NewzIntel.com

Category: housing

  • MIL-OSI New Zealand: Release: Willis’ supermarket announcement all talk, no plan

    Source: New Zealand Labour Party

    Nicola Willis’ latest supermarket announcement is painfully weak with no new ideas, no real plan, and no relief for Kiwis struggling with rising grocery costs.

    “New Zealanders struggling with the cost of their weekly grocery shopping don’t need more vague promises from Nicola Willis, they need real action,” Labour commerce and consumer affairs spokesperson Arena Williams said. 

    “When Labour was in government, we took bold action to break up the supermarket duopoly. We banned restrictive land covenants, enforced mandatory wholesale access, and introduced a Grocery Commissioner to hold the industry to account. We didn’t just talk about competition, we legislated for it.

    “If National was serious about tackling the supermarket duopoly it would build on the real progress Labour made. Instead, all Nicola Willis is offering is no new ideas, no deadlines, and no clear policies.

    “It’s a smokescreen for a government that is floundering when it comes to the cost of living,” Arena Williams said.

    “Nicola Willis talks about ‘growth’, but the only growth we’ve seen is in the number of job losses, the number of Kiwis leaving, and the number of homeless Kiwis,” Labour finance spokesperson Barbara Edmonds said.

    “Willis’ announcement is part of a troubling trend of all talk and no action. This government has failed to deliver on their FamilyBoost promises, they’re failing on ferries, and now they’re failing to seriously address grocery prices.”

    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X.

    MIL OSI New Zealand News –

  • MIL-OSI USA: North Dakota HHS supports oral health through education, preventive screening, services and child health coverage

    Source: US State of North Dakota

    February is nationally designated as Children’s Dental Health Month. In observance, North Dakota Health and Human Services (HHS) joins dental professionals, health care providers, educators and other partners in promoting good oral health to children, their parents and caregivers, teachers and others.

    According to the Centers for Disease Control and Prevention, tooth decay is the most common chronic disease of childhood in the U.S.1 More than half of children ages 6-8 years have had a cavity in at least one of their baby teeth.2

    The Oral Health Program in HHS supports children’s dental health through prevention, education and SEAL!ND – a school-based sealant program. This program uses public health dental hygienists, private practice dental professionals and Federally Qualified Health Centers to provide oral health education, dental screenings, sealants and fluoride varnish treatments to thousands of children across the state.

    During the 2023-2024 school year, SEAL!ND was able to provide screenings for 3,070 students, apply 5,006 fluoride varnish applications, protect 8,531 teeth with dental sealants and make 1,817 referrals for further oral health treatment.

    “Schools are an ideal place to reach children, teachers and caregivers,” said Toni Hruby, HHS oral health prevention coordinator. “Through collaboration with external partners, we are able to expand our reach and serve more children.”

    Within HHS, North Dakota Medicaid also supports children’s dental health. North Dakota Medicaid’s Health Tracks benefit pays for dental care including exams, cleanings, x-rays, sealants and fluoride treatment for enrolled children. There are no copays for qualifying families. For more information about Health Tracks, visit hhs.nd.gov/health-tracks.

    HHS encourages North Dakotans of all ages to care for their smiles by following these tips: 

    • Brush teeth at least twice a day with fluoridated toothpaste
    • Floss teeth daily
    • Eat a balanced diet
    • Drink tap water and limit sugary drinks and snacks
    • Avoid using cigarettes, smokeless tobacco and electronic nicotine or vaping products
    • Replace toothbrushes every three to four months and after an illness
    • Talk to a dentist about fluoride varnish and sealants for children to prevent cavities

    In addition to daily dental care at home, HHS also encourages North Dakotans to schedule an annual checkup with a dentist. Learn more about oral health and the HHS Oral Health Program at hhs.nd.gov/health/oral-health-program. To apply for North Dakota Medicaid, visit hhs.nd.gov/applyforhelp.

    SOURCE: (1) Institute for Health Metrics and Evaluation (IHME). GBD Compare Data Visualization. Seattle, WA: IHME, University of Washington. 2020. Accessed October 17, 2023.

    SOURCE: (2) Lin M, Griffin SO, Gooch BF, et al. Oral health surveillance report: trends in dental caries and sealants, tooth retention, and edentulism, United States : 1999–2004 to 2011–2016. Centers for Disease Control and Prevention; 2019.

    MIL OSI USA News –

  • MIL-OSI USA: Symposium Generates Connections and Strategies for Rural ND Communities

    Source: US State of North Dakota

     Energy was high as over 100 attendees filled the North Dakota State Museum and Heritage Center auditorium for the inaugural North Dakota Rural Planning Symposium. 

    “Rural North Dakota is evolving, and planning is key to ensuring communities remain vibrant and sustainable,” says Commerce Commissioner Chris Schilken. “Events like this help our rural community developers connect, share ideas, and move us forward in continuing to build strong, resilient towns throughout the state.”

    The rural community planning event, hosted by the Commerce Office of Community Development & Rural Prosperity, drew community developers, policymakers, and industry leaders from all corners of the state, with all eight regions represented. 

    “Ellendale is adapting to changing economic and demographic conditions through innovative solutions,” said Nicole Kempf, City Auditor. “The growth and prosperity opportunities in collaboration with Applied Digital has assisted with housing efforts and are creating positive changes in our community. It was inspiring to hear the actionable solutions shared today, and I’m eager to implement them in Ellendale.” 

    Following a social event the evening prior, the symposium kicked off with a brief presentation by international speaker Becky McCray, Rural Development Expert and Co-Founder of SAVEYOUR.town. 

    “North Dakota communities possess a remarkable sense of identity,” McCray observed. “Their strong community spirit and love for the outdoors are invaluable assets. Many communities are actively leveraging these strengths, while also fostering strong collaborations with neighboring towns.”

    The event continued with discussions on rural development funding opportunities, mobilizing volunteers and advocates, and a workshop on building idea-friendly communities 

    For more information on the Commerce Office of Community Development & Rural Prosperity, visit Community Development and Rural Prosperity.  

    MIL OSI USA News –

  • MIL-OSI Security: Prison Term of 18 Years Handed to Man Who Sexually Abused 13-Year-Old

    Source: Office of United States Attorneys

                WASHINGTON – Damion Brown, 33, of Washington D.C., was sentenced today to 18 years in prison and lifetime supervision, for sexually abusing the 13-year-old daughter of his long-time girlfriend in February of 2023, announced U.S. Attorney Edward R. Martin, Jr. and Chief Pamela Smith, of the Metropolitan Police Department (MPD).

                The defendant was convicted on May 7, 2024, by a Superior Court jury of ten felony charges, including first-degree sexual abuse and first-degree child sexual abuse following a multi-day jury trial. The Honorable Judge Anthony Epstein also ordered Brown to stay away and have no contact with the victim or her mother.

                According to the government’s evidence, on February 24, 2023, the 13-year-old victim was home alone with the defendant, who was the victim’s mother’s live-in boyfriend. While the victim was changing clothes, the defendant came into her room and began hugging and kissing her and pushed her onto her bed. The defendant performed a number of sexual acts on the child, then left the room laughing. The victim immediately left the apartment and reported to her aunt, who called the police. The defendant was still in the apartment when police arrived.

                Subsequent DNA testing determined that the defendant could not be excluded from the positive results of DNA found on the victim after the abuse.           

                In announcing the sentence, U.S. Attorney Martin and Chief Smith commended the work of those who investigated the case from the Metropolitan Police Department. They acknowledged the efforts of those who worked on the case from the U.S. Attorney’s Office for the District of Columbia, including Victim Advocate Veronica Vaughn; former Forensic Child Interviewer Tracy Owusu; Paralegals ReShawn Johnson and Garcia Clarke; and Katina Washington-Adams, who assisted with witness travel, and Assistant U.S. Attorneys Sarah Folse and Robert Platt, who prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Global: Inflation is heating up again, putting pressure on Trump to cool it on tariffs

    Source: The Conversation – USA – By Jason Reed, Associate Teaching Professor of Finance, University of Notre Dame

    Inflation is building again; but the housing industry may find it harder to do so as a result of Trump tariffs. Win McNamee/Getty Images

    Inflation figures released on Feb. 12, 2025, will come as a disappointment to Americans who hoped President Donald Trump would be true to his word on bringing down prices “on Day One.” It will also put pressure on the new administration to be wary of policies that may heat up inflation – and that includes tariffs.

    The consumer price index, which measures the change in prices paid by consumers for a representative basket of goods and services, rose unexpectedly from December to January by 0.5%. It means consumers are paying around 3% more on item prices than they were a year ago.

    Economists had been expecting the pace of inflation to slow in January.

    The news isn’t good for anyone concerned. It means inflation remains above the Federal Reserve’s long-run target of 2% – making it harder for the central bank to cut rates at its next meeting on March 19. At its last meeting, the rate-setting Federal Open Market Committee kept its benchmark federal funds rate unchanged at a range of 4.25-4.50%.

    Following the release of the latest inflation data, markets have a stronger conviction that the Fed will again hold rates steady when it meets in March.

    It also means more pain for consumers. Higher interest rates set by the Fed play a large role in determining rates for mortgages, credit cards and auto loans. If January’s rate of inflation were to continue throughout 2025, consumers would see a painful 6.2% annualized inflation rate.

    And although it would be churlish to link the latest jump in inflation to an administration just weeks old, it does put into focus the current slate of Trump economic policies. Economists have long warned that imposing tariffs on imports and cutting taxes does little to curb inflation – rather, they may contribute to faster price increases.

    Already, China has been hit by a 10% tariff on all products. Trump has also proposed a 25% tariff on all steel and aluminum imports, and he mulled imposing new tariffs on Canada and Mexico – two of the United States’ largest trading partners.

    I believe that if these wide-ranging tariffs come into effect, the Federal Reserve will have no choice but to keep rates elevated for the remainder of 2025.

    Revving up for higher car costs

    One of the largest drivers of inflation in January was rent increases, which accounted for nearly 30% of all items increase. Rents jumped 4.6% from a year earlier.

    If Trump’s tariffs on Canadian imports, like lumber, take effect, Americans can expect continued price increases in the homebuilding sector. Supply and demand imbalances remain a key driver for higher prices, so fewer houses being built due to higher materials cost will likely lead to higher rents.

    Consumers saw better news on new vehicle prices, which remained flat over the month and showed slight declines from a year ago.

    This is even as demand for new cars increased 2.5% over 2024. In January 2025, the number of new vehicles sold topped the same month a year earlier for the fifth month in a row.

    But as with homebuilding, any tariffs on the import of car parts or materials will impact the auto industry. Carmakers may have breathed an immediate breath of relief when Trump delayed new tariffs on Canada and Mexico. But if deals aren’t reached by the March 1 deadline, industry analysts expect immediate impacts on top sellers.

    And any higher cost of new cars will have a knock-on effect on used cars, which saw prices jump 2.2% in January – it’s largest increase since May 2023.

    Increased prices are no yoke! (groan)

    Of course, not all inflationary pressures are in the purview of government.

    The transportation sector, which includes insurance and parking fees, increased by 8% over the year. Insurance prices soared almost 12%, on the back of last year’s 20.6% increase in prices, while parking fees increased by almost 5% as a result of more expensive repairs and more dangerous driving behaviors.

    Meanwhile, with bird flu continuing to spread, egg prices rose a shocking 15.2% in January, and are 53% more expensive than at this time last year.

    All in all, voters who cited inflation as the main reason they were backing Trump may be feeling a little uneasy – the administration is only a few weeks old, but for one reason or other, Americans are experiencing ever higher prices with little relief in sight.

    Jason Reed does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Inflation is heating up again, putting pressure on Trump to cool it on tariffs – https://theconversation.com/inflation-is-heating-up-again-putting-pressure-on-trump-to-cool-it-on-tariffs-249815

    MIL OSI – Global Reports –

  • MIL-OSI Submissions: Australia – Household spending flat in January as Aussies take a break after stronger fourth quarter – CBA

    Source: Commonwealth Bank of Australia (CBA)

    Spending stalled at 153.4 in January, following a strong sales spending to finish 2024.

    The monthly CommBank Household Spending Insights (HSI) Index was flat in January, unchanged at 153.4, as consumers took a breather from opening their wallets following sale activity in the final months of 2024.  

    Modest spending increases were seen across six of the 12 spending categories, with the most notable uplifts seen in spending on Motor vehicles (+1.5 per cent), Insurance (+1.2 per cent), and Health (+1.0 per cent).  

    The biggest spending falls in January were in Education (-1.8 per cent), driven by reduced spending on universities, Hospitality (-1.0 per cent) and Household Goods (-0.9 per cent).

    “The flat January HSI result was somewhat expected following the spike in spending we saw in the last three months of 2024 off the back of Black Friday, Cyber Monday and Boxing Day sales. Essentials made up the three highest spending categories in the month as consumers pulled back on discretionary spending,” CBA Senior Economist Belinda Allen said.

    “We expect the RBA to lower interest rates at their first meeting of the year next week which will help provide a boost to consumer spending over the coming months. We anticipate a total of 100 basis points of monetary policy easing throughout 2025 to drive an improvement in the consumer spending pulse.”

    On an annual basis, homeowners with a mortgage (+3.0 per cent) have surprisingly seen a larger increase in spending compared to those who own their home outright (+2.8 per cent), while renters continue to lag (+2.0 per cent).

    “The increase in spending by those with a mortgage can be attributed to the fact that not only are this cohort likely at a stage of life where they’re spending on essential items, they’re still dedicating a significant share of their wallet to recreation and entertainment,” Belinda Allen concluded.

    The CommBank HSI index tracks month-on-month data at a macro level and is based on de-identified payments data from approximately 7 million CBA customers, comprising roughly 30 per cent of all Australian consumer transactions.

    MIL OSI – Submitted News –

  • MIL-OSI USA: Sens. Scott, Rosen Introduce Antisemitism Awareness Act

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    WASHINGTON — U.S. Senators Tim Scott (R-S.C.) and Jacky Rosen (D-Nev.) introduced the Antisemitism Awareness Act, which directs the Department of Education to use the International Holocaust Remembrance Alliance’s (IHRA) definition of antisemitism when investigating antisemitic acts on campus. This bill ensures that the Department of Education has a clear definition of antisemitism when determining whether an antisemitic incident on campus crosses the line from free speech into harassing, unlawful, or discriminatory conduct. Congressmen Mike Lawler (R-N.Y.) and Josh Gottheimer (D-N.J.) are leading companion legislation in the House of Representatives. 

    “In the continued aftermath of the October 7th attacks on Israel by Hamas and Iran, we have seen college campuses across our nation become hotbeds of antisemitism where Jewish students’ rights are being threatened,” said Senator Scott. “It’s critical the Department of Education has the tools and resources it needs to investigate antisemitism and root out this vile hatred wherever it rears its ugly head. There can be no equivocating when it comes to the issue of anti-Jewish violence and harassment.”

    “Antisemitism is on the rise across the nation, particularly on college campuses, and Congress has a responsibility to do everything in its power to fight back against this hate,” said Senator Rosen. “I’m proud to introduce bipartisan legislation today with Senator Tim Scott to help protect Jewish students from antisemitic bigotry. I’ll keep working with colleagues on both sides of the aisle to get this bill passed and signed into law.”

    “The House overwhelmingly passed my bipartisan Antisemitism Awareness Act last session, and today I am proud to reintroduce this critical legislation in the new Congress. Since the horrific terrorist attacks by Hamas on October 7th, 83% of college students said they witnessed or experienced antisemitism on campus,” said Congressman Lawler upon introducing the House version of the bill. “This is unacceptable. No person should feel unsafe, targeted, or ostracized because of their faith – and the Antisemitism Awareness Act will stop it from happening. When I met with Jewish students at Columbia University last spring, their fear was palpable. Many wondered if they could ever feel safe on campus again. They deserve better—as does every student, and that’s what this bipartisan bill will accomplish.”

    “Since the heinous October 7 attacks on Israel, we have seen an explosion of antisemitic violence and intimidation on college campuses and in communities across New Jersey and the nation. Far too many in our community no longer feel safe in their own homes or classrooms,” said Congressman Gottheimer. “That’s why I’m reintroducing the Antisemitism Awareness Act, which will give state officials and law enforcement a clear framework for identifying and addressing antisemitism to hold harassers accountable. Our bipartisan bill adopts the most widely recognized definition of antisemitism in the world, already used by more than 40 countries and 35 states. Hate and discrimination have no place in New Jersey or the country, and we must act now to protect our Jewish students and families from threats, intimidation, and violence.”

    “The Conference of Presidents of Major American Jewish Organizations thanks Sens. Scott and Rosen for re-introducing the Antisemitism Awareness Act (AAA). It comes at an important time–Since Hamas’s October 7th attack on Israel, there has been a dramatic increase in antisemitism on college campuses. We continue to see university administrators show they have little understanding of how to identify antisemitism.  The AAA will adopt the IHRA Working Definition of Antisemitism into U.S. law, enabling university leaders to support Jewish students and accurately determine – and discipline those who engage in—antisemitic discrimination on college campuses. The Conference of Presidents urges swift passage of AAA,” said Stephanie Hausner, COO of the Conference of Presidents of Major American Jewish Organizations (COP). 

    “Antisemitism isn’t just a Jewish problem. It’s everyone’s problem. Despite the hollow arguments of some, this legislation neither outlaws antisemitism nor is it anti-Christian. The Antisemitism Awareness Act, like President Trump’s 2019 executive order combatting antisemitism and his order last month doubling down on the same,  provides students, parents, teachers and administrators alike with a clear definition of the world’s oldest and most prevalent hatred. Advancing this legislation is  important in making American campuses safe and welcoming for all. We must defeat the vile cancer of antisemitism and defining it under US law is a critical step in that righteous effort,”said CUFI Action Fund Chairwoman Sandra Hagee Parker.

    “As ADL data shows, antisemitism is at crisis levels in the United States, creating the urgent need for decisive action,” said ADL CEO Jonathan Greenblatt. “The Antisemitism Awareness Act makes clear that antisemitism, including anti-Zionist harassment, has no place in our schools or society and, importantly, reinforces the IHRA Working Definition of Antisemitism as a critical tool for the U.S. Department of Education. We urge Congress to act swiftly and send a powerful message that combating antisemitism remains a national priority and deeply appreciate the effort by Senators Tim Scott and Jacky Rosen to quickly reintroduce this bipartisan bill.”

    “According to American Jewish Committee’s upcoming State of Antisemitism in America 2024 Report, three in ten American adults are either unsure of what antisemitism means or never heard the term. This number jumps for young Americans (ages 18-29): 41% of young Americans are unsure of what antisemitism means or never heard the term, while, at the same time, young American Jews (ages 18-29) are more likely to have experienced antisemitism in the past year than Jews ages 30 and older. These numbers show why it is critical to have a clear understanding of what antisemitism is and why it matters for American society because to even begin to solve the problem of antisemitism, there must be clarity about what it is and what it isn’t. The International Holocaust Remembrance Alliance (IHRA) Working Definition of Antisemitism is a clear and concise description of antisemitism in its various forms. AJC has supported efforts by both Republican and Democratic Administrations to use this definition at the Department of Education when investigating Title VI complaints. We applaud Senators Tim Scott (R-SC) and Jacky Rosen (D-NV) for introducing the Antisemitism Awareness Act, for prioritizing the continued use of this important educational tool and ensuring the safety of Jewish students across the country,” said Ted Deutch, CEO of American Jewish Committee.

    “As antisemitic incidents continue to rise, Jewish Federations of North America are grateful to Senators Tim Scott (R-SC) and Jacky Rosen (D-NV) for introducing the Antisemitism Awareness Act today. This bill provides a clear framework for identifying antisemitism, offering concrete examples to help distinguish between constitutionally protected speech and targeted attacks against Jewish individuals. Congress must act now to send a strong message that antisemitism has no place in our society,” said Karen Paikin Barall, Vice President, Government Relations, Jewish Federations of North America.

    Joining Senators Scott and Rosen in cosponsoring the legislation are Senators James Lankford (R-Okla.), Charles Schumer (D-N.Y.), Lindsey Graham (R-S.C.), Richard Blumenthal (D-Conn.), Rick Scott (R-Fla.), Maggie Hassan (D-N.H.), Susan Collins (R-Maine), Kirsten Gillibrand (D-N.Y.), Shelley Moore Capito (R-W.Va.), Ruben Gallego (D-Ariz.), Mike Crapo (R-Idaho), John Hickenlooper (D-Colo.), Katie Britt (R-Ala.), Ron Wyden (D-Ore.), John Cornyn (R-Texas), Chris Coons (D-Del.), Tom Cotton (R-Ark.), Catherine Cortez Masto (D-Nev.), John Boozman (R-Ark.), Michael Bennet (D-Colo.), Pete Ricketts (R-Neb.), Maria Cantwell (D-Wash.), Chuck Grassley (R-Iowa), John Fetterman (D-Pa.), Kevin Cramer (R-N.D.), Adam Schiff (D-Calif.), Cindy Hyde-Smith (R-Miss.), Elissa Slotkin (D-Mich.), Deb Fischer (R-Neb.), Mark Warner (D-Va.), John Barrasso (R-Wyo.), and Gary Peters (D-Mich.).

    In addition to introducing the Antisemitism Awareness Act during the 118th Congress, Senator Scott has worked relentlessly to push back on the alarming rise of blatant and vile antisemitism on college campuses by:

    • Leading a resolution to condemn the explosion of antisemitism on U.S. college campuses, call out university presidents who have enabled and refused to take action against this antisemitism, and urge the Biden Department of Education to take necessary actions to ensure that colleges and universities are complying with Title VI of the Civil Rights Act to protect Jewish students;
    • Calling on the president of Columbia University to resign over rampant antisemitism on campus;
    • Introducing the Stop Antisemitism on College Campuses Act to defund colleges and universities that enable violent antisemitism on their campuses; and
    • Forcefully condemning antisemitism and supporting Israel’s right to self-defense in a speech at the Orthodox Union’s Advocacy Day on Capitol Hill.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Fire and Emergency New Zealand deploys aviation specialist to Tasmanian fires

    Source: Fire and Emergency New Zealand

    Fire and Emergency New Zealand has sent a wildfire aviation specialist to Australia to run the aerial attack on several large bushfires in the north west of Tasmania.
    Fire and Emergency Deputy National Commander Ken Cooper says the Tasmanian Fire Service and the Tasmanian Parks and Wildlife Service have been managing a number of significant vegetation fires sparked by dry lightning strikes since 3 February.
    “The fires are in challenging terrain and the Tasmanians have been mostly managing the fires with aircraft while ground crews battle the fires accessible by road,” he says.
    It is expected the current significant fires will continue to burn uncontained for several weeks, causing ongoing resourcing and fatigue management pressures.
    Our specialist arrived in Tasmania on Wednesday and has relieved the Tasmanian Air Operations Manager. They will be providing the overall coordination of aerial operations across the fires over the next two weeks.
    “Our thoughts are with our neighbours in Tasmania, and we are happy to answer the call for help,” Ken Cooper says.
    Fire and Emergency supports other countries in their time of need. Alongside predecessor organisations, we have been deploying personnel internationally to wildfire emergencies for more than 20 years.
    This deployment is Fire and Emergency’s 75th international wildfire deployment since 2000. There have been 1544 firefighters deployed during this time. Note: this number does not include non-wildfire deployments, such as for natural disasters.
    “When Fire and Emergency receives a request for firefighting assistance, we firstly consider the fire conditions in Aotearoa before we decide if we can support our international colleagues,” Ken Cooper says.
    “These international deployments are not only beneficial for the countries that receive help, but also to our people. They gain valuable experience and skills in dealing with large scale and complex wildfires, which can be different from the types of fires they usually encounter back home.”

