NewzIntel.com

Category: Health

  • MIL-OSI USA: UConn Online Grad Programs Lauded for Quality, Value for Veterans

    Source: US State of Connecticut

    Several of UConn’s online graduate programs are highly ranked for the quality, value, and flexibility they offer to veterans, including one that recently earned the top spot nationwide in U.S. News & World Report’s annual review.

    The UConn School of Nursing’s programs were named No. 1 for veterans wishing to pursue online graduate studies in that field, along with high rankings for others: the School of Business (no. 8); the College of Engineering (no. 22); and the business school’s MBA program (no. 62).

    The new honors underscore UConn’s strong reputation as a welcoming atmosphere for veterans both academically and socially, and as an institution that values their experience and celebrates the unique attributes they bring to the community.

    Alyssa Kelleher ’04 (CLAS) ’17 (BUS), director of UConn’s Office of Veterans Programs & Military Affairs, says her office was thrilled but not surprised that the online graduate programs performed so well in the rankings.

    “Their staff consistently collaborate with our office and have a real commitment and understanding of the big and small things that can help not only military-affiliated students, but all adult learners to be successful in challenging and in-demand programs,” Kelleher says.

    The Office of Veterans & Military Affairs helps veterans, students with active-duty or reservist status, and dependents navigate the programs and services available for their circumstances. It also creates an open and welcoming community for veterans who are UConn employees and alumni, including people serving as mentors to others.

    The support extends not only to students taking classes in person on UConn campuses, but also those learning via online programs such as those that ranked highly in the most recent U.S. News overview.

    Students who are veterans, on active duty, or in reserve status often have unique circumstances when deciding to enroll in graduate study and tend to benefit from the flexibility that online programs can offer.

    When determining which online programs best serve veterans, U.S. News assessed their quality, affordability, and accessibility in light of the special circumstances of that student population, including having access to federal GI Bill benefits and often needing the flexibility of distance learning.

    Those attributes and others helped the UConn School of Nursing’s online graduate programs rise to the top of the U.S. News list this year as the No. 1 choice for veterans studying in those fields.

    The School of Nursing’s applications have skyrocketed in recent years, and it receives strong support from alumni, including a $50 million gift that is helping to fund construction of a new building to house the school’s expanded programming.

    Its online programs in continuing education also are thriving and include family nurse practitioner, adult gerontology acute care nurse practitioner, adult gerontology primary care nurse practitioner, nurse educator, neonatal nurse practitioner, and nurse leader.

    “The School of Nursing’s online MS program provides a supportive online environment for all veterans and members of the military who attend UConn. Additionally, the University’s commitment to veteran support services makes it a top choice for those looking to further their careers in nursing,” says Annette Jakubišin Konicki, the school’s associate dean of graduate studies.

    In assessing how online graduate programs fit veterans’ needs, U.S. News selected offerings that incorporate predominantly internet-based coursework; are housed in regionally accredited institutions; and have strong reputations, faculty credentials, and retention rates.

    U.S. News & Report also only included programs in their rankings with a critical mass of students with military backgrounds.

    Programs included in the rankings must be in colleges of universities certified for the GI Bill, while also either participating in the Yellow Ribbon Program or charging in-state tuition – which can fully covered by the GI bill — for all veterans applying from out of state.

    At UConn and throughout Connecticut, a state tuition waiver and several other financial benefits are available for active duty and veteran students based on their particular circumstances, and other assistance is also available through scholarships and VA Work Study.

    In addition to the School of Nursing’s online graduate programs receiving the highest rank for their accessibility and value to veterans, UConn’s School of Business programs were ranked at No. 8 for veterans pursuing graduate studies online, and its online MBA program was No. 62 for veterans nationwide.

    “We are honored to be recognized as a top business school for veterans. This reflects our commitment to providing the resources, flexibility, and support veterans need to excel academically and professionally,” says Jose M. Cruz, associate dean for graduate programs in the School of Business.

    “Veterans bring exceptional leadership, discipline, and a global perspective, enriching our graduate programs. We remain dedicated to fostering an environment where their strengths thrive and drive lasting impact in the business world,” Cruz says.

    The College of Engineering also had strong showings, with its online graduate program ranking No. 22 nationwide in accessibility and value to veterans.

    The online Master of Engineering program operates within the college’s Center for Advanced Engineering Education and offers 14 concentrations, from biomedical engineering to digital design and manufacturing, to help students earn the skills to advance as engineers in their respective fields.

    “Our degrees are designed to help working engineers balance their work/life responsibilities, empowering them to be a real force in the increasingly evolving, and highly impactful, world of engineering,” says Nora Sutton, director of the Center of Advanced Engineering Education.

    “Veteran tuition waivers have long since been applicable toward our programs, which offer engineering servicemen and women an opportunity to bridge the gap between active service and their professional careers,” she adds.

    JC Zhao, dean of the College of Engineering, says the programs also benefit from talented faculty who are dedicated to dynamic online education, UConn’s academic mission, and its students.

    “We are incredibly proud of the Center for Advanced Engineering Education, which seeks to offer flexible programs for working professionals who are already contributing to society as employed engineers,” Zhao says.

    MIL OSI USA News –

  • MIL-OSI Security: Forging Readiness: Navy Reservists Train for Expeditionary Operations at NEMWDC

    Source: United States Navy (Medical)

    CAMP PENDLETON, Calif. — Six Navy reservists sharpened their expeditionary warfare skills during an integrated Expeditionary Resuscitative Surgical System (ERSS) and En-route Care System (ERCS) training at the Naval Expeditionary Medicine Warfighter Development Center, Camp Pendleton, Jan. 14-21.

    The ERSS and ERCS training helps test the expeditionary medicine systems capabilities and reinforces essential operational skills, including combat lifesaving, tactical communications, weapons handling and mission planning.

    For the reservists, the training ensured they remain proficient and mission-ready, prepared to integrate seamlessly with active-duty forces to support the fleet while integrating their unique blend of expertise and military experience. Their role is crucial in providing surge capacity, specialized expertise and operational flexibility, strengthening the Navy’s ability to respond to global missions and maritime security challenges.

    During the training, the reservists worked alongside active-duty personnel to respond to simulated combat scenarios, including a bomb threat and a firefight. In one scenario, two service members sustained life-threatening injuries from an improvised explosive device and multiple gunshot wounds. Cmdr. You Wei Lin, a reservist anesthesiologist with the 4th Medical Logistics Group, 4th Medical Battalion Surgical Company Alpha, provided critical care and support to the simulated patients, ensuring they were safely sedated and monitored throughout a critical surgical procedure.

    Lin’s expertise allowed the surgical team to focus on life-saving interventions, such as controlling internal bleeding and repairing damaged tissue, under challenging condition. This collaboration demonstrated the importance of having skilled reservists integrated into expeditionary medical teams, showcasing their ability to perform seamlessly alongside active-duty counterparts in high-pressure scenarios.

    “I believe our team members integrated much more and started working together more cohesively after each evolution,” Lin said. “With high-fidelity simulation training, this course prepared our team both physically and mentally for the upcoming deployment.”

    The participation of the reservists in the training highlighted their importance to operational readiness.

    “Reservists bring specialized expertise and civilian medical experience that enhance the capability and flexibility of expeditionary medical teams, ensuring the highest level of care in combat and humanitarian missions,” explained Hospital Corpsman 1st Class Jeffrey Reyes, the leading petty officer of education and training at NEMWDC.

    The Naval Expeditionary Medicine Warfighter Development Center, located at Camp Pendleton, is a center of excellence for unit-level medical training, advancing combat trauma skills and certifying expeditionary medical platforms to ensure readiness for future operations. The center’s training programs, like the one the reservists participated in, are critical to preparing medical personnel for the challenges of combat and contingency operations.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Can a daily glass of milk really cut risk of cancer?

    Source: Anglia Ruskin University

    By Justin Stebbing, Anglia Ruskin University

    A glass of milk a day could help keep bowel cancer away – or so finds a study by Oxford University and Cancer Research UK. The research suggests that increasing daily milk intake by as little as one glass could have a significant impact on lowering the likelihood of developing bowel cancer.

    There are nearly 45,000 cases of bowel cancer every year in the UK, making it the nation’s fourth most common cancer – and third worldwide – but many of these are preventable. According to Cancer Research UK data, 54% of all bowel cancers could be prevented by having a healthier lifestyle. Smoking, lack of exercise, alcohol, eating processed meat, and poor diet are all significant factors in the development of bowel cancer.

    As an oncologist, I advise my patients about how diet and lifestyle can influence health, including the risk of developing cancer. But this research – one of the largest studies into diet and disease so far – has shed new light on how easy, cheap diet changes can help everyone to reduce their cancer risk.

    For example, as well as drinking an extra glass of milk per day, reducing consumption of alcohol and red and processed meat could also help protect against cancer. The study found that drinking an additional 20g of alcohol a day, equivalent to a large glass of wine, increased bowel cancer risk by 15%. Consuming more than 30g of red and processed meat daily was linked to an 8% increase in bowel cancer risk.

    Researchers took a novel, two-pronged approach to examine the association between milk consumption and bowel cancer risk. First, they analysed genetic data from over 542,000 women and focused on variants – tiny changes in DNA – associated with lactase persistence, the ability to digest lactose in adulthood.

    Second, the team collected detailed dietary information from participants, including their daily milk intake. By combining these two data sets, the researchers were able to better estimate the causal effect of milk consumption on bowel cancer risk.

    Striking results

    The analysis revealed that participants who consumed an additional 244g of milk per day – roughly equivalent to one large glass containing 300mg of calcium – had a 17% lower risk of developing bowel cancer. This reduction in risk applied to various types of milk, including whole, semi-skimmed and skimmed.

    Researchers found that the protective effect of milk consumption was independent of other dietary factors and lifestyle habits. This suggests that the benefits of milk in reducing bowel cancer risk are not because milk replaces unhealthy food choices or is consumed as part of an overall healthier lifestyle.

    The reasons why milk consumption may reduce bowel cancer risk are not fully understood, but the researchers propose several potential explanations. First, milk is a rich source of calcium, which has been linked previously to a reduced risk of bowel cancer. Calcium may help protect against cancer by binding to potentially harmful substances in the gut and promoting the death of abnormal cells.

    Next, many milk products are fortified with vitamin D, which has been shown to have anti-cancer properties and may help regulate cell growth and division. Also, the lactose in milk can promote the growth of beneficial gut bacteria that produce butyrate, a short-chain fatty acid with anti-inflammatory and anti-cancer effects. Finally, milk contains conjugated linoleic acid, a fatty acid found in meat and dairy products, which, according to a 2021 labratory study, could also have anti-cancer properties.

    Crucially, milk consumption may not be suitable or beneficial for everyone. Those with lactose intolerance, milk allergies, or other dietary restrictions should consult with healthcare professionals before making significant changes to their dairy intake.

    Overall, this groundbreaking research provides compelling evidence for the potential role of milk consumption in reducing bowel cancer risk. The finding that a relatively modest increase in daily milk consumption could lead to a significant reduction in bowel cancer risk is particularly encouraging. It suggests that small, achievable changes in diet could have meaningful impacts on public health.

    As we continue to unravel the complex relationships between diet and disease, studies like this one provide valuable insights that can inform both individual health choices and broader public health strategies. The potential for a simple dietary change to have such a significant impact on cancer risk underscores the importance of continued research in this field and highlights the power of nutrition in shaping our health.

    Justin Stebbing, Professor of Biomedical Sciences, Anglia Ruskin University

    This article is republished from The Conversation under a Creative Commons license. Read the original article.

    The opinions expressed in VIEWPOINT articles are those of the author(s) and do not necessarily reflect the views of ARU.

    If you wish to republish this article, please follow these guidelines: https://theconversation.com/uk/republishing-guidelines

    MIL OSI United Kingdom –

  • MIL-OSI: Cority Partners with Salus Technical, Bringing Advanced Bowtie Risk Analysis to CorityOne Ecosystem

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 04, 2025 (GLOBE NEWSWIRE) — Cority, the global leader in enterprise Environmental, Health, and Safety (EHS) software, today announced a strategic partnership with Salus Technical, a UK-based provider of bowtie risk analysis software. Through this partnership, Cority customers can access Salus Technical’s Bowtie Master solution, with its advanced Bowtie Risk diagramming and analysis features, enhancing their ability to manage complex risks within high-hazard settings.

    Managing risk is a growing demand for and one of the most critical challenges for organizations operating in high hazard environments. Traditional methods of risk assessment often struggle to adequately capture complexities common in high-reliability environments with intricate & highly coupled processes. Bowtie Risk Analysis, with its intuitive visual diagrams, enables organizations to proactively identify and assess compliance, or Bowtie Risk Analysis tools help organizations build a clear, actionable framework for advanced risk management.

    Through this partnership, Cority will integrate Bowtie Master with Cority’s Risk Management solution. As part of CorityOne, the company’s comprehensive EHS and sustainability SaaS-based ecosystem, customers will also be able to access other Safety-based Cority applications and, eventually, the full spectrum of environmental, health, quality, and sustainability programs. This holistic approach provides users with one place for better insights, collaboration, and decision making.

    Addressing Complex Risks with Cutting-Edge Tools

    “Process safety and risk management require tools that not only analyze risks but also make the insights actionable,” said David Jamieson, founder of Salus Technical. “This partnership allows organizations to streamline their risk assessment workflows, ensuring they can visualize complex scenarios, identify key dependencies, and prioritize resources to protect their workforce and operations.”

    Salus Technical’s Bowtie Master dynamically builds bowtie risk diagrams, simplifying the complexities of process safety. Unlike traditional tabular methods, Salus Technical’s Bowtie Master solution enables users to build bowtie risk diagrams dynamically with simple drag-and-drop features, providing a holistic view of risks and dependencies, and helping organizations prioritize required preventive and corrective actions. The integration with CorityOne will allow customers to connect insights from their bowtie risk analysis to other EHS workflows, helping them make informed decisions that increase resiliency, boost system reliability, and reduce the likelihood of catastrophic events.

    Benefits of the partnership Include:

    • Enhanced Risk Visibility: Intuitive, dynamic diagrams simplify complex risk scenarios, improving cross-team collaboration and understanding.
    • Proactive Risk Management: Organizations can prioritize and address risks before incidents occur, reducing downtime and improving operational safety.
    • Improved Efficiency: Seamless integration with CorityOne enables streamlined workflows, data visualization, and effective reporting.

    A Growing Demand for Bowtie Risk Analysis
    Bowtie risk analysis has become a preferred tool in industries such as oil and gas, energy, mining, and transportation, where the stakes of operational failures are high. Regulatory trends in specific regions, including Australia, are further driving demand for bowtie risk analysis capabilities integrated in enterprise-grade EHS software.

    A Unified Approach to Risk Management
    “Organizations in high-hazard industries are demanding for solutions that simplify complex risk management processes while delivering actionable insights to support intelligent action,” said Sean Baldry, senior director of product management at Cority. “With Bowtie Master, we are bringing our customers a powerful, integrated tool that enhances their ability to manage the most complex risk scenarios effectively and efficiently.”

    This partnership underscores Cority’s ongoing commitment to enhancing its CorityOne ecosystem through organic development and strategic collaborations, delivering comprehensive solutions that help organizations drive safety, operational excellence, and sustainability.

    For more information, visit www.cority.com and www.bowtiemaster.com.

    About Cority
    Cority gives every employee from the field to the boardroom the power to make a difference, reducing risks and creating a safer, healthier, and more sustainable world. For over 35 years, Cority’s people-first software solutions have been built by EHS and sustainability experts who know the pressures businesses face. Time-tested, scalable, and configurable, CorityOne is the responsible business platform that combines datasets from across the organization to enable improved efficiencies, actionable insights, data-driven decisions, and more accurate reporting on performance. Trusted by over 1,500 organizations worldwide and consistently recognized as a leader in the EHS industry by independent analyst firms, Cority deeply cares about helping people work toward a better future for everyone. To learn more, visit www.cority.com

    About Salus Technical
    Salus Technical, based in Aberdeen, Scotland, provides engineering, training, and software solutions to help organizations understand and manage risks from major accidents. Their flagship product, Bowtie Master, offers advanced process safety tools trusted by industries worldwide.

    Media Contact
    Natalie Rizk
    RiotMind
    natalier@theriotmind.agency

    The MIL Network –

  • MIL-OSI United Kingdom: Archaeological Discoveries on Display at York Explore

    Source: United Kingdom – Executive Government & Departments

    A display at York Explore Library is showcasing artefacts uncovered during construction of the Environment Agency’s Flood Alleviation Scheme at Clifton Ings.

    Image of a fragment of pottery that was found at the site.

    York Explore Library located at Library Square, Museum Street, York (Y01 7DS) is showcasing remarkable artefacts uncovered during the construction of the Environment Agency’s Flood Alleviation Scheme at Clifton Ings.

    These 19th-century artefacts, originating from a former mental health institution, provide rare insights into the lives of past patients and staff. The display will be available until 27 February 2025. 

    Part of a £21 million investment to protect homes and businesses from flooding, the Clifton Ings Flood Alleviation Scheme not only enhances flood defences but has also led to the discovery of significant historical artefacts.

    The discoveries, made in 2021-2022 by York Archaeology, originate from a rubbish dump associated with Clifton Hospital, formerly the North Riding Lunatic Asylum (established 1847) and later known as North Riding Mental Hospital.

    The hospital was demolished in 1994, making these objects rare physical traces of its history.  

    Among the items on display are a fragment of a hot water bottle with its stopper still in place, an enamelled iron jug, and fragments of ceramic cups, saucers, plates, and dishes, some bearing the hospital’s initials.

    Also featured are a bone toothbrush and dominoes made from bone and wood. These objects provide a rare and valuable insight into the everyday lives of both patients and staff.  

    An image showing an overview of the finds.

    Mental health institutions have historically been overlooked in archaeological research, making these discoveries particularly significant.

    The display sheds light on the lived experiences within Clifton Hospital and highlights the evolving history of mental health care.  

    After the display period at York Explore, the finds will be deposited with the Mental Health Museum in Wakefield, ensuring their preservation and continued study.

    Updates to this page

    Published 4 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Crackdown on illegal wildlife products at the border

    Source: United Kingdom – Executive Government & Departments

    Thousands of unlicensed and illegal wildlife products have been seized by Border Force as part of Operation Thunder.

    Operation Thunder is an intensive international operation to target the criminal networks behind wildlife crime,

    From 11 November to 6 December 2024, Border Force officers taking part in Operation Thunder 24 made 217 seizures of wildlife products which are controlled by the Convention on International Trade in Endangered Species of wild fauna and flora (CITES).

    Seizures included live plants, a range of beauty products containing caviar and cactus extracts, a quantity of bear bile, and clothes and accessories containing animal skins.

    Border Force officers also detected over 400 live birds as part of the operation, including rosella parakeets, king parrots, African grey parrots and blue-fronted Amazon parrots. Where possible, Border Force will rehome any live animals found.

    Operation Thunder is a global effort to target the illegal wildlife trade and is co-led by Interpol and the World Customs Organisation (WCO).

    Wildlife crime is estimated to be worth up to £17 billion globally per year and is the fourth largest international crime according to Interpol, behind only arms, drugs and human trafficking. Strengthening border security and breaking the criminal networks that seek to abuse our borders is a key part of the government’s plan for change.

