 1,187.5   $ 1,222.2   $ 1,194.2  
               
    Return on stockholders’ equity A / C   2.6 %   4.7 %   11.4 %   12.1 %
    Annualized return on stockholders’ equity     10.5     18.9      
               
    Adjusted return on stockholders’ equity (1) B / D   2.3     3.0     7.7     8.5  
    Annualized adjusted return on stockholders’ equity (1)     9.3     12.2      
               
    (1) See Page 12 for information regarding our use of Non-GAAP Financial Measures.     
    EMPLOYERS HOLDINGS, INC.
    Combined Ratios (unaudited)
    $ in millions, except per share amounts
                                   
          Three Months Ended      Years Ended  
          December 31,     December 31,  
            2024     2023        2024     2023  
    Net premiums earned A   $ 190.2   $ 187.5     $ 749.5   $ 721.9  
    Losses and LAE incurred B     113.2     92.9       456.2     405.7  
    Amortization of deferred reinsurance gain – losses       1.6     1.5       6.1     6.3  
    Amortization of deferred reinsurance gain – contingent commission       —     0.3       0.8     1.5  
    LPT reserve adjustment       (1.7 )   (0.9 )     (1.7 )   (0.9 )
    LPT contingent commission adjustments       —     0.3       0.4     0.3  
    Losses and LAE excluding LPT (1) C   $ 113.1   $ 94.1     $ 461.8   $ 412.9  
    Prior year loss reserve development       (9.1 )   (24.9 )     (18.4 )   (44.9 )
    Losses and LAE excluding LPT – current accident year D   $ 122.2   $ 119.0     $ 480.2   $ 457.8  
    Commission expense E   $ 24.4   $ 26.3     $ 101.2   $ 100.0  
    Underwriting and general and administrative expense F   $ 44.2   $ 46.1     $ 176.5   $ 180.0  
    GAAP combined ratio:            
    Loss and LAE ratio B/A     59.5 %   49.5 %     60.9 %   56.2 %
    Commission expense ratio E/A     12.8     14.0       13.5     13.9  
    Underwriting and general and administrative expense ratio F/A     23.2     24.6       23.5     24.9  
    GAAP combined ratio       95.5 %   88.1 %     97.9 %   95.0 %
    Combined ratio excluding LPT: (1)            
    Loss and LAE ratio excluding LPT C/A     59.5 %   50.2 %     61.6 %   57.2 %
    Commission expense ratio E/A     12.8     14.0       13.5     13.9  
    Underwriting and general and administrative expense ratio F/A     23.2     24.6       23.5     24.9  
    Combined ratio excluding LPT       95.5 %   88.8 %     98.6 %   96.0 %
    Combined ratio excluding LPT: current accident year: (1)            
    Loss and LAE ratio excluding LPT D/A     64.2 %   63.5 %     64.1 %   63.4 %
    Commission expense ratio E/A     12.8     14.0       13.5     13.9  
    Underwriting and general and administrative expenses ratio F/A     23.2     24.6       23.5     24.9  
    Combined ratio excluding LPT: current accident year       100.2 %   102.1 %     101.1 %   102.2 %
                 
    (1) See Page 12 for information regarding our use of Non-GAAP Financial Measures.      
    EMPLOYERS HOLDINGS, INC.
    Roll-forward of Unpaid Losses and LAE (unaudited)
    $ in millions
                                   
      Three Months Ended      Years Ended  
      December 31,     December 31,  
        2024       2023       2024       2023  
                                   
    Unpaid losses and LAE at beginning of period $ 1,836.5     $ 1,913.4     $ 1,884.5     $ 1,960.7  
    Less reinsurance recoverable on unpaid losses and LAE   413.1       426.6       428.4       445.4  
    Net unpaid losses and LAE at beginning of period   1,423.4       1,486.8       1,456.1       1,515.3  
    Losses and LAE incurred:        
    Current year   122.2       119.1       480.2       457.8  
    Prior years – voluntary business   (8.6 )     (24.6 )     (17.9 )     (44.6 )
    Prior years – involuntary business   (0.5 )     (0.3 )     (0.5 )     (0.3 )
    Total losses incurred   113.1       94.2       461.8       412.9  
    Losses and LAE paid:        
    Current year   57.9       47.6       127.1       111.7  
    Prior years   82.8       77.3       395.0       360.4  
    Total paid losses   140.7       124.9       522.1       472.1  
    Net unpaid losses and LAE at end of period   1,395.8       1,456.1       1,395.8       1,456.1  
    Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE   412.4       428.4       412.4       428.4  
    Unpaid losses and LAE at end of period $ 1,808.2     $ 1,884.5     $ 1,808.2     $ 1,884.5  
     
