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  • MIL-OSI Global: New survey finds an alarming tolerance for attacks on the press in the US – particularly among white, Republican men

    Source: The Conversation – UK – By Julie Posetti, Global Director of Research, International Center for Journalists (ICFJ) and Professor of Journalism, City St George’s, University of London

    Press freedom is a pillar of American democracy. But political attacks on US-based journalists and news organisations pose an unprecedented threat to their safety and the integrity of information.

    Less than 48 hours before election day, Donald Trump told a rally of his supporters that he wouldn’t mind if someone shot the journalists in front of him.

    “I have this piece of glass here, but all we have really over here is the fake news. And to get me, somebody would have to shoot through the fake news. And I don’t mind that so much,” he said.

    A new survey from the International Center for Journalists (ICFJ) highlights a disturbing tolerance for political bullying of the press in the land of the First Amendment. The findings show that this is especially true among white, male, Republican voters.

    We commissioned this nationally representative survey of 1,020 US adults, which was fielded between June 24 and July 5 2024, to assess Americans’ attitudes to the press ahead of the election. We are publishing the results here for the first time.

    More than one-quarter (27%) of the Americans we polled said they had often seen or heard a journalist being threatened, harassed or abused online. And more than one-third (34%) said they thought it was appropriate for senior politicians and government officials to criticise journalists and news organisations.

    Tolerance for attacks on the press appears as politically polarised as American society. Nearly half (47%) of the Republicans surveyed approved of senior politicians critiquing the press, compared to less than one-quarter (22%) of Democrats.

    Our analysis also revealed divisions according to gender and ethnicity. While 37% of white-identifying respondents thought it was appropriate for political leaders to target journalists and news organisations, only 27% of people of colour did. There was also a nine-point difference along gender lines, with 39% of men approving of this conduct, compared to 30% of women.

    It appears intolerance towards the press has a face – a predominantly white, male and Republican-voting face.

    Press freedom fears

    This election campaign, Trump has repeated his blatantly false claim that journalists are “enemies of the people”. He has suggested that reporters who cross him should be jailed, and signalled that he would like to revoke broadcast licences of networks.

    Relevant, too, is the enabling environment for viral attacks on journalists created by unregulated social media companies which represent a clear threat to press freedom and the safety of journalists. Previous research produced by ICFJ for Unesco concluded that there was a causal relationship between online violence towards women journalists and physical attacks.

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    While political actors may be the perpetrators of abuse targeting journalists, social media companies have facilitated their viral spread, heightening the risk to journalists.

    We’ve seen a potent example of this in the current campaign, when Haitian Times editor Macollvie J. Neel was “swatted” – meaning police were dispatched to her home after a fraudulent report of a murder at the address – during an episode of severely racist online violence.

    The trigger? Her reporting on Trump and JD Vance amplifying false claims that Haitian immigrants were eating their neighbours’ pets.

    Trajectory of Trump attacks

    Since the 2016 election, Trump has repeatedly discredited independent reporting on his campaign. He has weaponised the term “fake news” and accused the media of “rigging” elections.

    “The election is being rigged by corrupt media pushing completely false allegations and outright lies in an effort to elect [Hillary Clinton] president,” he said in 2016. With hindsight, such accusations foreshadowed his false claims of election fraud in 2020, and similar preemptive claims in 2024.

    His increasingly virulent attacks on journalists and news organisations are amplified by his supporters online and far-right media. Trump has effectively licensed attacks on American journalists through anti-press rhetoric and undermined respect for press freedom.

    In 2019, the Committee to Protect Journalists found that more than 11% of 5,400 tweets posted by Trump between the date of his 2016 candidacy and January 2019 “…insulted or criticised journalists and outlets, or condemned and denigrated the news media as a whole”.

    After being temporarily deplatformed from Twitter for breaching community standards, Trump launched Truth Social, where he continues to abuse his critics uninterrupted. But he recently rejoined the platform (now X), and held a series of campaign events with X owner and Trump backer Elon Musk.

    The failed insurrection on January 6 2021 rammed home the scale of the escalating threats facing American journalists. During the riots at the Capitol, at least 18 journalists were assaulted and reporting equipment valued at tens of thousands of dollars was destroyed.

    This election cycle, Reporters Without Borders logged 108 instances of Trump insulting, attacking or threatening the news media in public speeches or offline remarks over an eight-week period ending on October 24.

    Meanwhile, the Freedom of the Press Foundation has recorded 75 assaults on journalists since January 1 this year. That’s a 70% increase on the number of assaults captured by their press freedom tracker in 2023.

    A recent survey of hundreds of journalists undertaking safety training provided by the International Women’s Media Foundation found that 36% of respondents reported being threatened with or experiencing physical violence. One-third reported exposure to digital violence, and 28% reported legal threats or action against them.

    US journalists involved in ongoing ICFJ research have told us that they have felt particularly at risk covering Trump rallies and reporting on the election from communities hostile towards the press. Some are wearing protective flak jackets to cover domestic politics. Others have removed labels identifying their outlets from their reporting equipment to reduce the risk of being physically attacked.

    And yet, our survey reveals a distinct lack of public concern about the First Amendment implications of political leaders threatening, harassing, or abusing journalists. Nearly one-quarter (23%) of Americans surveyed did not regard political attacks on journalists or news organisations as a threat to press freedom. Among them, 38% identified as Republicans compared to just 9%* as Democrats.

    The anti-press playbook

    Trump’s anti-press playbook appeals to a global audience of authoritarians. Other political strongmen, from Brazil to Hungary and the Philippines, have adopted similar tactics of deploying disinformation to smear and threaten journalists and news outlets.

    Such an approach imperils journalists while undercutting trust in facts and critical independent journalism.

    History shows that fascism thrives when journalists can not safely and freely do the work of holding governments and political leaders to account. As our research findings show, the consequences are a society accepting lies and fiction as facts while turning a blind eye to attacks on the press.

    *The people identifying as Democrats in this sub-group are too few to make this a reliable representative estimate.

    Note: Nabeelah Shabbir (ICFJ Deputy Director of Research) and Kaylee Williams (ICFJ Research Associate) also contributed to this article and the research underpinning it. The survey was conducted by Langer Research Associates in English and Spanish. ICFJ researchers co-developed the survey and conducted the analysis.

    Julie Posetti receives research funding via ICFJ from the Scripps Howard Fund, Luminate, the UK’s Foreign Commonwealth and Development Office, the Gates Foundation and the US State Department.

    Waqas Ejaz works as Post-doc Research Fellow at University of Oxford as well as a Senior Research Associate at ICFJ.

    – ref. New survey finds an alarming tolerance for attacks on the press in the US – particularly among white, Republican men – https://theconversation.com/new-survey-finds-an-alarming-tolerance-for-attacks-on-the-press-in-the-us-particularly-among-white-republican-men-242719

    MIL OSI – Global Reports –

  • MIL-OSI Global: US election: what time do the polls close and when will the results be known? An expert explains

    Source: The Conversation – UK – By Richard Hargy, Visiting Research Fellow in International Studies, Queen’s University Belfast

    paseven / Shutterstock

    In November 2020, when Americans last went to the polls to elect a president, it took four days after voting closed for Joe Biden to be declared the winner.

    This was largely due to razor-thin margins in the crucial battleground states, which resulted in some recounts, as well as large numbers of mail-in ballots that had to be counted after election day. There was the added challenge of this entire process being conducted amid a global pandemic.

    Since then, some states have changed their election laws to speed up the election count. But while it may not take as long this time round, one thing we can be sure of is that a winner will not be known on election night itself.

    When do polls open and close?

    There is no set national time for voting to begin on the morning of November 5. Most states will begin voting at 7am in their local time, with others starting as early as 5am or as late as 10am. Voting will commence at a variety of times in some states, such as New Hampshire, Tennessee and Washington where this is decided by different counties or municipalities.

    Polls close at a range of times across the country, too. Voting will end as early as 6pm US eastern time (11pm GMT) in Indiana and Kentucky, while polls in Hawaii and Alaska, the western-most states, do not close until midnight US eastern time (5am GMT).

    An early indicator of which candidate is performing better will come between 7pm and 8pm eastern time (midnight and 1am GMT), when polls close in the key battleground states of Georgia and North Carolina. Both states are competitive for Kamala Harris and Donald Trump, and if the former is declared the victor in either, then the contest will pivot in her favour.

    The next key moment could occur between 8pm and 9pm eastern time (1am and 2am GMT), when voting ends across the so-called blue wall states of Michigan, Pennsylvania and Wisconsin. However, it is unlikely that a winner will be declared in any of these states straightaway. By 10pm eastern time (3am GMT), polls will have closed in two other critical swing states, Arizona and Nevada.

    When will votes be counted?

    There are several factors that could hinder results being announced in the hours immediately after voting ends. In Arizona, for example, state laws allow voters to drop their completed ballot papers off at the polling station on election day or the day prior – something that not all states do. However, these “late early” ballots cannot be processed until after voting ends.

    Pennsylvania is arguably the most prized swing state that both the Democratic and Republican campaigns are vying for. The state has 19 electoral votes, the most of any battleground state, so the victor will probably win the electoral college (the group of officials that elects the president based on the vote in each state) and thus also the presidency.



    Read more:
    US election: how does the electoral college voting system work?

    But Pennsylvania does not allow election workers to process mail ballots until 7am local time on election day, which could mean the result takes longer than 24 hours after polls close to be made known.

    That said, Alauna Safarpour, an assistant professor at Pennsylvania’s Gettysburg College, does not think the wait will be as long as it was four years ago. Writing for The Conversation on October 29, she said that it was “highly likely” that fewer Pennsylvanians will choose to vote by mail this time around.

    “A smaller proportion of voters opted to vote by mail in the 2022 midterm election than in the 2020 general election, and that trend is likely to continue in 2024”, she says.



    Read more:
    Why Pennsylvania’s election results will take time to count

    Two more crucial states, Michigan and Nevada, have also made changes to the election count since 2020. These states now permit ballot papers to be processed in advance of polling day. On the other hand, the ability of North Carolina to process votes ahead of the election has been made more difficult due to the damage recently caused by Hurricane Helene. This may lead to further delays.

    In Wisconsin, vote counting in two of the state’s biggest counties – Milwaukee and Dane – can also be particularly slow. Milwaukee and Dane counties are both significant urban centres with a combined population of around 1.5 million people. The margin in these counties will be significant to the result in Wisconsin and the presidential race overall.

    What might delay the results?

    There are concerns that certain domestic players could seek to frustrate and delay election results in the critical swing states. In January 2020, for example, a large number of Republicans in Congress objected to results in Pennsylvania and Arizona – states that were both won by Biden.

    And in seven swing states, people falsely claiming to be members of the electoral college attempted to declare Trump as the winner of their state. Their votes were sent to Congress to be counted alongside those of the true electors, with some Congress members arguing that the new slate of electoral votes cast doubts over the official result in certain states. In 2023, a Trump campaign lawyer, Kenneth Chesebro, pleaded guilty in Georgia to his role in subverting the election.

    Norman Eisen, Samara Angel and Clare Boone, who are all fellows at the Brookings Institution thinktank, have provided detailed analysis on how this scenario could be repeated in 2024. They point to nefarious strategies that could be utilised to confuse results by refusing to certify elections at the “county level”.

    For example, three election deniers – Rick Jeffares, Janice Johnston and Janelle King – hold the balance of power in Georgia’s state election board. They have jointly devised new rules that allow vote certification to be paused while investigations are launched into alleged “irregularities”.

    Eisen, Angel and Boone assert that while “these attempts will likely meet the same fate as prior efforts, they could still stoke uncertainty and distrust.” So, given the existence of these threats and the fact that polls show a dead heat, we will probably not know the election’s winner for at least a few days.

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

    – ref. US election: what time do the polls close and when will the results be known? An expert explains – https://theconversation.com/us-election-what-time-do-the-polls-close-and-when-will-the-results-be-known-an-expert-explains-242635

    MIL OSI – Global Reports –

  • MIL-OSI Global: The budget is good news overall for young professionals – here’s how the changes will affect you

    Source: The Conversation – UK – By Andy Lymer, Professor of Taxation and Personal Finance, Aston University

    fizkes/Shutterstock

    Chancellor Rachel Reeves’s first budget was full of a dizzying array of measures to raise over £40 billion to fund public services and boost investment.

    The headlines suggest most of the extra taxes to be paid will fall on businesses, not directly on “working people”. If you are recently out of university or early in your career, here are a few measures most likely to affect your life.

    Inheritance tax

    This 40% tax is paid by the estates of those who pass away, before the remaining amount is distributed based on their wishes. It is really more of an estate tax, than a tax on what you inherit personally.

    Little was changed to the tax itself in this budget – you can still receive £325,000 tax-free from each parent, or from your spouse or civil partner. If the estate includes a family home, they can pass this tax free between them and then to their descendants up to a value of £1 million (both get £500,000 each). Estate values beyond this are taxed at 40%.

    The £325,000 threshold hasn’t changed since April 2009, so as house and asset prices rise it means more of an estate’s value over these levels will be subject to tax each year. If this threshold level had kept pace with changes in general prices, the basic inheritance tax threshold should now be more than £500,000.

    The chancellor has decided to extend the fixing of this threshold for another two years – now to at least 2030.

    Does this matter? Very much so, as budget forecasts suggest that while only 5% of current estates are subject to any tax, by 2029-30 this will double, so many more of us will get taxed on inheritances than ever before. This is because as prices keep rising, more and more inheritances will go over the threshold level and be subject to this tax.

    However, this still implies 90% of all estates will be passed on tax-free so most will never end up bearing this tax.

    No one’s 20s and 30s look the same. You might be saving for a mortgage or just struggling to pay rent. You could be swiping dating apps, or trying to understand childcare. No matter your current challenges, our Quarter Life series has articles to share in the group chat, or just to remind you that you’re not alone.

    Read more from Quarter Life:

    One change that Reeves did announce was that inherited pension pots will now all be taxable. Currently, if you inherit unused parts of a pension pot and the owner died aged less than 75, it was passed on tax-free. This won’t happen in the future, and it will instead form part of the estate and be subject to the tax rules above. This means estate sizes could be larger and more will therefore end up getting taxed.

    Reeves also announced the end of the exemption that allows owners of agricultural land and farms, and owners of businesses to avoid inheritance tax. Instead, from April 2026 a £1 million exemption cap will be applied and any assets passed on above this will be taxed at 20% (half the rate applied to other inheritances).

    Housing and stamp duty

    Reeves also announced a rise in stamp duty (the tax paid when you buy a house or flat over a certain value) for those purchasing second homes. While you and your peers are more likely to be trying to buy a first home, the government argues that this increase will give first-time buyers a competitive advantage in the housing market.

    However, there is risk that these extra costs could be passed on, for example to renters of a landlord’s second property in the form of higher rent.

    The government also did not extend the higher thresholds for stamp duty that were announced by the previous Conservative government in the October 2022 mini-budget. So from April next year, first-time buyers will once again have to pay stamp duty on any properties over £300,000, rather than £425,000.

    National insurance

    Employer national insurance contributions (NICs) are also set to rise in April 2025 to 15% (from 13.8%). This doesn’t directly affect employees, as their NIC rate will stay at 8%. However, this may mean there will be less money to pay wage increases or hire new staff.

    The Office for Budget Responsibility expects about 60% of this extra employer NIC cost on average to fall on wages, and about 15% to be passed on to customers in higher prices – so only 25% will affect business profits.

    However, this impact will vary. Smaller businesses and businesses in low margin industries such as low-end retailing or grocery stores, may find this harder to pass on to their employees or customers.

    They will have to absorb more of this cost as reduced profits, which in turn would lead to less money for wage increases or hiring. In effect, it will be cheaper to have more self-employed people (employer NICs are not paid on the self-employed, who have to sort this out themselves).

    Stamp duty has risen – but only on second homes.
    fizkes/Shutterstock

    Minimum wage rising

    Another key change that is likely to disproportionately affect younger workers – national minimum wage is to rise. For those over 21, this will be by 6.7% to £12.21 per hour from April 2025. For a full-time employee, that is an extra £1,400 a year (before tax).

    Those aged 18-20 will be getting an even larger rise to £10 per hour (a 16.3% increase on the current £8.60/hour).

    This is good news for employees, but some fear it could lead to fewer jobs. However, it is a buyer’s market for some lower paid roles, as some industries are struggling to fill vacancies. This may not be a worry for all jobs. Employers will have to pay the minimum wage to get staff they need.

    As always, we will have to wait and see what changes this really creates as people react to the full range of announcements. But the overall government distribution predictions is that all but the very richest will be better off from this budget.

    Very few young professionals fall into this category, so you can almost certainly expect to gain overall from this budget, even if not personally from every change.

    Andy Lymer receives funding from a variety of sources for his work and that of the Centre for Personal Financial Wellbeing that he directs. Most recently this has included the UK’s Money and Pension Service, the Aviva Foundation, and Fair4All Finance.

    – ref. The budget is good news overall for young professionals – here’s how the changes will affect you – https://theconversation.com/the-budget-is-good-news-overall-for-young-professionals-heres-how-the-changes-will-affect-you-242643

    MIL OSI – Global Reports –

  • MIL-OSI Global: How to Build a Truth Engine documentary makes for sober but crucial viewing in our age of disinformation

    Source: The Conversation – UK – By Clodagh Harrington, Lecturer in American Politics, University College Cork

    If the powerful documentary How to Build a Truth Engine had to be compressed into two thematic strands they might be “how the human mind works” and “how our brain can be manipulated by information”. Director Friedrich Moser’s film takes us on a two-hour voyage of explanation, covering issues from cyber-warfare to elections, COVID to conflict and more.

    Engaged citizens may find some of it they knew already. However, Moser offers a forensic and evidence-based delivery of how, why and the extent to which technology, events and the manipulation of both has had a powerful and deeply disconcerting impact on humans individually and collectively.

    As an expert in American politics, who recently wrote on the crisis of truth in the current US election, I found How to Build a Truth Engine makes for sober but crucial viewing.

    As our news cycles overflow with disinformation and fake news, this visually engaging film takes us on a calm, scientific tour of how we got to where we are – which is disinformation-central.

    Experts in neuroscience, engineering and even folklore explain the ways in which we think and process information. As humans, our brains rely on steady, clear streams of data. When these streams become polluted, our capacity to process and understand reality is challenged, and our vulnerability to false narratives increases.

    Clearly, lying for political purposes is as old as politics itself, but the capacity to disseminate these lies is now on a scale previously unimaginable, as the documentary shows.

    Unsurprisingly, Moser’s production gives much attention to the plight of traditional journalism. It also focuses on the challenges we face as consumers of news now that the process through which information is filtered and considered fit for dissemination has been dismantled to an alarming extent.

    The programme offers a stark reminder of the current state of conventional journalism, weakened by the migration of resources to online search engines where advertising and algorithms trump fact checking and truth telling.

    Among the topics covered is the 2022 Russian invasion of Bucha in Ukraine, in which multiple civilians were killed, with bound bodies left in the streets. At the time, the Kremlin rebuffed Ukrainian allegations of war crimes as a fake narrative and went so far as to state that the civilian massacre was a staged event.

    Western journalists, including New York Times staff, used satellite imagery to piece together events in the lead-up to the atrocity. As a result, they were able to verify what the Ukrainians had told them, but with the powerful addition of visual evidence, which transcended any “he said, she said” narrative.

    If truth is the first casualty of war, this important use of technology for such crucial purpose offers a ripple of accuracy in an ocean of falsehood.

    In highlighting the significance to the human brain of narrative and storytelling, the documentary offers chilling insights regarding the conspiracy theory path that led to the January 6 attack on the US Capitol in 2021. History is filled with tales of societies falling for false narratives, and the assault on the Capitol adheres to these criteria.

    From stereotyping to the creation of insider-outsider narratives (where certain groups are presented as relatable and others as negative and untrustworthy), it is only a small leap to negative assumptions about those deemed outsiders. In the case of January 6 Capitol attack in 2021, the documentary makes clear the groundwork was laid long before any violence took place.

    And so, we are reminded that the fiction that the 2020 election was stolen by Joe Biden was promoted, shared, amplified and repeated back (between Donald Trump, social media and sympathetic television networks) until the protesters were whipped into a frenzy. The result of this unchecked political propaganda was death and destruction.

    Those in Moser’s film offer a chilling reminder that as long as the lie of the “Big Steal”, as it is known now, remains alive as truth in the minds of many Americans, then it can happen again. If the relentless pursuit of accuracy is a core component of journalism, we can see that this pursuit is under constant siege as lies propagate at lightning speed and citizens choose their own truths.

    The documentary taps into the key question of our era: how do we know what we know? In an age of information warfare, truth is a valuable and vulnerable commodity. As humans, we have created technology so advanced that it is already outsmarting us.

    And truth is often diluted, polluted or drowned out completely in our daily communication torrents. This, combined with the nefarious agendas of bad actors means that individuals, communities and our way of life are under significant threat. The consolation, as presented by Moser’s work, may be that technology can also get us out of this predicament. That’s assuming that we want it to.


    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

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

    – ref. How to Build a Truth Engine documentary makes for sober but crucial viewing in our age of disinformation – https://theconversation.com/how-to-build-a-truth-engine-documentary-makes-for-sober-but-crucial-viewing-in-our-age-of-disinformation-242554

    MIL OSI – Global Reports –

  • MIL-OSI Global: What poll watchers can − and can’t − do on Election Day

    Source: The Conversation – USA – By Mollie J. Cohen, Assistant Professor of Political Science, Purdue University

    Poll watchers keep an eye on voting in Georgia in November 2022. AP Photo/Ben Gray

    When most people think of their experience of voting in person, they may remember other voters at the polls, or the hardworking election officials checking people in and helping people submit their ballots. But in many elections, a third group is often present: poll watchers.

    Poll watchers are ordinary citizens who volunteer to observe elections on behalf of an organization. Many of them do so on behalf of a specific political party. Other volunteers are nonpartisan poll watchers; they observe the action at polling places on behalf of nonpartisan organizations, including domestic groups and international election watchdogs such as the Carter Center or the Organization for Security and Co-operation in Europe.

    The United States has not historically relied extensively on international election monitors, and they are prohibited in some states, such as Tennessee. Most often, when journalists and academics like us refer to poll watchers in the U.S., we mean partisan election observers.

    If all goes well on Election Day, poll watchers’ jobs will be tedious. They will simply watch voters performing the key acts of democracy: filing into the precinct, engaging with poll workers and casting ballots. Partisan poll watchers will also likely observe the tabulation of ballots and receive an official copy of the results in case they choose to conduct a simultaneous tally.

    What do poll watchers do?

    Poll watchers protect their organization’s interests at polling places. By observing as ballots are cast and counted, poll watchers can help ensure that only eligible voters participate and that blatant election rigging – like stuffing the ballot box with unauthorized ballots – does not occur.

    As observers independent of the government officials they are monitoring, poll watchers can add an extra layer of transparency and accountability to election proceedings and help to ensure that elections are free and fair.

    Poll watchers, like this one in Detroit in 2020, monitor all aspects of voting and tabulation.
    AP Photo/David Goldman

    However, poll watchers can also undermine the integrity of elections. For example, poll watchers may overzealously – and illegally – challenge a citizen’s eligibility to cast a ballot without cause. Or their presence may intimidate or pressure voters.

    In the 1980s, for example, the Republican Party in New Jersey recruited uniformed, off-duty police officers to watch the polls and posted signs offering a reward for information about people violating election laws. A lawsuit over that activity led to a nationwide court order barring the Republican National Committee from using poll watchers without clearance from a federal judge. The order was lifted in 2018.

    Historical records show that, since the early 1800s, poll watchers from both parties frequently challenged the eligibility of African Americans and likely immigrants, often leading to their removal from the voter rolls. In cases like these, poll watchers can undermine the core democratic principle of voters’ freedom to participate.