    Minister for Migration and Citizenship, Seema Malhotra said:

    Detecting and seizing illegal wildlife products is not just a matter of enforcement, but a vital act of preservation for this planet’s biodiversity.  

    The work of Border Force in interrupting this serious organised crime is critical to the UK’s efforts to regulate the international trade in endangered species.

    Border Force Director for National Operations, Danny Hewitt said:

    Wildlife crime is a serious organised crime which fuels corruption, threatens species with extinction, deprives some of the world’s poorest communities of sustainable livelihoods, and degrades ecosystems.

    We take an intelligence-led approach to detecting illegal trade and work closely with our partners across the global community to share training, expertise and skills.

    Minister for Nature, Mary Creagh said:

    Tackling wildlife crime is essential to protecting iconic biodiversity at home and abroad. Criminal gangs must face justice for the part they play in nature destruction for self-gain.

    These figures reflect the invaluable role of the Border Force in safeguarding wildlife, and are an example of international collaboration to combat global criminal networks.

    Border Force works closely with other enforcement agencies, both nationally and internationally, to tackle the illegal wildlife trade and keep borders secure. This includes the Department for Environment, Food and Rural Affairs (Defra), the Animal and Plant Health Agency (APHA), London Heathrow Animal Reception Centre and Royal Botanic Gardens, Kew, amongst others.

    This year’s Operation Thunder was also supported by the police, who executed 5 warrants in relation to bird egg smuggling. This has so far resulted in the confiscation of over 5,000 bird eggs.

    Operation Thunder 24 led to seizures in the UK which included:

    • over 400 live birds (51 CITES listed)
    • 7kg of ivory
    • 450 live plants
    • 315kg of beauty products containing caviar
    • over 2,500 pills and 21.5kg of powders containing endangered plant and animal species
    • live corals
    • snow leopard garments

    Border Force is responsible for frontline detection and seizure of items covered by the CITES convention, which tackles the illegal trade in endangered animals and plants. The Heathrow-based Border Force CITES team are specialist officers who are recognised as world leaders in their field.

    Border Force’s work to prevent the trade of unregulated and illegal products made from endangered species is helping the government in its safer streets mission by smashing organised crime.

    Anyone with information about activity they suspect may be linked to smuggling and trafficking of any kind can report it online using the report smuggling service.

    Updates to this page

    Published 4 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Mayor launches independent new Nightlife Taskforce to help support capital’s life at night

    Source: Mayor of London

    • Sadiq announces the members of London’s new independent Nightlife Taskforce
    • The Taskforce – a Mayoral manifesto commitment – brings together a wide range of experts from the frontline of the capital’s nightlife to examine and address the issues facing the industries
    • Over six months the taskforce will assess the challenges and opportunities facing London’s ever-evolving nightlife to provide recommendations on how to ensure the capital’s night-time economy can thrive

    The Mayor of London, Sadiq Khan, has today revealed the members of a new independent Nightlife Taskforce that has been created to help support the capital’s life at night.

    The Taskforce brings together a range of experts from the frontline of the capital’s nightlife to examine and address the issues facing the industries, and provide recommendations on how to ensure the night-time economy can thrive.

    In recent years London’s nightlife and night-time industries, along with other cities in the UK, have faced a huge range of challenges. These include the long-lasting impact of the pandemic, rising rents and business rates, staffing shortages, licensing and planning issues, and cost-of-living and cost-of-doing business pressures.

    Sadiq is determined to do all he can to work with partners to help the capital’s nightlife communities and industries navigate these challenges and buck global trends, which is why he’s brought together London’s first ever Nightlife Taskforce.

    The Night Time Industries Association (NTIA) recently published figures showing a 32.7 per cent decline in nightclubs across the country since 2020. London saw the smallest decline with a 19.7 per cent decrease from March 2020 to November 2024, compared to Manchester which saw a decrease of 33.3 per cent and Birmingham had a drop of 38.5 per cent. 

    Despite these ongoing challenges, the landscape of London’s nightlife continues to evolve to meet the changing needs of Londoners and visitors to the capital. This has seen it diversify from zone one to include a range of other locations including Hackney, Peckham and Tottenham.

    The Taskforce will be chaired by Cameron Leslie, Co-founder and Director of fabric, and includes representatives from the heart of London’s nightlife, including Nadine Noor, Founder of Pxssy Palace, Nathanael Williams, Founder of Colour Factory, and Alice Hoffman Fuller, Head of Operations at Corsica Studios; as well key industry bodies Kate Nicholls CEO of UK Hospitality, Mike Kill CEO of Night Time Industries Association, and Sophie Brownlee, External Affairs Manager at Music Venue Trust.

    Each member brings a wealth of experience and expertise, and over the next six months they will meet regularly to examine and address the challenges and opportunities facing London’s ever-evolving nightlife.

    They will have access to an advisory group that will includes representatives from the Met Police, TfL, London Councils, trade unions, the broader business community and supply chain businesses. They will also be supported by Nightlife Research consultants Vibe Lab who will be calling on Londoners to help provide evidence to the taskforce to help develop their recommendations.

    The Taskforce will provide a series of recommendations to the Mayor that will then help to build on City Hall’s ongoing work to support nightlife. This includes protecting hundreds of venues from closure through the Culture and Community Spaces at Risk office, working with boroughs to develop London’s first ever local Night Time Strategies, introducing the Night Tube and Overground, creating the most night-friendly London Plan to date, cutting red tape with our Business Friendly Licensing Fund, and launching the Women’s Night Safety Charter.

    The Mayor of London, Sadiq Khan, said: “London’s nightlife industries are vital to the success of our capital, but, as with other cities across the country, they have faced a huge range of challenges in recent years. The rising cost of living and operational costs, shifts in consumer behaviour, staffing shortages and licensing issues have all been hitting businesses hard. I’m determined to do all I can to work alongside our night-time industries, which is why I’ve brought together this independent taskforce of experts to examine and address the opportunities and issues facing the industry. Their expertise and unparalleled knowledge garnered from years of working across a range of night-time industries will help to inform and develop our collective efforts to support nightlife, as we continue to build a better London for everyone.”

    Cameron Leslie, Co-founder and Director, fabric, said: “I’m delighted to have been invited to lead this newly assembled independent Nightlife Taskforce. This group that has come together, represents some of the best of what London has to offer, across an incredibly broad spectrum. We are all excited about the future of nightlife in our wonderful city, and are also acutely aware of the stark challenges we face. The Taskforce cannot wave a magic wand to make things better but I truly believe through our experience, expertise, knowledge, relationships and desire we can put forward something meaningful by which all stakeholders and individuals who genuinely want to see London’s vibrant night-time economy thrive and grow can then get behind.”

    Nadine Noor, Founder of Pxssy Palace, said: “I’m looking forward to be part of this Taskforce because I believe collaboration is key. Working together enables us to stay active, hold each other accountable, and drive meaningful change that reflects the vibrancy and diversity of London’s nightlife.”

    Kate Nicholls, Chief Executive of UKHospitality, said: “I was delighted to lead the first ground-breaking report into London’s nightlife, and I’m pleased the Mayor is reaffirming his commitment to the night-time economy through this new taskforce. London’s vibrant nightlife is world-renowned and, while there are undoubtedly significant challenges facing our nightlife businesses, it still has the potential to grow and build on that reputation. I look forward to working with the taskforce to develop new solutions that can support businesses in the capital to both survive and thrive.”

    MIL OSI United Kingdom –

  • MIL-OSI: WTW Reports Fourth Quarter and Full Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    • Revenue1 increased 4% over prior year to $3.0 billion for the quarter and increased 5% to $9.9 billion for the year
    • Organic Revenue growth of 5% for both the quarter and the year
    • Diluted Earnings per Share was $12.25 for the quarter, up 105% over prior year, and Diluted Loss2 was $0.96 for the year.
    • Adjusted Diluted Earnings per Share was $8.13 for the quarter, up 9% from prior year, and $16.93 for the year, up 17% over prior year 
    • Operating Margin was 29.7% for the quarter, up 300 basis points over prior year, and 6.3% for the year, down 810 basis points from prior year
    • Adjusted Operating Margin was 36.1% for the quarter, up 190 basis points from prior year, and 23.9% for the year, up 190 basis points over prior year

    LONDON, Feb. 04, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the fourth quarter ended December 31, 2024.

    “WTW is entering 2025 with considerable momentum after delivering on our 2024 financial targets through solid revenue growth, robust margin expansion and earnings growth,” said Carl Hess, WTW’s chief executive officer. “The successful completion of our Grow, Simplify and Transform strategy has primed all of our businesses to perform, and we are now stronger, more connected and more efficient than we have ever been. I’m confident our new strategy to accelerate our performance, enhance our efficiency and optimize our portfolio will produce innovative solutions for our customers and create more value for shareholders. I’m proud of our team’s dedication and look forward to executing on our strategic and financial goals in the years ahead.”

    Consolidated Results

    Fourth Quarter 2024, as reported, USD millions, except %

    Key Metrics Q4-24 Q4-23 Y/Y Change
    Revenue1 $3,035 $2,914 Reported 4% | CC 5% | Organic 5%
    Income from Operations $901 $779 16%
    Operating Margin % 29.7% 26.7% 300 bps
    Adjusted Operating Income $1,096 $998 10%
    Adjusted Operating Margin % 36.1% 34.2% 190 bps
    Net Income $1,248 $623 100%
    Adjusted Net Income $827 $775 7%
    Diluted EPS $12.25 $5.97 105%
    Adjusted Diluted EPS $8.13 $7.44 9%

    Revenue was $3.04 billion for the fourth quarter of 2024, an increase of 4% as compared to $2.91 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue increased 5%. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

    Net Income for the fourth quarter of 2024 was $1.25 billion compared to Net Income of $623 million in the prior-year fourth quarter. Adjusted EBITDA for the fourth quarter was $1.2 billion, or 38.6% of revenue, an increase of 9%, compared to Adjusted EBITDA of $1.1 billion, or 37.1% of revenue, in the prior-year fourth quarter. The U.S. GAAP tax rate for the fourth quarter was 26.0%, and the adjusted income tax rate for the fourth quarter used in calculating adjusted diluted earnings per share was 21.3%.

    Full Year 2024, as reported, USD millions, except %

    Key Metrics FY-24 FY-23 Y/Y Change
    Revenue1 $9,930 $9,483 Reported 5% | CC 5% | Organic 5%
    Income from Operations $627 $1,365 (54)%
    Operating Margin % 6.3% 14.4% (810) bps
    Adjusted Operating Income $2,378 $2,082 14%
    Adjusted Operating Margin % 23.9% 22.0% 190 bps
    Net (Loss)/Income2 $(88) $1,064 NM
    Adjusted Net Income $1,730 $1,536 13%
    Diluted EPS2 $(0.96) $9.95 NM
    Adjusted Diluted EPS $16.93 $14.49 17%
    1 The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. This excludes reinsurance revenue which is reported in discontinued operations. The segment discussion is on an organic basis.
    2 Net Loss and Diluted Loss Per Share for the year ended 2024 primarily includes impairment charges of over $1.0 billion related to the sale of TRANZACT.
    NM Not meaningful

    Revenue was $9.93 billion for the year ended December 31, 2024, an increase of 5% as compared to $9.48 billion for the prior year. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

    Net Loss for the year ended December 31, 2024 was $88 million, compared to Net Income of $1.1 billion in the prior year. Adjusted EBITDA for 2024 was $2.7 billion, or 27.3% of revenue, an increase of $278 million, compared to Adjusted EBITDA of $2.4 billion, or 25.6% of revenue, in the prior year.

    The U.S. GAAP tax rate for 2024 was 184.7%, and the adjusted income tax rate for 2024 used in calculating adjusted diluted earnings per share was 21.5%.

    Cash Flow and Capital Allocation 

    Cash flows from operating activities were $1.5 billion for the year ended December 31, 2024, compared to $1.3 billion for the prior year. Free cash flow for the years ended December 31, 2024 and 2023 was $1.4 billion and $1.2 billion, respectively, an increase of $184 million, primarily driven by operating margin expansion, partially offset by cash outflows related to transformation and discretionary compensation payments. During the fourth quarter and year ended December 31, 2024, the Company repurchased $395 million and $901 million of WTW shares, respectively.

    Fourth Quarter 2024 Segment Highlights

    Health, Wealth & Career (“HWC”)

    As reported, USD millions, except %

    Health, Wealth & Career Q4-24 Q4-23 Y/Y Change
    Total Revenue $1,853 $1,798 Reported 3% | CC 3% | Organic 3%
    Operating Income $776 $729 6%
    Operating Margin % 41.9% 40.5% 140 bps

    The HWC segment had revenue of $1.85 billion in the fourth quarter of 2024, an increase of 3% (3% increase constant currency and organic) from $1.80 billion in the prior year. Health had organic revenue growth led by increased project work and brokerage income in North America and the continued expansion of our Global Benefits Management client portfolio in International and Europe. Wealth generated organic revenue growth from higher levels of Retirement work globally, an increase in our Investments business due to growth of our LifeSight solution and capital market improvements. Career had organic revenue growth from increased advisory services and product revenue. Benefits Delivery & Outsourcing (BD&O) had an organic revenue decline for the quarter primarily as a result of deliberately moderating growth in TRANZACT.

    Operating margins in the HWC segment increased 140 basis points from the prior-year fourth quarter to 41.9%, primarily from Transformation savings. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.

    Risk & Broking (“R&B”)

    As reported, USD millions, except %

    Risk & Broking Q4-24 Q4-23 Y/Y Change
    Total Revenue $1,141 $1,076 Reported 6% | CC 7% | Organic 7%
    Operating Income $383 $354 8%
    Operating Margin % 33.5% 32.9% 60 bps

    The R&B segment had revenue of $1.14 billion in the fourth quarter of 2024, an increase of 6% (7% increase constant currency and organic) from $1.08 billion in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention. Insurance Consulting and Technology (ICT) had organic revenue growth for the quarter primarily due to strong software sales in Technology.

    Operating margins in the R&B segment increased 60 basis points from the prior-year fourth quarter to 33.5%, primarily due to operating leverage driven by organic revenue growth and disciplined expense management, as well as Transformation savings which were partially offset by headwinds from book-of-business activity and foreign currency fluctuations.

    Select 2025 Financial Considerations

    Changes to Non-GAAP financial measures:

    • All reported non-GAAP metrics will exclude non-cash net periodic pension and postretirement benefit credits
    • Free cash flow and free cash flow margin will capture cash outflows for capitalized software costs
    • Refer to Supplemental Slides for recast of historical Non-GAAP measures

    Business mix:

    • Divested TRANZACT business, which contributed $1.14 to adjusted diluted earnings per share in 2024, is no longer part of the business portfolio
    • Reinsurance joint venture expected to be a headwind on adjusted diluted earnings per share of approximately $0.25 to $0.35

    Free cash flow:

    • Expect cash outflows in 2025 from the settlement of accrued costs related to the Transformation program which concluded in 2024
    • Cash taxes related to receipt of earnout from reinsurance divestiture will be classified as Cash Flows from Operating Activities on Statement of Cash Flows

    Capital allocation:

    • Expect share repurchases of ~$1.5 billion, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities

    Foreign exchange:

    • Expect a foreign currency headwind on adjusted diluted earnings per share of approximately $0.18 in 2025 at today’s rates

    Adjusted operating margin outlook:

    • ~100 basis points of average annual margin expansion over next 3 years in R&B
    • Incremental annual margin expansion at HWC and enterprise levels

    The 2025 Financial Considerations above include Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained under “WTW Non-GAAP Measures” below.

    Conference Call

    The Company will host a live webcast and conference call to discuss the financial results for the fourth quarter 2024. It will be held on Tuesday, February 4, 2025, beginning at 9:00 a.m. Eastern Time. A live broadcast of the conference call will be available on WTW’s website here. The conference call will include a question-and-answer session. To participate in the question-and-answer session, please register here. An online replay will be available at www.wtwco.com shortly after the call concludes.

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

    WTW Non-GAAP Measures

    In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

    We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

    Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

    • Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
    • Impairment – Adjustment to remove the non-cash goodwill impairment associated with our Benefits, Delivery and Administration reporting unit related to the sale of our TRANZACT business.
    • Provisions for specified litigation matters – We will include provisions for litigation matters which we believe are not representative of our core business operations. Among other things, we determine this by reference to the amount of the loss (net of insurance and other recovery receivables) and by reference to whether the matter relates to an unusual and complex scenario that is not expected to be repeated as part of our ongoing, ordinary business. These amounts are presented net of insurance and other recovery receivables. See the footnotes to the respective reconciliation tables below for more specificity on the litigation matter excluded from adjusted results.
    • Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
    • Pension settlement – Adjustment to remove significant pension settlement to better present how the Company is performing.
    • Tax effect of significant adjustments – Relates to the incremental tax expense or benefit resulting from significant or unusual events including significant statutory tax rate changes enacted in material jurisdictions in which we operate, internal reorganizations of ownership of certain businesses that reduced the investment held by our U.S.-controlled subsidiaries and the recovery of certain refunds or payment of taxes related to businesses in which we no longer participate.

    We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

    We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

    Our non-GAAP measures and their accompanying definitions are presented as follows:

    Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

    Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

    Adjusted Operating Income/Margin – (Loss)/Income from operations adjusted for impairment, amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted EBITDA/Margin – Net (Loss)/Income adjusted for provision for income taxes, interest expense, impairment, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

    Adjusted Net Income – Net (Loss)/Income Attributable to WTW adjusted for impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

    Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted Income Before Taxes – (Loss)/Income from operations before income taxes adjusted for impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

    Adjusted Income Taxes/Tax Rate – Benefit from/(provision for) income taxes adjusted for taxes on certain items of impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, the tax effects of internal reorganizations, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

    Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software for internal use. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations.

    Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

    These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

    WTW Forward-Looking Statements

    This document 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, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations or certain considerations relating to our future results. All statements, other than statements of historical facts, that address activities, events, or developments that we expect or anticipate may occur in the future, including such things as our outlook, plans and references to future performance, including our future financial and operating results (including our revenue, costs, or margins), short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to organic revenue growth, free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share; future share repurchases; demand for our services and competitive strengths; strategic goals; existing and evolving business strategies including those related to acquisition and disposition activity; the benefits of new initiatives; the growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational, and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives including our multi-year operational transformation program; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; the impact of changes to tax laws on our financial results; and our recognition of future impairment charges or write-off of receivables, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

    There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to execute strategic transactions, including both acquisitions and dispositions, including our ability to receive adequate consideration or any earnout proceeds in return for any dispositions or integrate or manage acquired businesses or effect internal reorganizations; incremental risks relating to the transitional arrangements in effect subsequent to our previously completed sale of TRANZACT; our ability to successfully manage ongoing organizational changes, investments in improving systems and processes, and in connection with our acquisition and divestiture activities; risks relating to changes in our management structures and in senior leadership; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates and changes in trade policies; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including inflation, changes in interest rates and trade policies, as well as political events, war, such as the Russia-Ukraine and Middle East conflicts, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, which could have a material adverse effect on our business, financial condition, results of operations, and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity, and artificial intelligence; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics changes for internal operations, maintaining industry standards and meeting client preferences; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, any legislative actions from the current U.S. Congress, the recent Final Rule from the Centers for Medicare & Medicaid Services for contract year 2025 and any judicial claims, rulings and appeals related thereto, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our Medicare benefits businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future non-cash pre-tax losses and related impairment charges; risks relating to or arising from environmental, social and governance practices; fluctuation in revenue against our relatively fixed or higher than expected expenses; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

    The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at www.sec.gov or www.wtwco.com.

    Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

    Our forward-looking statements speak only as of the date made, and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

    Contact

    INVESTORS
    Claudia De La Hoz | Claudia.Delahoz@wtwco.com

     

    WTW
    Supplemental Segment Information
    (In millions of U.S. dollars)
    (Unaudited)
     
    REVENUE    
                  Components of Revenue Change(i)
                        Less:       Less:    
        Three Months Ended
     December 31,    		     As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2024     2023     % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 1,847     $ 1,791     3%   0%   3%   0%   3%
    Interest income     6       7                      
    Total     1,853       1,798     3%   0%   3%   0%   3%
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 1,115     $ 1,049     6%   (1)%   7%   0%   7%
    Interest income     26       27                      
    Total     1,141       1,076     6%   (1)%   7%   0%   7%
                                     
    Segment Revenue   $ 2,994     $ 2,874     4%   (1)%   5%   0%   5%
    Corporate, reimbursable expenses and other     37       35                      
    Interest income     4       5                      
    Revenue   $ 3,035     $ 2,914     4%   (1)%   5%   0%   5%(ii)
                  Components of Revenue Change(i)
                        Less:       Less:    
        Years Ended December 31,    As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2024    2023    % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 5,745     $ 5,557     3%   0%   3%   0%   4%
    Interest income     32       25                      
    Total     5,777       5,582     3%   0%   4%   0%   4%
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 3,926     $ 3,656     7%   0%   8%   0%   8%
    Interest income     112       79                      
    Total     4,038       3,735     8%   (1)%   9%   0%   8%
                                     
    Segment Revenue   $ 9,815     $ 9,317     5%   0%   6%   0%   6%
    Corporate, reimbursable expenses and other     93       125                      
    Interest income     22       41                      
    Revenue   $ 9,930     $ 9,483     5%   0%   5%   0%   5%(ii)

    (i)  Components of revenue change may not add due to rounding.
    (ii)  Interest income did not contribute to organic change for the three months and year ended December 31, 2024.

    BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

        Three Months Ended December 31,  
        HWC    R&B    Corporate    Total 
        2024    2023    2024    2023    2024    2023    2024    2023 
    Book-of-business settlements   $ 5     $ 1     $ 6     $ 14     $ —     $ —     $ 11     $ 15  
    Interest income     6       7       26       27       4       5       36       39  
    Total   $ 11     $ 8     $ 32     $ 41     $ 4     $ 5     $ 47     $ 54  
        Years Ended December 31,  
        HWC    R&B    Corporate    Total 
        2024    2023    2024    2023    2024    2023    2024    2023 
    Book-of-business settlements   $ 8     $ 1     $ 14     $ 25     $ —     $ —     $ 22     $ 26  
    Interest income     32       25       112       79       22       41       166       145  
    Total   $ 40     $ 26     $ 126     $ 104     $ 22     $ 41     $ 188     $ 171  


    SEGMENT OPERATING INCOME (i)

        Three Months Ended
    December 31, 
        2024    2023 
                 
    Health, Wealth & Career   $ 776     $ 729  
    Risk & Broking     383       354  
    Segment Operating Income   $ 1,159     $ 1,083  
        Years Ended
    December 31, 
        2024    2023 
                 
    Health, Wealth & Career   $ 1,717     $ 1,565  
    Risk & Broking     958       813  
    Segment Operating Income   $ 2,675     $ 2,378  


    (i)     Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.

    SEGMENT OPERATING MARGINS

        Three Months Ended December 31,
        2024    2023 
    Health, Wealth & Career   41.9%   40.5%
    Risk & Broking   33.5%   32.9%
        Years Ended
    December 31,
        2024    2023 
    Health, Wealth & Career   29.7%   28.0%
    Risk & Broking   23.7%   21.8%


    RECONCILIATIONS OF SEGMENT OPERATING INCOME TO INCOME FROM OPERATIONS BEFORE INCOME TAXES

        Three Months Ended December 31, 
        2024    2023 
                 
    Segment Operating Income   $ 1,159     $ 1,083  
    Amortization     (50 )     (60 )
    Restructuring costs     (32 )     (38 )
    Transaction and transformation(i)     (113 )     (121 )
    Unallocated, net(ii)     (63 )     (85 )
    Income from Operations     901       779  
    Interest expense     (66 )     (63 )
    Other income, net     853       23  
    Income from operations before income taxes   $ 1,688     $ 739  
        Years Ended December 31, 
        2024    2023 
                 
    Segment Operating Income   $ 2,675     $ 2,378  
    Impairment(iii)     (1,042 )     —  
    Amortization     (226 )     (263 )
    Restructuring costs     (61 )     (68 )
    Transaction and transformation(i)     (409 )     (386 )
    Unallocated, net(ii)     (310 )     (296 )
    Income from Operations     627       1,365  
    Interest expense     (263 )     (235 )
    Other (loss)/income, net     (260 )     149  
    Income from operations before income taxes   $ 104     $ 1,279  

     (i) In 2024 and 2023, in addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.
     (ii) Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.
     (iii) Represents the non-cash goodwill impairment associated with our BDA reporting unit related to the completed sale of our TRANZACT business.

    WTW
    Reconciliations of Non-GAAP Measures
    (In millions of U.S. dollars, except per share data)
    (Unaudited)

    RECONCILIATIONS OF NET INCOME/(LOSS) ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE

        Three Months Ended December 31, 
        2024    2023 
                 
    Net income attributable to WTW   $ 1,246     $ 622  
    Adjusted for certain items:            
    Amortization     50       60  
    Restructuring costs     32       38  
    Transaction and transformation     113       121  
    Pension settlement     23       —  
    (Gain)/loss on disposal of operations     (853 )     1  
    Tax effect on certain items listed above(i)     216       (67 )
    Adjusted Net Income   $ 827     $ 775  
                 
    Weighted-average ordinary shares, diluted     102       104  
                 
    Diluted Earnings Per Share   $ 12.25     $ 5.97  
    Adjusted for certain items:(ii)            
    Amortization     0.49       0.58  
    Restructuring costs     0.31       0.36  
    Transaction and transformation     1.11       1.16  
    Pension settlement     0.23       —  
    (Gain)/loss on disposal of operations     (8.39 )     0.01  
    Tax effect on certain items listed above(i)     2.12       (0.64 )
    Adjusted Diluted Earnings Per Share(ii)   $ 8.13     $ 7.44  
        Years Ended December 31, 
        2024    2023 
                 
    Net (loss)/income attributable to WTW   $ (98 )   $ 1,055  
    Adjusted for certain items:            
    Impairment     1,042       —  
    Amortization     226       263  
    Restructuring costs     61       68  
    Transaction and transformation     409       386  
    Provision for specified litigation matter(iii)     13       —  
    Pension settlement     23       —  
    Loss/(gain) on disposal of operations     337       (43 )
    Tax effect on certain items listed above(i)     (276 )     (195 )
    Tax effect of significant adjustments     (7 )     2  
    Adjusted Net Income   $ 1,730     $ 1,536  
                 
    Weighted-average ordinary shares, diluted(iv)     102       106  
                 
    Diluted (Loss)/Earnings Per Share(iv)   $ (0.96 )   $ 9.95  
    Adjusted for certain items:(ii)            
    Impairment     10.20       —  
    Amortization     2.21       2.48  
    Restructuring costs     0.60       0.64  
    Transaction and transformation     4.00       3.64  
    Provision for specified litigation matter(iii)     0.13       —  
    Pension settlement     0.23       —  
    Loss/(gain) on disposal of operations     3.30       (0.41 )
    Tax effect on certain items listed above(i)     (2.70 )     (1.84 )
    Tax effect of significant adjustments     (0.07 )     0.02  
    Adjusted Diluted Earnings Per Share(ii)   $ 16.93     $ 14.49  

     (i) The tax effect was calculated using an effective tax rate for each item.
    (ii) Per share values and totals may differ due to rounding.
    (iii) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. We believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (iv) When there is a net loss attributable to WTW for the period, basic and diluted shares and earnings per share are the same values.

    RECONCILIATIONS OF NET INCOME/(LOSS) TO ADJUSTED EBITDA

        Three Months Ended December 31,    
        2024    2023   
                   
    Net Income   $ 1,248   41.1% $ 623   21.4%
    Provision for income taxes     440       116    
    Interest expense     66       63    
    Depreciation     54       58    
    Amortization     50       60    
    Restructuring costs     32       38    
    Transaction and transformation     113       121    
    Pension settlement     23       —    
    (Gain)/loss on disposal of operations     (853 )     1    
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 1,173   38.6% $ 1,080   37.1%
        Years Ended December 31,    
        2024    2023   
                   
    Net (Loss)/Income   $ (88 ) (0.9)% $ 1,064   11.2%
    Provision for income taxes     192       215    
    Interest expense     263       235    
    Impairment     1,042       —    
    Depreciation     230       242    
    Amortization     226       263    
    Restructuring costs     61       68    
    Transaction and transformation     409       386    
    Provision for specified litigation matter(i)     13       —    
    Pension settlement     23       —    
    Loss/(gain) on disposal of operations     337       (43 )  
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 2,708   27.3% $ 2,430   25.6%

     (i) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. We believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

    RECONCILIATIONS OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

        Three Months Ended December 31,    
        2024     2023    
                   
    Income from operations and Operating margin   $ 901   29.7% $ 779   26.7%
    Adjusted for certain items:              
    Amortization     50       60    
    Restructuring costs     32       38    
    Transaction and transformation     113       121    
    Adjusted operating income and Adjusted operating income margin   $ 1,096   36.1% $ 998   34.2%
        Years Ended December 31,    
        2024     2023    
                   
    Income from operations and Operating margin   $ 627   6.3% $ 1,365   14.4%
    Adjusted for certain items:              
    Impairment     1,042       —    
    Amortization     226       263    
    Restructuring costs     61       68    
    Transaction and transformation     409       386    
    Provision for specified litigation matter(i)     13       —    
    Adjusted operating income and Adjusted operating income margin   $ 2,378   23.9% $ 2,082   22.0%

    (i) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. We believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

    RECONCILIATIONS OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE

        Three Months Ended December 31, 
        2024    2023 
                 
    Income from operations before income taxes   $ 1,688     $ 739  
                 
    Adjusted for certain items:            
    Amortization     50       60  
    Restructuring costs     32       38  
    Transaction and transformation     113       121  
    Pension settlement     23       —  
    (Gain)/loss on disposal of operations     (853 )     1  
    Adjusted income before taxes   $ 1,053     $ 959  
                 
    Provision for income taxes   $ 440     $ 116  
    Tax effect on certain items listed above(ii)     (216 )     67  
    Adjusted income taxes   $ 224     $ 183  
                 
    U.S. GAAP tax rate     26.0 %     15.7 %
    Adjusted income tax rate     21.3 %     19.1 %
        Years Ended December 31, 
        2024    2023 
                 
    Income from operations before income taxes   $ 104     $ 1,279  
                 
    Adjusted for certain items:            
    Impairment     1,042       —  
    Amortization     226       263  
    Restructuring costs     61       68  
    Transaction and transformation     409       386  
    Provision for specified litigation matter(i)     13       —  
    Pension settlement     23       —  
    Loss/(gain) on disposal of operations     337       (43 )
    Adjusted income before taxes   $ 2,215     $ 1,953  
                 
    Provision for income taxes   $ 192     $ 215  
    Tax effect on certain items listed above(ii)     276       195  
    Tax effect of significant adjustments     7       (2 )
    Adjusted income taxes   $ 475     $ 408  
                 
    U.S. GAAP tax rate     184.7 %     16.8 %
    Adjusted income tax rate     21.5 %     20.9 %

    (i) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. We believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (ii) The tax effect was calculated using an effective tax rate for each item.

    RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

        Years Ended December 31, 
        2024    2023 
                 
    Cash flows from operating activities   $ 1,512     $ 1,345  
    Less: Additions to fixed assets and software for internal use     (136 )     (153 )
    Free Cash Flow   $ 1,376     $ 1,192  
                 
    Revenue   $ 9,930     $ 9,483  
    Free Cash Flow Margin     13.9 %     12.6 %

     

    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Income
    (In millions of U.S. dollars, except per share data)
    (Unaudited)
                 
        Three Months Ended
     December 31,     		   Years Ended
     December 31, 
        2024    2023    2024    2023 
    Revenue   $ 3,035     $ 2,914     $ 9,930     $ 9,483  
                             
    Costs of providing services                        
    Salaries and benefits     1,367       1,325       5,502       5,344  
    Other operating expenses     518       533       1,833       1,815  
    Impairment     —       —       1,042       —  
    Depreciation     54       58       230       242  
    Amortization     50       60       226       263  
    Restructuring costs     32       38       61       68  
    Transaction and transformation     113       121       409       386  
    Total costs of providing services     2,134       2,135       9,303       8,118  
                             
    Income from operations     901       779       627       1,365  
                             
    Interest expense     (66 )     (63 )     (263 )     (235 )
    Other income/(loss), net     853       23       (260 )     149  
                             
    INCOME FROM OPERATIONS BEFORE INCOME TAXES   1,688       739       104       1,279  
                             
    Provision for income taxes     (440 )     (116 )     (192 )     (215 )
                             
    NET INCOME/(LOSS)   1,248       623       (88 )     1,064  
                             
    Income attributable to non-controlling interests     (2 )     (1 )     (10 )     (9 )
                             
    NET INCOME/(LOSS) ATTRIBUTABLE TO WTW   $ 1,246     $ 622     $ (98 )   $ 1,055  
                             
    EARNINGS/(LOSS) PER SHARE                        
    Basic earnings/(loss) per share   $ 12.32     $ 6.02     $ (0.96 )   $ 10.01  
    Diluted earnings/(loss) per share   $ 12.25     $ 5.97     $ (0.96 )   $ 9.95  
                             
    Weighted-average ordinary shares, basic     101       103       102       105  
    Weighted-average ordinary shares, diluted     102       104       102       106  

     

    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Balance Sheets
    (In millions of U.S. dollars, except share data)
    (Unaudited)
     
        December 31,    December 31, 
        2024    2023 
    ASSETS            
    Cash and cash equivalents   $ 1,890     $ 1,424  
    Fiduciary assets     9,504       9,073  
    Accounts receivable, net     2,494       2,572  
    Prepaid and other current assets     1,217       364  
    Total current assets     15,105       13,433  
    Fixed assets, net     661       720  
    Goodwill     8,799       10,195  
    Other intangible assets, net     1,295       2,016  
    Right-of-use assets     485       565  
    Pension benefits assets     530       588  
    Other non-current assets     806       1,573  
    Total non-current assets     12,576       15,657  
    TOTAL ASSETS   $ 27,681     $ 29,090  
    LIABILITIES AND EQUITY            
    Fiduciary liabilities   $ 9,504     $ 9,073  
    Deferred revenue and accrued expenses     2,211       2,104  
    Current debt     —       650  
    Current lease liabilities     118       125  
    Other current liabilities     793       678  
    Total current liabilities     12,626       12,630  
    Long-term debt     5,309       4,567  
    Liability for pension benefits     615       563  
    Deferred tax liabilities     45       542  
    Provision for liabilities     341       365  
    Long-term lease liabilities     502       592  
    Other non-current liabilities     226       238  
    Total non-current liabilities     7,038       6,867  
    TOTAL LIABILITIES     19,664       19,497  
    COMMITMENTS AND CONTINGENCIES            
    EQUITY(i)            
    Additional paid-in capital     10,989       10,910  
    Retained earnings     109       1,466  
    Accumulated other comprehensive loss, net of tax     (3,158 )     (2,856 )
    Total WTW shareholders’ equity     7,940       9,520  
    Non-controlling interests     77       73  
    Total Equity     8,017       9,593  
    TOTAL LIABILITIES AND EQUITY   $ 27,681     $ 29,090  

    ________________________
    (i)  Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 99,805,780 (2024) and 102,538,072 (2023); Outstanding 99,805,780 (2024) and 102,538,072 (2023) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2024 and 2023.

     

    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Cash Flows
    (In millions of U.S. dollars)
    (Unaudited)
         
        Years Ended December 31, 
        2024    2023 
    CASH FLOWS FROM OPERATING ACTIVITIES            
    NET (LOSS)/INCOME   $ (88 )   $ 1,064  
    Adjustments to reconcile net income to total net cash from operating activities:            
    Depreciation     230       242  
    Amortization     226       263  
    Impairment     1,042       —  
    Non-cash restructuring charges     41       38  
    Non-cash lease expense     98       105  
    Net periodic benefit of defined benefit pension plans     4       (26 )
    Provision for doubtful receivables from clients     13       6  
    Benefit from deferred income taxes     (213 )     (109 )
    Share-based compensation     121       125  
    Net loss/(gain) on disposal of operations     337       (43 )
    Non-cash foreign exchange (gain)/loss     (31 )     20  
    Other, net     58       31  
    Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:            
    Accounts receivable     (233 )     (206 )
    Other assets     (373 )     (185 )
    Other liabilities     301       16  
    Provisions     (21 )     4  
    Net cash from operating activities     1,512       1,345  
                 
    CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES            
    Additions to fixed assets and software for internal use     (136 )     (153 )
    Capitalized software costs     (109 )     (89 )
    Acquisitions of operations, net of cash acquired     (107 )     (6 )
    Proceeds from sale of operations     619       89  
    Cash and fiduciary funds transferred in sale of operations     (5 )     (922 )
    Purchase of investments     (12 )     (4 )
    Net cash from/(used in) investing activities     250       (1,085 )
                 
    CASH FLOWS USED IN FINANCING ACTIVITIES            
    Senior notes issued     746       748  
    Debt issuance costs     (9 )     (7 )
    Repayments of debt     (655 )     (254 )
    Repurchase of shares     (901 )     (1,000 )
    Net proceeds/(payments) from fiduciary funds held for clients     785       (234 )
    Payments of deferred and contingent consideration related to acquisitions     (2 )     (12 )
    Cash paid for employee taxes on withholding shares     (56 )     (26 )
    Dividends paid     (354 )     (352 )
    Acquisitions of and dividends paid to non-controlling interests     (13 )     (63 )
    Net cash used in financing activities     (459 )     (1,200 )
                 
    INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED
       CASH    		     1,303       (940 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     (97 )     11  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF
       PERIOD (i)    		     3,792       4,721  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (i)   $ 4,998     $ 3,792  

    ________________________
    (i)  The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosures of Cash Flow Information section.

    SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

        Years Ended December 31, 
        2024    2023 
                 
    Supplemental disclosures of cash flow information:            
    Cash and cash equivalents   $ 1,890     $ 1,424  
    Fiduciary funds (included in fiduciary assets)     3,108       2,368  
    Total cash, cash equivalents and restricted cash   $ 4,998     $ 3,792  
                 
    Increase/(decrease) in cash, cash equivalents and other restricted cash   $ 510     $ 163  
    Increase/(decrease) in fiduciary funds     793       (1,103 )
    Total (i)   $ 1,303     $ (940 )

    (i) Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

    The MIL Network –

  • MIL-OSI Asia-Pac: Government Enhances Haj Pilgrimage Experience with ‘Haj Suvidha App’ and Comprehensive Healthcare Support for Pilgrims

    Source: Government of India

    Posted On: 04 FEB 2025 2:36PM by PIB Delhi

    The ‘Haj Suvidha App’ was launched to leverage information technology for enhancing the pilgrimage experience. Pilgrims can use the app to access training content, accommodation and flight details, baggage information, an emergency helpline (SOS), grievance redressal, feedback, language translation, and miscellaneous information related to the pilgrimage. The app also provides an administrative interface for government officials deployed for managing the Haj operations in Saudi Arabia by assisting in real-time monitoring and emergency response, and ensures better coordination and accountability. More than 78,000 out of a total 1,75,025 pilgrims from India registered on the app during Haj-2024 and over 8,500 grievances and more than 2,100 SOS calls were handled during through the app. Further, missing baggage cases reduced drastically during Haj-2024 as a result of QR code mechanism of baggage identification being introduced through the app.

