KB – Page 4750 – NewzIntel.com

MIL-OSI Africa: East Africa Energy Cooperation Summit (EA-ECS) and the East African Community (EAC): Driving Energy Across the Region

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

ARUSHA, Tanzania, January 30, 2025/APO Group/ —

The expansion of the East African regional energy sector is happening right now and is set for future growth. This was the clear message from the East Africa Energy Cooperation Summit (EA-ECS) as the two-day summit kicked off in Arusha.

Africa’s energy IPPs, EPCF stakeholders, investors and policy makers were welcomed to a summit set to shape the future of East Africa’s energy landscape by Jean-Baptiste Havugimana, Director Productive Sectors, East African Community (EAC).

Speaking at the opening ceremony, he noted that the access to electricity in the East African region is currently below 50 percent on average, although countries such as Kenya have gone beyond 75 percent.

“The EAC Secretariat is cooperating with all Member States to increase the rate of access. This is being achieved through shared mini hydro power grids strategically placed along border regions. The EAC is also working to establish a regional power exchange market for shared resources,” said Mr.Havugimana.

Abundant resource discoveries and large-scale projects highlight East Africa’s readiness for market expansion like never before. In the round table titled “Powering East Africa—The Time Is Now,” leaders from the public sector and utilities from Malawi, Kenya, Uganda, and Tanzania discussed the vision and roadmap for the future.

Costa Rubagumya, Deputy MD, TANESCO, Tanzania said, “Our country connects an average of 500,000 new clients per year. But with Tanzania being among the 12 signatories of Mission 300, from the recent African Energy Summit, the country targets to triple the number to 1.6 million new customers per annum.”

With the theme “Resource Wealth. Energy Access. Investment Opportunities” the two-day summit will explore what this means for private sector opportunities in depth.

Some of the discussions expected to take center stage is the push for alternative sources of energy. Stakeholders have emphasized the importance of a diversified energy mix to ensure grid stability and support large-scale industrial expansion and commercial and industrial (C&I) power generation.

Joseph Siror , the Managing Director and Chief Executive Officer of Kenya Power and Lighting (KPLC) said the East African countries should now move away from over dependency on Hydro sources of energy. He pointed out that, with climate change and fluctuating weather patterns, hydroelectricity is no longer reliable and the EAC region must now consider auxiliary power sources such as Geothermal, Solar, Wind and Biogas.

EA-ECS is welcoming prominent politicians and leaders from across the EAC and its energy sector. They join the private sector business developers shaping the future of East Africa’s energy landscape.

MIL OSI Africa –

January 31, 2025

MIL-OSI: YieldMax™ Launches Option Income Strategy ETF on CARVANA CO. (CVNA)

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following ETF:

YieldMax™ CARVANA Option Income Strategy ETF (NYSE Arca: CVNY)

CVNY seeks to generate current income by pursuing options-based strategies on CARVANA CO. (CVNA). CVNY is actively managed by Tidal Financial Group. CNVY does not invest directly in CVNA.

CVNY is the newest member of the YieldMax™ ETF family and like all YieldMax™ ETFs, aims to deliver current income to investors. With respect to distributions, CVNY will be a Group C ETF and its first distribution is expected to be announced on March 5, 2025. Please see table below for distribution information for all outstanding YieldMax™ ETFs as of January 29, 2025.

ETF Ticker¹	ETF Name	Reference Asset	Distribution per Share²
TSLY	YieldMax™ TSLA Option Income Strategy ETF	TSLA	$	0.7170
OARK	YieldMax™ Innovation Option Income Strategy ETF	ARKK	$	0.3298
APLY	YieldMax™ AAPL Option Income Strategy ETF	AAPL	$	0.2841
NVDY	YieldMax™ NVDA Option Income Strategy ETF	NVDA	$	0.8294
AMZY	YieldMax™ AMZN Option Income Strategy ETF	AMZN	$	0.4005
FBY	YieldMax™ META Option Income Strategy ETF	META	$	0.6390
GOOY	YieldMax™ GOOGL Option Income Strategy ETF	GOOGL	$	0.3324
NFLY	YieldMax™ NFLX Option Income Strategy ETF	NFLX	$	0.5830
CONY	YieldMax™ COIN Option Income Strategy ETF	COIN	$	0.8339
MSFO	YieldMax™ MSFT Option Income Strategy ETF	MSFT	$	0.3667
DISO	YieldMax™ DIS Option Income Strategy ETF	DIS	$	0.2782
XOMO	YieldMax™ XOM Option Income Strategy ETF	XOM	$	0.3485
JPMO	YieldMax™ JPM Option Income Strategy ETF	JPM	$	0.6929
AMDY	YieldMax™ AMD Option Income Strategy ETF	AMD	$	0.3404
PYPY	YieldMax™ PYPL Option Income Strategy ETF	PYPL	$	0.4264
SQY	YieldMax™ SQ Option Income Strategy ETF	SQ	$	0.6338
MRNY	YieldMax™ MRNA Option Income Strategy ETF	MRNA	$	0.2730
AIYY	YieldMax™ AI Option Income Strategy ETF	AI	$	0.3763
YMAX	YieldMax™ Universe Fund of Option Income ETFs	Multiple	$	0.1469
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	Multiple	$	0.1898
MSTY	YieldMax™ MSTR Option Income Strategy ETF	MSTR	$	2.2792
ULTY	YieldMax™ Ultra Option Income Strategy ETF	Multiple	$	0.5715
YBIT	YieldMax™ Bitcoin Option Income Strategy ETF	Bitcoin ETP	$	0.7893
CRSH	YieldMax™ Short TSLA Option Income Strategy ETF	TSLA	$	0.2862
GDXY	YieldMax™ Gold Miners Option Income Strategy ETF	GDX®	$	0.5937
SNOY	YieldMax™ SNOW Option Income Strategy ETF	SNOW	$	0.7392
ABNY	YieldMax™ ABNB Option Income Strategy ETF	ABNB	$	0.4220
FIAT	YieldMax™ Short COIN Option Income Strategy ETF	COIN	$	0.6530
DIPS	YieldMax™ Short NVDA Option Income Strategy ETF	NVDA	$	0.5026
BABO	YieldMax™ BABA Option Income Strategy ETF	BABA	$	0.4693
YQQQ	YieldMax™ Short N100 Option Income Strategy ETF	N100	$	0.3873
TSMY	YieldMax™ TSM Option Income Strategy ETF	TSM	$	0.6449
SMCY	YieldMax™ SMCI Option Income Strategy ETF	SMCI	$	1.7215
PLTY	YieldMax™ PLTR Option Income Strategy ETF	PLTR	$	2.9826
BIGY	YieldMax™ Target 12™ Big 50 Option Income ETF	Multiple	$	0.5130
SOXY	YieldMax™ Target 12™ Semiconductor Option Income ETF	Multiple	$	0.5256
MARO	YieldMax™ MARA Option Income Strategy ETF	MARA	$	2.1002
FEAT	YieldMax™ Dorsey Wright Featured 5 Income ETF	Multiple	$	2.1944
FIVY	YieldMax™ Dorsey Wright Hybrid 5 Income ETF	Multiple	$	1.6771
LFGY	YieldMax™ Crypto Industry & Tech Option Income ETF	Multiple	$	0.6294
GPTY*	YieldMax™ AI & Tech Option Income ETF	Multiple		–

Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs” and “ADR” stands for American Depositary Receipt.

You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

*The inception date for GPTY is January 22, 2025.

¹Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

² The Distribution per Share is the most recently declared such amount as of close on January 29, 2025.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Important Information

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer time periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to GPTY)

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Risk Disclosures (applicable only to MARO)

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer time periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given time period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

Holdings

As of January 29, 2025, the YieldMax™ CARVANA Option Income Strategy ETF did not hold any shares of CARVANA CO. (CVNA). As of such date, the holdings of CVNA in such fund were 0.00%.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs.

The MIL Network –

January 31, 2025

MIL-OSI: Roper Technologies announces 2024 financial results

Source: GlobeNewswire (MIL-OSI)

SARASOTA, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the fourth quarter and full year ended December 31, 2024. The results in this press release are presented on a continuing operations basis.

Fourth quarter 2024 highlights

Revenue increased 16% to $1.88 billion; acquisition contribution was +9% and organic revenue was +7%
Operating cash flow was $722 million; adjusted operating cash flow increased 13%
GAAP net earnings increased 22% to $462 million; adjusted net earnings increased 10% to $520 million
Adjusted EBITDA increased 13% to $744 million
GAAP DEPS increased 22% to $4.28; adjusted DEPS increased 10% to $4.81

Full year 2024 highlights

Revenue increased 14% to $7.04 billion; acquisition contribution was +8% and organic revenue was +6%
Operating cash flow was $2.39 billion; adjusted operating cash flow increased 16%
GAAP net earnings increased 13% to $1.55 billion; adjusted net earnings increased 10% to $1.98 billion
Adjusted EBITDA increased 13% to $2.83 billion
GAAP DEPS increased 13% to $14.35; adjusted DEPS increased 10% to $18.31

“It was an outstanding year for Roper’s long-term cash flow compounding model. We grew free cash flow 16% to $2.3 billion, surpassing the $2 billion milestone for the first time in our history,” said Neil Hunn, Roper Technologies’ President and CEO. “Our total revenue growth of 14% for the year was driven by 6% organic growth and an 8% contribution from our disciplined and process-driven capital deployment capability. To this end, we deployed $3.6 billion of capital toward high-quality vertical software acquisitions, highlighted by Procare Solutions, a leading early childhood education software company, and Transact Campus, which was successfully combined with our CBORD education & healthcare software business.”

2025 outlook and guidance

“Roper not only grew substantially in 2024, but we enter 2025 as a fundamentally better company. This past year, we upgraded key leadership talent, expanded our capital deployment function, and advanced our operating model. As a result, we are entering 2025 with broad-based and positive momentum. Our double-digit 2025 total revenue growth outlook is fueled by improving organic growth and meaningful contributions from our 2024 acquisitions. We believe these growth trends, combined with our significant M&A firepower and large pipeline of attractive acquisition opportunities, position Roper well to continue delivering compelling long-term cash flow compounding for our shareholders,” concluded Mr. Hunn.

Roper expects full year 2025 adjusted DEPS of $19.75 – $20.00 with first quarter adjusted DEPS of $4.70 – $4.74. The Company expects full year total revenue growth of 10%+, with organic revenue growth of +6 – 7%.

The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures.

Conference call to be held at 8:00 AM (ET) today

A conference call to discuss these results has been scheduled for 8:00 AM ET on Thursday, January 30, 2025. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 30275. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by dialing +1 646-517-4150 with access code 30275#.

Use of non-GAAP financial information

The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.

Minority interests

Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and reported as “equity investments gain, net.” During the quarter, Roper sold its minority interest in Certinia and recognized the associated gain within “equity investments gain, net.” Roper makes non-GAAP adjustments for the impacts associated with these investments.

Table 1: Revenue and adjusted EBITDA reconciliation ($M) (from continuing operations)
	Q4 2023			Q4 2024			V %			FY 2023			FY 2024			V %
GAAP revenue	$	1,613		$	1,877			16	%	$	6,178		$	7,039			14	%

Components of revenue growth
Organic								7	%								6	%
Acquisitions								9	%								8	%
Foreign exchange								—	%								—	%
Revenue growth								16	%								14	%

Adjusted EBITDA reconciliation
GAAP net earnings	$	378		$	462					$	1,368		$	1,549
Taxes		99			128						375			418
Interest expense		50			71						165			259
Depreciation		9			9						35			37
Amortization		187			202						720			776
EBITDA	$	723		$	873			21	%	$	2,663		$	3,039			14	%

Restructuring-related expenses associated with the Syntellis (’23) and Transact (’24) acquisitions		—			—						9			9
Transaction-related expenses for completed acquisitions		3			1						8			8
Financial impacts associated with the minority investments in Indicor & Certinia^A		(67	)		(141	)					(165	)		(235	)
Gain on sale of non-operating assets		—			—						(3	)		—
Legal settlement charge		—			11						—			11
Adjusted EBITDA	$	659		$	744		13		%	$	2,511		$	2,832			13	%
% of revenue		40.8	%		39.6	%	(120 bps		)		40.6	%		40.2	%		(40 bps	)

Table 2: Adjusted net earnings reconciliation ($M) (from continuing operations)
	Q4 2023			Q4 2024			V %			FY 2023			FY 2024			V %
GAAP net earnings	$	378		$	462			22	%	$	1,368		$	1,549			13	%
Restructuring-related expenses associated with the Syntellis (’23) and Transact (’24) acquisitions		—			—						7			7
Transaction-related expenses for completed acquisitions		2			1						6			6
Financial impacts associated with the minority investments in Indicor & Certinia^A		(52	)		(105	)					(135	)		(182	)
Gain on sale of non-operating assets		—			—						(3	)		—
Legal settlement charge		—			9						—			9
Amortization of acquisition-related intangible assets^B		143			153						552			588
Adjusted net earnings^C	$	471		$	520			10	%	$	1,795		$	1,978			10	%

