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Category: India

  • Heavy rains lash Delhi-NCR, more showers expected this week: IMD

    Source: Government of India

    Source: Government of India (4)

    Heavy rains lashed several parts of the Delhi-NCR region on Wednesday, following a short but intense spell on Tuesday that caused waterlogging in several areas of the national capital. The India Meteorological Department (IMD) had predicted light to moderate rain for Wednesday as well.

    “Generally cloudy sky. Light to moderate rain accompanied by thunderstorm/lightning is likely to occur over Delhi on 22nd and 23rd July 2025, and light rain is likely thereafter,” the IMD said.

    Temperatures in Delhi are expected to range between 23°C and 36°C over the next week. Widespread rainfall is expected to persist across several regions of the country in the coming days, the IMD said.

    Isolated heavy rain is likely over Kerala, Mahe, Karnataka, and Tamil Nadu from July 23 to 28, and over Coastal Andhra Pradesh, Yanam, and Telangana from July 23 to 26. Telangana may witness very heavy rainfall on July 23, and Kerala from July 25 to 27, the department said.

    Strong surface winds with speeds reaching 40–50 kmph are likely over southern peninsular India during the next five days.

    In western India, isolated heavy to very heavy rainfall is expected over Konkan and Goa, and the Ghat areas of Madhya Maharashtra through July 28. Marathwada and Gujarat are likely to receive heavy rain on July 26, with rainfall continuing over Gujarat until July 28.

    Central and eastern regions, including Madhya Pradesh, Vidarbha, Chhattisgarh, Odisha, Sub-Himalayan West Bengal, and Sikkim, are also forecast to receive isolated heavy rain through July 28. Gangetic West Bengal, Bihar, and Jharkhand may experience heavy rainfall between July 24 and 28.

    The IMD has also predicted heavy rainfall over Jammu and Kashmir on July 23 and 24, Himachal Pradesh from July 26 to 28, and Uttarakhand throughout the week. Isolated heavy rainfall is also expected in Punjab and Haryana on July 23, 27, and 28; in Uttar Pradesh from July 25 to 28; in West Rajasthan on July 27 and 28; and in East Rajasthan on July 23 and from July 26 to 28.

    “Light to moderaterainfall is likely at most places in the Western Himalayan region and at some locations in the northern plains over the next seven days,” the IMD said.

  • Amarnath Yatra: Pilgrim count crosses 3.3 lakh in 20 days

    Source: Government of India

    Source: Government of India (4)

    The total number of pilgrims who have had ‘darshan’ at the Amarnath holy cave shrine has crossed the 3.31 lakh mark in its first 20 days, reflecting a continuous influx of devotees from across India.

    “Another batch of 2,837 yatris left Jammu in two escorted convoys comprising 118 vehicles. The first convoy, with 49 vehicles carrying 1,036 pilgrims, departed at 3:25 a.m. for the Baltal base camp. The second convoy of 69 vehicles, carrying 1,801 yatris to the Pahalgam base camp, left at 3:58 a.m.,” officials said on Wednesday.

    The massive rush continues, with a significant number of pilgrims arriving directly—outside the escorted convoys – and opting for on-the-spot registration to reach the shrine.

    The Yatra is being conducted amid elaborate multi-tier security arrangements. In addition to the Army, BSF, CRPF, SSB, and local police, 180 extra companies of Central Armed Police Forces (CAPFs) have been deployed. The Army alone has positioned over 8,000 special commandos to ensure the safety of the pilgrims.

    The annual pilgrimage, which began on July 3, is scheduled to conclude after 38 days on August 9, coinciding with Shravan Purnima and Raksha Bandhan.

    (With inputs from IANS)

  • Amarnath Yatra: Pilgrim count crosses 3.3 lakh in 20 days

    Source: Government of India

    Source: Government of India (4)

    The total number of pilgrims who have had ‘darshan’ at the Amarnath holy cave shrine has crossed the 3.31 lakh mark in its first 20 days, reflecting a continuous influx of devotees from across India.

    “Another batch of 2,837 yatris left Jammu in two escorted convoys comprising 118 vehicles. The first convoy, with 49 vehicles carrying 1,036 pilgrims, departed at 3:25 a.m. for the Baltal base camp. The second convoy of 69 vehicles, carrying 1,801 yatris to the Pahalgam base camp, left at 3:58 a.m.,” officials said on Wednesday.

    The massive rush continues, with a significant number of pilgrims arriving directly—outside the escorted convoys – and opting for on-the-spot registration to reach the shrine.

    The Yatra is being conducted amid elaborate multi-tier security arrangements. In addition to the Army, BSF, CRPF, SSB, and local police, 180 extra companies of Central Armed Police Forces (CAPFs) have been deployed. The Army alone has positioned over 8,000 special commandos to ensure the safety of the pilgrims.

    The annual pilgrimage, which began on July 3, is scheduled to conclude after 38 days on August 9, coinciding with Shravan Purnima and Raksha Bandhan.

    (With inputs from IANS)

  • Trump pulls US out of UN cultural agency UNESCO for second time

    Source: Government of India

    Source: Government of India (4)

    President Donald Trump has decided to pull the United States out of the “woke” and “divisive” U.N. culture and education agency UNESCO, the White House said on Tuesday, repeating a move he took in his first term that was reversed by Joe Biden.

    The withdrawal from the Paris-based agency, which was founded after World War Two to promote peace through international cooperation in education, science, and culture, will take effect at the end of next year.

    The move is in line with the Trump administration’s broader “America-first” foreign policy, which includes a deep skepticism of multilateral groups, including the United Nations, the World Trade Organization, and the NATO alliance.

    White House spokeswoman Anna Kelly said UNESCO “supports woke, divisive cultural and social causes that are totally out-of-step with the commonsense policies that Americans voted for.”

    The State Department accused UNESCO of supporting “a globalist, ideological agenda for international development at odds with our America First foreign policy”.

    It said its decision to admit the Palestinians as a member state was “highly problematic, contrary to U.S. policy, and contributed to the proliferation of anti-Israel rhetoric.”

    UNESCO chief Audrey Azoulay said she deeply regretted Trump’s decision, but it was “expected, and UNESCO has prepared for it.”

    Posting on X, French President Emmanuel Macron professed “unwavering support” for the “universal protector” of world heritage and said the U.S. move would not weaken France’s commitment to UNESCO.

    UNESCO officials said the U.S. withdrawal would have some limited impact on U.S.-financed programs.

    Azoulay said UNESCO had diversified funding sources, receiving only about 8% of its budget from Washington.

    UNESCO was one of several international bodies Trump withdrew from during his first term, along with the World Health Organization, the Paris Agreement climate change accord, and the U.N. Human Rights Council. During his second term, he has largely reinstated those steps.

    Trump’s pick to be his U.N. envoy, Mike Waltz, said this month the United Nations needs reform while expressing confidence that “we can make the U.N. great again.”

    ISRAEL PRAISES US ‘MORAL SUPPORT AND LEADERSHIP’

    Israel welcomed the U.S. decision with its U.N. ambassador, Danny Danon, accusing UNESCO of “consistent misguided anti-Israel bias.”

    In a post on X, Israel’s Foreign Minister Gideon Sa’ar, thanked Washington for its “moral support and leadership” and said that “Singling out Israel and politicization by member states must end, in this and all professional UN agencies.”

    U.S. Senator Jeanne Shaheen, the senior Democrat on the Republican-controlled Senate Foreign Relations Committee, called Trump’s decision “short-sighted and a win for China,” which she said became the largest financial contributor to UNESCO after Trump last withdrew from the agency.

    UNESCO officials said all relevant agency statements had been agreed with both Israel and the Palestinians over the past eight years.

    Azoulay said the U.S. had given the same reasons for its pullout as it had seven years ago “even though the situation has changed profoundly, political tensions have receded, and UNESCO today constitutes a rare forum for consensus on concrete and action-oriented multilateralism.”

    “These claims also contradict the reality of UNESCO’s efforts, particularly in the field of Holocaust education and the fight against antisemitism,” she added.

    The United Nations Educational, Scientific and Cultural Organization is best known for designating World Heritage Sites, including the U.S. Grand Canyon and Egypt’s pyramids.

    It lists 26 sites in the United States, including the Statue of Liberty, on its World Heritage List which highlights 1,248 global locations of “outstanding universal value.”

    Washington has had a troubled relationship with UNESCO over the years.

    It was a founding member in 1945 but first withdrew in 1984 to protest alleged financial mismanagement and perceived anti-U.S. bias during the Cold War.

    It returned in 2003 under President George W. Bush, who said UNESCO had undertaken needed reforms, but in 2011 the Obama administration announced it was stopping funding for the agency following its vote to grant the Palestinians full membership.

    Trump’s first administration announced in 2017 it was quitting after accusing UNESCO of anti-Israeli bias, with Washington owing $542 million in dues, before former President Biden reversed the decision in 2023.

    (Reuters)

  • MIL-OSI Russia: Chewbacca, Lexus and Kus: What unusual nicknames do Muscovites give their dogs?

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    An important disclaimer is at the bottom of this article.

    Since the beginning of 2025, more than 24,677 dogs have already undergone the registration procedure in the Moscow State Veterinary Service. Doctors from state veterinary clinics told about the most unusual nicknames of four-legged patients.

    Give a special name

    The most popular and common names for tailed friends in Moscow remain Jackie, Rich, Alma, Busya, Jessie, Mickey, Barney and Tyson. However, many owners call their dog something special.

    This summer alone, Moscow State Veterinary Service veterinarians received more than 100 tailed patients whose nicknames surprised or made people smile. For example, the Krasnogvardeyskaya Veterinary Clinic was visited by owners of dogs named Pedro, Leonid Petrovich, Uksus, and Anakonda. The Kuntsevo Veterinary Clinic was visited by a tailed patient of the Bichon Frise breed named Pushkin.

    Some Muscovites name their dogs after famous people. Thus, the capital’s state veterinary service has registered Ornella Muti, Jackie Chan, Uma Thurman, Beyoncé, Sarah Jessica, Jobs, Zidane, Timati, Veronica Castro, as well as Barclay de Tolly and Che Guevara.

    Among the owners there are also fans of the Harry Potter books. Most of them live in the north-east of Moscow. Several dogs named Harry are registered there, as well as Lovegood, Cedric and Neville. In addition, there are pets Albus and Nymphadora in the capital.

    In addition, Moscow is home to a dog named Indiana Jones, as well as several Sheldons, Leonards, and Pennys. No less popular with dog owners are the names of Star Wars characters — pets are called Leia, Yoda, and Chewbacca.

    Prada, Gucci and Glamour are no longer rare names for pets – they are found in several districts of the capital.

    Fashion trends

    The most common trend in the capital is to give pets “tasty” names. For example, Caramel, Biscuit, Bun, Bagel, Muffin, Toffee, Gingerbread, Zephyr, Donut, Truffle, Candy, Cheesecake, Cappuccino and Milfey. The nicknames Baton, Blinchik, Belyash, Shashlik, Jamon and Ratatouille are found in veterinary passports. And also Carrot, Plum, Olive, Date, Tofu and Chuka.

    This year, another interesting trend has been noted in state veterinary clinics: the number of dogs named in the Russian tradition is increasing. For example, they are given nicknames Afanasy, Timofey, Misha, Lelik, Igorek, Fedor, Semyon, Filya, Vasily, Kuzya and Stepan. Among the female options, Vasilisa, Lyusya, Tosya, Zosya, Frosya, Efrosinia and Dunyasha are popular.

    The unusual nicknames of pets can give clues about the hobbies or professions of their owners. Thus, Lexus, Infinity and Mercedes probably live in the homes of lovers of beautiful cars, and dogs named Propofol and Dopamine are most likely from a family of doctors.

    Muscovites call proud, brave and noble dogs Count, Tsar, Milord, Richard the Lionheart or Lancelot. There are also nicknames reminiscent of other animals – Hedgehog, Fish, Fox and Sable.

    Apparently, when love for a pet is so overwhelming that you want to record it in a passport, dogs with the nicknames Zhemchuzhinka, Prelest’, Kolka, Radost’, Zabava and Charodey appear.

    Feed, take to the vet, and make a donation: how to help homeless animalsBirthday of the Moscow State Veterinary Service: How the capital’s veterinary science lives and develops

    Super short and complex nicknames

    You can also draw the attention of others to your pet with a super short nickname. Among the patients of state veterinary clinics are dogs Kus, Viy, Ukho and Chek.

    Some owners like complex compound nicknames. Among the most interesting are Black-Eyed Diva, Tsar’s Gift, Master of Life, Ray of Happiness, Wave of Positive, Agathis Zaznobushka, Supreme Witch and Tough Nut. One of the longest and most impressive nicknames was recorded this summer at the Donskaya Veterinary Clinic, where a tailed patient came with a note in her passport: “Your Charming Blagoslava Schastlivaya”.

    Among the unique dog nicknames, the state veterinary service doctors also singled out Filon, Baraklyush, Albufeira, Kapitoshka, Matryoshka, Lampa, Penka, Pulya and Kometa. No less original are the names of male pets. Among them are Saburik, Khryuntik, Kubik, Vintik, April, Yellow, Green, Runner, Sequel, Adrenaline, Pixel, Diesel, Barmaley and Academician.

    Nicknames that were popular in the past have now become rare. This year, only one Zhucha has been registered in the capital. Also, there are only one Bobik, Barbos and Druzhok.

    The Moscow State Veterinary Service reminded that dog registration is mandatory in the capital. This procedure is free, takes no more than 15 minutes and is carried out at any state veterinary clinic. You can get detailed information, as well as make an appointment with a veterinarian, at the State Veterinary Service contact center by calling 24 hours a day: 7 495 612-12-12.

    Get the latest news quickly official telegram channelthe city of Moscow.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • Ozzy Osbourne, Black Sabbath’s bat-biting frontman, dies aged 76

    Source: Government of India

    Source: Government of India (4)

    Ozzy Osbourne, frontman of 1970s heavy metal band Black Sabbath, earned his infamy biting the head off a bat on stage and pursuing a drug-fuelled lifestyle before reinventing himself as a loveable if often foul-mouthed reality TV star.

    Known to fans as “The Prince of Darkness” and the “Godfather of Heavy Metal,” Osbourne has died at the age of 76, his family said in a statement on Tuesday.

    “It is with more sadness than mere words can convey that we have to report that our beloved Ozzy Osbourne has passed away this morning. He was with his family and surrounded by love,” they said.

    Osbourne kicked off his career in the early 1970s as singer on Black Sabbath’s hits, from “Paranoid” to “War Pigs” to “Sabbath Bloody Sabbath”. Those plus a string of solo releases saw him sell more than 100 million records worldwide.

    The hard riffs and dark subject matter – from depression to war to apocalypse – combined with an instinct for Halloween theatrics. As a performer, Osbourne sprinkled audiences with raw meat and, in 1982, had his encounter with a bat thrown on stage by a fan.

    He always insisted he thought it was a toy until he bit into it, realised his mistake and rushed to hospital for a rabies shot. He later sold branded bat soft toys with a removable head.

    Osbourne was a regular target for conservative and religious groups concerned about the negative impact of rock music on young people. He acknowledged the excesses of his lifestyle and lyrics – but poured scorn on the wilder reports that he was an actual devil-worshipper.

    “I’ve done some bad things in my time. But I ain’t the devil. I’m just John Osbourne: a working-class kid from Aston who quit his job in the factory and went looking for a good time,” he said in a 2010 biography.

    REALITY SHOW STAR

    John Michael Osbourne was the fourth of six children. Growing up in Aston, Birmingham, in central England, he struggled with dyslexia, left school at age 15, did a series of menial jobs, and at one point served a brief prison sentence for burglary. Then came Black Sabbath.

    “When I was growing up, if you’d have put me up against a wall with the other kids from my street and asked me which one of us was gonna make it to the age of 60, with five kids and four grandkids and houses in Buckinghamshire and California, I wouldn’t have put money on me, no fucking way,” he once said.

    Britain’s Justice Secretary Shabana Mahmood, a member of parliament representing a Birmingham constituency, wrote on X that she was devastated to hear the news of his death.

    “One of the greatest gifts my city gave the world,” Mahmood said.

    In 2002, Osbourne won legions of new fans when he starred in U.S. reality TV show “The Osbournes”.

    Cameras followed the aging rock god ambling round his huge house in Beverly Hills, pronouncing on events in his heavy Birmingham accent and looking on bemused at the antics of his family.

    Osbourne‘s family included wife and manager Sharon, five children including Jack, Kelly and Aimee, and several grandchildren.

    No cause of death was given, but Osbourne revealed in 2020 that he had been diagnosed with Parkinson’s disease. The illness made him unable to walk.

    In his final concert on July 5 in Birmingham, Osbourne performed sitting, at times appearing to have difficulties speaking as he thanked thousands of adoring fans, some of whom were visibly emotional.

    Osbourne‘s performance followed a number of tributes on stage and on stadium screens from rock and pop royalty including Aerosmith’s Steven Tyler, Metallica’s James Hetfield and Elton John.

    “Thanks for your support over the years. Thank you from the bottom of my heart. I love you,” said Osbourne.

    -Reuters

  • Baby boy starves to death in Gaza as hunger spreads, medics say

    Source: Government of India

    Source: Government of India (4)

    Six-week-old Yousef’s lifeless body lay limp on a hospital table in Gaza City, his skin stretched over protruding ribs and a bandage where a drip had been inserted into his tiny arm. Doctors said the cause of death was starvation.

    He was among 15 people to starve to death in the last 24 hours in Gaza, according to doctors who say a wave of hunger that has loomed over the enclave for months is now finally crashing down.

    Yousef’s family couldn’t find baby formula to feed him, said his uncle, Adham al-Safadi.

    “You can’t get milk anywhere, and if you do find any it’s $100 for a tub,” he said, looking at his dead nephew.

    Three of the other Palestinians who died of hunger over the last day were also children, including 13-year-old Abdulhamid al-Ghalban, who died in a hospital in the southern city of Khan Younis.

    Israeli forces have killed nearly 60,000 Palestinians in airstrikes, shelling and shooting since launching their assault on Gaza in response to attacks on Israel by the Hamas group that killed 1,200 people and captured 251 hostages in October 2023.

    For the first time since the war began, Palestinian officials say dozens are now also dying of hunger.

    Gaza has seen its food stocks run out since Israel cut off all supplies to the territory in March and then lifted that blockade in May with new measures it says are needed to prevent aid from being diverted to militant groups.

    At least 101 people are known to have died of hunger during the conflict, according to Palestinian officials, including 80 children, most of them in just the last few weeks.

    Israel, which controls all supplies entering Gaza, denies it is responsible for shortages of food. Israel’s military said it “views the transfer of humanitarian aid into Gaza as a matter of utmost importance”, and works to facilitate its entry in coordination with the international community.

    It has blamed the United Nations for failing to protect aid it says is stolen by Hamas and other militants. The fighters deny stealing it.

    Asked for comment, a White House official sided with Israel’s position that Hamas is to blame. The official said the United States supports the Israel-backed Gaza Humanitarian Foundation aid organisation.

    “It’s horrific that Hamas continues to target this crucial aid and hinder GHF’s ability to deliver life-saving assistance by placing bounties on aid workers, targeting contractors, and spreading disinformation,” the official said.

    More than 800 people have been killed in recent weeks trying to reach food, mostly in mass shootings by Israeli soldiers posted near GHF distribution centres. The United Nations has rejected this system as inherently unsafe, and a violation of humanitarian neutrality principles needed to ensure that distribution succeeds.

    United Nations Secretary-General Antonio Guterres called the situation for the 2.3 million residents of the Palestinian enclave a “horror show”.

    “We are seeing the last gasp of a humanitarian system built on humanitarian principles,” Guterres told the U.N. Security Council. “That system is being denied the conditions to function.”

    The Norwegian Refugee Council, which supported hundreds of thousands of Gazans in the first year of the war, said its aid stocks were now depleted and some of its own staff were starving.

    “Our last tent, our last food parcel, our last relief items have been distributed. There is nothing left,” its director Jan Egeland told Reuters. “Israel is not yielding. They just want to paralyse our work,” he said.

    The head of the U.N. Palestinian refugee agency said on Tuesday that its staff, as well as doctors and humanitarian workers, were fainting on duty in Gaza due to hunger and exhaustion.

    European Commission President Ursula von der Leyen said on Tuesday that images of civilians killed during the distribution of aid were “unbearable” and urged Israel to deliver on pledges to improve the situation.

    FOOD AND MEDICINE SHORTAGES

    On Tuesday, men and boys lugged sacks of flour past destroyed buildings and tarpaulins in Gaza City, grabbing what food they could from aid warehouses.

    “We haven’t eaten for five days,” said Mohammed Jundia.

    Israeli military statistics showed on Tuesday that an average of 146 trucks of aid per day had entered Gaza over the course of the war. The United States has said a minimum of 600 trucks per day are needed to feed Gaza’s population.

    “Hospitals are already overwhelmed by the number of casualties from gunfire. They can’t provide much more help for hunger-related symptoms because of food and medicine shortages,” said Khalil al-Deqran, a spokesperson for the health ministry.

    Deqran said some 600,000 people were suffering from malnutrition, including at least 60,000 pregnant women. Symptoms among those going hungry include dehydration and anaemia, he said.

    Baby formula in particular is in critically short supply, according to aid groups, doctors and residents.

    The health ministry said at least 72 Palestinians were killed by Israeli gunfire and military strikes in the past 24 hours, including 16 people living in tents in Gaza City. The Israeli military said it wasn’t aware of any incident or artillery in the area at that time.

    (Reuters)

  • ENG vs IND, 4th Test: India look to level series amid injury crisis as Old Trafford Test beckons

    Source: Government of India

    Source: Government of India (4)

    India will step onto the field at Old Trafford on Wednesday with the odds stacked heavily against them — trailing 2–1 in the series, grappling with a spate of injuries, and confronting a venue where victory has eluded them in the past.

    After a narrow 22-run defeat at Lord’s, the visitors now face a must-win situation to keep the five-match series alive. England, meanwhile, look to ride their momentum and seal the Anderson-Tendulkar Trophy with a match to spare.

    Injury woes for India

    India’s preparation has been hampered by a string of injuries to key players. All-rounder Nitish Kumar Reddy has been ruled out of the remainder of the series, while pace spearhead Arshdeep Singh will miss the fourth Test. Adding to the woes, Akash Deep — who impressed with a 10-wicket haul in India’s win at Birmingham — is also unavailable.

    Speaking ahead of the match, skipper Shubman Gill acknowledged the team’s challenges but expressed confidence in the bench strength.

    “Akash Deep is unavailable, so is Arshdeep, but we have good players in the team to pick twenty wickets,” Gill said. “It is not ideal to have different bowlers, but I was prepared.”

    Gill also hinted at a possible debut for 24-year-old pacer Anshul Kamboj, who has taken 79 wickets in 24 First-Class matches. “We have seen his skill set. He’s very close to making his debut,” Gill said. “We believe he can win matches for us.”