    It is also important to remember that many poll watchers are partisans – they work on behalf of their political parties. In fact, in recent years a central goal of the Republican Party has been recruiting and deploying poll watchers. Our research shows that in the current era of polarized partisan politics in the United States, the mere presence of partisan actors at polling locations can undermine voters’ trust in elections.

    What are the rules?

    While the history and partisan nature of election observation may raise concerns about voter intimidation, a variety of federal and state laws protect voters on Election Day.

    Poll watchers are subject to federal laws that protect voters from intimidation and interference. Many states also have additional regulations that govern what poll watchers can do when observing elections.

    For instance, some states require formal training. The state of Georgia, for example, requires all partisan poll watchers to complete training provided by their political party. Watchers in Ohio, on the other hand, must be registered voters but are not required to complete formal training.

    Another important difference between states is whether they allow poll watchers to directly interact with voters. In some states, such as Georgia, poll watchers may not speak to voters. In others, such as Ohio, poll watchers can speak with voters but can’t threaten voters for choosing a certain candidate or encourage them to vote for another.

    Poll workers, like these in New York City in 2020, often make sure poll watchers can see what’s happening.
    AP Photo/John Minchillo

    Challenging voters’ eligibility

    A final important difference between states rules about poll watchers is whether they can challenge the eligibility of a voter. Good-faith challenges can arise when a poll watcher has a strong reason to believe that a voter is not eligible to vote in the district where they are voting. Pennsylvania poll watchers, for example, are allowed to keep a list of eligible voters and could register a challenge if they believe someone not on that list is attempting to vote.

    Poll watchers who operate in bad faith may make challenges based on little or no evidence, with the intention of distracting poll workers, demoralizing voters and slowing voting, rather than ensuring the rules are followed correctly.

    Poll watchers generally raise challenges at the polling place directly with election administrators, who are local volunteers and employees. Voters whose eligibility is challenged may have to cast a provisional ballot and present additional proof of their identification and residence to election officials, either on Election Day or in a later legal proceeding. Importantly, many states have strong regulations that aim to protect voters against arbitrary challenges to their eligibility. Challengers in Florida, for example, must submit a formal written oath attesting to the accuracy of their challenge and are subject to prosecution if the challenge is determined to be “frivolous.”

    If a poll watcher suspects that something is amiss at a polling location while voters are casting ballots or while ballots are being tabulated, they can raise concerns with local election administrators or other election officials, such as local boards of elections. They may also pass the word up through the political party they are representing.

    Many issues are straightforward to address, and election workers respond immediately. More complex concerns – or allegations reported to party leaders by many poll watchers in different locations – may ultimately lead to legal action in the courts.

    Mollie J. Cohen has received funding from the Russell Sage Foundation.

    Geoffrey D. Sheagley receives funding from the Russell Sage Foundation.

    – ref. What poll watchers can − and can’t − do on Election Day – https://theconversation.com/what-poll-watchers-can-and-cant-do-on-election-day-241544

    MIL OSI – Global Reports –

  • MIL-OSI Global: The 27 Club isn’t true, but it is real − a sociologist explains why myths endure and how they shape reality

    Source: The Conversation – USA – By Zackary Okun Dunivin, Postdoctoral Fellow in Communication, University of California, Davis

    Many members of the 27 Club are outsize in their cultural influence. Psychology Forever/Wikimedia Commons, CC BY-SA

    There’s a certain allure to the notion that some of the world’s brightest stars burn out at the age of 27. The so-called 27 Club has captivated the public imagination for half a century. Its members include legendary musicians Jimi Hendrix, Janis Joplin, Jim Morrison, Kurt Cobain and Amy Winehouse. The idea is as seductive as it is tragic: a convergence of talent, fame and untimely death at a singular age.

    But is there any truth to this phenomenon, or is it merely a story we tell ourselves and each other about fame and youth?

    In our newly published research, my colleague Patrick Kaminski and I explore why the 27 Club persists in culture. We didn’t set out to debunk the myth. After all, there is no reason to think that 27 is an especially dangerous age beyond superstition.

    Rather, we wanted to explore the 27 Club to understand how such a myth gains traction and affects people’s perception of reality.

    Is the 27 Club real?

    The origin of the 27 Club dates back to the early 1970s, following the deaths of Brian Jones, Jimi Hendrix, Janis Joplin and Jim Morrison – all at age 27, within a span of two years.

    This uncanny coincidence left its mark on collective memory. It wasn’t just their age. It was the common thread of musical genius, countercultural influence and the tragic allure of lives cut short by a cocktail of fame, drug use and the struggle of being human. The narrative is not just compelling but almost mystical in its synchronicity.

    Analyzing data from 344,156 notable deceased individuals listed on Wikipedia, we found that while there’s no increased risk of dying at 27, those who do die at that age receive significantly more public attention. Using Wikipedia page views as a proxy for fame, our study revealed that the legacies of these 27-year-olds are amplified, garnering more visibility than those who die at adjacent ages.

    This increased visibility has a strange effect: People are more likely to encounter those who died at 27 than other young ages, even if they are not aware of the myth. This in turn creates the appearance of greater risk of mortality at 27. The myth of the 27 Club is a self-fulfilling prophecy: It became “real” because we believed it.

    Why is the 27 Club a thing?

    We believe this phenomenon can be understood through three interrelated concepts: path dependence, stigmergy and memetic reification.

    Path dependence refers to how random events can set a precedent that influences future outcomes. The initial cluster of high-profile deaths at age 27 was statistically improbable – we estimate that one in 100,000 timelines would have four such famous deaths at age 27 – but it established a narrative pathway that has persisted and shaped collective reality.

    Stigmergy describes how traces of an event or action left in the environment can indirectly coordinate future events or actions. In the digital age, platforms such as Wikipedia serve as repositories of collective memory. The existence of a dedicated 27 Club page, with links to its members’ pages, increases the visibility of those who die at 27. This creates a feedback loop: The more we click, the more prominent these figures become, and the more the myth is reinforced.

    Finally, what we call memetic reification captures how beliefs can shape reality. We draw from a sociological concept called the Thomas theorem, which states that if you “define a situation as real, they are real in their consequences.” The 27 Club myth has tangible effects on cultural memory and fame. By imbuing significance into the age of 27, society elevates the legacies of those who die at that age, making the myth materially consequential.

    Why do myths endure?

    Why do such myths endure? At their core, myths are not about factual accuracy but about narratives that resonate with people. They thrive on mystery, tragedy and the human penchant for finding patterns even in randomness. The story of the 27 Club is poetic, encapsulating the fleeting nature of genius and the fragility of life. It’s a story that begs to be told and retold, regardless of its veracity.

    This isn’t an isolated phenomenon. Cultural patterns often arise from chance events that, through collective commitment and storytelling, become embedded in our understanding of the world.

    Your social world shapes what you value and how you behave.

    Consider the evolution of language – why do we call a dog a “dog”? There is nothing doggy about the word. Philosopher Ludwig Wittgenstein observed that nearly all symbols are arbitrary. Some countries drive on the left side of the road while others on the right. While the choice to adopt left- or right-side traffic is influenced by neighboring countries or car producers, ultimately these followed from an arbitrary resolution to the need to pick one side or the other. These conventions began as random occurrences that, over time, became standardized and meaningful through social reinforcement.

    The 27 Club serves as a lens through which you can examine the power of mythmaking in shaping perceptions of history and reality. It highlights how collective beliefs can have real-world consequences, influencing who becomes immortalized in cultural memory. It’s a testament to the complex interplay between chance events, storytelling and the mechanisms by which myths are perpetuated.

    Though we may appear to dispel the myth of the 27 Club, let’s not abandon the story. We’re myth trusters, not myth busters. In unraveling the myth, we’re acknowledging the profound ways in which narratives influence our collective consciousness. By understanding the processes behind myth formation, we can better appreciate the richness of culture and the stories people choose to tell.

    Zackary Dunivin has received funding from the National Science Foundation Research Traineeship Grant 1735095 “Interdisciplinary Training in Complex Networks and Systems.”

    – ref. The 27 Club isn’t true, but it is real − a sociologist explains why myths endure and how they shape reality – https://theconversation.com/the-27-club-isnt-true-but-it-is-real-a-sociologist-explains-why-myths-endure-and-how-they-shape-reality-242693

    MIL OSI – Global Reports –

  • MIL-OSI Global: How scenario planning could help Canadian policymakers deal with American political chaos

    Source: The Conversation – Canada – By Kevin Quigley, Scholarly Director of the MacEachen Institute for Public Policy and Governance, Dalhousie University

    One of the most bizarre aspects of the United States presidential election has been how difficult it’s been to determine the truth — particularly due to Republican Donald Trump’s candidacy — and if the truth even matters.

    As former Trump advisor Anthony Scaramucci once noted about the former president: “Don’t take him literally, take him symbolically.” This advice wasn’t very helpful.

    The difficulty in determining what is true is symptomatic of the high levels of uncertainty that Canadian policymakers are confronted with regularly in their dealings with their American counterparts.

    Voters in the most powerful nation on Earth — and Canada’s neighbour and largest trading partner — are choosing between two starkly different choices on the ballot, and Canada must be attentive and adaptive across a number of policy areas.

    Three-part process

    Scenario planning provides an effective way to address such high levels of uncertainty. The method can generate difficult and radically different descriptions of the future by way of challenging participants, requiring imaginative interventions and overcoming stability and optimism biases.

    At the MacEachen Institute for Public Policy and Governance at Dalhousie University, our team used this method extensively throughout the COVID-19 pandemic, including with members of the tourism industry in early 2021. The method proved to be an effective tool for these organizations in planning for the 2021 tourism season in light of the uncertainty posed by COVID-19.

    There are typically three parts to the approach, divided by sessions. The first session establishes the goals the participants wish to achieve in light of their unique challenges and timelines. Goals vary but usually address some aspect of the medium-term success of the organization. Timelines can be anything from a few months down the road to decades from now.

    Motivating factors

    The group then discusses drivers, which are highly impactful forces beyond their immediate control that will shape the scenarios. Two drivers are selected, often based on supply-and-demand concepts.

    During the second session, participants describe four scenarios based on the two drivers, answering questions that include:

    1. What does this scenario look like?

    2. How would we arrive at this scenario?

    3. What are the underlying causes of the scenario?

    4. What are the critical failures and opportunities in this scenario?

    Finally, the group names the scenario. The four scenarios are deliberately intended to be different and extreme in order to push people beyond their comfort zones.

    At the third session, participants establish how they’re going to judge policies and operational changes knowing that any one of the four scenarios could materialize.

    Trade, economy

    In terms of scenario planning for the Canada-U.S. relationship, Canadian policymakers could consider U.S. trade policies as the first driver (liberal trade policies vs. protectionist policies) and the state of the American economy as the second driver (it either booms or it sinks into a deep recession).

    Organized as a two-by-two matrix, policymakers can explore four plausible future scenarios: either liberal or protectionist trade policies, during either an economic boom or a recession.

    Within these four scenarios, policymakers can develop criteria by which to evaluate Canadian policies knowing that any one of these four scenarios could materialize.

    There are important things to consider at the design stage.

    To start, it can be time-consuming to organize and execute the sessions. You can run remarkably simple and helpful sessions in a day, or extremely involved ones over several months.

    The number of participants is flexible. Usually it involves a small to medium-sized group, but individuals can use the two-by-two matrix to think through problems over lunch.

    Who’s there matters. We tend to invite people who represent different parts of an organization or sector. That provides legitimacy to the process and satisfies a sense of fair play, and this approach can also help participants accept the conclusions and communicate them broadly.

    At the same time, having representatives from each part of the organization can lead to turf wars. It can serve to reinforce existing institutional arrangements rather than challenge, change and in some cases abolish them. Bringing in guest speakers to share best practices from other jurisdictions can help to discuss difficult issues.

    The Ambassador Bridge, spanning the Detroit River between Windsor and Detroit, in December 2021. The trade and economic relationship between the U.S. and Canada provides lots of material for scenario planning for Canadian policymakers.
    THE CANADIAN PRESS/Fred Thornhill

    Embracing diversity

    Scenario planning exercises also favour elite groups — experts, company executives and clever high flyers who are skilled at imaginative thinking. Turning to these elite groups can be at odds with equity, diversity, inclusion and accessibility principles.

    Diverse sources of information can challenge participants to think differently and also help participants to understand the impacts of scenarios to different communities.

    Participants also need to be able to speak frankly. Values may differ, and attempts by participants to avoid saying anything controversial can crowd out more nuanced thoughts.

    Generally, egalitarian dynamics lead to consensus-seeking solutions. But this doesn’t always result in more radical transformations. In some respects, the four possible scenarios compel participants to consider quite different views, which can be helpful.

    Diverse participants in scenario planning sessions can challenge people to think differently.
    (Shutterstock)

    All of this makes discussing how to judge new programs at the third session more challenging and important.

    One way to address these challenges is to have a broad way to discuss and evaluate each strategy. Typically, we examine different parts of the strategy — how an organization gathers information, sets standards and changes behaviour internally — and different criteria by which to judge the strategies (efficiency, fairness and accountability and stability and learning).

    An experienced moderator with some professional distance from the group can help to keep the conversation on time, on subject and challenge participants when conventional wisdom starts to creep in.

    Public agencies are premised on a command-and-control dynamic, but policymakers increasingly need tools and skills that allow them to anticipate, address and communicate risks over which they have limited control.

    The U.S. election and its aftermath in the weeks and months to come are a salient and consequential example. Scenario planning allows policymakers to challenge their assumptions and have difficult conversations in light of quickly changing events in order to seize opportunities and reduce vulnerabilities.

    Kevin Quigley received funding from the Atlantic Canada Opportunities Agency, Change Lab Action Research Network, and SSHRC for the work discussed in this article.

    – ref. How scenario planning could help Canadian policymakers deal with American political chaos – https://theconversation.com/how-scenario-planning-could-help-canadian-policymakers-deal-with-american-political-chaos-242335

    MIL OSI – Global Reports –

  • MIL-OSI USA: Rep. Aguilar Announces $600,000 for Mental Health and Substance Use Services in the Inland Empire

    Source: United States House of Representatives – Representative Pete Aguilar (31 CD Ca)

    Today, Rep. Pete Aguilar announced a $600,000 grant award for Inland Behavioral and Health Services, Inc. to expand its mental health and substance use treatment services. The funding comes as part of the U.S. Department of Health and Human Services’ Health Resources and Services Administration’s Fiscal Year (FY) 2024 Behavioral Health Services Expansion (BHSE) Grant Awards. 

    “We need to improve access to health services that address addiction and improve the health and well-being of the Inland Empire,” said Rep. Pete Aguilar. “This grant will empower Inland Behavioral Health and Services, Inc. to expand treatment and support for urgent mental health and substance use needs, helping individuals find stability and opening doors to brighter futures and more job opportunities.”

    This funding comes as part of the Biden-Harris Administration’s Unity Agenda for the Nation. It includes a historic $240 million investment to launch and expand mental health and substance use disorder services in more than 400 community health centers nationwide that provide care for more than 10 million people. 

    The grant award will help Inland Behavioral and Health Services, Inc. expand its mental health and substance abuse services by hiring certified substance use counselors and Peer Support Specialists and training providers to treat opioid use disorders. 

    Inland Behavioral and Health Services, Inc. (IBHS) is a community-centered nonprofit and federally qualified healthcare provider that has served the Inland Empire since 1978. IBHS offers primary healthcare and social services, including physical health care, substance abuse treatment, mental health improvement, homeless services and prevention education.

    Rep. Aguilar serves as Chair of the House Democratic Caucus and as a member of the House Committee on Appropriations.

    MIL OSI USA News –

  • MIL-OSI USA: Palmer Leads Letter Demanding Answers from HHS Regarding Radical Gender-Identity Ideology

    Source: United States House of Representatives – Congressman Gary Palmer (R-AL)

    WASHINGTON, D.C. — Today, Representative Gary Palmer (AL-06) sent a letter to U.S. Department of Health and Human Services (HHS) Secretary Xavier Becerra raising concerns about the Biden-Harris administration’s decision to embed radical gender-identity ideology into 13 federal grants serving vulnerable populations. The letter demands Secretary Becerra justify this policy change and provide a prompt response to ensure HHS remains focused on its mission to ensure public safety while also respecting and protecting religious freedom and the integrity of care for vulnerable populations. Rep. Palmer issued the following statement:

    “Under the guise of inclusivity, this administration is forcing radical ideological changes into programs that should focus on care, not politics,” said Rep. Palmer. “This new rule threatens to undermine the safety of vulnerable populations, including women escaping abuse and young children needing care, who must not be subjected to policies forcing them to share spaces with individuals of the opposite sex. Additionally, faith-based institutions and community organizations play a vital role in delivering services to those in need. The religious exemption does not clearly provide protections to ensure some groups are not forced to choose between violating their beliefs and losing critical funds.”

    Rep. Palmer continued, “Pushing their radical transgender policies, especially on children, will never be accepted by a broad range of faith-based and common-sense based organizations. Standing up against the Biden-Harris radical agenda will likely result in many very effective organizations being denied grants, including grants supporting medical care. These grants are meant to strengthen healthcare access, not mandate controversial procedures that many providers, and parents, oppose. Forcing healthcare providers to administer irreversible treatments under the banner of gender-affirming care undermines both medical ethics and patient safety.”

    “This is another example of the Biden-Harris administration putting their radical agenda over the well-being of our people. Their overreach into gender identity policies threatens to turn essential services into ideological battlegrounds, placing the most vulnerable Americans at risk,” concluded Rep. Palmer.

    The letter is co-signed by 20 members of Congress including Reps. Robert Aderholt (AL-04), Vern Buchanan (FL-16), Ben Cline (VA-06), Michael Cloud (TX-27), Eric Crawford (AR-01), Jeff Duncan (SC-03), Bob Good (VA-05), Michael Guest (MS-03), Harriet Hageman (WY-At Large), Clay Higgins (LA-03), Mike Kelly (PA-16), Greg Lopez (CO-04), Richard McCormick (GA -06), Carol Miller (WV-01), Ralph Norman (SC-05), August Pfluger (TX-11), John Rose (TN-06), Chip Roy (TX-21), Glenn Thompson (PA-15), and Randy Weber (TX-14).

    Read the letter here.

    BACKGROUND

    HHS has expanded the definition of “sex” in federal grants, based on the Bostock v. Clayton County Supreme Court decision, to include gender identity and sexual orientation. Recent regulations impact 13 key federal grant programs serving vulnerable populations and funding medical care. The letter raises concerns about the policy’s reliance on Bostock v. Clayton County, which was limited to employment law, arguing its extension to HHS grants lacks legal authority and creates confusion by ignoring congressional intent. Requiring shelters to admit biological males identifying as women and forcing group homes to house children of opposite sexes in shared spaces could compromise safety and disrupt care for vulnerable populations.

    In May of this year, HHS finalized a regulation applying the Biden administration’s interpretation of Bostock (redefining the meaning of “sex”) to several grants that assist vulnerable populations and health care delivery. The final rule can be found here: Federal Register :: Health and Human Services Grants Regulation

    Last month, HHS added this same language to their universal grant guidance, as part of a push by the Biden-Harris administration to embed their radical policies across all federal grants. This change was finalized immediately through an interim final rule without public comment, which is a process usually used for emergency regulatory actions. Link to interim final rule: Federal Register :: Health and Human Services Adoption of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards

    Some of the grants impacted by the new HHS rule support medical care, such as nursing workforce development and clinical training programs. These grants could require healthcare providers to implement gender-transition procedures, including hormone therapies and surgeries on minors, even in the 26 states that prohibit these procedures for children. 

    MIL OSI USA News –

  • MIL-OSI: Security Bancorp, Inc. Announces Second Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    MCMINNVILLE, Tenn., Nov. 04, 2024 (GLOBE NEWSWIRE) — Security Bancorp, Inc. (“Company”) (OTCBB: “SCYT”), the holding company for Security Federal Savings Bank of McMinnville, Tennessee (“Bank”), today announced its consolidated earnings for the third quarter of its fiscal year ended December 31, 2024.

    Net income for the three months ended September 30, 2024 was $1.0 million, or $2.77 per share, compared to $859,000, or $2.30 per share, for the same quarter last year. For the nine months ended September 30, 2024, the Company’s net income was $2.9 million or $7.84 per share, compared to $2.4 million, or $6.52 per share, for the same period in 2023.

    For the three months ended September 30, 2024, net interest income increased $359,000, or 14.3%, to $2.9 million from $2.5 million for the three months ended September 30, 2023. For the nine months ended September 30, 2024, net interest income increased $838,000, or 11.4%, to $8.2 million from $7.3 million for the nine months ended September 30, 2023. The increase in net interest income for the three and nine months ended September 30, 2024 was primarily the result of increases in loan balances and interest income on loans that was partially offset by a smaller increase in interest expense. Net interest income after provision for loan losses for the three months ended September 30, 2024 was $2.8 million, an increase of $357,000, or 14.6%, from $2.5 million for the same period in the previous year. For the nine months ended September 30, 2024, net interest income after provision for loan losses increased $857,000, or 12.0%, to $8.0 million from $7.2 million for the same period in 2023. The primary reason for the increase during the three and nine months ended September 30, 2024 was an increase in net interest income.

    Non-interest income for the three months ended September 30, 2024 increased to $635,000 compared to $410,000 for the three months ended September 30, 2023. Non-interest income for the nine months ended September 30, 2024 increased to $1.6 million compared to $1.2 million for the same period of the prior year. The increase in non-interest income was primarily attributed to incentive income related to the Bank’s card processing contracts.

    Non-interest expense for the three months ended September 30, 2024 was $2.0 million, an increase of $341,000, or 20.0%, from $1.7 million for the same period of the prior year. For the nine months ended September 30, 2024, non-interest expense was $5.6 million, an increase of $501,000, or 9.8%, compared to the same period in 2023. The increase for the three and nine months ended September 30, 2024 was primarily due to an increase in consulting fee expense related to renegotiation of the Bank’s data processing contracts.

    The Company’s consolidated assets were $346.6 million at September 30, 2024, compared to $324.4 million at December 31, 2023. The $22.1 million, or 6.8%, increase in assets was a result of an increase loans receivable, net.   Loans receivable, net, increased $26.8 million, or 11.4%, to $262.2 million at September 30, 2024 from $235.4 million at December 31, 2023. The increase in loans receivable was primarily attributable to an increase in residential mortgage and commercial real estate loans.

    For the three months ended September 30, 2024 the provision for loan losses was $65,000 compared to $63,000 for the same period in 2023. The provision for loan losses was $164,000 for the nine months ended September 30, 2024 compared to $183,000 in the comparable period in 2023, a decrease of $19,000.

    Non-performing assets decreased $359,000, or 98.9%, to $4,000 at September 30, 2024 from $363,000 at December 31, 2023. The decrease is attributable to a decline in non-performing loans and the sale of $139,000 of real estate owned. Based on its analysis of delinquent loans, non-performing loans and classified loans, management believes that the Company’s allowance for loan losses of $2.6 million at September 30, 2024 was adequate to absorb known and inherent risks in the loan portfolio. At September 30, 2024, the ratio of the allowance for loan losses to non-performing assets was 63,750.0% compared to 664.19% at December 31, 2023.

    Investment and mortgage-backed securities available-for-sale at September 30, 2024 increased $1.3 million, or 2.8%, to $47.1 million from $45.8 million at December 31, 2023. The increase was due to purchases of investment securities that was partially offset by maturities of investment securities and paydowns. There were no investment and mortgage-backed securities held-to-maturity at September 30, 2024 and December 31, 2023.

    Deposits increased $15.1 million, or 5.2%, to $304.9 million at September 30, 2024 from $289.8 million at December 31, 2023. The increase was primarily attributable to increases in certificates of deposit.  

    Stockholders’ equity increased $3.7 million or 11.7% to $34.8 million, or 10.05% of total assets at September 30, 2024 compared to $31.2 million, or 9.6%, of total assets, at December 31, 2023.