Table 3: Adjusted DEPS reconciliation (from continuing operations)
	Q4 2023			Q4 2024			V %			FY 2023			FY 2024			V %
GAAP DEPS	$	3.50		$	4.28			22	%	$	12.74		$	14.35			13	%
Restructuring-related expenses associated with the Syntellis (’23) and Transact (’24) acquisitions		—			—						0.06			0.07
Transaction-related expenses for completed acquisitions		0.02			0.01						0.06			0.06
Financial impacts associated with the minority investments in Indicor & Certinia^A		(0.48	)		(0.97	)					(1.25	)		(1.68	)
Gain on sale of non-operating assets		—			—						(0.02	)		—
Legal settlement charge		—			0.08						—			0.08
Amortization of acquisition-related intangible assets^B		1.33			1.41						5.13			5.45
Adjusted DEPS^C	$	4.37		$	4.81			10	%	$	16.71		$	18.31			10	%

Table 4: Adjusted cash flow reconciliation ($M) (from continuing operations)
	Q4 2023			Q4 2024			V %			FY 2023			FY 2024			V %
Operating cash flow	$	622		$	722			16	%	$	2,037		$	2,393			17	%
Taxes paid in period related to divestiture		16			—						32			—
Adjusted operating cash flow	$	638		$	722			13	%	$	2,070		$	2,393			16	%
Capital expenditures		(30	)		(27	)					(68	)		(66	)
Capitalized software expenditures		(11	)		(12	)					(40	)		(45	)
Adjusted free cash flow	$	596		$	684			15	%	$	1,962		$	2,282			16	%

Table 5: Forecasted adjusted DEPS reconciliation (from continuing operations)
	Q1 2025				FY 2025
	Low End		High End		Low End		High End
GAAP DEPS^D	$	3.29	$	3.33	$	14.21	$	14.46
Financial impacts associated with the minority investment in Indicor^A		TBD		TBD		TBD		TBD
Amortization of acquisition-related intangible assets^B		1.41		1.41		5.54		5.54
Adjusted DEPS^C	$	4.70	$	4.74	$	19.75	$	20.00

Footnotes:

A.	Adjustments related to the financial impacts associated with the minority investments in Indicor & Certinia as shown below ($M, except per share data). Forecasted results do not include any potential impacts associated with our minority investment in Indicor, as these potential impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods.

		Q4 2023A			Q4 2024A			FY 2023A			FY 2024A			Q1 2025E		FY 2025E
	Pretax	$	(67	)	$	(141	)	$	(165	)	$	(235	)	TBD		TBD
	After-tax	$	(52	)	$	(105	)	$	(135	)	$	(182	)	TBD		TBD
	Per share	$	(0.48	)	$	(0.97	)	$	(1.25	)	$	(1.68	)	TBD		TBD

B.	Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data).

		Q4 2023A			Q4 2024A			FY 2023A			FY 2024A			Q1 2025E		FY 2025E
	Pretax	$	181		$	193		$	698		$	745		$	193	$	762
	After-tax	$	143		$	153		$	552		$	588		$	153	$	602
	Per share	$	1.33		$	1.41		$	5.13		$	5.45		$	1.41	$	5.54

C.	All actual and forecasted non-GAAP adjustments are taxed at 21% with the exception of the financial impacts associated with minority investments.

D.	Forecasted GAAP DEPS do not include any potential impacts associated with our minority investment in Indicor. These impacts will be excluded from all non-GAAP results in future periods.

Note: Numbers may not foot due to rounding.

About Roper Technologies

Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at www.ropertech.com.

Contact information:
Investor Relations
941-556-2601
investor-relations@ropertech.com

The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “believes,” “intends” and similar words and phrases. These statements reflect management’s current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and rising interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises (such as the COVID-19 pandemic) or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

Roper Technologies, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(Amounts in millions)

	December 31, 2024			December 31, 2023
ASSETS:

Cash and cash equivalents	$	188.2		$	214.3
Accounts receivable, net		885.1			829.9
Inventories, net		120.8			118.6
Income taxes receivable		25.6			47.7
Unbilled receivables		127.3			106.4
Prepaid expenses and other current assets		195.7			164.5
Total current assets		1,542.7			1,481.4

Property, plant and equipment, net		149.7			119.6
Goodwill		19,312.9			17,118.8
Other intangible assets, net		9,059.6			8,212.1
Deferred taxes		54.1			32.2
Equity investments		772.3			795.7
Other assets		443.4			407.7
Total assets	$	31,334.7		$	28,167.5

LIABILITIES AND STOCKHOLDERS’ EQUITY:

Accounts payable	$	148.1		$	143.0
Accrued compensation		289.0			250.0
Deferred revenue		1,737.4			1,583.8
Other accrued liabilities		546.2			446.5
Income taxes payable		68.4			40.4
Current portion of long-term debt, net		1,043.1			499.5
Total current liabilities		3,832.2			2,963.2

Long-term debt, net of current portion		6,579.9			5,830.6
Deferred taxes		1,630.6			1,513.1
Other liabilities		424.4			415.8
Total liabilities		12,467.1			10,722.7

Common stock		1.1			1.1
Additional paid-in capital		3,014.6			2,767.0
Retained earnings		16,034.9			14,816.3
Accumulated other comprehensive loss		(166.5	)		(122.8	)
Treasury stock		(16.5	)		(16.8	)
Total stockholders’ equity		18,867.6			17,444.8
Total liabilities and stockholders’ equity	$	31,334.7		$	28,167.5

Roper Technologies, Inc.
Condensed Consolidated Statements of Earnings (unaudited)
(Amounts in millions, except per share data)

	Three months ended December 31,						Year ended December 31,
		2024			2023			2024			2023
Net revenues	$	1,877.1		$	1,613.5		$	7,039.2		$	6,177.8
Cost of sales		594.8			488.3			2,160.9			1,870.6
Gross profit		1,282.3			1,125.2			4,878.3			4,307.2

Selling, general and administrative expenses		757.6			662.4			2,881.5			2,562.0
Income from operations		524.7			462.8			1,996.8			1,745.2

Interest expense, net		70.8			50.1			259.2			164.7
Equity investments gain, net		(141.0	)		(66.7	)		(234.6	)		(165.4	)
Other expense, net		4.1			2.7			5.0			2.8

Earnings before income taxes		590.8			476.7			1,967.2			1,743.1

Income taxes		128.5			99.2			417.9			374.7

Net earnings from continuing operations		462.3			377.5			1,549.3			1,368.4

Loss from discontinued operations, net of tax		—			—			—			(4.1	)
Gain on disposition of discontinued operations, net of tax		—			11.5			—			19.9
Net earnings from discontinued operations		—			11.5			—			15.8

Net earnings	$	462.3		$	389.0		$	1,549.3		$	1,384.2

Net earnings per share from continuing operations:
Basic	$	4.31		$	3.53		$	14.47		$	12.83
Diluted	$	4.28		$	3.50		$	14.35		$	12.74

Net earnings per share from discontinued operations:
Basic	$	—		$	0.11		$	—		$	0.15
Diluted	$	—		$	0.11		$	—		$	0.15

Net earnings per share:
Basic	$	4.31		$	3.64		$	14.47		$	12.98
Diluted	$	4.28		$	3.61		$	14.35		$	12.89

Weighted average common shares outstanding:
Basic		107.3			106.9			107.1			106.6
Diluted		108.1			107.7			108.0			107.4

Roper Technologies, Inc.
Selected Segment Financial Data (unaudited)
(Amounts in millions; percentages of net revenues)

	Three months ended December 31,										Year ended December 31,
		2024					2023					2024					2023
	Amount		%			Amount		%			Amount		%			Amount		%
Net revenues:
Application Software	$	1,056.9				$	851.8				$	3,868.3				$	3,186.9
Network Software		373.5					362.7					1,475.6					1,439.4
Technology Enabled Products		446.7					399.0					1,695.3					1,551.5
Total	$	1,877.1				$	1,613.5				$	7,039.2				$	6,177.8


Gross profit:
Application Software	$	708.0		67.0	%	$	586.6		68.9	%	$	2,647.6		68.4	%	$	2,195.8		68.9	%
Network Software		318.9		85.4	%		311.6		85.9	%		1,254.8		85.0	%		1,225.6		85.1	%
Technology Enabled Products		255.4		57.2	%		227.0		56.9	%		975.9		57.6	%		885.8		57.1	%
Total	$	1,282.3		68.3	%	$	1,125.2		69.7	%	$	4,878.3		69.3	%	$	4,307.2		69.7	%


*Operating profit:**
Application Software	$	272.9		25.8	%	$	219.5		25.8	%	$	1,023.4		26.5	%	$	820.8		25.8	%
Network Software		174.4		46.7	%		167.4		46.2	%		666.5		45.2	%		632.4		43.9	%
Technology Enabled Products		150.3		33.6	%		127.0		31.8	%		574.3		33.9	%		518.7		33.4	%
Total	$	597.6		31.8	%	$	513.9		31.9	%	$	2,264.2		32.2	%	$	1,971.9		31.9	%


* Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $72.9 and $51.1 for the three months ended December 31, 2024 and 2023, respectively, and $267.4 and $226.7 for the twelve months ended December 31, 2024 and 2023, respectively.

Roper Technologies, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(Amounts in millions)
	Year ended December 31,
		2024			2023
Cash flows from operating activities:
Net earnings from continuing operations	$	1,549.3		$	1,368.4
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment		37.1			35.4
Amortization of intangible assets		775.7			719.8
Amortization of deferred financing costs		9.8			9.9
Non-cash stock compensation		145.9			123.5
Equity investments gain, net		(234.6	)		(165.4	)
Income tax provision		417.9			374.7
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable		14.4			(50.2	)
Unbilled receivables		(18.5	)		(7.5	)
Inventories		(1.9	)		(6.6	)
Prepaid expenses and other current assets		(19.5	)		(4.3	)
Accounts payable		(13.0	)		18.2
Other accrued liabilities		109.3			(1.0	)
Deferred revenue		110.7			93.9
Cash taxes paid for gain on disposal of business		—			(32.5	)
Cash income taxes paid, excluding tax associated with gain on disposal of business		(483.8	)		(423.4	)
Other, net		(5.6	)		(15.5	)
Cash provided by operating activities from continuing operations		2,393.2			2,037.4
Cash used in operating activities from discontinued operations		—			(2.3	)
Cash provided by operating activities		2,393.2			2,035.1

Cash flows from (used in) investing activities:
Acquisitions of businesses, net of cash acquired		(3,612.9	)		(2,052.7	)
Capital expenditures		(66.0	)		(68.0	)
Capitalized software expenditures		(45.0	)		(40.0	)
Distributions from equity investment		10.8			32.5
Proceeds from sale of equity investment		245.6			—
Other, net		(1.0	)		(0.1	)
Cash used in investing activities from continuing operations		(3,468.5	)		(2,128.3	)
Cash provided by disposition of discontinued operations		—			2.0
Cash used in investing activities		(3,468.5	)		(2,126.3	)

Cash flows from (used in) financing activities:
Proceeds from senior notes		2,000.0			—
Payments of senior notes		(500.0	)		(700.0	)
Borrowings (payments) under revolving line of credit, net		(235.0	)		360.0
Debt issuance costs		(24.6	)		—
Cash dividends to stockholders		(321.9	)		(290.2	)
Treasury stock sales		18.5			15.5
Proceeds from stock-based compensation, net		88.6			115.2
Other, net		43.9			—
Cash provided by (used in) financing activities		1,069.5			(499.5	)

(Continued)
Roper Technologies, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited) – Continued
(Amounts in millions)
	Year ended December 31,
		2024			2023
Effect of exchange rate changes on cash		(20.3	)		12.2

Net decrease in cash and cash equivalents		(26.1	)		(578.5	)

Cash and cash equivalents, beginning of year		214.3			792.8

Cash and cash equivalents, end of year	$	188.2		$	214.3

The MIL Network –

January 31, 2025

MIL-OSI: Bread Financial Provides Performance Update for December 2024

Source: GlobeNewswire (MIL-OSI)

COLUMBUS, Ohio, Jan. 30, 2025 (GLOBE NEWSWIRE) — Bread Financial^®Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions, provided a performance update. The following tables present the Company’s net loss rate and delinquency rate for the periods indicated.