    Total losses and LAE shown in the above table exclude amortization of the Deferred Gain, LPT Reserve Adjustments, and LPT Contingent Commission Adjustments, which totaled $(0.1) million and $1.2 million for the three months ended December 31, 2024 and 2023, respectively, and $5.6 million and $7.2 million for the year ended December 31, 2024 and 2023, respectively.
    EMPLOYERS HOLDINGS, INC.
    Consolidated Investment Portfolio (unaudited)
    $ in millions
                                 
       December 31, 2024      December 31, 2023   
    Investment Positions:   Cost or
    Amortized
    Cost (1)    		   Net Unrealized
    Gain (Loss)    		     Fair Value %       Fair Value %  
    Fixed maturity securities $ 2,203.1 $ (104.6)   $ 2,097.4 83 %   $ 1,936.3 77 %
    Equity securities   150.7   109.1     259.8 10       217.2 9  
    Other invested assets   90.9   15.7     106.6 4       91.5 4  
    Short-term investments   0.1   —     0.1 —       33.1 1  
    Cash and cash equivalents   68.3   —     68.3 3       226.4 9  
    Restricted cash and cash equivalents   0.2   —     0.2 —       0.2 —  
    Total investments and cash $ 2,513.3 $ 20.2   $ 2,532.4 100 %   $ 2,504.7 100 %
                                 
    Breakout of Fixed Maturity Securities:                            
    U.S. Treasuries and Agencies $ 61.4 $ (2.1 ) $ 59.3 3 %   $ 60.5 3 %
    States and Municipalities   163.0   (3.7 )   159.3 8       210.2 11  
    Corporate Securities   849.2   (46.0 )   803.0 38       895.8 46  
    Mortgage-Backed Securities   733.1   (47.9 )   684.9 33       426.0 22  
    Asset-Backed Securities   216.0   (2.0 )   214.0 10       128.0 7  
    Collateralized loan obligations   35.5   (0.2 )   35.3 2       91.5 5  
    Bank loans and other   144.9   (2.7 )   141.6 7       124.3 6  
    Total fixed maturity securities $ 2,203.1 $ (104.6 ) $ 2,097.4 100 %   $ 1,936.3 100 %
    Weighted average ending book yield on fixed income securities, cash, and cash equivalents   4.5 %     4.3 %
    Average credit quality (S&P) A+ A
    Duration   4.5       4.5  
     
    (1) Amortized cost excludes an allowance for current expected credit losses (CECL) of $1.1 million  
    EMPLOYERS HOLDINGS, INC.
    Book Value Per Share (unaudited)
    $ in millions, except per share amounts
                       
            December 31,
    2024    		       December 31,
    2023    		  
    Numerators:                  
    Stockholders’ equity A   $ 1,068.7     $ 1,013.9  
    Deferred Gain       94.0       99.2  
    Stockholders’ equity including the Deferred Gain (1) B     1,162.7       1,113.1  
    Accumulated other comprehensive loss, before taxes       104.5       108.9  
    Income taxes related to accumulated other comprehensive loss, before taxes       (22.0 )     (22.9 )
    Adjusted stockholders’ equity (1) C   $ 1,245.2     $ 1,199.1  
             
    Denominator (shares outstanding) D     24,556,706       25,369,753  
             
    Book value per share (1) A / D   $ 43.52     $ 39.96  
    Book value per share including the Deferred Gain (1) B / D     47.35       43.88  
    Adjusted book value per share (1) C / D     50.71       47.26  
             
    Cash dividends declared per share     $ 1.18     $ 1.10  
             
    YTD Change in: (2)        
    Book value per share       11.9 %     18.1 %
    Book value per share including the Deferred Gain       10.6       16.3  
    Adjusted book value per share       9.8       10.5  
                       
    (1) See Page 12 for information regarding our use of Non-GAAP Financial Measures.
    (2) Reflects the change per share after taking into account dividends declared in the period.
    EMPLOYERS HOLDINGS, INC.
    Earnings Per Share (unaudited)
    $ in millions, except per share amounts
                             
      Three Months Ended   Years Ended  
      December 31,
    		   December 31,
    		  
        2024     2023     2024     2023  
    Numerators:            
    Net income A   $ 28.3   $ 45.6   $ 118.6   $ 118.1  
    Impact of the LPT Agreement       0.1     (1.2 )   (5.6 )   (7.2 )
    Net income excluding LPT (1) B   $ 28.4   $ 44.4   $ 113.0   $ 110.9  
    Net realized and unrealized (gains) losses on investments       0.4     (12.1 )   (24.1 )   (22.7 )
    Lease termination and asset impairment charges       —     1.6     —     11.0  
    Income tax (benefit) expense related to items excluded from Net income       (0.1 )   2.2     5.1     2.5  
    Adjusted net income (1) C   $ 28.7   $ 36.1   $ 94.0   $ 101.7  
                                 
    Denominators:                            
    Average common shares outstanding (basic) D     24,725,425     25,645,821     25,050,605     26,368,801  
    Average common shares outstanding (diluted) E     24,902,459     25,801,380     25,194,814     26,523,651  
                                 
    Earnings per share:                            
    Basic A / D   $ 1.14   $ 1.78   $ 4.73   $ 4.48  
    Diluted A / E     1.14     1.77     4.71     4.45  
                                 
    Earnings per share excluding LPT: (1)                            
    Basic B / D     1.15     1.73     4.51     4.21  
    Diluted B / E     1.14     1.72     4.49     4.18  
                                 
    Adjusted earnings per share: (1)                            
    Basic C / D   $ 1.16   $ 1.41   $ 3.75   $ 3.86  
    Diluted C / E     1.15     1.40     3.73     3.83  
                                 
    (1) See Page 12 for information regarding our use of Non-GAAP Financial Measures.