    Safe-Harbor Statement

    Certain matters in this News Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among others, expectations of the business environment in which the Company operates and projections of future performance. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide range of factors including, but not limited to, the general business environment, interest rates, competitive conditions, regulatory changes, and other risks.

    Contact: Michael D. Griffith
      President & Chief Executive Officer
      (931) 473-4483
    SECURITY BANCORP, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS
    (unaudited) (dollars in thousands)
    OPERATING DATA Three months ended
    Sept 30,    		 Nine months ended
    Sept 30,
      2023 2024 2023 2024
    Interest income $4,023 $5,085 $11,326 $14,459
    Interest expense 1,509 2,212 3,978 6,273
    Net interest income 2,514 2,873 7,348 8,186
    Provision for loan losses 63 65 183 164
    Net interest income after provision for loan losses 2,451 2,808 7,165 8,022
    Non-interest income 410 635 1,233 1,555
    Non-interest expense 1,705 2,046 5,110 5,611
    Income before income tax expense 1,156 1,397 3,288 3,966
    Income tax expense 297 359 850 1,027
    Net income $859 $1,038 $2,438 $2,939
    Net Income per share (basic) $2.30 $2.77 $6.52 $7.84
             
    FINANCIAL CONDITION DATA At Sept 30, 2024 At December 31, 2023
    Total assets $346,585 $324,440
    Investments and mortgage- backed securities – available for sale 47,125 45,837
    Loans receivable, net 262,195 235,411
    Deposits 304,897 289,810
    Federal Funds Sold 3,000 -0-
    Federal Home Loan Bank Advances -0- -0-
    Stockholders’ equity 34,829 31,179
    Non-performing assets 4 363
    Non-performing assets to total assets 0.001% 0.11%
    Allowance for loan losses 2,550 2,411
    Allowance for loan losses to total loans receivable 0.96% 1.01%
    Allowance for loan losses to non-performing assets 63,750.0 664.19

    The MIL Network –

  • MIL-OSI: CORRECTION: Alpine Banks of Colorado announces financial results for third quarter 2024

    Source: GlobeNewswire (MIL-OSI)

    GLENWOOD SPRINGS, Colo., Nov. 04, 2024 (GLOBE NEWSWIRE) — Alpine Banks of Colorado (OTCQX: ALPIB) (“Alpine” or the “Company”), the holding company for Alpine Bank (the “Bank”), today announced results (unaudited) for the quarter ended September 30, 2024. The Company reported net income of $13.6 million, or $127.16 per basic Class A common share and $0.85 per basic Class B common share, for third quarter 2024.

    Highlights in third quarter 2024 include:

    • Basic earnings per Class A common share increased 16.8%, or $18.28, during third quarter 2024.
    • Basic earnings per Class A common share increased 16.8%, or $18.30, compared to third quarter 2023.
    • Basic earnings per Class B common share increased 16.8%, or $0.12, during third quarter 2024.
    • Basic earnings per Class B common share increased 16.8%, or $0.12, compared to third quarter 2023.
    • Net interest margin for third quarter 2024 was 2.98%, compared to 2.87% in second quarter 2024, and 2.87% in third quarter 2023.

    “Third quarter 2024 results show a continuation of our improving financial performance,” said Glen Jammaron, Alpine Banks of Colorado President and Vice Chairman. “Alpine successfully grew customer deposit balances, paid down brokered CDs and decreased the cost of our funding during the third quarter. Both our net interest margin and return on assets saw improvements over the first and second quarters of 2024.”

    Net Income

    Net income for third quarter 2024 and second quarter 2024 was $13.6 million and $11.7 million, respectively. Interest income increased $1.9 million in third quarter 2024 compared to second quarter 2024, primarily due to increases in yields on the loan portfolio and increased balances in due from banks. These increases were slightly offset by decreased yields and volumes in the securities portfolio and decreased rates on due from banks, along with decreased volume in the loan portfolio. Interest expense increased $0.3 million in third quarter 2024 compared to second quarter 2024, primarily due to increased balances in deposit accounts. This increase was partially offset by decreases in costs on, and volume of, the Company’s trust preferred securities. Noninterest income increased $1.3 million in third quarter 2024 compared to second quarter 2024, primarily due to increases in service charges on deposit accounts, and other income. Noninterest expense decreased $0.8 million in third quarter 2024 compared to second quarter 2024, due to decreases in other expenses and salary and employee benefit expenses slightly offset by increases in occupancy expenses and furniture and fixture expenses. A provision for loan losses of $1.2 million was recorded in third quarter 2024 compared to a $0.2 million provision recorded in second quarter 2024.

    Net income for the nine months ended September 30, 2024, and September 30, 2023, was $35.9 million and $46.0 million, respectively. Interest income increased $18.5 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in volume in the loan portfolio and balances due from banks, along with increases in yields on the loan portfolio, the securities portfolio, and balances due from banks. These increases were slightly offset by a decrease in volume in the securities portfolio. Interest expense increased $31.8 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in costs on the Company’s trust preferred securities, other borrowings, and cost of deposits, along with increases in volume in deposit balances. These increases were partially offset by a decrease in the volume of other borrowings. Noninterest income increased $3.3 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in earnings on bank-owned life insurance, service charges on deposit accounts and other income. Noninterest expense increased $3.0 million in the first nine months of 2024 compared to the first nine months of 2023, due to increases in salary and employee benefit expenses and occupancy expenses. These increases were partially offset by decreases in furniture and fixture expenses and other expenses. Provision for loan losses decreased $0.3 million in the first nine months of 2024 due to loan portfolio declines and a small volume of loan charge-offs, compared to the nine months ended September 30, 2023.

    Net interest margin increased from 2.87% in second quarter 2024 to 2.98% in third quarter 2024. Net interest margin for the nine months ended September 30, 2024, and September 30, 2023, was 2.89% and 3.17%, respectively.

    Assets

    Total assets increased $107.0 million, or 1.7%, to $6.58 billion as of September 30, 2024, compared to June 30, 2024, primarily due to increased cash and due from banks and investment securities balances, partially offset by decreased loans receivable. Total assets increased $110.6 million, or 1.7%, from September 30, 2023, to September 30, 2024. The Alpine Bank Wealth Management* division had assets under management of $1.34 billion on September 30, 2024, compared to $1.09 billion on September 30, 2023, an increase of 23.3%.

    Loans

    Loans outstanding as of September 30, 2024, totaled $4.0 billion. The loan portfolio decreased $36.3 million, or 0.9%, during third quarter 2024 compared to June 30, 2024. This decrease was driven by a $22.9 million decrease in real estate construction loans and a $33.7 million decrease in residential real estate loans, partially offset by a $13.7 million increase in commercial and industrial loans, a $5.0 million increase in commercial real estate loans, a $1.6 million increase in consumer loans, and a $0.1 million increase in other loans.

    Loans outstanding as of September 30, 2024, reflected a decrease of $5.0 million, or 0.1%, compared to loans outstanding of $4.0 billion on September 30, 2023. This decrease was driven by a $102.8 million decrease in real estate construction loans, partially offset by a $54.9 million increase in commercial real estate loans, a $20.8 million increase in residential real estate loans, a $20.0 million increase in commercial and industrial loans, a $1.8 million increase in consumer loans and a $0.3 million increase in other loans.

    Deposits

    Total deposits increased $74.1 million, or 1.3%, to $5.9 billion during third quarter 2024 compared to June 30, 2024, primarily due to a $110.1 million increase in demand deposits and a $49.5 million increase in money market accounts. This increase was partially offset by a $36.4 million decrease in certificate of deposit accounts, a $3.8 million decrease in savings accounts, and a $45.4 million decrease in interest-bearing checking accounts. Brokered certificates of deposit totaled $330.7 million on September 30, 2024, compared to $390.5 million on June 30, 2024. Noninterest-bearing demand accounts comprised 30.7% of all deposits on September 30, 2024, compared to 29.3% on June 30, 2024.

    Total deposits of $5.9 billion on September 30, 2024, reflected an increase of $38.5 million, or 0.7%, compared to total deposits of $5.8 billion on September 30, 2023. This increase was due to a $248.2 million increase in money market accounts, partially offset by a $41.6 million decrease in certificate of deposit accounts, a $111.6 million decrease in interest-bearing checking accounts, a $27.0 million decrease in demand deposits and a $29.5 million decrease in savings accounts. Brokered certificates of deposit totaled $330.7 million on September 30, 2024, compared to $563.7 million on September 30, 2023. Noninterest-bearing demand accounts comprised 30.7% of all deposits on September 30, 2024, compared to 31.4% on September 30, 2023.

    Capital

    The Bank continues to be designated as a “well capitalized” institution as its capital ratios exceed the minimum requirements for this designation. As of September 30, 2024, the Bank’s Tier 1 Leverage Ratio was 9.62%, Tier 1 Risk-Based Capital Ratio was 14.15%, and Total Risk-Based Capital Ratio was 15.30%. On a consolidated basis, the Company’s Tier 1 Leverage Ratio was 9.23%, Tier 1 Risk-Based Capital Ratio was 13.59%, and Total Risk-Based Capital Ratio was 15.85% as of September 30, 2024.

    Book value per share on September 30, 2024, was $4,787.58 per Class A common share and $31.92 per Class B common share, an increase of $294.62 per Class A common share and $1.96 per Class B common share from June 30, 2024.

    Each Class A common share is entitled to one vote per share. Except as otherwise provided by the Colorado Business Corporation Act, each Class B common share has no voting rights.

    Dividends

    Each Class B common share has dividend and distribution rights equal to one-one hundred and fiftieth (1/150th) of such rights of one Class A common share. Therefore, each one Class A common share is equivalent to 150 Class B common shares for purposes of the payment of dividends.

    During third quarter 2024, the Company paid cash dividends of $30.00 per Class A common share and $0.20 per Class B common share. On October 10, 2024, the Company declared cash dividends of $30.00 per Class A common share and $0.20 per Class B common share payable on October 28, 2024, to shareholders of record on October 21, 2024.

    About Alpine Banks of Colorado

    Alpine Banks of Colorado, through its wholly owned subsidiary Alpine Bank, is a $6.6 billion, independent, employee-owned organization founded in 1973 with headquarters in Glenwood Springs, Colorado. Alpine Bank employs 890 people and serves 170,000 customers with personal, business, wealth management*, mortgage, and electronic banking services across Colorado’s Western Slope, mountains and Front Range. Alpine Bank has a five-star rating – meaning it has earned a superior performance classification – from BauerFinancial, an independent organization that analyzes and rates the performance of financial institutions in the United States. Shares of the Class B non-voting common stock of Alpine Banks of Colorado trade under the symbol “ALPIB” on the OTCQX® Best Market. Learn more at www.alpinebank.com.

    *Alpine Bank Wealth Management services are not FDIC insured, may lose value, and are not guaranteed by the Bank.

    Contacts:  Glen Jammaron   Eric A. Gardey
      President and Vice Chairman   Chief Financial Officer
      Alpine Banks of Colorado     Alpine Banks of Colorado
      2200 Grand Avenue 2200 Grand Avenue
      Glenwood Springs, CO 81601 Glenwood Springs, CO 81601
      (970) 384-3266 (970) 384-3257
         

    A note about forward-looking statements

    This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “reflects,” “believes,” “can,” “would,” “should,” “will,” “estimates,” “continues,” “expects” and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements we make regarding our evaluation of macro-environment risks, Federal Reserve rate management, and trends reflecting things such as regulatory capital standards and adequacy. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward- looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statement include, but are not limited to:

    • The ability to attract new deposits and loans;
    • Demand for financial services in our market areas;
    • Competitive market-pricing factors;
    • Changes in assumptions underlying the establishment of allowances for loan losses and other estimates;
    • Effects of future economic, business and market conditions, including higher inflation;
    • Adverse effects of public health events, such as the COVID-19 pandemic, including governmental and societal responses;
    • Deterioration in economic conditions that could result in increased loan losses;
    • Actions by competitors and other market participants that could have an adverse impact on expected performance;
    • Risks associated with concentrations in real estate-related loans;
    • Risks inherent in making loans, such as repayment risks and fluctuating collateral values;
    • Market interest rate volatility, including changes to the federal funds rate;
    • Stability of funding sources and continued availability of borrowings;
    • Geopolitical events, including acts of war, international hostilities and terrorist activities;
    • Assumptions and estimates used in applying critical accounting policies and modeling, including under the CECL model, which may prove unreliable, inaccurate, or not predictive of actual results;
    • Actions of government regulators, including potential future changes in the target range for the federal funds rate by the Board of Governors of the Federal Reserve;
    • Sale of investment securities in a loss position before their value recovers, including as a result of asset liability management strategies or in response to liquidity needs;
    • Any increases in FDIC assessments;
    • Risks associated with potential cybersecurity incidents, data breaches or failures of key information technology systems;
    • The ability to maintain adequate liquidity and regulatory capital, and comply with evolving federal and state banking regulations;
    • Changes in legal or regulatory requirements or the results of regulatory examinations that could restrict growth;
    • The ability to recruit and retain key management and staff;
    • The ability to raise capital or incur debt on reasonable terms; and
    • Effectiveness of legislation and regulatory efforts to help the U.S. and global financial markets.

    There are many factors that could cause actual results to differ materially from those contemplated by forward-looking statements. Any forward-looking statement made by us in this press release or in any subsequent written or oral statements attributable to the Company are expressly qualified in their entirety by the cautionary statements above. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Key Financial Measures

    The attached tables highlight the Company’s key financial measures for the periods indicated (unaudited).

    Key Financial Measures 09.30.2024

    Consolidated Statements of Income 09.30.2024

    Consolidated Statements of Financial Condition 09.30.2024

    Consolidated Statements of Comprehensive Income 09.30.2024

    Contact:         
    Eric A. Gardey, Chief Financial Officer
    Alpine Banks of Colorado
    (970) 384-3257
    ericgardey@alpinebank.com

    The MIL Network –

  • MIL-OSI: Bitget Launches Female-Centric Pitching Competition during DevCon 24′ with Access Up to $100K Funding Opportunities

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Nov. 04, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has launched “Pitch n Slay,” a special initiative under its Blockchain4Her program organized to provide exposure for female entrepreneurs in the blockchain space. Building on Bitget’s larger $10 million Blockchain4Her project, the program extends targeted support to promising women-led startups by offering them a chance to secure up to $100,000 in funding by Foresight Ventures. This funding is accompanied by valuable mentorship from experienced professionals in the blockchain industry.

    The “Pitch n Slay” program, created in partnership with organizations such as World of Women, Women in Web3, and Bitget Wallet, is structured to offer a pathway for women entrepreneurs to receive the capital, guidance, and exposure necessary to scale their projects. Additional partnerships with Foresight Ventures and Morph highlight Bitget’s emphasis on uniting resources and mentorship from leaders within the blockchain ecosystem.

    Throughout the program, selected participants will undergo a rigorous mentorship and development journey. After an initial pitching round, finalists will receive support in market strategy, scaling, and technology, led by industry experts including Gracy Chen, CEO of Bitget, Taya A, CEO of World of Women, Min Xue, Partner of Foresight Ventures, Tess Hau, Founder of Tess Ventures, and other prominent Web3 leaders. Hosted on 15th November, in Bangkok, Thailand the “Pitch n Slay” program finalists will present their refined projects to a panel of investors and judges. Out of the shortlisted women-run startups top 3 winners will get grants to further their startup journey. The first winner takes home $5000, the second place will be rewarded with $3000 and the third will get $2000 subsequently. All three will be qualified for further pitching to Foresight Ventures, if the deal goes through each can receive funding up to $100K in pre-seed.

    Bitget’s constant focus on supporting women in Web3 is part of its strategy of creating accessible pathways for funding and growth for women entrepreneurs led by the company’s CEO, Gracy Chen “Bitget is a proudly gender-inclusive organization, with over 45% of our management roles held by women. Through Blockchain4Her, it’s our honor to support women founders with opportunities for exposure, mentorship, and funding. We’ll continue to expand this platform, creating pathways for growth and amplifying women-led startups in Web3,” said Chen.

    The Pitch n’ Slay initiative directly addresses the underrepresentation of female entrepreneurs in blockchain, providing both the financial and professional support essential for success in a competitive landscape.

    Applications are open for eligible women-led startups. For more details, visit the application page here

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience volatility. Investments should only be made with funds that can be afforded to lose. The value of investments may be impacted, and there is a possibility of not achieving financial goals or recovering the principal investment. Independent financial advice should be sought, and personal financial experience and standing should be carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any losses incurred. This information is not intended as financial advice.

    Contact

    PR team

    media@bitget.com

    The MIL Network –

  • MIL-OSI: Aviva Canada encourages municipalities to apply for funding for Level 2 EV charging stations

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Nov. 04, 2024 (GLOBE NEWSWIRE) — Aviva Canada is pleased to announce it has opened the application period for the third year of its Charged for Change program. With installations in 15 municipalities already completed or underway, this year’s funding will support public electric vehicle (EV) charging infrastructure projects in even more communities that currently lack sufficient access.

    Presented in partnership with Earth Day Canada, Aviva’s $3M Charged for Change program allows municipalities and Indigenous communities to apply for funding to install Level 2 electric vehicle chargers for their residents and visitors. Municipalities across Canada can submit applications via the Charged for Change homepage until February 20, 2025.

    “We are thrilled to open applications for the third year of our Charged for Change program and are looking forward to helping even more Canadian communities install public EV infrastructure for their residents. We know that a lack of publicly available EV charging infrastructure can be a barrier to EV adoption and want to support Canadians, particularly those in communities with little to no access, in making the switch to an EV,” said Aviva Canada’s Chief Public Affairs, Marketing and Communications Officer, Pascal Dessureault.

    In its first year, the Charged for Change program funded Level 2 charging stations for seven Ontario municipalities and is expected to deliver 37 charging heads across 16 sites in the Town of Pelham, Township of Selwyn, The County of Prince Edward, Town of Thessalon, Municipality of East Ferris, Township of Manitouwadge, and Township of Essa. As of September 15, this year, the charging stations installed in these communities have delivered 2,600 charging sessions and 8,300 charging hours.

    The program expanded across Canada in its second year, where eight municipalities received funding; Town of Okotoks, AB, Town of Grand Bay-Westfield, NB, Municipality of Lakeshore, ON, Municipalité des Hautes-Terres, NB, Municipalité de Chertsey, QC, Village de Bois-Joli, NB, Communauté rurale de Kedgwick, NB, and Ville régionale de Cap-Acadie, NB. Those projects are either underway or completed and in use.

    “We know that access to public charging infrastructure is a key deciding factor for consumers considering the purchase of an EV. We also know that there is a disparity between levels of infrastructure in larger, urban centres versus smaller, often rural communities. Charged for Change hopes to level that playing field so that Canadians who want to make the climate-conscious decision to switch to an EV feel confident that it can meet their needs,” said Valérie Mallamo, Executive Director, Earth Day Canada.

    Aviva’s partnership with Earth Day Canada supports municipalities in working with utility suppliers directly to install the charging station infrastructure in selected communities. Communities across Canada are encouraged to apply for year three funding now via the Charged for Change homepage.

    To help more Canadians transition to EVs, Aviva’s EV insurance solution offers customers up to 10 per cent off their premium when they insure an EV.1

    Testimonials from year one Charged for Change recipient municipalities:

    Municipality of East Ferris:
    “The installation of charging stations provided by the Charged for Change Program allowed the Municipality of East Ferris to install our first public EV charging stations in the community. It also allowed us to start the transition of our vehicle fleet to electric vehicles with the purchase of our first EV municipal vehicle taking place in early 2024. We are fortunate to have been selected for the program and the infrastructure that we installed will have lasting impacts on municipal operations for years to come.” – Greg Kirton, Director of Community Services, Municipality of East Ferris

    Town of Thessalon:
    “Our first EV station users stopped in on their road trip from Whistler, British Columbia. They told us that they would have by-passed Thessalon if it weren’t for these charging stations. Since they were able to charge their vehicle in Thessalon they stayed at local accommodations and spent time exploring other town amenities.” – Lindsay MacFarlane, Deputy Clerk, Town of Thessalon

    The County of Prince Edward:
    “Working with Earth Day Canada and Aviva on this project helped me gain an understanding of the world of electric vehicles and helped me come to the conclusion that yes, EV ownership in a rural community is very possible! After doing a test drive with Plug n Drive at our inauguration event and speaking firsthand to EV drivers and suppliers of EV charging equipment through this project, I felt really confident in my choice to make my next car an EV. I ditched the ICE and signed a leased an EV this spring. I wouldn’t have felt so sure of my decision without the experience working with Earth Day Canada and Aviva.” – Julianne Snepts, Programs Supervisor, The County of Prince Edward

    About Aviva Canada

    Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, lifestyle, and business insurance to 2.4 million customers. As a subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 employees focused on creating a sustainable future for our people, our customers, our communities and our planet. In 2021, Aviva plc announced Aviva’s global ambition to become a net zero carbon emissions company by 2040.

    For more information, visit aviva.ca or Aviva Canada’s blog, Twitter, Facebook and LinkedIn pages.

    *Note: Media may arrange interviews by contacting:

    Media Contact: Kelsie Ludlow, Communications Specialist, Aviva
    Email: kelsie.ludlow@aviva.com
    Tel: 437-331-7209

    1 Terms and conditions apply. Please visit www.aviva.ca for more details.

    The MIL Network –

  • MIL-OSI: Alpine Credits Ltd. Expands Philanthropic Efforts with $200,000 Initiative for Local Charities

    Source: GlobeNewswire (MIL-OSI)

    SURREY, British Columbia, Nov. 04, 2024 (GLOBE NEWSWIRE) — Alpine Credits Ltd., a leader in alternative home equity financing, is proud to announce its 2024 philanthropy initiative, committing up to $200,000 to charitable organizations through parent company Amur Financial Group.

    This initiative underscores the company’s dedication to making a meaningful impact in local communities across B.C.

    In its continuous effort to support those in need, Alpine Credits has chosen to collaborate with Mom2Mom Vancouver this year. This organization bridges the gap for mothers and children facing economic hardships by providing essential resources and fostering vital connections.

    “We pride ourselves on trying to make a difference in the lives of individuals and families within our community,” said the VP of Sales for Alpine Credits. “Our employees are passionate about giving back, and this initiative allows us to support causes that matter to them while helping organizations like Mom2Mom fulfill their mission.”

    The partnership with Mom2Mom Vancouver holds special significance, reflecting Alpine Credits’ commitment to social responsibility and enhancing community well-being. By assisting in the provision of essential resources, Alpine Credits aims to improve the lives of vulnerable families and ensure they receive the support needed during challenging times.

    Alpine Credits has a long-standing tradition of philanthropy, having previously raised over $80,000 for various organizations, including the Children’s Wish Foundation and Family Services of Greater Vancouver.

    In addition to Mom2Mom, Amur Financial Group, Alpine Credits’ parent company, is supporting three other charities that were selected by different teams across the organization.

    Since its inception in 1969, Alpine Credits has facilitated over $5 billion in home equity financing, establishing itself as Canada’s leading alternative lender.

    By unlocking the value of their homes, Canadians can meet financial obligations, fund renovations, and invest in new home repair projects.

    About Alpine Credits

    Alpine Credits is a leading provider of home equity financing solutions in Canada. With over 50 years of experience, the company focuses on providing quick support and flexible lending products, helping Canadians unlock the value of their homes.

    For more information, please visit Alpine Credits.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f0d483ff-6574-4cca-8093-219fa05a4970

    The MIL Network –

  • MIL-OSI: Mountain America Foundation Launches Public Voting for GivingTuesday

    Source: GlobeNewswire (MIL-OSI)

    A Media Snippet accompanying this announcement is available by clicking on this link.

    SANDY, Utah, Nov. 04, 2024 (GLOBE NEWSWIRE) — Mountain America Credit Union announces the launch of its 2024 GivingTuesday initiative, aimed at providing essential support to nonprofits across its six-state footprint. This year, the initiative will donate a total of $28,000 to various nonprofits.