	For the month ended December 31, 2024			For the three months ended December 31, 2024
	(dollars in millions)
End-of-period credit card and other loans	$	18,896		$	18,896
Average credit card and other loans ⁽¹⁾	$	18,647		$	18,156
Year-over-year change in average credit card and other loans ⁽¹⁾		—	%		(1	%)
Net principal losses ⁽²⁾	$	129		$	367
Net loss rate ⁽¹⁾⁽²⁾		8.1	%		8.0	%

	As of December 31, 2024			As of December 31, 2023
	(dollars in millions)
30 days + delinquencies – principal	$	1,034		$	1,163
Period ended credit card and other loans – principal	$	17,418		$	17,906
Delinquency rate		5.9	%		6.5	%

______________________________

⁽¹⁾	Beginning in January 2024, we revised the calculation of Average credit card and other loans to more closely align with industry practice by incorporating an average daily balance. Prior to 2024, Average credit card and other loans represent the average balance of the loans at the beginning and end of each month, averaged over the periods indicated. Consequentially, the calculations for Year-over-year change in average credit card and other loans and Net loss rate differ for the periods presented.
⁽²⁾	As a result of hurricanes Helene and Milton we froze delinquency progression for cardholders in Federal Emergency Management Agency identified impact zones for one billing cycle, which will result in modestly lower Net principal losses and Net loss rate in the fourth quarter of 2024, and consequently these actions will negatively impact Net principal losses and Net loss rate in the second quarter of 2025.

About Bread Financial^®
Bread Financial^® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.

To learn more about Bread Financial, our global associates and our sustainability commitments, visit breadfinancial.com or follow us on Instagram and LinkedIn.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding, and the guidance we give with respect to, our anticipated operating or financial results, future financial performance and outlook, future dividend declarations, and future economic conditions.

We believe that our expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond our control. Accordingly, our actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that our expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political and public health events and conditions, including ongoing wars and military conflicts and natural disasters; future credit performance, including the level of future delinquency and write-off rates; the loss of, or reduction in demand from, significant brand partners or customers in the highly competitive markets in which we compete; the concentration of our business in U.S. consumer credit; inaccuracies in the models and estimates on which we rely, including the amount of our Allowance for credit losses and our credit risk management models; the inability to realize the intended benefits of acquisitions, dispositions and other strategic initiatives; our level of indebtedness and ability to access financial or capital markets; pending and future federal and state legislation, regulation, supervisory guidance, and regulatory and legal actions, including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions with respect to late fees, interchange fees or other charges; impacts arising from or relating to the transition of our credit card processing services to third party service providers that we completed in 2022; failures or breaches in our operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects or otherwise; and any tax or other liability or adverse impacts arising out of or related to the spinoff of our former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. (LVI) and certain of its subsidiaries and subsequent litigation or other disputes. In addition, the Consumer Financial Protection Bureau (CFPB) has issued a final rule that, absent a successful legal challenge, will place significant limits on credit card late fees, which would have a significant impact on our business and results of operations for at least the short term and, depending on the effectiveness of the mitigating actions that we have taken or may in the future take in anticipation of, or in response to, the final rule, may potentially adversely impact us over the long term; we cannot provide any assurance as to the effective date of the rule, the result of any pending or future challenges or other litigation relating to the rule, or our ability to mitigate or offset the impact of the rule on our business and results of operations. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, our Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. Our forward-looking statements speak only as of the date made, and we undertake no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

Contacts
Brian Vereb — Investor Relations
Brian.Vereb@breadfinancial.com

Susan Haugen — Investor Relations
Susan.Haugen@breadfinancial.com

Rachel Stultz — Media
Rachel.Stultz@breadfinancial.com

The MIL Network –

January 31, 2025

MIL-OSI: Brightstar Capital Partners Acquires WW Williams, a Nationwide Provider of Mechanical Repair Services and Products

Source: GlobeNewswire (MIL-OSI)

NEW YORK and COLUMBUS, Ohio, Jan. 30, 2025 (GLOBE NEWSWIRE) — Brightstar Capital Partners (“Brightstar”), a middle market private equity firm focused on investing in business services, industrials, consumer, and government services and technology, announced today that it has acquired WW Williams (“Williams” or the “Company”) from One Equity Partners. Williams is a provider of equipment and aftermarket parts and service for commercial trucks, dry and refrigerated trailers, diesel engines, and power generation systems. The Company’s senior management team will retain an ownership stake in the business.

Founded in 1912, WW Williams is a diversified aftermarket parts and service provider to the commercial vehicle and equipment markets that operates across the US. The Company represents major original equipment manufacturers (OEMs) and provides a full range of industry-leading products, parts and services focused on keeping customers’ vehicles and equipment in operation and minimizing downtime. The Company operates in 23 states, with over 50 locations and more than 1,250 staff members.

“Williams has built an impressive reputation for quality service and technical expertise during its long and distinguished history,” said Reidar Brekke, Partner at Brightstar. “We see significant opportunities to partner with the leadership team and accelerate Williams’ growth by expanding its offerings, continuing to support and grow its OEM relationships, executing a targeted M&A strategy, and investing in people and technology to enhance operational efficiency.”

“Williams has proudly served customers for more than 110 years and joining forces with Brightstar marks an exciting new chapter for the Company,” said John Simmons, CEO of Williams. “Brightstar’s operational expertise and experience scaling industrial businesses align perfectly with our vision for the future. We’re eager to work together to expand our capabilities and geographic reach while maintaining our commitment to exceptional customer service.”

“Partnering with Brightstar opens up exciting new avenues for Williams,” said Bobby Bell, CFO of Williams. “We are confident that with Brightstar’s support we will continue to provide differentiated services to current customers, build new customer relationships, improve our systems, and expand our business segments.”

“Talented and dedicated technicians are the heart of Williams’ success,” said Larry Schmidlapp, Managing Director at Brightstar. “At Brightstar, we have extensive experience partnering with companies that rely on a skilled technician base, and we’re excited to apply this knowledge to accelerate Williams’ growth.”

Moelis & Company LLC served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Brightstar. Robert W. Baird & Co. served as financial advisor and Milbank LLP served as legal counsel to Williams.

About WW Williams

Founded in 1912, WW Williams is a diversified provider of aftermarkets parts and service the commercial vehicle and equipment markets operating across the US. The company represents major original equipment manufacturers (OEMs) and provides a full range of industry-leading products, parts, and services focused on keeping customers’ vehicles and equipment in operation and minimizing downtime. The Company operates in 23 states, with over 50 locations and more than 1,250 staff members. For more information, please visit www.wwwilliams.com.

About Brightstar Capital Partners

Brightstar Capital Partners is a middle market private equity firm with $5bn AUM that is focused on investing in business services, industrials, consumer, and government services and technology, where Brightstar believes it can drive significant value with respect to the management, operations, and strategic direction of the business. Since its founding in 2015, Brightstar has accumulated extensive experience partnering with family, founder, or entrepreneur-led businesses. Brightstar employs an operationally intensive “Us & Us” approach that leverages its considerable hands-on operational expertise and deep relationship network to help companies reach their full potential. For more information, please visit www.brightstarcp.com.

Brightstar Contact:

Prosek Partners
Pro-Brightstar@Prosek.com

WW Williams Contact:

Bobby Bell
bbell@wwwilliams.com

The MIL Network –

January 31, 2025

MIL-OSI: Matador Acquires 3.38 Bitcoin for CAD$500,000, Bringing Its Total Bitcoin (and Bitcoin Equivalent) Holdings to 64.69

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Matador Technologies Inc. (“Matador” or the “Company”) (TSXV: MATA) is pleased to announce that the Company has acquired an additional 3.38 bitcoin for CAD$500,000 (USD$347,022). The 3.38 bitcoin was acquired at an average price of USD$102,703 per bitcoin, inclusive of fees and expenses.

The Company intends to opportunistically acquire another USD$350,000 in Bitcoin in the near term. The acquisition of Bitcoin aligns with Matador’s long-term strategy to integrate Bitcoin as a core asset in its treasury and as the foundation for its forthcoming digital gold product.

Key Highlights:

Enhanced Bitcoin Holdings: With this latest acquisition, Matador now holds approximately 64.69 bitcoin (and Bitcoin equivalents), enhancing its corporate treasury and long-term capital preservation strategy.

Strong Financial Position: Matador operates with zero debt, holding all Bitcoin (and Bitcoin equivalent) assets free and clear. The Company also maintains cash reserves of approximately CAD$2.3 million and physical gold holdings of 2 kilograms (approximately CAD$264,000), reflecting prudent financial management aimed at sustaining long-term growth and stability.

Net Asset Value: Matador’s net asset value (NAV) continues to grow with its diversified portfolio of traditional and digital assets. Matador’s NAV is currently approximately CAD$13.6 million, strengthened by its debt-free structure, cash reserves, physical gold and Bitcoin holdings.

Digital Gold Product: Leveraging Bitcoin technology, Matador’s first gold product, slated for launch in Q1 2025, will combine the tangible value of physical gold with the security and reach of the Bitcoin blockchain.

The latest developments at Matador underscore the Company’s commitment to driving innovation at the intersection of traditional assets and digital technology. Matador’s continued efforts to bridge traditional assets like gold and new technologies reflect its commitment to delivering a secure, accessible platform for users of all backgrounds.

“Our vision has always been to bridge the gap between traditional finance and the digital future,” said Deven Soni, CEO of Matador. “With our robust financial foundation, innovative use of technology, and a focus on delivering value to our shareholders, we’re confident in our ability to lead the charge in redefining how people interact with traditional assets.”

As the Company prepares to launch its gold product in Q1 2025, Matador continues to strengthen its position as a pioneer in the digital asset ecosystem. Backed by a strong net asset value, zero debt, and a clear growth strategy, Matador is well-equipped to seize opportunities and deliver sustainable long-term value for its stakeholders.

Looking ahead, Matador remains focused on expanding its offerings, leveraging emerging technologies, and building a platform that integrates the reliability of traditional assets with the transformative potential of blockchain. The Company will continue to add Bitcoin and gold to its treasury through a strategic and disciplined approach to acquisition.

For additional information, please contact:

Media Contact:
Sunny Ray
President
Email: sunny@matador.network

Phone: 647-932-2668

About Matador Technologies Inc.
Matador Technologies Inc. is a digital gold platform leveraging blockchain technology to digitize real-world assets like gold. Focused on building innovative financial solutions, Matador is at the forefront of integrating blockchain technology to preserve and grow value. Matador’s digital gold platform aims to democratize the gold buying experience, combining the best of modern technology and time-proven assets, to create an app that will allow users to buy, sell, and store gold 24/7 in a fun and engaging way.

Cautionary Statement Regarding Forward-Looking Information

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks associated with the implementation of the Company’s treasury management strategy and the timing and nature of the launch of its mobile application as currently proposed or at all and the potential revenue generated therefrom. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including with respect to the potential acquisition of Bitcoin and/or US dollars, the pricing of such acquisitions and the timing of future operations and the receipt of all applicable regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

The MIL Network –

January 31, 2025

MIL-OSI: Amplify ETFs Declares January Income Distributions for its Income ETFs

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Amplify ETFs announces January income distributions for its income ETFs.

ETF Name	Ticker	Amount per Share	Ex-Date	Record Date	Payable Date
Amplify Samsung SOFR ETF	SOFR	$0.36008	1/30/25	1/30/25	1/31/25
Amplify Bloomberg U.S. Treasury Target High Income ETF	TLTP	$0.23690	1/30/25	1/30/25	1/31/25
Amplify CWP Growth & Income ETF	QDVO	$0.19337	1/30/25	1/30/25	1/31/25
Amplify Cash Flow High Income ETF	HCOW	$0.17300	1/30/25	1/30/25	1/31/25
Amplify CWP Enhanced Dividend Income ETF	DIVO	$0.16940	1/30/25	1/30/25	1/31/25
Amplify CWP International Enhanced Dividend Income ETF	IDVO	$0.15595	1/30/25	1/30/25	1/31/25
Amplify Natural Resources Dividend Income ETF	NDIV	$0.13429	1/30/25	1/30/25	1/31/25
Amplify High Income ETF	YYY	$0.12000	1/30/25	1/30/25	1/31/25

About Amplify ETFs
Amplify ETFs, sponsored by Amplify Investments, has over $10 billion in assets across its suite of ETFs (as of 1/08/2025). Amplify ETFs delivers expanded investment opportunities for investors seeking growth, income, and risk-managed strategies across a range of actively managed and index-based ETFs. To learn more visit AmplifyETFs.com.

Sales Contact:
Amplify ETFs
855-267-3837
info@amplifyetfs.com

Media Contacts:
Gregory FCA for Amplify ETFs
Kerry Davis
610-228-2098
amplifyetfs@gregoryfca.com

This information is not intended to provide and should not be relied upon for accounting, legal or tax advice, or investment recommendations. To receive a distribution, you must be a registered shareholder of the fund on the record date. Distributions are paid to shareholders on the payment date. There is no guarantee that distributions will be made in the future. Your own trading will also generate tax consequences and transaction expenses. Past distributions are not indicative of future distributions. Please consult your tax professional or financial adviser for more information regarding your tax situation.

Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in Amplify Funds’ statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectuses carefully before investing.

Investing involves risk, including the possible loss of principal.

Amplify ETFs are distributed by Foreside Services, LLC.

The MIL Network –

January 31, 2025

MIL-OSI: Connectone Bancorp, Inc. Reports Fourth Quarter and Full-Year 2024 Results; Declares Common and Preferred Dividends

Source: GlobeNewswire (MIL-OSI)

ENGLEWOOD CLIFFS, N.J., Jan. 30, 2025 (GLOBE NEWSWIRE) — ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today reported net income available to common stockholders of $18.9 million for the fourth quarter of 2024 compared with $15.7 million for the third quarter of 2024 and $17.8 million for the fourth quarter of 2023. Diluted earnings per share were $0.49 for the fourth quarter of 2024 compared with $0.41 for the third quarter of 2024 and $0.46 for the fourth quarter of 2023. Full-year 2024 net income available to common stockholders was $67.8 million, compared to $81.0 million for the full-year 2023. Diluted earnings per share for the full-year 2024 were $1.76, compared with $2.07 for the full-year 2023. Return on average assets was 0.84%, 0.70% and 0.79% for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively. Return on average tangible common equity was 8.27%, 6.93% and 8.18% for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

Operating net income available to common stockholders, which excludes non-operating items, as set forth in the reconciliation of GAAP earnings to operating earnings included in the supplemental table attached hereto, was $20.2 million for the fourth quarter of 2024, $16.1 million for the third quarter of 2024 and $19.1 million for the fourth quarter of 2023. Operating diluted earnings per share were $0.52 for the fourth quarter of 2024, $0.42 for the third quarter of 2024 and $0.49 for the fourth quarter of 2023. Operating return on average assets was 0.90%, 0.72% and 0.84% for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively. Operating return on average tangible common equity was 8.77%, 7.03% and 8.67% for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

“I’m extremely pleased with ConnectOne’s fourth quarter 2024 financial results highlighted by a 20.5% quarter-over-quarter and an 6.2% year-over-year increase in quarterly net income available to common stockholders, significant margin expansion and growth in both loans and core deposits,” stated Frank Sorrentino, ConnectOne’s Chairman and Chief Executive Officer. “On a quarter-over-quarter basis, our loan portfolio grew by 2.0% while core deposits grew by 3.2%. The bank’s net interest margin improved by nearly 20 basis-points, benefiting from a more than 25 basis-point improvement in our cost of deposits. This improvement reflects an approximately 40% cycle-to-date beta on interest-bearing deposits and a 3.6% sequential quarterly increase in average noninterest-bearing demand deposits. Moreover, credit quality trends remain stable and, once again, tangible book value advanced despite higher longer-term interest rates.”

“As we move into 2025, we are experiencing strong operating momentum bolstered by improving industry fundamentals, favorable economic conditions, and a potentially more supportive regulatory environment. Importantly, the proposed merger with The First of Long Island Corporation is moving forward as planned. We’re well along in the merger process and anticipate the transaction to close in the second quarter of 2025.” Mr. Sorrentino added, “The strategic rationale behind this financially attractive transaction remains highly compelling, which will meaningfully enhance ConnectOne’s presence on Long Island and further our position as a premier New York Metro community bank. We are equally excited about the opportunity to serve The First of Long Island’s clients and to leverage the expertise of its team, creating a significantly enhanced platform for sustained growth at ConnectOne.”

Mr. Sorrentino concluded “Looking ahead, we remain focused and committed to our client-first culture and relationship banking model and are well-positioned to grow and strengthen our valuable franchise.”

Dividend Declarations

The Company announced that its Board of Directors declared a cash dividend on both its common stock and its outstanding preferred stock. A cash dividend on common stock of $0.18 per share will be paid on March 3, 2025, to common stockholders of record on February 18, 2025. A dividend of $0.328125 per depositary share, representing a 1/40^th interest in a share of the Company’s 5.25% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, will also be paid on March 3, 2025 to holders of record on February 18, 2025.

Operating Results

Fully taxable equivalent net interest income for the fourth quarter of 2024 was $64.7 million, an increase of $3.8 million, or 6.3%, from the third quarter of 2024, due to a 19 basis-point widening of the net interest margin to 2.86% from 2.67%. Average loans for the fourth quarter of 2024 remained essentially flat from the sequential third quarter, decreasing by $19.8 million, or 0.2%. The widening of the net interest margin was primarily due to a 27 basis-point decrease in the average costs of deposits, including noninterest-bearing deposits, partially offset by a 3 basis-point decline in the rate earned on interest-earning assets. The interest-earning asset rate for the fourth quarter of 2024 was strengthened by an increase in loan prepayment fees and recapture of nonaccrual loan interest. Excluding these aforementioned items, management estimates the net interest margin for the quarter would have been approximately 2.82%. The net interest margin, excluding any non-operating items, is expected to increase to more than 2.90% in the first quarter of 2025 as a result of further improvement in the cost of funds and the deployment of excess cash-on-hand.

Fully taxable equivalent net interest income for the fourth quarter of 2024 increased by $3.0 million, or 4.7%, from the fourth quarter of 2023. The increase from the fourth quarter of 2023 resulted primarily from a 15 basis-point widening in the net interest margin to 2.86% from 2.71%, partially offset by a $164.7 million, or 2.0%, decrease in average loans. The widening of the net interest margin for the fourth quarter of 2024 when compared to the fourth quarter of 2023 was primarily due to a 102 basis-point decrease in the average cost of borrowings, a 9 basis-point decrease in average cost of deposits, including noninterest-bearing deposits, and a 3 basis-point increase in the loan portfolio yield, partially offset by an increase in average cash balances during the fourth quarter of 2024.

Noninterest income was $3.7 million in the fourth quarter of 2024, $4.7 million in the third quarter of 2024 and $4.2 million in the fourth quarter of 2023. The $1.0 million decrease in noninterest income for the fourth quarter of 2024 when compared to the third quarter of 2024 was due to a $0.7 million decrease in net gains on equity securities, a $0.5 million decrease in BOLI income, primarily due to reduced death benefits, partially offset by a $0.2 million increase in net gains on sale of loans held-for-sale. The $0.5 million decrease in noninterest income for the fourth quarter of 2024 when compared to the fourth quarter of 2023 was due to a $0.9 million decrease in net gains on equity securities, partially offset a $0.3 million increase in other deposit, loan and other income and an increase in net gains on sale of loans held-for-sale of $0.1 million.

Noninterest expenses were $38.5 million for the fourth quarter of 2024, $38.6 million for the third quarter of 2024 and $37.8 million for the fourth quarter of 2023. The $0.1 million decrease in noninterest expenses for the fourth quarter of 2024 when compared to the third quarter of 2024 was primarily due to a $0.7 million decrease in salaries and employee benefits, a $0.2 million decrease in other expenses, a $0.1 million decrease in marketing and advertising expenses and a $0.1 million decrease in occupancy and equipment expense, partially offset by a $0.5 million charge related to a branch closing, a $0.3 million increase in professional and consulting expenses, a $0.1 million increase in merger expenses and a $0.1 million increase in information and technology communications.

The $0.7 million increase in noninterest expenses for the fourth quarter of 2024 when compared to the fourth quarter of 2023 was primarily due to a $0.9 million increase merger expenses, a $0.9 million increase in professional and consulting expenses, a $0.5 million increase in branch closing expenses, a $0.4 million increase in information technology and communications, a $0.2 million increase in salaries and employee benefits, a $0.1 million increase in marketing and advertising expenses and a $0.1 million increase in occupancy and equipment expenses, partially offset by decreases in FDIC insurance of $2.1 million and $0.3 million decrease in other expenses. The $0.9 million increase in merger expenses compared to the fourth quarter of 2023 was due to the planned merger with The First of Long Island Corporation. The $0.9 million increase in professional and consulting expenses was primarily due to increases in legal and audit accruals, as well as an increase in loan work-out expenses. The $0.5 million increase in branch closing expenses is due to the aforementioned branch closing. The $2.1 million decrease in FDIC insurance expense is due to the FDIC special assessment charge that was accrued during the fourth quarter of 2023.

Income tax expense was $6.1 million for the fourth quarter of 2024, $6.0 million for the third quarter of 2024 and $6.2 million for the fourth quarter of 2023. The effective tax rates for the fourth quarter of 2024, third quarter of 2024 and fourth quarter of 2023 were 23%, 26% and 24%, respectively. The effective tax rate for the fourth quarter reflects a year-end adjustment for the effective tax rate for the full-year 2024. Our projected tax rate for 2025 is in the range of 26%-27%.

Asset Quality

The provision for credit losses was $3.5 million for the fourth quarter of 2024, $3.8 million for the third quarter of 2024 and $2.7 million for the fourth quarter of 2023, reflecting loan growth, economic outlook and specific reserves. The provision for credit losses was $13.8 million for the full-year 2024 compared to $8.2 million for the full-year 2023. The increase in the full-year 2024 provision for credit losses when compared to the full-year 2023 was primarily due to increases in specific reserves, partially offset by a decrease in the level of general reserves.

Nonperforming assets, which includes nonaccrual loans and other real estate owned (the Bank had no other real estate owned during the periods reported), was $57.3 million as of December 31, 2024, $51.3 million as of September 30, 2024 and $52.5 million as of December 31, 2023. Nonperforming assets as a percentage of total assets was 0.58% as of December 31, 2024, 0.53% as of September 31, 2024 and 0.53% as of December 31, 2023. The ratio of nonaccrual loans to loans receivable was 0.69%, 0.63% and 0.63%, as of December 31, 2024, September 30, 2024 and December 31, 2023, respectively. The annualized net loan charge-offs ratio was 0.16% for the fourth quarter of 2024, 0.17% for the third quarter of 2024 and 0.43% for the fourth quarter of 2023. The allowance for credit losses represented 1.00%, 1.02%, and 0.98% of loans receivable as of December 31, 2024, September 31, 2024, and December 31, 2023, respectively. The allowance for credit losses as a percentage of nonaccrual loans was 144.3% as of December 31, 2024, 160.8% as of September 30, 2024 and 156.1% as of December 31, 2023. Criticized and classified loans as a percentage of loans receivable was 2.66% as of December 31, 2024, up from 2.23% as of September 30, 2024 and 1.35% as of December 31, 2023. Loans delinquent 30 to 89 days was 0.04% of loans receivable as of December 31, 2024, down from 0.16% as of September 30, 2024 and 0.30% as of December 31, 2023. The overall credit quality metrics of the Bank’s loan portfolio remain sound, with expected levels of charge-offs, nonaccruals, delinquencies, and classified loans expected to remain within historical ranges.

Selected Balance Sheet Items

The Company’s total assets were $9.880 billion as of December 31, 2024, compared to $9.856 billion as of December 31, 2023. Loans receivable were $8.275 billion as of December 31, 2024 and $8.345 billion as of December 31, 2023. Total deposits were $7.820 billion as of December 31, 2024 and $7.536 billion as of December 31, 2023.

The Company’s total stockholders’ equity was $1.242 billion as of December 31, 2024 and $1.217 billion as of December 31, 2023. The increase in total stockholders’ equity was primarily due to an increase in retained earnings of $40.5 million, partially offset by an increase in accumulated other comprehensive losses of approximately $12.7 million and an increase in treasury stock of approximately $5.8 million. As of December 31, 2024, the Company’s tangible common equity ratio and tangible book value per share were 9.49% and $23.92, respectively, compared to 9.25% and $23.14, respectively, as of December 31, 2023. Total goodwill and other intangible assets were $213.0 million as of December 31, 2024, and $214.2 million as of December 31, 2023.

Use of Non-GAAP Financial Measures

In addition to the results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), ConnectOne routinely supplements its evaluation with an analysis of certain non-GAAP measures. ConnectOne believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors in understanding our operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

Fourth Quarter 2024 Results Conference Call

Management will also host a conference call and audio webcast at 10:00 a.m. ET on January 30, 2025 to review the Company’s financial performance and operating results. The conference call dial-in number is 1 (646) 307-1963, access code 1691400. Please dial in at least five minutes before the start of the call to register. An audio webcast of the conference call will be available to the public, on a listen-only basis, via the “Investor Relations” link on the Company’s website https://www.ConnectOneBank.com or at http://ir.connectonebank.com.

A replay of the conference call will be available beginning at approximately 1:00 p.m. ET on Thursday, January 30, 2025 and ending on Thursday, February 6, 2025 by dialing 1 (609) 800-9909, access code 1691400. An online archive of the webcast will be available following the completion of the conference call at https://www.ConnectOneBank.com or at http://ir.connectonebank.com.

About ConnectOne Bancorp, Inc.