    With a spot up for grabs, Kamboj is in contention alongside Prasidh Krishna to replace the injured quicks.

    Pant to keep, Nair gets backing

    Gill confirmed that Rishabh Pant will resume full wicketkeeping duties in Manchester. Pant had shared the gloves with Dhruv Jurel in the third Test due to injury concerns, with Jurel conceding 25 byes in England’s second innings.

    Karun Nair, who has managed just 131 runs in three Tests at an average under 22, retains the team management’s backing. “We think he is batting well. No issues with his form. We are hopeful he can turn it around,” Gill said.

    Old Trafford challenge

    The venue adds another layer of difficulty for India. Old Trafford has traditionally favoured fast bowlers, with overcast conditions forecast for the next five days likely to enhance that trend. Since 2000, pacers have taken 477 wickets here at an average of under 30, compared to 147 wickets by spinners at an average nearing 40.

    Chasing in the fourth innings is notoriously difficult at this ground — only four teams have ever succeeded, with 294 being the highest successful chase. As such, the toss could play a pivotal role, with the winning captain likely to bat first.

    England captain calls for reforms

    Ahead of the fourth Test, England captain Ben Stokes addressed the rising on-field intensity, stating that his team won’t shy away from confrontation if the match heats up.

    “It’s a massive series, and heat will be shown,” Stokes said. “Have England been nice? Potentially. But we’re not going to take a backward step. If the opposition wants to be confrontational, we’ll match it. We won’t start anything — but we won’t stand back either.”

    Stokes also weighed in on the debate around over-rate penalties, calling for more context-specific regulations — especially for seam-dominated conditions like those in England.

    “You can’t have the same rules in Asia, where 80% of overs are bowled by spinners, and here, where fast bowlers shoulder most of the workload.”

  • India extends airspace ban on Pakistani aircraft till Aug 23 amid security concerns

    Source: Government of India

    Source: Government of India (4)

    India on Tuesday extended its ban on Pakistani aircraft entering Indian airspace till August 23, amid continued tensions between the two neighbours.

    Union Minister of State for Civil Aviation Murlidhar Mohol said in a post on X, “Notice to Airmen (NOTAM) restricting Pakistani aircraft from entering Indian airspace has been officially extended until 23rd August 2025.”

    “This extension reflects continued strategic considerations and is in line with prevailing security protocols. Stay tuned for further updates,” the minister added.

    The move follows Islamabad’s decision last week to extend its own airspace restrictions on Indian carriers till August 24. The Pakistan Airports Authority (PAA) said the ban will remain in effect until 5:19 a.m. (IST) on August 24.

    Meanwhile, India has issued a separate NOTAM for a large-scale Indian Air Force (IAF) exercise in Rajasthan, along the Pakistan border, from July 23 to 25. The exercise will cover areas from Barmer to Jodhpur.

    A NOTAM is issued when a specific airspace needs to be cleared of civilian air traffic. Similar notices were issued during previous tensions with Pakistan to ensure that no passenger aircraft would be caught in the middle of potential aerial operations. It helps prevent civilian casualties by keeping commercial aircraft away from zones of military activity.

    The latest NOTAM was issued against the backdrop of India’s ‘Operation Sindoor’, launched on May 7 in response to the terror attack in Pahalgam, where Pakistan-sponsored terrorists killed 26 civilians.

    IANS

  • MIL-OSI Banking: Money Market Operations as on July 22, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 6,13,605.52 5.69 4.75-6.60
         I. Call Money 17,157.62 5.62 4.75-5.80
         II. Triparty Repo 4,17,073.80 5.69 5.50-5.83
         III. Market Repo 1,76,684.55 5.69 5.00-5.90
         IV. Repo in Corporate Bond 2,689.55 5.90 5.84-6.60
    B. Term Segment      
         I. Notice Money** 140.50 5.48 4.95-5.70
         II. Term Money@@ 806.00 – 5.40-5.85
         III. Triparty Repo 1,820.00 5.66 5.40-5.70
         IV. Market Repo 0.00 – –
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 22/07/2025 1 Wed, 23/07/2025 13,273.00 5.75
    4. SDFΔ# Tue, 22/07/2025 1 Wed, 23/07/2025 63,745.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -50,472.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Fri, 18/07/2025 7 Fri, 25/07/2025 2,00,027.00 5.49
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,574.40  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -1,91,452.60  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -2,41,924.60  
    G. Cash Reserves Position of Scheduled Commercial Banks          
         (i) Cash balances with RBI as on July 22, 2025 9,44,918.11  
         (ii) Average daily cash reserve requirement for the fortnight ending July 25, 2025 9,63,288.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ July 22, 2025 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on June 27, 2025 5,79,904.00  

    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).

    – Not Applicable / No Transaction.

    ** Relates to uncollateralized transactions of 2 to 14 days tenor.

    @@ Relates to uncollateralized transactions of 15 days to one year tenor.

    $ Includes refinance facilities extended by RBI.

    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/763

    MIL OSI Global Banks –

  • MIL-Evening Report: Young Japanese voters embrace right-wing populist parties, leaving the prime minister on the brink

    Source: The Conversation (Au and NZ) – By Craig Mark, Adjunct Lecturer, Faculty of Economics, Hosei University

    Japan’s ruling coalition suffered the widely expected loss of its majority in the July 20 election, as young voters shifted to the populist right. As a result, Shigeru Ishiba’s prime ministership now hangs in the balance.

    The election was for half of the 248 members of the House of Councillors, the upper house of the National Diet, Japan’s parliament. The Liberal Democratic Party (LDP) secured 39 seats, and its minor coalition partner, the Komeito Party, just eight. This left it three seats short of the 50 required to maintain its majority, as populist opposition parties made dramatic gains.

    The LDP is now confronted with minorities in both houses of the Diet for the first time in the party’s 70-year history. It is a huge decline from its postwar dominance of Japanese politics.

    In a press conference on Monday, Ishiba said he would not resign, as the LDP remained the largest party in the upper house. He also insisted he needed to stay in office to complete negotiations with the Trump administration, which had threatened to continue harsh trade tariffs after August 1.

    But Ishiba is facing calls from disgruntled LDP Diet members to step down. He had already led the LDP into minority government in last October’s election for the lower house of the Diet, the House of Representatives. He called the snap election in the wake of securing LDP leadership last September.



    Read more:
    Why did Japan’s new leader trigger snap elections only a week after taking office? And what happens next?

    However, the main opposition Constitutional Democratic Party of Japan (CDP) was not responsible for this latest defeat – it managed only to retain its 22 seats. Instead, the LDP and Komeito instead lost out to the two rising populist parties: the centre-right Democratic Party for the People (DPFP), which went from four to 17 seats, and the far-right Sanseito party, which made the most dramatic gains, from one to 14 seats.

    Main opposition leader Yoshihiko Noda now needs to again consider whether to bring on a motion of no confidence in the Ishiba cabinet in the lower house. Last month, he backed away from doing so. Such a motion would likely succeed with the support of the other opposition parties, and immediately trigger a snap lower house election. But it would also be highly risky, as it could allow the two right-wing parties to again overshadow the main opposition.

    The young shift to the right

    Exit polls showed younger people voted in greater numbers for the two right-wing parties. Their dissatisfaction erupted against the political status quo that has long favoured older generations. Older Japanese remain the main supporters for the two major parties, as well as the smaller Komeito and the declining Japanese Communist Party.

    Many voters were angry about declining wages, persistent inflation, and a growing tax burden to fund the straining pension and welfare system that disproportionately benefits the elderly.

    The leaders of the two right-wing parties, 56-year-old Yuichiro Tamaki and 47-year-old Sohei Kamiya, more effectively used social media to exploit this electoral discontent and push their populist messages.

    Sanseito emerged at the start of the COVID pandemic in March 2020. It promoted anti-vaccination conspiracy theories and xenophobia through its campaign slogan of “Japanese First”.

    As more people have expressed frustration with Japan’s record tourist numbers, Sanseito and the smaller far-right Conservative Party of Japan sought to scapegoat the relatively small foreign resident population of waging a “silent invasion”.

    This includes spreading false stories about them causing local crime waves, depressing wages, hiking real estate prices, and abusing welfare.

    The number of foreign-born residents, mostly from other Asian countries, has steadily risen to 3.8 million to meet the demands of the shrinking labour force. However, it still only comprises about 3% of Japan’s (ageing and shrinking) population.

    Despite running and electing a majority of female candidates, Sanseito has also attracted criticism for wanting to end gender equality so as to raise the birth rate. It also wants to remove democratic protections from the postwar constitution and return to an imperial form of government.

    The success of the two right-wing parties, along with the nationalist neoliberal Japan Innovation Party, threatens to transform Japanese politics.

    However, it remains to be seen whether they will be able to cooperate effectively in the Diet with other parties to enact their policy agenda. This includes cutting the consumption tax rate while boosting subsidies to support families and farmers, and restricting immigration.

    Uncertainty reigns

    The increased political uncertainty will raise concerns about Japan’s ability to continue its strategic reorientation. It has pledged to increase its defence spending to 2% of gross domestic product (GDP). It also wants to increase security cooperation with Europe, India and Australia.

    The LDP’s Diet members will hold a full party meeting on July 31 to assess the election. If a majority of LDP members across both houses and representatives of the party’s prefectural chapters petition for a leadership ballot, they could mount a spill against Ishiba.

    Ishiba now needs to continue to negotiate with opposition parties to pass legislation in both houses of the Diet. US President Donald Trump’s sudden announcement that a “massive” deal has been struck with Japan for a reciprocal tariff rate of 15% may yet give him a temporary political reprieve.

    But as his post-election approval rating hits a record low 23%, his ailing premiership looks even more vulnerable.

    Craig Mark 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. Young Japanese voters embrace right-wing populist parties, leaving the prime minister on the brink – https://theconversation.com/young-japanese-voters-embrace-right-wing-populist-parties-leaving-the-prime-minister-on-the-brink-261673

    MIL OSI Analysis – EveningReport.nz –

  • Trump strikes trade deal with Japan to cut tariffs

    Source: Government of India

    Source: Government of India (4)

    The United States and Japan struck a deal to lower the hefty tariffs President Donald Trump threatened to impose on goods from its Asian ally that included a pledge by Japan to invest $550 billion in the United States.

    The agreement – including a 15% tariff on all imported Japanese goods, down from a proposed 25% – is the most significant of the string of trade deals the White House has reached ahead of an approaching August 1 deadline for higher levies to kick in.

    “I just signed the largest TRADE DEAL in history with Japan,” Trump said on his Truth Social platform. “This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan.”

    Ishiba, who is facing political pressure after a bruising election defeat on Sunday, hailed the deal as “the lowest figure among countries that have a trade surplus with the U.S.”.

    The two sides also agreed to cut tariff 25% tariffs already imposed on Japanese autos to 15%, Ishiba said. Auto exports account for more than a quarter of Japan’s exports to the U.S.

    The announcement ignited a rally in Japanese stocks, with the benchmark Nikkei climbing 2.6% to its highest in a year. Shares of automakers surged in particular, with Toyota 7203.T up more than 11%, and Honda 7267.T and Nissan 7201.T both up more than 8%.

    The exuberance extended to shares of South Korean carmakers as well, as the Japan deal stoked optimism that South Korea could strike a comparable deal. The yen firmed slightly against the dollar, and U.S. equity index futures edged upward.

    But U.S. automakers signaled their unhappiness with the deal, raising concerns about a trade regime that could cut tariffs on auto imports from Japan to 15% while leaving tariffs on imports from Canada and Mexico at 25%.

    Matt Blunt, who heads the American Automotive Policy Council which represents General Motors GM.N Ford F.N and Chrysler-parent Stellantis STLAM.MI, said “any deal that charges a lower tariff for Japanese imports with virtually no U.S. content than the tariff imposed on North American-built vehicles with high U.S. content is a bad deal for U.S. industry and U.S. auto workers.”

    ‘MISSION COMPLETE’

    Autos are a huge part of U.S.-Japan trade, but almost all of it is one way to the U.S. from Japan, a fact that has long irked Trump. In 2024, the U.S. imported more than $55 billion of vehicles and automotive parts while just over $2 billion were sold into the Japanese market from the U.S.

    Two-way trade between the two countries totaled nearly $230 billion in 2024, with Japan running a trade surplus of nearly $70 billion. Japan is the fifth-largest U.S. trading partner in goods, U.S. Census Bureau data show.

    Trump’s announcement followed a meeting with Japan’s top tariff negotiator, Ryosei Akazawa, at the White House on Tuesday.

    “#Mission Complete,” Akazawa wrote on X.

    The deal was “a better outcome” for Japan than it potentially could have been, given Trump’s earlier unilateral tariff threats, said Kristina Clifton, a senior economist at the Commonwealth Bank of Australia in Sydney.

    “Steel, aluminium, and also cars are important exports for Japan, so it’ll be interesting to see if there’s any specific carve-outs for those,” Clifton said.

    Kazutaka Maeda, an economist at Meiji Yasuda Research Institute, said that “with the 15% tariff rate, I expect the Japanese economy to avoid recession.”

    Japan is the largest investor in the United States. Together with pension giant GPIF and Japanese insurers, the country has about $2 trillion invested in U.S. markets.

    Besides that, Bank of Japan data shows direct Japanese investment in the United States was $1.2 trillion at the end of 2024, and Japanese direct investment flows amounted to $137 billion in North America last year.

    Speaking later at the White House, Trump also expressed fresh optimism that Japan would form a joint venture with Washington to support a gas pipeline in Alaska long sought by his administration.

    “We concluded the one deal … and now we’re going to conclude another one because they’re forming a joint venture with us at, in Alaska, as you know, for the LNG,” Trump told lawmakers at the White House. “They’re all set to make that deal now.”

    Trump aides are feverishly working to close trade deals ahead of an August 1 deadline that Trump has repeatedly pushed back under pressure from markets and intense lobbying by industry. By that date, countries are set to face steep new tariffs beyond those Trump has already imposed since taking office in January.

    Trump has announced framework agreements with Britain, Vietnam, Indonesia and paused a tit-for-tat tariff battle with China, though details are still to be worked out with all of those countries.

    At the White House, Trump said negotiators from the European Union would be in Washington on Wednesday.

    -Reuters

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 23, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on July 23, 2025.

    Hard labour conditions of online moderators directly affect how well the internet is policed – new study
    Source: The Conversation (Au and NZ) – By Tania Chatterjee, Joint PhD Candidate at Indian Institute of Technology, Delhi, The University of Queensland Getty Images/GCShutter Big tech platforms often present content moderation as a seamless, tech‑driven system. But human labour, often outsourced to countries such as India and the Philippines, plays a pivotal role in

    Ghosted by a friend? 4 expert tips on how to handle the hurt
    Source: The Conversation (Au and NZ) – By Megan Willis, Associate Professor, School of Behavioural and Health Sciences, Australian Catholic University martin-dm/Getty When we talk about “ghosting”, we usually think it relates to dating. But what happens when you’ve been ghosted by someone you’ve known for years – your childhood best friend, a parent, a

    Labor’s new bill would cut HELP loans by 20%. But it also risks locking some graduates into a ‘debt treadmill’
    Source: The Conversation (Au and NZ) – By Andrew Norton, Professor of Higher Education Policy, Monash University The Albanese government’s 20% cut to student debt is the first bill introduced to the new federal parliament. It is clever politics. In the government’s first term, the 3 million Australians with a student debt turned high indexation

    ICJ climate crisis ruling: Will world’s top court back Pacific-led call to hold governments accountable?
    By Jamie Tahana in The Hague for RNZ Pacific In 2019, a group of law students at the University of the South Pacific, frustrated at the slow pace with which the world’s governments were moving to address the climate crisis, had an idea — they would take the world’s governments to court. They arranged a

    ‘Maybe this is the last minutes you are living’: how the war is impacting young Ukrainians
    Source: The Conversation (Au and NZ) – By Ashley Humphrey, Lecturer in Social Sciences, Monash University Now into its fourth year, the war that followed Russia’s invasion of Ukraine has taken a devastating toll. An estimated 60,000 to 100,0000 Ukrainian lives have been lost and more than 10 million citizens displaced, and entire cities have

    Auckland is NZ’s ‘primate city’ but its potential remains caged in by poor planning and vision
    Source: The Conversation (Au and NZ) – By Timothy Welch, Senior Lecturer in Urban Planning, University of Auckland, Waipapa Taumata Rau Getty Images The recent report comparing Auckland to nine international peer cities delivered an uncomfortable truth: our largest city is falling behind, hampered by car dependency, low-density housing and “weak economic performance”. The Deloitte

    Climate disasters are pushing people into homelessness – but there’s a lot we can do about it
    Source: The Conversation (Au and NZ) – By Timothy Heffernan, Lecturer in Anthropology, Australian National University Almost half of all Australian properties are at risk of bushfire, while 17,500 face risk of coastal erosion. By 2030, more than 3 million will face riverine flood risk. Meanwhile, housing demand continues to outpace supply. With climate-related disasters

    UK bans Gaza protest group – could the same thing happen in Australia?
    Source: The Conversation (Au and NZ) – By Shannon Bosch, Associate Professor (Law), Edith Cowan University More than 100 people were arrested in the United Kingdom on the weekend for supporting Palestine Action, a protest group that opposes Britain’s support of Israel. Palestine Action was recently proscribed as a terrorist organisation, placing it in the

    The incredible impact of Ozzy Osbourne, from Black Sabbath to Ozzfest to 30 years of retirement tours
    Source: The Conversation (Au and NZ) – By Lachlan Goold, Senior Lecturer in Contemporary Music, University of the Sunshine Coast Ozzy Osbourne photographed in London in 1991. Martyn Goodacre/Getty Images Ozzy Osbourne, the “prince of darkness” and godfather of heavy metal, has died aged 76, just weeks after he reunited with Black Sabbath bandmates for

    Could the latest ‘interstellar comet’ be an alien probe? Why spotting cosmic visitors is harder than you think
    Source: The Conversation (Au and NZ) – By Sara Webb, Lecturer, Centre for Astrophysics and Supercomputing, Swinburne University of Technology Comet 3I/ATLAS International Gemini Observatory/NOIRLab/NSF/AURA/K. Meech/Jen Miller/Mahdi Zamani, CC BY On July 1, astronomers spotted an unusual high-speed object zooming towards the Sun. Dubbed 3I/ATLAS, the surprising space traveller had one very special quality: its

    Should Australia lower the voting age to 16 like the UK? We asked 5 experts
    Source: The Conversation (Au and NZ) – By Pandanus Petter, Postdoctoral Research Fellow, School of Politics and International Relations, Australian National University The government in the UK is introducing legislation into parliament to lower the voting age to 16. If passed, the new age rules will be in place for the next general election, expected

    Doctors shouldn’t be allowed to object to medical care if it harms their patients
    Source: The Conversation (Au and NZ) – By Julian Savulescu, Visiting Professor in Biomedical Ethics, Murdoch Children’s Research Institute; Distinguished Visiting Professor in Law, University of Melbourne; Uehiro Chair in Practical Ethics, The University of Melbourne HRAUN/Getty A young woman needs an abortion and the reasons, while urgent, are not medical. A United States Navy

    Ultra fast fashion could be taxed to oblivion in France. Could Australia follow suit?
    Source: The Conversation (Au and NZ) – By Rowena Maguire, Professor of Law and Director of the Centre of Justice, Queensland University of Technology Ryan McVay/Getty For centuries, clothes were hard to produce and expensive. People wore them as long as possible. But manufacturing advances have steadily driven down the cost of production. These days,

    Central bank independence and credibility matters. Here’s why
    Source: The Conversation (Au and NZ) – By John Simon, Adjunct Fellow in Economics, Macquarie University Olga Kashubin/Shutterstock In the United States, President Donald Trump has been pressuring the chairman of the US Federal Reserve, Jerome Powell, to slash interest rates. This is partly to ease the interest payments on the ballooning US government debt.

    Kneecap’s stance on Gaza extends a long history of the Irish supporting other oppressed peoples
    Source: The Conversation (Au and NZ) – By Ciara Smart, PhD Graduand in Australasian Irish History, University of Tasmania Love them or hate them, there’s no doubt Irish hip-hop trio Kneecap are having a moment. Their music – delivered in a powerful fusion of English and Irish – is known for its gritty lyrics about

    Do countries have a duty to prevent climate harm? The world’s highest court is about to answer this crucial question
    Source: The Conversation (Au and NZ) – By Nathan Cooper, Associate Professor of Law, University of Waikato Getty Images The International Court of Justice (ICJ) will issue a highly anticipated advisory opinion overnight to clarify state obligations related to climate change. It will answer two urgent questions: what are the obligations of states under international

    Gaza not a religious issue – it’s a massive violation of international law, say accord critics
    Asia Pacific Report Groups that have declined to join the government-sponsored “harmony accord” signed yesterday by some Muslim and Jewish groups, say that the proposed new council is “misaligned” with its aims. The signed accord was presented at Government House in Auckland. About 70 people attended, including representatives of the New Zealand Jewish Council, His

    Flying the flags for Palestine – NZ protesters take message to Devonport
    The Devonport Flagstaff About 200 people marched in Devonport last Saturday in support of Palestine. Pro-Palestine flags and placards were draped on the band rotunda at Windsor Reserve as speakers, including Green Party co-leader Chlöe Swarbrick and the people power manager of Amnesty International Aotearoa New Zealand Margaret Taylor, a Devonport local, encouraged the crowd

    View from The Hill: How much can Jim Chalmers get out of the economic reform roundtable?
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra We’re now less than a month away from the start of the Albanese government’s “economic reform” (aka “productivity”) roundtable, but it has become quite hard to get a fix on exactly what this gathering will amount to. The guest list

    Israeli settlers beat to death 2 Palestinians in latest lynchings
    BEARING WITNESS: By Cole Martin in occupied West Bank Two young Palestinians were beaten to death on their land by Israeli settlers in the occupied West Bank on Friday. A funeral was held on Sunday for Sayfollah “Saif” Mussalet, 20, and Muhammad Shalabi, 23, who were brutally killed by a large group of settlers in

    MIL OSI Analysis – EveningReport.nz –

  • PM Modi to begin two-nation tour of UK, Maldives today

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi will embark on a two-nation visit to the United Kingdom and the Maldives beginning Wednesday, with a focus on deepening strategic partnerships and regional cooperation.

    PM Modi’s visit to the UK from July 23–24 comes at the invitation of British Prime Minister Keir Starmer, marking his fourth trip to the country. Both sides are expected to review the progress of the Comprehensive Strategic Partnership (CSP), with discussions centred around trade, innovation, defence, climate action, health, and education.

    According to the Ministry of External Affairs, the talks will also include regional and global developments of mutual concern. PM Modi is also likely to meet King Charles III during the visit. The India-UK Free Trade Agreement (FTA), under negotiation for some time, is expected to feature prominently in the discussions.