    Voting for the initiative began on Nov. 4 and will continue through Nov. 22, giving the community a chance to actively participate in deciding which local nonprofits will receive the donations. Both Mountain America members and nonmembers are encouraged to vote for their preferred nonprofit by scanning a QR code at their nearest branch location or by visiting Mountain America’s GivingTuesday page.

    “Join us in making a difference this GivingTuesday by casting your vote and supporting the nonprofits making a positive impact in our communities,” said Suzanne Oliver, executive director of the Mountain America Foundation. “We are excited to see which organizations will receive the $28,000 based on your votes. Together, we can create a brighter future for those in need.”

    At the conclusion of the voting period, all votes will be tallied, and the nonprofit organizations with the highest number of votes in each area will be declared the winners. These grants will be awarded on GivingTuesday, which falls on Dec. 3.

    GivingTuesday, created in 2012, aims to encourage people to spread goodwill throughout their communities. Over the past 12 years, it has grown into a global movement, inspiring millions to be generous in their giving, collaboration, and celebration of generosity year-round.

    The Mountain America Foundation, along with the credit union and its team members, remains committed to serving the community. The Foundation seeks to partner with organizations that make a significant impact in the communities served by the credit union.

    “Mountain America has shown an unwavering commitment to helping our members define and achieve their financial dreams for nearly 90 years,” said Sharlene Wells, senior vice president of public relations and organizational communications at Mountain America. “Our Foundation is guided by the principle of ‘people helping people’ within the communities our members call home. Supporting the Foundation’s local giving efforts continues to be a cornerstone of our mission.”

    For more information about the Mountain America Foundation’s GivingTuesday initiative, please visit https://www.macu.com/foundation.

    To learn more about Mountain America’s community involvement, visit macu.com/newsroom.

    About Mountain America Credit Union
    With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across six states, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

    The MIL Network –

  • MIL-OSI: Digital Media Solutions, Inc. Receives Court Approval for Asset Sales

    Source: GlobeNewswire (MIL-OSI)

    CLEARWATER, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) — Digital Media Solutions, Inc., (“DMS” or the “Company”), a leading provider of technology-enabled digital performance advertising solutions connecting consumers and advertisers, today announced that, following a competitive auction process, the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”) has approved the sale of substantially all of the assets of the Company’s core business to its existing lenders, including a consortium of leading financial institutions. The Court also approved the sale of the Company’s ClickDealer subsidiaries to iMonMedia, a leading global performance marketing company.

    “We are pleased to have received the Court’s approval of these value-maximizing transactions, which pave the way for us to complete the court-supervised sale process and execute our ownership transition,” said Joe Marinucci, Co-Founder and CEO of DMS. “With a stronger financial foundation and new owners who share our conviction in our go-forward prospects, our core business is well positioned to continue its growth trajectory and capitalize on the significant opportunities we see ahead. We are also glad to have found a new home for our ClickDealer business and the team that supports it with iMonMedia, a leading player in the digital marketing and advertising space who will take ClickDealer to new heights.”

    Marinucci continued, “The progress we have made in this process is a true testament to the hard work and dedication of our employees, and I thank them all for their unwavering commitment to DMS. We look forward to closing the transactions in the coming weeks and continuing to innovate and serve our loyal clients.”

    The transactions are expected to close in the fourth quarter of 2024. DMS is continuing to operate in the ordinary course across its businesses, including its ClickDealer subsidiaries, providing innovative solutions, vertical expertise and outstanding support to its clients and vendors.

    Additional Information

    Additional information is available at AdvancingDMS.com. Court filings and other information related to the sale process are available on a separate website administered by the Company’s claims agent, Omni Agent Solutions, at https://omniagentsolutions.com/DMS; by calling Omni representatives toll-free at (866) 680-8083, or (818) 574-6886 for calls originating outside of the U.S. or Canada; or by emailing DMS@OmniAgnt.com.

    Advisors

    Kirkland & Ellis LLP and Porter Hedges LLP are serving as legal counsel to DMS, Portage Point Partners is serving as restructuring advisor and Houlihan Lokey Capital, Inc. is serving as investment banker.

    About DMS

    Digital Media Solutions, Inc. (DMS) drives better business results by connecting high-intent consumers with advertisers across our core verticals; Insurance (auto, home, health), Education and Consumer/E-Commerce. Our innovative solutions help consumers shop and save, while helping our advertisers achieve above average return on ad spend. Learn more at https://digitalmediasolutions.com.

    Forward-Looking Statements

    This press release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company and its subsidiaries and certain plans and objectives with respect thereto. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as “initiate,” “anticipate,” “target,” “expect,” “enable,” “estimate,” “intend,” “plan,” “goal,” “believe,” “hope,” “aims,” “continue,” “will,” “may,” “should,” “would,” “could” or other words of similar meaning. These statements are based on assumptions and assessments made by the Company and its perception of historical trends, current conditions, future developments and other factors. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this press release could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements, including related to any sale process and the Chapter 11 process. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this press release. The Company does not assume any obligation to update or correct the information contained in this press release (whether as a result of new information, future events or otherwise), except as may be required by applicable law.

    There are several factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business, competitive, market, supply chain and regulatory forces, future exchange and interest rates, changes in tax rates and any future business combinations or dispositions, our ability to negotiate and confirm a sale of substantially all of our assets under Section 363 of the Bankruptcy Code (or any other plan of reorganization), uncertainties and costs related to the completion of any sale process (implemented through the Chapter 11 process) and the Chapter 11 process more generally, including, among others, potential adverse effects of the Chapter 11 process on the Company’s liquidity and results of operations, including with respect to its relationships with its customers, vendors and partners, suppliers and other third parties; employee attrition and the Company’s ability to retain senior management and other key personnel due to the distractions and uncertainties inherent in the Chapter 11 process; the impact of any cost reduction initiatives; any other legal or regulatory proceedings; the Company’s ability to obtain operating capital, including complying with the restrictions imposed by the terms and conditions of any debtor-in-possession financing, such as the financing mentioned herein; the length of time that the Company will operate under Chapter 11 protection; the timing of any emergence from the Chapter 11 process; and the risk that any plan of reorganization resulting therefrom may not be confirmed or implemented at all. Please see the plan of reorganization and related disclosure statement (as may be amended, modified or supplemented) that may be filed with the Court for additional considerations and risk factors associated with the Company’s Chapter 11 process.

    Nothing in this press release is intended as a profit forecast or estimate for any period and no statement in this press release should be interpreted to mean that the financial performance for the Company, including after the completion of any sale process, for the current or future financial years would necessarily match or exceed its historical results.

    Further, this press release is not intended to and does not constitute and should not be construed as, considered a part of, or relied on in connection with any information or offering memorandum, security purchase agreement, or offer, invitation or recommendation to underwrite, buy, subscribe for, otherwise acquire, or sell any securities or other financial instruments or interests or any other transaction.

    Contacts

    Investor Relations
    investors@dmsgroup.com

    Media
    Aaron Palash / Aura Reinhard / Maeve Barbour / Jenna Shinderman
    Joele Frank Wilkinson Brimmer Katcher
    212-355-4449

    The MIL Network –

  • MIL-OSI: Tactile Systems Technology, Inc. Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Nov. 04, 2024 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the third quarter ended September 30, 2024 and announced the adoption of a share repurchase program.

    Third Quarter 2024 Summary & Recent Business Highlights:

    • Total revenue increased 5% year-over-year to $73.1 million
      • Lymphedema product revenue increased 4% over Q3 2023
      • Airway clearance product revenue increased 10% over Q3 2023
    • Net income of $5.2 million versus $22.3 million in Q3 2023
    • Adjusted EBITDA of $10.7 million versus $7.7 million in Q3 2023
    • Operating cashflow of $24.3 million year-to-date, compared to $17.5 million in the prior year period
    • Ended Q3 2024 with $82.1 million in cash and cash equivalents
    • Launched Nimbl, our next-generation lymphedema therapy platform for upper extremity conditions
    • Announced publication of positive clinical trial results in VA lymphedema patients using Flexitouch therapy
    • Authorized a program to repurchase up to $30.0 million of the Company’s common stock

    “In the third quarter, we delivered solid gross margin expansion, drove continued improvements in profitability, and achieved double-digit growth in both our commercial and VA lymphedema channels,” said Sheri Dodd, President and Chief Executive Officer of Tactile Medical. “Operationally, we advanced key pillars of our commercial strategy, including launching our next-generation lymphedema therapy platform and announcing the publication of a positive new data set among Veterans.”

    Ms. Dodd continued, “While pleased with this performance, our revenue was impacted by changes in policy interpretation from Medicare administrators and DME buying patterns within our airway clearance business. However, we continue to see strong patient and clinician demand for our products, aided by improving CMS coverage conditions on the near horizon. We are taking a concerted approach to fortify our sales channels, simplify our front and back-office work through technology modernization, and amplify the voice of our patients and providers through product and service innovation.”

    Ms. Dodd concluded, “Finally, we are increasingly benefiting from generating free cash flow, a trend we expect to continue. This provides us the luxury of continuing to evaluate various investment opportunities to drive growth and increase shareholder value, while also initiating a share repurchase program. We believe this strategic near-term use of cash aligns with our conviction in the trajectory of our business and our ability to execute our financial and operational initiatives.”

    Share Repurchase Program

    The Company also announced today that the Board of Directors of the Company authorized a program to repurchase up to $30.0 million of common stock. Under the program, purchases may be made from time to time in the open market, in privately negotiated purchases, or both. The timing and number of shares to be purchased will be based on the price of the Company’s common stock, general business and market conditions and other investment considerations and factors. The share repurchase program expires on October 31, 2026. The program does not obligate the Company to repurchase any specific number of shares and may be suspended or discontinued at any time without prior notice. The Company intends to finance the share repurchase program with cash on hand.

    Third Quarter 2024 Financial Results

    Total revenue in the third quarter of 2024 increased $3.5 million, or 5%, to $73.1 million, compared to $69.6 million in the third quarter of 2023. The increase in total revenue was attributable to an increase of $2.8 million, or 4%, in sales and rentals of the lymphedema product line and an increase of $0.7 million, or 10%, in sales of the airway clearance product line in the quarter ended September 30, 2024, compared to the third quarter of 2023.

    Gross profit in the third quarter of 2024 increased $5.4 million, or 11%, to $54.8 million, compared to $49.4 million in the third quarter of 2023. Gross margin was 75.0% of revenue, compared to 70.9% of revenue in the third quarter of 2023. Non-GAAP gross margin was 75.4% of revenue, compared to 71.4% of revenue in the third quarter of 2023.

    Operating expenses in the third quarter of 2024 increased $6.6 million, or 16%, to $48.0 million, compared to $41.4 million in the third quarter of 2023.

    Operating income was $6.8 million in the third quarter of 2024, compared to $8.0 million in the third quarter of 2023. Non-GAAP operating income in the third quarter of 2024 was $7.9 million, compared to $5.2 million in the third quarter of 2023.

    Other income was $0.5 million in the third quarter of 2024, compared to other expense of $0.4 million in the third quarter of 2023.

    Income tax expense was $2.1 million in the third quarter of 2024, compared to an income tax benefit of $14.7 million in the third quarter of 2023.

    Net income in the third quarter of 2024 was $5.2 million, or $0.21 per diluted share, compared to $22.3 million, or $0.94 per diluted share, in the third quarter of 2023. Non-GAAP net income in the third quarter of 2024 was $6.0 million, compared to $20.2 million in the third quarter of 2023. The change in both net income and non-GAAP net income was driven by the impact last year’s valuation allowance release had on prior-year income tax.

    Weighted average shares used to compute diluted net income per share were 24.3 million and 23.8 million for the third quarters of 2024 and 2023, respectively.

    Adjusted EBITDA was $10.7 million in the third quarter of 2024, compared to $7.7 million in the third quarter of 2023.

    First Nine Months 2024 Financial Results

    Total revenue for the nine months ended September 30, 2024, increased $10.6 million, or 5%, to $207.4 million, compared to $196.8 million for the nine months ended September 30, 2023. The increase in total revenue was attributable to an increase of $10.0 million, or 6%, in sales and rentals of the lymphedema product line and an increase of $0.6 million, or 2%, in sales of the airway clearance product line for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023.

    Net income for the nine months ended September 30, 2024, was $7.2 million, or $0.30 per diluted share, compared to $20.3 million, or $0.88 per diluted share, for the nine months ended September 30, 2023. Non-GAAP net income for the nine months ended September 30, 2024, was $9.5 million, compared to $20.6 million for the nine months ended September 30, 2023.

    Weighted average shares used to compute diluted net income per share were 24.1 million and 23.0 million for the nine months ended September 30, 2024 and 2023, respectively.

    Adjusted EBITDA was $20.8 million in the nine months ended September 30, 2024, compared to $14.3 million in the nine months ended September 30, 2023.

    Balance Sheet Summary

    As of September 30, 2024, the Company had $82.1 million in cash and cash equivalents and $27.0 million of outstanding borrowings under its credit agreement, compared to $61.0 million in cash and cash equivalents and $29.3 million of outstanding borrowings under its credit agreement as of December 31, 2023.

    2024 Financial Outlook

    The Company is updating its 2024 financial outlook and now expects full year 2024 total revenue in the range of $292 million to $295 million, representing growth of approximately 6% to 8% year-over-year, compared to total revenue of $274.4 million in 2023. The Company’s prior 2024 guidance expectation was total revenue in the range of $293 million to $298 million, representing growth of approximately 7% to 9%.

    Conference Call

    Management will host a conference call with a question-and-answer session at 5:00 p.m. Eastern Time on November 4, 2024, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13748661. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

    For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13748661. The webcast will be archived at investors.tactilemedical.com.

    About Tactile Systems Technology, Inc. (DBA Tactile Medical)

    Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

    Legal Notice Regarding Forward-Looking Statements

    This release contains forward-looking statements. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “continue,” “confident,” “outlook,” “guidance,” “project,” “goals,” “look forward,” “poised,” “designed,” “plan,” “return,” “focused,” “prospects” or “remain” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of the Company’s control that can make such statements untrue, including, but not limited to, the Company’s ability to obtain reimbursement from third-party payers for its products; the impacts of inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; adverse economic conditions or intense competition; price increases for supplies and components; wage and component price inflation; loss of a key supplier; entry of new competitors and products; compliance with and changes in federal, state and local government regulation; loss or retirement of key executives, including transition matters related to the Company’s recent Chief Executive Officer change; technological obsolescence of the Company’s products; technical problems with the Company’s research and products; the Company’s ability to expand its business through strategic acquisitions; the Company’s ability to integrate acquisitions and related businesses; the effects of current and future U.S. and foreign trade policy and tariff actions; or the inability to carry out research, development and commercialization plans. In addition, other factors that could cause actual results to differ materially are discussed in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

    Use of Non-GAAP Financial Measures

    This press release includes the non-GAAP financial measures of Adjusted EBITDA, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, and non-GAAP net income, which differ from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”).

    Adjusted EBITDA in this release represents net income or loss, plus interest expense, net, or less interest income, net, less income tax benefit or plus income tax expense, plus depreciation and amortization, plus stock-based compensation expense, plus or minus the change in fair value of earn-out and plus executive transition costs. Non-GAAP gross profit in this release represents gross profit plus non-cash intangible asset amortization expense. Non-GAAP gross margin in this release represents non-GAAP gross profit divided by revenue. Non-GAAP operating income in this release represents operating income adjusted for non-cash intangible asset amortization expense, change in fair value of earn-out and executive transition expenses. Non-GAAP net income represents net income adjusted for non-cash intangible asset amortization expense, change in fair value of earn-out and executive transition expenses, and adjusted for the income tax effect on reconciling items. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures are included in this press release.

    These non-GAAP financial measures are presented because the Company believes they are useful indicators of its operating performance. Management uses these measures principally as measures of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating plan and financial projections. The Company believes these measures are useful to investors as supplemental information and because they are frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company also believes these non-GAAP financial measures are useful to its management and investors as a measure of comparative operating performance from period to period. In addition, Adjusted EBITDA is used as a performance metric in the Company’s compensation program.

    The non-GAAP financial measures presented in this release should not be considered as an alternative to, or superior to, their respective GAAP financial measures, as measures of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and they should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating non-GAAP financial measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using non-GAAP financial measures on a supplemental basis. The Company’s definition of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.

                     
    Tactile Systems Technology, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)
        September 30,   December 31,
    (In thousands, except share and per share data)   2024   2023
    Assets            
    Current assets                
    Cash and cash equivalents   $ 82,146     $ 61,033  
    Accounts receivable     39,970       43,173  
    Net investment in leases     13,953       14,195  
    Inventories     21,176       22,527  
    Prepaid expenses and other current assets     5,127       4,366  
    Total current assets     162,372       145,294  
    Non-current assets                
    Property and equipment, net     5,878       6,195  
    Right of use operating lease assets     17,553       19,128  
    Intangible assets, net     43,708       46,724  
    Goodwill     31,063       31,063  
    Accounts receivable, non-current     3,628       10,936  
    Deferred income taxes     19,719       19,378  
    Other non-current assets     3,803       2,720  
    Total non-current assets     125,352       136,144  
    Total assets   $ 287,724     $ 281,438  
    Liabilities and Stockholders’ Equity                
    Current liabilities                
    Accounts payable   $ 7,290     $ 6,659  
    Note payable     2,956       2,956  
    Accrued payroll and related taxes     13,086       16,789  
    Accrued expenses     7,088       5,904  
    Income taxes payable     611       1,467  
    Operating lease liabilities     2,883       2,807  
    Other current liabilities     3,240       4,475  
    Total current liabilities     37,154       41,057  
    Non-current liabilities                
    Note payable, non-current     23,959       26,176  
    Accrued warranty reserve, non-current     1,448       1,681  
    Income taxes payable, non-current     495       446  
    Operating lease liabilities, non-current     16,767       18,436  
    Total non-current liabilities     42,669       46,739  
    Total liabilities     79,823       87,796  
                     
    Stockholders’ equity:                
    Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023     —       —  
    Common stock, $0.001 par value, 300,000,000 shares authorized; 23,997,089 shares issued and outstanding as of September 30, 2024; 23,600,584 shares issued and outstanding as of December 31, 2023     24       24  
    Additional paid-in capital     181,739       174,724  
    Retained earnings     26,138       18,894  
    Total stockholders’ equity     207,901       193,642  
    Total liabilities and stockholders’ equity   $ 287,724     $ 281,438  
                     
                                 
    Tactile Systems Technology, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
                                 
                                 
        Three Months Ended   Nine Months Ended
        September 30,   September 30,
    (In thousands, except share and per share data)   2024   2023   2024   2023
    Revenue                            
    Sales revenue   $ 63,168     $ 58,866     $ 180,742     $ 171,459  
    Rental revenue     9,925       10,720       26,657       25,312  
    Total revenue     73,093       69,586       207,399       196,771  
    Cost of revenue                            
    Cost of sales revenue     15,603       17,016       46,810       48,523  
    Cost of rental revenue     2,703       3,211       8,270       9,122  
    Total cost of revenue     18,306       20,227       55,080       57,645  
    Gross profit                            
    Gross profit – sales revenue     47,565       41,850       133,932       122,936  
    Gross profit – rental revenue     7,222       7,509       18,387       16,190  
    Gross profit     54,787       49,359       152,319       139,126  
    Operating expenses                            
    Sales and marketing     26,838       26,030       82,803       80,538  
    Research and development     2,417       1,964       6,794       6,030  
    Reimbursement, general and administrative     18,118       16,449       51,158       46,874  
    Intangible asset amortization and earn-out     633       (3,073 )     1,898       (557 )
    Total operating expenses     48,006       41,370       142,653       132,885  
    Income from operations     6,781       7,989       9,666       6,241  
    Other income (expense)     452       (404 )     832       (2,235 )
    Income before income taxes     7,233       7,585       10,498       4,006  
    Income tax expense (benefit)     2,078       (14,714 )     3,254       (16,307 )
    Net income   $ 5,155     $ 22,299     $ 7,244     $ 20,313  
    Net income per common share                            
    Basic   $ 0.21     $ 0.95     $ 0.30     $ 0.89  
    Diluted   $ 0.21     $ 0.94     $ 0.30     $ 0.88  
    Weighted-average common shares used to compute net income per common share                            
    Basic     23,985,364       23,483,269       23,842,049       22,714,574  
    Diluted     24,254,176       23,848,729       24,070,084       22,987,667  
                                     
                 
    Tactile Systems Technology, Inc.
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
         
        Nine Months Ended September 30,
    (In thousands)   2024   2023
    Cash flows from operating activities            
    Net income   $ 7,244     $ 20,313  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Depreciation and amortization     5,079       4,916  
    Deferred income taxes     (341 )     (20,717 )
    Stock-based compensation expense     5,969       5,597  
    Loss on disposal of property and equipment and intangibles     308       3  
    Change in fair value of earn-out liability     —       (2,475 )
    Changes in assets and liabilities, net of acquisition:            
    Accounts receivable     3,203       10,947  
    Net investment in leases     242       2,527  
    Inventories     1,351       (374 )
    Income taxes     (807 )     (99 )
    Prepaid expenses and other assets     (1,844 )     (369 )
    Right of use operating lease assets     (18 )     292  
    Accounts receivable, non-current     7,308       8,425  
    Accounts payable     582       (3,622 )
    Accrued payroll and related taxes     (3,703 )     (2,316 )
    Accrued expenses and other liabilities     (251 )     (5,545 )
    Net cash provided by operating activities     24,322       17,503  
    Cash flows from investing activities            
    Purchases of property and equipment     (1,932 )     (1,424 )
    Proceeds from sale of property and equipment     12       —  
    Intangible assets expenditures     (85 )     (117 )
    Net cash used in investing activities     (2,005 )     (1,541 )
    Cash flows from financing activities            
    Proceeds from issuance of note payable     —       8,250  
    Payments on earn-out     —       (5,000 )
    Payments on note payable     (2,250 )     (2,250 )
    Payments on revolving line of credit     —       (8,250 )
    Payments of deferred debt issuance costs     —       (125 )
    Proceeds from exercise of common stock options     2       13  
    Proceeds from the issuance of common stock from the employee stock purchase plan     1,044       882  
    Proceeds from issuance of common stock at market     —       34,625  
    Net cash (used in) provided by financing activities     (1,204 )     28,145  
    Net increase in cash and cash equivalents     21,113       44,107  
    Cash and cash equivalents – beginning of period     61,033       21,929  
    Cash and cash equivalents – end of period   $ 82,146     $ 66,036  
                 
    Supplemental cash flow disclosure            
    Cash paid for interest   $ 1,612     $ 2,810  
    Cash paid for taxes   $ 4,428     $ 3,006  
    Capital expenditures incurred but not yet paid   $ 49     $ 40  
                     

    The following table summarizes revenue by product line for the three and nine months ended September 30, 2024 and 2023:

        Three Months Ended   Nine Months Ended
        September 30,   September 30,
    (In thousands)   2024   2023   2024   2023
    Revenue                        
    Lymphedema products   $ 65,282     $ 62,506     $ 182,278     $ 172,257  
    Airway clearance products     7,811       7,080       25,121       24,514  
    Total   $ 73,093     $ 69,586     $ 207,399     $ 196,771  
                             
    Percentage of total revenue                        
    Lymphedema products     89 %     90 %     88 %     88 %
    Airway clearance products     11 %     10 %     12 %     12 %
    Total     100 %     100 %     100 %     100 %
                                     

    The following table contains a reconciliation of GAAP gross profit and margin to non-GAAP gross profit and margin:

    Tactile Systems Technology, Inc.
    Reconciliation of Gross Profit and Margin to Non-GAAP Gross Profit and Margin
    (Unaudited)
                                     
        Three Months Ended   Nine Months Ended
        September 30, September 30,
    (Dollars in thousands)   2024   2023   2024   2023
    Gross profit, as reported   $ 54,787     $ 49,359     $ 152,319     $ 139,126  
    Gross margin, as reported     75.0 %     70.9 %     73.4 %     70.7 %
    Reconciling items:                                
    Non-cash intangible asset amortization expense   $ 317     $ 316     $ 950     $ 945  
    Non-GAAP gross profit   $ 55,104     $ 49,675     $ 153,269     $ 140,071  
    Non-GAAP gross margin     75.4 %     71.4 %     73.9 %     71.2 %
                                     

    The following table contains a reconciliation of GAAP operating income to non-GAAP operating income:

    Tactile Systems Technology, Inc.
    Reconciliation of GAAP Operating Income to Non-GAAP Operating Income
    (Unaudited)
                                 
        Three Months Ended   Nine Months Ended
        September 30, September 30,
    (Dollars in thousands)   2024   2023   2024   2023
    GAAP operating income   $ 6,781     $ 7,989     $ 9,666     $ 6,241  
    Reconciling items:                            
    Non-cash intangible asset amortization expense impacting gross profit   $ 317     $ 316     $ 950     $ 945  
    Non-cash intangible asset amortization expense impacting operating expenses     633       633       1,898       1,919  
    Change in fair value of earn-out     —       (3,705 )     —       (2,475 )
    Executive transition expenses     136       —       111       —  
    Non-GAAP operating income:   $ 7,867     $ 5,233     $ 12,625     $ 6,630  
                                     

    The following table contains a reconciliation of GAAP net income to non-GAAP net income:

    Tactile Systems Technology, Inc.
    Reconciliation of GAAP Net Income to Non-GAAP Net Income
    (Unaudited)
                             
        Three Months Ended   Nine Months Ended
        September 30, September 30,
    (Dollars in thousands)   2024   2023   2024   2023
    GAAP net income   $ 5,155     $ 22,299     $ 7,244     $ 20,313  
    Reconciling items:                        
    Non-cash intangible asset amortization expense impacting gross profit   $ 317     $ 316     $ 950     $ 945  
    Non-cash intangible asset amortization expense impacting operating expenses     633       633       1,898       1,919  
    Change in fair value of earn-out     —       (3,705 )     —       (2,475 )
    Executive transition expenses     136       —       111       —  
    Income tax expense on reconciling items*     (272 )     689       (740 )     (97 )
    Non-GAAP net income   $ 5,969     $ 20,232     $ 9,463     $ 20,605  
    * The effect of income tax on the reconciling items is estimated using the Company’s effective statutory tax rate.
     