    A total of 4558 female pilgrims undertook the pilgrimage without a Mehram (male companion) in 2024 which is an all time high since the introduction of the Ladies without Mehram category in Haj-2018.

     Government of India is committed to the welfare and wellbeing of the India pilgrims and establishes several temporary healthcare facilities in Saudi Arabia during the Haj period so as to ensure good quality healthcare services to the Indian pilgrims including elderly.

    The necessary support with respect to treatment of Haj pilgrims was provided by the Government of India in Saudi Arabia through the Indian Haj Mission administered by the Government of India, and in accordance with Saudi law for tertiary care. 

    Special emphasis was placed on the health and well-being of elderly pilgrims, identified as a high-risk group. Medical teams comprising doctors and paramedics conducted daily visits to the buildings accommodating pilgrims, ensuring routine health monitoring, consultations, and immediate response to any emerging medical concerns. To cater to the healthcare needs of all pilgrims, especially the elderly, four medical centers in Makkah and one in Madinah, along with 17 dispensaries, were operational 24/7. Free consultations, medications, and treatment were provided to all Indian pilgrims, always ensuring access to healthcare.

    A fleet of 24 ambulances was deployed strategically across Makkah, Madinah, and other key locations to ensure swift response during emergencies, especially for the elderly who are more vulnerable to extreme weather. Dedicated contact numbers were established to facilitate ambulance services and handle queries, suggestions, and complaints related to medical services.  Medical staff and ambulances were stationed in areas with potentially large gatherings, to ensure immediate assistance to elderly pilgrims. Critically ill elderly pilgrims requiring advanced treatment were transferred to hospitals of the Ministry of Health, Saudi Arabia. Indian translators were deployed at Saudi hospitals to ensure effective communication, guidance, and support for patients. To mitigate the effects of extreme heat, a hydration program ensured that elderly pilgrims had access to ORS (Oral Rehydration Solution) and regular hydration checks. Awareness campaigns educated pilgrims, particularly the elderly, about precautions to combat heat stress, such as staying hydrated, avoiding peak sun hours, wearing loose clothing, and using umbrellas. Furthermore, special arrangements were made for elderly pilgrims admitted to hospitals to ensure their participation in essential rituals.

     This information was provided by the the Minister of Minority Affairs ,Shri Kiren Rijiju in a written reply to Rajya Sabha yesterday.

     

     ****

    SS/STK

    (Release ID: 2099532) Visitor Counter : 62

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Tourism as a Key Driver for Employment and Growth Budget 2025-26 Focuses on Infrastructure, Medical Tourism, and Heritage Conservation

    Source: Government of India (2)

    Posted On: 04 FEB 2025 2:19PM by PIB Delhi

    Introduction

    India’s tourism sector, rich in heritage, culture, and diversity, is emerging as a global favorite and a key driver of economic growth. Recognizing its potential for employment-led development, the Union Budget 2025-26 has allocated ₹2541.06 crore to enhance infrastructure, skill development, and travel facilitation. A major initiative includes developing 50 top tourist destinations in partnership with states through a challenge mode, ensuring world-class facilities and connectivity. With committed efforts, tourism is set to drive India’s progress toward becoming a developed nation by 2047.

    Employment-Led Growth in Tourism

     

    The tourism sector’s contribution to GDP regained the pre-pandemic level of 5 per cent in FY23. The tourism sector created 7.6 crore jobs in FY23.  International tourist arrivals (ITAs) in India have rebounded to pre-pandemic level in 2023. The share of India’s ITAs in World ITAs stands at 1.45 per cent in 2023. Foreign exchange earnings through tourism were 28 billion USD. India received 1.8 per cent of world tourism receipts and attained a rank of 14th worldwide in world tourism receipts during 2023.

    Measures to Facilitate Employment-Led Growth in the 2025-26 Budget:

    1) Organizing intensive skill-development programmes for our youth including in Institutes of Hospitality Management

    2) Providing MUDRA loans for homestays

    3) Improving ease of travel and connectivity to tourist destinations

    4) Providing performance-linked incentives to states for effective destination management including tourist amenities, cleanliness, and marketing efforts and

    5) Introducing streamlined e-visa facilities along with visa-fee waivers for certain tourist groups.

    Transforming Tourism Infrastructure: Enhancing Connectivity and Investment

    Presenting the budget, Finance Minister Smt. Nirmala Sitharaman announced a landmark initiative to develop 50 top tourist destinations in partnership with states through a challenge mode. This initiative aims to elevate tourism infrastructure, improve ease of travel, and strengthen connectivity to key sites. As part of this framework, states will be required to provide land for critical infrastructure, including hotels, which will be classified under the Infrastructure Harmonized Master List (HML) to attract investments and boost hospitality services.

    Furthering this commitment, 40 projects across 23 states will receive interest-free loans for 50 years, amounting to ₹3,295.8 crore under the Special Assistance to States for Capital Investment. This funding will support the creation of globally recognized tourist destinations by facilitating their development and strategic marketing. Additionally, the Swadesh Darshan Scheme 2.0 (SD 2.0), which focuses on sustainable and responsible tourism, will continue to expand, with 34 projects already approved under this initiative, receiving ₹793.2 crore in total funding. To strengthen employment opportunities in the tourism sector, Government has allocated ₹60 crore for skill development in the financial year 2025-26. This funding will support intensive skill-development programs for youth, including training in hospitality management and other tourism-related services.

    Revitalizing Spiritual Tourism: A Focus on Heritage and Pilgrimage

    Recognizing the deep cultural and spiritual significance of religious tourism, the government will prioritize the development of sites associated with pilgrimage and heritage. Special emphasis will be placed on destinations linked to the life and teachings of Lord Buddha, aligning with India’s vision to become a key center for Buddhist tourism.

    The Pilgrimage Rejuvenation and Spiritual Augmentation Drive (PRASHAD) will continue to play a crucial role in enhancing infrastructure at major pilgrimage sites and heritage cities, ensuring world-class amenities and accessibility for visitors. By strengthening spiritual tourism, the government aims to position India as a global cultural hub while driving economic growth and employment generation in the sector.

    Medical Tourism: Strengthening India’s Global Position Through “Heal in India”

    Recognizing the immense potential of India’s healthcare sector, the Union Budget 2025-26 prioritizes medical tourism as a key growth driver. Finance Minister Smt. Nirmala Sitharaman announced that medical tourism and the “Heal in India” initiative will be promoted in partnership with the private sector, enhancing India’s position as a premier global healthcare destination. By leveraging world-class medical expertise, cutting-edge infrastructure, and traditional wellness systems like Ayurveda and Yoga, India aims to attract a larger share of international patients seeking high-quality, cost-effective treatment.

    Growing Potential of Medical Value Travel (MVT)

    India’s Medical Value Travel (MVT) sector is witnessing significant growth. The market, valued at $2.89 billion in 2020, is projected to reach $13.42 billion by 2026, driven by increasing foreign patient arrivals seeking high-quality and cost-effective treatment.

     India’s key advantages in this sector include:

    Specialties in Focus

    The Indian Healthcare Ecosystem is delivering world-class medical care/treatment across the healthcare spectrum ranging from Modern Medicine, Ayurveda, Yoga, and other Traditional Systems of Healthcare. It provides tertiary-quaternary care, treatment for serious chronic and non-communicable diseases, comprehensive rehabilitation across all major medical specialties such as cardiac care, orthopedics, neurosciences, oncology, and promotive health-revitalization, functional health, and therapeutic wellbeing.

    Medical Visa Introduction

    Gyan Bharatam Mission

    Finance Minister also said that documentation and conservation of our manuscript heritage with academic institutions, museums, libraries and private collectors will be undertaken to cover more than 1 crore manuscripts. She added that Government will set up a National Digital Repository of Indian knowledge systems for knowledge sharing.

    Conclusion

    The Government of India is committed to positioning the country as a global leader in tourism by enhancing infrastructure, boosting employment, and promoting diverse tourism segments, including spiritual, medical, and heritage tourism. The “Heal in India” initiative and Medical Value Travel sector underscore India’s growing prominence as a premier healthcare destination. Additionally, the Gyan Bharatam Mission aims to preserve and digitize India’s rich manuscript heritage, ensuring knowledge accessibility for future generations. With a strong emphasis on ‘Seva’ and ‘Atithi Devo Bhava,’ India is set to redefine its tourism landscape and establish itself as a world-class destination.

    ***

    References:

     

    1. https://www.indiabudget.gov.in/doc/eb/sbe99.pdf
    2. https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2098371
    3. https://www.indiabudget.gov.in/economicsurvey/doc/echapter.pdf 
    4. https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2098371
    5. https://www.investindia.gov.in/blogs/unlocking-potential-medical-value-travel-india-importance-and-key-factors-developing
    6. https://healinindia.gov.in/

    Click here to see in PDF:

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  • MIL-OSI Asia-Pac: Cluster of influenza A cases in Castle Peak Hospital

    Source: Hong Kong Government special administrative region

    Cluster of influenza A cases in Castle Peak Hospital
    Cluster of influenza A cases in Castle Peak Hospital
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    The following is issued on behalf of the Hospital Authority:     The spokesperson for Castle Peak Hospital made the following announcement today (February 4):      Three patients (aged 56 to 69) in a female adult psychiatric ward have presented with respiratory symptoms since January 28. Appropriate viral tests have been arranged for the patients, and their test results were positive for Influenza A. One patient, who had a chronic illness, passed away on January 31 due to her critical condition. The remaining two patients are being treated in isolation and are in stable condition.      Infection control measures have already been stepped up according to established guidelines. All other patients in the ward are under close surveillance.      The cases have been reported to the Hospital Authority Head Office and the Centre for Health Protection for necessary follow-up.

     
    Ends/Tuesday, February 4, 2025Issued at HKT 16:22

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  • MIL-OSI Asia-Pac: UPGRADATION OF AGRICULTURAL TECHNOLOGY

    Source: Government of India

    Posted On: 04 FEB 2025 1:37PM by PIB Delhi

    The Government has launched several key schemes to upgrade agricultural technology to improve productivity, sustainability, and farmers’ income. The Digital Agriculture Mission, is a major initiative that leverages technologies like Artificial Intelligence (AI), Big Data, and geospatial data for better crop monitoring, soil management, and weather forecasting. Indian Council of Agricultural Research (ICAR), during the last ten years has developed 2900 varieties out of which, 2661 varieties are tolerant to one or more biotic and/or abiotic stresses. About156 technologies/machines/process protocols were developed for production and post-harvest production of agriculture. Technologies related to animal, Fisheries sector were also developed for enhancing productivity of animal, fisheries, aquaculture, diagnostics & vaccines for animal and fish health management, processing and value addition. For increasing awareness and promotion of newly developed technologies, Krishi Vigyan Kendras (KVKs) and State Agricultural Universities (SAUs) conduct trainings, field level demonstration, farmers’ interface meetings, skill development programs among the small and marginal farmers and other stakeholders and making agriculture more efficient and profitable.

    The Government has introduced many initiatives to enhance agricultural marketing such as e-NAM, Kisan Rail and Kisan Udan for improved logistics. The promotion of Farmer Producer Organizations (FPOs) aims to reduce intermediaries and strengthen market access for farmers. Additionally, agri-tech startups and online platforms like AGRI-Bazaar help farmers to connect directly with buyers, ensuring better pricing and increased income.

    ICAR recommends soil test based balanced and integrated nutrient management through conjunctive use of both inorganic and organic sources (manure, biofertilizers etc.) of plant nutrients for judicious use of chemical fertilizers and to improve soil health.   All these measures reduce chemical fertilizer use in the country.  Also, ICAR suggests judicious use of water through efficient irrigation techniques including micro-irrigation for various crops to save irrigation water substantially.

    The Soil Health Card Scheme also promotes the use of soil-appropriate fertilizers to reduce wastage and improve productivity. Further, the Government supports State Governments through scheme the Per Drop More Crop (PDMC) to improve water use efficiency, reduce costs, and enhance farm income. While the Government has promoted the Pradhan Mantri Kisan Sampada Yojana, which focuses on enhancing value-added processing, improving the shelf-life of farm products, and linking farmers with agro-industries.

    This information was given by Minister of State for Agriculture and Farmers Welfare, Shri Bhagirath Choudhary in a written reply in Lok Sabha today.

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     MG/KSR

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  • MIL-OSI Asia-Pac: Necessity of academia-industry collaboration in shaping standards driving innovation and economic growth: Director General, Bureau of Indian Standards

    Source: Government of India (2)

    Necessity of academia-industry collaboration in shaping standards driving innovation and economic growth: Director General, Bureau of Indian Standards

    BIS hosts Annual Convention in Healthcare Sector

    Posted On: 04 FEB 2025 11:47AM by PIB Delhi

    There’s necessity of academia-industry collaboration in shaping standards that drive innovation and economic growth, said Director General Bureau of Indian Standards, Shri Pramod Kumar Tiwari during an Annual Convention on Healthcare Sector.

    The Bureau of Indian Standards (BIS) under Department of Consumer Affairs, Government of India, organized the Annual Convention for Deans and HODs of Academic Institutions and R&D Organizations in the Healthcare Sector at its National Institute of Training for Standardization, Noida. Among the series of conventions that are being held with Academic and Research organizations, this was the first convention focussing on the Healthcare sector. Around 36 participants from 28 institutes were present at the convention, represented by Deans, HODs, faculty members and experts from Research organizations.

    The convention aimed to generate awareness regarding standardization in the healthcare and medical device sector and to explore the opportunities for collaboration with academia and research organisations to strengthen the standardization activity of BIS in this sector. BIS aims to strengthen the usability of Indian Standards which may not be limited to industries or consumers groups in particular, but also prove to be of technical interest to academicians. This exercise of engaging with the institutes is an initiative for greater awareness of standards within the academic and research arena seeking their active participation and developing standards. 

    Shri Tiwari addressed the participants, discussing the importance of strengthening India’s manufacturing base in the healthcare sector. Shri Tiwari informed the attendees about the appointment of ‘Chairs’ of standardization in academic institutions and the signing of MoUs to enhance collaboration.

    He also highlighted BIS’s initiatives, including orientation programs in institutions and annual conventions across various disciplines. He urged experts to actively participate in BIS technical committees, engage in R&D projects, and integrate standards into engineering curricula to enhance learning. He concluded by identifying the challenges of a limited manufacturing base and restricted research capabilities, emphasizing the need to align with the Prime Minister’s vision of Indian Standards gaining global recognition.

    Shri Chandan Bahl, Scientist-G and DDG (International Relations) welcomed the delegates. During his address, he highlighted on creating standards that are not only scientifically advanced, but are also timely as per the needs. He also emphasized on the significance of Academia and Research organizations, an important stakeholder having latest technical know-how of the field. He described the convention as an attempt to take knowledge of standards further to the research communities and scholars and the beginning of engagement of the research community in future standardization.

    Shri Deepak Aggarwal, Scientist-F and Head (Standards Coordination & Monitoring Dept.) acquainted the participants with the overview of BIS and activities of BIS especially standradization. The SCMD team of BIS shared the initiatives taken by BIS for interpretation of subjects on key achievements and digital interfaces for the same.  

    Shri Chinmay Dwivedi, Scientist-E & Head (Medical Equipment & Hospital Planning Dept.) apprised the audience on the activities of standards formulation in Healthcare Sector in BIS. Officers from MHD briefed on the important standards in health sector which are based on the technical concepts in academic areas of biotechnology and biomedical engineering.

     

     

    Abhishek Dayal/Nihi Sharma

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  • MIL-OSI Asia-Pac: Public urged to adopt healthy lifestyle in support of World Cancer Day 2025

    Source: Hong Kong Government special administrative region

    Public urged to adopt healthy lifestyle in support of World Cancer Day 2025
    Public urged to adopt healthy lifestyle in support of World Cancer Day 2025
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         The Department of Health (DH) today (February 4) urged members of the public to support World Cancer Day 2025 by adopting a healthy lifestyle and initiating early detection of cancer through screening.     World Cancer Day has been designated on February 4 every year by the Union for International Cancer Control since 2000 to increase worldwide awareness of cancer and to combat cancer together. This year’s theme, “United by Unique”, emphasises the importance of placing people at the centre of cancer care. Every patient is unique, and it takes a united effort to help patients receive comprehensive care and lead better lives.     “The Government has long upheld the principle of putting people at the centre of cancer prevention and control. Cancer is the top killer in Hong Kong, causing nearly 15 000 deaths registered in 2023. In 2022, more than 35 000 new cancer cases were diagnosed in Hong Kong, and the five most common cancers were lung, breast, colorectal, prostate and liver cancers. Given the ageing population, the number of new cases and healthcare demands are expected to further increase,” a spokesman for the DH said.     About 40 per cent of all cancers can be prevented through the adoption of a healthy lifestyle and the reduction of exposure to major risk factors, such as refraining from smoking or alcohol consumption, being physically active, having a balanced diet, and maintaining a healthy body weight and waist circumference. The DH has launched a series of health promotion programmes targeting various age groups to raise public awareness of health issues through education and publicity. To systematically and comprehensively improve public health, the “Chief Executive’s 2024 Policy Address” announced that the Government will formulate a life-course approach health promotion strategy having regard to Hong Kong’s demographic structure and the health needs of different social groups, and will draw up health management plans according to different age groups and health statuses.     To shift the emphasis of the healthcare system and mindset from treatment-oriented to prevention-oriented, the Government is reforming healthcare services with the establishment of the District Health Centres (DHCs) that provide health promotion, health risk factors assessment, disease screening and chronic disease management. In this regard, the DHCs and DHC Expresses (collectively referred to as “DHCs”) have been established in all 18 districts across the territory. Steered by the Primary Healthcare Commission (PHCC), the DHCs actively promote the “Life Course Preventive Care plan”. Based on the core principles of prevention-oriented and whole-person care, a personalised preventive care plan will be formulated to address the health needs of citizens across different life stages based on the most updated evidence. Family doctors and primary healthcare professionals collaborate to promote healthy lifestyles and disease prevention, including providing education and vaccination for cancer prevention, and advising on cancer screening services according to personal risk factors.     On cancer screening, the Government adopts an evidence-based approach to achieve early cancer detection, which is essential for initiating early treatment and enhancing survival. So far, the Government has implemented the Cervical Screening Programme, Colorectal Cancer Screening Programme, and the risk-based Breast Cancer Screening Pilot Programme (BCSPP). The PHCC will launch a pilot programme to subsidise hepatitis B screening by the end of this year, aiming for early detection and treatment of chronic hepatitis B to reduce the risk of complications (such as cirrhosis and liver cancer). The DH spokesman also reminds the public to talk to their doctors to understand the benefits and limitations of screening tests before making an informed decision to undergo cancer screening. Relevant health advice is available on the website of the Centre for Health Protection or via the “@DH mobile application”.     In addition to cancer prevention and screening, the Hospital Authority (HA) has implemented a host of measures to enhance cancer care services. A multidisciplinary approach is adopted for diagnostic services to provide timely investigations and diagnoses for suspected cancer patients. The HA has piloted this service model for suspected lung cancer patients and will explore suitable service expansion. With the installation of new linear accelerators in HA hospitals in phases from this financial year, the service capacity for cancer treatment will be enhanced. Meanwhile, the HA has also expanded the coverage of the Drug Formulary by incorporating new cancer treatment drugs and broadening the scope of clinical applications of existing Special Drugs. Being patient-centred, the HA has devised personalised care programmes, such as the Cancer Case Manager Programme and Systemic Anti-cancer Therapy Clinic service, to better support patients along their cancer journey.           The Government will continue to adopt a multipronged approach to prevent and control cancer and is committed to providing appropriate treatment for all cancer patients. To learn more about World Cancer Day, please visit www.worldcancerday.org.