    Non-GAAP Financial Measures

    Within this earnings release we present the following measures, each of which are “non-GAAP financial measures.” A reconciliation of these measures to the Company’s most directly comparable GAAP financial measures is included herein. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

    The LPT Agreement is a non-recurring transaction that no longer provides any ongoing cash benefits to the Company. Management believes that providing non-GAAP measures that exclude the effects of the LPT Agreement (amortization of deferred reinsurance gain, adjustments to LPT Agreement ceded reserves and adjustments to the contingent commission receivable) is useful in providing investors, analysts and other interested parties a meaningful understanding of the Company’s ongoing underwriting performance.

    Deferred reinsurance gain (Deferred Gain) reflects the unamortized gain from the LPT Agreement. This gain has been deferred and is being amortized using the recovery method, whereby the amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries, except for the contingent profit commission, which was amortized through June 30, 2024, the date of its final determination. Amortization is reflected in losses and LAE incurred.

    Adjusted net income (see Page 5 for calculations) is net income excluding the effects of the LPT Agreement, and net realized and unrealized gains and losses on investments (net of tax), and any miscellaneous non-recurring transactions (net of tax). Management believes that providing this non-GAAP measures is helpful to investors, analysts and other interested parties in identifying trends in the Company’s operating performance because such items have limited significance to its ongoing operations or can be impacted by both discretionary and other economic factors and may not represent operating trends.

    Stockholders’ equity including the Deferred Gain (see Page 10 for calculations) is stockholders’ equity including the Deferred Gain. Management believes that providing this non-GAAP measure is useful in providing investors, analysts and other interested parties a meaningful measure of the Company’s total underwriting capital.

    Adjusted stockholders’ equity (see Page 10 for calculations) is stockholders’ equity including the Deferred Gain, less accumulated other comprehensive income (net of tax). Management believes that providing this non-GAAP measure is useful to investors, analysts and other interested parties since it serves as the denominator to the Company’s adjusted return on stockholders’ equity metric.

    Return on stockholders’ equity and Adjusted return on stockholders’ equity (see Page 6 for calculations). Management believes that these profitability measures are widely used by our investors, analysts and other interested parties.

    Book value per share, Book value per share including the Deferred Gain, and Adjusted book value per share (see Page 10 for calculations). Management believes that these valuation measures are widely used by our investors, analysts and other interested parties.

    Net income excluding LPT (see Page 5 for calculations). Management believes that these performance and underwriting measures are widely used by our investors, analysts and other interested parties.

    The MIL Network –

  • MIL-OSI: XAI Octagon Floating Rate & Alternative Income Trust Will Host Q4 2024 Quarterly Webinar on March 5, 2024

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 20, 2025 (GLOBE NEWSWIRE) — XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) (the “Trust”) today announced that it plans to host the Trust’s Quarterly Webinar on March 5, 2025 at 11:00 am (Eastern Time). Kevin Davis, Managing Director at XA Investments (“XAI”) will moderate the Q&A style webinar with Kimberly Flynn, President at XAI, and Lauren Law, Senior Portfolio Manager at Octagon Credit Investors.

    TO JOIN VIA WEB: Please go to the Knowledge Bank section of xainvestments.com or click here to find the online registration link.

    TO USE YOUR TELEPHONE: After joining via web, if you prefer to use your phone for audio, you must select that option and call in using a number below, based on your current location.

    Dial: (312) 626-6799 or (267) 831-0333 or (646) 558-8656 or (213) 338-8477 or (720) 928-9299
    Webinar ID: 829 2498 4014

    REPLAY: A replay of the webinar will be available in the Knowledge Bank section of xainvestments.com.

    The investment objective of the Trust is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. There can be no assurance that the Trust will achieve its investment objective.

    The Trust’s common shares are traded on the New York Stock Exchange under the symbol “XFLT,” and the Trust’s 6.50% Series 2026 Term Preferred Shares are traded on the New York Stock Exchange under the symbol “XFLTPRA.”