    In the second leg, the Prime Minister will travel to the Maldives from July 25–26 at the invitation of President Mohamed Muizzu. This will be the PM’s third visit to the island nation, and the first by any head of government during President Muizzu’s tenure.

    The visit coincides with the Maldives’ 60th Independence Day celebrations on July 26, where Modi will be the Guest of Honour. The two leaders are expected to review the implementation of the India-Maldives Joint Vision for a Comprehensive Economic and Maritime Security Partnership.

    The visit underscores India’s ‘Neighbourhood First’ policy and Vision MAHASAGAR, aimed at enhancing maritime cooperation. Key areas on the agenda include infrastructure development, defence collaboration, and regional economic connectivity.

    IANS

  • MIL-Evening Report: Hard labour conditions of online moderators directly affect how well the internet is policed – new study

    Source: The Conversation (Au and NZ) – By Tania Chatterjee, Joint PhD Candidate at Indian Institute of Technology, Delhi, The University of Queensland

    Getty Images/GCShutter

    Big tech platforms often present content moderation as a seamless, tech‑driven system. But human labour, often outsourced to countries such as India and the Philippines, plays a pivotal role in making judgements that involve understanding context. Technology alone can’t do this.

    Behind closed doors, hidden human moderators are tasked with filtering some of the internet’s most harmful material. They often do so with minimal mental health support and under strict non-disclosure agreements.

    After receiving vague training, moderators are expected to make decisions within seconds, keeping in mind a platform’s constantly changing content policies and ensuring at least 95% accuracy.

    Do these working conditions affect moderating decisions? To date, we don’t have much data on this. In a new study published in New Media & Society, we examined the everyday decision-making process of commercial content moderators in India.

    Our results shed light on how the employment conditions of moderators do shape the outcomes of their work – and three key arguments that emerged from our interviews.

    Efficiency over appropriateness

    “Would never recommend de-ranking content as it would take time.”

    —A 28-year-old audio moderator working for an Indian social media platform

    As moderators work under high productivity targets, it compels them to prioritise content that can be handled quickly without drawing attention from supervisors.

    In the above excerpt, the moderator explained she avoided content and processes that required more time to maintain her pace. While observing her work over a screen-share session, we noticed that reducing the visibility of content (de-ranking) involved four steps. Meanwhile ending live streams or removing posts required only two steps.

    To save time, she skipped the content flagged to be de-ranked. As a result, content marked for reduced visibility, such as impersonations, often remained on the platform until another moderator intervened.

    This shows how productivity pressures in the moderation industry easily lead to problematic content staying online.

    Decontextualised decisions

    “Ensure that none of the highlighted yellow words remained on the profile”

    —Instructions received by a text/image moderator

    Moderation work often includes automation tools that can detect certain words in text, transcribe speech, or use image recognition to scan the contents of pictures.

    These tools are supposed to assist moderators by flagging potential violations for further judgement that takes context into account. For example, is the potentially offensive language simply a joke, or does it actually violate any policies?

    In practice we found that under tight timelines, moderators frequently follow the tools’ cues mechanically rather than exercising independent judgement.

    The quoted moderator above described instructions from her supervisor to simply remove text detected by the software. During a screen-share, we observed her removing flagged words without evaluating the context.

    Often the automation tools that queue content and organise it for human moderators will also detach it from the broader conversational context. This makes it even harder for the moderator to make a context-based judgement on content that gets flagged but was actually innocent – despite that judgement being one of the reasons human moderators are hired in the first place.

    Impossibility of thorough judgements

    “If you guys can’t do the work and complete the targets, you may leave”

    —Work group message of a freelance content moderator

    Precarious employment compels moderators to mould their decision‑making processes around job security.

    They are compelled to use strategies that allow them to decide quickly and appropriately. In turn, this influences their future decisions.

    For instance, we found that over time, moderators develop a list of “dos and don’ts”. They may dilute expansive moderation guidelines into an easily remembered list of ethically unambiguous violations which they can quickly follow.

    These strategies reveal how the very structure of the moderation industry impedes thoughtful decisions and makes thorough judgement impossible.

    What should we take away from this?

    Our findings show that moderation decisions aren’t just shaped by platform policies. The precarious working conditions of moderators play a crucial role in how content gets moderated.

    Online platforms can’t put into place consistent and thorough moderation policies if the moderation industry’s employment practices are not improved too. We argue that content moderation and its effectiveness are as much a labour issue as it is a policy challenge.

    For truly effective moderation, online platforms must address the economic pressures on moderators, such as strict performance targets and insecure employment.

    We need greater transparency around how much platforms spend on human labour in trust and safety, both in‑house and outsourced. Currently, it’s not clear whether their investment in human resources is truly proportionate to the volume of content flowing through their platforms.

    Beyond employment conditions, platforms should also redesign their moderation tools. For example, integrating quick‑access rulebooks, implementing violation‑specific content queues, and standardising the steps required for different enforcement actions would streamline decision-making, so that moderators don’t default to faster options just to save time.

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

    – ref. Hard labour conditions of online moderators directly affect how well the internet is policed – new study – https://theconversation.com/hard-labour-conditions-of-online-moderators-directly-affect-how-well-the-internet-is-policed-new-study-261386

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Reps. Chu, Jayapal, and Colleagues Demand Answers on Funding Delay for Low-Income Senior Employment Program

    Source: United States House of Representatives – Representative Judy Chu (CA2-27)

    WASHINGTON, DC – Reps. Judy Chu (CA-28) and Pramila Jayapal (WA-07) led 40 of their colleagues in a letter to the Trump Administration demanding the immediate release of federal funding for a vital senior jobs training and community service program. The current delay has left thousands of low-income older Americans without pay and deprived communities of needed services.

    In their letter to Department of Labor (DOL) Secretary Lori Chavez-DeRemer and Office of Management and Budget (OMB) Director Russell Vought, the Members urged the immediate release of funding for national grantees of the Senior Community Service Employment Program (SCSEP). Through SCSEP, low-income seniors receive jobs training, earn a paycheck, and in return provide essential services to their communities. In Program Year (PY) 2022, over 42,000 seniors provided over 20.4 million hours of community service.

    The letter emphasizes that SCSEP grantees rely on the DOL’s timely release of the Training and Employment Guidance Letter (TEGL), which provides annual allotments for grantees. Although the PY2025 TEGL for state and territorial grantees was published on July 1, 2025—the start of the Program Year—the DOL has still not published a TEGL for national grantees and has not provided a timeline for its publication.

    This delay has impacted national grantees operating in California, Washington, Indiana, North Carolina, and Oklahoma, among others.

    “We have already begun to see the devastating impacts of this delay,” wrote the Members. “For example, the National Asian Pacific Center on Aging (NAPCA), a 501(c)(3) nonprofit and SCSEP national grantee, based in Washington, which serves limited-English proficient older adults from various ethnic groups, has already furloughed 800 low-income seniors due to this funding uncertainty.” 

    “Because there is no clear timeline for when furloughs will end, this uncertainty is causing deep distress among program participants, many of whom live paycheck to paycheck and rely on the income they earn through SCSEP to make ends meet. The funding delay is also harming entire communities, as nonprofits and other local businesses are losing the critical support of SCSEP-supported trainees and volunteers due to furloughs,” the Members continued.

    The letter concludes by urging DOL and OMB to expend PY25 SCSEP funds to national grantees immediately and make them retroactive to July 1, 2025. 

    This letter is endorsed by: the National Asian Pacific American Center for Aging, Easterseals, Goodwill Industries International, National Caucus & Center on Black Aging (NCBA), Life Skills of America, Inc., The WorkPlace, Easterseals-Goodwill Northern Rocky Mountain Inc., Diverse Elders Coalition, National Urban League, National Hispanic Council on Aging (NHCOA), National Council on Aging (NCOA), Institute for Indian Development, Inc., and the Asian & Pacific Islander American Health Forum (APIAHF).

    Click here to access the full letter.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Mann Introduces Legislation to Strengthen Agricultural Supply Chain

    Source: United States House of Representatives – Representative Tracey Mann (Kansas, 1)

    WASHINGTON, D.C. –  Today, U.S. Representative Tracey Mann (KS-01) led 16 of his colleagues in introducing legislation to remove regulatory roadblocks for heavy vehicle operators when renewing their commercial driver’s licenses (CDLs). The Seasonal Agriculture CDL Modernization Act enables seasonal drivers to renew their CDL online while providing greater flexibility in the types of commercial vehicles they can operate. As the American Trucking Association estimates a national truck driver shortage of 115,000 by the end of 2025, Rep. Mann’s legislation reforms the Farm-Related Restricted Commercial Driver’s License program by allowing states to develop an online registration and renewal system for farm-related service providers, enabling drivers to more easily renew their seasonal license.

    “Successfully feeding, clothing, and fueling the world doesn’t stop when crops are harvested,” said Rep. Mann. “The entire agriculture supply chain relies on timely and reliable delivery every step of the way from production to consumption. If our nation’s farmers, ranchers, and agricultural producers can’t access the machinery they need to operate their farms or transport their products to storage, it would be impossible for them to fulfill their calling or deliver products to consumers. Our bill strengthens the entire agricultural supply chain by enacting commonsense reforms that make it easier for farm-service drivers to simply do their jobs and serve customers and consumers. Food security is national security that we can and should protect by removing regulatory burdens.”

    Joining Rep. Mann in introducing the Seasonal Agriculture CDL Modernization Act are Reps. Jeff Hurd (CO-03), Ron Estes (KS-04), Randy Feenstra (IA-04), Brad Finstad (MN-01), Mark Messmer (IN-08), Derek Schmidt (KS-02), Buddy Carter (GA-01), Troy Nehls (TX-22), Jack Berman (MI-01), John Rose (TN-06), Adrian Smith (NE-03), Mike Flood (NE-01), David Kustoff (TN-08), Craig Goldman (TX-12), Tim Burchett (TN-02), and Bruce Westerman (AR-04).

    “This bill delivers commonsense wins that will make it easier for the ag sector to keep essential goods moving,” said Rep. Flood. “By streamlining the CDL process and clarifying federal definitions, we’re reducing red tape without compromising safety. This is a smart step toward strengthening our nation’s ag supply chain.”

    “The work of Hoosier farmers never stops as they feed Americans and the world,” said Rep. Messmer. “I am proud to support Congressman Mann’s bill to get government red tape out of the way and let farmers do what they do best!”

    The Seasonal Ag CDL Modernization Act is supported by the Kansas Association of Wheat Growers, Kansas Corn Growers Association, Kansas Grain and Feed Association, Kansas Farm Bureau, Kansas Sorghum Producers, Kansas Soybean Association, Agribusiness Association of Iowa, Agribusiness Association of Kentucky, Agribusiness Council of Indiana, Agricultural Council of Arkansas, Agricultural Retailers Association, Agriculture Transportation Coalition, American Cotton Shippers Association, American Farm Bureau Federation, American Feed Industry Association, American Honey Producers Association, American Malting Barley Association, Council of Producers & Distributors of Agrotechnology, Far West Agribusiness Association, Farm Credit Council, Florida Fertilizer & Agrichemical Association, Georgia Agribusiness Council, Idaho Grain Producers Association, Kansas Agribusiness Retailers Association, Michigan Agri-Business Association, Minnesota Crop Production Retailers, Mississippi Agricultural Industry Council, Missouri Agribusiness Association, Montana Agricultural Business Association, National Aquaculture Association, National Association of Wheat Growers, National Barley Growers Association, National Cattlemen’s Beef Association, National Corn Growers Association, National Cotton Council, National Council of Farmer Cooperatives, National Grain and Feed Association, National Grange, National Farmers Union, National Milk Producers Federation, National Pork Producers Council, National Sunflower Association, National Sorghum Producers, Nebraska Agri-Business Association, Nebraska Cooperative Council, North American Millers’ Association, North American Renderers Association, North Carolina AgriBusiness Council, North Dakota Agricultural Association, North Dakota Grain Dealers Association, Louisiana Ag Industries Association, Ohio AgriBusiness Association, Pet Food Institute, Rocky Mountain Agribusiness Association, South Dakota Agri-Business Association, Southern Crop Production Association, Texas Ag Industries Association, Texas Grain & Feed Association, The Fertilizer Institute, USA Rice, U.S. Canola Association, US Rice Producers Association, Virginia Agribusiness Council, Washington Association of Wheat Growers, Wisconsin Agri-Business Association, Wyoming Ag Business Association and the Wyoming Wheat Growers Association.

    “This important legislation, championed by Representative Tracey Mann and the original co-sponsors, provides critical support for agricultural retailers who deliver essential products and services to our farms and livestock operations,” said Richard Gupton, the Senior Vice President of Public Policy for the Agricultural Retailers Association. “By modernizing outdated regulations, this bill empowers retailers to operate more efficiently and reliably, strengthening the entire agricultural supply chain and helping our rural communities thrive. Additionally, by allowing for increased load capacities, the proposal helps alleviate the industry’s chronic driver shortage, enabling businesses to make fewer trips with the same workforce and ensuring that essential goods reach their destinations in a timely manner.”

    “The Agriculture Transportation Coalition has long recognized that there is nothing we produce in agriculture in the United States that cannot be sourced somewhere else in the world,” said Peter Friedmann, Executive Director of the Agriculture Transportation Coalition. “If we are unable to transport and deliver affordably and dependably, our international customers will buy from those other countries, and US farmers, ranchers, processors will lose those sales. The international agriculture supply chain begins at the farms here in the United States. The need to enhance transport efficiency at the very beginning of the supply chain, namely the harvest at the field, has never been greater. The Seasonal Agriculture CDL Modernization Act, will advance this essential component of the domestic and international export supply chain, to keep our agriculture competitive in the global and domestic marketplace. The AgTC strongly supports this bill.”

    “As America’s oldest grassroots agriculture and rural life advocacy organization, the National Grange appreciates Representative Mann taking the lead on the Seasonal Ag CDL Modernization Act,” said Burton Eller, Executive Director of National Grange. “The seasonal ag CDL is a critical link in the success of our harvest chain in rural America.”

    “The Seasonal Ag CDL Modernization Act is a major win for the Wisconsin Agri-Business Association and its members,” said Grace Howe, Executive Director of the Wisconsin Agri-Business Association. “By extending the restricted seasonal CDL period and aligning licensing with the calendar year, it provides agribusinesses with more flexibility during peak planting and harvest seasons. This change reduces administrative burdens, streamlines compliance with federal and state rules, and ensures a more reliable seasonal workforce, and ultimately saving time, cutting costs, and supporting smoother operations across Wisconsin’s ag supply chain.”

    “The Pet Food Institute (PFI), whose members make the vast majority of dog and cat food and treats in the U.S., supports Rep. Tracey Mann (R-Kan.) in proposing updates to the Farm-Related Service Industries Restricted CDL program that will set a new federal definition for implements of husbandry,” said PFI’s president and CEO, Dana Brooks. “U.S. pet food is predominantly made with ingredients produced on American farms, and pet food manufacturing is a major contributor to agricultural and rural economies. We recognize that modern agriculture depends on a broad array of vehicles and equipment to operate efficiently, to innovate and to continue producing safe, quality food for people and pets.”

    “Montana agricultural businesses and producers already face major challenges, from weather and drought to delays getting product across our borders,” said Tanner Hoversland, Montana Agricultural Business Association Board Chair. “Legislation like the Seasonal Ag CDL Modernization Act is good government policy that makes improvements to this essential licensing process, and removes burdens instead of throwing up more roadblocks, especially for our rural operators. The Montana Agricultural Business Association and its members are grateful to Rep. Mann for introducing this commonsense proposal.”

    ###

    For more information about Representative Mann, visit: www.mann.house.gov

    MIL OSI USA News –

  • MIL-OSI USA: Reps. Moore and Zinke Introduce Legislation to Codify Executive Order on National Parks

    Source: United States House of Representatives – Representative Riley Moore (WV-02)

    Washington, D.C. – Today, Congressman Riley M. Moore (WV-02) and Congressman Ryan Zinke (MT-01) introduced the PATRIOT Parks Act — which codifies President Trump’s Executive Order “Making America Beautiful Again by Improving Our National Parks.”

    Currently, the National Parks System faces more than $23 billion in deferred maintenance, including more than $200 million on parklands in West Virginia. This legislation implements increased entrance fees for foreign visitors at National Parks, with the additional funds being reinvested back into parks for maintenance and other basic operating costs. Senator Jim Banks of Indiana and Senator Tim Sheehy of Montana introduced companion legislation in the Senate.

    The bill is supported by the American Conservation Coalition Action (ACC Action) and the Property and Environment Research Center (PERC). Both organizations were instrumental in helping craft the President’s executive order. The Bull Moose Project and American Prairie are also supportive of the legislation.

    Congressman Moore issued the following statement:

    “From the New River Gorge in my home state to Shenandoah, the Great Smoky Mountains, the Everglades, and the Grand Canyon – God blessed our nation with a tremendous natural heritage. We owe it to future generations to ensure these natural marvels are protected.

    “Unfortunately, the National Park System currently faces a backlog of more than $23 billion in deferred maintenance, including more than $200 million on properties across the Mountain State. Our commonsense legislation keeps entry fees static for Americans while charging more for foreigners visiting our National Parks. This will allow us to finally start tackling this extensive maintenance backlog.”

    Here’s what others are saying:

    “National Parks are America’s best idea and maintaining that legacy for future generations means making smart investments in the management of the parks,” said Congressman Zinke. “Americans already pay for parks in our tax dollars as well as at the gates. It’s unfair to American taxpayers to foot the bill for millions of foreign visitors. Almost every other country charges foreign visitors more, it’s common sense. President Trump and Secretary Burgum did the right thing directing the National Park Service implement a foreign visitor fee. This legislation will codify the policy and ensure Americans are put First in our own parks.”

    “Americans already pay for our parks through federal taxes on top of standard admission fees, so it’s fair to ask foreign visitors to chip in more,” said Senator Banks. “This bill codifies President Trump’s executive order and helps protect our national treasures for future generations.”

    “Our national parks drive Montana’s tourism economy by bringing in visitors from all over the world and define our way life by offering an experience you can only find in America,” said Senator Sheehy. “Implementing a foreign visitor fee is an America First, commonsense way to secure affordable access for American families, improve our national parks for all visitors, and better manage our treasured public lands. It’s not too much for Americans to ask that their government puts them first, and that’s why I’m proud to support the PATRIOT Parks Act so more American families can enjoy our national parks for generations to come.”

    “Our national parks are America’s best idea and a crucial part of our natural heritage, but in recent decades, they have fallen into disrepair with a multibillion-dollar maintenance backlog,” said ACC Action President Chris Barnard.  “An increased entry fee for international visitors would raise needed revenue to steward our national treasures and ensure that everyone who enjoys them contributes to protecting them. The American Conservation Coalition Action and our thousands of members are proud to support this effort to bolster the National Park Service.”

    “Visitors from across the globe come to see the wonder of America’s national parks, and this proposal offers them a way to give back,” said PERC CEO Brian Yablonski. “Charging a modest fee to international tourists—something many countries already do—provides a steady source of funding to improve park infrastructure, enhance visitor experiences, and invest in long-overdue restoration. Drawing on years of PERC research, we’re grateful to Sen. Banks and Rep. Moore for championing efforts to conserve these iconic places for future generations.”

    ###

    MIL OSI USA News –

  • MIL-OSI: First Busey Corporation Announces 2025 Second Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., July 22, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (Nasdaq: BUSE) Announces 2025 Second Quarter Earnings.

    Net Income   Diluted EPS   Net Interest Margin1   ROAA1   ROATCE1
    $47.4 million   $0.52   3.49%   1.00%   11.24%
    $57.4 million (adj)2   $0.63 (adj)2   3.33% (adj)2   1.21% (adj)2   13.61% (adj)2
                     
    MESSAGE FROM OUR CHAIRMAN & CEO
    This quarter’s bank merger and data conversion represents a significant milestone for our organization, as we officially welcome CrossFirst Bank customers to Busey Bank. We are proud to offer a premier, full-service banking experience for both consumer and commercial clients, with 78 locations spanning 10 states. Our comprehensive services also include a robust wealth management platform and cutting-edge payment technology solutions through FirsTech, Inc. This transformational partnership allows us to enhance Busey’s rich 157-year legacy of service excellence, further advancing our organization for the benefit of all our Pillars—associates, customers, communities, and shareholders.

    Van A. Dukeman
    Chairman and Chief Executive Officer
     

    FINANCIAL RESULTS

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands, except per share amounts)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Total interest income   $ 247,446     $ 166,815     $ 131,939     $ 414,261     $ 257,759  
    Total interest expense     94,263       63,084       49,407       157,347       99,373  
    Net interest income     153,183       103,731       82,532       256,914       158,386  
    Provision for credit losses1     5,700       45,593       1,908       51,293       6,268  
    Net interest income after provision for credit losses1     147,483       58,138       80,624       205,621       152,118  
    Total noninterest income     44,863       21,223       33,703       66,086       68,616  
    Total noninterest expense1     127,833       112,030       75,906       239,863       147,353  
    Income (loss) before income taxes     64,513       (32,669 )     38,421       31,844       73,381  
    Income taxes     17,109       (2,679 )     11,064       14,430       19,799  
    Net income (loss)     47,404       (29,990 )     27,357       17,414       53,582  
    Dividends on preferred stock     155       —       —       155       —  
    Net income (loss) available to common stockholders   $ 47,249     $ (29,990 )   $ 27,357     $ 17,259     $ 53,582  
                         
    Basic earnings (loss) per common share   $ 0.53     $ (0.44 )   $ 0.48     $ 0.22     $ 0.95  
    Diluted earnings (loss) per common share   $ 0.52     $ (0.44 )   $ 0.47     $ 0.22     $ 0.94  
    Effective income tax rate     26.52 %     8.20 %     28.80 %     45.31 %     26.98 %

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.

    Following the acquisition of CrossFirst Bankshares, Inc. (“CrossFirst”) and its subsidiary CrossFirst Bank, by First Busey Corporation, the holding company for Busey Bank, in the first quarter of 2025, CrossFirst Bank was merged with and into Busey Bank (the “Bank Merger”) on June 20, 2025. At the time of the Bank Merger, CrossFirst Bank banking centers became banking centers of Busey Bank. Throughout this document, we refer to First Busey Corporation, together with its consolidated subsidiaries, as “Busey,” the “Company,” “we,” “us,” or “our.”

    Busey’s net income for the second quarter of 2025 was $47.4 million, or $0.52 per diluted common share, compared to a net loss of $30.0 million, or $0.44 per diluted common share, for the first quarter of 2025, and net income of $27.4 million, or $0.47 per diluted common share, for the second quarter of 2024. Annualized return on average assets and annualized return on average tangible common equity2 were 1.00% and 11.24%, respectively, for the second quarter of 2025. The second quarter of 2025 represented the first full quarter in which the CrossFirst acquisition contributed to Busey’s financial results.

    Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). We also adjust for net securities gains and losses to align with industry and research analyst reporting. The objective of our presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Non-operating pre-tax adjustments for acquisition and restructuring expenses2 in the second quarter of 2025 were $16.6 million, with an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new Current Expected Credit Losses (“CECL”) model. Further, net securities gains were $6.0 million, almost entirely related to unrealized gains on Busey’s approximately 3% equity ownership of a financial institution that was the target of an announced acquisition at a significant market premium. For more information and a reconciliation of these non-GAAP measures (which are identified with the End Note labeled as 2) in tabular form, see “Non-GAAP Financial Information” beginning on page 13.

    Adjusted net income,2 which excludes the impact of non-GAAP adjustments, was $57.4 million, or $0.63 per diluted common share, for the second quarter of 2025, compared to $39.9 million, or $0.57 per diluted common share, for the first quarter of 2025 and $30.5 million, or $0.53 per diluted common share, for the second quarter of 2024. Annualized adjusted return on average assets2 and annualized adjusted return on average tangible common equity2 were 1.21% and 13.61%, respectively, for the second quarter of 2025.

    Pre-Provision Net Revenue2

    Pre-provision net revenue2 was $64.2 million for the second quarter of 2025, compared to $28.7 million for the first quarter of 2025 and $40.7 million for the second quarter of 2024. Pre-provision net revenue to average assets2 was 1.35% for the second quarter of 2025, compared to 0.78% for the first quarter of 2025, and 1.35% for the second quarter of 2024.

    Adjusted pre-provision net revenue2 was $80.8 million for the second quarter of 2025, compared to $54.7 million for the first quarter of 2025 and $42.6 million for the second quarter of 2024. Adjusted pre-provision net revenue to average assets2 was 1.70% for the second quarter of 2025, compared to 1.50% for the first quarter of 2025 and 1.42% for the second quarter of 2024.

    Net Interest Income and Net Interest Margin2

    Net interest income was $153.2 million in the second quarter of 2025, compared to $103.7 million in the first quarter of 2025 and $82.5 million in the second quarter of 2024.

    Net interest margin2 was 3.49% for the second quarter of 2025, compared to 3.16% for the first quarter of 2025 and 3.03% for the second quarter of 2024. Excluding purchase accounting accretion, adjusted net interest margin2 was 3.33% for the second quarter of 2025, compared to 3.08% in the first quarter of 2025 and 3.00% in the second quarter of 2024.

    Components of the 33 basis point increase in net interest margin2 during the second quarter of 2025, which includes a full quarter of assets assumed in the CrossFirst acquisition, were as follows:

    • Increased loan portfolio and held for sale loan yields contributed +54 basis points
    • Increased purchase accounting accretion contributed +8 basis points
    • Securities repositioning executed in March contributed +4 basis points
    • Decreased borrowing expense contributed +4 basis points, of which +2 basis points were related to the redemption of subordinated debt in June
    • Increased non-maturity deposit funding costs contributed -25 basis points
    • Decreased cash and securities portfolio yield contributed -12 basis points

    Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 2.8% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet repositioning strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have continued to stabilize the funding base, and we had excess earning cash during the second quarter of 2025. Brokered deposit balances were reduced by $368.6 million during the second quarter of 2025 and at June 30, 2025, the Bank had $353.6 million, or 2.2% of total deposits, of remaining brokered funding. Total deposit cost of funds increased, as expected, from 1.91% during the first quarter of 2025 to 2.21% during the second quarter of 2025. Deposit cost of funds increased due to a full quarter of the higher mix of acquired CrossFirst indexed/managed rate customer products and brokered deposits. Busey will continue to deploy excess cash to pay down non-core and non-relationship high cost funding, which we anticipate will compress the asset base in the short term while helping to reduce the Bank’s overall funding cost. We expect the deposit beta will lessen during the year and is expected to normalize in a range between 45% and 50% of the upper limit of the federal funds target range.

    Noninterest Income

      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    NONINTEREST INCOME                  
    Wealth management fees $ 16,777   $ 17,364     $ 15,917     $ 34,141     $ 31,466  
    Payment technology solutions   4,956     5,073       5,915       10,029       11,624  
    Treasury management services   4,981     3,017       2,145       7,998       4,046  
    Card services and ATM fees   4,880     3,709       3,430       8,589       6,390  
    Other service charges on deposit accounts   1,513     1,533       2,321       3,046       4,669  
    Mortgage revenue   776     329       478       1,105       1,224  
    Income on bank owned life insurance   1,745     1,446       1,442       3,191       2,861  
    Realized net gains (losses) on the sale of mortgage servicing rights   —     —       277       —       7,742  
    Net securities gains (losses)   5,997     (15,768 )     (353 )     (9,771 )     (6,728 )
    Other noninterest income   3,238     4,520       2,131       7,758       5,322  
    Total noninterest income $ 44,863   $ 21,223     $ 33,703     $ 66,086     $ 68,616  
                                         

    Total noninterest income increased by 111.4% compared to the first quarter of 2025 and increased by 33.1% compared to the second quarter of 2024, primarily due to net securities gains and losses, as well as the benefit of a full quarter of income from the CrossFirst acquisition.

    Excluding the impact of net securities gains and losses and the gains on the sale of mortgage servicing rights, adjusted noninterest income2 increased by 5.1% to $38.9 million, or 20.2% of operating revenue2, during the second quarter of 2025, compared to $37.0 million, or 26.3% of operating revenue2, for the first quarter of 2025. Compared to the second quarter of 2024, adjusted noninterest income2 increased by 15.1% from $33.8 million, or 29.0% of operating revenue.2

    Our fee-based businesses continue to add revenue diversification. Wealth management fees, wealth management referral fees included in other noninterest income, and payment technology solutions contributed 56.4% of adjusted noninterest income2 for the second quarter of 2025.

    Noteworthy components of noninterest income are as follows:

    • Wealth management fees declined by 3.4% compared to the first quarter of 2025. The decrease in the second quarter of 2025 was primarily related to seasonal fees, with a decrease in farm management fees, partially offset by higher tax preparation fees. Compared to the second quarter of 2024 wealth management fees increased by 5.4%. Busey’s Wealth Management division ended the second quarter of 2025 with $14.10 billion in assets under care, compared to $13.68 billion at the end of the first quarter of 2025 and $13.02 billion at the end of the second quarter of 2024. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark3 over the last three and five years.
    • Payment technology solutions includes income from electronic payments, merchant processing, and lockbox. Revenue in this category declined by 2.3% compared the first quarter of 2025 and declined by 16.2% compared to the second quarter of 2024, primarily due to decreases in income from electronic payments.
    • Treasury management services consist primarily of business analysis charges and wire transfer fees on commercial accounts. Income from treasury management services increased by 65.1% compared to the first quarter of 2025 and increased by 132.2% compared to the second quarter of 2024 due to the addition of CrossFirst commercial services.
    • Card services and ATM fees, which include both commercial and consumer accounts, increased by 31.6% compared to the first quarter of 2025 and increased by 42.3% compared to the second quarter of 2024 primarily due to addition of CrossFirst corporate card services.
    • Other service charges on deposit accounts declined by 1.3% compared to the first quarter of 2025 and declined by 34.8% compared to the second quarter of 2024. Declines are largely related to lower non-sufficient fund charges.
    • Other noninterest income decreased by 28.4% compared to the first quarter of 2025, primarily due to declines in gains on commercial loan sales, loss on sales of other real estate owned and a related reduction in income from the sold property, and decreases in venture capital investments. Compared to the second quarter of 2024, other noninterest income increased by 51.9%, primarily due to increases in venture capital investments, commercial loan servicing income, and other loan fee income.

    Operating Efficiency

      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    NONINTEREST EXPENSE                  
    Salaries, wages, and employee benefits $ 78,360   $ 67,563   $ 43,478   $ 145,923   $ 85,568
    Data processing   14,021     9,575     7,100     23,596     13,650
    Net occupancy expense of premises   7,832     5,799     4,590     13,631     9,310
    Furniture and equipment expenses   2,409     1,744     1,695     4,153     3,508
    Professional fees   2,874     9,511     2,495     12,385     4,748
    Amortization of intangible assets   4,592     3,083     2,629     7,675     5,038
    Interchange expense   1,297     1,343     1,733     2,640     3,344
    FDIC insurance   2,424     2,167     1,460     4,591     2,860
    Other noninterest expense1   14,024     11,245     10,726     25,269     19,327
    Total noninterest expense1 $ 127,833   $ 112,030   $ 75,906   $ 239,863   $ 147,353

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within other noninterest expense or total noninterest expense.

    Total noninterest expense increased by 14.1% compared to the first quarter of 2025 and increased by 68.4% compared to the second quarter of 2024. Growth in noninterest expense was primarily attributable to nonrecurring acquisition expenses related to the CrossFirst acquisition, added costs for operating expenses for two banks during the majority of the second quarter, until the banks were merged on June 20, 2025, and increased expense associated with the larger organization and branch network. Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million, and we expect 50% of the identified synergies to be realized in 2025 and 100% in 2026.

    Adjusted noninterest expense,2 which excludes acquisition and restructuring expenses and amortization of intangible assets, was $106.6 million in the second quarter of 2025, a 28.6% increase compared to $82.9 million in the first quarter of 2025 and a 50.1% increase compared to $71.1 million in the second quarter of 2024.

    Noteworthy components of noninterest expense are as follows:

    • Salaries, wages, and employee benefits expenses increased by $10.8 million compared to the first quarter of 2025, with acquisition and restructuring expenses declining by $4.3 million. In connection with the CrossFirst acquisition in March and the addition of 16 banking centers, Busey’s workforce expanded, which resulted in only one month of associated expenses during the first quarter of 2025 in contrast to a full quarter of associated expenses reflected in the Company’s results for the second quarter of 2025. Compared to the second quarter of 2024, salaries, wages, and employee benefits expenses increased by $34.9 million, of which $10.4 million was attributable to increases in acquisition and restructuring expenses. Including associates added in connection with the CrossFirst acquisition, Busey has added 430 FTEs over the past year.
    • Data processing expense increased by $4.4 million compared to the first quarter of 2025 and by $6.9 million compared to the second quarter of 2024, of which $1.7 million and $3.6 million, respectively, was attributable to increases in acquisition and restructuring expenses. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.
    • Professional fees declined by $6.6 million compared to the first quarter of 2025, which was primarily driven by a $7.0 million decrease in acquisition and restructuring expenses. Compared to the second quarter of 2024, professional fees increased by $0.4 million, primarily due to increased audit and accounting fees and legal fees, partially offset by $0.1 million declines in acquisition and restructuring expenses.
    • Amortization of intangible assets increased by $1.5 million compared to the first quarter of 2025, and by $2.0 million compared to the second quarter of 2024. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets with amortization of $2.4 million and $3.1 million during the second quarter of 2025 and the first six months of 2025, respectively. Busey uses an accelerated amortization methodology.
    • Other noninterest expense increased by $2.8 million compared to the first quarter of 2025, and increased by $3.3 million compared to the second quarter of 2024. Items contributing to the increases included marketing, business development, supplies, and onboarding costs as well as increases in acquisition and restructuring expenses of $0.2 million compared to the first quarter of 2025 and $0.5 million compared to the second quarter of 2024.

    Busey’s efficiency ratio2 was 63.9% for the second quarter of 2025, compared to 77.1% for the first quarter of 2025 and 62.6% for the second quarter of 2024. Our adjusted efficiency2 ratio was 55.3% for the second quarter of 2025, compared to 58.7% for the first quarter of 2025, and 60.9% for the second quarter of 2024.

    Busey’s annualized ratio of adjusted noninterest expense to average assets was 2.24% for the second quarter of 2025, compared to 2.27% for the first quarter of 2025 and 2.36% for the second quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiency.

    BALANCE SHEET STRENGTH

    CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
               
      As of
    (dollars in thousands, except per share amounts) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    ASSETS          
    Cash and cash equivalents $ 752,352     $ 1,200,292     $ 285,269  
    Debt securities available for sale   2,217,788       2,273,874       1,829,896  
    Debt securities held to maturity   802,965       815,402       851,261  
    Equity securities   16,171       10,828       9,618  
    Loans held for sale   10,497       7,270       11,286  
    Portfolio loans   13,808,619       13,868,357       7,998,912  
    Allowance for credit losses   (183,334 )     (195,210 )     (85,226 )
    Restricted bank stock   77,112       53,518       6,884  
    Premises and equipment, net   181,394       182,003       121,647  
    Right of use assets   38,065       40,594       11,137  
    Goodwill and other intangible assets, net   488,181       496,118       370,580  
    Other assets   708,930       711,206       560,152  
    Total assets $ 18,918,740     $ 19,464,252     $ 11,971,416  
               
    LIABILITIES & STOCKHOLDERS’ EQUITY          
    Liabilities          
    Deposits:          
      Noninterest-bearing deposits $ 3,590,363     $ 3,693,070     $ 2,832,776  
      Interest-bearing checking, savings, and money market deposits   9,578,953       9,675,324       5,619,470  
      Time deposits   2,632,456       3,091,076       1,523,889  
    Total deposits   15,801,772       16,459,470       9,976,135  
    Securities sold under agreements to repurchase   158,030       137,340       140,283  
    Short-term borrowings   —       11,209       —  
    Long-term debt   189,726       313,535       227,245  
    Junior subordinated debt owed to unconsolidated trusts   77,187       77,117       74,693  
    Lease liabilities   39,235       41,111       11,469  
    Other liabilities   240,244       244,864       207,781  
    Total liabilities   16,506,194       17,284,646       10,637,606  
               
    Stockholders’ equity          
    Retained earnings   273,799       249,484       261,820  
    Accumulated other comprehensive income (loss)   (155,311 )     (172,810 )     (220,326 )
    Other stockholders’ equity1   2,294,058       2,102,932       1,292,316  
    Total stockholders’ equity   2,412,546       2,179,606       1,333,810  
    Total liabilities & stockholders’ equity $ 18,918,740     $ 19,464,252     $ 11,971,416  

    ___________________________________________

    1. Net balance of preferred stock ($0.001 par value), common stock ($0.001 par value), additional paid-in capital, and treasury stock.
    AVERAGE BALANCES (unaudited)
                       
      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    ASSETS                  
    Cash and cash equivalents $ 868,164   $ 861,021   $ 346,381   $ 864,613   $ 470,287
    Investment securities   3,083,284     2,782,435     2,737,313     2,933,690     2,822,228
    Loans held for sale   6,899     3,443     9,353     5,181     7,093
    Portfolio loans   13,840,190     9,838,337     8,010,636     11,850,318     7,804,976
    Interest-earning assets   17,700,356     13,363,594     11,000,785     15,543,955     11,003,344
    Total assets   19,068,086     14,831,298     12,089,692     16,961,396     12,056,950
                       
    LIABILITIES & STOCKHOLDERS’ EQUITY                  
    Noninterest-bearing deposits   3,542,617     3,036,127     2,816,293     3,290,770     2,762,439
    Interest-bearing deposits   12,450,529     9,142,781     7,251,582     10,805,793     7,290,844
    Total deposits   15,993,146     12,178,908     10,067,875     14,096,563     10,053,283
    Federal funds purchased and securities sold under agreements to repurchase   141,978     144,838     144,370     143,400     161,514
    Interest-bearing liabilities   12,985,015     9,627,841     7,725,832     11,315,702     7,778,744
    Total liabilities   16,783,504     12,896,222     10,757,877     14,850,601     10,753,180
    Stockholders’ equity – preferred   103,619     2,669     —     53,423     —
    Stockholders’ equity – common   2,180,963     1,932,407     1,331,815     2,057,372     1,303,770
    Tangible common equity1   1,686,490     1,521,387     955,591     1,604,394     939,150

    ___________________________________________

    1. See “Non-GAAP Financial Information” for reconciliation.

    Busey’s financial strength is built on a long-term conservative operating approach. That focus has endured over time and will continue to guide us in the future.

    Total assets were $18.92 billion as of June 30, 2025, compared to $19.46 billion as of March 31, 2025, and $11.97 billion as of June 30, 2024. Average interest-earning assets were $17.70 billion for the second quarter of 2025, compared to $13.36 billion for the first quarter of 2025, and $11.00 billion for the second quarter of 2024.

    Portfolio Loans

    We remain steadfast in our conservative approach to underwriting and our disciplined approach to pricing. Loan demand has been tempered with borrowers hesitant to invest because of lingering macroeconomic uncertainty. At the same time, our commercial real estate portfolio continues to season, resulting in payoffs as properties are completed, stabilized, and refinanced to permanent markets or sold. We expect continued pressure from paydowns within our commercial real estate portfolio through the remainder of 2025. Portfolio loans totaled $13.81 billion at June 30, 2025, compared to $13.87 billion at March 31, 2025, and $8.00 billion at June 30, 2024.

    Average portfolio loans were $13.84 billion for the second quarter of 2025, compared to $9.84 billion for the first quarter of 2025 and $8.01 billion for the second quarter of 2024.

    Asset Quality

    Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment. Following the Bank Merger in June, we are operating as one bank, with a singular credit policy, concentration limits, and monitoring that will continue to align with Busey Bank’s pillars of credit quality.

    ASSET QUALITY (unaudited)
               
      As of
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Total assets $ 18,918,740     $ 19,464,252     $ 11,971,416  
    Portfolio loans   13,808,619       13,868,357       7,998,912  
    Loans 30 – 89 days past due   42,188       18,554       23,463  
    Non-performing loans:          
    Non-accrual loans   53,614       48,647       8,393  
    Loans 90+ days past due and still accruing   941       6,077       712  
    Non-performing loans   54,555       54,724       9,105  
    Other non-performing assets   3,596       4,757       90  
    Non-performing assets   58,151       59,481       9,195  
    Substandard (excludes 90+ days past due)   117,580       131,078       86,579  
    Classified assets $ 175,731     $ 190,559     $ 95,774  
               
    Allowance for credit losses $ 183,334     $ 195,210     $ 85,226  
               
    RATIOS          
    Non-performing loans to portfolio loans   0.40 %     0.39 %     0.11 %
    Non-performing assets to total assets   0.31 %     0.31 %     0.08 %
    Non-performing assets to portfolio loans and other non-performing assets   0.42 %     0.43 %     0.11 %
    Allowance for credit losses to portfolio loans   1.33 %     1.41 %     1.07 %
    Coverage ratio of the allowance for credit losses to non-performing loans 3.36 x   3.57 x   9.36 x
    Classified assets to Bank Tier 1 capital1and reserves   7.70 %     8.40 %     6.40 %

    ___________________________________________

    1. Capital amounts for the second quarter of 2025 are not yet finalized and are subject to change.

    Loans 30-89 days past due increased by $23.6 million compared to March 31, 2025, and increased by $18.7 million compared to June 30, 2024. Increases are primarily due to two commercial credits, one of which—representing approximately $12.5 million—was brought current after the end of the second quarter.

    Non-performing loans decreased by $0.2 million compared to March 31, 2025, and increased by $45.5 million compared to June 30, 2024, with the increase compared to the prior year due to loans purchased with credit deterioration (“PCD” loans) assumed in the CrossFirst acquisition. Non-performing loans were 0.40% of portfolio loans as of June 30, 2025, a 1 basis point increase from March 31, 2025, and a 29 basis point increase from June 30, 2024.

    Non-performing assets decreased by $1.3 million compared to March 31, 2025, and increased by $49.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition. Non-performing assets represented 0.31% of total assets as of both June 30, 2025, and March 31, 2025, which is a 23 basis point increase from June 30, 2024.

    Classified assets decreased by $14.8 million compared to March 31, 2025, and increased by $80.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition.

    The allowance for credit losses was $183.3 million as of June 30, 2025, representing 1.33% of total portfolio loans outstanding, and providing coverage of 3.36 times our non-performing loans balance.

    NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) (unaudited)
                       
      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net charge-offs (recoveries) $ 12,882   $ 31,429   $ 9,856     $ 44,311   $ 15,072  
                       
    Provision for loan losses1 $ 1,005   $ 42,452   $ 2,277     $ 43,457   $ 7,315  
    Provision for unfunded commitments2   4,695     3,141     (369 )     7,836     (1,047 )
    Provision for credit losses3 $ 5,700   $ 45,593   $ 1,908     $ 51,293   $ 6,268  

    ___________________________________________

    1. Amounts reported as provision for loan losses for periods ending prior to June 30, 2025, were previously reported as provision for credit losses. March 31, 2025, included $42.4 million to establish an initial allowance for credit losses for loans purchased without credit deterioration (“non-PCD” loans) following the close of the CrossFirst acquisition.
    2. June 30, 2025, included an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new CECL model. March 31, 2025, included $3.1 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition.
    3. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses.

    Net charge-offs decreased by $18.5 million when compared to the first quarter of 2025, and increased by $3.0 million when compared with the second quarter of 2024. Net charge-offs during the second quarter of 2025 primarily related to one legacy-Busey medical office credit. Net charge-offs during the first quarter of 2025 included $29.6 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.

    The $1.0 million provision for loan losses recorded in the second quarter of 2025 included a release of the PCD provision of $11.8 million due to PCD loan payoffs/paydowns and non-PCD provision expense of $12.8 million to support charge-offs, to adjust for the loan portfolio mix, and as a response to economic factors.

    Deposits

    Total deposits were $15.80 billion at June 30, 2025, compared to $16.46 billion at March 31, 2025, and $9.98 billion at June 30, 2024. Average deposits were $15.99 billion for the second quarter of 2025, compared to $12.18 billion for the first quarter of 2025 and $10.07 billion for the second quarter of 2024. The deliberate run-off of higher cost brokered deposits and listing service CD reductions accounted for $386.8 million of the quarter over quarter decrease as well as seasonal tax payments that put additional pressure on funding during the quarter.

    Core deposits2 accounted for 92.5% of total deposits as of June 30, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 33% of our deposits were uninsured and uncollateralized4 as of June 30, 2025, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

    We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the second quarter of 2025 had a weighted average term of 8.0 months at a rate of 3.74%, which was 80 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

    Borrowings

    On June 1, 2025, Busey redeemed the entire $125.0 million outstanding principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Subordinated Notes”). The aggregate principal amount of the Subordinated Notes, plus accrued and unpaid interest thereon up to, but excluding, June 1, 2025, was $128.3 million.

    Liquidity

    As of June 30, 2025, Busey’s available sources of on- and off-balance sheet liquidity5 totaled $7.95 billion. Furthermore, Busey’s balance sheet liquidity profile continues to be aided by the cash flows expected from Busey’s relatively short-duration securities portfolio. Those cash flows were approximately $123.1 million in the second quarter of 2025. Cash flows from maturing securities within our portfolio are expected to be approximately $181.0 million for the remainder of 2025, with a current book yield of 2.52%, and approximately $289.7 million for 2026, with a current book yield of 2.58%.