     
    Ends/Tuesday, February 4, 2025Issued at HKT 12:21

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  • MIL-OSI Economics: Healthcare companies may be neglecting environmental responsibilities in AI push, says GlobalData

    Source: GlobalData

    Healthcare companies may be neglecting environmental responsibilities in AI push, says GlobalData

    Posted in Medical Devices

    Since US President Trump’s first day in office, he has been rolling back environmental responsibilities, marked by withdrawing the US from the Paris Climate Agreement, which set out guidelines for developed countries to support efforts of developing countries to build clean, climate-resilient futures through financial and technological support. The recent developments in the US may result in the lack of pressure in implementing environmental initiatives, and many healthcare companies may be neglecting them at a time when there is an increased focus on usage of artificial intelligence (AI) in the sector, says GlobalData, a leading data and analytics company.

    According to GlobalData’s “Strategic Intelligence: ESG Sentiment Polls Q4 2024,” 45% of respondents indicated that the primary reason a company would set up an environmental, social, and governance (ESG) performance plan would be because of legislation and pressure from the government. In the absence of any pressure from the governments, positive environmental initiatives, especially ESG, will be lost.

    Selena Yu, Senior Medical Analyst at GlobalData, comments: “With most ESG survey respondents in Q4 2024 indicating that not only is ESG performative in their companies but also that ESG initiatives are typically placed due to government pressures, it’s vital that healthcare companies mitigate negative environmental impacts. The basis of it is to provide healthcare companies exceptional, innovative care to patients. This overlaps greatly with the impacts of a warming global climate like limiting access to clean water, increased air pollution, and decline in agricultural diversity. Healthcare extends outside of the hospital, as preventative and follow-up care is essential for patients.”

    The developments in the US also come during a time of increased AI initiatives and growth in healthcare with an estimated $1 trillion market worth by 2030, according to GlobalData’s thematic report “Artificial Intelligence in Healthcare (2024)”.

    According to the International Energy Agency (IEA) 2024 report, global AI energy demand is expected to increase to at least 10 times the current level by 2026. Additionally, clean water is required to cool down the processors used for AI. Combined with the rising global temperature, scarcity of clean water, and decreased environmental sentiments in the US government, it’s vital that companies take initiatives to balance AI usage to future healthcare advancements with environmental impact.

    AI has many advantages in healthcare, from choosing the best treatment for patients and optimizing patient triage in emergency care to improving manufacturing capabilities to limit waste and optimizing storage. But it’s vital to balance AI-led innovation with environmental impact, as current methods to mitigate carbon emissions, for example, have not been successful.

    Yu continues: “Tech leaders like Google, Meta, and Microsoft have promised to replenish the clean water they used for their AI usage, but how feasible is that with clean water being a limited resource. This ties us back to how most global survey respondents in Q4 2024 believe company ESG plans are performative. The decision to prioritize environmental initiatives is a difficult battle to fight. I believe most stakeholders are putting increased company revenue over ESG because they don’t see the innate benefit to it. This is a dated way of strategizing, as overall company success should go hand in hand with environmental protection.”

    Healthcare companies need to position themselves as the spearheads of balancing environmental responsibilities and AI-led innovation. With the health of the overall ecosystem directly correlated to patient health, it is in their best interest to be contributing to patient health outside of the clinic.

    Yu concludes: “There are many options for patient-facing bodies and healthcare companies to balance the needs of patients using AI for personalized care and spearheading the importance of incorporating strong environmental policies into manufacturing practice. It’s really a cycle, the decline in healthy foods due to changes in climate impacting farming and decreased air and water quality will directly be seen in the overall population being less healthy, which goes back into our healthcare systems.”

    MIL OSI Economics –

  • MIL-OSI Economics: Areteia’s dexpramipexole holds potential to redefine respiratory health, says GlobalData

    Source: GlobalData

    Areteia’s dexpramipexole holds potential to redefine respiratory health, says GlobalData

    Posted in Pharma

    During the J.P. Morgan 43rd Annual Healthcare Conference in January 2025, Areteia Therapeutics’s CEO, Jorge Bartolome, presented a detailed review of its achievements in 2024 and outlined its 2025 plans to advance innovation in the respiratory space with its flagship candidate dexpramipexole dihydrochloride, the first oral therapy targeting eosinophilic asthma. With multiple ongoing clinical trials and a strategic focus on regulatory approvals, Areteia could be well-positioned to transform the treatment landscape for severe respiratory diseases, according to GlobalData, a leading data and analytics company.

    Sravani Meka, Senior Pharmaceutical Analyst at GlobalData, comments: “The current treatment landscape for severe asthma is primarily biologics, which are either administered intravenously or subcutaneously. With the Phase 3 program one step closer to reaching study completion, if approved, dexpramipexole can transform the treatment landscape by addressing unmet needs for patients facing barriers to injectable treatments.”

    A major focus of the presentation was the progress of the EXHALE program, dexpramipexole dihydrochloride’s pivotal trials. Significant advancements have been made in the Phase 3 asthma trials (EXHALE-2, EXHALE-3, and EXHALE-4), with EXHALE-4 now fully enrolled and top-line results expected in Q3 2025.

    Additionally, the SUSPIRE-1 trial, investigating dexpramipexole’s potential in COPD, is also fully enrolled, with data readouts anticipated later in 2025. Bartolome also highlighted dexpramipexole’s strong differentiation within the competitive landscape. Data from Phase 2 trials demonstrated biologic-like efficacy, including significant reductions in blood eosinophils and notable improvements in lung function (FEV1).

    Meka adds: “Despite the progress in the Phase 3 program, Areteia faces increasing competition, particularly from established biologic therapies by GSK and AstraZeneca. Its success hinges on achieving strong clinical data, rapid regulatory approvals, and effective market positioning. Anticipated trial results later this year will be critical in determining whether dexpramipexole can meet the unmet needs of patients and disrupt current treatment paradigms.”

    Bartolome also offered a forward-looking perspective on Areteia’s mission to revolutionize respiratory care. Backed by $425 million in Series A funding and a seasoned leadership team, the company is poised to address significant medical and economic challenges in asthma and COPD. With dexpramipexole at the forefront, Areteia aims to drive innovation and expand its pipeline to deliver life-changing therapies for patients worldwide.

    Meka concludes: “While Areteia’s funding rounds have proved to be successful, positive trial results in 2025 could attract collaborations for co-development, licensing, or commercialization, leveraging Areteia’s innovation to address unmet needs in asthma and COPD. Strategic alliances could accelerate global market reach and pipeline expansion, solidifying Areteia’s leadership in respiratory care.”

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Salford City Council confirms new Interim Executive Director for Children’s Services

    Source: City of Salford

    Salford City Council has confirmed that Becky Bibby has been appointed as the new interim Executive Director for Children’s Services. She will begin her new role from Monday 3 February.

    She will take up the position following a recent internal recruitment process, with the position being vacated by Melissa Caslake, who has now been appointed as Interim Chief Executive, following the departure of Tom Stannard. Both positions are significant statutory roles, with the appointments bringing continuity to the organisation and ensuring that the council fulfils its statutory responsibilities. 

    Becky joined Salford City Council in 2009, initially as Education and Childcare Strategy Manager for Children’s Services Early Years. Since then, she has also been Head of Service for Starting Life Well and Helping Families, before her current role as Director for Early Help and School Readiness. Prior to joining Salford City Council, she started her career initially as a Nursery Nurse, before taking up a role in Children’s Services at Tameside Council.  

    Her focus will now be on achieving UNICEF accredited Child Friendly City status for Salford, guiding the service through possible upcoming inspections and a key piece of work around lobbying for SEND educational provision in the city. 

    As part of the vision to creating a fairer, greener, healthier and more inclusive city as outlined in the council’s corporate plan This is our Salford, there is a commitment to prioritise support for children and young people. This includes a focus on educational improvement and children and young people’s development. 

    Recent activity to support this includes the development of a Literacy Hub, bringing the Dolly Parton Imagination Library to Little Hulton and the new soon-to-be completed Youth Zone. In addition, the council has retained Youth Service provision and the five Salford Family Nurseries it operates, it is currently reviewing its Local Cultural Education Partnerships (LCEP) and is developing a new a sports and leisure strategy for the city, with children and young people at its heart.

    Paul Dennett, Salford City Mayor, said: “I’m delighted to welcome Becky into this role. Since joining Salford City Council, she has worked tirelessly to champion the needs of children and young people, with a focus on support for early intervention and prevention for children, young people, and families. She has successfully led integrated locality-based children, young people and families’ resources and functions that deliver effective early help and early years services across the city.

    She has led the improvements to Salford Families Nurseries and plays a key role in our ambition to become a UNICEF accredited Child Friendly City. She is also an integral part of the management team which received a successful OFSTED inspection, with the service being rated as ‘good’ with ‘outstanding’ leadership and care leaver support. 

    Melissa Caslake, Interim Chief Executive at Salford City Council added “Becky has a great affinity with the council, the city and its children and young people. with over 15 years of experience and service to our city, she brings a wealth of knowledge to the position and an understanding of the continued work required to deliver quality services to our children and young people as well as the challenges the service faces.” 

    New Interim Executive Director for Children’s Services, Becky Bibby said “This is a huge honour to be taking up this position and working to support and champion the needs of Salford’s children and young people. I am committed to building on the great work we have already developed across the service, and I look forward to working alongside Melissa Caslake, elected members and with colleagues to ensure we support our city’s youngest and most vulnerable residents.”

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    Date published
    Tuesday 4 February 2025

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  • MIL-OSI Africa: Groundbreaking Ebola vaccination trial launches today in Uganda

    Source: Africa Press Organisation – English (2) – Report:

    GENEVA, Switzerland, February 4, 2025/APO Group/ —

    In a global first, Uganda’s Ministry of Health, the World Health Organization (WHO) and other partners today launched a first ever vaccine trial for Ebola from the Sudan species of the virus, and at an unprecedented speed for a randomized vaccine trial in an emergency.

    The principal investigators from Makerere University and the Uganda Virus Research Institute (UVRI), with support from WHO and other partners, have worked tirelessly to get the trial ready in 4 days since the outbreak was confirmed on 30 January. It is the first trial to assess the clinical efficacy of a vaccine against Ebola disease due to Sudan virus. The speed was achieved through advanced research preparedness, while ensuring full compliance with national and international regulatory and ethical requirements.

    The candidate vaccine was donated by IAVI, with financial support from WHO, the Coalition for Epidemic Preparedness Innovations (CEPI), Canada’s International Development Research Centre (IDRC), and the European Commission’s Health Emergency Preparedness and Response Authority (HERA) and support from the Africa Centres for Disease Control and Prevention (Africa CDC).

    “This is a critical achievement towards better pandemic preparedness, and saving lives when outbreaks occur,” said Dr Tedros Adhanom Ghebreyesus, WHO’s Director-General.  “This is possible because of the dedication of Uganda’s health workers, the involvement of communities, the Ministry of Health of Uganda, Makerere University and UVRI, and research efforts led by WHO involving hundreds of scientists through our research and development Filoviruses network. We thank our partners for their dedication and cooperation, from IAVI for donating the vaccine, to CEPI, EU HERA and Canada’s IDRC for funding, and Africa CDC for further support. This massive achievement would simply not be possible without them.”

    In 2022, during the previous outbreak of Ebola disease (also from the Sudan species of the virus) in Uganda, a randomized protocol for candidate vaccines was developed. Principal investigators were designated under the leadership of the Minister of Health, and teams were trained to allow such a trial to take place during an active outbreak.

    The randomized vaccine trial to assess the recombinant vesicular stomatitis virus (rVSV) candidate vaccine was launched at a ceremony in Kampala today by the Minister of Health of Uganda. WHO is co-sponsoring the trial. WHO was represented by Dr Mike Ryan, Executive Director of WHO’s Health Emergencies Programme and Deputy Director-General, and the WHO representative to Uganda Dr Kasonde Mwinga, along with other colleagues.

    Three vaccination rings were defined today. The first ring involves about 40 contacts and contacts of contacts of the first reported and confirmed case, a health worker who has died.

    Although several promising candidate medical countermeasures are progressing through clinical development, as of now, there is no licensed vaccine available to effectively combat a potential future outbreak of Ebola disease from the Sudan species of the virus. Licensed vaccines exist only for the disease caused by Ebola virus, formerly known as Zaïre ebolavirus. Likewise for treatments, approved treatments are only available for Ebola virus.

    The vaccine for the trial was recommended by the independent WHO candidate vaccine prioritization working group. If the candidate vaccine is effective, it can contribute to controlling this outbreak and generate data for vaccine licensure.

    In 2022, the research teams were trained in good clinical practice (GCP) and standard operating procedures for such trials. They completed refresher training in recent days. WHO colleagues experienced in trials and in ring vaccination arrived in Uganda over the weekend to support the trial implementation and GCP compliance.

    The vaccine doses were pre-positioned in the country. WHO worked with the principal investigators and national authorities and the vaccine developer to review cold chain documentation and ensure the doses were stored correctly over the previous years. As part of the signed agreement with the Ministry of Health, WHO has a signed agreement with IAVI for additional doses of the candidate vaccine to be made available shortly.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Open up about your mental health on Time to Talk Day

    Source: City of Wolverhampton

    Research has found that nearly 2 thirds of people put on a brave face to avoid talking about their mental health, and nearly half are less likely to open up as they don’t want to worry others.

    Time to Talk Day is the nation’s biggest mental health conversation. Run by Mind and Rethink Mental Illness, it is an opportunity for friends, families, communities and workplaces to come together to talk, listen and change lives.

    Councillor Jasbir Jaspal, the City of Wolverhampton Council’s Cabinet Member for Adults and Wellbeing, said: “Time to Talk Day is all about starting the conversation about mental health.

    “Good mental health is important to all of us and talking openly and honestly can be the first step towards better mental health. It can reduce stigma and help people feel comfortable enough to seek help when they need it.

    “That’s why this Time To Talk Day, we want everyone to get comfortable and start talking about mental health.”

    People can get involved in 1 of 2 events taking place in Wolverhampton to mark Time to Talk Day. The Rethink Sanctuary Hub is hosting games of mental health bingo, quizzes, conversations and more at 01902/Urban Rooms, Queen Square, on Thursday from 10am to 4pm, and Central Library will be hosting a Time to Talk coffee morning on Friday from 10.30am to noon – both events are free and all are welcome.

    It can be hard to open up and share your feelings, but talking can make a big difference to how you feel. The Time to Talk website has handy hints to help you start a conversation here.

    The Better Health – Every Mind Matters website available features lots of NHS approved tips and advice to help you to be kind to your mind and look after your wellbeing.

    If you or someone you know is struggling, there are lots of options for support. For someone to talk to, call SANE on 0300 304 7000 (4.30pm to 10.30pm), Samaritans on 116 123 (24 hours), Rethink Mental Illness on 0300 5000 927 (Monday to Friday, 9.30am to 4pm) or Mind on 0300 123 3393.

    If you need urgent help with your mental health or you are struggling to cope, call NHS 111 and select option 2 (mental health option) to be connected to mental health support, or text 07860 025281.

    Wolverhampton Sanctuary Hub offers out-of-hours support. Book a face-to-face appointment by calling freephone 0808 802 2288, texting 07860 065168 or emailing wolverhamptonsanctuaryhub@rethink.org.

    NHS Talking Therapies offers brief psychological therapy for people experiencing common mental health problems including anxiety, depression, stress and low mood.

    Hub of Hope offers a wide range of local support. And remember that your GP is there to help you with your mental health as well as your physical health.

    MIL OSI United Kingdom –

  • MIL-OSI: Dassault Systèmes Reveals “3D UNIV+RSES” and Related AI-Based Services

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY, France — February 4, 2025

    Dassault Systèmes Reveals “3D UNIV+RSES” and Related AI-Based Services

    • “3D UNIV+RSES” embed multiple generative AI technologies at the core of global IP Lifecycle Management, “POWER’by” the 3DEXPERIENCE platform
    • Next generation Dassault Systèmes technology offers environment for combining virtual twins, training AI engines and protecting customer IP
    • Customers in all sectors can take advantage of the AI era to improve the daily lives of consumers, patients and citizens

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today opened up its new horizon as part of the Generative Economy by introducing “3D UNIV+RSES” that embed multiple generative AI technologies at the core of global IP Lifecycle Management (IPLM) for the benefit of its clients.

    This evolving architecture will permit its large client base to fully exploit their rich, high-quality patrimony of 3D design, virtual twins and PLM data in a new space of representation, the premier digital environment to train new categories of Experience as a Service (XaaS) ─ namely: Generative Experiences (GenXp), Virtual Companions, as well as intelligent Virtual Twin Experience as a Service (VTaaS). Dassault Systèmes’ “POWER’byAI” approach and its multi-AI, industry-aware platforms ─ 3DEXPERIENCE (manufacturing), MEDIDATA (life sciences and health care) and CENTRIC (consumer goods and food) ─ provide customers with world-class secured environments to reveal and generate their own knowledge and know-how with rapid deployment.

    Tomorrow’s game-changers will be those with the best-developed knowledge and know-how assets, who take inspiration from the living world to generate rather than consume, giving back to the planet as much as they take from it. This is what Dassault Systèmes calls the Generative Economy. It results from the convergence of the Experience Economy and the Circular Economy; it’s an economy of virtual assets in which intellectual property (IP), the critical factor for differentiation, will serve as a currency. 

    It will be catalyzed and enabled by “3D UNIV+RSES” and accelerated by the learning possibilities offered by AI. “3D UNIV+RSES” represent a new class of representation of the world: virtual-plus-real representations that holistically combine modeling, simulation, real-world evidence and AI-generated content. They offer a unique and secured industry environment for combining and cross-simulating virtual twins and for training multi-AI engines while protecting customers’ IP.

    “All our longtime loyal clients are expecting us to protect their ‘gold mine’ of virtual assets and reveal the invisible. In order to generate and protect the most valuable intellectual property, it is of critical importance to create Virtual Twin Experiences of everything for everyone that harmonize product, nature and life. Dassault Systèmes is committed to becoming the most trusted partner to provide ‘3D UNIV+RSES,’ as the ultimate source of knowledge and know-how, for our mutual benefit and human progress,” said Bernard Charlès, Executive Chairman, Dassault Systèmes. 