    About XA Investments
    XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in April 2016. In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, fund management and administration. XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners
    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Octagon Credit Investors
    Octagon Credit Investors, LLC (“Octagon”) serves as the Trust’s investment sub-adviser. Octagon is a 25+ year old, $33.4B below-investment grade corporate credit investment adviser focused on leveraged loan, high yield bond and structured credit (collateralized loan obligation debt and equity) investments. Through fundamental credit analysis and active portfolio management, Octagon’s investment team identifies attractive relative value opportunities across below-investment grade asset classes, sectors and issuers. Octagon’s investment philosophy and methodology encourage and rely upon dynamic internal communication to manage portfolio risk. Over its history, the firm has applied a disciplined, repeatable and scalable approach in its effort to generate attractive risk-adjusted returns for its investors. For more information, please visit www.octagoncredit.com.

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Trust carefully before investing. For more information on the Trust, please visit the Trust’s webpage at www.xainvestments.com.

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

    NOT FDIC INSURED     NO BANK GUARANTEE

    Paralel Distributors, LLC – Distributor

    		 MAY LOSE VALUE
         

    Media Contact:

    Kimberly Flynn, President
    XA Investments LLC
    Phone: 312-374-6931
    Email: kflynn@xainvestments.com
    www.xainvestments.com

    The MIL Network –

  • MIL-OSI: Diginex Limited Announces Secondary Listing on the Frankfurt Stock Exchange and Tradegate Exchange and the Engagement of German-based Kirchhoff Consult GmbH to Broaden Investor Base Across Europe

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 20, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”) (Nasdaq: DGNX), a Cayman Islands-based impact technology company specializing in environmental, social, and governance (ESG) issues, announced today that its shares currently traded on The Nasdaq Capital Market (“Nasdaq”), are now cross-listed on the Frankfurt Stock Exchange (Open Market) and the Tradegate Exchange under the symbol “I0Q” effective February 20, 2025. We expect this cross-listing to expand the Company’s global investor reach, and enhance liquidity and accessibility to European investors while reinforcing its presence in key international financial markets.

    In conjunction with the Frankfurt and Tradegate listings, Diginex Limited has engaged Kirchhoff Consult GmbH, a European affiliate of Lambert by LLYC (Lambert), and a leading German investor relations firm, to spearhead an aggressive European investor engagement effort. This initiative aims to expand and diversify Diginex Limited’s investor base across Europe, which the Company hopes to lead to increased liquidity and resilience in stock trading, solidifying the company’s corporate brand value in these regions, and providing greater access to European capital markets.

    “Our cross-listing on the Frankfurt Stock Exchange and the Tradegate Exchange, coupled with our strategic engagement with Kirchhoff Consult, represents a further step in Diginex Limited’s global growth strategy,” said Miles Pelham, Chairman of Diginex Limited. “Europe is a critical market for us, and we remain committed to deepening our relationships with European investors and partners. By increasing visibility and accessibility, we expect to enhance stock liquidity, strengthen brand awareness, support the growth of our European business operations, and drive long-term value creation for all shareholders.”

    The cross-listing follows Diginex Limited’s successful initial public offering (IPO) on Nasdaq, which closed on January 23, 2025. The Frankfurt Stock Exchange is the largest exchange in Germany and the third largest in Europe based on market capitalization. The Tradegate Exchange is a German Stock Exchange that specializes in the execution of private investor orders. With its shares now trading in both the U.S. and Europe, Diginex Limited believes that it is well-positioned to attract a broader range of institutional and retail investors, fostering sustainable growth and financial strength for the Company in global capital markets.

    The engagement with Kirchhoff Consult GmbH builds on the Company’s recent partnership with Lambert and its Hong Kong partner, Strategic Public Relations Group Ltd, reinforcing Diginex Limited’s strategic focus on enhancing visibility and bolstering investor engagement across key global markets.

    About Diginex Limited

    Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

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

    Forward-Looking Statements

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

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email:ir@diginex.com

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

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

    The MIL Network –

  • MIL-OSI: Intermex Launches Wire Transfers via WhatsApp, Making Money Transfers Easier Than Ever

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 20, 2025 (GLOBE NEWSWIRE) — International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), a leading omnichannel money remittance and financial services provider, is making it easier than ever to send money by launching wire transfers through WhatsApp, the messaging app of choice for millions of Latinos. With 95% of U.S. Hispanics using WhatsApp on their smartphones, this new feature brings fast, secure, and convenient money transfers right into the app they already trust and love.

    “This launch is all about meeting our customers where they are,” said Marcelo Theodoro, Chief Digital, Product & Marketing Officer at Intermex. “By integrating money transfers into WhatsApp, we’re making sending money as easy as sending a message—secure, seamless, and available anytime.”

    With WhatsApp being the most widely used messaging platform among Latinos, Intermex is embracing conversational payments, a growing trend in fintech that simplifies transactions through familiar communication channels. This feature aligns with the company’s mission to provide real-time access to financial services, reinforcing its commitment to making remittances more convenient and accessible. By eliminating unnecessary steps and integrating transfers into an app customers already use daily, Intermex is breaking down barriers to financial inclusion.