    The following table contains a reconciliation of net income to Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023, as well as the dollar and percentage change between the comparable periods:

    Tactile Systems Technology, Inc.
    Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
    (Unaudited)
                                                     
        Three Months Ended   Increase   Nine Months Ended   Increase
        September 30,   (Decrease)   September 30,   (Decrease)
    (Dollars in thousands)   2024   2023   $   %   2024   2023   $   %
    Net income   $ 5,155     $ 22,299     $ (17,144 )   (77 ) %   $ 7,244     $ 20,313     $ (13,069 )   64   %
    Interest (income) expense, net     (452 )     404       (856 )   N.M. %     (823 )     2,235       (3,058 )   (137 ) %
    Income tax expense (benefit)     2,078       (14,714 )     16,792     (114 ) %     3,254       (16,307 )     19,561     (120 )  
    Depreciation and amortization     1,734       1,646       88     5   %     5,079       4,915       164     3   %
    Stock-based compensation     2,070       1,766       304     17   %     5,969       5,597       372     7   %
    Change in fair value of earn-out     —       (3,705 )     3,705     (100 ) %     —       (2,475 )     2,475     (100 ) %
    Executive transition costs     136       —       136     —   %     111       —       111     —   %
    Adjusted EBITDA   $ 10,721     $ 7,696     $ 3,025     39   %   $ 20,834     $ 14,278     $ 6,556     46   %
                                                                     

    Investor Inquiries:
    Sam Bentzinger
    Gilmartin Group
    investorrelations@tactilemedical.com

    The MIL Network –

  • MIL-OSI: Palomar Holdings, Inc. Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    LA JOLLA, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $30.5 million, or $1.15 per diluted share, for the third quarter of 2024 compared to net income of $18.4 million, or $0.73 per diluted share, for the third quarter of 2023. Adjusted net income(1) was $32.4 million, or $1.23 per diluted share, for the third quarter of 2024 as compared to $23.3 million, or $0.92 per diluted share, for the third quarter of 2023.

    Third Quarter 2024 Highlights

    • Gross written premiums increased by 32.2% to $415.0 million compared to $314.0 million in the third quarter of 2023
    • Net income of $30.5 million compared to $18.4 million in the third quarter of 2023
    • Adjusted net income(1) increased 39.3% to $32.4 million compared to $23.3 million in the third quarter of 2023
    • Total loss ratio of 29.7% compared to 18.8% in the third quarter of 2023
    • Catastrophe loss ratio(1) of 9.5% compared to -0.6% in the third quarter of 2023
    • Combined ratio of 80.5% compared to 75.8% in the third quarter of 2023
    • Adjusted combined ratio(1) of 77.1% compared to 70.9%, in the third quarter of 2023
    • Adjusted combined ratio excluding catastrophe losses(1) of 67.6% compared to 71.5%, in the third quarter of 2023
    • Annualized return on equity of 19.7% compared to 17.7% in the third quarter of 2023
    • Annualized adjusted return on equity(1) of 21.0% compared to 22.3% in the third quarter of 2023

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

    Mac Armstrong, Chairman and Chief Executive Officer, commented, “I am very pleased with our third quarter results as they clearly demonstrate our successful efforts to deliver consistent earnings and returns. In a quarter that experienced a heightened level of cat activity, we delivered 39% adjusted net income growth, a 77% adjusted combined ratio, and a 21% adjusted ROE. Our results further validate the concerted efforts that we have undertaken to diversify the business, reduce the volatility in our earnings base and profitably grow. We continued to generate robust top line growth achieving 32% gross written premium growth, driven by strength in our Earthquake and Casualty products as well as strong growth from our burgeoning Crop business. Importantly, our same-store(2) premium growth rate was 38%, demonstrating the strong underlying momentum that exists across our portfolio of specialty insurance products.

    Mr. Armstrong continued, “We have numerous energizing opportunities and initiatives associated with our Palomar 2X strategy. To capitalize on them, we successfully raised $116 million in August. A portion of the proceeds will fund our acquisition of First Indemnity of America Insurance Company and our entry into the surety market. We will use the remaining proceeds for organic growth and selected increases in risk participation in product categories including Crop and Earthquake. Our diversification into attractive lines with limited correlation to the P&C cycle such as Crop and Surety will further position Palomar to deliver consistent earnings growth over time.”

    (2) Excludes the impact of lines of business exited or discontinued during the quarter.

    Underwriting Results
    Gross written premiums increased 32.2% to $415.0 million compared to $314.0 million in the third quarter of 2023, while net earned premiums increased 58.1% compared to the prior year’s third quarter. 

    Losses and loss adjustment expenses for the third quarter were $40.3 million, comprised of $27.4 million of attritional losses and $12.9 million of catastrophe losses from Hurricanes Beryl, Debby, and Helene. The loss ratio for the quarter was 29.7%, comprised of an attritional loss ratio of 20.2% and a catastrophe loss ratio(1) of 9.5% compared to a loss ratio of 18.8% during the same period last year comprised of an attritional loss ratio of 19.4% and a catastrophe loss ratio(1) of -0.6%.

    Underwriting income(1) for the third quarter was $26.4 million resulting in a combined ratio of 80.5% compared to underwriting income of $20.7 million resulting in a combined ratio of 75.8% during the same period last year. The Company’s adjusted underwriting income(1) was $31.0 million resulting in an adjusted combined ratio(1) of 77.1% in the third quarter compared to adjusted underwriting income(1) of $25.0 million and an adjusted combined ratio(1) of 70.9% during the same period last year. The Company’s adjusted combined ratio excluding catastrophe losses(1) was 67.6% compared to 71.5% during the same period last year.

    Investment Results
    Net investment income increased by 56.0% to $9.4 million compared to $6.0 million in the prior year’s third 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 September 30, 2024 due to proceeds from our August 2024 secondary offering and cash generated from operations. The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 3.86 years at September 30, 2024. Cash and invested assets totaled $1,017.5 million at September 30, 2024. During the third quarter, the Company recorded $2.7 net realized and unrealized gains related to its investment portfolio as compared to net realized and unrealized losses of $1.4 million during the same period last year.

    Tax Rate
    The effective tax rate for the three months ended September 30, 2024 was 20.8% compared to 24.9% for the three months ended September 30, 2023. For the current quarter, the Company’s income tax rate differed from the statutory rate due primarily to the tax impact of the permanent component of employee stock options.

    Stockholders’ Equity and Returns
    Stockholders’ equity was $703.3 million at September 30, 2024, compared to $421.3 million at September 30, 2023. For the three months ended September 30, 2024, the Company’s annualized return on equity was 19.7% compared to 17.7% for the same period in the prior year while adjusted return on equity(1) was 21.0% compared to 22.3% for the same period in the prior year. There were no share repurchases during the three months ended September 30, 2024.

    Full Year 2024 Outlook
    For the full year 2024, the Company expects to achieve adjusted net income of $124 million to $128 million. This range includes additional catastrophe losses incurred during the fourth quarter of 2024 of approximately $8 million related to Hurricane Milton. 

    Conference Call
    As previously announced, Palomar will host a conference call Tuesday, November 5, 2024, to discuss its third 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 Third Quarter 2024 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on November 5, 2024, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13747528. The replay will be available until 11:59 p.m. (Eastern Time) on November 12, 2024.

    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., Palomar Insurance Agency, Inc.,  Palomar Excess and Surplus Insurance Company (“PESIC”), and Palomar Underwriters Exchange Organization, Inc. 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. 

    To learn more, visit PLMR.com.

    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. Palomar calculates the tax impact only on adjustments which would be included in calculating the Company’s 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 and nine months ended September 30, 2024 and 2023:

      Three Months Ended
    		                
      September 30,
    		                
      2024
    		   2023
    		   Change
    		   % Change
      ($ in thousands, except per share data)
    Gross written premiums $ 414,977     $ 313,998     $ 100,979       32.2 %
    Ceded written premiums   (255,267 )     (203,336 )     (51,931 )     25.5 %
    Net written premiums   159,710       110,662       49,048       44.3 %
    Net earned premiums   135,646       85,817       49,829       58.1 %
    Commission and other income   715       465       250       53.8 %
    Total underwriting revenue (1)   136,361       86,282       50,079       58.0 %
    Losses and loss adjustment expenses   40,315       16,139       24,176       149.8 %
    Acquisition expenses, net of ceding commissions and fronting fees   41,469       27,004       14,465       53.6 %
    Other underwriting expenses   28,129       22,390       5,739       25.6 %
    Underwriting income (1)   26,448       20,749       5,699       27.5 %
    Interest expense   (87 )     (867 )     780       (90.0 )%
    Net investment income   9,408       6,029       3,379       56.0 %
    Net realized and unrealized gains (losses) on investments   2,734       (1,376 )     4,110       (298.7 )%
    Income before income taxes   38,503       24,535       13,968       56.9 %
    Income tax expense   8,006       6,103       1,903       31.2 %
    Net income $ 30,497     $ 18,432     $ 12,065       65.5 %
    Adjustments:                              
    Net realized and unrealized (gains) losses on investments   (2,734 )     1,376       (4,110 )     (298.7 )%
    Expenses associated with transactions   84       229       (145 )     (63.3 )%
    Stock-based compensation expense   4,117       3,589       528       14.7 %
    Amortization of intangibles   389       390       (1 )     (0.3 )%
    Tax impact   91       (725 )     816       (112.6 )%
    Adjusted net income (1) $ 32,444     $ 23,291     $ 9,153       39.3 %
    Key Financial and Operating Metrics                              
    Annualized return on equity   19.7 %     17.7 %                
    Annualized adjusted return on equity (1)   21.0 %     22.3 %                
    Loss ratio   29.7 %     18.8 %                
    Expense ratio   50.8 %     57.0 %                
    Combined ratio   80.5 %     75.8 %                
    Adjusted combined ratio (1)   77.1 %     70.9 %                
    Diluted earnings per share $ 1.15     $ 0.73                  
    Diluted adjusted earnings per share (1) $ 1.23     $ 0.92                  
    Catastrophe losses $ 12,924     $ (533 )                
    Catastrophe loss ratio (1)   9.5 %     (0.6 )%                
    Adjusted combined ratio excluding catastrophe losses (1)   67.6 %     71.5 %                
    Adjusted underwriting income (1) $ 31,038     $ 24,957     $ 6,081       24.4 %

    (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.

      Nine Months Ended                
      September 30,                
      2024   2023   Change   % Change
      ($ in thousands, except per share data)  
    Gross written premiums $ 1,168,239     $ 838,406     $ 329,833       39.3 %
    Ceded written premiums   (692,620 )     (542,789 )     (149,831 )     27.6 %
    Net written premiums   475,619       295,617       180,002       60.9 %
    Net earned premiums   365,796       252,164       113,632       45.1 %
    Commission and other income   2,035       1,781       254       14.3 %
    Total underwriting revenue (1)   367,831       253,945       113,886       44.8 %
    Losses and loss adjustment expenses   97,583       54,696       42,887       78.4 %
    Acquisition expenses, net of ceding commissions and fronting fees   109,072       78,740       30,332       38.5 %
    Other underwriting expenses   84,165       63,962       20,203       31.6 %
    Underwriting income (1)   77,011       56,547       20,464       36.2 %
    Interest expense   (1,052 )     (2,952 )     1,900       (64.4 )%
    Net investment income   24,506       16,690       7,816       46.8 %
    Net realized and unrealized gains (losses) on investments   5,768       (103 )     5,871       NM  
    Income before income taxes   106,233       70,182       36,051       51.4 %
    Income tax expense   23,625       16,877       6,748       40.0 %
    Net income $ 82,608     $ 53,305     $ 29,303       55.0 %
    Adjustments:                              
    Net realized and unrealized (gains) losses on investments   (5,768 )     103       (5,871 )     NM  
    Expenses associated with transactions   557       229       328       143.2 %
    Stock-based compensation expense   11,905       10,737       1,168       10.9 %
    Amortization of intangibles   1,168       1,092       76       7.0 %
    Expenses associated with catastrophe bond   2,483       1,640       843       51.4 %
    Tax impact   (734 )     (1,582 )     848       (53.6 )%
    Adjusted net income (1) $ 92,219     $ 65,524     $ 26,695       40.7 %
    Key Financial and Operating Metrics                              
    Annualized return on equity   18.8 %     17.6 %                
    Annualized adjusted return on equity (1)   20.9 %     21.7 %                
    Loss ratio   26.7 %     21.7 %                
    Expense ratio   52.3 %     55.9 %                
    Combined ratio   78.9 %     77.6 %                
    Adjusted combined ratio (1)   74.5 %     72.1 %                
    Diluted earnings per share $ 3.19     $ 2.10                  
    Diluted adjusted earnings per share (1) $ 3.56     $ 2.59                  
    Catastrophe losses $ 19,724     $ 3,432                  
    Catastrophe loss ratio (1)   5.4 %     1.4 %                
    Adjusted combined ratio excluding catastrophe losses (1)   69.2 %     70.8 %                
    Adjusted underwriting income (1) $ 93,124     $ 70,245     $ 22,879       32.6 %
    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.

    Condensed Consolidated Balance sheets

    Palomar Holdings, Inc. and Subsidiaries
    Condensed Consolidated Balance Sheets (unaudited)
    (in thousands, except shares and par value data)
               
      September 30,   December 31,
      2024   2023
      (Unaudited)        
    Assets              
    Investments:              
    Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023) $ 882,980     $ 643,799  
    Equity securities, at fair value (cost: $32,987 in 2024; $43,003 in 2023)   40,196       43,160  
    Equity method investment   2,499       2,617  
    Other investments   5,207       —  
    Total investments   930,882       689,576  
    Cash and cash equivalents   86,479       51,546  
    Restricted cash   105       306  
    Accrued investment income   7,495       5,282  
    Premiums receivable   326,674       261,972  
    Deferred policy acquisition costs, net of ceding commissions and fronting fees   86,408       60,990  
    Reinsurance recoverable on paid losses and loss adjustment expenses   58,889       32,172  
    Reinsurance recoverable on unpaid losses and loss adjustment expenses   360,164       244,622  
    Ceded unearned premiums   298,509       265,808  
    Prepaid expenses and other assets   104,831       72,941  
    Deferred tax assets, net   4,019       10,119  
    Property and equipment, net   409       373  
    Goodwill and intangible assets, net   11,147       12,315  
    Total assets $ 2,276,011     $ 1,708,022  
    Liabilities and stockholders’ equity              
    Liabilities:              
    Accounts payable and other accrued liabilities $ 75,424     $ 42,376  
    Reserve for losses and loss adjustment expenses   497,438       342,275  
    Unearned premiums   739,623       597,103  
    Ceded premium payable   235,157       181,742  
    Funds held under reinsurance treaty   25,056       13,419  
    Income taxes payable   —       7,255  
    Borrowings from credit agreements   —       52,600  
    Total liabilities   1,572,698       1,236,770  
    Stockholders’ equity:              
    Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023   —       —  
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,452,242 and 24,772,987 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively   3       3  
    Additional paid-in capital   486,198       350,597  
    Accumulated other comprehensive loss   (10,139 )     (23,991 )
    Retained earnings   227,251       144,643  
    Total stockholders’ equity   703,313       471,252  
    Total liabilities and stockholders’ equity $ 2,276,011     $ 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   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
    Revenues:                              
    Gross written premiums $ 414,977     $ 313,998     $ 1,168,239     $ 838,406  
    Ceded written premiums   (255,267 )     (203,336 )     (692,620 )     (542,789 )
    Net written premiums   159,710       110,662       475,619       295,617  
    Change in unearned premiums   (24,064 )     (24,845 )     (109,823 )     (43,453 )
    Net earned premiums   135,646       85,817       365,796       252,164  
    Net investment income   9,408       6,029       24,506       16,690  
    Net realized and unrealized gains (losses) on investments   2,734       (1,376 )     5,768       (103 )
    Commission and other income   715       465       2,035       1,781  
    Total revenues   148,503       90,935       398,105       270,532  
    Expenses:                              
    Losses and loss adjustment expenses   40,315       16,139       97,583       54,696  
    Acquisition expenses, net of ceding commissions and fronting fees   41,469       27,004       109,072       78,740  
    Other underwriting expenses   28,129       22,390       84,165       63,962  
    Interest expense   87       867       1,052       2,952  
    Total expenses   110,000       66,400       291,872       200,350  
    Income before income taxes   38,503       24,535       106,233       70,182  
    Income tax expense   8,006       6,103       23,625       16,877  
    Net income $ 30,497     $ 18,432     $ 82,608     $ 53,305  
    Other comprehensive income, net:                              
    Net unrealized gains (losses) on securities available for sale   17,917       (8,494 )     13,852       (6,706 )
    Net comprehensive income $ 48,414     $ 9,938     $ 96,460     $ 46,599  
    Per Share Data:                              
    Basic earnings per share $ 1.18     $ 0.75     $ 3.28     $ 2.15  
    Diluted earnings per share $ 1.15     $ 0.73     $ 3.19     $ 2.10  
                                   
    Weighted-average common shares outstanding:                              
    Basic   25,766,697       24,740,455       25,194,114       24,847,164  
    Diluted   26,479,566       25,244,828       25,877,257       25,340,602  
                                   

    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 September 30,
    		                
      2024
    		   2023
    		                
      ($ in thousands)
    		                
          % of
    		       % of
    		       %
      Amount
    		   GWP
    		   Amount
    		   GWP
    		   Change
    		   Change
    Product (1)                                              
    Earthquake $ 135,329       32.6 %   $ 113,386       36.1 %   $ 21,943       19.4 %
    Fronting   84,945       20.5 %     94,954       30.2 %     (10,009 )     (10.5 )%
    Inland Marine and Other Property   78,734       19.0 %     64,499       20.5 %     14,235       22.1 %
    Crop   59,662       14.4 %     11,627       3.7 %     48,035       NM  
    Casualty   56,307       13.5 %     29,532       9.5 %     26,775       90.7 %
    Total Gross Written Premiums $ 414,977       100.0 %   $ 313,998       100.0 %   $ 100,979       32.2 %
    NM – not meaningful                                              
                                                   
      Nine Months Ended September 30,                
      2024   2023                
      ($ in thousands)
    		            
          % of       % of        %
      Amount   GWP   Amount   GWP   Change   Change
    Product (1)                                              
    Earthquake $ 376,088       32.2 %   $ 314,810       37.6 %   $ 61,278       19.5 %
    Fronting   275,671       23.6 %     266,433       31.8 %     9,238       3.5 %
    Inland Marine and Other Property   249,147       21.3 %     186,983       22.3 %     62,164       33.2 %
    Casualty   166,762       14.3 %     58,065       6.9 %     108,697       187.2 %
    Crop   100,571       8.6 %     12,115       1.4 %     88,456       NM  
    Total Gross Written Premiums $ 1,168,239       100.0 %   $ 838,406       100.0 %   $ 329,833       39.3 %
    NM – not meaningful                                              

    (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 September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
      ($ in thousands)   ($ in thousands)  
          % of       % of       % of       % of
      Amount   GWP   Amount   GWP   Amount   GWP   Amount   GWP
    State                                                              
    California $ 170,265       41.0 %   $ 163,806       52.2 %   $ 510,879       43.7 %   $ 450,752       53.8 %
    Texas   27,019       6.5 %     24,336       7.7 %     96,414       8.3 %     72,777       8.7 %
    Hawaii   23,171       5.6 %     13,490       4.3 %     53,922       4.6 %     35,824       4.3 %
    North Dakota   18,716       4.5 %     2,898       0.9 %     19,893       1.7 %     3,326       0.4 %
    Washington   16,828       4.1 %     17,792       5.7 %     41,893       3.6 %     43,409       5.2 %
    Wisconsin   15,519       3.7 %     1,211       0.4 %     17,374       1.5 %     3,095       0.4 %
    Florida   14,433       3.5 %     11,549       3.7 %     58,153       5.0 %     36,309       4.3 %
    Oregon   8,402       2.0 %     8,536       2.7 %     21,253       1.8 %     21,223       2.5 %
    Other   120,624       29.1 %     70,380       22.4 %     348,458       29.8 %     171,691       20.4 %
    Total Gross Written Premiums $ 414,977       100.0 %   $ 313,998       100.0 %   $ 1,168,239       100.0 %   $ 838,406       100.0 %
                                                                   
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
      ($ in thousands)   ($ in thousands)
          % of       % of       % of       % of
      Amount   GWP   Amount   GWP   Amount   GWP   Amount   GWP
    Subsidiary                                                              
    PSIC $ 236,624       57.0 %   $ 186,693       59.5 %   $ 652,988       55.9 %   $ 497,216       59.3 %
    PESIC   159,305       38.4 %     127,305       40.5 %     472,909       40.5 %     341,190       40.7 %
    Laulima   19,048       4.6 %     —       — %     42,342       3.6 %     —       — %
    Total Gross Written Premiums $ 414,977       100.0 %   $ 313,998       100.0 %   $ 1,168,239       100.0 %   $ 838,406       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                   Nine Months Ended                
      September 30,                   September 30,                
      2024   2023   Change   %
    Change    		   2024   2023   Change   %
    Change
      ($ in thousands)     ($ in thousands)  
    Gross earned premiums $ 395,881     $ 271,786     $ 124,095       45.7 %   $ 1,025,716     $ 739,219     $ 286,497       38.8 %
    Ceded earned premiums   (260,235 )     (185,969 )     (74,266 )     39.9 %     (659,920 )     (487,055 )     (172,865 )     35.5 %
    Net earned premiums $ 135,646     $ 85,817     $ 49,829       58.1 %   $ 365,796     $ 252,164     $ 113,632       45.1 %
                                                                   