    MIL OSI New Zealand News –

  • MIL-OSI Security: Torrington Man Pleads Guilty to Child Exploitation Offense

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting U.S. Attorney of the District of Connecticut, announced that CHRISTOPHER JESUS CONSTANZO, 22, of Torrington, pleaded guilty today in Hartford federal court to an offense stemming from his sexual exploitation of three different minors, including kidnapping and sexual assault of a 16-year-old girl, enticement and sexual assault of another 16-year-old girl, and production of child pornography involving a 17-year-old girl.

    According to court documents and statements made in court, on December 2, 2021, at approximately 7:27 a.m., Constanzo and a 16-year-old female arrived by car at the U.S. Port of Entry at Highgate Springs, Vermont.  Just prior to their arrival, officials at the St-Armand/Philipsburg Border Crossing in Canada had refused Constanzo and the minor victim entry into Canada.  After U.S. Customs and Border Protection (“CBP”) officers separated Constanzo from the minor victim, the victim reported that she met Constanzo the night before at Stillwater Pond State Park in Torrington.  Constanzo then sexually assaulted the minor victim, forced her into the trunk of the minor victim’s car, restrained her with a shoelace, and began driving.  At some point during the night, Constanzo removed the minor victim from the trunk and sexually assaulted her again.  As they neared the Canadian border, Constanzo had the minor victim sit in the front passenger seat of the car.  Constanzo instructed her to “act normal” and “go along with the story.”  Constanzo then told Canadian Border Services Agency officials that the minor victim was his sister and they intended to go into Canada for four days to visit friends.  However, due to their lack of COVID tests, Constanzo and the minor victim were denied entry into Canada.  Costanzo was arrested by CBP on December 2, 2021.

    In July 2021, Costanzo used SnapChat to coerce a 16-year-old female to go to an abandoned warehouse in Torrington to record herself having sex with Constanzo, and, posing as two fictitious individuals on SnapChat, he threatened to kill the minor victim and kill her boyfriend if she did not comply.  At the warehouse, Constanzo sexually assaulted the minor victim at knifepoint.

    Also in July 2021, Costanzo used his iPhone to record sexually explicit Facetime videos of a 17-year-old female. 

    Costanzo pleaded guilty to production of child pornography and, as part of his plea agreement, admitted his conduct against all three victims.  Costanzo is scheduled to be sentenced by U.S. District Judge Alvin W. Thompson on May 7, at which time he faces a mandatory minimum term of imprisonment of 15 years and a maximum term of imprisonment of 30 years. 

    Costanzo has been detained since his arrest.

    State charges against Costanzo are pending.

    This matter has been investigated by Homeland Security Investigations (HSI), U.S. Customs and Border Protection, the Vermont State Police, and the Torrington Police Department.  The case is being prosecuted by Assistant U.S. Attorneys Nancy V. Gifford and Neeraj N. Patel.

    Acting U.S. Attorney Silverman thanked the U.S. Attorney’s Office for the District of Vermont and the State’s Attorney for the Litchfield Judicial District for their assistance in the investigation and prosecution of this matter.

    This prosecution is part of the U.S. Department of Justice’s Project Safe Childhood Initiative, which is aimed at protecting children from sexual abuse and exploitation.  For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    To report cases of child exploitation, please visit www.cybertipline.com.

    MIL Security OSI –

  • MIL-OSI USA: Confirm Robert F. Kennedy Jr. to Make America Healthy Again

    US Senate News:

    Source: United States Senator for Wyoming John Barrasso
    WASHINGTON, D.C. – U.S. Senator John Barrasso (R-Wyo.), Senate Majority Whip, today spoke on the Senate Floor as the Senate prepares to vote on the confirmation of Robert F. Kennedy Jr., President Donald J. Trump’s nominee for Secretary of Health and Human Services.
    Click HERE to watch Senator Barrasso’s remarks.
    Sen. Barrasso’s remarks as prepared:
    “The Senate will soon vote on the confirmation of Robert F. Kennedy Jr. to be the Secretary of the Department of Health and Human Services.
    “America needs to be healthier. I’m a doctor. I’ve worked with patients for over 20 years as a surgeon in Wyoming.
    “The problem is, our nation faces a chronic disease epidemic. Chronic diseases include diabetes, cancer, and obesity.
    “Chronic diseases are so widespread that managing them accounts for 90 percent of federal health care spending. And we spend a lot of our Gross National Product on health care.
    “Nearly 3 in 5 American adults and 1 in 4 American children are impacted by this. Our health care system tries to address this problem. Yet by incentivizing procedures over prevention, it often fails to address it effectively and economically.
    “As a result, Americans are becoming less healthy. We need to put America on a path to good health.
    “President Trump selected Robert F. Kennedy Jr. to do just that. Mr. Kennedy will bring a fresh set of eyes and ideas to important debates surrounding public health.
    “Mr. Kennedy will be a voice for the vast number of Americans who were failed by the previous administration.
    “The previous administration silenced reasoned debate. Mr. Kennedy will deliver accountability and transparency.
    “For Americans, that means more choices and better information. It means healthy foods and healthy competition for patients. It means lower costs and higher quality care. It means increased access to care. Access is so critical to my home state of Wyoming, with our many rural and frontier communities.
    “It means honest, unbiased, and trustworthy scientific research that is both innovative and accountable to the American people.
    “That is Mr. Kennedy’s bold vision to revitalize America’s bill of health.
    “Mr. Kennedy is clear about his mission. That mission is, as he told the Finance Committee, ‘to end the chronic disease epidemic and make America healthy again.’
    “Apparently, that’s not enough for Senate Democrats.
    “Senator Catherine Cortez Masto of Nevada was dismissive. At our Finance Committee hearing, I heard her say to Mr. Kennedy: ‘So that’s the only reason why you’re at HHS? To address this one issue.’
    “Respectfully, addressing chronic disease is the key issue when you’re talking about healthcare.
    “Mr. Kennedy testified before two Senate Committees as part of his confirmation. He responded to rigorous questions from both Republicans and Democrats. He answered those questions with candor and clarity.
    “He told the Senate HELP Committee that his leadership approach will be collaborative. He pledged to ‘empower the scientists to do their jobs’ – not to impose ‘preordained opinions on anybody at HHS.’
    “Mr. Kennedy was also clear that he supports vaccines.
    “He told the Finance Committee, ‘I support the measles vaccine. I support the polio vaccine. I will do nothing as HHS secretary that makes it difficult or discourages people from taking either of those vaccines.’
    “The Senate has every reason to take him at his word.
    “Mr. Kennedy is a bold choice. He is pro-health, pro-vaccine, and pro transparency. He is the right choice to make America healthy again.
    “I look forward to confirming him.”

    MIL OSI USA News –

  • MIL-OSI USA: Padilla Leads Effort Demanding Trump Reverse Illegal Firing of Independent FEC Chair

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla Leads Effort Demanding Trump Reverse Illegal Firing of Independent FEC Chair

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), Ranking Member of the Senate Committee on Rules and Administration with oversight over federal elections, led 10 Democratic Senators to demand President Trump rescind his unprecedented and illegal firing of Federal Election Commission (FEC) Chair Ellen Weintraub. The Senators also urged Trump to pursue the lawful process of consulting with the Senate on nominating a replacement for both Weintraub and former Republican Commissioner Sean Cooksey, who recently resigned for a role in the Trump Administration, and future vacancies.

    The FEC is an independent, bipartisan agency tasked with enforcing U.S. campaign finance laws. In the 50 years since it was created — in the wake of the Watergate scandal — a commissioner has never been fired by the President. Typical procedure, as outlined in the Federal Election Campaign Act, is to have a Commissioner depart upon confirmation of their replacement. The illegal, unprecedented firing of Chair Weintraub took effect immediately following receipt of the letter on February 6.

    “Chair Weintraub must be able continue to serve in her role unless and until you use the lawful process of nominating a commissioner for the Senate’s consideration and that nominee is confirmed,” wrote the Senators. “Your letter seeking to remove a commissioner ignores the legal requirements that commissioners may not be removed without cause. This effort violates the procedure set in statute for replacing commissioners in the Federal Election Campaign Act and appears to be a bad faith effort to dismantle the only federal agency that protects the American people’s right to transparency in campaigns and elections.”

    “Record spending in our elections, including from ultra-wealthy individuals who now serve at the highest levels of power, has placed the FEC’s responsibilities at the heart of maintaining a healthy democracy,” continued the Senators. “While years of deadlock at the Commission have hindered its ability to serve as an effective regulator, removing commissioners without cause moves beyond dysfunction to outright destruction.”

    In addition to Senator Padilla, the letter was signed by Senators Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).

    Last week, Senator Padilla rebuked President Trump’s illegal attempt to fire Chair Weintraub.

    Full text of the letter is available here and below:

    Dear President Trump:

    We write to strongly urge you to rescind your illegal attempt to remove Chair Ellen Weintraub from the Federal Election Commission (FEC), the independent and bipartisan agency charged with enforcing our campaign finance laws. Chair Weintraub must be able continue to serve in her role unless and until you use the lawful process of nominating a commissioner for the Senate’s consideration and that nominee is confirmed.

    Your letter seeking to remove a commissioner ignores the legal requirements that commissioners may not be removed without cause. This effort violates the procedure set in statute for replacing commissioners in the Federal Election Campaign Act and appears to be a bad faith effort to dismantle the only federal agency that protects the American people’s right to transparency in campaigns and elections.

    Removing an FEC commissioner without nominating a replacement is without precedent. With Republican Commissioner Sean Cooksey’s recent resignation to join your administration, regular order would be to consult with the Senate on a bipartisan basis and nominate a pair of Republican and Democratic commissioners for the Senate’s consideration. Unlawfully removing a commissioner with an existing vacancy, without consultation with the Senate on nominations to replace them, demonstrates an intent to ignore the Senate’s constitutional role and diminish the Commission’s ability to hold accountable potential violations of campaign finance law.

    Chair Weintraub, a Democratic commissioner, has a strong record of seeking to enforce the law that regulates money in politics on a nonpartisan basis, including holding presidential campaigns accountable. Congress created the FEC over 50 years ago, in the wake of the Watergate scandal that eroded trust in our government. The FEC was designed to be free from the interference of those it might be regulating and to ensure the American people had insight into how money was being spent to influence its elected officials. The role of money in our elections has changed since the FEC was first created, particularly as the Supreme Court has issued decisions permitting dark money to infiltrate our elections. However, the need for balanced and dedicated commissioners who work on behalf of the country has remained unchanged.

    Further, record spending in our elections, including from ultra-wealthy individuals who now serve at the highest levels of power, has placed the FEC’s responsibilities at the heart of maintaining a healthy democracy. While years of deadlock at the Commission have hindered its ability to serve as an effective regulator, removing commissioners without cause moves beyond dysfunction to outright destruction.

    We call on you to rescind your unlawful letter and pursue the legal process for replacing commissioners in bipartisan consultation with the Senate.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI New Zealand: Feedback wanted on working with engineered stone

    Source: New Zealand Government

    Minister for Workplace Relations and Safety Brooke van Velden says the consultation on working with engineered stone closes in one month and hopes to hear from businesses, workers in the industry and people working with other materials that contain crystalline silica.

    “I want to understand what is currently being done to manage the risks, and whether additional regulation is needed,” says Ms van Velden.

    The consultation outlines a full range of possible regulatory responses, from strengthening current requirements to implementing a full ban. 

    “There are a range of views on this topic, and I want to build a comprehensive picture of current workplace practices and how risks are currently being managed.”

    Engineered stone is a popular kitchen and bathroom bench material used in New Zealand homes and businesses. In its solid form, engineered stone does not have hazardous properties. 

    It is the dust that is generated from cutting, grinding, or polishing engineered stone that has the potential to cause harm when it is breathed in. Silicosis is an occupational disease caused by exposure to respirable crystalline silica, typically over a period of 20 years or more. Engineered stone workers can develop accelerated silicosis, a more aggressive form of silicosis, after just three to ten years of exposure to respirable crystalline silica. 

    “I was encouraged by the volume and quality of submissions in my recent system-wide health and safety consultation and am looking forward to seeing the results of the consultation on working with engineered stone.  

    “Like the broader health and safety system, I need to balance the safety of workers with ensuring any regulatory changes are proportionate and effective at managing the risks.

    “I’m keen to hear from all industries in which respirable crystalline silica is generated including/such as mining, quarrying, tunnelling, roading, foundries, construction, manufacturing of concrete, bricks and tiles, abrasive blasting, monumental masonry work, concrete drilling, grinding, fettling, mixing, handling and dry shovelling,” says Ms van Velden. 

    “You still have time to make a submission by going to MBIE’s website. The consultation closes at 5pm on 18 March 2025.” 

    MIL OSI New Zealand News –

  • MIL-OSI Security: California Teenager Sentenced to 48 Months for Nationwide Swatting Spree

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Orlando, Florida – United States District Judge Carlos E. Mendoza has sentenced Alan W. Filion (18, Lancaster, CA) to four years in federal prison for making interstate threats to injure the person of another.

    According to the plea agreement, from approximately August 2022 to January 2024, Filion made over 375 swatting and threat calls, including calls in which he claimed to have planted bombs in the targeted locations or threatened to detonate bombs and/or conduct mass shootings at those locations. Filion targeted religious institutions, high schools, colleges and universities, government officials, and numerous individuals across the United States.

    Filion intended his calls to cause large-scale deployment of police and emergency services units to the targeted locations. During these calls, he provided information to law enforcement and emergency services agencies that he knew to be false, such as false names, false claims that he and others had placed explosives in particular locations, false claims that he and others possessed dangerous weapons, including firearms and explosives, and false claims that he and/or other individuals had committed, or intended to imminently commit, violent crimes. 

    In some instances, armed law enforcement officers approached and entered a targeted residence with their weapons drawn and detained individuals that occupied the residence. Filion claimed in a post on January 20, 2023, that when he swats someone he “usually get[s] the cops to drag the victim and their families out of the house cuff them and search the house for dead bodies.” Additionally, Filion’s calls caused law enforcement officers and dispatchers to respond, and to be unavailable in response to other emergencies.

    Filion became a serial swatter for both profit and recreation. He claimed in a January 19, 2023, online post that his “first” swatting was like “2 to 3 years ago” and that “6-9 months ago [he] decided to turn it into a business. . . .” On several occasions, Filion placed posts on social-media channels advertising his services and swatting-for-a-fee structure.

    On January 18, 2024, Filion was arrested in California on Florida state charges arising from a May 2023 threat he made to a religious institution in Sanford, Florida. In that threat, he claimed to have an illegally modified AR-15, a Glock 17 pistol, pipe bombs, and Molotov cocktails. He said that he was going to imminently “commit a mass shooting” and “kill everyone” he saw. He pleaded guilty in federal court to making that threat.

    Filion also pleaded guilty to making three other threatening calls: an October 2022 call to a public high school in the Western District of Washington, in which he threatened to commit a mass shooting and claimed to have planted bombs throughout the school; a May 2023 call to a Historically Black College & University in the Northern District of Florida, in which he claimed to have placed bombs in the walls and ceilings of campus housing that would detonate in about an hour; and a July 2023 call to a local police department dispatch number in the Western District of Texas, in which he falsely identified himself as a senior federal law enforcement officer, provided the federal law-enforcement officer’s residential address to the dispatcher, claimed to have killed his (the federal officer’s) mother, and threatened to kill any responding police officers.  

    This case was investigated by the Federal Bureau of Investigation and the United States Secret Service. Valuable assistance was provided by the Seminole County (Florida) Sheriff’s Office; the Anacortes (Washington) Police Department; the Florida Department of Law Enforcement; the California Department of Justice; the Los Angeles County (California) Sheriff’s Office; and the Volusia County (Florida) Sheriff’s Office. The case is being prosecuted by Assistant United States Attorney Kara Wick, with valuable assistance from the State Attorney’s Office for Seminole County, Florida, 18th Judicial Circuit; the Counterterrorism Section of the United States Department of Justice; and the United States Attorneys’ Offices for the Western District of Washington, the Northern District of Florida, the Western District of Texas, and the District of Columbia. 

    MIL Security OSI –

  • MIL-OSI Australia: ABC News with Patricia Karvelas

    Source: Australian Executive Government Ministers

    PATRICIA KARVELAS: As we mentioned in our headlines, the Government says they are prepared to acquire Rex Airlines if a suitable buyer for the collapsed business isn’t found. Now, rival regional airlines have questioned why the Federal Government has refused to meet with them to discuss their offers of support on key Rex routes. The Nationals say any move by the Government to buy out Rex should be a last resort.

    [Excerpt]

    DAVID LITTLEPROUD: We don’t want the taxpayer to have to prop up what should be a commercially viable enterprise. The reality is Rex proved that until they took a change of course, and it’s difficult for then other smaller aviation companies to actually compete with the Australian taxpayer if we enter it. So, what needs to happen is that we need to accelerate the process to allow the solution to be created by the aviation sector themselves. They’re willing and able. They’re prepared to come to the table, but they’ve been locked out because it’s been the unions that have been dictating to the Government about who can actually put their hand up to buy Rex. 

    [End of excerpt]

    PATRICIA KARVELAS: To tell us more, Transport Minister Catherine King joins us live. Catherine King, welcome. 

    CATHERINE KING: Hi. It’s really lovely to be with you.

    PATRICIA KARVELAS: It is. You have put this on the table, but you say it’s not your preference. So, what? Is it just a political tactic?

    CATHERINE KING: No, not at all. What we’ve seen, and we’ve been working with the voluntary administration right the way along, the first sort of thing that we had to do was we put in the guarantee, so you’ll either fly or you’ll get your money back. Luckily, that hasn’t had to be drawn on, passenger numbers are keeping up. The next thing we had to do is – obviously, there was a first sale process that was not successful and we are working our way with the administrators on how can we best support a second sale process – we have come to the party with a credit, a line of credit, in order to keep the administration going. It’s not a grant. It’s a line of credit so that the administration can keep flying the airline. And then, what we’ve also done is stepped into the shoes of the largest creditor so that the company doesn’t get liquidated while we have this second sale process.

    What we’ve said today is that it’s abundantly clear that a second sale process won’t be successful without government support. And we are saying we are prepared to, where there are credible bidders that make its way through the administration process, that we will negotiate that support. Which is also why I can’t meet with individual airlines because they are potential bidders. [Indistinct]…

    PATRICIA KARVELAS: [Interrupts] Okay. Because the Financial Review is reporting that 43 airlines under the Regional Aviation Association of Australia wrote to you last year requesting a meeting that you wouldn’t.

    CATHERINE KING: I can’t meet with them for probity reasons because some of them will be bidders and they will be in a negotiation again, possibly against each other, and I will have to treat every bidder equally, which is why they need to work through the administration. So I can’t, for probity reasons, meet with them. I have met with their peak body before, I meet with them regularly, but I can’t meet with individual airlines who may be bidders in terms of Rex itself.

    PATRICIA KARVELAS: The RAAA Chief Executive has said that you’ve refused to meet them, but also says that they want to put forward a market-based solution for their association’s members. So, perhaps something quite different. 

    CATHERINE KING: Yep.

    PATRICIA KARVELAS: Isn’t that worth pursuing?

    CATHERINE KING: They can now do that. That’s what this has opened up today, through this second sale process. 

    PATRICIA KARVELAS: [Talks over] Has that meeting happened?

    CATHERINE KING: They can now do that, but I can’t meet with them because-

    PATRICIA KARVELAS: [Interrupts] The department can?

    CATHERINE KING: The department’s been meeting with potential bidders all the way along, and that’s been happening. That’s been happening all the way along. But I can’t meet with them because this is now a process where the Government will step in with some support, and we will need to treat every single bidder exactly the same. And so, I don’t know who those are going to be so I can’t meet with individual potential bidders, and I really welcome that there are airlines wanting to do that. 

    What I don’t want to see, though, is the cannibalisation of the routes, and some people saying, well, we want this bit, not this bit, and it really hollowing out.

    PATRICIA KARVELAS: [Talks over] Correct. I was going to go to that, because some people are proposing different- 

    CATHERINE KING: Yeah.

    PATRICIA KARVELAS: What’s wrong with that if it provides a commercial solution rather than the government stepping in?

    CATHERINE KING: It might provide a solution. But again, what – from the first principles of policy – what the Government wants to do is keep routes in regional aviation. We want to keep them flying and we want to make sure they’re viable, not just in the short term but in the longer term as well. Which is why we think the second sale process won’t be successful without government support, and that’s why we’ve got this process now in place. It may be-

    PATRICIA KARVELAS: [Interrupts]When you say with government support…

    CATHERINE KING: Yep.

    PATRICIA KARVELAS: …does that look like a sort of co-ownership model? Like, what sort of [indistinct] could it look like?

    CATHERINE KING: Yeah. At the moment, we’re very open to all of that. And different bidders will come forward and say, you know, we will buy the airline if you do X, Y and Z. And that is the competitive tension that needs to happen as part of this second sale process.

    PATRICIA KARVELAS: [Talks over] Does that mean the government could have, let’s say, a 40 per cent stake?

    CATHERINE KING: It could say that. But the biggest barrier for a sale of this airline at the moment has been that the planes are old and it is highly capital intensive to replace them. And so, that has been the largest barrier. And again, we will have to look at what someone is bringing to the table and what is the best value for taxpayer money; where we’re we going to be able to keep as many of the routes going as possible – I want to keep all of them going if we can; and-

    PATRICIA KARVELAS: [Interrupts]Well, is that a guarantee, if I can just pick you up on that? 

    CATHERINE KING: I would like to but, obviously, we’re going to- that is in the hands of whoever purchases the airline. 

    PATRICIA KARVELAS: Shouldn’t it be, actually, a pre-condition that you must keep them all open?