ConnectOne Bancorp, Inc., is a modern financial services company that operates, through its subsidiary, ConnectOne Bank, and the Bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank is a high-performing commercial bank offering a full suite of banking & lending products and services that focus on small to middle-market businesses. BoeFly, Inc. is a fintech marketplace that connects borrowers in the franchise space with funding solutions through a network of partner banks. ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol “CNOB,” and information about ConnectOne may be found at https://www.connectonebank.com.

This news release contains certain forward-looking statements which are based on certain assumptions and describe future plans, strategies, and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, those factors set forth in Item 1A – Risk Factors of the Company’s Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission, as supplemented by the Company’s subsequent filings with the U.S. Securities and Exchange Commission, and changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, changes in accounting principles and guidelines and the impact of the health emergencies and natural disasters on the Company, its employees and operations, and its customers. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Investor Contact:
William S. Burns
Senior Executive Vice President & CFO
201.816.4474: bburns@cnob.com

Media Contact:
Shannan Weeks
MikeWorldWide
732.299.7890: sweeks@mww.com


CONNECTONE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
(in thousands)

	December 31,			December 31,
		2024			2023
	(unaudited)
ASSETS
Cash and due from banks	$	57,816		$	61,421
Interest-bearing deposits with banks		298,672			181,293
Cash and cash equivalents		356,488			242,714

Investment securities		612,847			617,162
Equity securities		20,092			18,564

Loans held-for-sale		743			–

Loans receivable		8,274,810			8,345,145
Less: Allowance for credit losses – loans		82,685			81,974
Net loans receivable		8,192,125			8,263,171

Investment in restricted stock, at cost		40,449			51,457
Bank premises and equipment, net		28,447			30,779
Accrued interest receivable		45,498			49,108
Bank owned life insurance		243,672			237,644
Right of use operating lease assets		14,489			12,007
Goodwill		208,372			208,372
Core deposit intangibles		4,639			5,874
Other assets		111,739			118,751
Total assets	$	9,879,600		$	9,855,603

LIABILITIES
Deposits:
Noninterest-bearing	$	1,422,044		$	1,259,364
Interest-bearing		6,398,070			6,276,838
Total deposits		7,820,114			7,536,202
Borrowings		688,064			933,579
Subordinated debentures, net		79,944			79,439
Operating lease liabilities		15,498			13,171
Other liabilities		34,276			76,592
Total liabilities		8,637,896			8,638,983

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY
Preferred stock		110,927			110,927
Common stock		586,946			586,946
Additional paid-in capital		36,347			33,182
Retained earnings		631,446			590,970
Treasury stock		(76,116	)		(70,296	)
Accumulated other comprehensive loss		(47,846	)		(35,109	)
Total stockholders’ equity		1,241,704			1,216,620
Total liabilities and stockholders’ equity	$	9,879,600		$	9,855,603


CONNECTONE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except for per share data)

	Three Months Ended					Year Ended
	12/31/24			12/31/23		12/31/24		12/31/23
Interest income
Interest and fees on loans	$	118,346		$	120,636	$	477,859	$	453,992
Interest and dividends on investment securities:
Taxable		4,804			4,280		18,561		16,666
Tax-exempt		1,109			1,166		4,503		4,641
Dividends		959			912		4,349		3,662
Interest on federal funds sold and other short-term investments		2,815			1,963		12,617		11,104
Total interest income		128,033			128,957		517,889		490,065
Interest expense
Deposits		58,568			59,332		244,846		206,176
Borrowings		4,754			7,803		25,706		28,783
Total interest expense		63,322			67,135		270,552		234,959

Net interest income		64,711			61,822		247,337		255,106
Provision for credit losses		3,500			2,700		13,800		8,200
Net interest income after provision for credit losses		61,211			59,122		233,537		246,906

Noninterest income
Deposit, loan and other income		1,798			1,545		6,861		6,098
Income on bank owned life insurance		1,656			1,635		7,142		6,316
Net gains on sale of loans held-for-sale		597			472		2,723		1,704
Net losses (gains) on equity securities		(307	)		557		2		(117	)
Total noninterest income		3,744			4,209		16,728		14,001

Noninterest expenses
Salaries and employee benefits		22,244			22,010		90,053		88,223
Occupancy and equipment		2,818			2,708		11,615		10,884
FDIC insurance		1,800			3,900		7,200		8,365
Professional and consulting		2,449			1,587		8,447		7,547
Marketing and advertising		495			323		2,420		1,965
Information technology and communications		4,523			4,148		17,574		14,340
Merger expenses		863			–		1,605		–
Branch closing expenses		477			–		477		–
Amortization of core deposit intangibles		296			348		1,235		1,438
Other expenses		2,533			2,821		11,172		11,187
Total noninterest expenses		38,498			37,845		151,798		143,949

Income before income tax expense		26,457			25,486		98,467		116,958
Income tax expense		6,086			6,213		24,674		29,955
Net income		20,371			19,273		73,793		87,003
Preferred dividends		1,509			1,509		6,036		6,036
Net income available to common stockholders	$	18,862		$	17,764	$	67,757	$	80,967

Earnings per common share:
Basic	$	0.49		$	0.46	$	1.77	$	2.08
Diluted		0.49			0.46		1.76		2.07


ConnectOne’s management believes that the supplemental financial information, including non-GAAP measures provided below, is useful to investors. The non-GAAP measures should not be viewed as a substitute for financial results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP financial measures presented by other companies.

CONNECTONE BANCORP, INC.
SUPPLEMENTAL GAAP AND NON-GAAP FINANCIAL MEASURES

	As of
	Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,				Dec. 31,
		2024				2024				2024				2024				2023
Selected Financial Data	(dollars in thousands)
Total assets	$	9,879,600			$	9,639,603			$	9,723,731			$	9,853,964			$	9,855,603
Loans receivable:
Commercial	$	1,522,308			$	1,505,743			$	1,491,079			$	1,561,063			$	1,564,768
Commercial real estate		3,384,319				3,261,160				3,274,941				3,333,488				3,342,603
Multifamily		2,506,782				2,482,258				2,499,581				2,507,893				2,566,904
Commercial construction		616,246				616,087				639,168				646,593				620,496
Residential		249,691				250,249				256,786				254,214				256,041
Consumer		1,136				835				945				850				1,029
Gross loans		8,280,482				8,116,332				8,162,500				8,304,101				8,351,841
Net deferred loan fees		(5,672	)			(4,356	)			(4,597	)			(6,144	)			(6,696	)
Loans receivable		8,274,810				8,111,976				8,157,903				8,297,957				8,345,145
Loans held-for-sale		743				–				435				–				–
Total loans	$	8,275,553			$	8,111,976			$	8,158,338			$	8,297,957			$	8,345,145

Investment and equity securities	$	632,939			$	667,112			$	640,322			$	638,854			$	635,726
Goodwill and other intangible assets		213,011				213,307				213,604				213,925				214,246
Deposits:
Noninterest-bearing demand	$	1,422,044			$	1,262,568			$	1,268,882			$	1,290,523			$	1,259,364
Time deposits		2,557,200				2,614,187				2,593,165				2,623,391				2,531,371
Other interest-bearing deposits		3,840,870				3,647,350				3,713,967				3,674,740				3,745,467
Total deposits	$	7,820,114			$	7,524,105			$	7,576,014			$	7,588,654			$	7,536,202

Borrowings	$	688,064			$	742,133			$	756,144			$	877,568			$	933,579
Subordinated debentures (net of debt issuance costs)		79,944				79,818				79,692				79,566				79,439
Total stockholders’ equity		1,241,704				1,239,496				1,224,227				1,216,609				1,216,620

Quarterly Average Balances
Total assets	$	9,653,446			$	9,742,853			$	9,745,853			$	9,860,753			$	9,690,746
Loans receivable:
Commercial	$	1,487,850			$	1,485,777			$	1,517,446			$	1,552,360			$	1,510,634
Commercial real estate (including multifamily)		5,733,188				5,752,467				5,789,498				5,890,853				5,874,854
Commercial construction		631,022				628,740				652,227				637,993				630,468
Residential		250,589				252,975				254,284				252,965				253,200
Consumer		5,204				7,887				5,155				5,091				6,006
Gross loans		8,107,853				8,127,846				8,218,610				8,339,262				8,275,162
Net deferred loan fees		(4,727	)			(4,513	)			(5,954	)			(6,533	)			(6,894	)
Loans receivable		8,103,126				8,123,333				8,212,656				8,332,729				8,268,268
Loans held-for-sale		498				83				169				99				31
Total loans	$	8,103,624			$	8,123,416			$	8,212,825			$	8,332,828			$	8,268,299

Investment and equity securities	$	653,988			$	650,897			$	637,551			$	633,270			$	602,287
Goodwill and other intangible assets		213,205				213,502				213,813				214,133				214,472
Deposits:
Noninterest-bearing demand	$	1,304,699			$	1,259,912			$	1,256,251			$	1,254,201			$	1,248,132
Time deposits		2,478,163				2,625,329				2,587,706				2,567,767				2,495,091
Other interest-bearing deposits		3,838,575				3,747,427				3,721,167				3,696,374				3,747,093
Total deposits	$	7,621,437			$	7,632,668			$	7,565,124			$	7,518,342			$	7,490,316

Borrowings	$	648,300			$	717,586			$	787,256			$	947,003			$	823,123
Subordinated debentures (net of debt issuance costs)		79,862				79,735				79,609				79,483				79,356
Total stockholders’ equity		1,241,738				1,234,724				1,220,621				1,220,818				1,198,389

	Three Months Ended
	Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,				Dec. 31,
		2024				2024				2024				2024				2023
	(dollars in thousands, except for per share data)
Net interest income	$	64,711			$	60,887			$	61,439			$	60,300			$	61,822
Provision for credit losses		3,500				3,800				2,500				4,000				2,700
Net interest income after provision for credit losses		61,211				57,087				58,939				56,300				59,122
Noninterest income
Deposit, loan and other income		1,798				1,817				1,654				1,592				1,545
Income on bank owned life insurance		1,656				2,145				1,677				1,664				1,635
Net gains on sale of loans held-for-sale		597				343				1,277				506				472
Net (losses) gains on equity securities		(307	)			432				(209	)			86				557
Total noninterest income		3,744				4,737				4,399				3,848				4,209
Noninterest expenses
Salaries and employee benefits		22,244				22,957				22,721				22,131				22,010
Occupancy and equipment		2,818				2,889				2,899				3,009				2,708
FDIC insurance		1,800				1,800				1,800				1,800				3,900
Professional and consulting		2,449				2,147				1,923				1,928				1,587
Marketing and advertising		495				635				613				677				323
Information technology and communications		4,523				4,464				4,198				4,389				4,148
Merger expenses		863				742				–				–				–
Branch closing expenses		477				–				–				–				–
Amortization of core deposit intangible		296				297				321				321				348
Other expenses		2,533				2,710				3,119				2,810				2,821
Total noninterest expenses		38,498				38,641				37,594				37,065				37,845

Income before income tax expense		26,457				23,183				25,744				23,083				25,486
Income tax expense		6,086				6,022				6,688				5,878				6,213
Net income		20,371				17,161				19,056				17,205				19,273
Preferred dividends		1,509				1,509				1,509				1,509				1,509
Net income available to common stockholders	$	18,862			$	15,652			$	17,547			$	15,696			$	17,764

Weighted average diluted common shares outstanding		38,519,581				38,525,484				38,448,594				38,511,747				38,651,391
Diluted EPS	$	0.49			$	0.41			$	0.46			$	0.41			$	0.46

Reconciliation of GAAP Net Income to Operating Net Income:
Net income	$	20,371			$	17,161			$	19,056			$	17,205			$	19,273
FDIC special assessment		–				–				–				–				2,100
Merger expenses		863				742				–				–				–
Branch closing expenses		477				–				–				–				–
Amortization of core deposit intangibles		296				297				321				321				348
Net losses (gains) on equity securities		307				(432	)			209				(86	)			(557	)
Tax impact of adjustments		(585	)			(171	)			(149	)			(66	)			(569	)
Operating net income	$	21,729			$	17,597			$	19,437			$	17,374			$	20,595
Preferred dividends		1,509				1,509				1,509				1,509				1,509
Operating net income available to common stockholders	$	20,220			$	16,088			$	17,928			$	15,865			$	19,086

Operating diluted EPS (non-GAAP) ⁽¹⁾	$	0.52			$	0.42			$	0.47			$	0.41			$	0.49

Return on Assets Measures
Average assets	$	9,653,446			$	9,742,853			$	9,745,853			$	9,860,753			$	9,690,746
Return on avg. assets		0.84		%		0.70		%		0.79		%		0.70		%		0.79		%
Operating return on avg. assets (non-GAAP) ⁽²⁾		0.90				0.72				0.80				0.71				0.84

⁽¹⁾ Operating net income available to common stockholders divided by weighted average diluted shares outstanding.
⁽²⁾ Operating net income divided by average assets.