    Capital Strength

    The strength of our balance sheet is also reflected in our capital foundation. Although still impacted by the strategic deployment of capital for the CrossFirst acquisition, as well as by Busey’s active share repurchase program, our capital ratios remain strong, and as of June 30, 2025, our estimated regulatory capital ratios6 continued to provide a buffer of more than $870 million above levels required to be designated well-capitalized. Busey’s Common Equity Tier 1 ratio is estimated6 to be 12.22% at June 30, 2025, compared to 12.00% at March 31, 2025, and 13.20% at June 30, 2024. Our Total Capital to Risk Weighted Assets ratio is estimated6 to be 15.75% at June 30, 2025, compared to 14.88% at March 31, 2025, and 17.50% at June 30, 2024.

    Busey’s tangible common equity2 was $1.71 billion at June 30, 2025, compared to $1.68 billion at March 31, 2025, and $963.2 million at June 30, 2024. Tangible common equity2 represented 9.27% of tangible assets at June 30, 2025, compared to 8.83% at March 31, 2025, and 8.30% at June 30, 2024.

    Busey’s tangible book value per common share2 was $19.18 at June 30, 2025, compared to $18.62 at March 31, 2025, and $16.97 at June 30, 2024, reflecting a 13.0% year-over-year increase.

    Dividends

    Busey’s strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. During the second quarter of 2025, Busey paid a dividend of $0.25 per share on its common stock. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980. Additionally, during the second quarter of 2025, Busey paid a dividend of $20.00 per share on its Series A Non-cumulative Perpetual Preferred Stock, which was issued in connection with the CrossFirst acquisition.

    Series B Preferred Stock Issuance

    On May 20, 2025, Busey issued an aggregate of 8,600,000 depositary shares (the “Depositary Shares”), each representing a 1/40th interest in a share of Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value (the “Series B Preferred Stock”), with a liquidation preference of $1,000 per share of Series B Preferred Stock (equivalent to $25 per Depositary Share). Additional information about the Depositary Shares and Series B Preferred Stock issuance can be found in Busey’s 8-K filed with the SEC on May 20, 2025, and the related exhibits thereto.

    Share Repurchases

    During the second quarter of 2025, Busey’s board of directors authorized the purchase of up to 2,000,000 additional shares of the Company’s common stock under Busey’s stock repurchase plan. Busey purchased 1,012,000 shares of its common stock under the plan during the second quarter of 2025 at a weighted average price of $21.40 per share for a total of $21.7 million. As of June 30, 2025, Busey had 2,687,275 shares remaining available for repurchase under the plan.

    SECOND QUARTER EARNINGS INVESTOR PRESENTATION

    For additional information on Busey’s financial condition and operating results, please refer to our Q2 2025 Earnings Investor Presentation furnished via Form 8‑K on July 22, 2025, in connection with this earnings release.

    CORPORATE PROFILE

    As of June 30, 2025, First Busey Corporation (Nasdaq: BUSE) was a $18.92 billion financial holding company headquartered in Leawood, Kansas.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.87 billion as of June 30, 2025. Busey Bank currently has 78 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in Southwest Florida, one in Indianapolis, two in Oklahoma City, one in Tulsa, one in Wichita, one in Denver, one in Colorado Springs, one in Phoenix, one in Tucson, and one in New Mexico. More information about Busey Bank can be found at busey.com.

    Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $14.10 billion as of June 30, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

    Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

    For the fourth consecutive year, Busey was named among Forbes’ 2025’s America’s Best Banks. In 2025, Forbes also recognized Busey as a Best-in-State Bank, based on rankings of customer service, quality of financial advice, fee structures, ease of digital services, accessing help at branch locations and the degree of trust inspired. Busey was also named among the 2024 Best Banks to Work For by American Banker and the 2024 Best Places to Work in Money Management by Pensions and Investments. We are honored to be consistently recognized as an outstanding financial services organization with an engaged culture of integrity and commitment to community development.

    NON-GAAP FINANCIAL INFORMATION

    This earnings release contains certain financial information determined by methods other than GAAP. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey’s performance over time.

    The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.

    These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted with the tables below.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

    Pre-Provision Net Revenue and Related Measures
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net interest income (GAAP)   $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Total noninterest income (GAAP)     44,863       21,223       33,703       66,086       68,616  
    Net security (gains) losses (GAAP)     (5,997 )     15,768       353       9,771       6,728  
    Total noninterest expense (GAAP)1     (127,833 )     (112,030 )     (75,906 )     (239,863 )     (147,353 )
    Pre-provision net revenue (Non-GAAP) [a]   64,216       28,692       40,682       92,908       86,377  
    Acquisition and restructuring expenses, excluding initial provision expenses     16,600       26,026       2,212       42,626       2,620  
    Realized net (gains) losses on the sale of mortgage service rights     —       —       (277 )     —       (7,742 )
    Adjusted pre-provision net revenue (Non-GAAP) [b] $ 80,816     $ 54,718     $ 42,617     $ 135,534     $ 81,255  
                         
    Average total assets [c] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
                         
    Pre-provision net revenue to average total assets (Non-GAAP)2 [a÷c]   1.35 %     0.78 %     1.35 %     1.10 %     1.44 %
    Adjusted pre-provision net revenue to average total assets (Non-GAAP)2 [b÷c]   1.70 %     1.50 %     1.42 %     1.61 %     1.36 %

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.
    2. Annualized measure.
    Adjusted Net Income, Average Tangible Common Equity, and Related Ratios
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands, except per share amounts)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net income (loss) (GAAP) [a] $ 47,404     $ (29,990 )   $ 27,357     $ 17,414     $ 53,582  
    Day 2 provision for credit losses1     —       45,572       —       45,572       —  
    Adjustment of initial provision for unfunded commitments due to adoption of new model1     4,030       —       —       4,030       —  
    Other acquisition expenses     16,600       26,026       2,212       42,626       2,497  
    Restructuring expenses     —       —       —       —       123  
    Net securities (gains) losses     (5,997 )     15,768       353       9,771       6,728  
    Realized net (gains) losses on the sale of mortgage servicing rights     —       —       (277 )     —       (7,742 )
    Related tax (benefit) expense2     (4,971 )     (22,069 )     (572 )     (27,040 )     (402 )
    Non-recurring deferred tax adjustment3     328       4,591       1,446       4,919       1,446  
    Adjusted net income (Non-GAAP)4 [b]   57,394       39,898       30,519       97,292       56,232  
    Preferred dividends [c]   155       —       —       155       —  
    Adjusted net income available to common stockholders (Non-GAAP) [d] $ 57,239     $ 39,898     $ 30,519     $ 97,137     $ 56,232  
                         
    Weighted average number of common shares outstanding, diluted (GAAP) [e]   90,883,711       68,517,647       57,853,231       80,251,577       57,129,865  
    Diluted earnings (loss) per common share (GAAP) [(a-c)÷e] $ 0.52     $ (0.44 )   $ 0.47     $ 0.22     $ 0.94  
                         
    Weighted average number of common shares outstanding, diluted (Non-GAAP)5 [f]   90,883,711       69,502,717       57,853,231       80,251,577       57,129,865  
    Adjusted diluted earnings per common share (Non-GAAP)5,6 [d÷f] $ 0.63     $ 0.57     $ 0.53     $ 1.21     $ 0.98  
                         
    Average total assets [g] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
    Return on average assets (Non-GAAP)6 [a÷g]   1.00 %   (0.82)%     0.91 %     0.21 %     0.89 %
    Adjusted return on average assets (Non-GAAP)4,6 [b÷g]   1.21 %     1.09 %     1.02 %     1.16 %     0.94 %
                         
    Average common equity   $ 2,180,963     $ 1,932,407     $ 1,331,815     $ 2,057,372     $ 1,303,770  
    Average goodwill and other intangible assets, net     (494,473 )     (411,020 )     (376,224 )     (452,978 )     (364,620 )
    Average tangible common equity (Non-GAAP) [h] $ 1,686,490     $ 1,521,387     $ 955,591     $ 1,604,394     $ 939,150  
                         
    Return on average tangible common equity (Non-GAAP)6 [(a-c)÷h]   11.24 %   (7.99)%     11.51 %     2.17 %     11.47 %
    Adjusted return on average tangible common equity (Non-GAAP)4,6 [d÷h]   13.61 %     10.64 %     12.85 %     12.21 %     12.04 %

    ___________________________________________

    1. The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statement of Income.
    2. Tax benefits were calculated for the year-to-date periods using tax rates of 26.51% and 25.03% for the six months ended June 30, 2025 and 2024, respectively. Tax benefits for the quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
    3. A deferred valuation tax adjustment in 2025 was recorded in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Additionally, 2025 includes a write-off of deferred tax assets related to non-deductible acquisition-related expenses. A deferred tax valuation adjustment in 2024 resulted from a change to Busey’s Illinois apportionment rate due to recently enacted regulations. Deferred tax adjustments are reflected within the income taxes line on the Statement of Income.
    4. Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were presented as further adjustments to adjusted net income.
    5. Dilution includes shares that would have been dilutive if there had been net income during the period.
    6. Annualized measure.
    Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net interest income (GAAP)   $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Tax-equivalent adjustment1     791       537       402       1,328       851  
    Tax-equivalent net interest income (Non-GAAP) [a]   153,974       104,268       82,934       258,242       159,237  
    Purchase accounting accretion related to business combinations     (7,119 )     (2,728 )     (812 )     (9,847 )     (1,016 )
    Adjusted net interest income (Non-GAAP) [b] $ 146,855     $ 101,540     $ 82,122     $ 248,395     $ 158,221  
                         
    Average interest-earning assets (Non-GAAP) [c] $ 17,700,356     $ 13,363,594     $ 11,000,785     $ 15,543,955     $ 11,003,344  
                         
    Net interest margin (Non-GAAP)2 [a÷c]   3.49 %     3.16 %     3.03 %     3.35 %     2.91 %
    Adjusted net interest margin (Non-GAAP)2 [b÷c]   3.33 %     3.08 %     3.00 %     3.22 %     2.89 %

    ___________________________________________

    1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
    2. Annualized measure.
    Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Efficiency Ratios, and Adjusted Noninterest Expense to Average Assets
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net interest income (GAAP) [a] $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Tax-equivalent adjustment1     791       537       402       1,328       851  
    Tax-equivalent net interest income (Non-GAAP) [b]   153,974       104,268       82,934       258,242       159,237  
                         
    Total noninterest income (GAAP)     44,863       21,223       33,703       66,086       68,616  
    Net security (gains) losses     (5,997 )     15,768       353       9,771       6,728  
    Noninterest income excluding net securities gains and losses (Non-GAAP) [c]   38,866       36,991       34,056       75,857       75,344  
    Realized net (gains) losses on the sale of mortgage service rights     —       —       (277 )     —       (7,742 )
    Adjusted noninterest income (Non-GAAP) [d] $ 38,866     $ 36,991     $ 33,779     $ 75,857     $ 67,602  
                         
    Tax-equivalent revenue (Non-GAAP) [e = b+c] $ 192,840     $ 141,259     $ 116,990     $ 334,099     $ 234,581  
    Adjusted tax-equivalent revenue (Non-GAAP) [f = b+d]   192,840       141,259       116,713       334,099       226,839  
    Operating revenue (Non-GAAP) [g = a+d]   192,049       140,722       116,311       332,771       225,988  
                         
    Adjusted noninterest income to operating revenue (Non-GAAP) [d÷g]   20.24 %     26.29 %     29.04 %     22.80 %     29.91 %
                         
    Total noninterest expense (GAAP)2   $ 127,833     $ 112,030     $ 75,906     $ 239,863     $ 147,353  
    Amortization of intangible assets     (4,592 )     (3,083 )     (2,629 )     (7,675 )     (5,038 )
    Noninterest expense excluding amortization of intangible assets (Non-GAAP)2 [h]   123,241       108,947       73,277       232,188       142,315  
    Acquisition and restructuring expenses, excluding initial provision expenses     (16,600 )     (26,026 )     (2,212 )     (42,626 )     (2,620 )
    Adjusted noninterest expense (Non-GAAP)2 [i] $ 106,641     $ 82,921     $ 71,065     $ 189,562     $ 139,695  
                         
    Efficiency ratio (Non-GAAP)2 [h÷e]   63.91 %     77.13 %     62.64 %     69.50 %     60.67 %
    Adjusted efficiency ratio (Non-GAAP)2 [i÷f]   55.30 %     58.70 %     60.89 %     56.74 %     61.58 %
                         
    Average total assets [j] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
    Adjusted noninterest expense to average assets (Non-GAAP)2,3 [i÷j]   2.24 %     2.27 %     2.36 %     2.25 %     2.33 %

    ___________________________________________

    1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
    2. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. This change affects all measures and ratios derived from total noninterest expense.
    3. Annualized measure.
    Tangible Assets, Tangible Common Equity, and Related Measures and Ratio
                 
        As of
    (dollars in thousands, except per share amounts)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Total assets (GAAP)   $ 18,918,740     $ 19,464,252     $ 11,971,416  
    Goodwill and other intangible assets, net     (488,181 )     (496,118 )     (370,580 )
    Tangible assets (Non-GAAP)1 [a] $ 18,430,559     $ 18,968,134     $ 11,600,836  
                 
    Total stockholders’ equity (GAAP)   $ 2,412,546     $ 2,179,606     $ 1,333,810  
    Preferred stock and additional paid in capital on preferred stock     (215,197 )     (7,750 )     —  
    Common equity [b]   2,197,349       2,171,856       1,333,810  
    Goodwill and other intangible assets, net     (488,181 )     (496,118 )     (370,580 )
    Tangible common equity (Non-GAAP)1 [c] $ 1,709,168     $ 1,675,738     $ 963,230  
                 
    Tangible common equity to tangible assets (Non-GAAP)1 [c÷a]   9.27 %     8.83 %     8.30 %
                 
    Ending number of common shares outstanding (GAAP) [d]   89,104,678       90,008,178       56,746,937  
    Book value per common share (Non-GAAP) [b÷d] $ 24.66     $ 24.13     $ 23.50  
    Tangible book value per common share (Non-GAAP) [c÷d] $ 19.18     $ 18.62     $ 16.97  

    ___________________________________________

    1. Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment.
    Core Deposits and Related Ratio
                 
        As of
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Total deposits (GAAP) [a] $ 15,801,772     $ 16,459,470     $ 9,976,135  
    Brokered deposits, excluding brokered time deposits of $250,000 or more     (353,614 )     (722,224 )     (43,089 )
    Time deposits of $250,000 or more     (827,762 )     (867,035 )     (314,461 )
    Core deposits (Non-GAAP) [b] $ 14,620,396     $ 14,870,211     $ 9,618,585  
                 
    Core deposits to total deposits (Non-GAAP) [b÷a]   92.52 %     90.34 %     96.42 %
                             

    FORWARD-LOOKING STATEMENTS

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

    A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

    Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission.

    END NOTES

    1 Annualized measure.
    2 Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see “Non-GAAP Financial Information.”
    3 The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.
    4 Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250,000 Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution.
    5 On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.
    6 Capital amounts and ratios for the second quarter of 2025 are not yet finalized and are subject to change.
       

    INVESTOR CONTACT: Scott A. Phillips, Interim Chief Financial Officer | 239-689-7167

    The MIL Network –

  • MIL-OSI: Weatherford Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Second quarter revenue of $1,204 million increased 1% sequentially
    • Second quarter operating income of $237 million increased 67% sequentially
    • Second quarter net income of $136 million increased 79% sequentially; net income margin of 11.3%
    • Second quarter adjusted EBITDA* of $254 million was flat sequentially; adjusted EBITDA margin* of 21.1% decreased 11 basis points sequentially
    • Second quarter cash provided by operating activities of $128 million and adjusted free cash flow* of $79 million
    • Repurchased $27 million of 8.625% Senior Notes due 2030 in the second quarter of 2025
    • Shareholder return of $52 million for the quarter, which included dividend payments of $18 million and share repurchases of $34 million
    • Board approved quarterly cash dividend of $0.25 per share, payable on September 4, 2025, to shareholders of record as of August 6, 2025
    • Signed an agreement with Amazon Web Services to migrate and modernize our digital platforms, including the Modern Edge Platform and Unified Data Model, enhancing operational efficiency and data-driven decision-making. The collaboration also boosts Weatherford’s Software Launchpad, offering scalable, cloud-based solutions while ensuring data control and integration flexibility

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    HOUSTON, July 22, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the second quarter of 2025.

    Revenues for the second quarter of 2025 were $1,204 million, an increase of 1% sequentially and a decrease of 14% year-over-year. Operating income in the second quarter of 2025 was $237 million, an increase of 67% sequentially and a decrease of 10% year-over-year. Net income in the second quarter of 2025 was $136 million, with a 11.3% margin, an increase of 79%, or 493 basis points, sequentially, and an increase of 9%, or 240 basis points, year-over-year. Adjusted EBITDA* was $254 million, with a 21.1% margin, flat, or a decrease of 11 basis points, sequentially, and a decrease of 30%, or 488 basis points, year-over-year. Basic income per share in the second quarter of 2025 was $1.87, an increase of 81% sequentially and an increase of 10% year-over-year. Diluted income per share in the second quarter of 2025 was $1.87, an increase of 81% sequentially and an increase of 13% year-over-year.

    Second quarter 2025 cash flows provided by operating activities were $128 million, a decrease of 10% sequentially and a decrease of 15% year-over-year. Adjusted free cash flow* was $79 million, an increase of 20% sequentially and a decrease of 18% year-over-year. Capital expenditures were $54 million in the second quarter of 2025, a decrease of 30% sequentially and a decrease of 13% year-over-year.

    Girish Saligram, President and Chief Executive Officer, commented, “Our core operating markets continued to exhibit activity slowdown during the quarter, driven by geopolitical events, supply-demand imbalance concerns, and trade uncertainties. Despite these structural headwinds, the One Weatherford team delivered second-quarter results in line with expectations, reflecting disciplined execution and operational efficiency in a distinctly softer market. The sequential performance demonstrates strong fundamentals and the resilience of our operating model. Revenues increased and adjusted EBITDA was flat despite the previously announced divestiture of certain businesses in Argentina. Adjusted Free Cash Flow also increased, even as receivables continued to build in Latin America due to lack of payments in Mexico. This performance underscores the strength of the new Weatherford operating paradigm and marks a positive departure from past responses to prior market cycle inflections.

    Looking ahead, activity levels in both North America and international markets continue to show signs of sluggishness, and expectations for a broader sector recovery have shifted further to the right. While we anticipate a relatively flat trajectory on revenues for the immediate future, we remain focused on driving adjusted free cash flow conversion through portfolio optimization, structural cost efficiencies, optimization of working capital, and CAPEX efficiency.”

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    Operational & Commercial Highlights

    • An International Oil Company (IOC) awarded Weatherford a three-year contract to provide Managed Pressure Drilling (MPD) services for a deepwater development project in Mexico.
    • Aramco awarded Weatherford a one-year contract extension to provide MPD services for its onshore and offshore wells.
    • Weatherford, with Superior Energy Services, secured a three-year contract to supply conventional completions (Upper and Lower) equipment to Petrobras for pre-salt and post-salt fields offshore Brazil.
    • Cairn Oil & Gas granted Weatherford a Letter of Award to provide Completions, Liner Hanger, Whipstock systems and services, and MPD services for High Temperature – Ultra High Temperature (HT-UHT) drilling and rigless project in Barmer, India.
    • bp UK awarded Weatherford a one-year contract to provide Cementation Products, Completions, Drilling Services, Intervention Services & Drilling Tools (ISDT), and a one-year contract to provide Liner Hanger systems for the Northern Endurance Partnership CO2 Storage Project in offshore UK.
    • Beach Energy Limited awarded Weatherford contracts to provide Cementation Products, Cement Heads, Liner Hangers, and Tubular Running Services (TRS) for a campaign in offshore Australia.
    • Origin Energy awarded Weatherford a five-year contract to re-supply PCP systems in onshore Australia.
    • OMV awarded Weatherford a three-year contract to supply Completions and Reservoir Monitoring equipment in Tunisia.
    • Shell awarded Weatherford a three-year contract to provide ISDT offshore in the Gulf of America.
    • An IOC awarded Weatherford a three-year contract to provide thru-tubing Well Services in offshore Malaysia.
    • Kuwait Oil Company (KOC) awarded Weatherford a contract for the supply of XpressTM XT Liner Hanger systems for deep drilling operations in Kuwait.
    • A National Oil Company in the Middle East awarded a two-year contract to provide thru-tubing and safety valve systems in the United Arab Emirates.
    • A major operator in Canada awarded Weatherford a two-year contract to provide Artificial Lift services in onshore Canada.
    • Weatherford, in strategic partnership with Constellation, secured a three-year contract to deliver TRS, integrating the automated Vero™ technology into their rig for Petrobras in offshore Brazil.

    Technology Highlights

    • Drilling & Evaluation (“DRE”)
      • In Kuwait, Weatherford successfully deployed combined Magnus™ and Victus™ solutions for a pilot project for KOC. This approach enabled the use of a smaller wellhead, eliminated one casing string, and allowed effective drilling and cementing through stacked reservoirs, potentially unlocking new completion designs and enhancing recovery.
      • In Qatar, Weatherford successfully completed the first Modus™ job using MPD techniques that significantly improved operational efficiency and well safety. The Modus system enabled the operator to reach the targeted total depth while saving substantial rig time and costs compared to conventional methods.
      • In Norway, Weatherford successfully completed three open hole logging jobs for an international operator using coiled tubing for deployment. This approach enabled effective logging in a highly deviated well, overcoming the limitations of conventional wireline conveyance.
    • Well Construction and Completions (“WCC”)
      • In the Gulf of America, Weatherford successfully integrated multiple TRS technologies for bp. This integration enhanced operational speed, cost-effectiveness, and well integrity while improving quality, efficiency, and safety by reducing personnel requirements and eliminating manual intervention.
      • In the United Kingdom, Weatherford successfully implemented StringGuardTM for Shell. The solution is designed to provide protection against potential dropped string events, with the aim of maintaining operational focus and incident free delivery.
    • Production and Intervention (“PRI”)
      • Weatherford’s Rotaflex® Artificial Lift technology has witnessed continued global adoption, with recent installations in France, Australia, and Oman. These projects have addressed a variety of operational challenges, including the replacement of Electric Submersible Pumps and conventional pumping units, enhancement of production efficiency, support for Coal Bed Methane initiatives, and restoration of output in complex wells, underscoring the versatility and effectiveness of the Rotaflex technology.
      • In Norway, Weatherford completed a successful field trial of TITAN RS technology for Equinor, following the acquisition of Ardyne. The trial delivered a full casing cut and recovery solution for the plug and abandonment market, reinforcing Weatherford’s leadership in advanced well abandonment.
      • In Saudi Arabia, Weatherford installed the first Rod Lift system in the Jafurah field. The unit was successfully commissioned, validating Weatherford’s Rod Lift technology as a viable artificial lift solution for this unconventional gas field.

    Shareholder Return

    During the second quarter of 2025, Weatherford paid dividends of $18 million and repurchased shares for approximately $34 million, resulting in a total shareholder return of $52 million. In the first half of the year, Weatherford paid dividends of $36 million and repurchased shares for approximately $87 million, resulting in a total shareholder return of $123 million.