    CATHERINE KING: It is certainly one of the things that we will be looking at as part of that process. But at the first principle, what the Government is absolutely determined to do is to keep regional aviation and regional communities connected. I was pretty shocked today to see some of the commentary from the National and the Liberal Party who are, basically – I don’t know what that was about today – who are, basically I think, abandoning regional communities and regional aviation.

    PATRICIA KARVELAS: Well, they’re arguing there should be a commercial solution.

    CATHERINE KING: Well, and we’re saying that as well, but we’re also saying that if there isn’t, we are saying that we will start the process to consider if government should acquire it. We’ll need to do that with states and territories as partners, they subsidise a lot of these routes currently. And we’ll need to start the process for that as the buyer of last resort. 

    PATRICIA KARVELAS: Okay. And the buyer of last resort, does that mean that sort of states and territories go in with you?

    CATHERINE KING: We would certainly- we’re certainly in discussions with states and territories who subsidise many of the intrastate routes, which are their responsibility now. 

    PATRICIA KARVELAS: And can you give me a sense of which states are showing an interest in going in?

    CATHERINE KING: Well, every state wants to keep regional aviation going. All of them want regional aviation to… Rex flies everywhere. There’s more than 40 routes that are different routes that are flown weekly. Almost half of those are routes where they’re the only airline that actually flies in. And that’s pretty critical to getting people in regional communities to medical appointments, to their homes, to keep businesses going, to get FIFO workers in. They’re pretty- it’s a pretty important piece of economic infrastructure for our regions. 

    PATRICIA KARVELAS: Just on another topic, but still very much in your portfolio, is it right that the Victorian Government wants a top-up to the contentious Suburban Rail Loop? 

    CATHERINE KING: So, I mean, it’s in- all in the public domain. I must admit, I’ve been reluctant to comment on this because there’s a fair bit of gossip going around and it’s unhelpful, I think, as we [Indistinct] not you just-

    PATRICIA KARVELAS: [Interrupts] I am happy for you to just tell us the facts now.

    CATHERINE KING: So I will say- yeah. So on Suburban Rail Loop, I have released the $2.2 billion. Infrastructure Australia and my department have now assessed that and recommended that money be released to the Victorian Government on the basis of very specific things that it will be going towards. And so I have now signed that off. And the Victorian Government, I’m sure, will be receiving the news of that now as we speak. So you’ve got [Indistinct].

    PATRICIA KARVELAS: [Talks over] So, can you just be clear, that’s not- just the distinction, I know that they’re asking for a top up. You’re saying that’s not the top up? That’s…?

    CATHERINE KING: No, that’s the- so that’s the existing money that we’ve had on the table for Suburban Rail East. We will continue discussions, as we do through budget processes with every state and territory, and the Victorians are no different, who come to us with an ask. But I’ve been pretty consistent in terms of suburban rail to say there are still some hurdles that the Victorian Government will need to overcome in relation to advice that I will receive from Infrastructure Australia about particularly the costings around value capture before the Commonwealth can make another investment.

    PATRICIA KARVELAS: So you’re not convinced that this is a value for money proposition? 

    CATHERINE KING: I do think it’s a really good project. As a Victorian, I actually know- you know, and I grew up in the south eastern suburbs of Melbourne. That was my home and was my home well into my 20s. And I would catch that Glen Waverley train…

    PATRICIA KARVELAS: [Talks over] Same here.

    CATHERINE KING: [Indistinct]…train into the city as a 14-year-old all the time. I’ve seen the huge population growth around Box Hill where you and I would go shopping and you’d take your friends there as well. So really, it’s an important project for the city. It’s a big project for the city. You know, I’m a supporter of it, but I also need to make sure that I’m getting value for money for Australian taxpayers’ dollars and [Indistinct].

    PATRICIA KARVELAS: [Interrupts] So, to be clear, you’ve now- you said that they’ll be finding out now you’ve handed over two- just to be clear?

    CATHERINE KING: Yeah. The 2.2, which was the election commitment we made, Infrastructure Australia and the- my department have now provided me with advice on the assessment of their- the project appraisal report, which is pretty routine. That’s what I do. And that’s now been released to the Victorian Government. 

    PATRICIA KARVELAS: Okay. And that now draws a line for a while, you’re saying no extra funding?

    CATHERINE KING: Well, what I’m saying to them is there’s some more work that will need to be done before further investment in Suburban Rail Loop. But there’s also other projects, of course, that we continue to talk to the Victorians about. I work with very closely [Indistinct]…

    PATRICIA KARVELAS: [Interrupts] Because it brings me to the Werribee by-election and some of the lessons there. There are parts of your heartland who feel very neglected. Is that part of the lesson here?

    CATHERINE KING: I think that, again, I stood with Jacinta Allan to talk about and to put money into a road project, two road projects in Werribee, and they had been worked with and negotiated on and talked with the Victorian Government well over six months ago. You know, they were not new. They were things that the Victorian Government had brought to me to say, we need to invest in the West. 

    PATRICIA KARVELAS: But beyond that, you’re talking about something that’s already committed. There’s clearly more demand [Indistinct]…

    CATHERINE KING: [Interrupts] Yeah, absolutely. And that’s what happens through budget processes, through the mid-year economic financial outlook. They come to me with projects that they want to invest in, they want us to co-invest in, and they do that all the way around the state. They’ve done- you know, in regional communities, they’ve put $1 billion into a road blitz to really deal with potholes and a range of things in regional communities. You know, we’re really keen to partner with them on a whole range of projects, and we’ll keep talking to them as part of the budget process. 

    PATRICIA KARVELAS: Catherine King, thanks for coming in. 

    CATHERINE KING: Good to talk to you.

    MIL OSI News –

  • MIL-OSI USA: $150M for Climate Resiliency on SUNY & CUNY Campuses

    Source: US State of New York

    Governor Kathy Hochul today announced $150 million in climate resiliency grants  to make New York State’s public college campuses greener, more resilient to severe weather and more energy efficient. Supported by funding from the $4.2 billion Clean Water, Clean Air and Green Jobs Environmental Bond Act of 2022, the State University of New York (SUNY) is receiving $100 million for clean energy projects, including the installation of a thermal energy network at SUNY Buffalo, and the City University of New York (CUNY) is receiving $50 million for solar, energy storage, and heat pump projects on three campuses as part of a comprehensive plan to reduce CUNY’s carbon footprint.

    “New York’s higher education institutions play a significant role in leading by example to help advance a cleaner, greener future,” Governor Hochul said. “The $150 million in new investments from the Environmental Bond Act will allow SUNY and CUNY to take a significant step forward in electrifying campuses and integrating cleaner energy solutions to reduce pollution and help New York’s colleges become more energy efficient.”

    SUNY projects funded by the Environmental Bond Act include:

    Binghamton University: Binghamton University will install thermal energy networks and building heat pump technology on its campus. The funding will help implement construction of new high-efficiency networked water source heat pump systems in select buildings currently operating on approximately 20-year-old, lower-efficiency chillers. The new systems will effectively lower energy use by 45 percent, operating costs by $300,000, greenhouse gases by 1,100 metric tons (based on current grid emission factors), and other pollutants for the benefit of the campus and the larger community.

    University at Buffalo: UB will construct the first of many energy hubs, all of which are needed to phase out fossil fuel-based systems and replace aging, lower efficiency systems with on-site electrical systems that lower greenhouse gas and other pollutants and improve operating efficiencies. This first high-efficiency energy hub will service a network of up to five buildings on UB’s South Campus.

    SUNY Oswego: The campus will construct a geoexchange field system for a geothermal network to improve operating efficiencies, lower operating costs, and reduce greenhouse gas and other pollutants for the benefit of the campus and larger community. The project will result in an extensive underground utility infrastructure and central plant and building-level equipment conversions, which are required to continue converting the campus plant to sustainable measures.

    Stony Brook University: The Environmental Bond Act investment will provide design and construction for multiple ground and rooftop solar voltaic (PV) arrays to improve community air quality and public health and decarbonize the Long Island electric grid. The resulting on-site renewable power generation will provide operational efficiencies, energy use reduction, greenhouse gas and pollutant reductions, as well as to provide additional capacity for any potential future campus growth.

    CUNY projects funded by the Environmental Bond Act include:

    City College of New York: Parking lot solar canopies on the south campus will be paired with battery storage, which will support flexible demand management and electric vehicle (EV) chargers will be added to help electrify campus transportation. Rooftop solar will also be deployed. Heat pumps will be installed to electrify heating and cooling for the library and other spaces in the North Academic Center, and also in the science building to heat building domestic hot water and pool water. Heat Pumps are three to four times more efficient than a boiler as they move existing heat, rather than creating heat through combustion.

    Brooklyn College: Geothermal energy will be tapped as bore holes are drilled to provide ground source renewable heating and cooling for the adjacent West End Building, which houses student clubs, the film department, a testing center, and computer labs, and is a vital hub of student activity. Rooftop solar and EV charging stations will be installed at James Hall and West Quad, promoting EV adoption while supporting the college’s fleet electrification goals.

    Hunter College: This project initiates the hydronic conversion transformation of North Hall energy systems away from inefficient steam and standalone window air conditioning. Energy efficient hot and chilled water from the central plant will replace an antiquated steam system. This step toward electrification will reduce baseload energy use and cut use of fossil fuels, ensuring a better-controlled, state-of-the-art, sustainable learning environment for students.

    SUNY Chancellor John B. King Jr. said, “With thanks to Governor Hochul, SUNY’s campuses are leading the way in advancing sustainability and addressing climate change. This Bond Act funding for four SUNY projects will help achieve New York State’s ambitious decarbonization goals and build a more sustainable future.”

    CUNY Chancellor Félix V. Matos Rodríguez said, “By helping CUNY reduce the carbon footprint of our campuses, curb our consumption of fossil fuels and harness our capacity to aid sustainable energy production, Governor Hochul is enabling the University to promote prudent environmental stewardship. The Environmental Bond Act investments announced today will help CUNY play a key role in the development of a resilient, responsible, and resourceful New York.”

    New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said, “Governor Hochul’s commitment in the State of the State to advance a greener future through decarbonization is bolstered with this new $150 million Clean Water, Clean Air and Green Jobs Environmental Bond Act investment for innovative clean energy projects at SUNY and CUNY campuses across the state. Through the State’s Environmental Bond Act investments, New York is supporting advanced thermal energy networks, EV charging infrastructure, and other technologies that reduce pollution, lower operating costs, and create far-reaching benefits for schools and their surrounding communities.”

    New York League of Conservation Voters President Julie Tighe said, “As the state transitions to a clean energy economy, it is critical that the government not just pass laws, but that they also lead by example. That is exactly what Governor Hochul is doing by allocating Bond Act funds to decarbonize SUNY and CUNY campuses, including by building out thermal energy networks and investing in solar and EV charging infrastructure at some of the most polluting buildings the state owns. We applaud the Governor for reducing New York’s carbon footprint while also helping seed one of the most promising clean energy solutions we have for our large buildings and campuses.”

    Building Decarbonization Coalition New York Director Lisa Dix said, “We applaud the Governor for this critical step forward in implementing the Decarbonization Leadership Program and the SUNY and CUNY campus decarbonization action plans to advance Thermal Energy Networks across our state. This funding and continued leadership is key to getting fifteen Thermal Energy Networks, shovel-ready projects by 2026. Thermal Energy Networks will advance new economic development, modernize our universities, create union jobs, help avoid costly grid upgrades, slash pollution in our communities and help achieve New York’s climate goals – all while building a thriving clean energy economy.”

    New York State AFL-CIO President Mario Cilento said, “Thanks to Governor Hochul’s leadership, the potential of the Environmental Bond Act is now becoming a reality. These projects will be built union with robust labor standards, including prevailing rate, labor peace, and Buy American. As I said in 2022, when the delegates to the New York State AFL-CIO convention voted overwhelmingly to support the Environmental Bond Act ballot referendum, working together, we will decarbonize while establishing a solid foundation for union careers.”

    New York State Building Trades President Gary LaBarbera said, “As New York looks to progress towards its climate goals, we must continue to fund clean energy initiatives that not only modernize our key institutions but also create thousands of good-paying careers for working class people. The investments from the Environmental Bond Act will help our SUNY and CUNY campuses operate in a greener and more environmentally friendly manner, generate more accessible pathways to the middle class for hardworking New Yorkers, and contribute to improving the experiences of everyone who attends and works at these colleges. We applaud Governor Hochul for supporting this investment and look forward to playing a role in pushing these climate adaptions forward.”

    New York State continues to advance resiliency initiatives and investments that are helping to protect communities. Today’s announcement complements Governor Hochul’s Executive Budget proposal to invest more than $1 billion to help fund a more sustainable and affordable future. This ambitious proposal is the single-largest climate investment in state history, generating thousands of jobs, slashing energy bills for households, and cutting harmful pollution.

    The funding to SUNY and CUNY demonstrates the ways New York State’s continued commitment can be achieved, by deploying renewable energy, advancing clean transportation and building decarbonization, and exploring emerging technologies that can support decarbonization goals and economic development. The Executive Budget also includes $108 million for climate resiliency initiatives that support coastal resiliency and additional funding for Green Resiliency Grants and continues a record $400 million for Environmental Protection Fund programs that include measures to adapt and mitigate climate impacts. Progress also continues in administering the $4.2 billion Clean Water, Clean Air and Green Jobs Environmental Bond Act, which has allocated approximately $1.25 billion, or 25 percent, of Bond Act funds to date.

    New York State’s Climate Agenda

    New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

    Returned to GAAP profitability with net income of $9 million in fourth quarter

    Adjusted EBITDA of $41 million, up 315% year-over-year

    Quarterly annualized net charge-off rate of 11.7%, lowest since third quarter of 2022

    Total quarterly operating expenses of $89 million, reduced 31% year-over-year

    Raising full year 2025 expectations

    SAN CARLOS, Calif., Feb. 12, 2025 (GLOBE NEWSWIRE) — Oportun Financial Corporation (Nasdaq: OPRT) (“Oportun”, or the “Company”) reported financial results today for the fourth quarter and full year ended December 31, 2024.

    “We finished the year stronger than anticipated and believe that we’ve turned the corner, well-poised to capitalize on our momentum and advance our strategic priorities into 2025 and beyond,” said Raul Vazquez, CEO of Oportun. “I’m pleased that we returned to GAAP profitability in the quarter by generating $9 million of net income, a $51 million year-over-year increase. Furthermore, fourth quarter Adjusted Net Income increased by $30 million year-over-year, while Adjusted EBITDA more than quadrupled, and we returned to originations growth at 19%. I am also pleased that we delivered quarterly GAAP and Adjusted Return on Equity (ROE) of 10% and 25%, respectively, demonstrating good progress towards consistently delivering annual ROE in the 20% to 28% range. Our focus on cost discipline and improved credit performance is continuing to yield tangible results, laying the foundation to return to growth in 2025. We’re raising our expectations for full year 2025 Adjusted EPS to $1.10 to $1.30 per share, which implies 53 to 81% growth.”

    Fourth Quarter and Full Year 2024 Results

    Metric GAAP   Adjusted1
      4Q24 4Q23 FY24 FY23   4Q24 4Q232 FY24 FY232
    Total revenue $251 $263 $1,002 $1,057          
    Net income (loss) $9 $(42) ($79) ($180)   $22 $(8.2) $29 $(71)
    Diluted EPS $0.20 $(1.09) ($1.95) $(4.88)   $0.49 $(0.21) $0.72 $(1.93)
    Adjusted EBITDA           $41 $9.9 $105 $19
    Dollars in millions, except per share amounts.                
    1See the section entitled “About Non-GAAP Financial Measures” for an explanation of non-GAAP measures, and the table entitled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of non-GAAP to GAAP measures.
    2Beginning 1Q24, we updated our calculations of Adjusted EBITDA and Adjusted Net Income (Loss). Prior periods presented here have been updated to reflect the prior period numbers on a comparable basis. See Appendix for non-GAAP reconciliation to the most comparable GAAP measure.
     

    Fourth Quarter 2024

    • Aggregate Originations were $522 million, a 19% increase compared to $437 million in the prior-year quarter
    • Portfolio Yield was 34.2%, an increase of 155 basis points compared to the 32.7% in prior-year quarter
    • Owned Principal Balance at end-of-period was $2.7 billion, a decrease of 8% compared to $2.9 billion in the prior-year quarter
    • Annualized Net Charge-Off Rate of 11.7%, a decrease of 55 basis points compared to 12.3% in the prior-year quarter
    • 30+ Day Delinquency Rate of 4.8%, a decrease of 113 basis points compared to 5.9% for the prior-year quarter

    Full Year 2024

    • Aggregate Originations were $1,775 million, a 2% decrease compared to $1,813 million in the prior year
    • Portfolio Yield was 33.5%, an increase of 125 basis points compared to 32.2% in the prior year
    • Annualized Net Charge-Off Rate of 12.0%, a decrease of 18 basis points compared to 12.2% in the prior year

    Financial and Operating Results

    All figures are as of or for the quarter ended December 31, 2024, unless otherwise noted.

    Operational Drivers

    Originations – Aggregate Originations for the fourth quarter were $522 million, an increase of 19% as compared to $437 million in the prior-year quarter as the Company returned to year-over-year growth for the first time in ten quarters. Aggregate Originations for full year 2024 were $1,775 million, a decrease of 2% as compared to $1,813 million in 2023.

    Portfolio Yield – Portfolio Yield as of the end of fourth quarter was 34.2%, an increase of 155 basis points as compared to 32.7% in the prior-year quarter. Portfolio Yield for the full year 2024 was 33.5%, an increase of 125 basis points as compared to 32.2% in 2023.

    Fourth Quarter 2024 Financial Results

    Revenue – Total revenue for the fourth quarter of $251 million was a decrease of 4% as compared to $263 million in the prior-year quarter. The decrease was due to the November 12th sale of the Company’s credit card receivables portfolio and a decline in average daily principal balance in its personal loans portfolio. The decline in average daily principal balance was due to prior credit tightening actions, the revenue impact of which was partially offset by a 155 basis point increase in portfolio yield to 34.2%. Excluding the impact of the credit card receivables portfolio sale, the fourth quarter’s total revenue declined by only 2%.

    Net revenue for the fourth quarter was $93 million, up 30% as compared to Net Revenue of $72 million in the prior-year quarter. Lower net charge-offs and non-cash fair value marks more than offset lower total revenue and higher interest expense. Excluding a one-time, non-cash write-off of $17 million of deferred financing fees relating to the Company’s November corporate debt refinancing, net revenue would have been up 53% year-over-year.

    Operating Expenses and Adjusted Operating Expense1 – For the fourth quarter, total operating expense was $89 million, a decrease of 31% as compared to $129 million in the prior-year quarter and below the $97.5 million the Company was targeting. The decrease is principally attributable to a combined set of cost reduction initiatives announced in 2023 and 2024. The fourth quarter 2024 figure includes approximately $6 million in one-time benefits, including those related to capitalization of previous accrued expenses associated with the Company’s debt refinancing, true-ups related to estimated costs of exiting the credit card product and other benefits management does not consider to be part of a normalized run rate. Without the benefit from these one-time items, operating expense would have been approximately $95 million, still below the $97.5 million target. Adjusted Operating Expense, which excludes stock-based compensation expense and certain non-recurring charges, decreased 17% year-over-year to $89 million.

    Net Income (Loss) and Adjusted Net Income (Loss)1 – Net income was $9 million as compared to a net loss of $42 million in the prior-year quarter. The increase in net income was attributable to the increase in net revenue and a decrease in operating expenses as a result of cost reduction initiatives. Adjusted Net Income was $22 million, as compared to Adjusted Net Loss of $8.2 million in the prior-year quarter. The increase in Adjusted Net Income was attributable higher net revenue and the decrease in operating expense.

    Earnings (Loss) Per Share and Adjusted EPS1 – GAAP earnings per share, basic and diluted, were both $0.20, as compared to basic and diluted loss per share of $1.09 each in the prior-year quarter. Adjusted earnings per share was $0.49 as compared to adjusted loss per share of $0.54 in the prior-year quarter.

    Adjusted EBITDA1 – Adjusted EBITDA was $41 million, up from $10 million in the prior-year quarter, driven by a significant reduction in operating expenses along with reduced charge-offs.

    Full Year 2024 Financial Results

    Revenue – Total revenue for the full year was $1.0 billion, a decrease of 5% as compared to total revenue of $1.1 billion in 2023. The decrease was due to decreased interest income attributable to a lower Average Daily Principal Balance including impact from the November sale of the credit card receivables portfolio and decreased non-interest income. Excluding the impact of the credit card receivables portfolio sale, full year total revenue declined by 4%.

    Net revenue for the full year was $295 million, an increase of 5% compared to net revenue of $281 million in the prior year, primarily due to an improvement in net decrease in fair value, including reduced marks on asset backed notes and reduced charge-offs. This net revenue favorability was partially offset by an increase in interest expense, including a one-time, non-cash write-off of $17 million of deferred financing fees related to the Company’s debt financing in the fourth quarter, and the decline in total revenue.

    Operating Expense and Adjusted Operating Expense1 – For the full year, total operating expense was $410 million, a decrease of 23% as compared to $534 million in 2023, enabled by the cost reduction initiatives announced in 2023 and 2024. Adjusted Operating Expense, which excludes stock-based compensation expense and certain non-recurring charges, decreased 20% year-over-year to $381 million due to similar drivers.

    Net Income (Loss) and Adjusted Net Income (Loss)1 – Net loss was $79 million, as compared to a net loss of $180 million in 2023. Adjusted Net Income increased to $29 million, as compared to Adjusted Net Loss of $71 million in 2023. The improvements in net loss and Adjusted Net income were attributable to reduced operating expenses coupled with higher net revenue, including reduced charge-offs.

    Earnings (Loss) Per Share and Adjusted EPS1 – GAAP net loss per share, basic and diluted, were both $1.95 for the full year 2024 as compared to basic and diluted loss per share of $4.88 each in 2023. Adjusted earnings per share was $0.72 in 2024 as compared to an adjusted net loss per share of $1.93 in 2023.

    Adjusted EBITDA1 – Adjusted EBITDA was $105 million, an increase of $86 million , or 463% as compared to $19 million in 2023, also driven by reduced operating expenses coupled with higher net revenue, including reduced charge-offs.

    Credit and Operating Metrics

    Net Charge-Off Rate – The Annualized Net Charge-Off Rate for the fourth quarter was 11.7%, a 55 basis points reduction from 12.3% in the prior-year quarter, and 12.0% for the full year 2024, an 18 basis points reduction from 12.2% in 2023. Dollar Net Charge-offs for the quarter were down 12% to $80 million, compared to $91 million for the prior-year quarter, and down 9% to $331 million for the full year 2024, compared to $364 million for 2023.