    “3D UNIV+RSES” are the seventh generation of representation of the world introduced by Dassault Systèmes over the past 44 years. These generations have ushered in new ways of imagining, creating and producing. 

    Today, in the Manufacturing Industries and Infrastructure and Cities sectors, the most advanced companies that create airplanes, vehicles, machines, robots, or high-tech and med-tech equipment use Dassault Systèmes’ sophisticated virtual twins to ensure the quality, performance and safety of their products and services, and to comply with regulations and standards. Dassault Systèmes has developed the same approach for innovators in the Life Sciences and Healthcare sector and pioneered virtual twins of the living world, from cells to organs to patients.

    “The extensive work done by Bernard Charlès and our Strategy and Research and Development teams over the past three years to define and create game-changer solutions based on the deep and wide adoption of generative AI is impressive. This will enable our clients in all sectors to take advantage of the AI era at every stage of the cycle of life of the products and services they invent and create to make them more sustainable. This will ultimately improve the daily lives of consumers, patients and citizens,” said Pascal Daloz, CEO, Dassault Systèmes.

    “3D UNIV+RSES” make it possible for customers to create the virtual twin of everything for everyone and virtualize their entire ecosystem. Experience will be at the core of them since “3D UNIV+RSES” are environments for experimentation integrating motion, transformation and time. Embedded AI technology serves as an accelerator to invent game-changing generative experiences, empower everyone with their virtual companion, and upskill the workforce of the future.

    ###

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress.  Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.  With Dassault Systèmes’ 3DEXPERIENCE platform, 350,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.  For more information, visit:  www.3ds.com

    Dassault Systèmes Press Contacts
    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73
    North America        Natasha LEVANTI        natasha.levanti@3ds.com        +1 (508) 449 8097
    EMEA        Virginie BLINDENBERG        virginie.blindenberg@3ds.com        +33 (0) 1 61 62 84 21
    China        Grace MU        grace.mu@3ds.com        +86 10 6536 2288
    Japan        Reina YAMAGUCHI        reina.yamaguchi@3ds.com        +81 90 9325 2545
    Korea        Jeemin JEONG        jeemin.jeong@3ds.com        +82 2 3271 6653
    India        Priyanka PANDEY        priyanka.pandey@3ds.com        +91 9886302179

    Attachment

    The MIL Network –

  • MIL-OSI: Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — February 4, 2025

    Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the fourth quarter 2024 and full year ended December 31, 2024. The Group’s Board of Directors approved these estimated results on February 3, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

    Summary Highlights1  

    (unaudited, non-IFRS unless otherwise noted,
    all growth rates in constant currencies)

    • 4Q24: Software revenue accelerated to 9% growth;
    • 4Q24: Top line acceleration driven by new business growth of 13% and 3DEXPERIENCE software revenue up 22%;
    • 4Q24: Operating margin stood at 36.3%, an increase of 70 basis points, with diluted EPS of €0.40, up 11%;
    • FY24: Total revenue grew to €6.21 billion with software revenue up 6%, operating margin of 31.9% and diluted EPS of €1.28, up 9%;
    • Initiating guidance for FY25: total revenue growth expected between 6% and 8%, operating margin between 32.6% and 32.9%, up 70-100 basis points, and diluted EPS of €1.36-€1.39;
    • Revealing 3D UNIV+RSES and their AI-based services.

    Dassault Systèmes’ Chief Executive Officer Commentary

    Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

    “2024 has been a year of competitive success, driven by the expansion of 3DEXPERIENCE across industries, domains and geographies, and redefining our strategic partnerships with industry leaders such as Volkswagen, Lockheed Martin, Mahindra & Mahindra, Airbus, and Bristol-Myers Squibb.

    Key to this success is the relevance of 3DEXPERIENCE combining deep industry knowledge and know-how to help customers enhance their value propositions and empower their teams. This will nurture our future growth and build the foundation for broad cloud adoption.

    Building on this strong foundation, we are excited to announce a new era for Dassault Systèmes. We are fully committed to creating UNIV+RSES, a combination of multiple virtual twins, integrating artificial intelligence to connect virtual and real, across all industry solutions. This will unlock new opportunities for our clients and position us as the trusted Global IP Generation and Management Company.”

    Dassault Systèmes’ Chief Financial Officer Commentary

    (revenue, operating margin and diluted EPS (‘EPS’) growth rates in constant currencies,
    data on a non-IFRS basis)

    Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

    “We delivered a strong Q4 in the context of a challenging year, with total revenue up 7%, driven by new business growth of 13% in the quarter. From a product line perspective, this performance was led by Industrial Innovation, up 8%, as a result of the wider adoption of 3DEXPERIENCE, with a focus on manufacturing. At the same time, we saw continued excellent performance in Mainstream Innovation while in Life Sciences, MEDIDATA returned to growth.

    Turning to the bottom line, profitability improved in the quarter with an operating margin of 36.3%, up 70 basis points driven by productivity gains, and EPS increased by a strong 11%.

    For 2024, software revenue growth was 6% and EPS grew by 9%. Operating cash flow came in at €1.66 billion resulting in a net cash position of €1.46 billion, highlighting our capacity for future investments.

    Looking ahead, we are confident in our growth outlook and competitive positioning.

    As such, for 2025 we anticipate total revenue growth between 6% and 8%, operating margin expansion of 70-100 basis points and EPS up 7% to 10%.

    Lastly, we are delighted to hold our Capital Markets Day this coming June, at our headquarters in Paris where it will be the opportunity to discuss our vision for the next horizon.”

    Financial Summary

    In millions of Euros,
    except per share data and percentages    		   IFRS   IFRS
      Q4 2024 Q4 2023 Change Change in constant currencies   YTD 2024 YTD 2023 Change Change in constant currencies
    Total Revenue   1,754.2 1,643.4 7% 7%   6,213.6 5,951.4 4% 5%
    Software Revenue   1,601.5 1,476.1 8% 9%   5,613.3 5,360.0 5% 6%
    Operating Margin   27.6% 23.2% +4.3pts     21.9% 20.9% +1.0pt  
    Diluted EPS   0.30 0.25 20%     0.90 0.79 14%  
    In millions of Euros,
    except per share data and percentages    		   Non-IFRS   Non-IFRS
      Q4 2024 Q4 2023 Change Change in constant currencies   YTD 2024 YTD 2023 Change Change in constant currencies
    Total Revenue   1,754.2 1,643.4 7% 7%   6,213.6 5,951.4 4% 5%
    Software Revenue   1,601.5 1,476.1 8% 9%   5,613.3 5,360.0 5% 6%
    Operating Margin   36.3% 35.9% +0.4pt     31.9% 32.4% (0.4)pt  
    Diluted EPS   0.40 0.36 9% 11%   1.28 1.20 7% 9%

    Fourth Quarter 2024 Versus 2023 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue in the fourth quarter grew by 7% to €1.75 billion, and software revenue increased by 9% to €1.60 billion. Subscription & support revenue rose 7%; recurring revenue represented 75% of software revenue. Licenses and other software revenue increased by 15% to €405 million. Services revenue was down 9% to €153 million, during the quarter.
    • Software Revenue by Geography: Revenue in the Americas increased by 5% to represent 37% of software revenue, led by Aerospace & Defense. Europe (43% of software revenue) grew by 14%, thanks to large deals closed in Aerospace & Defense and Home & Lifestyle. In Asia, revenue increased by 7%, led by Japan and India, while China remained volatile. Asia represented 20% of software revenue at the end of the fourth quarter.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue increased by 8% to €902 million, driven by strong momentum with 3DEXPERIENCE wins and many strategic competitive displacements, led by DELMIA in manufacturing. Industrial Innovation software represented 56% of software revenue.
      • Life Sciences software revenue was flat, at €298 million, accounting for 19% of software revenue. MEDIDATA returned to growth, up 1% in the quarter, highlighting progressive improvement.
      • Mainstream Innovation software revenue increased by 17% to €402 million, with SOLIDWORKS achieving its best quarter since 2022 and CENTRIC PLM maintaining strong momentum. Mainstream Innovation represented 25% of software revenue, during the period.
    • Software Revenue by Industry: Aerospace & Defense, Home & Lifestyle and Industrial Equipment were among the best performers during the quarter.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 22% thanks to major deals signings in Aerospace & Defense and Transport & Mobility. 3DEXPERIENCE software revenue represented 46% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 6% and represented 22% of software revenue during the period. Excluding MEDIDATA, Cloud software revenue increased by 19%.
    • Operating Income and Margin: IFRS operating income rose by 27% at €483 million, as reported. Non-IFRS operating income increased by 9% in constant currencies at €637 million (up 8% as reported). The IFRS operating margin stood at 27.6% compared to 23.2% in the fourth quarter of 2023. The non-IFRS operating margin totaled 36.3% versus 35.9% during the same period last year, up 70 basis points in constant currencies.
    • Earnings per Share: IFRS diluted EPS was €0.30, up 20% as reported. Non-IFRS diluted EPS grew to €0.40, up 9% as reported, or 11% in constant currencies.

    Fiscal 2024 Versus 2023 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue grew by 5% to €6.21 billion. Software revenue increased by 6% to €5.61 billion. Subscription and support revenue rose to €4.49 billion up 6%; recurring revenue represented 80% of total software revenue. Licenses and other software revenue grew by 4% to €1.13 billion. Services revenue came at €600 million, up 2%.
    • Software Revenue by Geography: The Americas increased by 4% and represented 39% of software revenue. Europe rose by 6% and represented 38% of software revenue. Asia grew by 9%, representing 22% of software revenue.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue was up 5% to €3.02 billion and represented 54% of software revenue. DELMIA, ENOVIA and SIMULIA exhibited the strongest performance.
    • Life Sciences software revenue decreased by 1% to €1.14 billion, representing 20% of software revenue.
    • Mainstream Innovation software revenue increased by 13% to €1.45 billion. Mainstream Innovation represented 26% of software revenue.
    • Software Revenue by Industry: Home & Lifestyle, Aerospace and Defense, High-Tech and Industrial equipment displayed some of the strongest performance.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 14%, representing 39% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 24% of software revenue. Excluding MEDIDATA, Cloud software revenue increased by more than 40% versus last year.
    • Operating Income and Margin: IFRS operating income increased by 9% to €1.36 billion, as reported. Non-IFRS operating income increased by 3% as reported, up 4% in constant currencies, to €1.98 billion. IFRS operating margin totaled 21.9% compared to 20.9% in 2023. The non-IFRS operating margin stood at 31.9% in 2024 compared to 32.4% last year.
    • Earnings per Share: IFRS diluted EPS was up 14% as reported, to €0.90. Non-IFRS diluted EPS grew by 7% to €1.28, as reported, up 9% in constant currencies.
    • Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.66 billion, up 6% year over year at reported rate with strong cash conversion and good cash collection, offset by receivables up on higher business activity in the fourth quarter.
    • Balance Sheet (IFRS): Dassault Systèmes had a net cash position of €1.46 billion as of December 31, 2024, an increase of €0.88 billion, compared to €0.58 billion for the year ending December 31, 2023. Cash and cash equivalents totaled €3.95 billion at the end of December 2024. The movements of the year on cash and cash equivalents include the reimbursement for €700 million of the second tranche of the bond issued by the company in 2019.

    Financial Objectives for 2025

    Dassault Systèmes’ first quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:

               
          Q1 2025 FY 2025  
      Total Revenue (billion) €1.535 – €1.601 €6.550 – €6.650  
      Growth 2 – 7% 5 – 7%  
      Growth ex FX 3 – 8% 6 – 8%  
               
      Software revenue growth * 3 – 8% 6 – 8%  
        Of which licenses and other software revenue growth * 0 – 9% 3 – 5%  
        Of which recurring revenue growth * 4 – 8% 7 – 9%  
     

    Services revenue growth *

    0 – 4%

    		 3 – 6%  
               
      Operating Margin 31.0% – 31.1% 32.6% – 32.9%  
               
      EPS Diluted €0.30 – €0.32 €1.36 – €1.39  
      Growth 2 – 6% 6 – 8%  
      Growth ex FX 3 – 7% 7 – 10%  
               
      US dollar $1.10 per Euro $1.10 per Euro  
      Japanese yen (before hedging) JPY 155.0 per Euro JPY 155.0 per Euro  
      * Growth in Constant Currencies      

    These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

    The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €161 million (these estimates do not include any new stock option or share grants issued after December 31, 2024); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €336 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €2 million.

    The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after December 31, 2024.

    Corporate Announcements

    Today’s Webcast and Conference Call Information

    Today, Tuesday, February 4, 2025, Dassault Systèmes will host, from Paris, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

    Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

    Investor Relations Events

    • First Quarter 2025 Earnings Release: April 24, 2025
    • Second Quarter 2025 Earnings Release: July 24, 2025
    • Third Quarter 2025 Earnings Release: October 23, 2025

    Forward-looking Information

    Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2023 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2024, available on the Group’s website www.3ds.com.

    In particular, please refer to the risk factor “Uncertain Global Economic Environment” in section 1.9.1.1 of the 2023 Universal Registration Document set out below for ease of reference:

    “In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

    • the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or terminate their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
    • the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and impact Dassault Systèmes’ business, for example, due to stricter export compliance rules or the introduction of new customs tariffs;
    • continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
    • uncertainties regarding the extent and duration of inflation could adversely affect the financial position of Dassault Systèmes; and
    • the sales cycle of Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

    The occurrence of crises – health and political in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively impact Dassault Systèmes’ revenue, financial performance and market position.

    Dassault Systèmes makes every effort to take into consideration this uncertain macroeconomic outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

    In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the first quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.   

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2024.

    In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 350,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit www.3ds.com

    Dassault Systèmes Investor Relations Team                        FTI Consulting

    Beatrix Martinez: +33 1 61 62 40 73                                Arnaud de Cheffontaines: +33 1 47 03 69 48

                                                                    Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        

    arnaud.malherbe@3ds.com        

    +33 (0)1 61 62 87 73

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    APPENDIX TABLE OF CONTENTS

    Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.    

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

    Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

    While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant exchange rates is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

    Information on Growth excluding acquisitions (“organic growth”)

    In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

    Information on Industrial Sectors

    The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

    These three sectors comprise twelve industries:

    • Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
    • Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, med practices, and Medtech;
    • Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

    Information on Product Lines

    The Group’s product lines financial reporting include the following financial information:

    • Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
    • Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
    • Mainstream Innovation software revenue which includes its CENTRIC PLM and 3DVIA brands, as well as its 3DEXPERIENCE WORKS family which includes the SOLIDWORKS brand.

    Starting from 2022, OUTSCALE became a brand of the Group, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

    GEOs

    Eleven GEOs are responsible for driving development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

    These GEOs are structured into three groups:

    • the “Americas” group, made of two GEO’s;
    • the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEO’s;
    • the “Asia” group, comprising Asia and Oceania and made of five GEO’s.

    3DEXPERIENCE Software Contribution

    To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes uses the following ratio: for software revenue, the Group calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

    Cloud revenue

    Cloud revenues correspond to revenue generated through a catalog of cloud-based solutions, infrastructure as a service, cloud solution development and cloud managed services. They are delivered by Dassault Systèmes via a cloud infrastructure hosted by Dassault Systèmes, or by third party providers of cloud computing infrastructure services. These offerings are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscriptions models or perpetual licenses with support and hosting services.

    New business

    New business is the combination of subscription revenue and licenses & other software revenue.

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

    (unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

    Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

    Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

    In millions of Euros, except per share data, percentages, headcount and exchange rates Non-IFRS reported
    Three months ended Twelve months ended
    December 31,

    2024

    		 December 31,

    2023

    		 Change Change in constant currencies December 31,

    2024

    		 December 31,

    2023

    		 Change Change in constant currencies
    Total Revenue € 1,754.2 € 1,643.4 7% 7% € 6,213.6 € 5,951.4 4% 5%
                     
    Revenue breakdown by activity                
    Software revenue 1,601.5 1,476.1 8% 9% 5,613.3 5,360.0 5% 6%
    Of which licenses and other software revenue 405.4 351.9 15% 15% 1,125.2 1,087.6 3% 4%
    Of which subscription and support revenue 1,196.1 1,124.3 6% 7% 4,488.1 4,272.4 5% 6%
    Services revenue 152.8 167.3 (9)% (9)% 600.3 591.4 2% 2%
                     
    Software revenue breakdown by product line                
    Industrial Innovation 901.8 837.3 8% 8% 3,019.6 2,908.0 4% 5%
    Life Sciences 297.7 295.1 1% 0% 1,144.2 1,158.9 (1)% (1)%
    Mainstream Innovation 402.0 343.7 17% 17% 1,449.4 1,293.2 12% 13%
                     
    Software Revenue breakdown by geography                
    Americas 595.0 566.7 5% 5% 2,214.7 2,141.9 3% 4%
    Europe 685.0 601.1 14% 14% 2,150.4 2,027.3 6% 6%
    Asia 321.4 308.4 4% 7% 1,248.1 1,190.8 5% 9%
                     
    Operating income € 636.8 € 589.8 8%   € 1,983.7 € 1,925.6 3%  
    Operating margin 36.3% 35.9%     31.9% 32.4%    
                     
    Net income attributable to shareholders € 530.7 € 487.2 9%   € 1,705.1 € 1,597.9 7%  
    Diluted earnings per share € 0.40 € 0.36 9% 11% € 1.28 € 1.20 7% 9%
                     
    Closing headcount 26,026 25,573 2%   26,026 25,573 2%  
                     
    Average Rate USD per Euro 1.07 1.08 (1)%   1.08 1.08 0%  
    Average Rate JPY per Euro 162.55 159.12 2%   163.85 151.99 8%  

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

    In millions of Euros Non-IFRS reported o/w growth at constant rate and scope o/w change of scope impact at current year rate o/w FX impact on previous year figures
    December 31,

    2024

    		 December 31,

    2023

    		 Change
    Revenue QTD 1,754.2 1,643.4 110.9 111.8 0.6 (1.6)
    Revenue YTD 6,213.6 5,951.4 262.2 302.0 2.2 (42.0)

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (unaudited; in millions of Euros, except per share data and percentages)

    In millions of Euros, except per share data and percentages IFRS reported
    Three months ended Twelve months ended
    December 31, December 31, December 31, December 31,
    2024 2023 2024 2023
    Licenses and other software revenue 405.4 351.9 1,125.2 1,087.6
    Subscription and Support revenue 1,196.1 1,124.3 4,488.1 4,272.4
    Software revenue 1,601.5 1,476.1 5,613.3 5,360.0
    Services revenue 152.8 167.3 600.3 591.4
    Total Revenue € 1,754.2 € 1,643.4 € 6,213.6 € 5,951.4
    Cost of software revenue (1) (134.1) (124.9) (498.5) (453.9)
    Cost of services revenue (132.7) (131.0) (517.8) (517.1)
    Research and development expenses (327.7) (317.5) (1,286.2) (1,228.3)
    Marketing and sales expenses (456.6) (429.3) (1,704.3) (1,624.5)
    General and administrative expenses (136.4) (124.8) (470.5) (450.6)
    Amortization of acquired intangible assets and of tangible assets revaluation (87.5) (94.9) (361.6) (378.9)
    Other operating income and expense, net 4.2 (39.5) (15.0) (56.2)
    Total Operating Expenses (1,270.9) (1,261.8) (4,854.0) (4,709.5)
    Operating Income € 483.4 € 381.6 € 1,359.6 € 1,241.9
    Financial income (loss), net 22.9 27.8 118.4 59.0
    Income before income taxes € 506.3 € 409.4 € 1,478.0 € 1,300.9
    Income tax expense (95.4) (79.1) (279.9) (250.7)
    Net Income € 410.9 € 330.3 € 1,198.1 € 1,050.2
    Non-controlling interest 1.1 (0.3) 2.1 0.7
    Net Income attributable to equity holders of the parent € 412.0 € 330.0 € 1,200.2 € 1,050.9
    Basic earnings per share 0.31 0.25 0.91 0.80
    Diluted earnings per share € 0.30 € 0.25 € 0.90 € 0.79
    Basic weighted average shares outstanding (in millions) 1,312.7 1,314.1 1,313.3 1,315.1
    Diluted weighted average shares outstanding (in millions) 1,330.0 1,336.6 1,333.4 1,336.8

    (1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.