    On July 17, 2025, our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on September 4, 2025, to shareholders of record as of August 6, 2025.

    Results by Reportable Segment

    Drilling and Evaluation (“DRE”)
      

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   Seq.   YoY
    Revenue   $          335     $              350     $          427     (4)   %   (22)    %
    Segment Adjusted EBITDA   $            69     $                 74     $          130     (7)   %   (47)    %
    Segment Adj EBITDA Margin     20.6 %     21.1 %     30.4 %            (55) bps         (985) bps

    Second quarter 2025 DRE revenue of $335 million decreased by $15 million, or 4% sequentially, primarily from lower Wireline activity in North America and Latin America partly offset by higher Drilling Services activity in Europe/Sub-Sahara Africa/Russia and Latin America. Year-over-year DRE revenue decreased by $92 million, or 22%, primarily from lower activity across all geographies, especially in Latin America, partly offset by higher Drilling Services activity in Europe/Sub-Sahara Africa/ Russia, North America and Middle East/North Africa/Asia.

    Second quarter 2025 DRE segment adjusted EBITDA of $69 million decreased by $5 million, or 7% sequentially, primarily from lower Wireline activity, partly offset by higher Drilling Services activity. Year-over-year DRE segment adjusted EBITDA decreased by $61 million, or 47%, primarily from lower activity across all geographies, especially in Latin America.

    Well Construction and Completions (“WCC”)  

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   Seq.   YoY
    Revenue   $          456     $              441     $          504     3 %   (10)   %
    Segment Adjusted EBITDA   $          118     $              128     $          145     (8) %   (19)   %
    Segment Adj EBITDA Margin     25.9 %     29.0 %     28.8 %         (315) bps          (289) bps

    Second quarter 2025 WCC revenue of $456 million increased by $15 million, or 3% sequentially, primarily from higher Liner Hangers and Cementation Products activity partly offset by lower Completions activity especially in Latin America.  Year-over-year WCC revenues decreased by $48 million, or 10%, primarily from lower activity in Latin America, Europe/Sub-Sahara Africa/Russia and North America partly offset by higher Liner Hangers activity in Middle East/North Africa/Asia.

    Second quarter 2025 WCC segment adjusted EBITDA of $118 million decreased by $10 million, or 8% sequentially, primarily from lower Completions activity partly offset by higher Liner Hangers activity and Cementation Products activity and fall through. Year-over-year WCC segment adjusted EBITDA decreased by $27 million, or 19%, primarily from lower activity in Latin America, Europe/Sub-Sahara Africa/Russia and North America partly offset by higher Liner Hangers and TRS fall through in Middle East/North Africa/Asia.

    Production and Intervention (“PRI”)  

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   Seq.   YoY
    Revenue   $          327         $              334     $          369     (2)  %   (11)   %
    Segment Adjusted EBITDA   $            63         $                 62     $            85     2 %   (26)   %
    Segment Adj EBITDA Margin     19.3 %     18.6 %     23.0 %             70  bps          (377) bps

    Second quarter 2025 PRI revenue of $327 million  decreased by $7 million, or 2% sequentially, primarily from lower Pressure Pumping activity in Latin America pursuant to the sale of the Argentina Pressure Pumping business partly offset by higher Artificial Lift and Sub-sea Intervention activity. Year-over-year PRI revenue decreased by $42 million, or 11%, as lower activity across all geographies was partly offset by higher Sub-sea intervention activity in Latin America.

    Second quarter 2025 PRI segment adjusted EBITDA of $63 million increased by $1 million, or 2% sequentially, primarily from  higher Sub-sea Intervention activity and fall through partly offset by lower Pressure Pumping activity in Latin America pursuant to the sale of the Argentina Pressure Pumping business. Year-over-year PRI segment adjusted EBITDA decreased by $22 million, or 26%, primarily from lower activity across all geographies, partly offset by higher Sub-sea intervention activity and fall through in Latin America.

    Revenue by Geography 

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   Seq.   YoY
    North America   $             241   $                  250   $             252   (4) %   (4) %
                         
    International   $             963   $                  943   $          1,153   2 %   (16) %
       Latin America                     195                        241                    353   (19) %   (45) %
       Middle East/North Africa/Asia                    524                        503                    542   4 %   (3) %
       Europe/Sub-Sahara Africa/Russia                    244                        199                    258   23 %   (5) %
    Total Revenue   $          1,204   $               1,193   $          1,405   1 %   (14) %


    North America

    Second quarter 2025 North America revenue of $241 million decreased by $9 million, or 4% sequentially, primarily from lower Wireline activity in Canada Land, partly offset by higher Cementation Products and Liner Hangers activity. Year-over-year, North America decreased by $11 million, or 4% , primarily from lower activity across all the segments, partly offset by higher activity in US Offshore.

    International

    Second quarter 2025 international revenue of $963 million increased by $20 million, or 2% sequentially and decreased by $190 million, or 16% year-over-year.

    Second quarter 2025 Latin America revenue of $195 million decreased by $46 million, or 19% sequentially, primarily from lower activity in Argentina pursuant to the sale of the Argentina Pressure Pumping business, partly offset by higher Sub-sea intervention activity. Year-over-year, Latin America revenue decreased by $158 million, or 45%, primarily from lower activity in Mexico and Argentina, partly offset by higher Sub-sea intervention activity.

    Second quarter 2025 Middle East/North Africa/Asia revenue of $524 million increased by $21 million, or 4% sequentially, primarily from higher Liner Hangers and Cementation Products activity partly offset by lower Drilling Services. Year-over-year, the Middle East/North Africa/Asia revenue decreased by $18 million, or 3%, primarily from lower activity in the DRE and PRI segments partly offset by higher Liner Hangers activity.

    Second quarter 2025 Europe/Sub-Sahara Africa/Russia revenue of $244 million increased by $45 million, or 23% sequentially, primarily from higher activity across all the segments. Year-over-year, Europe/Sub-Sahara Africa/Russia revenue decreased by $14 million, or 5%, primarily from lower activity across all the segments especially WCC, partly offset by higher Drilling Services and Pressure Pumping.

    About Weatherford
    Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 17,300 team members representing more than 110 nationalities and 310 operating locations. Visit weatherford.com for more information and connect with us on social media.

    Conference Call Details

    Weatherford will host a conference call on Wednesday, July 23, 2025, to discuss the Company’s results for the second quarter ended June 30, 2025. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

    Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.

    Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.

    A telephonic replay of the conference call will be available until August 6, 2025, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 1312926. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.

    Contacts
    For Investors:
    Luke Lemoine
    Senior Vice President, Corporate Development & Investor Relations
    +1 713-836-7777
    investor.relations@weatherford.com

    For Media:
    Kelley Hughes
    Senior Director, Communications & Employee Engagement
    media@weatherford.com

    Forward-Looking Statements

    This news release contains projections and forward-looking statements concerning, among other things, the Company’s adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflicts, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts, increases in the prices and lead times, and the lack of availability of our procured products and services, including due to macroeconomic and geopolitical conditions such as tariffs and changes in trade policies, our ability to timely collect from customers; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.

    These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission, including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    Weatherford International plc
    Selected Statements of Operations (Unaudited)
                         
        Three Months Ended   Six Months Ended
    ($ in Millions, Except Per Share Amounts)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Revenues:                    
    DRE Revenues   $              335     $                 350     $              427     $            685     $            849  
    WCC Revenues                    456                          441                      504                     897                    962  
    PRI Revenues                    327                          334                      369                     661                    717  
    All Other                       86                            68                      105                     154                    235  
    Total Revenues                 1,204                      1,193                   1,405                 2,397                 2,763  
                         
    Operating Income:                    
    DRE Segment Adjusted EBITDA[1]   $                69     $                    74     $              130     $            143     $            260  
    WCC Segment Adjusted EBITDA[1]                    118                          128                      145                     246                    265  
    PRI Segment Adjusted EBITDA[1]                       63                            62                        85                     125                    158  
    All Other[2]                       19                              4                        23                       23                       50  
    Corporate[2]                     (15 )                        (15 )                    (18 )                   (30 )                   (32 )
    Depreciation and Amortization                     (64 )                        (62 )                    (86 )                 (126 )                (171 )
    Share-based Compensation                       (9 )                          (7 )                    (12 )                   (16 )                   (25 )
    Gain on Sale of Business                       70                            —                        —                       70                       —  
    Restructuring Charges                     (11 )                        (29 )                       (5 )                   (40 )                     (8 )
    Other (Charges) Credits                       (3 )                        (13 )                        2                     (16 )                     —  
    Operating Income                    237                          142                      264                     379                    497  
                         
    Other Expense:                    
    Interest Expense, Net of Interest Income of $14, $11,
    $17, $25 and $31    		                     (21 )                        (26 )                    (24 )                   (47 )                   (53 )
    Loss on Blue Chip Swap Securities                       (1 )                          —                      (10 )                     (1 )                   (10 )
    Other Expense, Net                     (24 )                        (20 )                    (20 )                   (44 ) —                 (42 )
    Income Before Income Taxes                    191                            96                      210                     287                    392  
    Income Tax Provision                     (46 )                        (10 )                    (73 )                   (56 )                (132 )
    Net Income                    145                            86                      137                     231                    260  
    Net Income Attributable to Noncontrolling Interests                         9                            10                        12                       19                       23  
    Net Income Attributable to Weatherford   $              136     $                    76     $              125     $            212     $            237  
                         
    Basic Income Per Share   $             1.87     $                1.04     $             1.71     $           2.91     $           3.25  
    Basic Weighted Average Shares Outstanding                   72.2                         73.1                     73.2                    72.7                   73.1  
                         
    Diluted Income Per Share   $             1.87     $                1.03     $             1.66     $           2.90     $           3.16  
    Diluted Weighted Average Shares Outstanding                   72.4                         73.4                     75.3       72.9       75.0  
    [1] Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation, restructuring charges and other adjustments. Research and development expenses are included in segment adjusted EBITDA.
    [2] All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting.
    Weatherford International plc
    Selected Balance Sheet Data (Unaudited)
           
    ($ in Millions) June 30, 2025   December 31, 2024
    Assets:      
    Cash and Cash Equivalents $                              943   $                                 916
    Restricted Cash                                     60                                         59
    Accounts Receivable, Net                               1,177                                    1,261
    Inventories, Net                                  881                                       880
    Property, Plant and Equipment, Net                               1,136                                    1,061
    Intangibles, Net                                  305                                       325
           
    Liabilities:      
    Accounts Payable                                  685                                       792
    Accrued Salaries and Benefits                                  252                                       302
    Current Portion of Long-term Debt                                     26                                         17
    Long-term Debt                               1,565                                    1,617
           
    Shareholders’ Equity:      
    Total Shareholders’ Equity                               1,519                                    1,283
    Weatherford International plc
    Selected Cash Flows Information (Unaudited)
                         
        Three Months Ended   Six Months Ended
    ($ in Millions)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Cash Flows From Operating Activities:                    
    Net Income   $             145     $                    86     $             137     $             231     $             260  
    Adjustments to Reconcile Net Income to Net Cash
    Provided By Operating Activities:    		                    
    Depreciation and Amortization                      64                             62                        86                      126                      171  
    Foreign Exchange Losses                      17                             13                          8                        30                        23  
    Loss on Blue Chip Swap Securities                        1                             —                        10                          1                        10  
    Gain on Disposition of Assets                      (3 )                           (1 )                    (25 )                      (4 )                    (32 )
    Gain on Sale of Business                    (70 )                           —                        —                      (70 )                      —   
    Deferred Income Tax Provision (Benefit)                      (5 )                             7                        13                          2                        27  
    Share-Based Compensation                        9                               7                        12                        16                        25  
    Changes in Accounts Receivable, Inventory, Accounts
    Payable and Accrued Salaries and Benefits    		                    (22 )                         (17 )                    (22 )                    (39 )                  (174 )
    Other Changes, Net                      (8 )                         (15 )                    (69 )                    (23 )                    (29 )
    Net Cash Provided By Operating Activities                    128                          142                      150                      270                      281  
                         
    Cash Flows From Investing Activities:                    
    Capital Expenditures for Property, Plant and Equipment                    (54 )                         (77 )                    (62 )                  (131 )                  (121 )
    Proceeds from Disposition of Assets                        5                               1                          8                          6                        18  
    Proceeds from Sale of Businesses                      97                             —                        —                        97                        —   
    Purchases of Blue Chip Swap Securities                    (83 )                           —                      (50 )                    (83 )                    (50 )
    Proceeds from Sales of Blue Chip Swap Securities                      82                             —                        40                        82                        40  
    Business Acquisitions, Net of Cash Acquired                      —                             —                        —                        —                       (36 )
    Proceeds from Sale of Investments                      —                             —                        —                        —                         41  
    Other Investing Activities                      (4 )                           (3 )                        3                        (7 )                      (7 )
    Net Cash Provided by (Used In) Investing Activities                      43                           (79 )                    (61 )                    (36 )                  (115 )
                         
    Cash Flows From Financing Activities:                    
    Repayments of Long-term Debt                    (34 )                         (39 )                    (87 )                    (73 )                  (259 )
       Distributions to Noncontrolling Interests                      (8 )                           —                        (9 )                      (8 )                      (9 )
    Tax Remittance on Equity Awards                      —                           (20 )                      (1 )                    (20 )                      (9 )
    Share Repurchases                    (34 )                         (53 )                      —                      (87 )                      —   
    Dividends Paid                    (18 )                         (18 )                      —                      (36 )                      —   
    Other Financing Activities                      (3 )                           (3 )                      (5 )                      (6 )                    (12 )
    Net Cash Used In Financing Activities   $              (97 )   $                (133 )   $           (102 )   $           (230 )   $           (289 )
    Weatherford International plc
    Non-GAAP Financial Measures Defined (Unaudited)

    We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.​

    Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    *Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled

    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)
     
                         
        Three Months Ended   Six Months Ended
    ($ in Millions, Except Margin in Percentages)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Revenues   $         1,204     $          1,193     $         1,405     $      2,397     $      2,763  
    Net Income Attributable to Weatherford   $            136     $                76     $            125     $         212     $         237  
    Net Income Margin     11.3 %     6.4 %     8.9 %     8.8 %     8.6 %
    Adjusted EBITDA*   $            254     $              253     $            365     $         507     $         701  
    Adjusted EBITDA Margin*     21.1 %     21.2 %     26.0 %     21.2 %     25.4 %
                         
    Net Income Attributable to Weatherford   $            136     $                76     $            125     $         212     $         237  
    Net Income Attributable to Noncontrolling Interests                       9                        10                       12                    19                    23  
    Income Tax Provision                     46                        10                       73                    56                 132  
    Interest Expense, Net of Interest Income of $14, $11,
    $17, $25 and $31    		                     21                        26                       24                    47                    53  
    Loss on Blue Chip Swap Securities                       1                        —                       10                      1                    10  
    Other Expense, Net                     24                        20                       20                    44                    42  
    Operating Income                  237                      142                    264                 379                 497  
    Depreciation and Amortization                     64                        62                       86                 126                 171  
    Other Charges (Credits)[1]                       3                        13                       (2 )                  16                    —  
    Gain on Sale of Business                   (70 )                      —                       —                  (70 )                  —  
    Restructuring Charges                     11                        29                         5                    40                      8  
    Share-Based Compensation                       9                          7                       12                    16                    25  
    Adjusted EBITDA*   $            254     $              253     $            365     $         507     $         701  
                         
    Net Cash Provided By Operating Activities   $            128     $              142     $            150     $         270     $         281  
    Capital Expenditures for Property, Plant and
    Equipment    		                   (54 )                    (77 )                   (62 )             (131 )             (121 )
    Proceeds from Disposition of Assets                       5                          1                         8                      6                    18  
    Adjusted Free Cash Flow*   $              79     $                66     $              96     $         145     $         178  
    [1] Other Charges (Credits) in the three and six months ended June 30, 2025 primarily includes fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico and other miscellaneous charges and credits.

    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited)
     
                   
         
    ($ in Millions)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		  
    Current Portion of Long-term Debt   $                   26   $                    22   $                   20  
    Long-term Debt                    1,565                    1,583                    1,628  
    Total Debt   $              1,591   $              1,605   $              1,648  
                   
    Cash and Cash Equivalents   $                 943   $                 873   $                 862  
    Restricted Cash                          60                          57                          58  
    Total Cash   $              1,003   $                 930   $                 920  
                   
    Components of Net Debt              
    Current Portion of Long-term Debt   $                   26   $                    22   $                   20  
    Long-term Debt                    1,565                    1,583                    1,628  
    Less: Cash and Cash Equivalents                       943                        873                       862  
    Less: Restricted Cash                          60                          57                          58  
    Net Debt*   $                 588   $                 675   $                 728  
                   
    Net Income for trailing 12 months   $                 481   $                 470   $                 500  
    Adjusted EBITDA* for trailing 12 months   $              1,188   $              1,299   $              1,327  
                   
    Net Leverage* (Net Debt*/Adjusted EBITDA*)                      0.49 x                     0.52 x                    0.55 x


    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

    The MIL Network –

  • MIL-OSI USA: Major Montana Wins Included in the FY26 Interior Appropriations Bill

    Source:

    Zinke’s requests for clean water infrastructure, ESA reform, and forest management pass full committee markup

    Washington, D.C. – Today, Western Montana Congressman and former Secretary of the Interior Ryan Zinke announced the inclusion of several key Montana priorities in the FY26 Interior, Environment, and Related Agencies Appropriations Bill. As a member of the subcommittee, Zinke has been fighting to ensure that Montanans’ voices are heard, and that critical funding and policies reflect the state’s unique needs. The FY26 Interior Appropriations Bill now heads to the House floor for a vote.

    “As a former Secretary of Interior, I’ve seen firsthand how mismanagement of our public lands from Washington can hurt our communities and how good policy can make a real difference on the ground,” said Zinke. “This bill gets us back to common sense management. It reverses years of top down bureaucratic regulation that choked our industries, hampered forest management and fire prevention, and shut off access to our lands. The infrastructure investments in this bill will go directly to our communities, funding clean water and allowing for growth. Montanans love our public lands and the outdoor experience; this bill supports multiple use and improves the quality of life for the people who live near and around those lands. It’s a science backed, community led piece of legislation, and I am proud to support it as it heads to the house floor.”

    The bill includes multiple Community Project Funding (CPF) requests from Congressman Zinke that will directly improve water infrastructure in rural communities. Community Project Funding is allocated from previously authorized grant accounts, allowing elected Members of Congress to direct grant funding would otherwise be decided by unelected officials in the federal government, without increasing spending. See all of Congressman Zinke’s FY26 CPF’s here.

    •  Granite County Clean Water Infrastructure Project – $1.75 million

    •  Alberton Clear Water Infrastructure Project – $1 million

    •  Lolo Water and Wastewater Treatment Plant Improvement Phase 1 – $1.75 million

    “I would like to thank Congressman Zinke and his team,” said Daniel Reddish, Mayor of Phillipsburg. “This reflects their total commitment to rural Montana. Promises made, promises kept! Bravo!”

    In addition to direct funding, Zinke successfully included several important policy provisions in the bill:

    •  Delisting 3 Grizzly Bear Populations – Requires the Department of the Interior to delist the recovered grizzly bear populations in the Greater Yellowstone, Northern Continental, and Bitterroot Ecosystems from the Endangered Species Act (ESA).

    •  The Cottonwood Fix – Reinstates a permanent fix to prevent litigious groups from abusing the ESA to delay or block forest management projects, a key victory for wildfire prevention and responsible land stewardship.

    •  Wolverine ESA Restriction – Prohibits funding to list the wolverine under the ESA, consistent with longstanding scientific and state management concerns.

    •  Canadian Lynx ESA Rolled Back – Blocks enforcement of ESA provisions for the Canadian lynx, allowing more flexibility in forest management and land use.

    •  Native American Ironworker Training Program – $5 million to reinstate the successful program under the Bureau of Indian Affairs (BIA), helping tribal members access skilled trades and employment opportunities.

    •  Forest Roads Access – Submits bill language to lift restrictions on construction and reconstruction of Forest Service roads to support timber harvest and firefighting operations.

    •  Good Neighbor Authority Expansion – Encourages the Forest Service to expand use of Good Neighbor Authority agreements with states and tribes to accelerate forest management and wildfire mitigation projects on federal lands.

    • Bison on Charles M. Russell (CMR) Refuge – Prohibits the introduction of bison on the CMR National Wildlife Refuge, protecting the land’s traditional multiple-use management and safeguarding ranching interests.

    “As someone who went through the Native American Ironworker Training Program , I’ve seen firsthand the impact it can have on individuals and on tribal communities,” said Tom Tanner, a graduate of the program with 32 years of experience in the ironworking trade. “This program is a smart investment in Americas future; backing the skilled workforce our country needs to rebuild roads, bridges, and energy infrastructure. It trains tribal members for careers that offer good pay, union benefits, and a path to long-term stability. This program’s inclusion in the Interior bill shows a real commitment to skilled trades and job creation and I appreciate Congressman Zinke’s work on this issue.”

    “As a retired wildlife biologist who lives within Montana’s wolverine biological range, I oppose any funding of efforts to list the wolverine under the Endangered Species Act and am glad this language is included in this year’s Interior Appropriations Bill,” said Montana State Representative Paul Fielder. “If the decision is based on wolverine biology alone, the wolverine should not qualify as either an Endangered or a Threatened species administered under the ESA.  Too often agencies use the ESA to try to carve out sub-sets of a plant or animal species home range into “distinct population segments”, “recovery zones” or some other sub-group.  The ESA refers to the Endangered Species Act, not the Endangered Distinct Population Segment Act and this language reflects that.”

    Read the full text of the bill HERE.

     

    ###

    MIL OSI USA News –

  • MIL-OSI USA: U.S. House Passes Rep. Lauren Boebert’s Bipartisan Zip Code Bill

    Source: United States House of Representatives – Representative Lauren Boebert (Colorado, 3)

    WASHINGTON, D.C.— Congresswoman Lauren Boebert (CO-04) successfully passed her bipartisan Zip Code bill, H.R. 3095, through the U.S. House of Representatives on Monday evening. The final recorded vote total was 278-121, a significant bipartisan victory for the Congresswoman and the multiple towns and communities in the 4th District included in the legislation. 

    H.R. 3095 directs the United States Postal Service to create unique zip codes for more than 65 cities, towns, and communities across the country. The bill, which includes 15 communities in Colorado and 33 cosponsors, is a reintroduction of the Congresswoman’s similar effort in the 118th Congress which passed through the U.S. House in December 2024.

    Cities and towns like Castle Pines, Lone Tree, and Severance all have their sales tax revenue, insurance rates, mail delivery rates, and response times for first responders negatively impacted by the lack of a unique zip code for their community. This legislation will address these issues and directly improve the quality of life for Coloradans and Americans living in these communities.