    Beyond transactions, the WhatsApp-powered channel will serve as a direct communication line between customers and Intermex’s support teams, allowing users to track transfers, receive updates, and access customer service quickly. Whether sending money through a retail location or a digital platform, customers can now reach Intermex directly through WhatsApp for assistance, making the overall experience smoother and more efficient.

    “This service combines the trust and reliability of the Intermex brand with our powerhouse technology to bring a secure, user-friendly, and convenient experience to WhatsApp,” Theodoro added. “With 95% of U.S. Hispanics who own smartphones using WhatsApp, this integration allows us to connect with our core customers in the most natural way possible.”

    The WhatsApp wire transfer feature will initially launch in key markets, with expansion plans set to follow as part of Intermex’s broader digital strategy. By integrating with widely used messaging platforms, Intermex is meeting customers where they are, providing greater flexibility, and strengthening its position as a leader in digital-first cross-border payments.

    For more information, visit www.intermexonline.com.

    About International Money Express, Inc. (Intermex): Founded in 1994, Intermex applies proprietary technology enabling consumers to send money from the United States, Canada, Spain, Italy, the United Kingdom, and Germany to more than 60 countries. The Company provides the digital movement of money through the Company’s website and mobile app, as well as through its network of agent retailers in the United States, Canada, Spain, Italy, the United Kingdom, and Germany, and its Company-operated stores. Transactions are fulfilled and paid through thousands of retail locations and banks around the world. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, London, England, and Madrid, Spain. For more information about Intermex, please visit www.intermexonline.com.

    Investor Relations Contact:
    Alex Sadowski
    Investor Relations Coordinator
    ir@intermexusa.com
    Tel: 305-671-8000

    The MIL Network –

  • MIL-OSI: Viper Energy, Inc. Announces Leadership Transition Plan and Additional Updates to Executive Team

    Source: GlobeNewswire (MIL-OSI)

    • Travis D. Stice to transition from role as Chief Executive Officer
    • Kaes Van’t Hof, current President, will assume Chief Executive Officer role
    • Austen Gilfillian, current Vice President, has been promoted to President
    • Trevor Stoltz has been promoted to Vice President, Business Development
    • John Phillips has been promoted to Vice President, Land

    MIDLAND, Texas, Feb. 20, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc. (NASDAQ: VNOM) (“Viper” or the “Company”) today announced its leadership transition plan, representing the culmination of a thorough succession planning process and ensuring a seamless leadership transition that will position the Company for continued long term outperformance. Travis D. Stice will transition from his role as Chief Executive Officer, effective immediately. Kaes Van’t Hof, current President of the Company, will succeed Mr. Stice as Chief Executive Officer. Austen Gilfillian, current Vice President of Viper, will assume the role of President, also effective immediately.

    “On behalf of the Board of Directors, I would like to thank and congratulate Travis for his leadership over the last ten years at Viper. The Viper IPO in 2014 was a watershed moment for the minerals market and is a testament to Travis’ vision,” stated Steven E. West, Chairman of the Board of Directors of Viper.

    Mr. West continued “The Board looks forward to Travis’ continued contribution to the success of the Company through his position on the Board and his countless strong relationships in the mineral space in the Permian Basin. In addition, the Board remains extremely excited about Viper’s future as Kaes and Austen have worked to build out a strong, dedicated executive team.”

    “It has been an honor to represent Viper as CEO over the last ten plus years,” said Mr. Stice. “Viper is a truly unique business model that established credibility with the market in a differentiated way from the start. The momentum at Viper today is very strong, its future is bright, and I look forward to supporting the Company through my position on the Board.”

    Regarding Mr. Van’t Hof’s appointment, Mr. Stice noted, “Kaes has been a critical contributor to Viper’s success as President of the Company. The Viper Board of Directors is fully confident that Kaes, together with the support of Austen and the growing Viper management team, will continue to drive future success at Viper as he assumes the CEO role.”

    “It is an honor to move into this position at Viper. Since its IPO in 2014, Viper has been a leader and category killer in its space, a testament to the vision and successful execution of what was then a new and exciting business model. Travis’ leadership helped drive Viper’s growth to where the Company is today. I look forward to continuing to solidify our position as the leader in the public mineral and royalties space while maintaining the visible competitive advantage of the relationship with Diamondback,” stated Mr. Van’t Hof.

    Mr. Van’t Hof continued “I am also extremely excited to announce Austen’s promotion to President. Austen has proven leadership skills and has developed and implemented a business strategy that has led to significant growth and outperformance at Viper, a trend we expect to continue. The Viper management team continues to be built out as we prepare for future growth through consolidation of the highly fragmented minerals market.”

    About Viper Energy, Inc.

    Viper is a publicly traded Delaware corporation that owns and acquires mineral and royalty interests in oil and natural gas properties primarily in the Permian Basin.