    30+ Day Delinquency Rate – The Company’s 30+ Day Delinquency Rate was 4.8% at the end of 2024, a 113 basis points improvement compared to 5.9% at the end of 2023.

    Operating Expense Ratio and Adjusted Operating Expense Ratio1 – Operating Expense Ratio for the quarter was 13.1% as compared to 17.5% in the prior-year quarter, a 434 basis points improvement. Adjusted Operating Expense Ratio was 13.1% as compared to 14.5% in the prior-year quarter, a 141 basis points improvement. For the full year 2024, Operating Expense Ratio was 14.8% as compared to 17.9% for 2023, a 302 basis points improvement. For the full year 2024, Adjusted Operating Expense Ratio was 13.8% as compared to 16.0% for 2023, a 224 basis points improvement. The Adjusted Operating Expense Ratio excludes stock-based compensation expense and certain non-recurring charges, such as expenses related to the credit card portfolio sale. The improvement in Adjusted Operating Expense Ratio is primarily attributable to the Company’s focus on reducing operating expenses, partially offset by a decrease in Average Daily Principal Balance due to prior credit tightening actions.

    Return on Equity (“ROE”) and Adjusted ROE1 – ROE for the quarter was 10%, as compared to (39)% in the prior-year quarter. The increase was attributable to the increase in net income. Adjusted ROE for the quarter was 25%, as compared to (8)% in the prior-year quarter. ROE for the full year 2024 was (21)%, as compared to (38)% for 2023. Adjusted ROE for the full year 2024 was 8%, as compared to (15)% for 2023.

    1 Beginning 1Q24, we updated our calculations of Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Operating Expense. To align with these updated calculations we also updated Adjusted EPS and Adjusted Return on Equity. Prior periods presented here have been updated to reflect the prior period numbers on a comparable basis. See Appendix for non-GAAP reconciliation to the most comparable GAAP measure.

    Other Products

    Secured personal loans – As of December 31, 2024, the Company had a secured personal loan receivables balance of $162 million, up 38% from $117 million at the end of 2023, and up 15% quarter-over-quarter. Available only in California as of the end of 2023, Oportun now also offers secured personal loans in Texas, Florida, Arizona, New Jersey and Illinois. During 2024, secured personal loan losses ran approximately 500 basis points lower compared to unsecured personal loans, with fourth quarter revenue per loan approximately 75% higher due to larger average loan sizes.

    Funding and Liquidity

    As of December 31, 2024, total cash was $215 million, consisting of cash and cash equivalents of $60 million and restricted cash of $155 million. Cost of Debt and Debt-to-Equity were 8.0% and 7.9x, respectively, for and at the end of the fourth quarter 2024 as compared to 7.1% and 7.2x, respectively, for and at the end of the prior-year quarter. Cost of Debt and Debt-to-Equity were 7.8% and 7.9x, respectively, for and at the year ended December 31, 2024 as compared to 6.0% and 7.2x, respectively, for and at the year ended December 31, 2023. These fourth quarter and full year 2024 Cost of Debt figures exclude a $17 million non-cash write-off of deferred financing costs relating to the repayment of the Company’s prior corporate financing facility as part of a November refinancing. As of December 31, 2024, the Company had $227 million of undrawn capacity on its existing $766 million personal loan warehouse lines. The Company’s personal loan warehouse lines are committed through September 2027 and August 2028.

    Financial Outlook for First Quarter and Full Year 2025

    Oportun is providing the following guidance for 1Q 2025 and full year 2025 as follows:

      1Q 2025   Full Year 2025
    Total Revenue $225 – $230M   $945 – $970M
    Annualized Net Charge-Off Rate 12.30% +/- 15 bps   11.5% +/- 50 bps
    Adjusted EBITDA1 $18 – $22M   $135 – $145M
    Adjusted Net Income —   $53 – $63M
    Adjusted EPS —   $1.10 – $1.30
    1 See the section entitled “About Non-GAAP Financial Measures” for an explanation of non-GAAP measures, including revised Adjusted EBITDA, and the table entitled “Reconciliation of Forward Looking Non-GAAP Financial Measures” for a reconciliation of non-GAAP to GAAP measures.

    Chief Financial Officer & Chief Administration Officer Announces Retirement

    On February 7, 2025, Mr. Jonathan Coblentz notified the Company that effective March 28, 2025, he plans to retire from his role as Chief Financial Officer (“CFO”) and Chief Administrative Officer (“CAO”) of the Company. Mr. Coblentz has served as the Company’s CFO since 2009.

    Mr. Coblentz will continue in his CFO and CAO roles until March 28th to support a smooth transition to Casey Mueller, the Company’s Principal Accounting Officer and Global Controller, who, following Mr. Coblentz’s departure will serve as our interim CFO. The Company has retained an executive search firm to conduct a thorough search process to identify Mr. Coblentz’s successor, considering both internal and external candidates.

    Mr. Mueller is 43 years old and has served as Global Controller since joining the Company in 2018 and assumed the role of Principal Accounting Officer in 2022. Prior to joining the Company, Mr. Mueller held various leadership roles of increasing scope and responsibility within finance at OneMain Financial from 2013 to 2018. Mr. Mueller also previously served as Audit Manager at Deloitte LLP, a public accounting firm, which currently serves as the Company’s auditor. Mr. Mueller is a Certified Public Accountant and received a B.S. in Accounting and Master of Accountancy from Brigham Young University.

    Conference Call

    As previously announced, Oportun’s management will host a conference call to discuss fourth quarter 2024 results at 5:00 p.m. ET (2:00 p.m. PT) today. A live webcast of the call will be accessible from the Investor Relations page of Oportun’s website at https://investor.oportun.com. The dial-in number for the conference call is 1-866-604-1698 (toll-free) or 1-201-389-0844 (international). Participants should call in 10 minutes prior to the scheduled start time. Both the call and webcast are open to the general public. For those unable to listen to the live broadcast, a webcast replay of the call will be available at https://investor.oportun.com for one year. A file that includes supplemental financial information and reconciliations of certain non-GAAP measures to their most directly comparable GAAP measures, will be available on the Investor Relations page of Oportun’s website at https://investor.oportun.com following the conference call.

    About Non-GAAP Financial Measures

    This press release presents information about the Company’s Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA, Adjusted Operating Expense, Adjusted Operating Efficiency, Adjusted Operating Expense Ratio, and Adjusted ROE, all of which are non-GAAP financial measures provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes these non-GAAP measures can be useful measures for period-to-period comparisons of its core business and provide useful information to investors and others in understanding and evaluating its operating results. Non-GAAP financial measures are provided in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP. In addition, the non-GAAP measures the Company uses, as presented, may not be comparable to similar measures used by other companies. Reconciliations of non-GAAP to GAAP measures can be found below.

    About Oportun

    Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $19.7 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

    Forward-Looking Statements

    This press release contains forward-looking statements. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to future performance, results of operations and financial position; achievement of the Company’s strategic priorities and goals; expectations regarding the departure of the Company’s CFO and CAO and regarding its interim CFO; the Company’s expectations regarding macroeconomic conditions; the Company’s profitability and future growth opportunities; the effect of and trends in fair value mark-to-market adjustments on the Company’s loan portfolio and asset-backed notes; the Company’s first quarter and full year 2025 outlook; the Company’s expectations regarding Adjusted EPS in full year 2025; the Company’s expectations related to future profitability on an adjusted basis, and the plans and objectives of management for our future operations, are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, Oportun disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements. These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause Oportun’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Oportun has based these forward-looking statements on its current expectations and projections about future events, financial trends and risks and uncertainties that it believes may affect its business, financial condition and results of operations. These risks and uncertainties include those risks described in Oportun’s filings with the Securities and Exchange Commission, including Oportun’s most recent annual report on Form 10-K, and include, but are not limited to, Oportun’s ability to retain existing members and attract new members; Oportun’s ability to accurately predict demand for, and develop its financial products and services; the effectiveness of Oportun’s A.I. model; macroeconomic conditions, including fluctuating inflation and market interest rates; increases in loan non-payments, delinquencies and charge-offs; Oportun’s ability to increase market share and enter into new markets; Oportun’s ability to realize the benefits from acquisitions and integrate acquired technologies; the risk of security breaches or incidents affecting the Company’s information technology systems or those of the Company’s third-party vendors or service providers; Oportun’s ability to successfully offer loans in additional states; Oportun’s ability to compete successfully with other companies that are currently in, or may in the future enter, its industry; and changes in Oportun’s ability to obtain additional financing on acceptable terms or at all.

    Contacts

    Investor Contact
    Dorian Hare
    (650) 590-4323
    ir@oportun.com

    Media Contact
    Michael Azzano
    Cosmo PR for Oportun
    (415) 596-1978
    michael@cosmo-pr.com

    Oportun and the Oportun logo are registered trademarks of Oportun, Inc.

     
    Oportun Financial Corporation
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except share and per share data, unaudited)
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
          2024       2023       2024       2023  
    Revenue                
    Interest income   $ 233.5     $ 242.2     $ 925.5     $ 963.5  
    Non-interest income     17.5       20.5       76.3       93.4  
    Total revenue     250.9       262.6       1,001.8       1,056.9  
    Less:                
    Interest expense     73.7       52.0       238.2       179.4  
    Net decrease in fair value     (83.9 )     (138.5 )     (468.4 )     (596.8 )
    Net revenue     93.4       72.1       295.2       280.7  
                     
    Operating expenses:                
    Technology and facilities     37.9       54.8       166.2       219.4  
    Sales and marketing     17.3       18.1       67.0       75.3  
    Personnel     19.7       25.1       87.2       121.8  
    Outsourcing and professional fees     8.1       11.2       36.8       45.4  
    General, administrative and other     6.4       20.2       53.2       72.4  
    Total operating expenses     89.5       129.4       410.4       534.3  
                     
    Income (loss) before taxes     3.9       (57.3 )     (115.2 )     (253.7 )
    Income tax benefit     (4.8 )     (15.5 )     (36.5 )     (73.7 )
    Net income (loss)   $ 8.7     $ (41.8 )   $ (78.7 )   $ (180.0 )
                     
    Diluted Earnings (Loss) per Common Share   $ 0.20     $ (1.09 )   $ (1.95 )   $ (4.88 )
    Diluted Weighted Average Common Shares     43,550,693       38,485,406       40,356,025       36,875,950  


    Note: Numbers may not foot or cross-foot due to rounding.

     
    Oportun Financial Corporation
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in millions, unaudited)
        December 31,   December 31,
          2024       2023  
    Assets        
    Cash and cash equivalents   $ 60.0     $ 91.2  
    Restricted cash     154.7       114.8  
    Loans receivable at fair value     2,778.5       2,962.4  
    Capitalized software and other intangibles     86.6       114.7  
    Right of use assets – operating     9.8       21.1  
    Other assets     137.6       107.7  
    Total assets   $ 3,227.1     $ 3,411.9  
             
    Liabilities and stockholders’ equity        
    Liabilities        
    Secured financing   $ 535.5     $ 290.0  
    Asset-backed notes at fair value     1,080.7       1,780.0  
    Asset-backed borrowings at amortized cost     984.3       581.5  
    Acquisition and corporate financing     203.8       258.7  
    Lease liabilities     18.2       28.4  
    Other liabilities     50.9       68.9  
    Total liabilities     2,873.3       3,007.5  
    Stockholders’ equity        
    Common stock     —       —  
    Common stock, additional paid-in capital     612.6       584.6  
    Accumulated deficit     (252.5 )     (173.8 )
    Treasury stock     (6.3 )     (6.3 )
    Total stockholders’ equity     353.8       404.4  
    Total liabilities and stockholders’ equity   $ 3,227.1     $ 3,411.9  


    Note: Numbers may not foot or cross-foot due to rounding.

     
    Oportun Financial Corporation
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in millions, unaudited)
      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
        2024       2023       2024       2023  
    Cash flows from operating activities              
    Net income (loss) $ 8.7     $ (41.8 )   $ (78.7 )   $ (180.0 )
    Adjustments for non-cash items   100.4       139.0       498.0       585.3  
    Proceeds from sale of loans in excess of originations of loans sold and held for sale   0.2       2.9       4.5       8.5  
    Changes in balances of operating assets and liabilities   (17.9 )     6.2       (30.3 )     (21.1 )
    Net cash provided by operating activities   91.4       106.3       393.5       392.8  
                   
    Cash flows from investing activities              
    Net loan principal repayments (loan originations)   (101.7 )     (91.8 )     (228.1 )     (257.5 )
    Proceeds from loan sales originated as held for investment   51.7       1.3       54.5       4.1  
    Capitalization of system development costs   (6.1 )     (6.1 )     (19.2 )     (31.3 )
    Other, net   (0.3 )     (0.2 )     (0.9 )     (1.4 )
    Net cash used in investing activities   (56.4 )     (96.8 )     (193.7 )     (286.2 )
                   
    Cash flows from financing activities              
    Borrowings   691.2       429.4       1,736.7       945.5  
    Repayments   (740.1 )     (432.1 )     (1,927.7 )     (1,047.1 )
    Net stock-based activities   —       (0.4 )     (0.3 )     (2.7 )
    Net cash used in financing activities   (48.9 )     (3.1 )     (191.2 )     (104.4 )
                   
    Net increase (decrease) in cash and cash equivalents and restricted cash   (13.9 )     6.4       8.6       2.2  
    Cash and cash equivalents and restricted cash beginning of period   228.5       199.6       206.0       203.8  
    Cash and cash equivalents and restricted cash end of period $ 214.6     $ 206.0     $ 214.6     $ 206.0  


    Note: Numbers may not foot or cross-foot due to rounding.

     
    Oportun Financial Corporation
    CONSOLIDATED KEY PERFORMANCE METRICS
    (unaudited)
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    Key Financial and Operating Metrics     2024       2023       2024       2023  
    Aggregate Originations (Millions)   $ 522.2     $ 437.3     $ 1,775.3     $ 1,813.1  
    Portfolio Yield (%)     34.2 %     32.7 %     33.5 %     32.2 %
    30+ Day Delinquency Rate (%)     4.8 %     5.9 %     4.8 %     5.9 %
    Annualized Net Charge-Off Rate (%)     11.7 %     12.3 %     12.0 %     12.2 %
                     
    Other Metrics                
    Managed Principal Balance at End of Period (Millions)   $ 2,973.5     $ 3,182.1     $ 2,973.5     $ 3,182.1  
    Owned Principal Balance at End of Period (Millions)   $ 2,678.2     $ 2,904.7     $ 2,678.2     $ 2,904.7  
    Average Daily Principal Balance (Millions)   $ 2,714.4     $ 2,940.5     $ 2,766.6     $ 2,992.6  


    Note: Numbers may not foot or cross-foot due to rounding.

     
    Oportun Financial Corporation
    ABOUT NON-GAAP FINANCIAL MEASURES
    (unaudited)

    This press release dated February 12, 2025 contains non-GAAP financial measures. The following tables reconcile the non-GAAP financial measures in this press release to the most directly comparable financial measures prepared in accordance with GAAP.

    The Company believes that the provision of these non-GAAP financial measures can provide useful measures for period-to-period comparisons of Oportun’s core business and useful information to investors and others in understanding and evaluating its operating results. However, non-GAAP financial measures are not calculated in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.

    As previously announced on March 12, 2024, beginning with the quarter ended March 31, 2024 the Company has updated it’s calculation of Adjusted EBITDA and Adjusted Net Income for all periods. To align with these updated calculations the Company also updated Adjusted Operating Efficiency, Adjusted EPS and Adjusted Return on Equity. Comparable prior period Non-GAAP financial measures are included in addition to the previously reported metrics.

    Adjusted EBITDA
    The Company defines Adjusted EBITDA as net income, adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted EBITDA is an important measure because it allows management, investors and its board of directors to evaluate and compare operating results, including return on capital and operating efficiencies, from period to period by making the adjustments described below. In addition, it provides a useful measure for period-to-period comparisons of Oportun’s business, as it removes the effect of income taxes, certain non-cash items, variable charges and timing differences.

    • The Company believes it is useful to exclude the impact of income tax expense, as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations.
    • The Company believes it is useful to exclude depreciation and amortization and stock-based compensation expense because they are non-cash charges.
    • The Company believes it is useful to exclude the impact of interest expense associated with the Company’s corporate financing facilities, including the senior secured term loan and the residual financing facility, as it views this expense as related to its capital structure rather than its funding.
    • The Company excludes the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.
    • The Company also excludes fair value mark-to-market adjustments on its loans receivable portfolio and asset-backed notes carried at fair value because these adjustments do not impact cash.

    Adjusted Net Income
    The Company defines Adjusted Net Income as net income adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted Net Income is an important measure of operating performance because it allows management, investors, and the Company’s board of directors to evaluate and compare its operating results, including return on capital and operating efficiencies, from period to period, excluding the after-tax impact of non-cash, stock-based compensation expense and certain non-recurring charges.

    • The Company believes it is useful to exclude the impact of income tax expense (benefit), as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations. The Company also includes the impact of normalized income tax expense by applying a normalized statutory tax rate.
    • The Company believes it is useful to exclude the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect its ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.
    • The Company believes it is useful to exclude stock-based compensation expense because it is a non-cash charge.
    • The Company also excludes the fair value mark-to-market adjustment on its asset-backed notes carried at fair value to align with the 2023 accounting policy decision to account for new debt financings at amortized cost.

    Adjusted Operating Expense, Adjusted Operating Efficiency and Adjusted Operating Expense Ratio
    The Company defines Adjusted Operating Expense as total operating expenses adjusted to exclude stock-based compensation expense and certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges. Other non-recurring charges include litigation reserve, impairment charges, and debt amendment costs related to our Corporate Financing facility. The Company defines Adjusted Operating Efficiency as Adjusted Operating Expense divided by total revenue. The Company defines Adjusted Operating Expense Ratio as Adjusted Operating Expense divided by Average Daily Principal Balance. The Company believes Adjusted Operating Expense is an important measure because it allows management, investors and Oportun’s board of directors to evaluate and compare its operating costs from period to period, excluding the impact of non-cash, stock-based compensation expense and certain non-recurring charges. The Company believes Adjusted Operating Efficiency and Adjusted Operating Expense Ratio are important measures because they allow management, investors and Oportun’s board of directors to evaluate how efficiently the Company is managing costs relative to revenue and Average Daily Principal Balance.

    Adjusted Return on Equity
    The Company defines Adjusted Return on Equity (“ROE”) as annualized Adjusted Net Income divided by average stockholders’ equity. Average stockholders’ equity is an average of the beginning and ending stockholders’ equity balance for each period. The Company believes Adjusted ROE is an important measure because it allows management, investors and its board of directors to evaluate the profitability of the business in relation to its stockholders’ equity and how efficiently it generates income from stockholders’ equity.

    Adjusted EPS
    The Company defines Adjusted EPS as Adjusted Net Income divided by weighted average diluted shares outstanding.

     
    Oportun Financial Corporation
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (in millions, unaudited)
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    Adjusted EBITDA     2024       2023       2024       2023  
    Net income (Loss)   $ 8.7     $ (41.8 )   $ (78.7 )   $ (180.0 )
    Adjustments:                
    Income tax benefit     (4.8 )     (15.5 )     (36.5 )     (73.7 )
    Interest on corporate financing     11.4       14.6       51.1       51.8  
    Depreciation and amortization     12.5       13.8       52.2       54.9  
    Stock-based compensation expense     2.8       4.8       13.1       18.0  
    Workforce optimization expenses     0.1       6.8       3.1       22.5  
    Other non-recurring charges (1)     14.2       10.8       31.0       15.5  
    Fair value mark-to-market adjustment     (4.0 )     16.4       69.3       109.5  
    Adjusted EBITDA(2)   $ 41.0     $ 9.9     $ 104.5     $ 18.6  
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    Adjusted Net Income     2024       2023       2024       2023  
    Net income (Loss)   $ 8.7     $ (41.8 )   $ (78.7 )   $ (180.0 )
    Adjustments:                
    Income tax benefit     (4.8 )     (15.5 )     (36.5 )     (73.7 )
    Stock-based compensation expense     2.8       4.8       13.1       18.0  
    Workforce optimization expenses     0.1       6.8       3.1       22.5  
    Other non-recurring charges (1)     14.2       10.8       31.0       15.5  
    Net decrease in fair value of credit cards receivable     —       —       36.2       —  
    Mark-to-market adjustment on ABS notes     8.5       23.6       72.1       100.0  
    Adjusted income before taxes     29.5       (11.3 )     40.2       (97.7 )
    Normalized income tax expense     8.0       (3.0 )     10.8       (26.4 )
    Adjusted Net Income (Loss) (3)   $ 21.5     $ (8.2 )   $ 29.3     $ (71.3 )
                     
    Stockholders’ equity   $ 353.8     $ 404.4     $ 353.8     $ 404.4  
    GAAP ROE     10.2 %   (39.2 )%   (20.8 )%   (37.8 )%
    Adjusted ROE (%) (4)     25.2 %   (7.7 )%     7.7 %   (15.0 )%


    Note: Numbers may not foot or cross-foot due to rounding.
    (1) Certain prior-period financial information has been reclassified to conform to current period presentation.
    (2) Our calculation of Adjusted EBITDA was updated in Q1 2024 to more closely align with management’s internal view of the performance of the business. The Q4 2023 and FY 2023 values for Adjusted EBITDA shown in the table above have been revised and presented on a comparable basis, prior to these revisions the values would have been $6.1 million and $1.7 million, respectively.
    (3) Our calculation of Adjusted Net Income (Loss) was updated in Q1 2024 to more closely align with management’s internal view of the performance of the business. The Q4 2023 and FY 2023 values for Adjusted Net Income (Loss) shown in the table above have been revised and presented on a comparable basis, prior to these revisions the values would have been $(20.6) million and $(124.1) million, respectively.
    (4) Calculated as Adjusted Net Income (Loss) divided by average stockholders’ equity. ROE has been annualized. Due to the Adjusted Net Income (Loss) revisions in Q1 2024, the Q4 2023 and FY 2023 Adjusted ROE values would have been (19.3)% and (26.1)%, respectively.