	Three Months Ended
	Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,				Dec. 31,
		2024				2024				2024				2024				2023
Return on Equity Measures	(dollars in thousands)
Average stockholders’ equity	$	1,241,738			$	1,234,724			$	1,220,621			$	1,220,818			$	1,198,389
Less: average preferred stock		(110,927	)			(110,927	)			(110,927	)			(110,927	)			(110,927	)
Average common equity	$	1,130,811			$	1,123,797			$	1,109,694			$	1,109,891			$	1,087,462
Less: average intangible assets		(213,205	)			(213,502	)			(213,813	)			(214,133	)			(214,472	)
Average tangible common equity	$	917,606			$	910,295			$	895,881			$	895,758			$	872,990
Return on avg. common equity (GAAP)		6.64		%		5.54		%		6.36		%		5.69		%		6.48		%
Operating return on avg. common equity (non-GAAP) ⁽³⁾		7.11				5.70				6.50				5.75				6.96
Return on avg. tangible common equity (non-GAAP) ⁽⁴⁾		8.27				6.93				7.98				7.15				8.18
Operating return on avg. tangible common equity (non-GAAP) ⁽⁵⁾		8.77				7.03				8.05				7.12				8.67

Efficiency Measures
Total noninterest expenses	$	38,498			$	38,641			$	37,594			$	37,065			$	37,845
FDIC special assessment		–				–				–				–				(2,100	)
Merger expenses		(863	)			(742	)			–				–				–
Branch closing expenses		(477	)			–				–				–				–
Amortization of core deposit intangibles		(296	)			(297	)			(321	)			(321	)			(348	)
Operating noninterest expense	$	36,862			$	37,602			$	37,273			$	36,744			$	35,397

Net interest income (tax equivalent basis)	$	65,593			$	61,710			$	62,255			$	61,111			$	62,627
Noninterest income		3,744				4,737				4,399				3,848				4,209
Net losses (gains) on equity securities		307				(432	)			209				(86	)			(557	)
Operating revenue	$	69,644			$	66,015			$	66,863			$	64,873			$	66,279

Operating efficiency ratio (non-GAAP) ⁽⁶⁾		52.9		%		57.0		%		55.7		%		56.6		%		53.4		%

Net Interest Margin
Average interest-earning assets	$	9,117,201			$	9,206,038			$	9,210,050			$	9,323,291			$	9,172,165
Net interest income (tax equivalent basis)		65,593				61,710				62,255				61,111				62,627
Net interest margin (GAAP)		2.86		%		2.67		%		2.72		%		2.64		%		2.71		%

⁽³⁾ Operating net income available to common stockholders divided by average common equity.
⁽⁴⁾ Net income available to common stockholders, excluding amortization of intangible assets, divided by average tangible common equity.
⁽⁵⁾ Operating net income available to common stockholders, divided by average tangible common equity.
⁽⁶⁾ Operating noninterest expense divided by operating revenue.

	As of
	Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,				Dec. 31,
		2024				2024				2024				2024				2023
Capital Ratios and Book Value per Share	(dollars in thousands, except for per share data)
Stockholders equity	$	1,241,704			$	1,239,496			$	1,224,227			$	1,216,609			$	1,216,620
Less: preferred stock		(110,927	)			(110,927	)			(110,927	)			(110,927	)			(110,927	)
Common equity	$	1,130,777			$	1,128,569			$	1,113,300			$	1,105,682			$	1,105,693
Less: intangible assets		(213,011	)			(213,307	)			(213,604	)			(213,925	)			(214,246	)
Tangible common equity	$	917,766			$	915,262			$	899,696			$	891,757			$	891,447

Total assets	$	9,879,600			$	9,639,603			$	9,723,731			$	9,853,964			$	9,855,603
Less: intangible assets		(213,011	)			(213,307	)			(213,604	)			(213,925	)			(214,246	)
Tangible assets	$	9,666,589			$	9,426,296			$	9,510,127			$	9,640,039			$	9,641,357

Common shares outstanding		38,370,317				38,368,217				38,365,069				38,333,053				38,519,770

Common equity ratio (GAAP)		11.45		%		11.71		%		11.45		%		11.22		%		11.22		%
Tangible common equity ratio (non-GAAP) ⁽⁷⁾		9.49				9.71				9.46				9.25				9.25

Regulatory capital ratios (Bancorp):
Leverage ratio		11.33		%		11.10		%		10.97		%		10.73		%		10.86		%
Common equity Tier 1 risk-based ratio		10.97				11.07				10.90				10.70				10.62
Risk-based Tier 1 capital ratio		12.29				12.42				12.25				12.03				11.95
Risk-based total capital ratio		14.11				14.29				14.10				13.88				13.77

Regulatory capital ratios (Bank):
Leverage ratio		11.66		%		11.43		%		11.29		%		11.10		%		11.20		%
Common equity Tier 1 risk-based ratio		12.63				12.79				12.60				12.43				12.31
Risk-based Tier 1 capital ratio		12.63				12.79				12.60				12.43				12.31
Risk-based total capital ratio		13.60				13.77				13.58				13.41				13.28

Book value per share (GAAP)	$	29.47			$	29.41			$	29.02			$	28.84			$	28.70
Tangible book value per share (non-GAAP) ⁽⁸⁾		23.92				23.85				23.45				23.26				23.14

Net Loan Charge-offs (Recoveries):
Net loan charge-offs (recoveries):
Charge-offs	$	3,363			$	3,559			$	3,595			$	3,185			$	8,960
Recoveries		(29	)			(53	)			(324	)			(23	)			–
Net loan charge-offs	$	3,334			$	3,506			$	3,271			$	3,162			$	8,960
Net loan charge-offs as a % of average loans receivable (annualized)		0.16		%		0.17		%		0.16		%		0.15		%		0.43		%

Asset Quality
Nonaccrual loans	$	57,310			$	51,300			$	46,026			$	47,438			$	52,524
Other real estate owned		–				–				–				–				–
Nonperforming assets	$	57,310			$	51,300			$	46,026			$	47,438			$	52,524

Allowance for credit losses – loans (“ACL”)	$	82,685			$	82,494			$	82,077			$	82,869			$	81,974
Loans receivable		8,274,810				8,111,976				8,157,903				8,297,957				8,345,145

Nonaccrual loans as a % of loans receivable		0.69		%		0.63		%		0.56		%		0.57		%		0.63		%
Nonperforming assets as a % of total assets		0.58				0.53				0.47				0.48				0.53
ACL as a % of loans receivable		1.00				1.02				1.01				1.00				0.98
ACL as a % of nonaccrual loans		144.3				160.8				178.3				174.7				156.1

⁽⁷⁾ Tangible common equity divided by tangible assets
⁽⁸⁾ Tangible common equity divided by common shares outstanding at period-end


CONNECTONE BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(dollars in thousands)

	For the Quarter Ended
	December 31, 2024								September 30, 2024									December 31, 2023
	Average									Average									Average
Interest-earning assets:	Balance			Interest			Rate ⁽⁷⁾			Balance			Interest			Rate ⁽⁷⁾			Balance			Interest			Rate ⁽⁷⁾
Investment securities ^{(1) (2)}	$	736,131		$	6,207		3.35	%		$	736,946		$	6,157		3.32	%		$	723,433		$	5,757		3.16	%
Loans receivable and loans held-for-sale ^{(2) (3) (4)}		8,103,624			118,934		5.84				8,123,416			119,805		5.87				8,268,299			121,130		5.81
Federal funds sold and interest-
bearing deposits with banks		238,957			2,815		4.69				304,009			4,056		5.31				134,168			1,963		5.80
Restricted investment in bank stock		38,489			959		9.91				41,667			1,048		10.01				46,265			912		7.82
Total interest-earning assets		9,117,201			128,915		5.63				9,206,038			131,066		5.66				9,172,165			129,762		5.61
Allowance for credit losses		(83,938	)								(83,355	)								(88,861	)
Noninterest-earning assets		620,183									620,170									607,442
Total assets	$	9,653,446								$	9,742,853								$	9,690,746

Interest-bearing liabilities:
Time deposits	$	2,478,163			27,374		4.39			$	2,625,329			30,245		4.58			$	2,495,091			26,486		4.21
Other interest-bearing deposits		3,838,575			31,194		3.23				3,747,427			33,540		3.56				3,747,093			32,846		3.48
Total interest-bearing deposits		6,316,738			58,568		3.69				6,372,756			63,785		3.98				6,242,184			59,332		3.77

Borrowings		648,300			3,430		2.10				717,586			4,239		2.35				823,123			6,467		3.12
Subordinated debentures, net		79,862			1,305		6.50				79,735			1,312		6.55				79,356			1,313		6.56
Finance lease		1,280			19		5.91				1,349			20		5.90				1,546			23		5.90
Total interest-bearing liabilities		7,046,180			63,322		3.58				7,171,426			69,356		3.85				7,146,209			67,135		3.73

Noninterest-bearing demand deposits		1,304,699									1,259,912									1,248,132
Other liabilities		60,829									76,791									98,016
Total noninterest-bearing liabilities		1,365,528									1,336,703									1,346,148
Stockholders’ equity		1,241,738									1,234,724									1,198,389
Total liabilities and stockholders’ equity	$	9,653,446								$	9,742,853								$	9,690,746

Net interest income (tax equivalent basis)					65,593									61,710									62,627
Net interest spread ⁽⁵⁾							2.05	%								1.82	%								1.89	%

Net interest margin ⁽⁶⁾							2.86	%								2.67	%								2.71	%

Tax equivalent adjustment					(882	)								(823	)								(805	)
Net interest income				$	64,711								$	60,887								$	61,822

⁽¹⁾ Average balances are calculated on amortized cost.
⁽²⁾ Interest income is presented on a tax equivalent basis using 21% federal tax rate.
⁽³⁾ Includes loan fee income.
⁽⁴⁾ Loans include nonaccrual loans.
⁽⁵⁾ Represents difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities and is presented on a tax equivalent basis.
⁽⁶⁾ Represents net interest income on a tax equivalent basis divided by average total interest-earning assets.
⁽⁷⁾ Rates are annualized.

The MIL Network –

January 31, 2025

MIL-OSI: Allegro MicroSystems Reports Third Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

MANCHESTER, N.H., Jan. 30, 2025 (GLOBE NEWSWIRE) — Allegro MicroSystems, Inc. (“Allegro” or the “Company”) (Nasdaq: ALGM), a global leader in power and sensing semiconductor solutions for motion control and energy efficient systems, today announced financial results for its third quarter ended December 27, 2024.

“We delivered on our commitments with third quarter sales of $178 million and non-GAAP EPS of $0.07, both above the midpoint of our guidance,” said Vineet Nargolwala, President and CEO of Allegro. “During the quarter, we introduced a record number of new magnetic sensing and power products to the market, further expanding our differentiated portfolios. This increasing velocity further solidifies our market leadership and positions us well for above market growth.”

Third Quarter Financial Highlights:

In thousands, except per share data	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net Sales
Automotive	$	130,066		$	141,893		$	194,764		$	403,143		$	577,515
Industrial and other		47,806			45,498			60,220			129,039			231,271
Total net sales	$	177,872		$	187,391		$	254,984		$	532,182		$	808,786
GAAP Financial Measures
Gross margin %		45.7	%		45.7	%		52.5	%		45.4	%		55.8	%
Operating margin %		—	%		2.2	%		14.4	%		(1.2	)%		22.3	%
Diluted EPS	$	(0.04	)	$	(0.18	)	$	0.17		$	(0.31	)	$	0.82
Non-GAAP Financial Measures
Gross margin %		49.1	%		48.8	%		54.6	%		48.9	%		57.0	%
Operating margin %		10.8	%		11.7	%		27.2	%		9.6	%		29.8	%
Diluted EPS	$	0.07		$	0.08		$	0.32		$	0.18		$	1.11

Business Outlook

For the fourth quarter of fiscal year 2025 ending March 28, 2025, the Company expects total net sales to be in the range of $180 million to $190 million.

The Company also estimates the following results on a non-GAAP basis:

Gross Margin is expected to be between 46% and 48%, which contemplates the impact of annual pricing agreements ahead of cost reductions, as well as higher capacity charges resulting from adjusted production levels in the quarter,
Operating expenses are expected to increase by approximately 5% sequentially to $72 million, primarily due to annual payroll tax resets,
As a result of the expected repricing of the term loan and anticipated $30 million Q4 debt repayment, the Company now expects Interest Expense to be approximately $6 million, and
Diluted Earnings per Share are expected to be between $0.03 and $0.07.