    Net earned premium ratio   34.3 %     31.6 %                     35.7 %     34.1 %                
                                                                   

    Loss detail

      Three Months Ended                   Nine Months Ended                
      September 30,                   September 30,                
      2024   2023   Change   %
    Change    		   2024   2023   Change   %
    Change
      ($ in thousands)   ($ in thousands)
    Catastrophe losses $ 12,924     $ (533 )   $ 13,457       NM     $ 19,724     $ 3,432     $ 16,292       NM  
    Non-catastrophe losses   27,391       16,672       10,719       64.3 %     77,859       51,264       26,595       51.9 %
    Total losses and loss adjustment expenses $ 40,315     $ 16,139     $ 24,176       149.8 %   $ 97,583     $ 54,696     $ 42,887       78.4 %
                                                                   
    Catastrophe loss ratio   9.5 %     (0.6 )%                     5.4 %     1.4 %                
    Non-catastrophe loss ratio   20.2 %     19.4 %                     21.3 %     20.3 %                
    Total loss ratio   29.7 %     18.8 %                     26.7 %     21.7 %                
    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 September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
      (in thousands)     (in thousands)  
    Reserve for losses and LAE net of reinsurance recoverables at beginning of period $ 118,761     $ 81,300     $ 97,653     $ 77,520  
    Add: Incurred losses and LAE, net of reinsurance, related to:                              
    Current year   40,536       15,116       100,225       50,954  
    Prior years   (221 )     1,023       (2,642 )     3,742  
    Total incurred   40,315       16,139       97,583       54,696  
    Deduct: Loss and LAE payments, net of reinsurance, related to:                              
    Current year   16,153       6,646       27,909       14,215  
    Prior years   5,649       (1,385 )     30,053       25,823  
    Total payments   21,802       5,261       57,962       40,038  
    Reserve for losses and LAE net of reinsurance recoverables at end of period   137,274       92,178       137,274       92,178  
    Add: Reinsurance recoverables on unpaid losses and LAE at end of period   360,164       232,170       360,164       232,170  
    Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period $ 497,438     $ 324,348     $ 497,438     $ 324,348  
                                   

    Reconciliation of Non-GAAP Financial Measures

    For the three and nine months ended September 30, 2024 and 2023, the Non-GAAP financial measures discussed above reconcile to their most comparable GAAP measures as follows:

    Underwriting revenue

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Total revenue $ 148,503     $ 90,935     $ 398,105     $ 270,532  
    Net investment income   (9,408 )     (6,029 )     (24,506 )     (16,690 )
    Net realized and unrealized (gains) losses on investments   (2,734 )     1,376       (5,768 )     103  
    Underwriting revenue $ 136,361     $ 86,282     $ 367,831     $ 253,945  
                                   

    Underwriting income and adjusted underwriting income

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Income before income taxes $ 38,503     $ 24,535     $ 106,233     $ 70,182  
    Net investment income   (9,408 )     (6,029 )     (24,506 )     (16,690 )
    Net realized and unrealized (gains) losses on investments   (2,734 )     1,376       (5,768 )     103  
    Interest expense   87       867       1,052       2,952  
    Underwriting income $ 26,448     $ 20,749     $ 77,011     $ 56,547  
    Expenses associated with transactions   84       229       557       229  
    Stock-based compensation expense   4,117       3,589       11,905       10,737  
    Amortization of intangibles   389       390       1,168       1,092  
    Expenses associated with catastrophe bond   —       —       2,483       1,640  
    Adjusted underwriting income $ 31,038     $ 24,957     $ 93,124     $ 70,245  
                                   

    Adjusted net income

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Net income $ 30,497     $ 18,432     $ 82,608     $ 53,305  
    Adjustments:                              
    Net realized and unrealized (gains) losses on investments   (2,734 )     1,376       (5,768 )     103  
    Expenses associated with transactions   84       229       557       229  
    Stock-based compensation expense   4,117       3,589       11,905       10,737  
    Amortization of intangibles   389       390       1,168       1,092  
    Expenses associated with catastrophe bond   —       —       2,483       1,640  
    Tax impact   91       (725 )     (734 )     (1,582 )
    Adjusted net income $ 32,444     $ 23,291     $ 92,219     $ 65,524  
                                   

    Annualized adjusted return on equity

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
                                   
    Annualized adjusted net income $ 129,776     $ 93,164     $ 122,959     $ 87,365  
    Average stockholders’ equity $ 617,959     $ 417,521     $ 587,282     $ 403,044  
    Annualized adjusted return on equity   21.0 %     22.3 %     20.9 %     21.7 %
                                   

    Adjusted combined ratio

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      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 $ 109,198     $ 65,068     $ 288,785     $ 195,617  
    Denominator: Net earned premiums $ 135,646     $ 85,817     $ 365,796     $ 252,164  
    Combined ratio   80.5 %     75.8 %     78.9 %     77.6 %
    Adjustments to numerator:                              
    Expenses associated with transactions $ (84 )   $ (229 )   $ (557 )   $ (229 )
    Stock-based compensation expense   (4,117 )     (3,589 )     (11,905 )     (10,737 )
    Amortization of intangibles   (389 )     (390 )     (1,168 )     (1,092 )
    Expenses associated with catastrophe bond   —       —       (2,483 )     (1,640 )
    Adjusted combined ratio   77.1 %     70.9 %     74.5 %     72.1 %
                                   

    Diluted adjusted earnings per share

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
      (in thousands, except per share data)   (in thousands, except per share data)
                                   
    Adjusted net income $ 32,444     $ 23,291     $ 92,219     $ 65,524  
    Weighted-average common shares outstanding, diluted   26,479,566       25,244,828       25,877,257       25,340,602  
    Diluted adjusted earnings per share $ 1.23     $ 0.92     $ 3.56     $ 2.59  
                                   

    Catastrophe loss ratio

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024   2023   2024   2023
      (in thousands)   (in thousands)
    Numerator: Losses and loss adjustment expenses $ 40,315     $ 16,139     $ 97,583     $ 54,696  
    Denominator: Net earned premiums $ 135,646     $ 85,817     $ 365,796     $ 252,164  
    Loss ratio   29.7 %     18.8 %     26.7 %     21.7 %
                                   
    Numerator: Catastrophe losses $ 12,924     $ (533 )   $ 19,724     $ 3,432  
    Denominator: Net earned premiums $ 135,646     $ 85,817     $ 365,796     $ 252,164  
    Catastrophe loss ratio   9.5 %     (0.6 )%     5.4 %     1.4 %
                                   

    Adjusted combined ratio excluding catastrophe losses

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      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 $ 109,198     $ 65,068     $ 288,785     $ 195,617  
    Denominator: Net earned premiums $ 135,646     $ 85,817     $ 365,796     $ 252,164  
    Combined ratio   80.5 %     75.8 %     78.9 %     77.6 %
    Adjustments to numerator:                              
    Expenses associated with transactions $ (84 )   $ (229 )   $ (557 )   $ (229 )
    Stock-based compensation expense   (4,117 )     (3,589 )     (11,905 )     (10,737 )
    Amortization of intangibles   (389 )     (390 )     (1,168 )     (1,092 )
    Expenses associated with catastrophe bond   —       —       (2,483 )     (1,640 )
    Catastrophe losses   (12,924 )     533       (19,724 )     (3,432 )
    Adjusted combined ratio excluding catastrophe losses   67.6 %     71.5 %     69.2 %     70.8 %
                                   

    Tangible Stockholders’ equity

      September 30,   December 31,
      2024   2023
      (in thousands)
    Stockholders’ equity $ 703,313     $ 471,252  
    Goodwill and intangible assets   (11,147 )     (12,315 )
    Tangible stockholders’ equity $ 692,166     $ 458,937  
                   

    The MIL Network –

  • MIL-OSI: NXP Semiconductors Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    EINDHOVEN, The Netherlands, Nov. 04, 2024 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the third quarter, which ended September 29, 2024. “NXP delivered quarterly revenue of $3.25 billion, in-line with our overall guidance. While we experienced some strength against our expectations in the Communication Infrastructure, Mobile and Automotive end markets, we were confronted with increasing macro related weakness in the Industrial & IoT market. Our guidance for the fourth quarter reflects broader macro weakness especially in Europe and the Americas. We focus on managing what is in our control enabling NXP to drive resilient profitability and earnings in an uncertain demand environment,” said Kurt Sievers, NXP President and Chief Executive Officer.

    Key Highlights for the Third Quarter 2024:

    • Revenue was $3.25 billion, down 5 percent year-on-year;
    • GAAP gross margin was 57.4 percent, GAAP operating margin was 30.5 percent and GAAP diluted Net Income per Share was $2.79;
    • Non-GAAP gross margin was 58.2 percent, non-GAAP operating margin was 35.5 percent, and non-GAAP diluted Net Income per Share was $3.45;
    • Cash flow from operations was $779 million, with net capex investments of $186 million, resulting in non-GAAP free cash flow of $593 million;
    • During the third quarter of 2024, NXP continued to execute its capital return policy with the payment of $259 million in cash dividends, and the repurchase of $305 million of its common shares. The total capital return of $564 million in the quarter represented 95 percent of third quarter non-GAAP free cash flow. On a trailing twelve month basis, capital return to shareholders represented $2.4 billion or 87 percent of non-GAAP free cash flow. The interim dividend for the third quarter 2024 was paid in cash on October 9, 2024 to shareholders of record as of September 12, 2024. On August 29th, the NXP board of directors authorized an additional $2.0 billion for share repurchases, resulting in a $2.64 billion share repurchase balance at the end of the third quarter. Subsequent to the end of the third quarter, between September 30, 2024 and November 1, 2024, NXP executed via a 10b5-1 program additional share repurchases totaling $117 million;
    • On August 20, 2024, ESMC, the previously announced manufacturing joint venture between TSMC, Robert Bosch GmbH, Infineon Technologies AG and NXP Semiconductors N.V. held a groundbreaking ceremony to mark the initial phase of construction of its first semiconductor fab in Dresden, Germany;
    • On September 4, 2024, Vanguard International Semiconductor Corporation and NXP Semiconductors N.V. announced the receipt of all necessary governmental approvals from relevant authorities and injected capital to officially establish the previously announced VisionPower Semiconductor Manufacturing Company Pte Ltd (VSMC) manufacturing joint venture. The company will now proceed with the planned construction of VSMC’s first 300mm wafer manufacturing facility;
    • On September 10, 2024, NXP announced the Trimension® SR250, the industry’s first single-chip, UWB solution to enable Industrial and IoT applications that integrates on-chip processing capabilities with both short-range UWB-based radar and secure ranging;
    • On September 17, 2024, NXP announced the MC33777, the world’s first electric vehicle battery junction box IC that consolidates essential BMS functions into a single device; and
    • On September 24, 2024, NXP announced the new i.MX RT700 crossover MCU family, designed to power smart AI-enabled edge devices, such as wearables, consumer medical devices, smart home devices and HMI platforms.

    Summary of Reported Third Quarter 2024 ($ millions, unaudited) (1)

      Q3 2024
    		   Q2 2024
    		   Q3 2023    Q – Q   Y – Y
    Total Revenue $ 3,250     $ 3,127     $ 3,434     4%   -5%
    GAAP Gross Profit $ 1,866     $ 1,792     $ 1,965     4%   -5%
    Gross Profit Adjustments(i) $ (26 )   $ (41 )   $ (45 )        
    Non-GAAP Gross Profit $ 1,892     $ 1,833     $ 2,010     3%   -6%
    GAAP Gross Margin   57.4 %     57.3 %     57.2 %        
    Non-GAAP Gross Margin   58.2 %     58.6 %     58.5 %        
    GAAP Operating Income (Loss) $ 990     $ 896     $ 992     10%   —%
    Operating Income Adjustments(i) $ (163 )   $ (175 )   $ (211 )        
    Non-GAAP Operating Income $ 1,153     $ 1,071     $ 1,203     8%   -4%
    GAAP Operating Margin   30.5 %     28.7 %     28.9 %        
    Non-GAAP Operating Margin   35.5 %     34.3 %     35.0 %        
    GAAP Net Income (Loss) attributable to Stockholders $ 718     $ 658     $ 787          
    Net Income Adjustments(i) $ (172 )   $ (171 )   $ (178 )        
    Non-GAAP Net Income (Loss) Attributable to Stockholders $ 890     $ 829     $ 965          
    GAAP diluted Net Income (Loss) per Share(ii) $ 2.79     $ 2.54     $ 3.01          
    Non-GAAP diluted Net Income (Loss) per Share(ii) $ 3.45     $ 3.20     $ 3.70          
    Additional information
      Q3 2024
    		   Q2 2024
    		   Q3 2023
    		   Q – Q   Y – Y
    Automotive $ 1,829     $ 1,728     $ 1,891     6%   -3%
    Industrial & IoT $ 563     $ 616     $ 607     -9%   -7%
    Mobile $ 407     $ 345     $ 377     18%   8%
    Comm. Infra. & Other $ 451     $ 438     $ 559     3%   -19%
    DIO   149       148       134          
    DPO   60       64       60          
    DSO   30       27       25          
    Cash Conversion Cycle   119       111       99          
    Channel Inventory (weeks / months)   8 / 1.9       7 / 1.7       7 / 1.5          
    Gross Financial Leverage(iii)   1.9x       1.9x       2.1x          
    Net Financial Leverage(iv)   1.3x       1.3x       1.3x          
                                   
    1. Additional Information for the Third Quarter 2024:
      1. For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.
      2. Refer to Table 1 below for the weighted average number of diluted shares for the presented periods.
      3. Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.
      4. Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA.

    Guidance for the Fourth Quarter 2024: ($ millions, except Per Share data) (1)

                  Guidance Range              
      GAAP   Reconciliation   non-GAAP
      Low   Mid   High       Low   Mid   High
    Total Revenue $3,000   $3,100   $3,200       $3,000   $3,100     $3,200
    Q-Q -8%   -5%   -2%       -8%   -5     -2%
    Y-Y -12%   -9%   -6%       -12%   -9     -6%
    Gross Profit $1,674   $1,746   $1,820   $(35)   $1,709   $1,781     $1,855
    Gross Margin 55.8%   56.3%   56.9%       57.0%   57.5%     58.0%
    Operating Income (loss) $810   $872   $936   $(184)   $994   $1,056     $1,120
    Operating Margin 27.0%   28.1%   29.3%       33.1%   34.1%     35.0%
    Financial Income (expense) $(87)   $(87)   $(87)   $(10)   $(77)   $(77)     $(77)
    Tax rate 17.2%-18.2%       16.3%-17.3%
    NCI & Other $(14)   $(14)   $(14)   $(3)   $(11)   $(11)     $(11)
    Shares – diluted 257.0   257.0   257.0       257.0   257.0     257.0
    Earnings Per Share – diluted $2.26   $2.46   $2.66       $2.93   $3.13     $3.33
                                 

    Note (1) Additional Information:

    1. GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(10) million; Share-based Compensation, $(15) million; Other Incidentals, $(10) million;
    2. GAAP Operating Income (loss) is expected to include PPA effects, $(39) million; Share-based Compensation, $(118) million; Restructuring and Other Incidentals, $(27) million;
    3. GAAP Financial Income (expense) is expected to include Other financial expense $(10) million;
    4. GAAP Non-Controlling Interest (NCI) and Other is expected to include results relating to non-foundry equity-accounted investees $(3) million;
    5. GAAP diluted EPS is expected to include the adjustments noted above for PPA effects, Share-based Compensation, Restructuring and Other Incidentals in GAAP Operating Income (loss), the adjustment for Other financial expense, the adjustment for Non-controlling interest & Other and the adjustment on Tax due to the earlier mentioned adjustments.

    NXP has based the guidance included in this release on judgments and estimates that management believes are reasonable given its assessment of historical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP’s control. The guidance included in this release should not be regarded as representations by NXP that the estimated results will be achieved. Actual results may vary materially from the guidance we provide today. In relation to the use of non-GAAP financial information see the note regarding “Non-GAAP Financial Measures” below. For the factors, risks, and uncertainties to which judgments, estimates and forward-looking statements generally are subject see the note regarding “Forward-looking Statements.” We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.

    Non-GAAP Financial Measures

    In managing NXP’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures, that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (“GAAP”). In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to core operating performance, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.

    These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at https://investors.nxp.com for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP’s operations.

    In addition to providing financial information on a basis consistent with GAAP, NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Amortization of acquisition-related intangible assets, (vi) Other income, (vii) Operating income (loss), (viii) Operating margin, (ix) Financial Income (expense), (x) Income tax benefit (provision), (xi) Results relating to non-foundry equity-accounted investees, (xii) Net income (loss) attributable to stockholders, (xiii) Earnings per Share – Diluted, (xiv) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xv) free cash flow, trailing 12 month free cash flow and trailing 12 month free cash flow as a percent of Revenue. The non-GAAP information excludes, where applicable, the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, extinguishment of debt, foreign exchange gains and losses, income tax effect on adjustments described above and results from non-foundry equity-accounted investments.

    The difference in the benefit (provision) for income taxes between our GAAP and non-GAAP results relates to the income tax effects of the GAAP to non-GAAP adjustments that we make and the income tax effect of any discrete items that occur in the interim period. Discrete items primarily relate to unexpected tax events that may occur as these amounts cannot be forecasted (e.g., the impact of changes in tax law and/or rates, changes in estimates or resolved tax audits relating to prior year tax provisions, the excess or deficit tax effects on share-based compensation, etc.).

    Conference Call and Webcast Information

    The company will host a conference call with the financial community on Tuesday, November 5, 2024 at 8:00 a.m. U.S. Eastern Standard Time (EST) to review the third quarter 2024 results in detail.

    Interested parties may preregister to obtain a user-specific access code for the call here.

    The call will be webcast and can be accessed from the NXP Investor Relations website at www.nxp.com. A replay of the call will be available on the NXP Investor Relations website within 24 hours of the actual call.

    About NXP Semiconductors

    NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP’s “Brighter Together” approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $13.28 billion in 2023. Find out more at www.nxp.com.

    Forward-looking Statements

    This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; our ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to NXP’s established supply chains; the impact of government actions and regulations, including restrictions on the export of US-regulated products and technology; increasing and evolving cybersecurity threats and privacy risks, including theft of sensitive or confidential data; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity to meet both NXP’s debt service and research and development and capital investment requirements; our ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers to meet demand; our access to production capacity from third-party outsourcing partners, and any events that might affect their business or NXP’s relationship with them; our ability to secure adequate and timely supply of equipment and materials from suppliers; our ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; our ability to form strategic partnerships and joint ventures and to successfully cooperate with our alliance partners; our ability to win competitive bid selection processes; our ability to develop products for use in customers’ equipment and products; the ability to successfully hire and retain key management and senior product engineers; global hostilities, including the invasion of Ukraine by Russia and resulting regional instability, sanctions and any other retaliatory measures taken against Russia and the continued hostilities and the armed conflict in the Middle East, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our primary end markets; the ability to maintain good relationships with NXP’s suppliers; and a change in tax laws could have an effect on our estimated effective tax rate. In addition, this document contains information concerning the semiconductor industry, our end markets and business generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, our end markets and business will develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

    For further information, please contact:
       
    Investors: Media:
    Jeff Palmer Paige Iven
    jeff.palmer@nxp.com paige.iven@nxp.com
    +1 408 205 0687  +1 817 975 0602

    NXP-CORP

    NXP Semiconductors
    Table 1: Condensed consolidated statement of operations (unaudited)

    ($ in millions except share data) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
               
    Revenue $ 3,250     $ 3,127     $ 3,434  
    Cost of revenue   (1,384 )     (1,335 )     (1,469 )
    Gross profit   1,866       1,792       1,965  
    Research and development   (577 )     (594 )     (601 )
    Selling, general and administrative   (265 )     (270 )     (294 )
    Amortization of acquisition-related intangible assets   (29 )     (28 )     (71 )
    Total operating expenses   (871 )     (892 )     (966 )
    Other income (expense)   (5 )     (4 )     (7 )
    Operating income (loss)   990       896       992  
    Financial income (expense):          
    Extinguishment of debt   —       —       —  
    Other financial income (expense)   (82 )     (75 )     (75 )
    Income (loss) before income taxes   908       821       917  
    Benefit (provision) for income taxes   (173 )     (154 )     (123 )
    Results relating to equity-accounted investees   (6 )     (3 )     (2 )
    Net income (loss)   729       664       792  
    Less: Net income (loss) attributable to non-controlling interests   11       6       5  
    Net income (loss) attributable to stockholders   718       658       787  
               
    Earnings per share data:          
    Net income (loss) per common share attributable to stockholders in $
    Basic $ 2.82     $ 2.58     $ 3.06  
    Diluted $ 2.79     $ 2.54     $ 3.01  
               
    Weighted average number of shares of common stock outstanding during the period (in thousands):
    Basic   254,458       255,478       257,488  
    Diluted   257,717       258,732       261,095  
               

    NXP Semiconductors
    Table 2: Condensed consolidated balance sheet (unaudited)

    ($ in millions) As of
      September 29, 2024   June 30, 2024   October 1, 2023
    ASSETS          
    Current assets:          
    Cash and cash equivalents $ 2,748     $ 2,859     $ 4,042  
    Short-term deposits   400       400       —  
    Accounts receivable, net   1,070       927       939  
    Inventories, net   2,234       2,148       2,140  
    Other current assets   574       546       495  
    Total current assets   7,026       6,880       7,616  
               
    Non-current assets:          
    Other non-current assets   2,641       2,290       2,236  
    Property, plant and equipment, net   3,309       3,289       3,197  
    Identified intangible assets, net   735       796       1,010  
    Goodwill   9,958       9,941       9,937  
    Total non-current assets   16,643       16,316       16,380  
               
    Total assets   23,669       23,196       23,996  
               
    LIABILITIES AND EQUITY          
    Current liabilities:          
    Accounts payable   899       929       959  
    Restructuring liabilities-current   52       62       16  
    Other current liabilities   1,542       1,622       1,990  
    Short-term debt   499       499       999  
    Total current liabilities   2,992       3,112       3,964  
               
    Non-current liabilities:          
    Long-term debt   9,683       9,681       10,173  
    Restructuring liabilities   4       7       3  
    Deferred tax liabilities   57       48       44  
    Other non-current liabilities   1,189       1,003       1,014  
    Total non-current liabilities   10,933       10,739       11,234  
               
    Non-controlling interests   338       327       310  
    Stockholders’ equity   9,406       9,018       8,488  
    Total equity   9,744       9,345       8,798  
               
    Total liabilities and equity   23,669       23,196       23,996  
               

    NXP Semiconductors
    Table 3: Condensed consolidated statement of cash flows (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    Cash flows from operating activities:          
    Net income (loss) $ 729     $ 664     $ 792  
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:          
    Depreciation and amortization   218       213       273  
    Share-based compensation   115       114       103  
    Amortization of discount (premium) on debt, net   —       1       1  
    Amortization of debt issuance costs   2       1       2  
    Results relating to equity-accounted investees   6       3       2  
    (Gain) loss on equity securities, net   7       3       4  
    Deferred tax expense (benefit)   (40 )     (23 )     (33 )
    Changes in operating assets and liabilities:          
    (Increase) decrease in receivables and other current assets   (167 )     10       40  
    (Increase) decrease in inventories   (86 )     (46 )     (34 )
    Increase (decrease) in accounts payable and other liabilities   118       (220 )     (128 )
    (Increase) decrease in other non-current assets   (134 )     40       (49 )
    Exchange differences   7       5       5  
    Other items   4       (4 )     10  
    Net cash provided by (used for) operating activities   779       761       988  
    Cash flows from investing activities:          
    Purchase of identified intangible assets   (26 )     (55 )     (42 )
    Capital expenditures on property, plant and equipment   (186 )     (185 )     (200 )
    Proceeds from the disposals of property, plant and equipment   —       1       —  
    Purchase of investments   (159 )     —       (31 )
    Net cash provided by (used for) investing activities   (371 )     (239 )     (273 )
    Cash flows from financing activities:          
    Dividends paid to common stockholders   (259 )     (260 )     (262 )
    Proceeds from issuance of common stock through stock plans   39       3       36  
    Purchase of treasury shares and restricted stock unit
    withholdings    		   (305 )     (310 )     (306 )
    Other, net   (1 )     —       (1 )
    Net cash provided by (used for) financing activities   (526 )     (567 )     (533 )
    Effect of changes in exchange rates on cash positions   7       (4 )     (3 )
    Increase (decrease) in cash and cash equivalents   (111 )     (49 )     179  
    Cash and cash equivalents at beginning of period   2,859       2,908       3,863  
    Cash and cash equivalents at end of period   2,748       2,859       4,042  
               