     
    Oportun Financial Corporation
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (in millions, unaudited)
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    Adjusted Operating Efficiency     2024       2023       2024       2023  
    Operating Efficiency     35.7 %     49.3 %     41.0 %     50.6 %
    Total Revenue   $ 250.9     $ 262.6     $ 1,001.8     $ 1,056.9  
                     
    Total Operating Expense   $ 89.5     $ 129.4     $ 410.4     $ 534.3  
    Adjustments:                
    Stock-based compensation expense     (2.8 )     (4.8 )     (13.1 )     (18.0 )
    Workforce optimization expenses     (0.1 )     (6.8 )     (3.1 )     (22.5 )
    Other non-recurring charges (1)     2.6       (10.5 )     (12.9 )     (14.4 )
    Total Adjusted Operating Expense   $ 89.2     $ 107.3     $ 381.3     $ 479.4  
                     
    Adjusted Operating Efficiency(2)     35.5 %     40.9 %     38.1 %     45.4 %
                     
    Average Daily Principal Balance   $ 2,714.4     $ 2,940.5     $ 2,766.6     $ 2,992.6  
                     
    OpEx Ratio     13.1 %     17.5 %     14.8 %     17.9 %
    Adjusted OpEx Ratio     13.1 %     14.5 %     13.8 %     16.0 %
                     

    Note: Numbers may not foot or cross-foot due to rounding.
    (1) Certain prior-period financial information has been reclassified to conform to current period presentation.
    (2) Our calculation of Adjusted Net Income (Loss) was updated in Q1 2024 to more closely align with management’s internal view of the performance of the business. We have removed the adjustment related to acquisition and integration related expenses from our calculation of Adjusted Operating Efficiency to maintain consistency with the revised Adjusted EBITDA and Adjusted Net Income (Loss) calculations. The Q4 2023 and FY 2023 values for Adjusted Operating Efficiency shown in the table above have been revised and presented on a comparable basis, prior to these revisions the values would have been 38.4% and 42.7%, respectively.

     
    Oportun Financial Corporation
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (in millions, except share and per share data, unaudited)
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    GAAP Earnings (loss) per Share     2024       2023       2024       2023  
    Net income (loss)   $ 8.7     $ (41.8 )   $ (78.7 )   $ (180.0 )
    Net income (loss) attributable to common stockholders   $ 8.7     $ (41.8 )   $ (78.7 )   $ (180.0 )
                     
    Basic weighted-average common shares outstanding     42,720,229       38,485,406       40,356,025       36,875,950  
    Weighted average effect of dilutive securities:                
    Stock options     —       —       —       —  
    Restricted stock units     830,464       —       —       —  
    Diluted weighted-average common shares outstanding     43,550,693       38,485,406       40,356,025       36,875,950  
                     
    Earnings (loss) per share:                
    Basic   $ 0.20     $ (1.09 )   $ (1.95 )   $ (4.88 )
    Diluted   $ 0.20     $ (1.09 )   $ (1.95 )   $ (4.88 )
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    Adjusted Earnings (loss) Per Share     2024       2023       2024       2023  
    Diluted earnings (loss) per share   $ 0.20     $ (1.09 )   $ (1.95 )   $ (4.88 )
                     
    Adjusted Net Income   $ 21.5     $ (8.2 )   $ 29.3     $ (71.3 )
                     
    Basic weighted-average common shares outstanding     42,720,229       38,485,406       40,356,025       36,875,950  
    Weighted average effect of dilutive securities:                
    Stock options     —       —       —       —  
    Restricted stock units     830,464       —       500,705       —  
    Diluted adjusted weighted-average common shares outstanding     43,550,693       38,485,406       40,856,730       36,875,950  
                     
    Adjusted Earnings (loss) Per Share(1)   $ 0.49     $ (0.21 )   $ 0.72     $ (1.93 )


    Note: Numbers may not foot or cross-foot due to rounding.
    (1) Our calculation of Adjusted Net Income (Loss) was updated in Q1 2024 to more closely align with management’s internal view of the performance of the business. The Q4 2023 and FY 2023 values for Adjusted EPS shown in the table above have been revised and presented on a comparable basis, prior to these revisions the values would have been $(0.54) and $(3.37), respectively.

     
    Oportun Financial Corporation
    RECONCILIATION OF FORWARD LOOKING NON-GAAP FINANCIAL MEASURES
    (in millions, unaudited)
        1Q 2025   FY 2025
        Low   High   Low   High
    Adjusted EBITDA                
    Net (loss)   $ (5.4 ) * $ (2.2 ) * $ 23.2     $ 33.4  
    Adjustments:                
    Income tax expense (benefit)     (1.3 )     (0.5 )     6.3       9.0  
    Interest on corporate financing     9.2       9.2       36.7       36.7  
    Depreciation and amortization     10.6       10.6       40.6       40.6  
    Stock-based compensation expense     3.5       3.5       15.0       15.0  
    Other non-recurring charges     1.4       1.4       5.8       5.8  
    Fair value mark-to-market adjustment   *   *     7.4       4.4  
    Adjusted EBITDA   $ 18.0     $ 22.0     $ 135.0     $ 145.0  
                     

    *Due to the uncertainty in macroeconomic conditions and quarterly volatility in the fair value mark to market adjustment, we are unable to precisely forecast the fair value mark-to-market adjustments on our loan portfolio and asset-backed notes on a quarterly basis.

        FY 2025
    Adjusted Net Income and Adjusted EPS   Low   High
    Net income   $ 23.2     $ 33.4  
    Adjustments:        
    Income tax expense (benefit)     6.3       9.0  
    Stock-based compensation expense     15.0       15.0  
    Other non-recurring charges     5.8       5.8  
    Mark-to-market adjustment on ABS notes     22.3       22.3  
    Adjusted income before taxes   $ 72.6     $ 85.6  
    Normalized income tax expense     19.6       23.1  
    Adjusted Net Income   $ 53.0     $ 62.5  
             
    Diluted weighted-average common shares outstanding     48.2       48.2  
             
    Diluted earnings per share   $ 0.48     $ 0.69  
    Adjusted Earnings Per Share   $ 1.10     $ 1.30  
                     

    Note: Numbers may not foot or cross-foot due to rounding.

    The MIL Network –

  • MIL-OSI United Nations: Policies to Bolster Social Resilience in Context of More Frequent, Complex Crises among Topics Discussed, as Commission for Social Development Continues Session

    Source: United Nations General Assembly and Security Council

    During one of two round-table discussions held today by the Commission for Social Development, panelists emphasized the importance of governance, preparedness and investment in human capital to strengthen “social resilience” — the ability of individuals and societies to prevent, absorb, adapt and recover positively from crises.

    The Commission — established in 1946 by the Economic and Social Council as one of its functional commissions — advises the United Nations on social development issues, and its sixty-third session will run through 14 February.

    The first panel discussion, titled “Policies to bolster social resilience in the context of more frequent and complex crises”, featured presentations that together offered a comprehensive understanding of the multidimensional nature of resilience and the policy actions needed to reinforce it.

    “The sixty-third session of the Commission for Social Development comes at a pivotal time as we reflect on the legacies of the World Summit for Social Development held three decades ago in Copenhagen,” said Moderator Angela Kawandami, Permanent Secretary at the Ministry of Community Development and Social Services of Zambia.  While the principles of social inclusion, poverty eradication and equity remain as vital as possible, the global landscape has transformed significantly, presenting new and compounding challenges that demand urgent and innovative solutions today, she said, adding that crises — more frequent, interconnected and complex, spanning geopolitical, economic, health and environmental spheres — are testing the resilience of societies and institutions.

    Meir Bing, Chief Executive Officer at the Open University of Israel, presented a case study of building resilience in minority populations in his country, where the number of minority students in higher education more than doubled in the last decade.  He said that a year ago, he was General Director of the Ministry of Social Equality in charge of minorities.  Of the 10 million people in his country, 2 million are religious and ethnical minority groups, including Muslim, Christian and Druze, he said, adding that many of them are young and face socioeconomic challenges.

    He highlighted the three keys to building resilience in vulnerable populations:  fostering trust between Government and social and business sectors; enhancing infrastructure and public services; and creating communities.  Sharing how educational and other infrastructure and socioeconomic projects are expanded in the country’s local communities, he said that the percentage of students from minority groups in bachelor’s degree programmes increased from 10 per cent in 2010 to nearly 20 per cent in 2023.

    Marek Kamiński, explorer and founder of the Kaminski Foundation, said that during his expeditions, he learned that physical strength isn’t enough, stating:  “The real fight happens in the mind, with fear and doubt.  We all need to ask, are we strong enough inside to face the challenges ahead?”  Today’s world needs practical solutions to help people handle crises.  That’s why he created LifePlan Academy, a programme that teaches mental resilience, stress management and how to adapt to challenges.  It’s a practical tool that works in any country with any culture, he said, stressing: “With the right tools and support, anyone can overcome challenges and achieve their goals.”

    Michael Woolcock, Lead Social Scientist in the Development Research Group at the World Bank, said that development policies are as effective as the shared legitimacy they enjoy.  Development policies will struggle, where societal groups despise one another, where elite factions use lies and violence to secure power, where there is little coherence or trust between local and national authority, and where Governments reject international law and covenants to which they are a signatory.  “So all these nice policies that we come up with — unless they can engage with these local contexts and imbue them with the legitimacy they need to do their difficult work — are probably going to struggle,” he said.

    Obiageli Ezekwesili, President of Human Capital Africa, founder of the School of Politics Policy and Governance, and Senior Economic Adviser at the Africa Economic Development Policy Initiative, said that “democracy is in crisis more than it had ever been”.  The power of society to be resilient depends on how everyone feels cared for within society. Today’s democratic processes are exclusionary in many ways.  That’s because the tiny fraction of people who exercise political leadership in many countries have become monopoly democrats.  “We must fix politics,” she said, noting a strong correlation between the quality of politics and economic performance.  “Let’s keep an eye on the United States of America,” she added.

    Michael Woolcock, Lead Social Scientist, World Bank, served as moderator for the second panel, which focused on “Universal rights-based social protection systems that adapt to evolving risks and support social resilience”.  “For our present purposes, we are going to recognize that social resilience refers to the capacity of individuals and societies to prevent, resist, absorb, adapt, respond and recover positively, efficiently and effectively when faced with a wide range of long-term prospects for sustainable development, peace and security, human rights and well-being for all,” he said before commencing the panel discussion.

    Danilo Türk, President of Club de Madrid and former President of Slovenia, stressed the need to make sure that social development is guided in a way that promotes the full realization of human rights.  “This means adopting an approach which anticipates and addresses the vulnerabilities of people,” he went on to stress.  That must include the consequences of climate change and its effect on populations, especially those vulnerable to displacement.  Innovations like digital cash transfers, mobile health services and data driven risk assessment can significantly improve service delivery, particularly for marginalized and remote populations.  Social protection systems must consider the interests of vulnerable segments of societies, particularly women, youth, older people and persons with disabilities.

    Angela Chomba Kawandami, Permanent Secretary at the Ministry of Community Development and Social Services, Zambia, said that social protection systems are central to addressing vulnerabilities, reducing poverty and mitigating the impacts of various risks such as climate change, pandemics and economic crises.  “Social protection systems in Zambia are designed to address both short-term needs and long-term vulnerabilities,” she added.  These systems include cash transfers, food assistance and social insurance schemes.  “The goal is to ensure that individuals, especially those in our rural areas, older persons, persons with disabilities and other vulnerable groups, have access to basic services and support mechanisms,” she emphasized.  Zambia’s social protection programmes aim to reduce vulnerability by providing financial support to households living below the poverty line.  Climate change is also included into Zambia’s protection system as the phenomenon poses an increasing threat with more frequent droughts and floods.

    Héctor Ramón Cárdenas Molinas, Executive Director of the Technical Unit of the Social Cabinet of the President of Paraguay, said that extreme weather events cause major damage and loss.  “Most of them are linked to climate events,” he said, noting their high economic and social impact.  Exposure depends not only on geographic location but also on the development policies and adaptation measures taken to mitigate the risks of climate change.  “It is absolutely essential that we integrate policies and strategies that promote sustainable and resilient development,” he said.  Underscoring other initiatives in health, education and poverty eradication, he said Paraguay aims to ensure that services meet very high standards in terms of efficiency and effectiveness.  “The main challenge remains financing,” he added.

    Edgilson Tavares de Araújo, Ministry of Development and Social Assistance, Brazil, said that Brazil’s social protection system is based on the principles of universality, equity and democracy.  “Since 2023, we have seen a drop of 84 per cent in severe food insecurity, according to a 2024 UN survey,” he added.  With the creation of a global alliance to fight hunger and poverty, Brazil hopes to continue to make progress.  A strong State working with a healthy civil society must be resilient to truly transform society.  “We are increasing our budgetary commitments and broadening our global alliance to combat hunger and poverty,” he went on to say.  Brazil is committed to providing decent employment and “an economy of solidarity” which can help build social resilience.  “Being protected means having someone to rely on,” he added.

    MIL OSI United Nations News –

  • MIL-OSI USA News: One Voice for America’s Foreign Relations

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

         Section 1.  Purpose.  Article II of the United States Constitution vests the power to conduct foreign policy in the President of the United States.  Presidents rely on their Secretaries of State and their subordinate officials to ensure that the United States is served and protected at home and abroad.  As the principal steward of the President’s foreign policy, the Secretary must maintain an exceptional workforce of patriots to implement this policy effectively.

         Sec. 2.  Policy. All officers or employees charged with implementing the foreign policy of the United States must under Article II do so under the direction and authority of the President. Failure to faithfully implement the President’s policy is grounds for professional discipline, including separation.  The personnel procedures of executive departments and agencies (agencies) charged with implementing the President’s foreign policy must therefore provide an effective and efficient means for ensuring that officers and employees faithfully implement the President’s policies.

         Sec. 3.  Definitions.  For the purposes of this order:
    (a)  the terms “Department,” “Foreign Service,” “Service,” and “Secretary” shall have the meaning given those terms by section 3902 of title 22, United States Code; and
    (b)  the term “members of the Foreign Service” shall have the same meaning as “members of the Service” under section 3903 of title 22, United States Code.
    (c)  the term “Civil Service employee” shall mean an employee of the Department holding United States citizenship, except for a member of the Foreign Service, as defined in section 2664a of title 22, United States Code.
    (d)  the term “other staff” shall mean locally employed staff and agents under the authority of sections 202(a)(4)(A) (22 U.S.C. 3922(a)(4)(A)) and 303 (22 U.S.C. 3943) of the Foreign Service Act of 1980, or special Government employees of the Department as defined in section 202(a) of title 18, United States Code.

         Sec. 4.  Election of Procedures.  When the Secretary concludes that a member of the Foreign Service, a Civil Service employee, or other staff has demonstrated performance or conduct that warrants a personnel action, the Secretary shall, with respect to officials appointed by the Secretary or others within the Department, take appropriate action, subject to the supervision of the President, and shall, with respect to officials appointed by the President, preliminarily determine whether to refer such a matter for the President’s consideration.  Such preliminary determination shall be made in the Secretary’s sole and exclusive discretion.

         Sec. 5.  Foreign Service Reform.  (a)  The Secretary shall, consistent with applicable law, reform the Foreign Service and the administration of foreign relations to ensure faithful and effective implementation of the President’s foreign policy agenda.
    (b)  The Secretary shall, consistent with applicable law, implement reforms in recruiting, performance, evaluation, and retention standards, and the programs of the Foreign Service Institute, to ensure a workforce that is committed to faithful implementation of the President’s foreign policy.
    (c)  In implementing the reforms identified in this section, the Secretary shall, consistent with applicable law, revise or replace the Foreign Affairs Manual and direct subordinate agencies to remove, amend, or replace any handbooks, procedures, or guidance.
    (d)  The Secretary shall have sole and exclusive discretion in the exercise or delegation of the responsibilities enumerated in this order, and, as the Secretary deems necessary or appropriate, may prescribe additional procedures that subordinate officials shall follow in the performance of such responsibilities.

         Sec. 6.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
    (i) the authority granted by law to an executive department or agency, or the head thereof; or
    (ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
     
     
     
    THE WHITE HOUSE,
        February 12, 2025.

    MIL OSI USA News –

  • MIL-OSI: James Altucher Video Released: “Trump and Musk’s AI Power Play Will Reshape America’s Future”

    Source: GlobeNewswire (MIL-OSI)

    Washington, D.C., Feb. 12, 2025 (GLOBE NEWSWIRE) — AI expert James Altucher is sounding the alarm in a recent video presentation: the collaboration between President Donald Trump and Elon Musk is about to trigger a seismic shift in America’s technological and economic landscape.

    “The world’s two most powerful men… are about to change America — forever.”

    According to Altucher, Trump’s anticipated repeal of Executive Order #14110 will unleash AI 2.0—a new era of artificial intelligence that could rapidly transform industries, government operations, and global competition.

    “I have reason to believe that in his first 100 days… Donald Trump will overturn Executive Order #14110… limiting the development of U.S. artificial intelligence.”

    At the center of this revolution is Elon Musk’s secretive AI supercomputer, Project Colossus—an innovation so powerful that it has already outpaced the world’s leading AI firms, including Microsoft, OpenAI, and Google.

    “Right here, at a remote warehouse in Memphis, TN… Elon Musk has created the AI mothership.”

    “Developed by his new company, xAI… it contains not just one or two… but 100,000 units of Nvidia’s most advanced AI chip… making it the most powerful AI facility known to man.”

    With Musk expanding Project Colossus and Trump clearing regulatory hurdles, Altucher warns that America is on the verge of an AI arms race that could define the 21st century.

    “We are about to enter an age of exponential innovation — and wealth.”

    About James Altucher

    James Altucher is a leading AI expert, author, and entrepreneur with nearly four decades of experience in emerging technologies. He has been featured in major media outlets and is known for his forward-thinking insights on AI’s impact on society.

    The MIL Network –

  • MIL-OSI USA: Wyden, Bonamici Reintroduce Legislation to Promote Gender Equity in Sports

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    February 12, 2025
    Washington D.C.–U.S. Senator Ron Wyden and U.S. Representative Suzanne Bonamici today reintroduced legislation that would promote gender equity in college and K-12 sports in Oregon and nationwide. 
    “With so much excitement and momentum around women’s sports in America, including a new WNBA team coming to Portland, I call foul on retreating to a time before Title IX when girls didn’t receive the athletic support they deserve to nourish their potential,” Wyden said. “I’m putting a full-court press on any legislation that blocks progress we’ve made, and the Fair Play for Women Act will ensure every young Oregonian gets the same shot at succeeding, no matter their gender.”
    “Since the passage of Title IX we’ve seen an increase in the number of female students participating in sports. Despite that increase, college women still have nearly 60,000 fewer athletics opportunities than men, and high school girls have about one million fewer opportunities to play sports than high school boys. I’m co-leading the Fair Play for Women Act to promote strong Title IX protections and compliance from K-12 schools and colleges,” said Bonamici. 
    The Fair Play for Women Act would promote fairness in participation opportunities and institutional support for women’s and girls’ sports programs, ensure transparency and public reporting of data by college and K-12 athletic programs, hold athletic programs and athletic associations more accountable for Title IX violations and discriminatory treatment, and improve education and awareness of Title IX rights among college and K-12 athletes as well as athletics staff. 
    Specifically, the Fair Play for Women Act would:

    Hold schools and athletic associations accountable for discriminatory treatment. The bill would codify that state and intercollegiate athletic associations, including the NCAA, cannot discriminate based on sex, along with asserting non-discrimination protections within all school-based athletics, including club and intramural sports. It would also provide a robust private right of action for all athletes in their discrimination claims, making it easier for athletes to push for change at their schools. The bill would authorize the U.S. Department of Education to levy civil penalties on schools that repeatedly discriminate against athletes and require schools to submit publicly available plans to remedy violations, providing more tools to compel compliance and resolve ongoing discrimination.

    Expand reporting requirements for college and K-12 athletics data and make all information easily accessible to the public. The bill would establish a one-stop shop for key athletics data by expanding the scope and detail of reporting by colleges, extending these requirements to include athletics at elementary and secondary schools, and requiring the U.S. Secretary of Education to house all data on the same public website. The bill also requires that schools certify the data they submit and report how they are claiming Title IX compliance and directs the U.S. Department of Education to publish an annual report on gender equity in school-based athletics. These provisions will help weed out reporting tricks by programs to skirt non-discrimination laws and make it easier for athletes and stakeholders to evaluate persisting gaps in athletic programs or use publicly available data in their claims against schools. 

    Improve education of Title IX rights among athletes, staff, and stakeholders. The bill would require Title IX trainings on an annual basis for all athletes, Title IX coordinators, and athletic department and athletic association staff. The bill would also establish a public database of all Title IX coordinators at colleges andK-12 schools, included in the one-stop shop for athletics data. These provisions will ensure all people involved with K-12 and college athletics understand what Title IX means and what students’ rights are under the law.

    Wyden co-sponsored the senate bill with U.S. Senator Richard Blumenthal (D-Conn.) and Chris Murphy (D-Conn), who led the legislation. Bonamici, Rep. Alma Adams (D-N.C), and Rep. Lori Trahan (D-Mass.) introduced companion legislation in the U.S. House of Representatives.
    A one-page summary of the legislation is here. Full text of the legislation is here.