    Cautionary Note Regarding 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 Securities 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 leadership, performance, prospects, success and strategy are forward-looking statements. When used in this news release or otherwise by Viper, 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 Viper’s control. Accordingly, forward-looking statements are not guarantees of future performance and Viper’s actual outcomes could differ materially from what Viper has expressed in its forward-looking statements. Information concerning these risks and uncertainties and other factors can be found in Viper’s filings with the U.S. Securities and Exchange Commission (“SEC”), including its reports on Forms 10-K, 10-Q and 8-K, each of which can be obtained free of charge on the SEC’s web site at http://www.sec.gov. Viper undertakes no obligation to update or revise any forward-looking statement unless required by applicable law.

    Investor Contact:
    Chip Seale
    +1 432.247.6218
    cseale@viperenergy.com

    The MIL Network –

  • MIL-OSI: Diamondback Energy, Inc. Announces Leadership Transition Plan and Additional Updates to Executive Team and Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    • Travis D. Stice to step down as Chief Executive Officer, effective as of the Company’s 2025 Annual Meeting of Stockholders; will remain as Executive Chairman through the Company’s 2026 Annual Meeting of Stockholders
    • Kaes Van’t Hof, current President, will assume Chief Executive Officer role and will join the Board of Directors effective as of the Company’s 2025 Annual Meeting of Stockholders
    • Jere W. Thompson III, current Executive Vice President of Strategy and Corporate Development, has been promoted to Executive Vice President and Chief Financial Officer, effective today
    • David L. Houston to retire from the Board of Directors at the Company’s 2025 Annual Meeting of Stockholders

    MIDLAND, Texas, Feb. 20, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced its leadership transition plan, representing the culmination of a thorough succession planning process that will position the Company for continued long term outperformance. Travis D. Stice, who has led Diamondback as Chief Executive Officer since January 2012 and joined the Board of Directors in November 2012 following the Company’s initial public offering, intends to step down as Chief Executive Officer effective as of the Company’s 2025 Annual Meeting of Stockholders. At that time, Mr. Stice will transition from Chief Executive Officer to Executive Chairman of the Board, and Kaes Van’t Hof, current President of the Company, will succeed Mr. Stice as Chief Executive Officer and will join the Board of Directors. Effective today, Jere Thompson, current Executive Vice President of Strategy and Corporate Development, will assume the role of Executive Vice President and Chief Financial Officer.

    “On behalf of the Board of Directors, I would like to thank and congratulate Travis for his leadership over the last 14 years. His hard work, dedication and commitment to Diamondback grew an unknown, small-cap oil producer in 2012 into one of the largest oil and gas companies in North America. His accomplishments during his tenure exceed anything that can be explained by words on a page and go well beyond the industry-leading performance of the stock price,” stated Melanie M. Trent, Lead Independent Director.

    Ms. Trent continued “The Board looks forward to Travis’ contribution in his new role as Executive Chairman, ensuring a seamless leadership transition and a continued, consistent voice in the boardroom.”

    “The past 14 years have been immensely rewarding, and it has been a true honor to represent the dedicated employees who have transformed Diamondback into the remarkable company it is today,” said Mr. Stice. “Transitioning into my new role as Executive Chairman will allow me to remain actively engaged with the Board of Directors and contribute to the continued strategic development of our organization.”

    Regarding Mr. Van’t Hof’s appointment, Mr. Stice noted, “Kaes has earned the opportunity to lead us into a future that is brighter than ever before. The Board of Directors unanimously and wholeheartedly support him as he steps into this pivotal role and continues to build on our legacy of success.”

    “I am incredibly honored and humbled by the vote of confidence from Travis and the Board to assume the CEO role at Diamondback. Over the last nine years, I have had a front row seat to watch and learn from one of the best to ever do it in our industry’s history. What Diamondback has built in a short period of time is very special, and nearly impossible to replicate. While we don’t spend a lot of time looking in the rear-view mirror, the playbook for the next decade of success at Diamondback will look a lot like the last decade – an acquire and exploit strategy based on best-in-class execution, low-cost operations and transparency,” stated Mr. Van’t Hof.

    Mr. Van’t Hof continued “I am also very excited to announce Jere’s promotion to CFO. He has dedicated himself to learning all facets of our business in various roles over the last few years, has a strategic financial mind, and will continue to execute on Diamondback’s differentiated capital allocation and financial strategy.”

    Diamondback also announced today that David L. Houston, who has been a member of the Board of Directors since the Company’s initial public offering and who currently serves on the Company’s Audit Committee and Safety, Sustainability and Corporate Responsibility Committee, informed the Company of his decision to retire as a director when his existing term concludes immediately after the 2025 Annual Meeting of Stockholders.

    “David has been with Diamondback since the beginning, helping us grow into the Company we are today. He has been instrumental in supporting our growth, financial strategy, and success. David’s contributions are many, and we wish him all the best in his future endeavors,” stated Mr. Stice.

    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.