    IFRS reported

     

    		 Three months ended December 31, 2024 Twelve months ended December 31, 2024
    Change (2) Change in constant currencies Change (2) Change in constant currencies
    Total Revenue 7% 7% 4% 5%
    Revenue by activity        
    Software revenue 8% 9% 5% 6%
    Services revenue (9)% (9)% 2% 2%
    Software Revenue by product line        
    Industrial Innovation 8% 8% 4% 5%
    Life Sciences 1% 0% (1)% (1)%
    Mainstream Innovation 17% 17% 12% 13%
    Software Revenue by geography        
    Americas 5% 5% 3% 4%
    Europe 14% 14% 6% 6%
    Asia 4% 7% 5% 9%

    (2) Variation compared to the same period in the prior year.

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    December 31, December 31,
    2024 2023
    ASSETS    
    Cash and cash equivalents 3,952.6 3,568.3
    Trade accounts receivable, net 2,120.9 1,707.9
    Contract assets 30.1 26.8
    Other current assets 464.0 477.1
    Total current assets 6,567.6 5,780.1
    Property and equipment, net 945.8 882.8
    Goodwill and Intangible assets, net 7,687.1 7,647.0
    Other non-current assets 345.5 312.5
    Total non-current assets 8,978.3 8,842.3
    Total Assets € 15,545.9 € 14,622.5
    LIABILITIES    
    Trade accounts payable 259.9 230.5
    Contract liabilities 1,663.4 1,479.3
    Borrowings, current 450.8 950.1
    Other current liabilities 1,147.4 901.0
    Total current liabilities 3,521.5 3,561.0
    Borrowings, non-current 2,042.8 2,040.6
    Other non-current liabilities 900.9 1,174.8
    Total non-current liabilities 2,943.7 3,215.4
    Non-controlling interests 14.1 11.9
    Parent shareholders’ equity 9,066.6 7,834.1
    Total Liabilities € 15,545.9 € 14,622.5

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    Three months ended Twelve months ended
    December 31, December 31, Change December 31, December 31, Change
    2024 2023 2024 2023
    Net income attributable to equity holders of the parent 412.0 330.0 82.0 1,200.2 1,050.9 149.3
    Non-controlling interest (1.1) 0.3 (1.4) (2.1) (0.7) (1.4)
    Net income 410.9 330.3 80.6 1,198.1 1,050.2 147.9
    Depreciation of property and equipment 49.7 44.0 5.7 191.9 182.4 9.4
    Amortization of intangible assets 89.4 96.8 (7.4) 369.1 387.1 (18.0)
    Adjustments for other non-cash items (75.9) (48.8) (27.0) 37.7 74.7 (37.0)
    Changes in working capital (162.1) (128.8) (33.3) (137.0) (129.2) (7.7)
    Net Cash From Operating Activities € 312.0 € 293.4 € 18.6 € 1,659.8 € 1,565.2 € 94.6
                 
    Additions to property, equipment and intangibles assets (49.1) (42.5) (6.6) (193.4) (145.3) (48.1)
    Payment for acquisition of businesses, net of cash acquired (4.2) (0.5) (3.8) (22.5) (16.1) (6.4)
    Other 0.3 0.1 0.1 24.1 (0.3) 24.4
    Net Cash Provided by (Used in) Investing Activities € (53.1) € (42.9) € (10.2) € (191.7) € (161.6) € (30.1)
                 
    Proceeds from exercise of stock options 4.4 28.5 (24.1) 48.4 67.0 (18.6)
    Cash dividends paid – 0.0 (0.0) (302.7) (276.2) (26.4)
    Repurchase and sale of treasury stock (0.5) 10.6 (11.1) (374.0) (375.4) 1.4
    Capital increase – (0.0) 0.0 – 146.1 (146.1)
    Acquisition of non-controlling interests (0.0) (0.1) 0.1 (3.3) (0.9) (2.4)
    Proceeds from borrowings – 0.0 (0.0) 200.2 20.3 179.9
    Repayment of borrowings (100.0) 0.1 (100.0) (700.9) (28.1) (672.7)
    Repayment of lease liabilities (18.7) (26.3) 7.7 (79.7) (89.4) 9.7
    Net Cash Provided by (Used in) Financing Activities € (114.8) € 12.7 € (127.5) € (1,211.9) € (536.7) € (675.2)
                 
    Effect of exchange rate changes on cash and cash equivalents 150.8 (63.2) 213.9 128.2 (67.5) 195.7
                 
    Increase (decrease) in cash and cash equivalents € 294.9 € 200.1 € 94.8 € 384.3 € 799.3 € (415.0)
                 
    Cash and cash equivalents at beginning of period € 3,657.7 € 3,368.1   € 3,568.3 € 2,769.0  
    Cash and cash equivalents at end of period € 3,952.6 € 3,568.3   € 3,952.6 € 3,568.3  

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Three months ended December 31, Change
    2024 Adjustment(1) 2024 2023 Adjustment(1) 2023 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 1,754.2 – € 1,754.2 € 1,643.4 – € 1,643.4 7% 7%
    Revenue breakdown by activity                
    Software revenue 1,601.5 – 1,601.5 1,476.1 – 1,476.1 8% 8%
    Licenses and other software revenue 405.4 – 405.4 351.9 – 351.9 15% 15%
    Subscription and Support revenue 1,196.1 – 1,196.1 1,124.3 – 1,124.3 6% 6%
    Recurring portion of Software revenue 75%   75% 76%   76%    
    Services revenue 152.8 – 152.8 167.3 – 167.3 (9)% (9)%
    Software Revenue breakdown by product line                
    Industrial Innovation 901.8 – 901.8 837.3 – 837.3 8% 8%
    Life Sciences 297.7 – 297.7 295.1 – 295.1 1% 1%
    Mainstream Innovation 402.0 – 402.0 343.7 – 343.7 17% 17%
    Software Revenue breakdown by geography                
    Americas 595.0 – 595.0 566.7 – 566.7 5% 5%
    Europe 685.0 – 685.0 601.1 – 601.1 14% 14%
    Asia 321.4 – 321.4 308.4 – 308.4 4% 4%
    Total Operating Expenses € (1,270.9) € 153.4 € (1,117.5) € (1,261.8) € 208.2 € (1,053.6) 1% 6%
    Share-based compensation expense and related social charges (69.7) 69.7 – (73.2) 73.2 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (87.5) 87.5 – (94.9) 94.9 –    
    Lease incentives of acquired companies (0.4) 0.4 – (0.7) 0.7 –    
    Other operating income and expense, net 4.2 (4.2) – (39.5) 39.5 –    
    Operating Income € 483.4 € 153.4 € 636.8 € 381.6 € 208.2 € 589.8 27% 8%
    Operating Margin 27.6%   36.3% 23.2%   35.9%    
    Financial income (loss), net 22.9 1.1 24.0 27.8 1.0 28.8 (18)% (17)%
    Income tax expense (95.4) (33.2) (128.6) (79.1) (51.3) (130.4) 21% (1)%
    Non-controlling interest 1.1 (2.6) (1.5) (0.3) (0.7) (1.0) N/A 53%
    Net Income attributable to shareholders € 412.0 € 118.7 € 530.7 € 330.0 € 157.2 € 487.2 25% 9%
    Diluted Earnings Per Share (3) € 0.30 € 0.10 € 0.40 € 0.25 € 0.12 € 0.36 20% 9%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Three months ended December 31, Change
    2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 2023

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2023

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (266.9) 5.0 0.1 (261.8) (255.9) 3.6 0.2 (252.1) 4% 4%
    Research and development expenses (327.7) 18.2 0.2 (309.3) (317.5) 28.5 0.3 (288.7) 3% 7%
    Marketing and sales expenses (456.6) 25.1 0.1 (431.4) (429.3) 20.9 0.1 (408.3) 6% 6%
    General and administrative expenses (136.4) 21.4 0.0 (115.0) (124.8) 20.2 0.0 (104.5) 9% 10%
    Total   € 69.7 € 0.4     € 73.2 € 0.7      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,330.0 million diluted shares for Q4 2024 and 1,336.6 million diluted shares for Q4 2023, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 394.7 million for Q4 2024 (€ 330.0 million for Q4 2023). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Twelve months ended December 31, Change
    2024 Adjustment(1) 2024 2023 Adjustment(1) 2023 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 6,213.6   € 6,213.6 € 5,951.4 – € 5,951.4 4% 4%
    Revenue breakdown by activity                
    Software revenue 5,613.3   5,613.3 5,360.0 – 5,360.0 5% 5%
    Licenses and other software revenue 1,125.2 – 1,125.2 1,087.6 – 1,087.6 3% 3%
    Subscription and Support revenue 4,488.1   4,488.1 4,272.4 – 4,272.4 5% 5%
    Recurring portion of Software revenue 80%   80% 80%   80%    
    Services revenue 600.3 – 600.3 591.4 – 591.4 2% 2%
    Software Revenue breakdown by product line                
    Industrial Innovation 3,019.6 – 3,019.6 2,908.0 – 2,908.0 4% 4%
    Life Sciences 1,144.2 – 1,144.2 1,158.9 – 1,158.9 (1)% (1)%
    Mainstream Innovation 1,449.4 – 1,449.4 1,293.2 – 1,293.2 12% 12%
    Software Revenue breakdown by geography                
    Americas 2,214.7   2,214.7 2,141.9 – 2,141.9 3% 3%
    Europe 2,150.4 – 2,150.4 2,027.3 – 2,027.3 6% 6%
    Asia 1,248.1 – 1,248.1 1,190.8 – 1,190.8 5% 5%
    Total Operating Expenses € (4,854.0) € 624.2 € (4,229.8) € (4,709.5) € 683.7 € (4,025.8) 3% 5%
    Share-based compensation expense and related social charges (245.6) 245.6 – (245.8) 245.8 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (361.6) 361.6 – (378.9) 378.9 –    
    Lease incentives of acquired companies (1.9) 1.9 – (2.8) 2.8 –    
    Other operating income and expense, net (15.0) 15.0 – (56.2) 56.2 –    
    Operating Income € 1,359.6 € 624.2 € 1,983.7 € 1,241.9 € 683.7 € 1,925.6 9% 3%
    Operating Margin 21.9%   31.9% 20.9%   32.4%    
    Financial income (loss), net 118.4 3.2 121.6 59.0 29.3 88.2 101% 38%
    Income tax expense (279.9) (117.0) (396.8) (250.7) (164.1) (414.8) 12% (4)%
    Non-controlling interest 2.1 (5.5) (3.4) 0.7 (1.9) (1.2) 190% 187%
    Net Income attributable to shareholders € 1,200.2 € 504.9 € 1,705.1 € 1,050.9 € 546.9 € 1,597.9 14% 7%
    Diluted Earnings Per Share (3) € 0.90 € 0.38 € 1.28 € 0.79 € 0.41 € 1.20 14% 7%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Twelve months ended December 31, Change
    2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 2023

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2023

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (1,016.3) 16.2 0.5 (999.5) (971.0) 15.7 0.8 (954.4) 5% 5%
    Research and development expenses (1,286.2) 76.9 0.9 (1,208.4) (1,228.3) 94.4 1.3 (1,132.6) 5% 7%
    Marketing and sales expenses (1,704.3) 80.8 0.3 (1,623.3) (1,624.5) 73.6 0.5 (1,550.4) 5% 5%
    General and administrative expenses (470.5) 71.7 0.2 (398.7) (450.6) 62.2 0.2 (388.3) 4% 3%
    Total   € 245.6 € 1.9     € 245.8 € 2.8      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,333.4 million diluted shares for YTD 2024 and 1,336.8 million diluted shares for YTD 2023.

    1 IFRS figures for 4Q24: total revenue at €1.75 billion, operating margin of 27.6% and diluted EPS at €0.30; IFRS figures for FY24: total revenue at €6.21 billion, operating margin of 21.9% and diluted EPS at €0.90.  

    Attachment

    The MIL Network –

  • MIL-Evening Report: Around 3% of us will develop a brain aneurysm in our lives. So what is it and how do you treat it?

    Source: The Conversation (Au and NZ) – By Theresa Larkin, Associate Professor of Medical Sciences, University of Wollongong

    Elif Bayraktar/Shutterstock

    Australian radio host Kyle Sandilands announced on air yesterday that he has a brain aneurysm and needs urgent brain surgery.

    Typically an aneurysm occurs when a part of the wall of an artery (a type of blood vessel) becomes stretched and bulges out.

    You can get an aneurysm in any blood vessel, but they are most common in the brain’s arteries and the aorta, the large artery that leaves the heart.

    Many people can have a brain aneurysm and never know. But a brain (or aortic) aneurysm that ruptures and bursts can be fatal.

    So, what causes a brain aneurysm? And what’s the risk of rupture?

    Weakness in the artery wall

    Our arteries need strong walls because blood is constantly pumped through them and pushed against the walls.

    An aneurysm can develop if there is a weak part of an artery wall.

    The walls of arteries are made of three layers: an inner lining of cells, a middle layer of muscle and elastic fibres, and a tough outer layer of mostly collagen (a type of protein). Damage to any of these layers causes the wall to become thin and stretched. It can then balloon outward, leading to an aneurysm.

    Genetics and certain inherited disorders can cause weak artery walls and brain aneurysms in some people.

    For all of us, our artery walls become weaker as we age, and brain aneurysms are more common as we get older. The average age for a brain aneurysm to be detected is 50 (Sandilands is 53).

    Females have a higher risk of brain aneurysm than males after about age 50. Declining oestrogen around menopause reduces the collagen in the artery wall, causing it to become weaker.

    An illustration showing a brain aneurysm.
    A brain aneurysm occurs when a part of the wall of an artery balloons out.
    Alfmaler/Shutterstock

    High blood pressure can increase the risk of a brain aneurysm. In someone with high blood pressure, blood inside the arteries is pushed against the walls with greater force. This can stretch and weaken the artery walls.

    Another common condition called atherosclerosis can also cause brain aneurysms. In atherosclerosis, plaques made mostly of fat build up in arteries and stick to the artery walls. This directly damages the cell lining, and weakens the muscle and elastic fibres in the middle layer of the artery wall.

    Several lifestyle factors increase risk

    Anything that increases inflammation or causes atherosclerosis or high blood pressure in turn increases your risk of a brain aneurysm.

    Smoking and heavy drinking affect all of these, and nicotine directly damages the artery wall.

    Sandilands mentioned his cocaine use in discussing his diagnosis. He said:

    The facts are, a life of cocaine abuse and partying are not the way to go.

    Indeed, cocaine abuse increases the risk of a brain aneurysm. It causes very high blood pressure because it causes arteries to spasm and constrict. Cocaine use is also linked to worse outcomes if a brain aneurysm ruptures.

    Stress and a high-fat diet also increase inflammation. High cholesterol can also cause atherosclerosis. And being overweight increases your blood pressure.

    A study of more than 60,000 people found smoking and high blood pressure were the strongest risk factors for a brain aneurysm.

    Is it always a medical emergency?

    About three in 100 people will have a brain aneurysm, varying in size from less than 5mm to more than 25mm in diameter. The majority are only discovered while undergoing imaging for something else (for example, head trauma), because small aneurysms may not cause any symptoms.

    Larger aneurysms can cause symptoms because they can press against brain tissues and nerves.

    Sandilands described “a lot of headache problems” leading up to his diagnosis. Headaches can be due to minor leaks of blood from the aneurysm. They indicate a risk of the aneurysm rupturing in subsequent days or weeks.

    Less than one in 100 brain aneurysms will rupture, often called a “brain bleed”. This causes a subarachnoid haemorrhage, which is a type of stroke.

    If it does occur, rupture of a brain aneurysm is life-threatening: nearly one in four people will die within 24 hours, and one in two within three months.

    If someone’s brain aneurysm ruptures, they usually experience a sudden, severe headache, often described as a “thunderclap headache”. They may also have other symptoms of a stroke such as changes in vision, loss of movement, nausea, vomiting and loss of consciousness.

    Surgeons performing brain surgery under lights.
    Surgery can repair a brain aneurysm, and stop it from rupturing.
    Roman Zaiets/Shutterstock

    Surgery can prevent a rupture

    Whether surgery will be used to treat a brain aneurysm depends on its size and location, as well as the age and health of the patient. The medical team will balance the potential benefits with the risks of the surgery.

    A small aneurysm with low risk of rupture will usually just be monitored.

    However, once a brain aneurysm reaches 7mm or more, surgery is generally needed.

    In surgery to repair a brain aneurysm, the surgeon will temporarily remove a small part of the skull, then cut through the coverings of the brain to place a tiny metal clip to close off the bulging part of the aneurysm.

    Another option is endovascular (meaning within the vessel) coiling. A surgeon can pass a catheter into the femoral artery in the thigh, through the aorta to the brain. They can then place a coil inside the aneurysm which forms a clot to close off the aneurysm sac.

    After either surgery, usually the person will stay in hospital for up to a week. It can take 6–8 weeks for full recovery, though doctors may continue monitoring with annual imaging tests for a few years afterwards.

    You can lower your risk of a brain aneurysm by not smoking, moderating alcohol intake, eating a healthy diet, exercising regularly and maintaining a healthy weight.

    The Conversation

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Around 3% of us will develop a brain aneurysm in our lives. So what is it and how do you treat it? – https://theconversation.com/around-3-of-us-will-develop-a-brain-aneurysm-in-our-lives-so-what-is-it-and-how-do-you-treat-it-248882

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Tuberville, Moran Introduce Legislation to Improve Access to Care for Veterans

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Jerry Moran (R-KS) in cosponsoring the Veterans’ Assuring Critical Care Expansions to Support Servicemembers (ACCESS) Act of 2025, which would increase access to care for veterans through the Department of Veterans Affairs (VA) providers in the community.

    “Veterans have paid the ultimate sacrifice in order to secure our freedom,” said Sen. Tuberville. “Over the last four years, many veterans have endured painfully long wait times and few options for care outside the VA. We should be providing quality and timely community care options—not making it harder for veterans to even get through the door. This legislation is a crucial step in righting the wrongs of the past administration. I trust that soon-to-be Secretary Doug Collins will prioritize getting veterans access to the care they earned.”

    U.S. Senators Tuberville and Moran are joined by U.S. Sens. Jim Banks (R-IN) and Thom Tillis (R-NC).

    The legislation is endorsed by the Wounded Warrior Project, Disabled American Veterans, The American Legion, the Veterans of Foreign Wars of the United States, Paralyzed Veterans of America, Military Officers Association of America, America’s Warrior Partnership, Vietnam Veterans of America, the Tragedy Assistance Program for Survivors, the Elizabeth Dole Foundation, the Military Order of the Purple Heart, Hunter Seven Foundation, Concerned Veterans for America, Americans for Prosperity and the National Defense Committee.