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto, Risch Renew Push for Bipartisan Legislation to Protect Critical Mineral Production in the West

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) and Jim Risch (R-Idaho) reintroduced the Mining Regulatory Clarity Act to allow critical mineral production to continue in the West. This bill is led in the U.S. House of Representatives by Congressman Mark Amodei (R-Nev.-02).
    “We need to streamline our federal permitting process to unleash the full potential of Nevada’s critical mineral economy,” said Senator Cortez Masto. “I’m continuing my bipartisan push to pass this commonsense bill that will cut red tape, protect mining jobs in Nevada, help support clean energy projects nationwide.”
    “Domestic mineral production is critical to everyday energy, technology, and national security needs,” said Senator Risch. “For too long, Idaho’s minerals have been tied up in red tape, preventing responsible use of our natural resources. The Mining Regulatory Clarity Act ensures mining projects in Idaho and across the West can proceed and provide invaluable support to our communities and country.” 
    “The Rosemont Decision overturned decades of established precedent that allowed our domestic mining operations to flourish, and instead blocked production efforts with excessive red tape,” said Representative Mark Amodei. “Out West, we have an abundance of natural resources that we can responsibly utilize to reduce our reliance on adversaries and strengthen our national security. This bill reverses the damage caused by the misguided Rosemont Decision and restores clarity for critical mining projects to move forward.”
    “The Nevada Mining Association applauds and supports the bipartisan Mining Regulatory Clarity Act,” said Amanda Hilton, President of Nevada Mining Association. “Nevada is a leading producer of critical minerals like copper, lithium, and magnesium, along with more than 20 other materials essential to daily life. This legislation provides necessary stability for Nevada’s modern mining industry, ensuring it can operate efficiently and sustain the high-paying jobs that tens of thousands of Nevada families depend on. We appreciate Senator Cortez Masto’s ongoing leadership in advocating for Nevada’s mining community.”
    “The bipartisan Mining Regulatory Clarity Act is KEY to ensuring the U.S. can use our vast domestic resources to build the essential mineral supply chains we know we must have,” said Rich Nolan, National Mining Association president and CEO. “China’s recent actions to cut off VITAL mineral supply chains underscores the need to strengthen domestic mineral supply chains for manufacturing, energy, national security and other priorities. This legislation ensures the fundamental ability to conduct responsible mining activities on federal lands. Regulatory certainty, or the lack thereof, will either underpin or undermine efforts to meet the extraordinary mineral demand now at our doorstep.”
    “BPC Action is pleased to see Sens. James Risch (R-ID) and Catherine Cortez Masto (D-NV) working together to tackle barriers to expand America’s critical mineral supply. The bipartisan Mining Regulatory Clarity Act provides much needed regulatory certainty for mining projects, strengthening critical mineral supply chains while driving job creation in the sector,” said Michele Stockwell, President of Bipartisan Policy Center Action. 
    “If we’re going to achieve U.S. energy dominance, spur innovation, and support American manufacturing, we need to expand the domestic production of critical minerals. We can do so while supporting workers, communities, and our natural resources through sensible, transparent, and efficient regulations. Advanced Energy United is encouraged to see the “Mining Regulatory Clarity Act,” which should enhance business certainty around our mining rules and regulations,” said Harry Godfrey, Managing Director for Federal Affairs at Advanced Energy United.
    “As demand for electric vehicles continues to grow at home and abroad, the need for mineral commodities, including lithium, cobalt, graphite, and copper will likewise rise dramatically. Mining is essential for the United States to fulfill demand in the electric vehicle and clean energy sectors, not to mention other mineral applications in defense, consumer electronics, and advanced computing. The Mining Regulatory Clarity Act is the result of a years-long, bipartisan effort to reestablish certainty for mineral producers in the United States. ZETA applauds Senators Cortez Masto and Risch for their tireless efforts to advance this critical legislation,” said Albert Gore, Zero Emission Transportation Association (ZETA).
    The Mining Regulatory Clarity Act provides regulatory certainty for mining projects and reaffirms long-held practice that some public land use under a mining claim inherently accompanies exploration and extraction activities for other mining-support activities. This bill creates an optional and voluntary pathway to allow use of public lands for ancillary purposes connected to a mining project that can only be used within an agency-approved Plan of Operations. The bill also creates a new revenue stream from new mill site claims to be dedicated to abandoned mine clean-up efforts. This legislation is cosponsored by Senators Jacky Rosen (D-Nev.), Mike Crapo (R-Idaho), and Lisa Murkowski (R-Alaska).
    Senator Cortez Masto has led efforts in Congress to support Nevada’s mining industry, protecting more than 83,000 local jobs and paving the way for Nevada to power the clean energy economy. She has consistently blocked burdensome taxes on mining and wrote important provisions of the Bipartisan Infrastructure Law to bolster Nevada’s critical mineral supply chain and fund battery recycling programs in the state. She’s also introduced bipartisan legislation to strengthen the domestic supply chain for rare-earth magnets.

    MIL OSI USA News –

  • MIL-OSI USA: Citing National Security Concerns on Senate Floor, Shaheen Announces Opposition to Tulsi Gabbard’s Confirmation

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – U.S. Senator Jeanne Shaheen, Ranking Member of the U.S. Senate Foreign Relations Committee and a top member of the U.S. Senate Armed Services Committee, took to the Senate floor to underscore her dire national security concerns ahead of the confirmation of Tulsi Gabbard to be the next Director of National Intelligence (DNI). Specifically, Shaheen highlighted Gabbard’s troubling history of siding with America’s adversaries over our own allies and national security interests, detailing the threat her confirmation would pose to U.S. national security and defense. At the conclusion of her remarks, Shaheen announced that she would oppose Gabbard’s nomination. Click here to watch Senator Shaheen’s full floor speech. 
    Key quotes from Senator Shaheen: 
    “Our adversaries will be thrilled if we confirm Tulsi Gabbard as Director of National Intelligence—no one more so than Russian President Vladimir Putin. Ms. Gabbard has not hidden her positive views of Russia and President Putin. While Ukrainians fight valiantly to protect their homeland and defend freedom and democracy, Tulsi Gabbard cozies up to Putin and publicly defends Russia’s brutal invasion.” 
    “I don’t relish the idea of America’s Director of National Intelligence—a role that includes such sensitive responsibilities such as producing the President’s Daily Brief and setting U.S. Policy for intelligence-sharing with foreign entities—I don’t appreciate the fact that she’s called ‘superwoman’ by a mouthpiece for the Kremlin.” 
    “To talk amiably about a brutal dictator who is openly opposed to American interests and human rights, a dictator like Assad, and like Putin for that matter, shows at best a lack of judgement and at worst allegiance to our adversaries.” 
    “I think this chamber faces a choice. We can choose to defend America’s national security and keep our promise to our constituents to protect their lives and safety and their interests or we can choose to give a gift to Vladimir Putin and our adversaries, to usher them into the inner halls of the American intelligence system. I know which choice I intend to make.” 
    Remarks as delivered can be found below: 
    Mr. President, I come up to the floor this afternoon to join a number of my colleagues because of my concern for the national security of the United States. 
                
    Whether it’s a terror attack, a cyberattack from a non-state actor, whether it is a threat in Russia or China or Iran, we in the United States are the targets of foreign adversaries every single day.  
    But thanks to our intelligence community and the thousands of Americans who dedicate their lives to our security, we’re safe.  
    These brave men and women are counting on us to have their backs. 
    Which is why the nomination of Tulsi Gabbard is so concerning.  
    Our adversaries will be thrilled if we confirm Tulsi Gabbard as Director of National Intelligence—no one more so than Russian President Vladimir Putin.  
    Ms. Gabbard has not hidden her positive views of Russia and President Putin.  
    While Ukrainians fight valiantly to protect their homeland and defend freedom and democracy, Tulsi Gabbard cozies up to Putin and publicly defends Russia’s brutal invasion. 
    The former Congresswoman has parroted Russian propaganda saying that the war could have been avoided if NATO and the Biden Administration had simply, and I’m quoting, “simply acknowledged Russia’s legitimate security concerns.” 
    And we know that a nominee is problematic when the Kremlin has such nice things to say about her.  
    On November 17, 2024, a major Russian state-controlled news agency called Tulsi Gabbard “superwoman” and noted her past appearances on Russian TV.  
    Well, I don’t relish the idea of America’s Director of National Intelligence—a role that includes such sensitive responsibilities such as producing the President’s Daily Brief and setting U.S. Policy for intelligence-sharing with foreign entities—I don’t appreciate the fact that she’s called “superwoman” by a mouthpiece for the Kremlin.  
    Not only does Putin have kind words for Ms. Gabbard, but they also share mutual friends—namely, ousted Syrian dictator Bashar al-Assad. 
    Since her clandestine meeting with Mr. Assad in 2017, a visit that took place while she was serving in Congress, former Congresswoman Gabbard has faced numerous questions about why she went to Syria and arranged this meeting in the first place.  
    She’s answered none of those questions nor has she provided any substantive details on her conversation with Assad.  
    And in fact, Ms. Gabbard has repeatedly refused to call Assad what he is, and that is an enemy of the United States, a brutal dictator who is responsible for the deaths of hundreds of thousands of Syrians. 
    Assad, who’s Putin’s best buddy in the Middle East; Assad, who is backed by Iran, whose regime openly seeks to undermine and destroy American interests and values worldwide.  
    This is the person who co-Presidents Musk and Trump want to lead our intelligence agencies, to spearhead our national security operations.  
    Well, that doesn’t make me comfortable sleeping at night.  
    To talk amiably about a brutal dictator who is openly opposed to American interests and human rights, a dictator like Assad, and like Putin for that matter, shows at best a lack of judgement and at worst allegiance to our adversaries. 
    And even in cases of proven espionage against the American intelligence community—the very organization that she seeks to lead—Tulsi Gabbard instead has sided with criminals.  
    Of course, I’m speaking about her support for Edward Snowden.  
    In 2020, while she was a member of the United States House of Representatives, she introduced a resolution suggesting that the federal government should drop all charges against Edward Snowden.  
    There’s only one other member who cosponsored this resolution, and that was former Congressman Matt Gaetz.  
    Now in 2025, Ms. Gabbard still refuses to call Snowden what he is—a traitor to the United States. 
    When she was asked about that at her hearing, she was given several opportunities to indicate that she understood that Edward Snowden is a traitor who put at risk the lives of thousands of Americans in the intelligence community.  
    She refused to acknowledge that he’s a traitor.  
    With such a track record, how are we supposed to expect that she will properly classify our enemies? 
    How are we to expect that she would label Xi Jinping or Kim Jong Un? As enemies of the United States or simply as foreign leaders, or as friends? Who knows what Ms. Gabbard will do.  
    I think there’s a stark difference between our adversaries who want to undermine the United States and those who are our allies, and it doesn’t appear that Tulsi Gabbard understands the difference.  
    So how can the men and women of the intelligence community trust that Ms. Gabbard will protect their secrets? That she’ll protect our secrets, the secrets of the United States?  
    How many Russians are going to risk their lives to pass along information to our intelligence officers if they’re worried that Ms. Gabbard will sell them out?  
    How much will our allies in NATO, in the Indo-Pacific share with Ms. Gabbard in charge?  
    The work of American covert operations and intelligence-gathering is based on one central principle, and that is trust.  
    I wouldn’t trust Tulsi Gabbard any further than I can throw her.  
    I think this chamber faces a choice.  
    We can choose to defend America’s national security and keep our promise to our constituents to protect their lives and safety and their interests or we can choose to give a gift to Vladimir Putin and our adversaries, to usher them into the inner halls of the American intelligence system.  
    I know which choice I intend to make.  
    I intend to vote no on Tulsi Gabbard, and I hope that my colleagues, particularly those across the aisle, at least some of them, will have the courage to do the same. 
    Thank you, Mr. President. I yield the floor. 
    Senator Shaheen is the top Democrat on the U.S. Senate Foreign Relations Committee and also serves on the U.S. Senate Appropriations Subcommittees on State, Foreign Operations and Related Programs and Defense. In 2018, Shaheen re-established the bipartisan U.S. Senate NATO Observer Group with U.S. Senator Tillis (R-NC). Senator Shaheen believes that a strong and active United States is fundamental to securing our national interests at home and abroad. She also believes that U.S. global leadership is directly tied to the strength of our ideals, our alliances and our diplomacy, and she is constantly working to ensure our national security policies reflect our broader democratic values.  

    MIL OSI USA News –

  • MIL-OSI New Zealand: $14 million boost for sports facilities across Tāmaki Makaurau from Auckland Council

    Source: Auckland Council

    A top-of-the-line climbing structure for Auckland tamariki and rangatahi to use and enjoy is one step closer thanks to Auckland Council’s Sport and Recreation Facilities Investment Fund.

    Six sports organisations across Tāmaki Makaurau will receive a slice of more than $14.3 million from the council to help develop their facilities to meet the sport and recreation needs of Aucklanders now and in the future.

    Councillor Angela Dalton, chair of the Community Committee, says she’s pleased the council is able to help sports organisations build for the future.

    “Auckland Council has allocated substantial funding to a variety of sporting organisations across the region, so they can grow and enhance their facilities.

    “Having quality, fit for purpose facilities will ultimately allow Aucklanders from all walks of life to participate in sport and recreation, stay active and connect.

    “Non-council owned facilities are crucial to the Tāmaki Makaurau sport and recreation facility network as they meet the region’s evolving demands for sporting opportunities.”

    Waka Pacific Trust was allocated $250,000 for shading and lighting of the climbing frame to be built at Vector Wero Whitewater Park in Manukau. The galvanised steel structure will rise 16 metres, comprise 78 climbing elements ranging in difficulty levels. It will host up to 100 participants at once, offering a fun and active challenge. The Trust’s school programme which supported 90,000 children free of charge in 2024 – 80 per cent from low-decile schools – aims to provide free access to 15,000 local children in Wero Climb’s first year, with 9,000 already registered to have a go.

    The council has previously contributed $250,000 to this $3.1 million project through the same fund.

    The other organisations allocated funding include Auckland Hockey Association, Highbrook Regional Watersports Centre Trust, Ngāti Whātua Ōrakei Whai Maia, Pakuranga United Rugby Club (to expand their community sports centre), Waka Pacific Trust and West Auckland Riding for the Disabled.

    “It’s fantastic to have these investment decisions made by our elected members,” says Kenneth Aiolupotea, General Manager Community Wellbeing.

    “The next step involves our team working closely with successful grant applicants to build their sports and recreational infrastructure that will benefit our communities across Tāmaki Makaurau. This is very exciting.”

    How funding is allocated

    Six organisations were invited to submit updated information regarding their on-going projects. These projects were identified based on their alignment to the priority criteria for the fund and progress through the project lifecycle.

    Auckland Council staff and an independent review panel considered the submissions and assessed the capability of the organisations, achievability of the project, current project status, and funding status.

    All six of the targeted process projects were recommended to receive grants for a total of $14,348,920. The funding was approved by the council’s Community Committee on 11 February 2025.

    More information on the council’s grants programme that supports Aucklanders’ aspirations for a great city, including the Sport and Recreation Facilities Investment Fund can be found on the Auckland Council website.

    Next funding round

    Applications for the Sport and Recreational Facilities Investment Fund, contestable process opens on 18 February 2025 and closes on 18 March 2025.

    Sport and Recreation Facilities Investment Fund, targeted process 2025/2026

    Recipient

    Project title

    Funding up to:

    Auckland Hockey Association Incorporated

    Lloyd Elsmore Park Hockey Stadium – Turf 2 renewal and LED Flood-light upgrade

    $215,000

    Highbrook Regional Watersport Centre Trust

    Highbrook Watersports Centre Clubhouse building

    $2,200,000

    Ngāti Whātua Ōrakei Whai Maia Limited acting on behalf of Whai Maia Charitable Trust 1

    Ngāti Whātua Ōrakei Sports, Recreation and Hauora Centre

    $5,000,000

    Pakuranga United Rugby Club Incorporated

    Howick Pakuranga Community Sports Centre Facility Expansion

    $5,571,061

    Waka Pacific Trust

    Wero Climb

    $250,000

    West Auckland Riding for the Disabled Association Incorporated

    Covered Riding Facility

    $512,859

                                                                          Total

    $14,348, 920

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Finance – Mortgage advisers alarmed at ComCom proposal that will be “shocking for consumers”

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

    The Finance and Mortgage Advisers Association of New Zealand (FAMNZ) has revealed recommendations by the Commerce Commission to supposedly “promote price competition and choice for home loans” would in fact be disastrous for consumers.

    FAMNZ country manager Leigh Hodgetts revealed the commission has requested mortgage advisers to provide clients with a least three “actual offers” to consider and “to submit multiple applications on behalf of their clients”, or face “government intervention.”

    Calling the recommendations a solution looking for a problem, she said any such move would hurt consumers by driving up costs, blowing out application times, and affecting their credit ratings.

    “Let me be clear. They are not requesting three quotes, but three actual applications and offers, something unheard of anywhere in the world that I’m aware of.”

    “Three lenders all processing applications for the same applicant means they will be spending time and resources for loans they know they will likely never get, while other borrowers will be forced to wait and may even miss out on properties,” she explained.

    FAMNZ managing director Peter White AM said it was “bureaucracy gone mad”, and has called on commerce and consumer affairs minister Andrew Bayly to immediately intervene.

    “The crazy thing is that nothing is broken.

    “Mortgage advisers already promote competition, consumers are increasingly choosing to use advisers, and complaints are almost non-existent.”

    He said despite FAMNZ attempting to educate the commission on the way advisers worked for the past year, “they clearly still have no idea and now want to make things worse.

    “Furthermore, this requirement puts at risk clients’ credit records, which is simply unacceptable and I believe unethical.”

    Ms Hodgetts said while advisers could provide multiple choices of lender where possible, only one application should be submitted at once according to the customer’s needs.

    “And in some circumstances, for example with self-employed people, there may only be one option,” she explained.

    MIL OSI New Zealand News –

  • MIL-OSI Security: U.S. Marshals Arrest Previously Deported Man for Violation of Sex Offender Registration and Reentry of Deported Alien

    Source: US Marshals Service

    Trenton, TN – Early this morning, the U.S. Marshals led Two Rivers Violent Fugitive Task Force (TRVFTF) in Jackson, Tennessee, and Homeland Security Investigations (HSI) arrested Jose Alfredo Melendez-Hernandez.

    The U.S. Marshals Service (USMS) in the Western District of Tennessee began investigating Melendez-Hernandez, 52, for violation of the Sex Offender Registration and Notification Act (SORNA) after it was determined that he was residing in Gibson County, Tennessee and failed to register as a sex offender.

    Investigators also determined that Melendez-Hernandez was previously deported and removed from the United States in 2009 following a conviction for sexual battery in Texas.

    The investigation further revealed that Melendez-Hernandez was in the United States without having obtained the express consent from the Secretary of Homeland Security to reapply for admission to the United States.

    Melendez-Hernandez was indicted in federal court in the Western District of Tennessee on February 10, 2025, for violation of SORNA and Reentry of Deported Alien.

    On February 12, 2025, the TRVFTF and HSI Agents went to a residence on Cades Loop Road in Trenton, Tennessee. After Melendez-Hernandez failed to comply with commands to come outside, the door was breached by Deputy marshals and task force officers. Melendez-Hernandez was found inside, taken into custody, and transported to the James D. Todd U.S. Courthouse in Jackson.

    The U.S. Marshals Service Two Rivers Violent Fugitive Task Force is a multi-agency task force within Western Tennessee. The TRVFTF has offices in Memphis and Jackson, and its membership is primarily composed of Deputy U.S. Marshals, Shelby, Fayette, Tipton, and Gibson County Sheriff’s Deputies, Memphis and Jackson Police Officers, Tennessee Department of Correction Special Agents and the Tennessee Highway Patrol. Since 2021, the TRVFTF has captured approximately 3,000 violent offenders and sexual predators.

    MIL Security OSI –

  • MIL-OSI: Palomar Holdings, Inc. Reports Fourth Quarter & Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    LA JOLLA, Calif., Feb. 12, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $35.0 million, or $1.29 per diluted share, for the fourth quarter of 2024 compared to net income of $25.9 million, or $1.02 per diluted share, for the fourth quarter of 2023. Adjusted net income(1) was $41.3 million, or $1.52 per diluted share, for the fourth quarter of 2024 as compared to $28.0 million, or $1.11 per diluted share, for the fourth quarter of 2023. 

    Fourth Quarter 2024 Highlights

    • Gross written premiums increased by 23.3% to $373.7 million compared to $303.2 million in the fourth quarter of 2023
    • Net income increased 35.0% to $35.0 million compared to $25.9 million in the fourth quarter of 2023
    • Adjusted net income(1) increased 47.5% to $41.3 million compared to $28.0 million in the fourth quarter of 2023
    • Total loss ratio of 25.7% compared to 19.1% in the fourth quarter of 2023
    • Combined ratio of 75.9% compared to 74.2% in the fourth quarter of 2023
    • Adjusted combined ratio(1) of 71.7% compared to 68.8%, in the fourth quarter of 2023
    • Annualized return on equity of 19.5% compared to 23.2% in the fourth quarter of 2023
    • Annualized adjusted return on equity(1) of 23.1% compared to 25.1% in the fourth quarter of 2023

    Full Year 2024 Highlights

    • Gross written premiums increased by 35.1% to $1.5 billion compared to $1.1 billion in 2023
    • Net income increased 48.4% to $117.6 million compared to $79.2 million in 2023
    • Adjusted net income(1) increased 42.8% to $133.5 million compared to $93.5 million in 2023
    • Total loss ratio of 26.4% compared to 21.0% in 2023
    • Combined ratio of 78.1% compared to 76.6% in 2023
    • Adjusted combined ratio(1) of 73.7% compared to 71.2% in 2023
    • Return on equity of 19.6% compared to 18.5% in 2023
    • Adjusted return on equity(1) of 22.2% compared to 21.9% in 2023

    (1)  See discussion of “Non-GAAP and Key Performance Indicators” below.

    Mac Armstrong, Chairman and Chief Executive Officer, commented, “Palomar’s stellar 2024 was capped off by an exceptional fourth quarter. During the quarter, we generated gross written premiums growth of 23%, 39% when excluding run-off business from our results, adjusted net income growth of 48%, inclusive of $8.1 million of catastrophe losses, and, importantly, an adjusted return on equity of 23%. When looking at the full year we not only generated record gross written premiums and adjusted net income, but we grew our top and bottom-line 35% and 43%, respectively. Additionally, throughout 2024 we made significant investments across the organization that we believe will sustain our earnings base and profitable growth trajectory.”  

    Mr. Armstrong continued, “Beyond the strong financial results of the fourth quarter and 2024, Palomar’s accomplishments were several and notable, highlighted by our AM Best upgrade and the acquisition of First Indemnity of America, our surety operation.  Furthermore, we accomplished a Palomar 2X fundamental strategic objective by doubling our adjusted underwriting income for the 2021 period in a three-year timeframe. We are energized by our prospects to continue this profitable growth in 2025 and thereafter.”  

    Underwriting Results

    Gross written premiums increased 23.3% to $373.7 million compared to $303.2 million in the fourth quarter of 2023, additionally net earned premiums increased 54.6% compared to the prior year’s fourth quarter. 

    Losses and loss adjustment expenses for the fourth quarter were $37.2 million, comprised of $29.1 million of attritional losses and $8.1 million of catastrophe losses primarily related to Hurricane Milton. The loss ratio for the quarter was 25.7%, comprised of an attritional loss ratio of 20.1% and a catastrophe loss ratio of 5.6%, compared to a loss ratio of 19.1% during the same period last year, all comprised of attritional losses.

    Underwriting income(1) for the fourth quarter was $34.9 million resulting in a combined ratio of 75.9% compared to underwriting income of $24.2 million resulting in a combined ratio of 74.2% during the same period last year. The Company’s adjusted underwriting income(1) was $41.0 million resulting in an adjusted combined ratio(1) of 71.7% in the fourth quarter compared to adjusted underwriting income(1) of $29.3 million and an adjusted combined ratio(1) of 68.8% during the same period last year.

    Investment Results
    Net investment income increased by 61.3% to $11.3 million compared to $7.0 million in the prior year’s fourth quarter. The increase was primarily due to higher yields on invested assets and a higher average balance of investments held during the three months ended December 31, 2024 due to cash generated from operations and proceeds from our August 2024 stock offering. The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 4.04 years at December 31, 2024. Cash and invested assets totaled $1.1 billion at December 31, 2024. During the fourth quarter, the Company recorded net realized and unrealized losses of $1.2 million related to its investment portfolio as compared to net realized and unrealized gains of $3.0 million in last year’s fourth quarter.