    “This is a tremendous, hard-fought victory for the cities, towns, and communities in Colorado’s 4th District and across our country who have called a unique zip code to improve the quality of life for our constituents,” said Congresswoman Boebert. “Zip code reform is not a partisan issue; it’s a unifying, fundamental need for the municipalities that have been denied their own zip code and have dealt with public safety issues, mail delivery problems for seniors and veterans, business permitting challenges, and the loss of revenue that leads to cutting public services. I am proud to have worked with leaders from across the aisle and across the country to get H.R. 3095 through the House; it’s time for the Senators who represent the many communities in this bill to step up and deliver this bill to President Trump’s desk.”

    “The City of Castle Pines is grateful for Congresswoman Boebert’s tireless efforts to secure a unique zip code for Castle Pines and dozens of communities across the nation,”said Castle Pines Mayor Tracy Engerman.“The passage of this bill by the House is a significant step in ensuring that residents in our communities receive their fair share of collected tax revenue and timely responses from emergency services.  The Congresswoman’s ability to work across the aisle on this bipartisan effort has been critical in moving the bill to the Senate. On behalf of the National Zip Code Advocacy Coalition, I want to thank her for her support and work on this important issue.”

    “The successful passage of Rep. Boebert’s Zip Code Bill is crucial and is the key to the success of ‘Small Town America’ in the future,”said Severance Mayor Matt Fries. “Every town in American deserves a unique zip code, especially when sales tax collection is 100% zip code identified, emergency responses is dependent on a correct zip code, and accurate insurance rates for citizens and businesses are tied to zip codes. I can’t understand why any person or organization would disagree with what this bill accomplishes. Congresswoman Boebert has fought like hell for small town America to maintain its own identity.  I call on the Senate to stand with her to get this common-sense legislation across the finish line. The citizens of Severance, Colorado deserve their own, unique zip code.”

    “The Zip Code bill is the solution to an issue that’s impacted communities like Lone Tree for far too long,” said Lone Tree Mayor Marissa Harmon. “This federal legislation is a critical step toward addressing an issue that has created unnecessary challenges for cities like Lone Tree with community identity, emergency management, public safety, business attraction and retention, insurance coverage, and mail delivery. With the passage of this legislation, we can improve service delivery, eliminate confusion, and better reflect the identity of the cities. I urge the U.S. Senate to act swiftly and support Colorado communities in doing what’s best for the people we serve.”

    BACKGROUND:

    The full text of Congresswoman Boebert’s H.R. 3095 can be read HERE. A shortened clip of the Congresswoman’s remarks from the House debate can be viewed HERE.

    The following news stories are a mixture of recent news articles and coverage on Congresswoman Boebert’s previous effort on zip codes in the 118th Congress:

    Washington Examiner: These 76 cities could receive new Zip Codes

    Fox 31: Proposed bill could give these Colorado areas a new zip code

    CBS News Colorado: New zip codes could improve Colorado towns’ income, safety

    9News: Colorado communities could receive new Zip Codes

    The Orange County Register: Could North Tustin get its own zip code? Proposed congressional effort underway to do that

    The Zip Code system was instituted in America in the 1960s. The Postal Service utilizes the zip code system to deliver mail, but it is also heavily used and relied on by economic developers, insurers and emergency personnel. 

    Communities that do not have a unique Zip Code often experience associated problems that include the loss of economic development, loss of sales tax, unjustifiably high insurance rates, tax remittance and commercial licensing issues, diminished public safety and reduced emergency response times, identity issues, and efficiency issues.

    For example, first responders often go to the wrong streets and people needing help experience delays due to Zip Code issues that would be addressed by this legislation.

    Small towns and cities can petition the Postal Service for a new Zip Code but it is rarely approved and if it is denied they cannot appeal this decision for up to 10 years. Congress has intervened on these matters and last passed a law enacting four new Zip Codes through the Post Accountability and Enhancement Act of 2006. 

    The current list of 33 cosponsors for H.R. 3095 includes Rep. Young Kim [CA-40], Rep. Brittany Pettersen [CO-07], Rep. Jason Crow [CO-06], Rep. Gabe Evans [CO-08], Rep. Joe Courtney [CT-02], Rep. Byron Donalds [FL-19], Rep. Mikie Sherrill [NJ-11], Rep. Nancy Mace [SC-01], Rep. Jared Moskowitz [FL-23], Rep. Keith Self [TX-03], Rep. Brandon Gill [TX-26], Rep. H. Morgan Griffith [VA-09], Rep. Bryan Steil [WI-01], Rep. Gwen Moore [WI-04], Rep. Scott Fitzgerald [WI-05], Rep. Harriet M. Hageman [WY-AL], Rep. Emilia Strong Sykes [OH-13], Rep. Andy Barr [KY-06], Rep. Nicholas A. Langworthy [NY-23], Rep. Nick LaLota [NY-01], Rep. Troy E. Nehls [TX-22], Rep. Mark Harris [NC-08], Rep. Pat Fallon [TX-04], Rep. Clay Higgins [LA-03], Rep. Mark E. Amodei [NV-02], Rep. Brad Finstad [MN-01], Rep. Sean Casten [IL-06], Rep. Gilbert Ray Cisneros [CA-31], Rep. Linda T. Sanchez [CA-38], Rep. Julia Letlow [LA-05], Rep. Brad Sherman [CA-32], Rep. William Timmons [SC-04], and Rep. Jeff Hurd [CO-03].

    The full list of communities included can be found below:

    (1) Canyon Lake, California.

    (2) Hidden Hills, California.

    (3) Industry, California.

    (4) North Tustin, California.

    (5) Tehachapi, California.

    (6) Castle Pines, Colorado.

    (7) Centennial, Colorado.

    (8) Cherry Hills Village, Colorado.

    (9) Greenwood Village, Colorado.

    (10) Highlands Ranch, Colorado.

    (11) Keystone, Colorado.

    (12) Lone Tree, Colorado.

    (13) Mountain Village, Colorado.

    (14) Mt. Crested Butte, Colorado.

    (15) Severance, Colorado.

    (16) Silver Cliff, Colorado.

    (17) Sterling Ranch, Colorado.

    (18) Superior, Colorado.

    (19) Telluride, Colorado.

    (20) Oakland Park, Florida.

    (21) Lighthouse Point, Florida.

    (22) Coconut Creek, Florida.

    (23) Parkland, Florida.

    (24) Deerfield Beach, Florida.

    (25) Wilton Manors, Florida.

    (26) Burr Ridge, Illinois.

    (27) Carmel, Indiana.

    (28) Noblesville, Indiana.

    (29) Westfield, Indiana.

    (30) Zionsville, Indiana.

    (31) Louisiana State University, Baton Rouge, Louisiana.

    (32) Montz, Louisiana.

    (33) Springwater Township, Minnesota.

    (34) Grass Valley, Nevada.

    (35) Swanzey, New Hampshire.

    (36) Kinnelon, New Jersey.

    (37) Flanders, New York.

    (38) Glendale, New York.

    (39) Riverside, New York.

    (40) Pendleton, New York.

    (41) Weddington, North Carolina.

    (42) Goose Creek, South Carolina.

    (43) Fairview, Texas.

    (44) Fate, Texas.

    (45) Heath, Texas.

    (46) Murphy, Texas.

    (47) Northlake, Texas.

    (48) Parker, Texas.

    (49) Sargent, Texas.

    (50) Fairlawn, Virginia.

    (51) Caledonia, Wisconsin.

    (52) Franklin, Wisconsin.

    (53) Glendale, Wisconsin.

    (54) Greenfield, Wisconsin.

    (55) Village of Mount Pleasant, Wisconsin.

    (56) Village of Somers, Wisconsin.

    (57) Village of Harrison, Wisconsin.

    (58) Hochatown, Oklahoma.

    (59) Green, Ohio.

    (60) Rochester, Wisconsin.

    (61) Quartzite Township, Minnesota.

    (62) Frederick, Colorado.

    (63) Camargo, Kentucky.

    (64) Wheatfield, New York.

    (65) Mauldin, South Carolina.

    (66) Josephine, Texas.

    MIL OSI USA News –

  • MIL-OSI: Onity Group Schedules Conference Call – Second Quarter 2025 Results and Business Update

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., July 22, 2025 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced that it will hold a conference call on Tuesday, August 5, 2025 at 8:30 a.m. (ET) to review the Company’s second quarter 2025 operating results and provide a business update.

    All interested parties are welcome to participate. You can access the conference call by dialing (800) 245-3047 or (203) 518-9765 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations.

    An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call.

    A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through August 19, 2025, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11159308.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

    For Further Information Contact:

    Investors:
    Valerie Haertel, VP, Investor Relations
    (561) 570-2969
    shareholderrelations@onitygroup.com

    Media:
    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network –

  • MIL-OSI: Enphase Energy Reports Financial Results for the Second Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., July 22, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the second quarter of 2025, which included the summary below from its President and CEO, Badri Kothandaraman.

    We reported quarterly revenue of $363.2 million in the second quarter of 2025, along with 48.6% for non-GAAP gross margin. We shipped approximately 1.53 million microinverters, or 675.4 megawatts DC, and 190.9 megawatt hours (MWh) of IQ® Batteries.

    Highlights for the second quarter of 2025 are listed below:

    • IQ® Meter Collar approved by 29 U.S. utilities to date
    • U.S. manufacturing: shipped approximately 1.41 million microinverters and record 46.9 MWh of IQ Batteries
    • Revenue of $363.2 million
    • GAAP gross margin of 46.9%; non-GAAP gross margin of 48.6% with net IRA benefit
    • Non-GAAP gross margin of 37.2%, excluding net IRA benefit of 11.4%
    • GAAP operating income of $37.0 million; non-GAAP operating income of $98.6 million
    • GAAP net income of $37.1 million; non-GAAP net income of $89.9 million
    • GAAP diluted earnings per share of $0.28; non-GAAP diluted earnings per share of $0.69
    • Free cash flow of $18.4 million; ending cash, cash equivalents and marketable securities of $1.53 billion

    Our revenue and earnings for the second quarter of 2025 are provided below, compared with the prior quarter:

    (In thousands, except per share and percentage data)

      GAAP   Non-GAAP
      Q2 2025   Q1 2025   Q2 2024   Q2 2025   Q1 2025   Q2 2024
    Revenue $ 363,153     $ 356,084     $ 303,458     $ 363,153     $ 356,084     $ 303,458  
    Gross margin   46.9 %     47.2 %     45.2 %     48.6 %     48.9 %     47.1 %
    Operating expenses $ 133,486     $ 136,319     $ 135,367     $ 77,781     $ 79,423     $ 81,706  
    Operating income $ 37,007     $ 31,922     $ 1,799     $ 98,613     $ 94,637     $ 61,080  
    Net income $ 37,052     $ 29,730     $ 10,833     $ 89,869     $ 89,243     $ 58,824  
    Basic EPS $ 0.28     $ 0.23     $ 0.08     $ 0.69     $ 0.68     $ 0.43  
    Diluted EPS $ 0.28     $ 0.22     $ 0.08     $ 0.69     $ 0.68     $ 0.43  
     

    Total revenue for the second quarter of 2025 was $363.2 million, compared to $356.1 million in the first quarter of 2025. Our revenue in the second quarter of 2025 included $40.4 million of safe harbor revenue, compared to $54.3 million of safe harbor revenue in the first quarter. Our revenue in the United States for the second quarter of 2025 increased approximately 3%, compared to the first quarter. The increase was the result of seasonality partially offset by lower safe harbor revenue. Our revenue in Europe increased approximately 11% for the second quarter of 2025, compared to the first quarter. The increase in revenue was primarily due to higher microinverter and battery sales as we continued to ramp shipments of our IQ® Battery 5P™ with FlexPhase during the second quarter.

    Our non-GAAP gross margin was 48.6% in the second quarter of 2025, compared to 48.9% in the first quarter. Our non-GAAP gross margin, excluding net benefit from the Inflation Reduction Act (IRA), was 37.2% in the second quarter of 2025, compared to 38.3% in the first quarter. The reciprocal tariffs had a negative impact of approximately two percentage points on margins.

    Our non-GAAP operating expenses were $77.8 million in the second quarter of 2025, compared to $79.4 million in the first quarter. Our non-GAAP operating income was $98.6 million in the second quarter of 2025, compared to $94.6 million in the first quarter.

    We exited the second quarter of 2025 with $1.53 billion in cash, cash equivalents and marketable securities and generated $26.6 million in cash flow from operations in the second quarter. Our capital expenditures were $8.2 million in the second quarter of 2025, compared to $14.6 million in the first quarter of 2025.

    In the second quarter of 2025, we repurchased 702,948 shares of our common stock at an average price of $42.67 per share for a total of approximately $30.0 million. We also spent approximately $3.0 million by withholding shares to cover taxes for employee stock vesting that reduced the diluted shares by 58,332 shares.

    During the second quarter of 2025, we shipped approximately 1.41 million microinverters from manufacturing facilities in the United States that we booked for 45X production tax credits. We continued to ship our IQ8HC™ Microinverters, IQ8P-3P™ Commercial Microinverters, and IQ® Battery 5Ps from these facilities, meeting domestic content requirements.

    We shipped a record 190.9 MWh of IQ Batteries in the second quarter of 2025, compared to 170.1 MWh in the first quarter. More than 11,700 installers worldwide are certified to install our IQ Batteries, compared to more than 10,900 installers worldwide in the first quarter of 2025. In addition, we have 210 MWh of batteries in our fleet currently enrolled in virtual power plant (VPP) programs globally.

    During the second quarter of 2025, we began shipping our fourth-generation Enphase Energy System, which includes the IQ® Battery 10C, IQ® Meter Collar, and IQ® Combiner 6C, to customers in the United States. The IQ Battery 10C is designed to be 30% more energy-dense, occupy 62% less wall space, and lower the cost of install compared to previous models. Together, these components simplify the entire backup installation process, enhance reliability, and provide greater value to homeowners. The IQ Meter Collar has now been approved by 29 U.S. utilities.

    We also ramped shipments of our IQ Battery with FlexPhase into more countries in Europe. This AC-coupled battery system supports both single-phase and three-phase homes, providing full backup capability and superior flexibility to meet diverse home energy needs.

    The IQ® EV Charger 2, our most advanced residential charger to date, is now shipping to 18 countries across Europe, Australia, and New Zealand. This smart charger is designed to work seamlessly with Enphase solar and battery systems or as a powerful standalone solution. We also started shipping our IQ® Balcony Solar Kit, a simple and efficient solution for harnessing solar energy from panels installed on apartment balconies, in Belgium and Germany during the second quarter of 2025.

    We continue to strengthen our digital platform and improve the customer experience. We are investing in several new enhancements for Solargraf, our all-in-one installer platform, including expanded third-party ownership (TPO) partner integrations, a custom tariff builder, enhanced dealership management features, and a simplified, AI-driven design experience – all aimed at making Solargraf even more powerful and intuitive.

    BUSINESS HIGHLIGHTS

    On July 17, 2025, Enphase Energy announced initial shipments of the IQ Battery 5P supplied from manufacturing facilities in the United States with higher domestic content than previous models.

    On July 10 and July 2, 2025, Enphase Energy announced that production shipments of its IQ EV Charger 2 have expanded Europe to now include Greece, Romania, Ireland, Poland, Australia, and New Zealand.

    On June 16, 2025, Enphase Energy announced the launch of the IQ Battery 5P with FlexPhase, for customers in more European countries, including Spain, Portugal, France, Sweden, Denmark, Belgium, and the Netherlands.

    On June 4, 2025, Enphase Energy announced that IQ8P-3P Commercial Microinverters made with domestic content were selected for significant commercial projects on a Florida school, an affordable housing complex in Rhode Island, and a community center in California.

    On May 19, 2025, Enphase Energy introduced IQ® Energy Management that integrates with Enphase solar and battery systems to enable smart management of variable electricity rates and select third-party electric vehicle (EV) chargers, heat pumps, and resistive electric water heaters in France.

    On May 12 and May 7, 2025, Enphase Energy announced the launch of the IQ Balcony Solar System in Belgium and Germany that empowers apartment dwellers and homeowners with limited roof space to generate their own clean energy from balconies, patios, and small outdoor areas.

    On May 8, 2025, Enphase Energy announced the availability of new software that allows homeowners with existing legacy IQ7™ Microinverter-based systems to seamlessly expand their solar capacity using IQ8™ Microinverters.

    On April 28, 2025, Enphase Energy announced production shipments of IQ8 Microinverters in Japan through a distribution agreement with ITOCHU Corporation, one of the largest trading companies in the country.

    THIRD QUARTER 2025 FINANCIAL OUTLOOK

    For the third quarter of 2025, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:

    • Revenue to be within a range of $330.0 million to $370.0 million, which includes shipments of 190 to 210 MWh of IQ Batteries.
    • GAAP gross margin to be within a range of 41.0% to 44.0% with net IRA benefit, including approximately three to five percentage points of new tariff impact.
    • Non-GAAP gross margin to be within a range of 43.0% to 46.0% with net IRA benefit and 33.0% to 36.0% excluding net IRA benefit, including approximately three to five percentage points of new tariff impact. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization.
    • Net IRA benefit to be within a range of $34.0 million to $38.0 million based on estimated shipments of 1,200,000 units of U.S. manufactured microinverters.
    • GAAP operating expenses to be within a range of $130.0 million to $134.0 million.
    • Non-GAAP operating expenses to be within a range of $78.0 million to $82.0 million, excluding $52.0 million estimated for stock-based compensation expense, acquisition related amortization, restructuring and asset impairment charges.

    For 2025, Enphase expects a GAAP tax rate of 19-21% and a non-GAAP tax rate of 15-17%, including IRA benefits.

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    Use of non-GAAP Financial Measures

    Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), net IRA benefit, and free cash flow.

    These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

    As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:

    Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.

    Acquisition related amortization. This item represents amortization of acquired intangible assets, which is a non-cash expense. Acquisition related amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.

    Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.

    Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.

    Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.

    Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026, and Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.

    Net IRA benefit. This item represents the advanced manufacturing production tax credit (AMPTC) from the IRA for manufacturing microinverters in the United States, partially offset by the incremental manufacturing cost incurred in the United States relative to manufacturing in India. The AMPTC is accounted for by Enphase Energy as an income-based government grants that reduces cost of revenues in the condensed consolidated statements of operations.

    Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.

    Conference Call Information

    Enphase Energy will host a conference call for analysts and investors to discuss its second quarter 2025 results and third quarter 2025 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at https://investor.enphase.com.

    Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (877) 344-7529; replay access code 6021998, beginning approximately one hour after the call.

    Forward-Looking Statements

    This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its third quarter of 2025 financial outlook, including revenue, shipments of IQ Batteries by MWh, gross margin with net IRA benefit and excluding net IRA benefit, estimated shipments of U.S. manufactured microinverters, operating expenses, and annualized effective tax rate with IRA benefit; its expectations regarding the expected net IRA benefit; future enhancements for Solargraf; and the capabilities, advantages, features, and performance of its technology and products. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in its most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    A copy of this press release can be found on the investor relations page of Enphase Energy’s website at https://investor.enphase.com.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power – and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 83.1 million microinverters, and more than 4.9 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://enphase.com/.

    © 2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

    Contact:

    Zach Freedman
    Enphase Energy, Inc.
    Investor Relations
    ir@enphaseenergy.com

    ENPHASE ENERGY, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
      Three Months Ended Six Months Ended
      June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net revenues $ 363,153     $ 356,084     $ 303,458     $ 719,237     $ 566,797  
    Cost of revenues   192,660       187,843       166,292       380,503       314,123  
    Gross profit   170,493       168,241       137,166       338,734       252,674  
    Operating expenses:                  
    Research and development   45,421       50,174       48,871       95,595       103,082  
    Sales and marketing   50,708       48,948       51,775       99,656       105,082  
    General and administrative   34,035       34,035       33,550       68,070       68,732  
    Restructuring and asset impairment charges   3,322       3,162       1,171       6,484       3,078  
    Total operating expenses   133,486       136,319       135,367       269,805       279,974  
    Income (loss) from operations   37,007       31,922       1,799       68,929       (27,300 )
    Other income, net                  
    Interest income   14,911       17,032       19,203       31,943       38,912  
    Interest expense   (815 )     (2,047 )     (2,220 )     (2,862 )     (4,416 )
    Other expense, net   (8,898 )     (14 )     (7,566 )     (8,912 )     (7,479 )
    Total other income, net   5,198       14,971       9,417       20,169       27,017  
    Income (loss) before income taxes   42,205       46,893       11,216       89,098       (283 )
    Income tax provision   (5,153 )     (17,163 )     (383 )     (22,316 )     (4,981 )
    Net income (loss) $ 37,052     $ 29,730     $ 10,833     $ 66,782     $ (5,264 )
    Net income (loss) per share:                  
    Basic $ 0.28     $ 0.23     $ 0.08     $ 0.51     $ (0.04 )
    Diluted $ 0.28     $ 0.22     $ 0.08     $ 0.50     $ (0.04 )
    Shares used in per share calculation:                  
    Basic   131,031       131,869       135,646       131,447       135,768  
    Diluted   135,219       136,208       136,123       135,719       135,768  
     
    ENPHASE ENERGY, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
      June 30,
    2025    		   December 31,
    2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 370,536   $ 369,110
    Restricted cash   —     95,006
    Marketable securities   1,159,648     1,253,480
    Accounts receivable, net   223,218     223,749
    Inventory   173,016     165,004
    Prepaid expenses and other assets   362,523     220,735
    Total current assets   2,288,941     2,327,084
    Property and equipment, net   136,902     147,514
    Intangible assets, net   32,380     42,398
    Goodwill   214,890     211,571
    Other assets   193,426     205,542
    Deferred tax assets, net   312,250     315,567
    Total assets $ 3,178,789   $ 3,249,676
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 162,697   $ 90,032
    Accrued liabilities   206,537     196,887
    Deferred revenues, current   129,040     237,225
    Warranty obligations, current   33,136     34,656
    Debt, current   631,179     101,291
    Total current liabilities   1,162,589     660,091
    Long-term liabilities:      
    Deferred revenues, non-current   331,531     341,982
    Warranty obligations, non-current   172,950     158,233
    Other liabilities   59,542     55,265
    Debt, non-current   571,540     1,201,089
    Total liabilities   2,298,152     2,416,660
    Total stockholders’ equity   880,637     833,016
    Total liabilities and stockholders’ equity $ 3,178,789   $ 3,249,676
     
    ENPHASE ENERGY, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
      Three Months Ended   Six Months Ended
      June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024