Allegro has not provided a reconciliation of its fourth fiscal quarter outlook for non-GAAP Gross Margin, non-GAAP Operating Expenses, non-GAAP Interest Expense, and non-GAAP Diluted Earnings per Share because estimates of all of the reconciling items cannot be provided without unreasonable efforts. It is difficult to reasonably provide a forward-looking estimate between such forward-looking non-GAAP measures and the comparable forward-looking U.S. generally accepted accounting principles (“GAAP”) measures. Certain factors that are materially significant to Allegro’s ability to estimate these items are out of its control and/or cannot be reasonably predicted.

Earnings Webcast

A webcast will be held on Thursday, January 30, 2025 at 8:30 a.m., Eastern Time. Vineet Nargolwala, President and Chief Executive Officer, and Derek P. D’Antilio, Executive Vice President and Chief Financial Officer, will discuss Allegro’s business and financial results.

The webcast will be available on the Investor Relations section of the Company’s website at investors.allegromicro.com. A recording of the webcast will be posted in the same location shortly after the call concludes and will be available for at least 90 days.

About Allegro MicroSystems

Allegro MicroSystems is a leading global designer, developer, fabless manufacturer and marketer of sensor integrated circuits (“ICs”) and application-specific analog power ICs enabling emerging technologies in the automotive and industrial markets. Allegro’s diverse product portfolio provides efficient and reliable solutions for the electrification of vehicles, automotive ADAS safety features, automation for Industry 4.0 and power saving technologies for data centers and clean energy applications.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release including statements regarding our future results of operations and financial position, business strategy, prospective products and the plans and objectives of management for future operations, including, among others, statements regarding the liquidity, growth and profitability strategies and factors affecting our business are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Without limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expect,” “exploring,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “would,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance or achievements, and one should avoid placing undue reliance on such statements.

Forward-looking statements are based on our management’s current expectations, beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended March 29, 2024, as any such factors may be updated from time to time in our Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission (the “SEC”). These risks and uncertainties include, but are not limited to: downturns or volatility in general economic conditions; our ability to compete effectively, expand our market share and increase our net sales and profitability; our reliance on a limited number of third-party semiconductor wafer fabrication facilities and suppliers of other materials; any failure to adjust purchase commitments and inventory management based on changing market conditions or customer demand; shifts in our product mix, customer mix or channel mix, which could negatively impact our gross margin; the cyclical nature of the semiconductor industry, including the analog segment in which we compete; any downturn or disruption in the automotive market or industry; our ability to successfully integrate the acquisition of other companies or technologies and products into our business; our ability to compensate for decreases in average selling prices of our products and increases in input costs; our ability to manage any sustained yield problems or other delays at our third-party wafer fabrication facilities or in the final assembly and test of our products; our ability to accurately predict our quarterly net sales and operating results and meet the expectations of investors; our dependence on manufacturing operations in the Philippines; our reliance on distributors to generate sales; events beyond our control impacting us, our key suppliers or our manufacturing partners; our ability to develop new product features or new products in a timely and cost-effective manner; our ability to manage growth; any slowdown in the growth of our end markets; the loss of one or more significant customers; our ability to meet customers’ quality requirements; uncertainties related to the design win process and our ability to recover design and development expenses and to generate timely or sufficient net sales or margins; changes in government trade policies, including the imposition of export restrictions and tariffs; our exposures to warranty claims, product liability claims and product recalls; our dependence on international customers and operations; the availability of rebates, tax credits and other financial incentives on end-user demands for certain products; risks, liabilities, costs and obligations related to governmental regulations and other legal obligations, including export/trade control, privacy, data protection, information security, cybersecurity, consumer protection, environmental and occupational health and safety, antitrust, anti-corruption and anti-bribery, product safety, environmental protection, employment matters and tax; the volatility of currency exchange rates; our ability to raise capital to support our growth strategy; our indebtedness may limit our flexibility to operate our business; our ability to effectively manage our growth and to retain key and highly skilled personnel; our ability to protect our proprietary technology and inventions through patents or trade secrets; our ability to commercialize our products without infringing third-party intellectual property rights; disruptions or breaches of our information technology systems or confidential information or those of our third-party service providers; our principal stockholder continues to have influence over us; anti-takeover provisions in our organizational documents and under the General Corporation Law of the State of Delaware; any failure to design, implement or maintain effective internal control over financial reporting; changes in tax rates or the adoption of new tax legislation; the negative impacts of sustained inflation on our business; the physical, transition and litigation risks presented by climate change; and other events beyond our control. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.

You should read this press release and the documents that we reference completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. All forward-looking statements speak only as of the date of this press release, and except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.

This press release includes certain non-GAAP financial measures as defined by the SEC rules. These non-GAAP financial measures are provided in addition to, and not as a substitute for or superior to measures of, financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their most directly comparable GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the presented non-GAAP financial measures as tools for comparison.

This press release may not be reproduced, forwarded to any person or published, in whole or in part.

ALLEGRO MICROSYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (Unaudited)

	Three-Month Period Ended						Nine-Month Period Ended
	December 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
Net sales	$	177,872		$	254,984		$	532,182		$	808,786
Cost of goods sold		96,657			121,156			290,534			357,505
Gross profit		81,215			133,828			241,648			451,281
Operating expenses:
Research and development		43,317			44,396			132,031			130,799
Selling, general and administrative		37,939			52,746			116,221			140,135
Total operating expenses		81,256			97,142			248,252			270,934
Operating (loss) income		(41	)		36,686			(6,604	)		180,347
Interest and other (expense) income		(7,561	)		(315	)		(25,902	)		(2,801	)
Loss on change in fair value of forward repurchase contract		—			—			(34,752	)		—
(Loss) income before income taxes		(7,602	)		36,371			(67,258	)		177,546
Income tax (benefit) provision		(803	)		2,969			(9,233	)		17,584
Net (loss) income		(6,799	)		33,402			(58,025	)		159,962
Net income attributable to non-controlling interests		61			57			185			150
Net (loss) income attributable to Allegro MicroSystems, Inc.	$	(6,860	)	$	33,345		$	(58,210	)	$	159,812
Net (loss) income per common share attributable to Allegro MicroSystems, Inc.:
Basic	$	(0.04	)	$	0.17		$	(0.31	)	$	0.83
Diluted	$	(0.04	)	$	0.17		$	(0.31	)	$	0.82
Weighted average shares outstanding:
Basic		184,011,189			192,724,541			188,886,583			192,384,315
Diluted		184,011,189			194,570,380			188,886,583			194,925,040

Supplemental Schedule of Total Net Sales

The following table summarizes total net sales by market within the Company’s unaudited condensed consolidated statements of operations:

	Three-Month Period Ended				Change						Nine-Month Period Ended				Change
	December 27, 2024		December 29, 2023		Amount			%			December 27, 2024		December 29, 2023		Amount			%
	(Dollars in thousands)										(Dollars in thousands)
Automotive	$	130,066	$	194,764	$	(64,698	)		(33	)%	$	403,143	$	577,515	$	(174,372	)		(30	)%
Industrial and other		47,806		60,220		(12,414	)		(21	)%		129,039		231,271		(102,232	)		(44	)%
Total net sales	$	177,872	$	254,984	$	(77,112	)		(30	)%	$	532,182	$	808,786	$	(276,604	)		(34	)%

ALLEGRO MICROSYSTEMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)

	December 27,			March 29,
	2024 (Unaudited)			2024
Assets
Current assets:
Cash and cash equivalents	$	138,452		$	212,143
Restricted cash		10,510			10,018
Trade accounts receivable, net		83,805			118,508
Inventories		193,140			162,302
Prepaid income taxes		36,037			31,908
Prepaid expenses and other current assets		33,683			33,584
Current portion of related party notes receivable		—			3,750
Total current assets		495,627			572,213
Property, plant and equipment, net		320,975			321,175
Deferred income tax assets		65,398			54,496
Goodwill		202,101			202,425
Intangible assets, net		261,553			276,854
Related party notes receivable, less current portion		—			4,688
Equity investment in related party		30,914			26,727
Other assets		65,172			72,025
Total assets	$	1,441,740		$	1,530,603
Liabilities, Non-Controlling Interests and Stockholders’ Equity
Current liabilities:
Trade accounts payable	$	39,685		$	35,964
Amounts due to related party		2,102			1,626
Accrued expenses and other current liabilities		57,751			76,389
Current portion of long-term debt		1,374			3,929
Total current liabilities		100,912			117,908
Long-term debt		374,729			249,611
Other long-term liabilities		31,673			31,368
Total liabilities		507,314			398,887
Commitments and contingencies
Stockholders’ Equity:
Preferred stock		—			—
Common stock		1,840			1,932
Additional paid-in capital		1,004,080			694,332
(Accumulated deficit) retained earnings		(38,791	)		463,012
Accumulated other comprehensive loss		(34,084	)		(28,841	)
Equity attributable to Allegro MicroSystems, Inc.		933,045			1,130,435
Non-controlling interests		1,381			1,281
Total stockholders’ equity		934,426			1,131,716
Total liabilities, non-controlling interests and stockholders’ equity	$	1,441,740		$	1,530,603

ALLEGRO MICROSYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)

	Three-Month Period Ended						Nine-Month Period Ended
	December 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
Cash flows from operating activities:
Net (loss) income	$	(6,799	)	$	33,402		$	(58,025	)	$	159,962
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		16,123			20,195			48,578			49,548
Amortization of deferred financing costs		694			185			1,781			292
Deferred income taxes		(3,751	)		(10,119	)		(11,546	)		(28,253	)
Stock-based compensation		10,588			10,920			32,251			32,839
Loss on change in fair value of forward repurchase contract		—			—			34,752			—
Provisions for inventory and expected credit losses		3,031			429			7,519			9,851
Change in fair value of marketable securities		—			—			—			3,579
Other non-cash reconciling items		68			(25	)		6,645			18
Changes in operating assets and liabilities:
Trade accounts receivable		(7,061	)		5,081			34,356			(2,564	)
Inventories		(19,243	)		11,312			(38,074	)		(19,909	)
Prepaid expenses and other assets		14,407			7,368			(1,401	)		(13,085	)
Trade accounts payable		(8,203	)		(12,299	)		5,467			(9,604	)
Due to and from related parties		(3,568	)		705			564			6,817
Accrued expenses and other current and long-term liabilities		(4,469	)		9,404			(21,307	)		(20,540	)
Net cash (used in) provided by operating activities		(8,183	)		76,558			41,560			168,951
Cash flows from investing activities:
Purchases of property, plant and equipment		(13,615	)		(34,399	)		(34,564	)		(110,500	)
Acquisition of business, net of cash acquired		319			(408,119	)		319			(408,119	)
Sales of marketable securities		—			—			—			16,175
Net cash used in investing activities		(13,296	)		(442,518	)		(34,245	)		(502,444	)
Cash flows from financing activities:
Net proceeds from Refinanced 2023 Term Loan Facility		—			—			193,483			—
Repayment of 2023 Term Loan Facility		(25,000	)		—			(75,000	)		—
Borrowings of senior secured debt, net of deferred financing costs		—			245,452			—			245,452
Repayment of 2020 Term Loan Facility		—			(25,000	)		—			(25,000	)
Repayments of other debt		—			(743	)		—			(743	)
Finance lease payments		(318	)		—			(703	)		—
Receipts on related party notes receivable		—			938			1,875			2,813
Payments for taxes related to net share settlement of equity awards		(483	)		(10,732	)		(12,780	)		(24,823	)
Proceeds from issuance of common stock under employee stock purchase plan		—			—			1,987			1,899
Repurchases of common stock		(116	)		—			(853,921	)		—
Net proceeds from issuance of common stock		—			—			665,850			—
Payment of debt issuance costs		—			—			—			(1,450	)
Net cash (used in) provided by financing activities		(25,917	)		209,915			(79,209	)		198,148
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(2,680	)		1,349			(1,305	)		375
Net (decrease) increase in cash and cash equivalents and restricted cash		(50,076	)		(154,696	)		(73,199	)		(134,970	)
Cash and cash equivalents and restricted cash at beginning of period		199,038			378,431			222,161			358,705
Cash and cash equivalents and restricted cash at end of period:	$	148,962		$	223,735		$	148,962		$	223,735

Non-GAAP Financial Measures

In addition to the measures presented in our condensed consolidated financial statements, we regularly review other measures, defined as non-GAAP financial measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts and make strategic decisions. The key measures we consider are non-GAAP Gross Profit, non-GAAP Gross Margin, non-GAAP Operating Expenses, non-GAAP Operating Income, non-GAAP Operating Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP Profit before Tax, non-GAAP Income Tax Provision, non-GAAP Effective Tax Rate, non-GAAP Net Income Attributable to Allegro MicroSystems, Inc, non-GAAP Basic and Diluted Earnings per Share, non-GAAP Free Cash Flow, and non-GAAP Free Cash Flow as percentage of net sales (collectively, the “Non-GAAP Financial Measures”). These Non-GAAP Financial Measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and/or that management considers to be unrelated to our core operations, and in the case of non-GAAP Income Tax Provision, management believes that this non-GAAP measure of income taxes provides it with the ability to evaluate the non-GAAP Income Tax Provision across different reporting periods on a consistent basis, independent of special items and discrete items, which may vary in size and frequency. These Non-GAAP Financial Measures are used by both management and our board of directors, together with the comparable GAAP information, in evaluating our current performance and planning our future business activities.