    Tax Rate
    The effective tax rate for the three months ended December 31, 2024 was 22.2% compared to 22.6% for the three months ended December 31, 2023. For the current quarter, the Company’s income tax rate differed from the statutory rate due primarily to the non-deductible executive compensation expense, offset by the permanent component of employee stock option exercises.

    Stockholders’ Equity and Returns
    Stockholders’ equity was $729.0 million at December 31, 2024, compared to $471.3 million at December 31, 2023. For the three months ended December 31, 2024, the Company’s annualized return on equity was 19.5% compared to 23.2% for the same period in the prior year while adjusted return on equity(1) was 23.1% compared to 25.1% for the same period in the prior year. 

    Full Year 2025 Outlook
    For the full year 2025, the Company expects to achieve adjusted net income of $180 million to $192 million. This includes an estimate of $8 million to $12 million of catastrophe losses for the year.

    Conference Call
    As previously announced, Palomar will host a conference call Thursday, February 13, 2025, to discuss its fourth quarter 2024 results at 12:00 p.m. (Eastern Time). The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar Fourth Quarter 2024 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on February 13, 2025, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13743970. The replay will be available until 11:59 p.m. (Eastern Time) on February 20, 2025.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at http://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call.

    About Palomar Holdings, Inc.
    Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc. (“PIA”), Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc (“PUEO”), Palomar Crop Insurance Services, Inc, and First Indemnity of America Insurance Company (acquired 1/1/2025). Palomar’s consolidated results also include Laulima Reciprocal Exchange, a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and Palomar Excess and Surplus Insurance Company, have a financial strength rating of “A” (Excellent) from A.M. Best. 

    Non-GAAP and Key Performance Indicators

    Palomar discusses certain key performance indicators, described below, which provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance.

    Underwriting revenue is a non-GAAP financial measure defined as total revenue, excluding net investment income and net realized and unrealized gains and losses on investments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of total revenue calculated in accordance with GAAP to underwriting revenue.

    Underwriting income is a non-GAAP financial measure defined as income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, and interest expense. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to underwriting income.

    Adjusted net income is a non-GAAP financial measure defined as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. The Company calculates the tax impact only on adjustments which would be included in calculating its income tax expense using the estimated tax rate at which the company received a deduction for these adjustments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of net income calculated in accordance with GAAP to adjusted net income.

    Annualized Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

    Annualized adjusted return on equity is a non-GAAP financial measure defined as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of return on equity calculated using unadjusted GAAP numbers to adjusted return on equity.

    Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses, to net earned premiums.

    Expense ratio, expressed as a percentage, is the ratio of acquisition and other underwriting expenses, net of commission and other income to net earned premiums.

    Combined ratio is defined as the sum of the loss ratio and the expense ratio. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

    Adjusted combined ratio is a non-GAAP financial measure defined as the sum of the loss ratio and the expense ratio calculated excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio.

    Diluted adjusted earnings per share is a non-GAAP financial measure defined as adjusted net income divided by the weighted-average common shares outstanding for the period, reflecting the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of diluted earnings per share calculated in accordance with GAAP to diluted adjusted earnings per share.

    Catastrophe loss ratio is a non-GAAP financial measure defined as the ratio of catastrophe losses to net earned premiums. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of loss ratio calculated using unadjusted GAAP numbers to catastrophe loss ratio.

    Adjusted combined ratio excluding catastrophe losses is a non-GAAP financial measure defined as adjusted combined ratio excluding the impact of catastrophe losses.  See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio excluding catastrophe losses.

    Adjusted underwriting income is a non-GAAP financial measure defined as underwriting income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to adjusted underwriting income.

    Tangible stockholders’ equity is a non-GAAP financial measure defined as stockholders’ equity less goodwill and intangible assets. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of stockholders’ equity calculated in accordance with GAAP to tangible stockholders’ equity.

    Safe Harbor Statement
    Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

    Contact
    Media Inquiries 
    Lindsay Conner 
    1-551-206-6217 
    lconner@plmr.com 

    Investor Relations
    Jamie Lillis
    1-203-428-3223
    investors@plmr.com
    Source: Palomar Holdings, Inc.

    Summary of Operating Results:

    The following tables summarize the Company’s results for the three months and year ended December 31, 2024 and 2023:

      Three Months Ended                
      December 31,                
      2024   2023   Change   % Change
      ($ in thousands, except per share data)
    Gross written premiums $ 373,723     $ 303,152     $ 70,571       23.3 %
    Ceded written premiums   (204,492 )     (188,742 )     (15,750 )     8.3 %
    Net written premiums   169,231       114,410       54,821       47.9 %
    Net earned premiums   144,890       93,748       51,142       54.6 %
    Commission and other income   750       1,586       (836 )     (52.7 )%
    Total underwriting revenue (1)   145,640       95,334       50,306       52.8 %
    Losses and loss adjustment expenses   37,176       17,896       19,280       107.7 %
    Acquisition expenses, net of ceding commissions and fronting fees   40,585       29,005       11,580       39.9 %
    Other underwriting expenses   32,947       24,210       8,737       36.1 %
    Underwriting income (1)   34,932       24,223       10,709       44.2 %
    Interest expense   (87 )     (824 )     737       (89.4 )%
    Net investment income   11,318       7,015       4,303       61.3 %
    Net realized and unrealized (losses) gains on investments   (1,201 )     3,044       (4,245 )     (139.5 )%
    Income before income taxes   44,962       33,458       11,504       34.4 %
    Income tax expense   9,997       7,564       2,433       32.2 %
    Net income $ 34,965     $ 25,894     $ 9,071       35.0 %
    Adjustments:                              
    Net realized and unrealized losses (gains) on investments   1,201       (3,044 )     4,245       (139.5 )%
    Expenses associated with transactions   922       478       444       92.9 %
    Stock-based compensation expense   4,779       4,176       603       14.4 %
    Amortization of intangibles   389       389       —       — %
    Tax impact   (964 )     103       (1,067 )     NM  
    Adjusted net income (1) $ 41,292     $ 27,996     $ 13,296       47.5 %
    Key Financial and Operating Metrics                              
    Annualized return on equity   19.5 %     23.2 %                
    Annualized adjusted return on equity (1)   23.1 %     25.1 %                
    Loss ratio   25.7 %     19.1 %                
    Expense ratio   50.2 %     55.1 %                
    Combined ratio   75.9 %     74.2 %                
    Adjusted combined ratio (1)   71.7 %     68.8 %                
    Diluted earnings per share $ 1.29     $ 1.02                  
    Diluted adjusted earnings per share (1) $ 1.52     $ 1.11                  
    Catastrophe losses $ 8,122     $ 10                  
    Catastrophe loss ratio (1)   5.6 %     — %                
    Adjusted combined ratio excluding catastrophe losses (1)   66.1 %     68.8 %                
    Adjusted underwriting income (1) $ 41,022     $ 29,266     $ 11,756       40.2 %
    NM – not meaningful                              

    (1)- Indicates Non-GAAP financial measure- see above for definition of Non-GAAP financial measures and see below for reconciliation of Non-GAAP financial measures to their most directly comparable measures prepared in accordance with GAAP.

                         
      Year Ended                
      December 31,                
      2024   2023   Change   % Change
      ($ in thousands, except per share data)
    Gross written premiums $ 1,541,962     $ 1,141,558     $ 400,404       35.1 %
    Ceded written premiums   (897,111 )     (731,531 )     (165,580 )     22.6 %
    Net written premiums   644,851       410,027       234,824       57.3 %
    Net earned premiums   510,687       345,913       164,774       47.6 %
    Commission and other income   2,784       3,367       (583 )     (17.3 )%
    Total underwriting revenue (1)   513,471       349,280       164,191       47.0 %
    Losses and loss adjustment expenses   134,759       72,592       62,167       85.6 %
    Acquisition expenses, net of ceding commissions and fronting fees   149,657       107,745       41,912       38.9 %
    Other underwriting expenses   117,113       88,172       28,941       32.8 %
    Underwriting income (1)   111,942       80,771       31,171       38.6 %
    Interest expense   (1,138 )     (3,775 )     2,637       (69.9 )%
    Net investment income   35,824       23,705       12,119       51.1 %
    Net realized and unrealized gains on investments   4,568       2,941       1,627       55.3 %
    Income before income taxes   151,196       103,642       47,554       45.9 %
    Income tax expense   33,623       24,441       9,182       37.6 %
    Net income $ 117,573     $ 79,201     $ 38,372       48.4 %
    Adjustments:                              
    Net realized and unrealized gains on investments   (4,568 )     (2,941 )     (1,627 )     55.3 %
    Expenses associated with transactions   1,479       706       773       109.5 %
    Stock-based compensation expense   16,685       14,913       1,772       11.9 %
    Amortization of intangibles   1,558       1,481       77       5.2 %
    Expenses associated with catastrophe bond   2,483       1,640       843       51.4 %
    Tax impact   (1,699 )     (1,480 )     (219 )     14.8 %
    Adjusted net income (1) $ 133,511     $ 93,520     $ 39,991       42.8 %
    Key Financial and Operating Metrics                              
    Annualized return on equity   19.6 %     18.5 %                
    Annualized adjusted return on equity (1)   22.2 %     21.9 %                
    Loss ratio   26.4 %     21.0 %                
    Expense ratio   51.7 %     55.7 %                
    Combined ratio   78.1 %     76.6 %                
    Adjusted combined ratio (1)   73.7 %     71.2 %                
    Diluted earnings per share $ 4.48     $ 3.13                  
    Diluted adjusted earnings per share (1) $ 5.09     $ 3.69                  
    Catastrophe losses $ 27,846     $ 3,442                  
    Catastrophe loss ratio (1)   5.5 %     1.0 %                
    Adjusted combined ratio excluding catastrophe losses (1)   68.3 %     70.2 %                
    Adjusted underwriting income (1) $ 134,147     $ 99,511     $ 34,636       34.8 %
                                   

    Condensed Consolidated Balance sheets

    Palomar Holdings, Inc. and Subsidiaries

    Condensed Consolidated Balance Sheets (unaudited)

    (in thousands, except shares and par value data)
               
    ​ December 31,
    2024    		   December 31,
    2023
    Assets ​     ​  
    Investments: ​     ​  
    Fixed maturity securities available for sale, at fair value (amortized cost: $973,330 in 2024; $675,130 in 2023) $ 939,046     $ 643,799  
    Equity securities, at fair value (cost: $32,987 in 2024; $43,003 in 2023)   40,529       43,160  
    Equity method investment   2,277       2,617  
    Other investments   5,863       —  
    Total investments   987,715       689,576  
    Cash and cash equivalents   80,438       51,546  
    Restricted cash   101       306  
    Accrued investment income   8,440       5,282  
    Premium receivable   305,724       261,972  
    Deferred policy acquisition costs, net of ceding commissions and fronting fees   94,881       60,990  
    Reinsurance recoverable on paid losses and loss adjustment expenses   47,076       32,172  
    Reinsurance recoverable on unpaid losses and loss adjustment expenses   348,083       244,622  
    Ceded unearned premiums   276,237       265,808  
    Prepaid expenses and other assets   91,086       72,941  
    Deferred tax assets, net   8,768       10,119  
    Property and equipment, net   429       373  
    Goodwill and intangible assets, net   13,242       12,315  
    Total assets $ 2,262,220     $ 1,708,022  
    Liabilities and stockholders’ equity              
    Liabilities:              
    Accounts payable and other accrued liabilities $ 70,079     $ 42,376  
    Reserve for losses and loss adjustment expenses   503,382       342,275  
    Unearned premiums   741,692       597,103  
    Ceded premium payable   190,168       181,742  
    Funds held under reinsurance treaty   27,869       13,419  
    Income taxes payable   —       7,255  
    Borrowings from credit agreements   —       52,600  
    Total liabilities   1,533,190       1,236,770  
    Stockholders’ equity:              
    Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of December 31, 2024 and December 31, 2023, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023   —       —  
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,529,402 and 24,772,987 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively   3       3  
    Additional paid-in capital   493,656       350,597  
    Accumulated other comprehensive loss   (26,845 )     (23,991 )
    Retained earnings   262,216       144,643  
    Total stockholders’ equity   729,030       471,252  
    Total liabilities and stockholders’ equity $ 2,262,220     $ 1,708,022  
                   

    Condensed Consolidated Income Statement

    Palomar Holdings, Inc. and Subsidiaries

    Condensed Consolidated Statements of Income and Comprehensive Income (loss) (Unaudited)

    (in thousands, except shares and per share data)
               
      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
    Revenues:                              
    Gross written premiums $ 373,723     $ 303,152     $ 1,541,962     $ 1,141,558  
    Ceded written premiums   (204,492 )     (188,742 )     (897,111 )     (731,531 )
    Net written premiums   169,231       114,410       644,851       410,027  
    Change in unearned premiums   (24,341 )     (20,662 )     (134,164 )     (64,114 )
    Net earned premiums   144,890       93,748       510,687       345,913  
    Net investment income   11,318       7,015       35,824       23,705  
    Net realized and unrealized (losses) gains on investments   (1,201 )     3,044       4,568       2,941  
    Commission and other income   750       1,586       2,784       3,367  
    Total revenues   155,757       105,393       553,863       375,926  
    Expenses:                              
    Losses and loss adjustment expenses   37,176       17,896       134,759       72,592  
    Acquisition expenses, net of ceding commissions and fronting fees   40,585       29,005       149,657       107,745  
    Other underwriting expenses   32,947       24,210       117,113       88,172  
    Interest expense   87       824       1,138       3,775  
    Total expenses   110,795       71,935       402,667       272,284  
    Income before income taxes   44,962       33,458       151,196       103,642  
    Income tax expense   9,997       7,564       33,623       24,441  
    Net income $ 34,965     $ 25,894     $ 117,573     $ 79,201  
    Other comprehensive income, net:                              
    Net unrealized (losses) gains on securities available for sale   (16,707 )     19,229       (2,854 )     12,524  
    Net comprehensive income $ 18,258     $ 45,123     $ 114,719     $ 91,725  
    Per Share Data:                              
    Basic earnings per share $ 1.32     $ 1.05     $ 4.61     $ 3.19  
    Diluted earnings per share $ 1.29     $ 1.02     $ 4.48     $ 3.13  
                                   
    Weighted-average common shares outstanding:                              
    Basic   26,491,939       24,747,347       25,520,343       24,822,004  
    Diluted   27,206,225       25,272,149       26,223,842       25,327,091  
                                   

    Underwriting Segment Data

    The Company has a single reportable segment and offers specialty insurance products. Gross written premiums (GWP) by product, location and company are presented below:

      Three Months Ended December 31,                
      2024   2023                
      ($ in thousands)        
              % of           % of           %
      Amount   GWP   Amount   GWP   Change   Change
    Product (1)                                              
    Earthquake $ 146,757       39.3 %   $ 122,087       40.3 %   $ 24,670       20.2 %
    Inland Marine and other Property   85,396       22.9 %     63,039       20.8 %     22,357       35.5 %
    Casualty   68,484       18.3 %     32,323       10.7 %     36,161       111.9 %
    Fronting   57,418       15.4 %     85,708       28.3 %     (28,290 )     (33.0 )%
    Crop   15,668       4.2 %     (5 )     (0.0 )%     15,673       NM  
    Total Gross Written Premiums $ 373,723       100.0 %   $ 303,152       100.0 %   $ 70,571       23.3 %

    NM- Not meaningful

      Year Ended December 31,                
      2024   2023                
      ($ in thousands)        
              % of           % of           %
      Amount   GWP   Amount   GWP   Change   Change
    Product (1)                                              
    Earthquake $ 522,864       33.9 %   $ 436,896       38.3 %   $ 85,968       19.7 %
    Inland Marine and Other Property   334,079       21.7 %     250,023       21.9 %     84,056       33.6 %
    Fronting   333,188       21.6 %     352,141       30.8 %     (18,953 )     (5.4 )%
    Casualty   235,592       15.3 %     90,388       7.9 %     145,204       160.6 %
    Crop   116,239       7.5 %     12,110       1.1 %     104,129       859.9 %
    Total Gross Written Premiums $ 1,541,962       100.0 %   $ 1,141,558       100.0 %   $ 400,404       35.1 %

    (1) – Beginning in 2024, the Company has updated the categorization of its products to align with management’s current strategy and view of the business. Prior year amounts have been reclassified for comparability purposes. The recategorization is for presentation purposes only and does not impact overall gross written premiums.

      Three Months Ended December 31,   Year Ended December 31,
      2024   2023   2024   2023
      ($ in thousands)   ($ in thousands)
              % of           % of           % of           % of
      Amount   GWP   Amount   GWP   Amount   GWP   Amount   GWP
    State                                                              
    California $ 157,786       42.2 %   $ 165,342       54.5 %   $ 668,635       43.4 %   $ 600,791       52.6 %
    Texas   28,002       7.5 %     22,740       7.5 %     124,416       8.1 %     95,517       8.4 %
    Hawaii   18,636       5.0 %     11,562       3.8 %     72,558       4.7 %     47,388       4.2 %
    Washington   16,007       4.3 %     14,124       4.7 %     57,900       3.8 %     49,494       4.3 %
    New York   14,756       3.9 %     6,775       2.2 %     38,919       2.5 %     18,424       1.6 %
    Florida   8,855       2.4 %     11,286       3.7 %     67,008       4.3 %     47,595       4.2 %
    Oregon   8,298       2.2 %     6,307       2.1 %     29,550       1.9 %     23,220       2.0 %
    Illinois   7,176       1.9 %     6,697       2.2 %     20,901       1.4 %     22,340       2.0 %
    Other   114,207       30.6 %     58,319       19.2 %     462,075       30.0 %     236,789       20.7 %
    Total Gross Written Premiums $ 373,723       100.0 %   $ 303,152       100.0 %   $ 1,541,962       100.0 %   $ 1,141,558       100.0 %
                                                                   
      Three Months Ended December 31,   Year Ended December 31,
      2024   2023   2024   2023
      ($ in thousands)   ($ in thousands)
              % of           % of           % of           % of
      Amount   GWP   Amount   GWP   Amount   GWP   Amount   GWP
    Subsidiary                                                              
    PSIC $ 170,275       45.6 %   $ 156,590       51.7 %   $ 823,263       53.4 %   $ 653,809       57.3 %
    PESIC   188,496       50.4 %     146,562       48.3 %     661,404       42.9 %     487,749       42.7 %
    Laulima   14,952       4.0 %     —       — %     57,295       3.7 %     —       — %
    Total Gross Written Premiums $ 373,723       100.0 %   $ 303,152       100.0 %   $ 1,541,962       100.0 %   $ 1,141,558       100.0 %
                                                                   

    Gross and net earned premiums

    The table below shows the amount of premiums the Company earned on a gross and net basis and the Company’s net earned premiums as a percentage of gross earned premiums for each period presented:

      Three Months Ended                   Year Ended                
      December 31,                   December 31,                
      2024   2023   Change   % Change   2024   2023   Change   % Change
      ($ in thousands)   ($ in thousands)
    Gross earned premiums $ 371,654     $ 276,502     $ 95,152       34.4 %   $ 1,397,369     $ 1,015,722     $ 381,647       37.6 %
    Ceded earned premiums   (226,764 )     (182,754 )     (44,010 )     24.1 %     (886,682 )     (669,809 )     (216,873 )     32.4 %
    Net earned premiums $ 144,890     $ 93,748     $ 51,142       54.6 %   $ 510,687     $ 345,913     $ 164,774       47.6 %
                                                                   
    Net earned premium ratio   39.0 %     33.9 %                     36.5 %     34.1 %                
                                                                   

    Loss detail

      Three Months Ended                   Year Ended                
      December 31,                   December 31,                
      2024   2023   Change   % Change   2024   2023   Change   % Change
      ($ in thousands)   ($ in thousands)
    Catastrophe losses $ 8,122     $ 10     $ 8,112       NM     $ 27,846     $ 3,442     $ 24,404       NM  
    Non-catastrophe losses   29,054       17,886       11,168       62.4 %     106,913       69,150       37,763       54.6 %
    Total losses and loss adjustment expenses $ 37,176     $ 17,896     $ 19,280       107.7 %   $ 134,759     $ 72,592     $ 62,167       85.6 %
                                                                   
    Catastrophe loss ratio   5.6 %     0.0 %                     5.5 %     1.0 %                
    Non-catastrophe loss ratio   20.1 %     19.1 %                     20.9 %     20.0 %                
    Total loss ratio   25.7 %     19.1 %                     26.4 %     21.0 %                
    NM-Not meaningful                                                              
                                                                   

    The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses:

      Three Months Ended
    December 31,    		   Year Ended December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Reserve for losses and LAE net of reinsurance recoverables at beginning of period $ 137,274     $ 92,178     $ 97,653     $ 77,520  
    Add: Incurred losses and LAE, net of reinsurance, related to:                              
    Current year   37,575       19,409       137,798       70,363  
    Prior years   (399 )     (1,513 )     (3,039 )     2,229  
    Total incurred   37,176       17,896       134,759       72,592  
    Deduct: Loss and LAE payments, net of reinsurance, related to:                              
    Current year   15,675       5,417       43,582       19,631  
    Prior years   3,476       7,004       33,531       32,828  
    Total payments   19,151       12,421       77,113       52,459  
    Reserve for losses and LAE net of reinsurance recoverables at end of period   155,299       97,653       155,299       97,653  
    Add: Reinsurance recoverables on unpaid losses and LAE at end of period   348,083       244,622       348,083       244,622  
    Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period $ 503,382     $ 342,275     $ 503,382     $ 342,275  
                                   

    Reconciliation of Non-GAAP Financial Measures

    For the three months and year ended December 31, 2024 and 2023, the Non-GAAP financial measures discussed above reconcile to their most comparable GAAP measures as follows:

    Underwriting revenue

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Total revenue $ 155,757     $ 105,393     $ 553,863     $ 375,926  
    Net investment income   (11,318 )     (7,015 )     (35,824 )     (23,705 )
    Net realized and unrealized (gains) losses on investments   1,201       (3,044 )     (4,568 )     (2,941 )
    Underwriting revenue $ 145,640     $ 95,334     $ 513,471     $ 349,280  
                                   

    Underwriting income and adjusted underwriting income

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Income before income taxes $ 44,962     $ 33,458     $ 151,196     $ 103,642  
    Net investment income   (11,318 )     (7,015 )     (35,824 )     (23,705 )
    Net realized and unrealized losses (gains) on investments   1,201       (3,044 )     (4,568 )     (2,941 )
    Interest expense   87       824       1,138       3,775  
    Underwriting income $ 34,932     $ 24,223     $ 111,942     $ 80,771  
    Expenses associated with transactions   922       478       1,479       706  
    Stock-based compensation expense   4,779       4,176       16,685       14,913  
    Amortization of intangibles   389       389       1,558       1,481  
    Expenses associated with catastrophe bond   —       —       2,483       1,640  
    Adjusted underwriting income $ 41,022     $ 29,266     $ 134,147     $ 99,511  
                                   