    Cautionary Note Regarding 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 Securities Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s future leadership, performance, prospects, success and strategy are forward-looking statements. When used in this news release or otherwise by Diamondback, 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. Information concerning these risks and uncertainties and other factors can be found in Diamondback’s filings with the U.S. Securities and Exchange Commission (“SEC”), including its reports on Forms 10-K, 10-Q and 8-K, each of which can be obtained free of charge on the SEC’s web site at http://www.sec.gov. Diamondback undertakes no obligation to update or revise any forward-looking statement unless required by applicable law.

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

    The MIL Network –

  • MIL-OSI: Asure Software to Announce Fourth Quarter and Full Year 2024 Financial Results on March 6, 2025

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Feb. 20, 2025 (GLOBE NEWSWIRE) — Asure Software, Inc.  (“Asure” or the “Company”) (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (HCM) software solutions, announced today that the Company will hold a conference call on Thursday, March 6, 2025 at 4:30 p.m. Eastern time to discuss its financial results for the fourth quarter and full year 2024. Financial results will be issued via press release prior to the call.

    Asure Chairman and CEO Pat Goepel as well as CFO John Pence will host the conference call, followed by a question-and-answer session.

    Date: Thursday, March 6, 2025
    Time: 4:30 p.m. Eastern time (3:30 p.m. Central time)
    U.S. dial-in: 877-407-9219
    International dial-in: 201-689-8852
    Confirmation: 13751651

    Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization.

    The conference call will also be webcast on the investor relations section of Asure Software’s website here. A replay of the webcast will be available.

    About Asure Software
    Asure Software (NASDAQ: ASUR) provides cloud-based Human Capital Management (HCM) software solutions that assist organizations of all sizes in streamlining their HCM processes. Asure’s suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management, and talent management. The company’s approach to HR compliance services incorporates AI technology to enhance scalability and efficiency while prioritizing client interactions. For more information, please visit www.asuresoftware.com.

    Investor Contact:
    Patrick McKillop
    Vice President Investor Relations
    617-335-5058
    patrick.mckillop@asuresoftware.com

    The MIL Network –

  • MIL-OSI: Micron Technology to Report Fiscal Second Quarter Results on March 20, 2025

    Source: GlobeNewswire (MIL-OSI)

    BOISE, Idaho, Feb. 20, 2025 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) announced today that it will hold its fiscal second quarter earnings conference call on Thursday, Mar. 20, 2025, at 2:30 p.m. Mountain time.

    The call will be webcast live at http://investors.micron.com/. Webcast replays of presentations can be accessed from Micron’s Investor Relations website for approximately one year after the call.

    About Micron Technology, Inc.
    We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

    © 2025 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

    Micron Media Relations Contact
    Mark Plungy
    Micron Technology, Inc.
    +1 (408) 203-2910
    mplungy@micron.com

    Micron Investor Relations Contact
    Satya Kumar
    Micron Technology, Inc.
    +1 (408) 450-6199
    satyakumar@micron.com  

    The MIL Network –

  • MIL-OSI: Sprott Announces Date for 2024 Fourth Quarter Results Webcast

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE:SII) (TSX:SII) (“Sprott”) announced today that it plans to release its 2024 fourth quarter results at 7:00 a.m. on February 26, 2025. Sprott will host an earnings webcast that morning at 10:00 a.m. to discuss the results. Sprott CEO, Whitney George, together with Sprott CFO, Kevin Hibbert and Sprott Asset Management CEO, John Ciampaglia, will host the webcast, which can be accessed as outlined below.

    PLEASE NOTE: Research analysts who cover the company should register at:
    https://register.vevent.com/register/BIe9622ad4a1434ee3beff3bfb7224f1ef

    Pre-registration is now open.

    About Sprott
    Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California. The company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

    Investor contact information: (416) 943-4394 or ir@sprott.com.

    The MIL Network –

  • MIL-OSI: StoneX Hedge® Reaches 1B Bushels Hedged

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., Feb. 20, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX), a global leader in financial services, today announced a significant milestone for its web-based merchandising platform, StoneX Hedge®, which has now surpassed a total hedge volume of over 1 billion bushels of grain.

    StoneX Hedge® revolutionizes grain merchandising by seamlessly integrating hedge execution with enterprise resource planning (ERP) systems, eliminating inefficiencies in the process. “What we’ve done is create a platform where customers can enter a hedge order and simultaneously put that physical contract in their ERP and hedging platform—reducing a process that once took 2-10 minutes to just 2-10 seconds,” said Don Konz, Senior Solution Architect at StoneX.

    Designed to optimize risk management and operational efficiency, StoneX Hedge® provides real-time automation, centralized risk visibility, and integration with industry-leading ERPs, including AgTrax, Agris, Oakland, AgVance, and MerchantAg. The platform enables businesses to streamline workflows, enhance decision-making, and reduce slippage.

    For more information about StoneX Hedge®, visit www.stonex.com/en/solutions/commercial-clients/stonexhedge.