    Full text of the legislation can be found here. 

    BACKGROUND:

    The Veterans’ Assuring Critical Care Expansions to Support Servicemembers (ACCESS) Act of 2025 would establish existing community care access standards as the baseline standard of care for veterans seeking care in the community, increase access to life-saving treatment programs for veterans with mental health conditions or addiction and expand the list of criteria VA is required to take into account when determining whether it is in a veteran’s best medical interest to refer a veteran to the community to include veteran preference and continuity of care.

    Last year, Sen. Tuberville joined Sen. Moran in sending a letter to former Secretary McDonough urging him to reassess actions taken by the VA to cut referrals to community care. Sen. Tuberville also partnered with Sen. Rubio in introducing the Ensuring Continuity in Veterans Health Act, which would require the VA to consider continuity of healthcare when deciding whether seeing a provider in the community is in a veteran’s best medical interest.

    MORE:

    Tuberville, Blackburn Reintroduce Bill to Improve Veterans’ Access to Health Care

    Tuberville, Blackburn Introduce Legislation to Improve Veterans’ Access to Free-Market Health Care

    Tuberville Pushes Legislation to Improve Quality, Access to Care for Veterans

    Tuberville Questions Collins, Wants to Restore VA to its Original Mission

    The VA is broken, and Doug Collins can fix it

    The Dangerous Biden-Harris Plan to Leave our Veterans Behind

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI USA: 02.03.2025 Sen. Cruz Announced as Chairman of the Senate Foreign Relations Subcommittee on Africa and Global Health Policy

    US Senate News:

    Source: United States Senator for Texas Ted Cruz

    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas), a member of the Senate Foreign Relations Committee, issued the following statement after the announcement of subcommittee assignments for the 119th Congress on the Committee. Sen. Cruz will be the Chairman of the Subcommittee on Africa and Global Health Policy, as well as a member of the Subcommittee on Near East, South Asia, Central Asia, and Counterterrorism and the Subcommittee on Western Hemisphere, Transnational Crime, Civilian Security, Democracy, Human Rights, and Global Women’s Issues.
    Sen. Cruz said, “As the Chairman of the Subcommittee on Africa and Global Health Policy, I intend to pursue a robust oversight agenda and hearings schedule, with a focus on countering the Chinese Communist Party’s predatory practices toward our African partners. I will also focus on addressing threats posed by terrorist groups, freedom of navigation in the Red Sea, illicit finance across the continent, and diplomacy targeting us and our allies by malign actors. I look forward to also continuing work on other subcommittees strengthening strategic partnerships across the Middle East and the Western Hemisphere.”
    BACKGROUND
    The Senate Foreign Relations Subcommittees Sen. Cruz sits on holds jurisdiction over the following areas:
    Subcommittee on Africa and Global Health Policy:
    The subcommittee deals with all matters concerning U.S. relations with countries in Africa (except those, like the countries of North Africa, specifically covered by other subcommittees), as well as regional intergovernmental organizations like the African Union and the Economic Community of West African States. This subcommittee’s regional responsibilities include all matters within the geographic region, including matters relating to: (1) terrorism and non-proliferation; (2) crime and illicit narcotics; (3) U.S. foreign assistance programs; and (4) the promotion of U.S. trade and exports.
    In addition, this subcommittee has global responsibility for health-related policy, including disease outbreak and response.
    Subcommittee on Near East, South Asia, Central Asia, and Counterterrorism:
    This subcommittee deals with all matters concerning U.S. relations with the countries of the Middle East, North Africa, South Asia, and Central Asia, as well as regional intergovernmental organizations. This subcommittee’s regional responsibilities include all matters within the geographic region, including matters relating to: (1) terrorism and non-proliferation; (2) crime and illicit narcotics; (3) U.S. foreign assistance programs; and (4) the promotion of U.S. trade and exports.
    In addition, this subcommittee has global responsibility for counterterrorism matters.
    Subcommittee on Western Hemisphere, Transnational Crime, Civilian Security, Democracy, Human Rights, and Global Women’s Issues:
    This subcommittee deals with all matters concerning U.S. relations with the countries of the Western Hemisphere, including Canada, Mexico, Central and South America, Cuba, and the other countries in the Caribbean, as well as the Organization of American States. This subcommittee’s regional responsibilities include all matters within the geographic region, including matters relating to: (1) terrorism and non-proliferation; (2) crime and illicit narcotics; (3) U.S. foreign assistance programs; and (4) the promotion of U.S. trade and exports. In addition, this subcommittee has global responsibility for transnational crime, trafficking in persons (also known as modern slavery or human trafficking), global narcotics flows, civilian security, democracy, human rights, and global women’s issues.

    MIL OSI USA News –

  • MIL-OSI USA: Crapo, Wyden Announce Senate Finance Subcommittee Assignments

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon) today announced subcommittee assignments, Joint Committee on Taxation membership and the designation of members to serve as Congressional Trade Advisors for the 119th Congress.

    Subcommittee on Social Security, Pensions and Family Policy

    Republicans

    Chuck Grassley, IA, Chairman

    Todd Young, IN

    Marsha Blackburn, TN

    Democrats

    Bernard Sanders, VT

    Catherine Cortez Masto, NV

    Subcommittee on International Trade, Customs and Global Competitiveness

    Republicans

    John Cornyn, TX, Chairman

    Chuck Grassley, IA

    John Thune, SD

    Tim Scott, SC

    Steve Daines, MT

    Todd Young, IN

    Thom Tillis, NC

    Roger Marshall, KS

    Democrats

    Raphael Warnock, GA

    Michael Bennet, CO

    Mark Warner, VA

    Sheldon Whitehouse, RI

    Catherine Cortez Masto, NV

    Elizabeth Warren, MA

    Tina Smith, MN

    Subcommittee on Energy, Natural Resources and Infrastructure

    Republicans

    James Lankford, OK, Chairman

    John Cornyn, TX

    Tim Scott, SC

    Steve Daines, MT

    John Barrasso, WY

    Roger Marshall, KS

    Democrats

    Maria Cantwell, WA

    Michael Bennet, CO

    Maggie Hassan, NH

    Ben Ray Luján, NM

    Peter Welch, VT

    Subcommittee on Health Care

    Republicans

    Todd Young, IN, Chairman

    John Thune, SD

    Tim Scott, SC

    Bill Cassidy, LA

    James Lankford, OK

    Steve Daines, MT

    John Barrasso, WY

    Ron Johnson, WI

    Thom Tillis, NC

    Marsha Blackburn, TN

    Roger Marshall, KS

    Democrats

    Maggie Hassan, NH

    Mark Warner, VA

    Sheldon Whitehouse, RI

    Catherine Cortez Masto, NV

    Elizabeth Warren, MA

    Bernard Sanders, VT

    Tina Smith, MN

    Ben Ray Luján, NM

    Raphael Warnock, GA

    Peter Welch, VT

    Subcommittee on Taxation and IRS Oversight

    Republicans

    John Barrasso, WY, Chairman

    Chuck Grassley, IA

    John Cornyn, TX

    John Thune, SD

    Bill Cassidy, LA

    James Lankford, OK

    Ron Johnson, WI

    Thom Tillis, NC

    Marsha Blackburn, TN

    Democrats

    Michael Bennet, CO

    Mark Warner, VA

    Sheldon Whitehouse, RI

    Maggie Hassan, NH

    Elizabeth Warren, MA

    Bernard Sanders, VT

    Ben Ray Luján, NM

    Raphael Warnock, GA

    Subcommittee on Fiscal Responsibility and Economic Growth

    Republicans

    Ron Johnson, WI, Chairman

    Bill Cassidy, LA

    Democrats

    Tina Smith, MN

    Designation of Members to Serve on the Joint Committee on Taxation

    Mike Crapo, ID

    Chuck Grassley, IA

    John Cornyn, TX

    Ron Wyden, OR

    Maria Cantwell, WA

    Designation of Members to Serve as Congressional Trade Advisors on Trade Policy and Negotiations

    Mike Crapo, ID

    Chuck Grassley, IA

    John Cornyn, TX

    Ron Wyden, OR

    Maria Cantwell, WA

    The chairman and ranking member are ex officio members of all subcommittees.

    The Rules of Procedure for the Senate Finance Committee are here.

    MIL OSI USA News –

  • MIL-Evening Report: How can you help your child make friends?

    Source: The Conversation (Au and NZ) – By Gretchen Geng, Professor in Innovative Education Futures, Flinders University

    One of the things children (and parents) may worry about at the start of the new school year is, will I have friends?

    This could be true for children starting or changing schools or simply going back to a new year with different class arrangements.

    How can parents talk to their kids about making friends?

    Why is it important to have friends?

    We research young people’s wellbeing and provide programs to schools on how to talk about mental health.

    Having lasting, meaningful friendships is extremely important for children’s health, development and wellbeing.

    They can validate young people’s aspirations and interests and help them feel like they belong. Friends can also help ease feelings of loneliness and anxiety, making it easier for children to engage in new activities and connect with others.

    On top of this, friendships can act as a “buffer” against bullying by providing emotional support if it does happen. Research also suggests, if children don’t have a supportive friendship network, they are more prone to be bullied at school.

    Having friends can help children feel like they belong.
    Monkey Business Images/ Shutterstock

    Help your child build confidence

    Some children find it harder to make friends than others. If your child is shy or introverted they may find it hard to meet new people.

    Let them know it is OK to start small. You don’t have to make ten best friends all at once! Making friends takes time and even just one or two good friends can make a big difference.

    To break the ice, encourage simple actions such as saying “hello” or offering a compliment: “That’s a cool handball” or “I love your Taylor Swift bracelet”.

    Encourage your child to do activities with other kids they enjoy. They can play a particular game or sport or do craft, dancing or reading. Tell them how it’s possible to be friends with lots of different kinds of people.

    Talk about the importance of friendship

    Research shows it’s important for parents to offer encouragement and guidance about friendships. This can lead to better quality friendships (how well friends get along) as children grow up.

    Parents can start to talk to their child about the importance of friendships from a young age. Some questions parents could ask include “Who did you play with today?”, “What did you like about playing with them?”, “What games did you play”.

    Parents can also start conversations about the value of friends and friendship. For example, parents could ask their child about the importance of sharing with friends (“it actually feels great to share and make your friends happy”).

    It’s important for parents to support their child’s friendships.
    DGL Images/ Shutterstock

    Encourage your child to talk

    Over time, children’s concept of friendships changes. Younger children view friends as somebody you can play with, while older children see friends as people they can trust and can share emotions and thoughts with.

    Research shows, parents can also help this transition with advice and encouragement. Encourage your child to express their feelings and talk about what happens at school, so you can work through any issues or tricky things together.

    This does not have to be a formal talk. You could chat while you are doing something else – like drawing, playing chess or throwing a ball.

    To create a safe space for your child to freely express their feelings and emotions, avoid being judgemental or critical. Instead, ask questions, like “if you do it again, will you do it differently?” or “was that a kind decision?”

    Encourage active listening

    You can also encourage your child to be a good and supportive friend.

    One way to do this is by being an active listener. This is about understanding what someone is saying (and possibly taking action because of it), not simply “hearing” what is said.

    You can suggest your child takes a deep breath and lets the other child finish what they are trying to say, instead of interrupting and talking over people.

    Active listening is a skill parents can practise with their child. Make a game and have fun doing it. Try it in the car, over the dinner table or in another informal setting.

    Deb Agnew and Shane Pill also developed versions of the Big Talks for Little People program on which this article is based.

    Gretchen Geng works for Flinders University. Big Talks for Little People receives funding from Breakthrough Mental Health Research Foundation, Little Heroes Foundation, Medibank, BeyondBank, and the South Australian Education Department.

    Phillip Slee works for Flinders University. Big Talks for Little People receives funding from Breakthrough Mental Health Research Foundation, Little Heroes Foundation, Medibank, BeyondBank, and the South Australian Education Department.

    – ref. How can you help your child make friends? – https://theconversation.com/how-can-you-help-your-child-make-friends-248534

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Senator Markey Joins Colleagues in Calling for Reinstatement of Inspectors General Fired by Trump

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Washington (January 31, 2025) – Senator Edward J. Markey (D-Mass.) joined Senator Gary Peters (D-MI), Ranking Member of the Homeland Security and Governmental Affairs Committee, and a group of 36 colleagues in a letter to President Trump, strongly condemning the President’s recent decision to remove Inspectors General (IGs) from at least 18 government agencies, and demanding their immediate reinstatement. The IGs who were removed included those overseeing the Departments of Defense, State, Education, Transportation, Veterans Affairs, Housing and Urban Development, Interior, Energy, Commerce, Agriculture, Labor, Health and Human Services, and Treasury, as well as the Environmental Protection Agency, the Office of Personnel Management, the Small Business Administration, and the Social Security Administration, and the Special Inspector General for Afghanistan Reconstruction. In the letter, the senators assert that President Trump’s actions violated the law and threaten the independence of these non-partisan watchdogs. Senator Peters helped lead the Inspector General Independence and Empowerment Act, which was signed into law in 2022 as part of the FY 2023 national defense bill, to require a President to provide a 30-day notice and substantive reasons for removal in writing to Congress before an Inspector General can be removed. 

    “Inspectors General are responsible for providing independent oversight of federal programs by working to root out waste, fraud, and abuse and protect taxpayer dollars – oversight our federal agencies desperately need,” the senators wrote. “The federal government and the American people count on these officials to operate in a professional and non-partisan way to hold our government accountable—regardless of who is in power.  Without strong, qualified, and independent officials to lead these critical efforts, the Administration risks wasting taxpayer dollars, and allowing fraud and misconduct to go unchecked.” 

    “While the President has the authority to remove Inspectors General from office, Congress has established clear requirements to ensure such removals are transparent and are not politicized,” wrote the senators. “With respect to your firings Friday night, Congress has not received either the mandatory 30-day notice or a rationale for their removal.  Because your actions violated the law, these IGs should be reinstated immediately, until such time as you have provided in writing ‘the substantive rationale, including detailed and case-specific reasons’ for each of the affected Inspectors General and the 30-day notice period has expired.”   

    The letter was signed by U.S. Senators Chuck Schumer (D-NY), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), Adam Schiff (D-CA), Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Ruben Gallego (D-AZ), Bernie Sanders (I-VT), Brian Schatz (D-HI), Maggie Hassan (D-NH), Jack Reed (D-RI), Dick Durbin (D-IL), Andy Kim (D-NJ), Alex Padilla (D-CA), Mazie Hirono (D-HI), Elissa Slotkin (D-MI), Amy Klobuchar (D-MN), John Hickenlooper (D-CO), Jacky Rosen (D-NV), Raphael Warnock (D-GA), Jeanne Shaheen (D-NH), Martin Heinrich (D-NM), Mark Warner (D-VA), Jeff Merkley (D-OR), Kirsten Gillibrand (D-NY), Lisa Blunt Rochester (D-DE), Maria Cantwell (D-WA), Patty Murray (D-WA), Mark Kelly (D-AZ), Tim Kaine (D-VA), Angela Alsobrooks (D-MD), and John Fetterman (D-PA).

    The full text of the letter can be found here

    MIL OSI USA News –

  • MIL-OSI New Zealand: Man critically injured in Birkenhead

    Source: New Zealand Police (National News)

    Police are responding to a serious assault in Birkenhead this afternoon.

    Just after 2pm, a man was located with injuries on Birkenhead Avenue by a member of the public.

    Waitematā Field Crime Manager, acting Detective Inspector Simon Harrison says an investigation is now underway to determine what has occurred.

    “At this early stage we believe the man has sustained stab wounds and he has been taken to Auckland City Hospital in a critical condition,” he says.

    Police would like to hear from the public who may have seen an incident unfold this afternoon.

    “Anyone who may have witnessed something taking place at an address or on the street should contact us,” acting Detective Inspector Harrison says.

    “We would also like to hear from anyone with information about a vehicle seen fleeing the scene a short time afterward.”

    Police have closed part of Birkenhead Avenue, near the intersection with Onewa Road.

    A scene examination will take place this afternoon as part of the investigation, acting Detective Inspector Harrison says.

    “Our investigation is still in the early stages in determing exactly what has taken place in Birkenhead this afternoon.

    “The public will see an increased presence of our staff in the area, and we appreciate the public’s understanding while our staff carry out their work at the scene.”

    Anyone with information is asked to contact Police on 105 using the reference number P061509544.

    ENDS.

    Jarred Williamson/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Arrests – Firearm incident – Coconut Grove

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has arrested three offenders after a serious assault with a firearm occurred in Coconut Grove overnight.

    Around 7:05pm, police received reports that a 23-year-old man had been seriously injured by offenders who had arrived in a black Mazda 3 at a residence on Litchfield Court, Coconut Grove.

    On Police and St John Ambulance arrival it was confirmed that the man had been shot in the legs. The victim was conveyed to Royal Darwin Hospital in a stable condition while detectives identified the alleged offenders were known to the victim.  

    Shortly after the incident, police confirmed that the vehicle involved was not stolen and was allegedly being borrowed by someone who was not the registered owner.

    Multiple units, including detectives from the Crime Command, the Territory Response Group, Katherine general duties and the Northern Investigations Section deployed and began tracking the vehicle.

    Shortly before 4am, a tyre deflation device was successfully deployed outside Katherine and two men, aged 19 and 22, and a 22-year-old woman were arrested without incident.

    Multiple edged weapons were found within the vehicle but the firearm allegedly used has yet to be located.

    Assistant Commissioner Travis Wurst said, “Major Crime and Northern Investigations teams are continuing to investigate this targeted attack and we are urging anyone with information to come forward.

    “I would like to commend every officer involved in the safe apprehension of these alleged offenders.

    “Anyone with information, particularly on the whereabouts of the firearm, can make contact with police on 131 444 and quote reference P25034096.” 

    MIL OSI News –

  • MIL-OSI USA News: President Trump is Delivering on His Commitment to Protect our Kids

    Source: The White House

    Last week, President Donald J. Trump took executive action to protect American children from irreversible chemical and surgical mutilation.

    It’s already having its intended effect — preventing children from being maimed and sterilized by adults perpetuating a radical, false claim that they can somehow change a child’s sex. Hospitals around the country are taking action to downsize or eliminate their so-called “gender-affirming care” programs:

    • NEW YORK: NYU Langone Health has started canceling appointments for so-called “gender-affirming care” involving minors. They canceled appointments for “two 12-year-olds who had been scheduled to receive implants that dispense puberty-blocking medication.”
    • COLORADO: Denver Health announced it would stop performing sex change surgeries on minor children, while UCHealth said it is ending so-called “gender-affirming care” for all minors.
    • VIRGINIA: VCU Health and Children’s Hospital of Richmond have “suspended” providing transgender-related medication and surgeries for minors, while UVA Health has “suspended” all transgender-related services for minors.
    • WASHINGTON, D.C.: Children’s National Hospital has “paused” prescribing puberty blockers and hormone therapies for minors, while Northwest Washington Hospital has done the same.
    • ILLINOIS: Lurie Children’s Hospital of Chicago is “reviewing” their transgender-related services for minors.
    • PENNSYLVANIA: Children’s Hospital of Philadelphia is “closely reviewing” the transgender-related services they provide for minors.

    President Trump will always protect American children.

    Promises made, promises kept – again.

    MIL OSI USA News –