    Adjusted net income

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Net income $ 34,965     $ 25,894     $ 117,573     $ 79,201  
    Adjustments:                              
    Net realized and unrealized losses (gains) on investments   1,201       (3,044 )     (4,568 )     (2,941 )
    Expenses associated with transactions   922       478       1,479       706  
    Stock-based compensation expense   4,779       4,176       16,685       14,913  
    Amortization of intangibles   389       389       1,558       1,481  
    Expenses associated with catastrophe bond   —       —       2,483       1,640  
    Tax impact   (964 )     103       (1,699 )     (1,480 )
    Adjusted net income $ 41,292     $ 27,996     $ 133,511     $ 93,520  
                                   

    Annualized adjusted return on equity

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
                                   
    Annualized adjusted net income $ 165,168     $ 111,984     $ 133,511     $ 93,520  
    Average stockholders’ equity $ 716,171     $ 446,293     $ 600,140     $ 428,002  
    Annualized adjusted return on equity   23.1 %     25.1 %     22.2 %     21.9 %
                                   

    Adjusted combined ratio

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income $ 109,958     $ 69,525     $ 398,745     $ 265,142  
    Denominator: Net earned premiums $ 144,890     $ 93,748     $ 510,687     $ 345,913  
    Combined ratio   75.9 %     74.2 %     78.1 %     76.6 %
    Adjustments to numerator:                              
    Expenses associated with transactions $ (922 )   $ (478 )   $ (1,479 )   $ (706 )
    Stock-based compensation expense   (4,779 )     (4,176 )     (16,685 )     (14,913 )
    Amortization of intangibles   (389 )     (389 )     (1,558 )     (1,481 )
    Expenses associated with catastrophe bond   —       —       (2,483 )     (1,640 )
    Adjusted combined ratio   71.7 %     68.8 %     73.7 %     71.2 %
                                   

    Diluted adjusted earnings per share

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands, except per share data)   (in thousands, except per share data)
                                   
    Adjusted net income $ 41,292     $ 27,996     $ 133,511     $ 93,520  
    Weighted-average common shares outstanding, diluted   27,206,225       25,272,149       26,223,842       25,327,091  
    Diluted adjusted earnings per share $ 1.52     $ 1.11     $ 5.09     $ 3.69  
                                   

    Catastrophe loss ratio

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Numerator: Losses and loss adjustment expenses $ 37,176     $ 17,896     $ 134,759     $ 72,592  
    Denominator: Net earned premiums $ 144,890     $ 93,748     $ 510,687     $ 345,913  
    Loss ratio   25.7 %     19.1 %     26.4 %     21.0 %
                                   
    Numerator: Catastrophe losses $ 8,122     $ 10     $ 27,846     $ 3,442  
    Denominator: Net earned premiums $ 144,890     $ 93,748     $ 510,687     $ 345,913  
    Catastrophe loss ratio   5.6 %     0.0 %     5.5 %     1.0 %
                                   

    Adjusted combined ratio excluding catastrophe losses

      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income $ 109,958     $ 69,525     $ 398,745     $ 265,142  
    Denominator: Net earned premiums $ 144,890     $ 93,748     $ 510,687     $ 345,913  
    Combined ratio   75.9 %     74.2 %     78.1 %     76.6 %
    Adjustments to numerator:                              
    Expenses associated with transactions $ (922 )   $ (478 )   $ (1,479 )   $ (706 )
    Stock-based compensation expense   (4,779 )     (4,176 )     (16,685 )     (14,913 )
    Amortization of intangibles   (389 )     (389 )     (1,558 )     (1,481 )
    Expenses associated with catastrophe bond   —       —       (2,483 )     (1,640 )
    Catastrophe losses   (8,122 )     (10 )     (27,846 )     (3,442 )
    Adjusted combined ratio excluding catastrophe losses   66.1 %     68.8 %     68.3 %     70.2 %
                                   

    Tangible Stockholders’ equity

      December 31,   December 31,
      2024   2023
      (in thousands)
    Stockholders’ equity $ 729,030     $ 471,252  
    Goodwill and intangible assets   (13,242 )     (12,315 )
    Tangible stockholders’ equity $ 715,788     $ 458,937  
                   

    The MIL Network –

  • MIL-OSI: QXO Proposes Full Slate of Independent Directors for Election at Beacon Roofing Supply’s 2025 Annual Meeting

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Feb. 12, 2025 (GLOBE NEWSWIRE) — QXO, Inc. (NYSE: QXO) announced today that it has informed Beacon Roofing Supply, Inc. (Nasdaq: BECN) that it will propose 10 independent director nominees at Beacon’s 2025 Annual Meeting of Shareholders to replace Beacon’s Board of Directors.

    The slate of independent nominees includes current and former senior executives and directors of leading global companies who were selected for their deep expertise with large-scale corporate transformations, extensive knowledge of the building products and distribution sectors, and track records of unlocking shareholder value.

    “We are proposing a slate of high-caliber, independent director nominees who are astute at delivering value to shareholders of large public companies,” said Brad Jacobs, chairman and chief executive officer of QXO. “If elected, our nominees would give Beacon’s shareholders a direct voice in advocating for an independent evaluation of QXO’s proposal.”  

    On January 27, 2025, QXO commenced a tender offer to purchase all outstanding shares of Beacon for $124.25 per share in cash for an aggregate enterprise value of approximately $11 billion, representing a 37% premium to Beacon’s 90-day unaffected volume-weighted average price per share as of November 15, 2024, when news of QXO’s offer was first brought to public attention. QXO’s offer price of $124.25 per share is higher than Beacon’s shares have ever traded. QXO’s tender offer will be outstanding until 12:00 midnight (New York City time) at the end of February 24, 2025. QXO has received antitrust clearance for the acquisition in both the U.S. and Canada and is prepared to complete it shortly after the offer expires, subject to the terms of the offer.

    QXO intends to solicit proxies from Beacon stockholders by filing a proxy statement and universal WHITE proxy voting card for Beacon’s 2025 Annual Meeting. Beacon stockholders can choose to replace Beacon’s current directors and elect the 10 new directors proposed by QXO by voting “FOR” on the universal WHITE proxy card. Stockholders can cast their vote prior to or at Beacon’s 2025 Annual Meeting, which is expected to be held in May.

    Nominees

    QXO’s independent nominees for Beacon’s Board of Directors are:

    Sheree Bargabos: Sheree Bargabos served as president, roofing and asphalt for over a decade with Owens Corning (NYSE: OC), a global manufacturer of building and composite material systems. During her 37-year tenure with the company, she held a variety of leadership roles, including vice president, customer experience, roofing. More recently, Ms. Bargabos was a non-executive director of the board and member of the governance committee of PGT Innovations, Inc. (formerly NYSE: PGTI), a manufacturer of high-performance windows and doors, until the company was acquired by MITER Brands in 2024. Since 2018, she has served on the board of Steel Dynamics, Inc. (Nasdaq: STLD), a leading steel producer in the U.S., where she sits on the audit and compensation committees.

    Paul Camuti: Paul Camuti is the former executive vice president and chief technology and sustainability officer of Trane Technologies plc (NYSE: TT), a global leader in HVAC and refrigeration solutions for residential, commercial, and industrial markets, which separated from Ingersoll Rand, Inc. (NYSE: IR) in 2020. Prior to that, Mr. Camuti served as chief technology officer, corporate sustainability, and senior vice president, innovation, at Ingersoll Rand for nine years. Earlier, he spent 13 years at Siemens AG (OTC: SIEGY), holding various divisional executive leadership roles. Mr. Camuti currently serves on the board of Garrett Motion, Inc. (Nasdaq: GTX) and previously served on the board of The ExOne Company (formerly Nasdaq: XONE).

    Karel Czanderna: Karel Czanderna is the former president, chief executive officer and a board director of Flexsteel Industries, Inc. (Nasdaq: FLXS), a global leader in the design and production of residential furniture. Prior to Flexsteel, she was group president of the building materials division of Owens Corning (NYSE: OC) and earlier held divisional executive leadership roles with Whirlpool Corp. (NYSE: WHR). Ms. Czanderna serves on the boards of Cibo Vita, Inc. and Soteria Flexibles, and previously served on the board of BlueLinx Holdings Inc. (NYSE: BXC), a wholesale distributor of building and industrial products.

    Jonathan Foster: Jonathan Foster is the founder and a managing director of Current Capital Partners, an independent advisory and merchant banking firm. His 35-year career in financial and investment services includes 10 years with Lazard, Inc. (NYSE: LAZ), where he rose to managing director. He has served on more than 40 corporate boards, including current roles on the boards of Berry Global Group, Inc. (NYSE: BERY), Five Point Holdings, LLC (NYSE: FPH), and Lear Corp. (NYSE: LEA). Previously, he was a director and the audit committee chair of door manufacturer Masonite International Corp. for 15 years and served on the special transaction committee during the company’s sale to Owens Corning (NYSE: OC).

    Mauro Gregorio: Mauro Gregorio is the former president of Performance Materials & Coatings at Dow Inc. (NYSE: DOW), a global leader in materials science. He previously served as chief executive officer of Dow Silicones Corp., formerly Dow Corning, and president of Dow Consumer Solutions. Mr. Gregorio serves on the board of Eagle Materials, Inc. (NYSE: EXP), a construction products manufacturer, and sits on the audit and corporate governance, nominating and sustainability committees. Mr. Gregorio also serves on the board of Radius Recycling, Inc. (Nasdaq: RDUS), formerly Schnitzer Steel Industries, Inc., and sits on the audit and compensation and human resources committees.

    Michael Lenz: Michael Lenz is the former chief financial officer of FedEx Corp. (NYSE: FDX), overseeing all financial functions within its portfolio of transportation, e-commerce and supply chain management services. He held a variety of senior roles during his 18-year tenure with FedEx, including senior vice president and treasurer. Prior to FedEx, he was with American Airlines Group, Inc. (NYSE: AAL) for 11 years in investor relations, international network, and strategic planning roles. Mr. Lenz serves on the board of Methodist Le Bonheur Healthcare.

    Teresa May: Teresa May is the president and owner of H+G Advisory, LLC and an advisor for portfolio operations at private equity firm KPS Capital Partners. Her 25-year career as an international growth and strategic marketing executive includes prior positions as chief marketing officer for American Woodmark Corp. (Nasdaq: AMWD), head of global strategic marketing for Owens Corning (NYSE: OC), and president of healthcare and chief strategy officer of security solutions for Stanley Black & Decker, Inc. (NYSE: SWK). Ms. May is a member of the board of Fluidmaster, Inc., a global leader in water management, and previously served on the boards of American Woodmark and Transcendia, Inc.

    Stephen Newlin: Stephen Newlin is the former president, chief executive officer and chairman of the board of Univar Solutions, Inc. (NYSE: UNVR), a global chemicals distributor. Prior to Univar, he was president, chief executive officer and chairman of PolyOne Corp., now Avient Corp. (NYSE: AVNT), a specialty polymer manufacturer and distributor. Mr. Newlin is currently chairman of the board of Oshkosh Corp. (NYSE: OSK), a global equipment manufacturer, where he also sits on the audit, governance, and human resource committees. He previously served on the boards of The Chemours Company (NYSE: CC) and Valspar Corp (NYSE: VAL), prior to its acquisition by Sherwin Williams in 2017.

    Joseph Reitmeier: Joseph Reitmeier is the former chief financial officer of Lennox International, Inc. (NYSE: LII), a global manufacturer of residential and commercial climate control solutions and refrigeration systems. Since 2016, he has served on the board of Watts Water Technologies, Inc. (NYSE: WTS), a global leader of water quality solutions. Mr. Reitmeier currently sits on the board’s audit committee, the governance and sustainability committees, and previously served on the nominating and corporate governance committee.

    Wendy Whiteash: Wendy Whiteash is the former executive vice president, integration and strategic priorities, for US LBM Holdings, LLC, a leading distributor of roofing, siding, windows, doors, decking, and engineered components. Earlier, she served as US LBM’s chief human resources officer. Ms. Whiteash spent the first 17 years of her career with Ferguson Enterprises, Inc. (NYSE: FERG), the largest U.S. value-added distributor of plumbing, heating, ventilation, air conditioning and MRO solutions, where she held various roles in finance, operations and human resources.

    Advisors

    Morgan Stanley & Co. LLC is acting as lead financial advisor to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

    About QXO

    QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. Visit www.qxo.com for more information.

    Forward-Looking Statements

    This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets, goals, regulatory approval timing and nominating directors are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Such factors include but are not limited to: the ultimate outcome of any possible transaction between QXO, Inc. (“QXO”) and Beacon Roofing Supply, Inc. (“Beacon”), including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those proposed; uncertainties as to whether Beacon will cooperate with QXO regarding the proposed transaction; the ultimate result should QXO commence a proxy contest for election of directors to Beacon’s Board of Directors; QXO’s ability to consummate the proposed transaction with Beacon; the conditions to the completion of the proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals; QXO’s ability to finance the proposed transaction; the substantial indebtedness QXO expects to incur in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; QXO’s ability to retain certain key employees; and general economic conditions that are less favorable than expected. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not assume any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

    Important Additional Information and Where to Find It

    This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (the “SEC”) on January 27, 2025, and Beacon filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC on February 6, 2025. Investors and security holders are urged to carefully read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) and the Solicitation/Recommendation Statement as these materials contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer: Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, toll-free telephone: +1 (888) 750-5834.

    QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 Annual Meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.

    Certain Information Concerning the Participants

    The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca, Sheree Bargabos, Paul Camuti, Karel Czanderna, Jonathan Foster, Mauro Gregorio, Michael Lenz, Teresa May, Stephen Newlin, Joseph Reitmeier and Wendy Whiteash. As of the date of this communication, QXO owns 100 shares of common stock of Beacon in record name and Ms. Czanderna may be deemed to beneficially own 10 shares of common stock of Beacon held in a trust, for which Ms. Czanderna’s husband serves as trustee. As of the date of this communication, none of the other participants has any direct or indirect interest, by security holdings or otherwise, in Beacon.

    Media Contacts

    Joe Checkler
    joe.checkler@qxo.com
    203-609-9650

    Steve Lipin / Lauren Odell
    Gladstone Place Partners
    212-230-5930

    Investor Contacts

    Mark Manduca
    mark.manduca@qxo.com
    203-321-3889

    Scott Winter / Jonathan Salzberger
    Innisfree M&A Incorporated
    212-750-5833

    The MIL Network –

  • MIL-OSI Economics: The Apple TV app is now available on Android

    Source: Apple

    Headline: The Apple TV app is now available on Android

    UPDATE February 12, 2025

    Android customers can download the Apple TV app to subscribe to Apple TV+ and MLS Season Pass

    The Apple TV app is now available to download from Google Play on Android mobile devices — including phones, tablets, and foldables — offering Android users access to hit, award-winning Apple Original series and films on Apple TV+, along with MLS Season Pass, the home of Major League Soccer.

    Available around the world,1 the Apple TV app for Android was built from the ground up to deliver Android users a familiar and intuitive interface. Android users can subscribe to Apple TV+ and MLS Season Pass using their Google Play account on Android mobile and Google TV devices. Apple TV+ also offers a seven-day free trial.

    The Apple TV app on Android includes key features like Continue Watching to pick up where a user left off across all their devices, and Watchlist to keep track of everything they want to watch in the future. The app streams seamlessly over Wi-Fi or a cellular connection, and includes the ability to download to watch offline.

    With the Apple TV app on Android, Android users can now subscribe to Apple TV+, which offers compelling drama and comedy series, feature films, groundbreaking documentaries, and kids and family entertainment. The service’s hit titles include series like Severance, Slow Horses, The Morning Show, Presumed Innocent, Shrinking, Hijack, Loot, Palm Royale, Masters of the Air, and Ted Lasso. Subscribers can also access Apple Original films like Wolfs, The Instigators, The Family Plan, Killers of the Flower Moon, CODA, and more.

    Just in time for Major League Soccer’s 2025 season, Android users can also subscribe to MLS Season Pass. Available through the Apple TV app, the subscription service offers fans every MLS match in one dedicated location with no blackouts, plus an array of exclusive content, in-depth coverage, and analysis. All 30 MLS clubs will be in action as the league kicks off its 30th season the weekend of February 22.

    Apple TV+ is also the home of Friday Night Baseball — a weekly Major League Baseball double-header with no local broadcast restrictions. New for 2025, Apple TV+ subscribers can also enjoy Sunday Night Soccer, a weekly primetime standalone match showcasing MLS’s most compelling matchups.

    Following its launch on November 1, 2019, Apple TV+ became the first all-original streaming service to launch around the world, and has premiered more original hits and received more award recognitions faster than any other streaming service in its debut. To date, Apple Original films, documentaries, and series have been honored with 538 wins and 2,553 award nominations and counting, including multi-Emmy Award-winning comedy Ted Lasso and historic Oscar Best Picture winner CODA.

    1. Availability may vary by region.

    MIL OSI Economics –

  • MIL-OSI New Zealand: Release: Homelessness growing under National

    Source: New Zealand Labour Party

    Housing is going in the wrong direction under National, despite promises to build more houses and reduce the social housing waitlist.

    “The Salvation Army State of the Nation 2025 report shows Labour was making good progress in public housing, but that it has ground to a halt under this Government,” Labour housing spokesperson Kieran McAnulty said.

    “The Salvation Army today gave the example of a pregnant woman who sleeps not in a social house or in emergency housing, but in the doorway of the Salvation Army’s Rotorua base – that is a damning indictment of this Government’s housing policies.

    “Chris Bishop promised to ‘build enough state and social houses so that there is no social housing waitlist’. Tama Potaka promised to ‘build more social houses than the Labour Government’.

    Nicola Willis signed a pledge to increase the number of state houses in Auckland by 1000 a year, which the Prime Minister wrongly said was on track today.

    “According to a Letter of Expectation the Housing Minister and Finance Minister sent in August last year, Auckland will lose a net 199 homes in the year to June 2026.  

    “It is now clear these promises were never intended to be kept. They’re all full of it.

    “The Wellington City Mission says this is the worst they have seen things in living memory.

    “Frontline providers say people in genuine need are being prevented from accessing Emergency Housing, just to make the numbers look good.

    “To make things worse, we have today learnt the Government has cancelled transitional housing contracts, with no additional funding post June 2025. Ten families in Upper Hutt will soon have nowhere to live.

    “It is heartless and cruel for Bishop and Potaka to crow about the money they have saved from their changes to Emergency Housing when pregnant women and families are living on the street.

    “This isn’t just about those people who are directly affected. When homelessness goes up the whole country suffers – there is more demand on health services, people are forced into unsafe situations, and kids struggle to learn in school,” Kieran McAnulty said.

    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: NSW Government appoints first statutory Agriculture Commissioner

    Source: New South Wales Premiere

    Published: 13 February 2025

    Released by: Minister for Agriculture

    The Minns Labor Government is continuing work to ensure the New South Wales farmers and agriculture industry are safeguarded into the future with the appointment of Alison Stone as the state’s first statutory Agriculture Commissioner.

    Committed to during the state election and legislated last year, the Commissioner will provide independent advice, conduct reviews and make recommendations to the NSW Government on agricultural matters, including productivity, land use conflict and food security.

    Commissioner Stone has over 40 years of experience across primary industries equipping her to provide informed advice to the NSW Government on future proofing this vital industry.

    This experience has included 25 years as a farmer, policy experience across Land, Natural Resources, Foresty, Heritage and Wildlife Roles and experience in disaster resilience, response and recovery having led the codesign process for the Disaster Wise Communities Network.

    Further, the Commissioner served on the NSW Government’s cornerstone Regional Advisory Council, the Victorian Fisheries Co-Management Council and the Commonwealth Government’s Forest Industry Advisory Council.

    As Agriculture Commissioner, Ms Stone will serve an initial three-year term with work to include:

    • Assisting the NSW Government in developing an ongoing system for defining, identifying, and mapping agricultural lands throughout the State
    • Progressing the pilot of a Farm Practices Panel, which will look at ways to reduce conflict between agricultural producers and neighbours on a broader scale
    • Providing input and advice to address challenges related to critical renewable energy infrastructure to support our energy transition and the impact it can have on landholders
    • Promoting a coordinated and collaborative approach across the Commonwealth Government, the NSW Government and local government in relation to agricultural matters
    • Work with the Net Zero Commissioner promoting a cohesive approach to policy making.

    The appointment of the state’s first Statutory Agriculture Commissioner is part of the Minns Labor Government’s ongoing work to ensure regional communities and farmers can thrive. This work has included the following:

    • The appointment of the state’s first Independent Biosecurity Commissioner Dr Marion Healy
    • The creation of the $450 million Regional Development Trust Fund to deliver sustainable and strategic investment that make a real difference to regional communities
    • A historic investment of $947 million in biosecurity protection and enforcement.

    NSW Minister for Agriculture Tara Moriarty said:

    “The Minns Government has delivered another key election commitment by ensuring farmers and the agricultural sector has a dedicated and independent Agriculture Commissioner to advise me and the Government on best options for matters such as land planning in regional NSW.

    “Ms Stone’s extensive career across both the public and private sectors has made her a respected leader in agriculture and the Government is endorsing her for this role because she has a proven track record of resolving complex and contentious issues in areas such as land management reform.

    “With 25 years of hands-on experience as a livestock farmer, she also understands the realities of rural life and the challenges faced by our farming communities.

    “The appointment of a statutory Agricultural Commissioner marks an exciting new chapter for agriculture in NSW, and I look forward to working alongside Ms Stone to champion our farmers, protect valuable agricultural land, and build a stronger, more resilient agricultural sector.

    Ms Alison Stone, endorsed to be the first statutory NSW Agriculture Commissioner said:

    “Agriculture is the backbone of our state, and my role is to collaborate with government, landowners and industry leaders to drive tangible, on-the-ground  outcomes and practices to ensure NSW has a strong and prosperous agriculture sector.”

    “NSW’s primary industries sector is one of the most diverse in the country, with a wide range of agricultural commodities and farming systems. While this presents challenges, it also creates valuable opportunities for growth and innovation.

    “One of my key priorities is helping government to protect and support our agricultural land, ensuring productivity remains on the government’s agenda alongside its priorities for renewable energy and housing.

    “I am honoured to be endorsed by the NSW Government for the first statutory Agriculture Commissioner and to work alongside Minister Moriarty and the farming sector to build a more resilient and prosperous future.

    MIL OSI News –