    Net cash paid during the period for:          
    Interest   27       86       38  
    Income taxes, net of refunds   196       193       165  
    Net gain (loss) on sale of assets:          
    Cash proceeds from the sale of assets   —       1       —  
    Book value of these assets   —       (1 )     —  
    Non-cash investing activities:          
    Non-cash capital expenditures   125       166       167  
               

    NXP Semiconductors
    Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)

    ($ in millions except share data) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Gross Profit $ 1,866     $ 1,792     $ 1,965  
    PPA Effects   (12 )     (12 )     (13 )
    Restructuring   —       (4 )     —  
    Share-based compensation   (14 )     (15 )     (14 )
    Other incidentals   —       (10 )     (18 )
    Non-GAAP Gross Profit $ 1,892     $ 1,833     $ 2,010  
    GAAP Gross margin   57.4 %     57.3 %     57.2 %
    Non-GAAP Gross margin   58.2 %     58.6 %     58.5 %
    GAAP Research and development $ (577 )   $ (594 )   $ (601 )
    Restructuring   —       (4 )     4  
    Share-based compensation   (58 )     (58 )     (53 )
    Other incidentals   —       —       (2 )
    Non-GAAP Research and development $ (519 )   $ (532 )   $ (550 )
    GAAP Selling, general and administrative $ (265 )   $ (270 )   $ (294 )
    PPA effects   (1 )     (1 )     (1 )
    Restructuring   —       2       —  
    Share-based compensation   (43 )     (41 )     (36 )
    Other incidentals   (2 )     (2 )     (4 )
    Non-GAAP Selling, general and administrative $ (219 )   $ (228 )   $ (253 )
    GAAP Operating income (loss) $ 990     $ 896     $ 992  
    PPA effects   (42 )     (41 )     (85 )
    Restructuring   —       (6 )     4  
    Share-based compensation   (115 )     (114 )     (103 )
    Other incidentals   (6 )     (14 )     (27 )
    Non-GAAP Operating income (loss) $ 1,153     $ 1,071     $ 1,203  
    GAAP Operating margin   30.5 %     28.7 %     28.9 %
    Non-GAAP Operating margin   35.5 %     34.3 %     35.0 %
    GAAP Income tax benefit (provision) $ (173 )   $ (154 )   $ (123 )
    Income tax effect   9       15       45  
    Non-GAAP Income tax benefit (provision) $ (182 )   $ (169 )   $ (168 )
    GAAP Net income (loss) attributable to stockholders $ 718     $ 658     $ 787  
    PPA Effects   (42 )     (41 )     (85 )
    Restructuring   —       (6 )     4  
    Share-based compensation   (115 )     (114 )     (103 )
    Other incidentals   (6 )     (14 )     (27 )
    Other adjustments:          
    Adjustments to financial income (expense)   (12 )     (8 )     (10 )
    Income tax effect   9       15       45  
    Results relating to equity-accounted investees, excluding Foundry investees1   (6 )     (3 )     (2 )
    Non-GAAP Net income (loss) attributable to stockholders $ 890     $ 829     $ 965  
               
               
    Additional Information:          
    1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.
               
    GAAP net income (loss) per common share attributable to stockholders – diluted $ 2.79     $ 2.54     $ 3.01  
    PPA Effects   (0.16 )     (0.16 )     (0.33 )
    Restructuring   —       (0.02 )     0.01  
    Share-based compensation   (0.45 )     (0.44 )     (0.40 )
    Other incidentals   (0.02 )     (0.06 )     (0.10 )
    Other adjustments:          
    Adjustments to financial income (expense)   (0.05 )     (0.03 )     (0.03 )
    Income tax effect   0.04       0.06       0.17  
    Results relating to equity-accounted investees, excluding Foundry investees1   (0.02 )     (0.01 )     (0.01 )
    Non-GAAP net income (loss) per common share attributable to stockholders – diluted $ 3.45     $ 3.20     $ 3.70  
               
               
    Additional Information:          
    1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.

    NXP Semiconductors
    Table 5: Financial Reconciliation of GAAP to non-GAAP Financial income (expense) (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Financial income (expense) $ (82 )   $ (75 )   $ (75 )
    Foreign exchange loss   (3 )     (2 )     (3 )
    Other financial expense   (9 )     (6 )     (7 )
    Non-GAAP Financial income (expense) $ (70 )   $ (67 )   $ (65 )
               

    NXP Semiconductors
    Table 6: Financial Reconciliation of GAAP to non-GAAP Other income (expense) (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Other income (expense) $ (5 )   $ (4 )   $ (7 )
    Other incidentals   (4 )     (2 )     (3 )
    Non-GAAP Other income (expense) $ (1 )   $ (2 )   $ (4 )
               

    NXP Semiconductors
    Table 7: Financial Reconciliation of GAAP to non-GAAP Results relating to equity-accounted investees (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Results relating to equity-accounted investees $ (6 )   $ (3 )   $ (2 )
    Results of equity-accounted investees, excluding Foundry investees1   (6 )     (3 )     (2 )
    Non-GAAP Results relating to equity-accounted investees $ —     $ —     $ —  
               
    Additional Information:
    1. We adjust our results relating to equity-accounted investees for those results from investments over which NXP has significant influence, but not control, and whose business activities are not related to the core operating performance of NXP. Our equity-investments in foundry partners are part of our long-term core operating performance and accordingly those results comprise the Non-GAAP Results relating to equity-accounted investees.

    NXP Semiconductors
    Table 8: Adjusted EBITDA and Free Cash Flow (unaudited)

    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    GAAP Net income (loss) $ 729     $ 664     $ 792  
    Reconciling items to EBITDA (Non-GAAP)          
    Financial (income) expense   82       75       75  
    (Benefit) provision for income taxes   173       154       123  
    Depreciation   149       146       163  
    Amortization   69       67       110  
    EBITDA (Non-GAAP) $ 1,202     $ 1,106     $ 1,263  
    Reconciling items to adjusted EBITDA (Non-GAAP)          
    Results of equity-accounted investees, excluding Foundry investees1   6       3       2  
    Restructuring   —       6       (4 )
    Share-based compensation   115       114       103  
    Other incidental items   6       14       27  
    Adjusted EBITDA (Non-GAAP) $ 1,329     $ 1,243     $ 1,391  
    Trailing twelve month adjusted EBITDA (Non-GAAP)   5,235       5,297       5,384  
               
               
    Additional Information:          
    1. Refer to Table 7 above for further information regarding the results relating to equity-accounted investees.
               
               
    ($ in millions) Three months ended
      September 29, 2024   June 30, 2024   October 1, 2023
    Net cash provided by (used for) operating activities $ 779     $ 761     $ 988  
    Net capital expenditures on property, plant and equipment   (186 )     (184 )     (200 )
    Non-GAAP free cash flow $ 593     $ 577     $ 788  
    Trailing twelve month non-GAAP free cash flow $ 2,759     $ 2,954     $ 2,568  
    Trailing twelve month non-GAAP free cash flow as percent of Revenue   21 %     23 %     20 %
               

    The MIL Network –

  • MIL-OSI: Reliance Global Group Schedules Third Quarter 2024 Financial Results and Business Update Conference Call

    Source: GlobeNewswire (MIL-OSI)

    Lakewood, NJ, Nov. 04, 2024 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (NASDAQ: RELI) (“Reliance” or the “Company”), announced today that it will host a conference call Thursday, November 7, 2024, at 4:30 PM Eastern Time to discuss financial results for the third quarter of 2024 and provide a business update.

    The conference call will be available via telephone by dialing toll-free +1 877-545-0320 for U.S. callers or +1 973-528-0002 for international callers and entering access code 442767. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2381/51535 or on the investor relations section of the Company’s website, https://relianceglobalgroup.com/events-and-presentations/.

    A webcast replay will be available on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/ through November 7, 2025. A telephone replay of the call will be available approximately one hour following the call, through November 21, 2024, and can be accessed by dialing +1 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 51535.

    About Reliance Global Group, Inc.

    Reliance Global Group, Inc. (NASDAQ: RELI) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance.  In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.

    Contact:

    Crescendo Communications, LLC
    Tel: +1 (212) 671-1020
    Email: RELI@crescendo-ir.com

    The MIL Network –

  • MIL-OSI Canada: Indoor shelter spaces opening for winter

    Source: Government of Canada regional news

    The Province, through BC Housing, is funding 6,118 shelter spaces in 59 communities throughout British Columbia, including permanent, temporary and extreme-weather response (EWR) shelters, as well as Homeless Encampment Action Response Temporary Housing (HEARTH) shelter spaces.

    Listed below are shelters that opened in six major cities as of Nov. 1, 2024. For a full list of shelters throughout B.C., visit: https://smap.bchousing.org/

    Shelter information, including the openings of EWR and other shelters, is updated daily. For shelter bed availability, people are encouraged to reach out to their local shelter.

    Additional shelter spaces are expected to open in the coming months.

    Kamloops

    Total shelter spaces: 230

    • Temporary shelters
      • Stuart Wood, 245 St. Paul St., 35 spaces (including 10 accessible spaces for seniors)
      • Yacht Club, 1140 River St., 20 spaces
      • Olive Branch, 245 St. Paul St., 10 spaces
    • Permanent year-round shelters
      • Emerald Centre, 259 Victoria St., 40 spaces
      • Harbour Shelter (women only), 181 Victoria St. W., 12 spaces
      • Merit Place, 715 Notre Dame Dr., 50 spaces
      • Moira House, 600 Kingston Ave., 41 spaces
      • Mustard Seed Shelter, 181 Victoria St. W., 22 spaces

    Kelowna

    Total shelter spaces: 305

    • Temporary shelters
      • Bay Avenue Shelter, 858 Ellis St., 72 spaces
      • Kelowna Motel shelter, 25 spaces (referral only)
    • Permanent year-round shelters
      • Alexandra Gardner Safe Centre, 1069 Gordon Dr., 20 spaces
      • Cornerstone Shelter, 425 Leon Ave., 80 spaces
      • Kelowna Gospel Mission, 251 Leon Ave., 60 spaces
      • Richter Street Shelter, 1083 Richter St., 48 spaces

    Prince George

    Total shelter spaces: 161

    • Permanent year-round shelters
      • Bridget Moran Place, 1188 6th Ave., 45 spaces
      • AWAC Women’s Shelter, 144 George St., 40 spaces
      • Ketso Yoh Centre Men’s Hostel, 140 Quebec St., 36 spaces
      • Prince George Native Friendship Centre (youth shelter), 171 George St., 10 spaces
      • Second Ave Shelter, 1151 2nd Ave., 30 spaces

    Surrey

    Total shelter spaces: 566

    • Temporary shelters
      • Nourish, 13539 King George Blvd., 16 spaces (an additional 15 spaces to open later this season).
      • Cloverdale, 5337 180 St., 25 spaces
    • Extreme weather response shelters (open only during EWR alerts)
      • PCRS, 10453 Whalley Blvd., 10 spaces
      • SUMs NightShift, 10635 King George Blvd., 15 spaces
      • Shimai House, 13327 100A Ave., six spaces
      • Lookout Surrey Alliance, 13474 96 Ave., 30 spaces
      • South Surrey, 14601 20 Ave., 45 spaces
    • Permanent year-round shelters
      • Bill Reid Place, 17910 Colebrook Rd., 16 spaces
      • Cynthia’s Place, 14337/14347 108 Ave., 18 spaces
      • Foxglove Shelter, 9810 Foxglove Dr., 27 spaces
      • Lookout Gateway, 10667 135A St., 40 spaces
      • Lookout Guildford, 14716 104 Ave., 46 spaces
      • Lookout Parkway, 10667 135A St., 40 spaces
      • Hyland House, 6595 King George Blvd., 45 spaces
      • Rosewood Shelter, 9683 137 St., 60 spaces
      • Surrey Urban Mission, 10776 King George Blvd., 40 spaces
      • The Cove, 10607 King George Blvd., 42 spaces
      • The Olive Branch, 10731 City Parkway, 45 spaces

    Vancouver

    Total shelter spaces: 1,838

    • Temporary shelters
      • Directions Youth Services Centre, 1138 Burrard St., 12 spaces
      • Klahowya,  875 Terminal Ave., 20 spaces
      • 1660 East Hastings St., 100 spaces
      • Lookout Commercial Hastings, 1738 E. Hastings St., 20 spaces
      • Gathering Place,  609 Helmcken St., 34 spaces
      • Lookout 325 Main, 325 Main St., 20 spaces
      • Harbour Light, 119 E. Cordova St.,  40 spaces
      • Evelyne Saller, 404 Alexander St., 42 spaces
      • Lookout Tenth Church, 11 10th Ave. West, 25 spaces
      • Lookout Jubilee,  239 Main St., 13 spaces
      • UGM Women’s Shelter, 616 Cordova St. E., 20 spaces
      • CSS Mat Program, 1302 Seymour St., 10 spaces
    • Extreme weather response shelters (open only during EWR alerts)
      • Aboriginal Front Door, 205 E. Hastings, 34 spaces
      • Directions Youth Resource Centre, 1138 Burrard St., 10 spaces
      • The Nest, 320 Alexander St., 20 spaces
      • Lookout Hastings Commercial, 1726 E. Hastings, 15 spaces
      • Lookout Kiwassa, 2425 Oxford St., 20 spaces
      • Lookout Marpole, 8585 Hudson St., 30 spaces
      • PCRS Vancouver, 2455 Fraser St., 20 spaces 
      • Belkin House, 555 Homer St., 25 spaces
    • Permanent year-round shelters
      • 1401 Hornby St., 52 spaces
      • Metson, 1060 Howe St., 38 spaces
      • Sisters Shelter, 131 Dunlevy Ave., 16 spaces
      • Sisterhood, 342 Alexander St., 21 spaces
      • Kye7e, 172 Cordova St. E., 10 spaces
      • 398 Powell St., 11 spaces
      • WISH, 340 Alexander St., 23 spaces
      • 265 Hastings St. E., 31 spaces
      • Osborn, 15 Hastings St. W., 80 spaces
      • Klahowya at Terminal, 875 Terminal Ave., 60 spaces
      • The Haven, 108 E. Hastings St., 34 spaces
      • The Beacon, 108 E. Hastings St., 66 spaces
      • Crosswalk, 108 E. Hastings St., 36 spaces
      • Lookout Walton Hotel , 261 Hastings St. E., 15 spaces
      • The Lark, 103 Hastings St. E., 14 spaces
      • Covenant House, 1280 Seymour St., 60 spaces
      • Catholic Charities Men’s Hostel, 1056 Comox St., 108 spaces
      • First United Church Shelter, 467 Alexander St., 51 spaces
      • Lookout Yukon St. Shelter, 2088 Yukon St., 71 spaces
      • Lookout Al Mitchell Shelter, 346 Alexander St., 46 spaces
      • New Fountain Shelter, 356 E. Hastings, 60 spaces
      • RainCity HPP and Triage Emergency Shelter, 707 Powell St., 28 spaces
      • Springhouse Shelter, 333 E. 16th Ave., 32 spaces
      • Powell Place Emergency Shelter, 329 Powell St., 52 spaces
      • Downtown Eastside Women’s Shelter, 412 E. Cordova St., 57 spaces
      • Belkin House, 555 Homer St., 81 spaces
      • Vi Fineday Family Shelter, 1906 15th Ave. W., 18 spaces
      • Aboriginal Shelter, 201 Central St., 55 spaces
      • Union Gospel (Heatley) Housing Society, 601 Hastings St. E., 82 spaces

    Victoria

    Total shelter spaces: 400

    • Extreme weather response shelters (open only during EWR alerts)
      • Rock Bay Landing, 535 Ellice St., 20 spaces
      • Addictions and Rehabilitation Centre, 525 Johnson St., 30 spaces
    • Permanent year-round shelters
      • Douglas Community Shelter, 2915 Douglas St., 29 spaces
      • 919 Pandora Ave., 54 spaces
        • Includes 20 HEARTH-funded spaces
      • Out of the Rain Victoria, 1450 Elford St., 15 spaces
      • My Place, 1240 Yates St., 56 spaces
        • Includes two HEARTH-funded spaces
      • Addictions and Rehabilitation Centre, 525 Johnson St., 42 spaces
        • Includes 21 HEARTH-funded spaces
      • Sandy Merriman House, 809 Burdett Ave., 25 spaces
      • Next Steps, 2317 Dowler Pl., 15 spaces
      • Rock Bay Landing, 535 Ellice St., 84 spaces
      • St. John the Divine Shelter, 1611 Quadra St., 30 spaces (HEARTH-funded)

    MIL OSI Canada News –

  • MIL-OSI Canada: Grow your career with Alberta’s public service

    Source: Government of Canada regional news

    Alberta called and the world answered. Hundreds of thousands of people are choosing Alberta as the place to find meaningful and well-paying work to support their families and their futures. Alberta’s public sector salaries are some of the strongest in Canada and with less tax, workers have more take-home pay. The cost of living is also lower than in many other jurisdictions, allowing for a better quality of life. New health care facilities will provide thousands of health care positions, and the 90 new schools that will be kick-started over the next three years will all need educators and support staff.

    To support Alberta’s growth, health and safety, there are many other occupations available, including corrections officers, sheriffs and paramedics. These roles, and many others, are available in the province’s big cities and rural areas.

    “Opportunity abounds in Alberta in both the private and public sectors. Working in the public sector provides individuals opportunities that span numerous sectors and skill levels while also being financially rewarding and providing an opportunity to have a positive impact in the daily lives of Albertans. We’re inviting everyone to see the full breadth of meaningful and impactful job opportunities available in our beautiful province.”

    Danielle Smith, Premier

    As the government continues its work to provide high-quality services to Albertans across the province, it is promoting its efficient and effective workforce. To inform people about the great career options in the public service, a provincial advertising campaign will run for the next six weeks. Print, radio, television and social media advertisements will share with Albertans that life, and work, are better here and to ask them to consider a career in the provincial public sector.

    Quick facts

    • Between July 1, 2023, and July 1, 2024, the province’s population expanded by more than 204,000 people, which is an annual growth rate of 4.4 per cent.
    • Alberta’s annual growth is comparable to the population in two new cities the size of Lethbridge or Red Deer.  
    • In the third quarter of 2024, Alberta’s population reached 4.9 million people.

    Related information

    • alberta.ca/BetterHere

    MIL OSI Canada News –

  • MIL-OSI Australia: Publicly available data to help understand tax compliance

    Source: Australian Department of Revenue

    Understand tax compliance in Australia

    An important feature of the Australian tax system is that the details of income earned and taxes paid by taxpayers are kept confidential. This applies for both people and entities. We believe this confidentiality supports full and honest disclosure to us.

    However, an interested person can use a range of tools to better understand a company’s tax position. New data sources are available to help the community understand more about the tax compliance of large corporate groups.

    We encourage community enquiries. These support an informed debate about tax compliance in Australia. Informed debate can balance speculation about low or no tax paid by some corporate groups. It can also address concern about non-compliance by the large corporate groups population in general.

    Sources of information

    Relevant sources of information about a company’s tax position include:

    • reports prepared by the corporate group itself, especially reports written under the voluntary tax transparency code
    • financial reports prepared by the corporate group and lodged, directly or indirectly, with the corporate regulator, ASIC
    • our annual publication of key financial and tax data relevant to large corporate groups under the corporate tax transparency measure
    • informed analysis and media commentary of particular corporate groups or industries including    
      • analysis of annual reports prepared by a corporate group in Australia
      • reports filed by the overseas headquarters of a multinational with operations in Australia.

    How large corporate groups are taxed

    In looking at the tax paid by a particular large corporate group, it is important to remember:

    • income tax isn’t paid on gross income, it’s paid on taxable income, meaning they may pay less or no tax in subsequent years
    • even very large corporate groups sometimes make losses that may mean they don’t pay tax in that year and, subject to integrity provisions in the law, they can carry forward and claim these as a tax deduction in future years
    • Australia generally doesn’t tax the offshore profits of corporate groups where they are comparably taxed overseas
    • the profits of businesses run through trusts are usually taxed at the investor level, not the trust level.

    Voluntary tax transparency code

    We encourage large corporate groups to adopt the voluntary tax transparency code (the Code). This includes entities treated as companies for Australian tax purposes and foreign multinationals with operations in Australia.

    The Code was developed by the Board of Taxation and endorsed by the Australian Government in the 2015–16 federal Budget. It’s designed to encourage greater transparency within the corporate sector, particularly by multinationals. It will improve the community’s understanding of the corporate sector’s compliance with Australia’s tax laws.

    We’re encouraged by the number of corporates volunteering to produce tax performance reports. By 31 August 2023:

    • over 140 corporates published reports for 2021–22
    • over 120 corporates published to date for 2022–23
    • over 20 corporates published to date for 2023–24.

    We believe this will support more informed community debate about the tax system.

    The first Voluntary Tax Transparency Code reportExternal Link for 2015–16 was published on data.gov.au in September 2016. It is updated as we receive more reports from businesses and currently includes 8 years of data. Over 210 corporates have become signatories to the Code.

    Requirement to lodge general purpose financial statements

    Most large corporates file detailed accounts with ASIC. These general purpose financial statements (GPFS) provide some tax payment details, including:

    • the amount they expect to pay as tax liabilities
    • a tax note explaining material tax adjustments, for example, profits and dividends or both from a foreign subsidiary may be exempt for income tax purposes, but treated as income in the accounts
    • any amended assessment received, subject to principles of materiality
    • information on substantial tax disputes, where the reporting entity has to disclose contingent liabilities under the Corporations Act 2001.

    Some large global entities with Australian operations may not have been required to provide full GPFS to ASIC. Sometimes they’ve been able to lodge special purpose financial statements. Separately, grandfathering provisions provided exemptions from filing GPFS with ASIC for some Australian large private companies.

    However, recent changes made to legislation means these companies will no longer be exempt from lodging financial statements with ASIC. The exemption now only applies to financial years ending on or before 9 August 2022 when the Act received royal assent.

    For income years beginning on or after 1 July 2016, legislation now requires significant global entities to lodge GPFS with us if they don’t already provide them to ASIC. We pass these to ASICExternal Link and they make them public in their document register.

    This measure increases the transparency of large multinational companies operating in Australia. Since its introduction, we’ve sent over 15,000 GPFS to ASIC.

    Corporate transparency report

    We publish limited tax details of certain large corporate taxpayers in accordance with tax returns as lodged. This is part of a global push to improve transparency and inform public debate about tax policy.

    The law requires us to publish this information each year. We also provide supporting commentary to give context to the data and help users understand the tax adjustments that may be relevant in arriving at the taxable income. Importantly, this data doesn’t get updated for subsequent ATO-initiated amendments to the returns lodged.

    The information published is drawn from tax return labels and covers:

    • name
    • ABN
    • total income
    • taxable income
    • tax payable
    • petroleum resource rent tax (PRRT) payable.

    Many companies prepare additional information available to the public that provides context to the data we publish.

    We released the 2022–23 Report of entity tax information in November 2024, published on data.gov.au.