    Cash flows from operating activities:    		                  
    Net income (loss) $ 37,052     $ 29,730     $ 10,833     $ 66,782     $ (5,264 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                  
    Depreciation and amortization   20,085       19,915       20,484       40,000       40,621  
    Net accretion of premium (discount) on marketable securities   (1,234 )     3,512       (1,030 )     2,278       1,795  
    Provision for doubtful accounts   130       62       1,897       192       1,767  
    Asset impairment   1,538       27       6,241       1,565       6,573  
    Non-cash interest expense   828       1,679       2,157       2,507       4,289  
    Change in fair value of debt securities   9,464       (323 )     1,931       9,141       989  
    Stock-based compensation   53,896       55,633       52,757       109,529       113,590  
    Deferred income taxes   403       8,560       (14,076 )     8,963       (22,368 )
    Changes in operating assets and liabilities:                  
    Accounts receivable   8,681       1,760       82,183       10,441       159,542  
    Inventory   (28,991 )     20,979       31,825       (8,012 )     37,527  
    Prepaid expenses and other assets   (64,261 )     (75,553 )     (42,810 )     (139,814 )     (53,707 )
    Accounts payable, accrued and other liabilities   37,212       54,232       (23,944 )     91,444       (90,228 )
    Warranty obligations   2,639       10,558       15       13,197       (11,908 )
    Deferred revenues   (50,813 )     (82,357 )     (1,401 )     (133,170 )     (6,955 )
      Net cash provided by operating activities   26,629       48,414       127,062       75,043       176,263  
    Cash flows from investing activities:                  
    Purchases of property and equipment   (8,259 )     (14,608 )     (9,636 )     (22,867 )     (17,007 )
    Investment in tax equity fund   (1,440 )     (6,904 )     —       (8,344 )     —  
    Purchases of marketable securities   (284,306 )     (200,826 )     (300,053 )     (485,132 )     (772,321 )
    Maturities and sale of marketable securities   242,820       335,398       282,063       578,218       779,436  
      Net cash provided by (used in) investing activities   (51,185 )     113,060       (27,626 )     61,875       (9,892 )
    Cash flows from financing activities:                  
    Settlement of Notes due 2025   —       (102,168 )     —       (102,168 )     (2 )
    Repurchase of common stock   (29,993 )     (99,964 )     (99,908 )     (129,957 )     (141,904 )
    Proceeds from issuance of common stock under employee equity plans   5,302       67       6,769       5,369       7,955  
    Payment of withholding taxes related to net share settlement of equity awards   (2,864 )     (12,110 )     (7,473 )     (14,974 )     (67,515 )
      Net cash used in financing activities   (27,555 )     (214,175 )     (100,612 )     (241,730 )     (201,466 )
      Effect of exchange rate changes on cash, cash equivalents and restricted cash   7,557       3,675       (374 )     11,232       (1,551 )
    Net decrease in cash, cash equivalents and restricted cash   (44,554 )     (49,026 )     (1,550 )     (93,580 )     (36,646 )
    Cash, cash equivalents and restricted cash — Beginning of period   415,090       464,116       253,652       464,116       288,748  
    Cash, cash equivalents and restricted cash — End of period $ 370,536     $ 415,090     $ 252,102     $ 370,536     $ 252,102  
     
    ENPHASE ENERGY, INC.
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share data and percentages)
    (Unaudited)
      Three Months Ended   Six Months Ended
      June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Gross profit (GAAP) $ 170,493     $ 168,241     $ 137,166     $ 338,734     $ 252,674  
      Stock-based compensation   4,311       4,239       3,730       8,550       7,912  
      Acquisition related amortization   1,590       1,580       1,890       3,170       3,781  
    Gross profit (Non-GAAP) $ 176,394     $ 174,060     $ 142,786     $ 350,454     $ 264,367  
                         
    Gross margin (GAAP)   46.9 %     47.2 %     45.2 %     47.1 %     44.6 %
      Stock-based compensation   1.3       1.2       1.3       1.2       1.3  
      Acquisition related amortization   0.4       0.5       0.6       0.4       0.7  
    Gross margin (Non-GAAP)   48.6 %     48.9 %     47.1 %     48.7 %     46.6 %
                         
    Operating expenses (GAAP) $ 133,486     $ 136,319     $ 135,367     $ 269,805     $ 279,974  
      Stock-based compensation(1)   (49,506 )     (50,885 )     (49,027 )     (100,391 )     (105,678 )
      Acquisition related amortization   (2,877 )     (2,849 )     (3,463 )     (5,726 )     (6,925 )
      Restructuring and asset impairment charges(1)   (3,322 )     (3,162 )     (1,171 )     (6,484 )     (3,078 )
    Operating expenses (Non-GAAP) $ 77,781     $ 79,423     $ 81,706     $ 157,204     $ 164,293  
                         
    (1)Includes stock-based compensation as follows:                  
      Research and development $ 20,481     $ 21,647     $ 20,210     $ 42,128     $ 44,760  
      Sales and marketing   16,657       16,396       16,784       33,053       34,962  
      General and administrative   12,368       12,842       12,033       25,210       25,956  
      Restructuring and asset impairment charges   79       509       —       588       —  
      Total $ 49,585     $ 51,394     $ 49,027     $ 100,979     $ 105,678  
                         
    Income (loss) from operations (GAAP) $ 37,007     $ 31,922     $ 1,799     $ 68,929     $ (27,300 )
      Stock-based compensation   53,817       55,124       52,757       108,941       113,590  
      Acquisition related amortization   4,467       4,429       5,353       8,896       10,706  
      Restructuring and asset impairment charges   3,322       3,162       1,171       6,484       3,078  
    Income from operations (Non-GAAP) $ 98,613     $ 94,637     $ 61,080     $ 193,250     $ 100,074  
                         
    Net income (loss) (GAAP) $ 37,052     $ 29,730     $ 10,833     $ 66,782     $ (5,264 )
      Stock-based compensation   53,817       55,124       52,757       108,941       113,590  
      Acquisition related amortization   4,467       4,429       5,353       8,896       10,706  
      Restructuring and asset impairment charges   3,322       3,162       1,171       6,484       3,078  
      Non-cash interest expense   829       1,678       2,157       2,507       4,289  
      Non-GAAP income tax adjustment   (9,618 )     (4,880 )     (13,447 )     (14,498 )     (19,619 )
    Net income (Non-GAAP) $ 89,869     $ 89,243     $ 58,824     $ 179,112     $ 106,780  
                         
    Net income (loss) per share, basic (GAAP) $ 0.28     $ 0.23     $ 0.08     $ 0.51     $ (0.04 )
      Stock-based compensation   0.41       0.42       0.39       0.80       0.84  
      Acquisition related amortization   0.03       0.04       0.04       0.08       0.08  
      Restructuring and asset impairment charges   0.03       0.02       0.01       0.06       0.02  
      Non-cash interest expense   0.01       0.01       0.02       0.02       0.03  
      Non-GAAP income tax adjustment   (0.07 )     (0.04 )     (0.11 )     (0.11 )     (0.14 )
    Net income per share, basic (Non-GAAP) $ 0.69     $ 0.68     $ 0.43     $ 1.36     $ 0.79  
                         
      Shares used in basic per share calculation GAAP and Non-GAAP   131,031       131,869       135,646       131,447       135,768  
                         
    Net income (loss) per share, diluted (GAAP) $ 0.28     $ 0.22     $ 0.08     $ 0.50     $ (0.04 )
      Stock-based compensation   0.41       0.42       0.38       0.83       0.84  
      Acquisition related amortization   0.03       0.04       0.04       0.07       0.08  
      Restructuring and asset impairment charges   0.03       0.03       0.01       0.05       0.02  
      Non-cash interest expense   0.01       0.01       0.02       0.02       0.03  
      Non-GAAP income tax adjustment   (0.07 )     (0.04 )     (0.10 )     (0.11 )     (0.15 )
    Net income per share, diluted (Non-GAAP) $ 0.69     $ 0.68     $ 0.43     $ 1.36     $ 0.78  
                         
      Shares used in diluted per share calculation GAAP   135,219       136,208       136,123       135,719       135,768  
      Shares used in diluted per share calculation Non-GAAP   131,144       132,133       136,123       131,644       136,439  
                         
    Income-based government grants (GAAP) $ 61,040     $ 53,631     $ 24,329     $ 114,671     $ 42,946  
      Incremental cost for manufacturing in U.S.   (19,528 )     (15,773 )     (5,950 )     (35,301 )     (10,832 )
    Net IRA benefit (Non-GAAP) $ 41,512     $ 37,858     $ 18,379     $ 79,370     $ 32,114  
                         
    Net cash provided by operating activities (GAAP) $ 26,629     $ 48,414     $ 127,062     $ 75,043     $ 176,263  
      Purchases of property and equipment   (8,259 )     (14,608 )     (9,636 )     (22,867 )     (17,007 )
    Free cash flow (Non-GAAP) $ 18,370     $ 33,806     $ 117,426     $ 52,176     $ 159,256  
     

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI USA: Indianapolis CPA Sentenced for Participation in Illegal Tax Shelter

    Source: US State of North Dakota

    Defendant Helped Clients in Mississippi and Elsewhere File Returns Claiming False Business Deductions

    An Indiana CPA was sentenced yesterday to three years in prison for assisting in the preparation of false tax returns on behalf of clients who participated in an illegal tax shelter.

    The following is according to court documents and statements made in court: between 2013 and 2022, Jason L. Crace prepared income tax returns for clients that claimed millions of dollars in false deductions for so-called “royalty payments.”  However, as Crace knew, these “royalty payments” were merely circular flows of money designed to give the appearance of genuine business expenses. Typically, a client would send money to bank accounts controlled by scheme promoters who then sent the money — minus a fee — back to a different bank account controlled by the client. In this way, tax shelter participants retained control of the money they transferred, while falsely deducting the transfers as business expenses on their tax returns. One of the scheme’s promoters, Stephen T. Mellinger III, previously pleaded guilty and was sentenced to eight years in prison for his role promoting the scheme.

    In total, Crace’s preparation of false tax returns claiming fraudulent “royalty” deductions caused a loss to the IRS of more than $2.5 million.

    In addition to his prison sentence, the court sentenced Crace to serve one year of supervised release and to pay restitution of $2,532,936.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Patrick Lemon for the Southern District of Mississippi made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorneys Richard J. Hagerman, William M. Montague, and Matthew C. Hicks of the Justice Department’s Tax Division and Assistant U.S. Attorney Charles W. Kirkham for the Southern District of Mississippi are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI Security: Indianapolis CPA Sentenced for Participation in Illegal Tax Shelter

    Source: United States Attorneys General 1

    Defendant Helped Clients in Mississippi and Elsewhere File Returns Claiming False Business Deductions

    An Indiana CPA was sentenced yesterday to three years in prison for assisting in the preparation of false tax returns on behalf of clients who participated in an illegal tax shelter.

    The following is according to court documents and statements made in court: between 2013 and 2022, Jason L. Crace prepared income tax returns for clients that claimed millions of dollars in false deductions for so-called “royalty payments.”  However, as Crace knew, these “royalty payments” were merely circular flows of money designed to give the appearance of genuine business expenses. Typically, a client would send money to bank accounts controlled by scheme promoters who then sent the money — minus a fee — back to a different bank account controlled by the client. In this way, tax shelter participants retained control of the money they transferred, while falsely deducting the transfers as business expenses on their tax returns. One of the scheme’s promoters, Stephen T. Mellinger III, previously pleaded guilty and was sentenced to eight years in prison for his role promoting the scheme.

    In total, Crace’s preparation of false tax returns claiming fraudulent “royalty” deductions caused a loss to the IRS of more than $2.5 million.

    In addition to his prison sentence, the court sentenced Crace to serve one year of supervised release and to pay restitution of $2,532,936.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Patrick Lemon for the Southern District of Mississippi made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorneys Richard J. Hagerman, William M. Montague, and Matthew C. Hicks of the Justice Department’s Tax Division and Assistant U.S. Attorney Charles W. Kirkham for the Southern District of Mississippi are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: Tokio, North Dakota, Woman Sentenced to Federal Prison for Involuntary Manslaughter and Child Neglect

    Source: US FBI

    Fargo – Acting United States Attorney Jennifer Klemetsrud Puhl announced today that Tierra Lynn Scott, age 31 from Tokio, ND, was sentenced before Chief Judge Peter D. Welte, United States District Court for the District of North Dakota, to 168 months in federal prison – the statutory maximum of 96 months for Involuntary Manslaughter and 24 months consecutive on each of the three Child Neglect counts in Indian country.  Judge Welte also sentenced Scott to serve three years of supervised release following her incarceration and to pay restitution for funeral-related expenses. 

    On August 17, 2024, law enforcement responded to a residence in Fort Totten, North Dakota, where an adult male was later pronounced dead.  The investigation revealed the man had been struck and run over by a motor vehicle driven by Scott. Scott had no driver’s license and was under the influence of intoxicating liquor and in possession of a controlled substance and drug paraphernalia and Scott was backing and otherwise driving recklessly, and without due care for the rights and safety of others. The investigation further revealed Scott had three minor children in the vehicle with her at the time.

    “In August 2024, a man lost his life due to the negligence of Tierra Scott,” said FBI Minneapolis Special Agent in Charge Alvin M. Winston Sr. “She also placed three minor children at risk, driving with them while under the influence of alcohol and in possession of drugs and drug paraphernalia. The FBI will work together with our law enforcement partners to ensure our community is safe for all, especially for children.”

    “This was an entirely preventable death which was tragically witnessed by others, including children who were in and outside the defendant’s vehicle, all who have no doubt been traumatized,” said Acting US Attorney Jennifer Puhl. “Sadly, in recent years law enforcement has responded to increased incidents of alcohol-impaired driving deaths on the Spirit Lake Reservation. I hope this sentence serves as a reminder of the severe legal consequences for individuals who choose to drive under the influence and will deter that behavior.”

    This case was investigated by the Federal Bureau of Investigation with assistance from the Bureau of Indian Affairs and was prosecuted by Assistant United States Attorney Lori H. Conroy.

    # # #

    MIL Security OSI –

  • MIL-OSI USA: SBA Offers Disaster Relief to Indiana Small Businesses, Private Nonprofits and Residents Affected by Flooding

    Source: United States Small Business Administration

    ATLANTA–The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans for Indiana small businesses, private nonprofits, and residents affected by the flooding occurring June 28-July 2, 2025. The SBA issued a disaster declaration in response to a request received from Gov. Mike Braun on July 11, 2025.

    The disaster declaration covers the counties of Daviess, Dubois, Greene, Knox, Martin and Pike which are eligible for both Physical Damage Loans and Economic Injury Disaster Loans (EIDLs) from the SBA.  

    Small businesses and private nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.  

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.  

    Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.  

    “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s mitigation loans.”

    SBA’s EIDL program is available to small businesses, small agricultural cooperatives and private nonprofit (PNP) organizations with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    Interest rates are as low as 4% for small businesses, 3.625% for PNPs, and 2.813% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.

    Beginning, Wednesday, July 23, SBA customer service representatives will be on hand at the Disaster Loan Outreach Center in the county of Daviess to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov.

    The DLOC hours of operation are listed below:

    Disaster Loan Outreach Center (DLOC)

    Daviess County

    Odon Community Center

    311 Park Street

    Odon, Indiana 47562

    Opening: Wednesday, July 23, 10 a.m. to 5 p.m.

    Hours:  Monday – Friday, 8 a.m. to 5 p.m.

    Saturday, 10 a.m. to 2 p.m.

    Closed: Sunday

    Permanently Closing: July 31 at 4 p.m.

    Disaster survivors should not wait to settle with their insurance company before applying for a disaster loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The filing deadline to return applications for physical property damage is Sept. 16, 2025. The deadline to return economic injury applications is April 20, 2026.

    ###

    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 or 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. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Simpson’s FY26 Interior and Environment Appropriations Bill Advances in House Appropriations Committee

    Source: US State of Idaho

    WASHINGTON—Today, the House Committee on Appropriations voted to advance the Fiscal Year 2026 Interior, Environment and Related Agencies Appropriations Bill. Idaho Congressman Mike Simpson–Chairman of the House Interior and Environment Appropriations Subcommittee–released the following statement after the Committee approved the bill.
    “Advancing the Fiscal Year 2026 Interior, Environment, and Related Agencies Act is the next step toward establishing American energy dominance, reversing harmful Biden-era regulations, and ensuring access to, and protection of, our public lands for recreation and hunting. While reducing spending and rightsizing federal agencies, I am proud that this legislation directs critical funding where it is needed most. This includes fully funding the Payment in Lieu of Taxes (PILT) program and prioritizing funding for Indian Country and Wildland Fire Management. I am grateful to Chairman Cole for his leadership, and I am pleased we are one step closer to getting this bill across the finish line,” said Rep. Simpson.
    “With today’s full committee approval, we are taking decisive action to steward America’s natural resources and protect taxpayer dollars. This bill responsibly manages our public lands and recreation, supports wildfire response, reins in wasteful spending, and rolls back Biden-era regulations that hamper American strength and jobs. With a focus on U.S. energy dominance, we bolster our national security and expand access to critical minerals. We also uphold our commitments to Native American communities. Chairman Simpson has guided a measure that delivers results for America’s future, and I commend his work and leadership,” said House Committee on Appropriations Chairman Cole.
    Highlights of the bill include:

    Reduces EPA funding by 23%.
    Expands access to critical minerals.
    Fully funds the PILT program.
    Protects oil and gas production.
    Prohibits rulings used to weaponize the Endangered Species Act against land users and energy producers.
    Prioritizes funding for Tribes and Wildland Fire Management.

    Subcommittee Chairman Simpson’s opening remarks are available here.
    The measure was approved by the Committee with a vote of 33 to 28. 

    MIL OSI USA News –

  • MIL-OSI USA: July 22nd, 2025 Heinrich, Bennet, Hickenlooper Introduce Legislation to Expand and Improve Access to Clean Water for Tribal Families

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    Half of households on Native American reservations lack access to reliable water sources, clean drinking water, or adequate sanitation

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), along with U.S. Senators Michael Bennet (D-Colo.) and John Hickenlooper (D-Colo.), introduced the Tribal Access to Clean Water Act to dramatically expand access to clean water for Tribal families by investing in water infrastructure. This bill would increase funding through the Indian Health Service, the U.S. Department of Agriculture (USDA), and the Bureau of Reclamation to support water infrastructure projects in Tribal communities and help provide clean water to Native American households that currently lack access.

    “Nearly half of Native American households lack access to clean and reliable water supplies. That is completely unacceptable,” said Heinrich. “By addressing a significant backlog of infrastructure projects and removing barriers to federal programs that provide technical and financial assistance to Tribes, this legislation is an important step toward delivering clean drinking water to all families in Indian Country.”

    “Too many Tribal communities in Colorado and across the country cannot access clean, safe water,” said Bennet. “This legislation builds on our efforts to improve access for Tribes in the Bipartisan Infrastructure Law. It fulfills the federal government’s promise to provide these communities with the clean water they deserve.”

    “Clean drinking water is a basic necessity. Yet, so many of our Tribal communities have been left without the infrastructure. It’s unacceptable,” said Hickenlooper. “Let’s cut red tape and invest in modern resources to finally deliver safe, accessible water to every Tribe.”

    Lack of access to clean drinking water is a significant barrier for many Native American communities. According to data from the U.S. Department of Health and Human Services (HHS), Native American households are 19 times more likely than white households to lack indoor plumbing.

    The Tribal Access to Clean Water Act will:

    • Authorize the USDA to make grants and loans for technical and financial assistance, as well as for construction;
    • Increase funding authorizations for USDA’s Rural Development Community Facilities Grant and Loan Program by $100 million per year for five years, provide $30 million per year specifically for technical assistance, and ensure that Native communities are treated equitably and appropriately when considered for grants and loans;
    • Increase funding authorizations for existing programs of the Indian Health Service for water and sanitation facilities construction over a five-year period, including for community facilities ($2.5 billion), technical assistance ($150 million), and operation and maintenance assistance ($500 million); and
    • Authorize $90 million over five years for the Bureau of Reclamation’s existing Native American Affairs Technical Assistance Program.

    “Water is a sacred resource given to us to protect. It is of the utmost importance that Tribes have access to clean water not only for personal consumption and economic development but also for cultural purposes. Many tribes in the Southwest rely on access to clean water to carry on our culture and traditions. We thank U.S. Senators Martin Heinrich and Michael Bennet for reintroducing the Tribal Access to Clean Water Act,” said Myron Armijo, Santa Ana Pueblo Governor.

    “It is far past time to ensure that Native people have the same level of basic water service most Americans take for granted,” said Manuel Heart, Chairman of the Ute Mountain Ute Tribe. “This bill’s recognition of the need for technical support and operation and maintenance assistance for Tribal water supply facilities is not only essential to realizing the benefit of investment in water infrastructure, but also a critical step toward increasing Tribal independence and governance capabilities.”

    “Some of the starkest examples of the public health impacts from not having clean, running water in the home are right in our backyards,” said Anne Castle, co-founder of the initiative on Universal Access to Clean Water for Tribal Communities. “Higher incidence of respiratory disease, gastrointestinal infections, diabetes, and cancer are all linked to ‘water poverty’ – the lack of access to secure and healthy household water – which is particularly acute for Native American households. With targeted resources and Federal agency coordination, we have the ability to solve this longstanding inequity in Indian country.”

    “For far too long, many indigenous Americans – American Indians, Alaska Natives, and Native Hawaiians – have gone without access to a clean and safe drinking water supply,” said John Echohawk, Executive Director and Co-Founder of the Native American Rights Fund and member of the Pawnee Nation. “These are not isolated or regional deficiencies, but rather a nationwide disparity in access to a basic ingredient of life. This bill will help to address gaps in current support for Tribal drinking water access and help to fulfill the Federal government’s treaty and trust responsibility to Native American Tribes.”

    “Every American is entitled to access to clean drinking water,” said Ken Norton, Chairman of the National Tribal Water Council. “But this undeniable truth simply does not hold for far too many Tribal households. It is well past time to bring the necessary resources to bear that will allow all Tribal families to enjoy the same basic services most Americans take for granted.”

    “Water is a basic human right and this bill fulfills the government’s trust obligation to Tribes and Indigenous communities to ensure all Native populations have access to clean drinking water,” said Garrit Voggesser, Senior Director of Tribal Partnerships and Policy, National Wildlife Federation. “For far too long more than half of the country’s Indigenous peoples haven’t had access to clean drinking water. Water must be accessible to not only support public health, but also meet historical, cultural, ecological, and rights-based needs.”

    Heinrich initially introduced this legislation with Bennet in 2021. He also successfully fought to include funding to improve Tribal access to clean water in the Infrastructure Law. The law included $3.5 billion for the Indian Health Service Sanitation Facilities Construction program to address needs for tribal sanitation facilities and services, $1 billion for the Bureau of Reclamation to support legacy rural water supply projects, which will benefit Tribes, and increased funding for the Environmental Protection Agency’s Clean Water Act and Safe Drinking Water Act State Revolving Funds.

    In addition to Heinrich, Bennet, and Hickenlooper, this bill is co-sponsored by U.S. Senators Bernie Sanders (I-Vt.), Ron Wyden (D-Ore.), Elizabeth Warren (D-Mass.), and Alex Padilla (D-Calif.).

    The text of the bill is available here.

    A summary of the bill is available here.

    MIL OSI USA News –