    About StoneX:

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders, and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service, and deep expertise. The company strives to be the one trusted partner to its clients, providing its network, products, and services to allow them to pursue trading opportunities, manage their market risks, make investments, and improve their business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its 4,300+ employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents.

    NASDAQ: SNEX
    www.stonex.com

    For more information contact:
    Don Konz, Solution Architect
    don.konz@stonex.com

    The MIL Network –

  • MIL-OSI: Bishop Street Underwriters Closes Acquisition of Landmark Underwriting

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and LONDON, Feb. 20, 2025 (GLOBE NEWSWIRE) — Bishop Street Underwriters (“Bishop Street”), a RedBird Capital Partners portfolio company, today announced that it has completed its acquisition of Landmark Underwriting (“Landmark”), a specialty-focused managing general agent (“MGA”) based in London. This deal continues Bishop Street’s rapid expansion, growing its investment footprint outside of North America for the first time, and further strengthening the capabilities of its platform. Financial terms of the deal were not disclosed. 

    As a well-positioned high-growth MGA with an established panel of rated capacity partners, this deal brings Landmark’s specialized and dynamic team to the Bishop Street platform, in support of building a truly integrated global underwriting business. Landmark’s leadership team will remain intact with Sitki Gelmen as Group CEO, David Ratledge as Group MD and Deepti Janak as Group CFO, facilitating a seamless transition and incorporating the teams’ vision into the future growth of the platform across the UK, Europe and Asia Pacific.

    Landmark has served clients in the specialty (re)insurance market since 2017, offering a range of bespoke insurance solutions across various classes including Professional Indemnity, Property, Directors and Officers and General Liability. With the acquisition now complete, Landmark will build upon it’s established market presence and recent expansions into Marine and Political Risk products, with expansion planned across new classes and geographies.

    “We’re thrilled to officially welcome Landmark Underwriting to the Bishop Street family,” said Chad Levine, CEO of Bishop Street. “We look forward to leveraging the team’s experience and strong industry relationships to enable the next chapter of international development for our platform. Landmark’s ability to adapt to client needs and attract the best underwriting talent will continue to fuel its growth, positioning the company as a leading MGA of choice in the global market and a complementary fit for the Bishop Street portfolio.”

    Sitki Gelmen, Landmark Underwriting Group CEO and Co-Founder, said: “This is an exciting next phase for Landmark. We are focused on bringing specialty underwriting solutions to our partners, and through this partnership, we will amplify our ability to provide leading risk solutions to top broking houses worldwide. The combination of Bishop Street’s resources and our niche expertise will allow us to accelerate growth, expand our product offerings into complementary lines of business and deepen our presence in key markets.”

    Mike Zabik, Partner of RedBird Capital, added, “Bishop Street’s growth strategy is predicated on leveraging a multi-jurisdictional footprint. Landmark’s strong presence in London and its expanding global presence are key levers for future growth, both organically and through strategic acquisitions across key international markets.”

    This addition marks the latest strategic move for Bishop Street, following recent key investments and acquisitions including Ethos Specialty’s Transactional Liability unit, Verve Services, Conifer Insurance Services and Ahoy!, as well as partnerships with companies like Skyward Specialty Insurance and Topsail Re.

    About Bishop Street
    Bishop Street Underwriters, a RedBird Capital portfolio company, seeks to partner with Managing General Agents (“MGAs”) as well as niche underwriting teams. Bishop Street aims to combine their best-in-class (re)insurance executive team’s vision with RedBird’s strong track record, expertise and network in the financial services sector to build a differentiated platform that is uniquely positioned to capitalize on secular growth tailwinds in the industry. For more information, please go to www.bishopstreetuw.com.

    About Landmark Underwriting
    Landmark Underwriting is a specialist, UK based MGA providing (re)insurance solutions to complex risks globally. Since 2017, Landmark has maintained relationships with all of the significant Insurance Broker markets. From its centre of operations in London, Landmark currently provides risk solutions across Professional Indemnity, General Liability, Directors and Officers, Property and Marine. The company continues to expand its underwriting and operational bandwidth in key territories, driving rapid growth.

    About RedBird Capital Partners
    RedBird Capital Partners is a private investment firm that builds high-growth companies with strategic capital solutions to founders and entrepreneurs. The firm currently manages $10 billion in assets on behalf of a global group of blue chip institutional and family office investors. Founded in 2014 by Gerry Cardinale, RedBird integrates sophisticated private equity investing with a hands-on business building mandate that focuses on three core industry verticals – Financial Services, Sports and Media & Entertainment. Over his 30-year investment career, Cardinale has partnered with founders and entrepreneurs to build some of the most iconic growth companies in their respective industries. For more information, please go to www.redbirdcap.com.

    Media Contacts
    Bishop Street 
    Dan Gagnier
    Gagnier Communications
    redbird@gagnierfc.com
    646.569.5897

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