    For more information, see:

    Other sources of information

    Some media and professional analysts study corporations and/or industries. These reports sometimes draw on detailed financial updates filed by multinational enterprises in their home jurisdiction. They can indicate taxes paid globally and sometimes taxes paid here in Australia.

    Other analyses of a corporate group’s financial and tax position might arise upon a significant or material event. This may include a merger, acquisition or takeover proposal, or a major change in their financial position following receipt of an amended tax assessment.

    MIL OSI News –

  • MIL-OSI USA: NASA Stennis Plants Artemis Moon Tree

    Source: NASA

    A tree-planting ceremony at NASA’s Stennis Space Center on Oct. 29 celebrated NASA’s successful Artemis I mission as the agency prepares for a return around the Moon with astronauts on Artemis II.
    “We already have a thriving Moon Tree from the Apollo years onsite,” NASA Stennis Director John Bailey said. “It is exciting to add trees for our new Artemis Generation as it continues the next great era of human space exploration.”
    NASA’s Office of STEM Engagement Next Gen STEM Project partnered with U.S. Department of Agriculture (USDA) Forest Service to fly five species of tree seeds aboard the Orion spacecraft during the successful uncrewed Artemis I test flight in 2022 as part of a national STEM Engagement and conservation education initiative. 
    The Artemis Moon Tree species included sweetgums, loblolly pines, sycamores, Douglas-firs, and giant sequoias. The seeds from the first Artemis mission have been nurtured by the USDA into seedlings to be a source of inspiration for the Artemis Generation.
    The Moon Tree education initiative is rooted in the legacy of Apollo 14 Moon Tree seeds flown in lunar orbit over 50 years ago by the late Stuart Roosa, a NASA astronaut and Mississippi Coast resident.
    NASA Stennis and the NASA Shared Services Center (NSSC), located at the site, planted companion trees during the Oct. 29 ceremony. Bailey and NSSC Executive Director Anita Harrell participated in a joint planting ceremony attended by a number of employees from each entity.
    The American sweetgum trees are the second and third Moon Trees at the south Mississippi site. In 2004, ASTRO CAMP participants planted a sycamore Moon Tree to honor the 35th anniversary of Apollo 11 and the first lunar landing on July 20, 1969.
    The road to space for both Apollo 14 and Artemis I went through Mississippi. Until 1970, NASA Stennis test fired first, and second stages of the Saturn V rockets used for Apollo.
    NASA Stennis now tests all the RS-25 engines powering Artemis missions to the Moon and beyond. Prior to Artemis I, NASA Stennis tested the SLS (Space Launch System) core stage and its four RS-25 engines.
    The Artemis Moon Trees have found new homes in over 150 communities and counting since last spring, and each of the 10 NASA centers also will plant one.
    As the tree grows at NASA Stennis, so, too, does anticipation for the first crewed mission with Artemis II. Four astronauts will venture around the Moon on NASA’s path to establishing a long-term presence at the Moon for science and exploration.
    The flight will test NASA’s foundational human deep space exploration capabilities – the SLS rocket and Orion spacecraft – for the first time with astronauts.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Reinforces Long-Term Commitment to Maui’s Recovery from 2023 Wildfires

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – Francisco Sánchez Jr., Associate Administrator for the Office of Disaster Recovery and Resilience at the U.S. Small Business Administration (SBA), reiterated SBA’s unwavering support for the recovery efforts in Maui, following the devastating wildfires of August 2023. “Since the onset of the disaster, SBA has been on the ground, committed to helping homeowners, renters, and businesses rebuild and recover from these unprecedented fires,” said Sánchez. “During my recent visit to Maui in September, it was clear that SBA’s role remains essential as we work together toward a full and resilient recovery.”

    SBA Disaster Loan Assistance Centers: Ongoing Support Across Maui

    SBA Disaster Loan Assistance Centers continue to provide essential resources and one-on-one support for Maui residents impacted by the fires. SBA representatives are actively available at the Business and Disaster Recovery Centers, Business Resource and Assessment Center, and other locations across Maui. These centers offer direct guidance on SBA’s Disaster Loan Assistance program and are open at specified times and locations.

    MAUI COUNTY
    Business Recovery Center
    Hawaii Technology Development Corp.
    Maui Research Tech Center (MRTC)
    Bldg. A, Ste. 119 (Conf. Rm.)
    590 Lipoa Pkwy.
    Kihei, HI  96753
    Mondays – Fridays, 8 a.m. – 5 p.m.

    MAUI COUNTY
    Maui Office of Recovery – West Maui
    Lahaina Gateway, Unit 102-B
    (near Ace Hardware)
    325 Keawe St.
    Lahaina, HI  96761
    Mondays, Tuesdays, Thursdays & Fridays
    8:00 a.m. – 4:30 p.m.
    Wednesdays
    8:00 a.m. – 12:30 p.m. & 1:30 p.m. – 4:30 p.m.

    MAUI COUNTY
    Council for Native Hawaiian Advancement
    70 E. Kaahumanu Ave., Unit D-1
    Kahului, HI  96732
    Mondays – Fridays, 9:00 a.m. – 5:00 p.m.

    MAUI COUNTY
    Business Resource and Assessment Center
    One Main Plaza
    2200 Main St., Ste. 100-C
    Wailuku, HI  96793
    Mondays – Fridays, 8:00 a.m. – 5:00 p.m.

    Available Resources and Application Support

    Individuals affected by the wildfires can apply for assistance in-person at any of the Maui Disaster Loan Assistance Centers, or they may apply online. For questions or additional assistance, SBA’s Customer Service Center is available at (800) 659-2955 or by email at disastercustomerservice@sba.gov. Those who are deaf, hard of hearing, or have a speech disability can dial 7-1-1 to access telecommunications relay services. A list of the current recovery center locations can be found at https://lending.sba.gov/search-disaster/?disaster=HI-00073.

    Deadlines and Application Flexibility

    The deadline for applications from businesses suffering economic injury is November 9, 2024. SBA will accept late applications if delays were caused by circumstances beyond the applicant’s control. For assistance with late applications, visit any of the four SBA Centers in Maui or contact the SBA Customer Service Center.

    SBA Disaster Loan Terms and Resilience Funding

    SBA’s disaster loans offer deferred interest accrual and repayment options to ease the recovery process:

    Interest Accrual: Begins 12 months after the initial loan disbursement. 

    Repayment Start: Begins 18 months after the initial loan disbursement. 

    SBA also offers additional funding to enhance resilience against future disasters, with loan increases of up to 20 percent to fund protective upgrades. These funds can be used for improvements that reduce potential damage or increase property safety in future disasters. There is no cost to apply, and approved applications are not obligated to accept a loan. 

    The SBA remains steadfast in its commitment to Maui’s long-term recovery, ensuring that its resources are accessible and tailored to support those affected. SBA’s disaster response and resilience efforts aim to strengthen communities and promote safety in the face of future threats.

    On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available. 

    Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

    ###

    About the U.S. Small Business Administration
    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations.

    MIL OSI USA News –

  • MIL-OSI USA: Welch Awarded American Farm Bureau Federation’s “Friend of the Farm Bureau” Award 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    Welch Joins Vermont Farmers and Agriculture Leaders in Fairlee 
    FAIRLEE, VT – U.S. Senator Peter Welch (D-Vt.), Chair of the Senate Agriculture Subcommittee on Rural Development and Energy, was awarded the American Farm Bureau Federation’s “Friend of the Farm Bureau” Award for the 118th Congress for his leadership and commitment to Vermont’s farmers and rural communities. Senator Welch accepted the award at the Vermont Farm Bureau’s annual dinner in Fairlee. 
    “Agriculture is at the heart of what makes Vermont special— our sense of community, our working lands, and neighbors feeding neighbors. But this important part of our State’s culture has been threatened by market pressures and back-to-back floods, which have made it tough for rural families to make ends meet and farmers to stay in business. I’m fighting in Washington to help and will keep working to support Vermont farmers, farmworkers, and families,” said Senator Welch. 
    View photos from the event below: 

    Senator Welch earned the “Friend of the Farm Bureau” award for his dedication and commitment to Vermont’s farmers, agricultural industry, and rural communities. He was nominated by the Vermont Farm Bureau.  
    At the event, Senator Welch highlighted the urgent need to pass a bipartisan Farm Bill to help farmers keep farming and put food on the table for families across America. The Senate’s draft Farm Bill, the Rural Prosperity and Food Security Act, includes several priorities championed by Sen. Welch that will strengthen Vermont’s farms, rural communities, and families, including: 

    The Farmland Access Act, legislation to improve Agricultural Conservation Easement Program (ACEP) entity certification and buy-protect-sell provisions to help protect American farmland for its intended use and expand access to farming for the next generation. 

    The Future Farmers and Ranchers of Tomorrow Act, bicameral legislation to increase access to U.S. Department of Agriculture (USDA) programs for young and new farmers by revising USDA’s “qualified beginning farmer or rancher” definition to allow non-related beginning farmers and ranchers in joint entities to be eligible for FSA loans. 

    The O DAIRY Act, legislation to improve collection of organic dairy market data. 

    The ReConnecting Rural America Act, bipartisan legislation that would codify and clarify components of USDA’s ReConnect Loan and Grant Program and, in so doing, reduce red tape, and speed broadband deployment. 

    The Rural Prosperity and Food Security Act contains more than 100 pieces of legislation that aim to support our farms, create jobs, improve rural infrastructure, expand access to childcare and health care, support rural education and skills training, build out high-speed rural broadband, help build more affordable housing in rural America, assist homeowners and farms transition to greener energy and lower their utility bills, clean up our drinking water, conserve our land, and more.  

    MIL OSI USA News –

  • MIL-OSI United Nations: ‘Hell Is Breaking Loose’ in Lebanon, All-Out War Must Be Avoided, Secretary-General Tells Security Council

    Source: United Nations – Peacekeeping

    Following are UN Secretary-General António Guterres’ remarks to the Security Council meeting on Lebanon, in New York today:

    Hell is breaking loose in Lebanon.  As I told the General Assembly yesterday, we should all be alarmed by the escalation.  Lebanon is at the brink.

    Of course, the Blue Line has seen tensions for years. But, since October 2023, exchanges of fire have expanded in scope, depth and intensity.

    Hizbullah and other non-State armed groups in Lebanon and the Israel Defense Forces have exchanged fire on an almost daily basis — with Hizbullah indicating that they would require a ceasefire in Gaza to cease hostilities.

    The exchanges of fire have been in repeated violation of Security Council resolution 1701 (2006).  The daily use of weapons by non-State armed groups is in violation of Security Council resolutions 1559 (2004) and 1701 (2006).

    Lebanese sovereignty must be respected and the Lebanese State must have full control of weapons throughout Lebanese territory. We support all efforts to strengthen the Lebanese Armed Forces.

    Since October 2023, nearly 200,000 people within Lebanon and over 60,000 from northern Israel have fled their homes.  Many lives have been lost.  All this must stop.

    The communities of northern Israel and southern Lebanon must be able to return to their homes, and live in safety and security, without fear.

    Since the emergency Council session on Lebanon on 20 September — in the wake of the remote detonation of pagers and hand-held radios used by Hizbullah across Lebanon — hostilities have escalated dramatically.

    The past weekend saw heavy exchanges of fire endangering civilians on both sides of the Blue Line — with Israel Defense Forces striking approximately 400 Hizbullah targets in Lebanon, while Hizbullah launched hundreds of missiles, rockets and drones into northern Israel.

    Monday was the bloodiest day in Lebanon in a generation. The Israel Defense Forces said that it struck some 1,600 Hizbullah targets.  Many civilians were killed, and many, many more were injured.  Since then, Israel continued its deadly strikes across Lebanon, including in the southern suburbs of Beirut.

    Lebanon’s Ministry of Public Health reported that 569 people were killed on Monday and Tuesday — including 50 children and 94 women.  Over 1,800 people were injured.  Lebanese authorities report a total of 1,247 deaths since October 2023. Two colleagues from UNHCR [Office of the United Nations High Commissioner for Refugees] were among those killed in yesterday’s bombing.

    Today, further strikes killed at least another 50 people and injured more than 200.  Meanwhile, roads are clogged as families desperately seek safety. Many are stranded at the Beirut airport.

    The Ministry of Interior of Lebanon has reported that over 90,000 people have fled southern and eastern Lebanon towards Beirut and the north-west, with 30,000 people in shelters.

    At least $170 million is needed to respond to growing numbers of displaced and mounting humanitarian needs.  The people of Israel have endured also repeated attacks from Hizbullah and others.

    According to Israeli officials, since last October, more than 8,300 rockets, around 1500 anti-tank missiles and hundreds of explosive unmanned aerial vehicles have targeted Israel — with 49 Israeli deaths and hundreds injured.

    Hizbullah continues to launch drone and increasingly high calibre missile and rocket attacks on military targets and residential areas in Israel.

    Earlier today, they launched a ballistic missile targeting Mossad headquarters near Tel Aviv.

    The ongoing rocket attacks have injured several people in Israel, with homes and other structures damaged.

    Diplomatic efforts have intensified to achieve a temporary ceasefire — allowing for delivery of humanitarian relief and paving the way for the resumption of more durable peace.  We fully support these efforts.

    Earlier this week, the United Nations Special Coordinator for Lebanon — Jeanine Hennis-Plasschaert — travelled to Israel for consultations, underscoring that military escalation is in no one’s interest.

    The Head of Mission and Force Commander of the United Nations Interim Force in Lebanon, UNIFIL — General Aroldo Lazaro — has continued his close engagement with the parties, supporting humanitarian access wherever possible and continuing to urge immediate de-escalation.

    Despite the dangerous conditions, our peacekeepers remain in position.  To mitigate the risk to Mission personnel, most civilian personnel have temporarily relocated north of the Litani River.  A few critical staff members remain in the Mission’s area of operations, together with the blue helmets.

    I want to reiterate our sincere gratitude to our peacekeepers — civilian and military — who serve along the Blue Line, as well as to all the troop-contributing countries.

    I implore the Council to work in lock-step to help put out this fire.  The parties must immediately return to a cessation of hostilities and take real action towards full implementation of resolutions 1559 (2004) and 1701 (2006).

    Civilians must be protected.  Civilian infrastructure must not be targeted.  The safety and security of all UN personnel and assets must be ensured. International law must be respected.

    To all sides, let us say in one clear voice:  Stop the killing and destruction.  Tone down the rhetoric and threats.  Step back from the brink.

    An all-out war must be avoided at all costs.  It would surely be an all-out catastrophe.  The people of Lebanon — as well as the people of Israel — and the people of the world — cannot afford Lebanon to become another Gaza.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Liberia

    Source: New Zealand Ministry of Foreign Affairs and Trade – Safe Travel

    • Reviewed: 22 November 2022, 14:57 NZDT
    • Still current at: 5 November 2024

    Related news features

    If you are planning international travel at this time, please read our COVID-19 related travel advice here, alongside our destination specific travel advice below.

    Exercise increased caution in Liberia due to the unpredictable security situation and violent crime (level 2 of 4).  

    Liberia

    Violent Crime
    Violent crime occurs throughout Liberia, and there is a high incidence of armed robbery, sexual assault, mugging and residential burglary. Most crime is opportunistic but there are also organised criminal groups. Criminals are often armed, typically with a knife or a machete. The level of crime is much higher after dark. 

    As foreigners may be targeted due to their perceived wealth, avoid displaying or wearing items that appear valuable, such as mobile devices and jewellery. Walking alone or travelling after dark should be avoided. No resistance should be given if you are the victim of an armed robbery or mugging, as this could lead to an escalation in violence. Avoid travelling alone or after dark.

    Liberian police and authorities have a very limited capacity to respond and provide effective protective services, particularly outside the capital Monrovia.  

    Terrorism
     There is no history of terrorism in Liberia; however, terrorist groups remain active across West Africa and attacks in other countries have targeted beach resorts, hotels, cafes and restaurants visited by foreigners.

    New Zealanders in Liberia are advised to keep themselves informed of potential risks to safety and security by monitoring the media and other local information sources. We recommend following any instructions issued by the local authorities and exercising vigilance in public places.

    Local travel
    New Zealanders considering travel to Liberia are advised to make adequate security arrangements with a reliable organisation in advance of your arrival. 

    You should avoid local public transport. Pre-arrange transport for the duration of your stay, including to and from the airport, which is located some distance from downtown Monrovia. Taxis should be booked using a reputable company via a trusted friend or through your hotel. When travelling by road, keep doors locked and windows up at all times, as taxis have been occasionally targeted for robbery. Secure tourist facilities and accommodation are very limited and poorly maintained. Stay only in reputable accommodation with adequate guarding. Photo identification should be carried at all times.

    The security situation in Grand Gedeh and River Gee counties, which border Cote D’Ivoire, can be unstable. There are armed groups near the border and occasional cross-border attacks have occurred in the past.

    Civil Unrest
    The security situation in Liberia remains fragile. Sporadic demonstrations and local disturbances can turn violent and there is ongoing potential for unrest. Police may use tear gas and/or water cannons to disperse demonstrations.  New Zealanders in Liberia are advised to avoid all large crowds, political rallies and demonstrations as they have the potential to turn violent. 

    Scams
    Commercial and internet fraud is common in Liberia. New Zealanders should be wary of any offers that seem too good to be true, as they may be a scam. For further information see our advice on Internet Fraud and International Scams and Internet dating scams. 

    Ebola Virus Disease
    Following an Ebola outbreak in 2014, the World Health Organisation (WHO) declared Liberia free of Ebola Virus Disease (EVD) transmission in June 2016. For more information on Ebola, please see the Ministry of Health’s website and the WHO website. 

    General Travel Advice
    As there is no New Zealand diplomatic presence in Liberia, the ability of the government to provide consular assistance to New Zealand citizens is severely limited. We offer advice to New Zealanders about contingency planning that travellers to Liberia should consider. 

    Modern medical services in Liberia are very limited, so we advise New Zealanders travelling or living in Liberia to have a comprehensive travel insurance policy in place that includes provision for medical evacuation by air.

    Penalties for possession, use or trafficking of illegal drugs are severe and can include lengthy imprisonment or fines.

    Photography of government offices, airports, military establishments or officials, is prohibited, and could result in detention. If in doubt, don’t take a picture.

    Authorities may ask for proof of your identity, so carry a colour photocopy of your passport and visa for Liberia at all times. Checkpoints operate throughout the country.

    New Zealanders in Liberia are encouraged to register their details with the Ministry of Foreign Affairs and Trade.

    Travel tips

    See our regional advice for Africa

    Top of page

    MIL OSI New Zealand News –

  • MIL-OSI Video: Occupied Palestinian Territory, Ukraine, Lebanon & other topics – Daily Press Briefing (4 Nov 2024)

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:
    -Occupied Palestinian Territory
    -Lebanon/Israel
    -Lebanon/Humanitarian
    -Ukraine
    -Ukraine/Humanitarian
    -Security Council
    -Rosemary DiCarlo/Japan
    -West and Central Africa
    -Democratic Republic of the Congo
    -Deputy Secretary-General
    -World Urban Forum
    -Counter-Terrorism
    -Resident Coordinator – Honduras
    -NY marathon
    -Briefings today

    Occupied Palestinian Territory
    In Gaza, the Office for the Coordination of Humanitarian Affairs is deeply concerned about persistent reports of mounting casualties, with the number of Palestinians being killed and injured especially high in North Gaza Governorate, where the Israeli military operations are continuing.
    In a statement on Saturday, Catherine Russell, the UNICEF, Children’s Fund head, said that more than 50 children had reportedly been killed in Jabalya over the previous two days alone, after strikes leveled two residential buildings sheltering hundreds of people.
    Meanwhile, our humanitarian colleagues tell us that, for the past month, Israeli authorities have only allowed humanitarian access to Jabalya, Beit Lahia and Beit Hanoun on an exceptional basis, leaving us unable to confirm the conditions of people inside and we worry for their safety.
    OCHA warns that the already limited humanitarian supplies entering Gaza have dwindled even further since October. Private imports are virtually banned, and Israeli authorities are only allowing the use of three entry points – Kerem Shalom, Gate 96, which is near Deir Al-Balah and Erez West. Furthermore, humanitarian colleagues can only access these border areas by highly dangerous routes. The use of most roads leading to these entry points has either been banned by the Israeli authorities or rendered unsafe due to the ongoing hostilities.
    The routes available are often in poor condition and prone to armed looting fueled by the breakdown in public order and safety.
    Our humanitarian colleagues note that supplies reaching the northern crossing at Erez West can only be sent to Gaza city, as requests to deliver them to besieged areas in North Gaza governorate are being consistently denied and rejected.
    For its part, the World Food Programme warns that as winter approaches, the lack of food and other vital humanitarian supplies entering the Gaza Strip could soon escalate into famine unless immediate action is taken. In October, the World Food Programme has only been able to reach 42 per cent of the 1.1 million people targeted for food assistance in Gaza, with reduced rations due to dropping aid levels.

    Lebanon/Israel
    An update from UNIFIL, who is noting with continued concern the airstrikes by the Israel Defense Forces across Lebanon over the weekend, including in the South, in Sidon, Baalbek and Beirut, resulting in several casualties. In southern Lebanon, the peacekeepers report that IDF operations have continued, involving clashes with Hizbullah. Meanwhile, they also report that Hizbullah has continued to launch drones and dozens of rockets South, into Israel.
    The increasing impact on civilians is of grave concern and we condemn the loss of civilian lives. All actors must adhere to international law and protect civilians and civilian infrastructure. UNIFIL premises also continue to be impacted. On 2 November, a UN position near Markaba, in Sector East, sustained damage to its prefabricated containers and perimeters caused by demolition operations being undertaken by the IDF.
    A nearby explosion also damaged a UN vehicle at the [UNIFIL] Naqoura Headquarters, with no injuries reported. We once again remind all actors of the inviolability of the UN premises and their responsibility to protect UN peacekeepers.
    We urge the parties to halt the violence immediately. The United Nations continues to support efforts towards a ceasefire and a diplomatic solution.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=04%20November%202024

    https://www.youtube.com/watch?v=YHC60gr1Lo8

    MIL OSI Video –

  • MIL-OSI Video: UN Chief on World Urban Forum 12th Session | United Nations

    Source: United Nations (Video News)

    I am pleased to take part in the World Urban Forum.
    It is fitting that you are gathering in Cairo – an enormously vibrant megacity and a magnet for
    innovation and creativity for over a thousand years.
    I thank the Government of Egypt for hosting the 12th Forum.
    Dear Friends,
    You represent urban areas which are home to more than half of humanity.
    You are on the frontlines of shaping a more inclusive, connected and resilient world.
    And you are at the heart of where lasting change happens.
    As your theme rightly puts it: “It all starts at home”.
    Real progress begins at the local level.
    On the ground.
    In communities and people’s lives.
    World leaders have just adopted the Pact for the Future.
    It is an important new tool to advance our vital work, accelerate the SDGs, and address
    inequalities.
    It calls for ensuring adequate, safe and affordable housing for all — and supporting developing
    countries to plan and implement just, safe, healthy, accessible, resilient and sustainable cities.
    We need this more than ever.
    Cities generate 70 per cent of greenhouse gas emissions. And municipal waste is set to rise by
    two-thirds within a generation.

    2

    Not only are cities powerful engines of social and economic development, they are also catalysts
    of sustainable solutions.
    I see local and regional authorities as a crucial part of the answer on so many issues and at every
    level, including at the United Nations.
    We can all benefit from your insights and ideas.
    That’s why I created the UN Advisory Group on Local and Regional Governments.
    I know over the next five days this Forum will have the chance to delve into the complexities and
    opportunities of sustainable urban development.
    I invite you to seek innovations and inspiration and take them back to your communities.
    And to help develop infrastructure and public services for all, including women and girls.
    Local actions are the building blocks for future green, just and resilient cities.
    Together, let’s make sustainable urbanization a reality.
    And let’s ensure that no one and nowhere is left behind.

    https://www.youtube.com/watch?v=fCMY9xtiPak

    MIL OSI Video –