The Non-GAAP Financial Measures are supplemental measures of our performance that are neither required by, nor presented in accordance with, GAAP. These Non-GAAP Financial Measures should not be considered as substitutes for GAAP financial measures, such as gross profit, gross margin, net income or any other performance measures derived in accordance with GAAP. Also, in the future we may incur expenses or charges, such as those being adjusted in the calculation of these Non-GAAP Financial Measures. Our presentation of these Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. These Non-GAAP Financial Measures exclude costs related to acquisition and related integration expenses, amortization of acquired intangible assets, stock-based compensation, restructuring actions, related-party activities and other non-operational costs.

Non-GAAP Income Tax Provision

In calculating non-GAAP Income Tax Provision, we have added back the following to GAAP Income Tax Provision:

Tax effect of adjustments to GAAP results—Represents the estimated income tax effect of the adjustments to non-GAAP Profit before Tax described below and elimination of discrete tax adjustments.

*Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin*

	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Dollars in thousands)									(Dollars in thousands)
GAAP Gross Profit	$	81,215		$	85,662		$	133,828		$	241,648		$	451,281
GAAP Gross Margin (% of net sales)		45.7	%		45.7	%		52.5	%		45.4	%		55.8	%

Non-GAAP adjustments
Transaction-related costs		5			10			523			14			523
Purchased intangible amortization		4,875			4,875			3,648			14,625			4,323
Restructuring costs		522			16			166			1,738			166
Stock-based compensation		802			817			1,073			2,180			4,625
Total Non-GAAP Adjustments	$	6,204		$	5,718		$	5,410		$	18,557		$	9,637

Non-GAAP Gross Profit	$	87,419		$	91,380		$	139,238		$	260,205		$	460,918
Non-GAAP Gross Margin (% of net sales)		49.1	%		48.8	%		54.6	%		48.9	%		57.0	%

*Reconciliation of Non-GAAP Operating Expenses*

	Three-Month Period Ended							Nine-Month Period Ended
	December 27, 2024		September 27, 2024			December 29, 2023		December 27, 2024			December 29, 2023
	(Dollars in thousands)							(Dollars in thousands)
GAAP Operating Expenses	$	81,256	$	81,595		$	97,142	$	248,252		$	270,934

Research and Development Expenses
GAAP Research and Development Expenses		43,317		43,510			44,396		132,031			130,799
Non-GAAP adjustments
Transaction-related costs		333		206			343		1,568			352
Restructuring costs		568		260			908		997			908
Stock-based compensation		3,960		3,523			3,870		11,218			10,340
Other costs⁽¹⁾		—		3			—		3			—
Non-GAAP Research and Development Expenses		38,456		39,518			39,275		118,245			119,199

Selling, General and Administrative Expenses
GAAP Selling, General and Administrative Expenses		37,939		38,085			52,746		116,221			140,135
Non-GAAP adjustments
Transaction-related costs		148		275			9,543		1,237			14,419
Purchased intangible amortization		535		535			495		1,605			1,210
Restructuring costs		1,264		2,046			5,795		4,355			5,795
Stock-based compensation		5,826		7,205			5,977		18,853			17,874
Other costs⁽¹⁾		391		(1,820	)		283		(618	)		383
Non-GAAP Selling, General and Administrative Expenses		29,775		29,844			30,653		90,789			100,454

Total Non-GAAP Adjustments		13,025		12,233			27,214		39,218			51,281

Non-GAAP Operating Expenses	$	68,231	$	69,362		$	69,928	$	209,034		$	219,653

(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions.

*Reconciliation of Non-GAAP Operating Income and Non-GAAP Operating Margin*

	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Dollars in thousands)									(Dollars in thousands)
GAAP Operating (Loss) Income	$	(41	)	$	4,067		$	36,686		$	(6,604	)	$	180,347
GAAP Operating Margin (% of net sales)		—	%		2.2	%		14.4	%		(1.2	)%		22.3	%

Transaction-related costs		486			491			10,409			2,819			15,294
Purchased intangible amortization		5,410			5,410			4,143			16,230			5,533
Restructuring costs		2,354			2,322			6,869			7,090			6,869
Stock-based compensation		10,588			11,545			10,920			32,251			32,839
Other costs⁽¹⁾		391			(1,817	)		283			(615	)		383
Total Non-GAAP Adjustments	$	19,229		$	17,951		$	32,624		$	57,775		$	60,918

Non-GAAP Operating Income	$	19,188		$	22,018		$	69,310		$	51,171		$	241,265
Non-GAAP Operating Margin (% of net sales)		10.8	%		11.7	%		27.2	%		9.6	%		29.8	%

(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions.

*Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin*

	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Dollars in thousands)									(Dollars in thousands)
GAAP Net (Loss) Income	$	(6,799	)	$	(33,613	)	$	33,402		$	(58,025	)	$	159,962
GAAP Net (Loss) Income Margin (% of net sales)		(3.8	)%		(17.9	)%		13.1	%		(10.9	)%		19.8	%

Interest expense		7,762			10,353			3,854			23,492			5,381
Interest income		(388	)		(420	)		(857	)		(1,302	)		(2,550	)
Income tax (benefit) provision		(803	)		(9,470	)		2,969			(9,233	)		17,584
Depreciation & amortization		16,123			15,997			20,227			48,578			49,645
EBITDA	$	15,895		$	(17,153	)	$	59,595		$	3,510		$	230,022

Transaction-related costs		486			3,295			10,409			5,623			15,294
Restructuring costs		2,354			2,067			6,869			6,835			6,869
Stock-based compensation		10,588			11,545			10,920			32,251			32,839
Loss on change in fair value of forward repurchase contract		—			34,752			—			34,752			—
Other costs⁽¹⁾		998			(2,195	)		(551	)		1,610			5,339
Adjusted EBITDA	$	30,321		$	32,311		$	87,242		$	84,581		$	290,363
Adjusted EBITDA Margin (% of net sales)		17.0	%		17.2	%		34.2	%		15.9	%		35.9	%

(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions, and income (loss) in earnings of equity investments.

*Reconciliation of Non-GAAP Profit before Tax*

	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Dollars in thousands)									(Dollars in thousands)
GAAP (Loss) Income before Income Taxes	$	(7,602	)	$	(43,083	)	$	36,371		$	(67,258	)	$	177,546

Transaction-related costs		486			3,295			10,409			5,623			15,294
Transaction-related interest		192			141			162			1,042			162
Purchased intangible amortization		5,410			5,410			4,143			16,230			5,533
Restructuring costs		2,354			2,067			6,869			6,835			6,869
Stock-based compensation		10,588			11,545			10,920			32,251			32,839
Loss on change in fair value of forward repurchase contract		—			34,752			—			34,752			—
Other costs⁽¹⁾		1,427			1,428			(551	)		5,662			5,339
Total Non-GAAP Adjustments	$	20,457		$	58,638		$	31,952		$	102,395		$	66,036

Non-GAAP Profit before Tax	$	12,855		$	15,555		$	68,323		$	35,137		$	243,582

(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions, and income (loss) in earnings of equity investments.

*Reconciliation of Non-GAAP Income Tax Provision and Non-GAAP Effective Tax Rate*

	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Dollars in thousands)									(Dollars in thousands)
GAAP Income Tax (Benefit) Provision	$	(803	)	$	(9,470	)	$	2,969		$	(9,233	)	$	17,584
GAAP effective tax rate		10.6	%		22.0	%		8.2	%		13.7	%		9.9	%

Tax effect of adjustments to GAAP results		398			10,071			3,748			10,074			10,128

Non-GAAP Income Tax (Benefit) Provision	$	(405	)	$	601		$	6,717		$	841		$	27,712
Non-GAAP effective tax rate		(3.2	)%		3.9	%		9.8	%		2.4	%		11.4	%

*Reconciliation of Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc. and Non-GAAP Earnings per Share*

	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Dollars in thousands)									(Dollars in thousands)
GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc.⁽¹⁾	$	(6,860	)	$	(33,675	)	$	33,345		$	(58,210	)	$	159,812
GAAP Basic weighted average common shares		184,011,189			189,182,850			192,724,541			188,886,583			192,384,315
GAAP Diluted weighted average common shares		184,011,189			189,182,850			194,570,380			188,886,583			194,925,040
GAAP Basic (Loss) Earnings per Share	$	(0.04	)	$	(0.18	)	$	0.17		$	(0.31	)	$	0.83
GAAP Diluted (Loss) Earnings per Share	$	(0.04	)	$	(0.18	)	$	0.17		$	(0.31	)	$	0.82

Transaction-related costs		486			3,295			10,409			5,623			15,294
Transaction-related interest		192			141			162			1,042			162
Purchased intangible amortization		5,410			5,410			4,143			16,230			5,533
Restructuring costs		2,354			2,067			6,869			6,835			6,869
Stock-based compensation		10,588			11,545			10,920			32,251			32,839
Loss on change in fair value of forward repurchase contract		—			34,752			—			34,752			—
Other costs⁽²⁾		1,427			1,428			(551	)		5,662			5,339
Total Non-GAAP Adjustments		20,457			58,638			31,952			102,395			66,036
Tax effect of adjustments to GAAP results⁽³⁾		(398	)		(10,071	)		(3,748	)		(10,074	)		(10,128	)
Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc.	$	13,199		$	14,892		$	61,549		$	34,111		$	215,720
Basic weighted average common shares		184,011,189			189,182,850			192,724,541			188,886,583			192,384,315
Diluted weighted average common shares		184,485,792			189,710,595			194,570,380			189,577,693			194,925,040
Non-GAAP Basic Earnings per Share	$	0.07		$	0.08		$	0.32		$	0.18		$	1.12
Non-GAAP Diluted Earnings per Share	$	0.07		$	0.08		$	0.32		$	0.18		$	1.11

(1) GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc. represents GAAP Net (Loss) Income adjusted for Net Income Attributable to non-controlling interests.
(2) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consists of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions, income (loss) in earnings of equity investments, and unrealized losses (gains) on investments.
(3) To calculate the tax effect of adjustments to GAAP results, the Company considers each non-GAAP adjustment by tax jurisdiction and reverses all discrete items to calculate an annual non-GAAP effective tax rate (“NG ETR”). This NG ETR is then applied to Non-GAAP Profit Before Tax to arrive at the tax effect of adjustments to GAAP results.

*Reconciliation of Non-GAAP Free Cash Flow and Non-GAAP Free Cash Flow as Percentage of Net Sales*

	Three-Month Period Ended									Nine-Month Period Ended
	December 27, 2024			September 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
	(Dollars in thousands)									(Dollars in thousands)
GAAP Operating Cash Flow	$	(8,183	)	$	15,547		$	76,558		$	41,560		$	168,951
GAAP Operating Cash Flow (% of net sales)		-4.6	%		8.3	%		30.0	%		7.8	%		20.9	%
Non-GAAP adjustments
Purchases of property, plant and equipment		(13,615	)		(9,972	)		(34,399	)		(34,564	)		(110,500	)

Non-GAAP Free Cash Flow	$	(21,798	)	$	5,575		$	42,159		$	6,996		$	58,451
Non-GAAP Free Cash Flow (% of net sales)		(12.3	)%		3.0	%		16.5	%		1.3	%		7.2	%

Investor Contact:
Jalene Hoover
VP of Investor Relations & Corporate Communications
+1 (512) 751-6526
jhoover@allegromicro.com

The MIL Network –

January 31, 2025

MIL-OSI: Beam Global Expands European Sales Network with Three New Distribution Partners

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Beam Global, (Nasdaq: BEEM), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, announced today that it is expanding its sales network in Europe with the addition of three new business partners:

Seltis Glass Design S.R.L. for the Romanian market
Evrosimovski Consulting Ltd. for the North Macedonian market
BBA International for the Albanian market

“These distributor agreements with quality companies are an excellent continuation of our efforts to expand our selling resources across Europe,” said Desmond Wheatley, CEO of Beam Global. “We have existing trusted relationships with each of these companies through our Beam Europe operation, and now we are able to leverage their success and contacts to significantly increase our audience without adding to our operating costs. I’m looking forward to supporting the new customers they bring to Beam Global.”

This expansion marks a significant step into Beam Global’s strategic growth into Europe, tapping further into the world’s largest automotive market. Through the integration of outsourced distributors and agents, Beam Global intensifies its commitment to advancing the electrification of transportation and enhancing energy security with sustainable infrastructure solutions in Europe.

Market Overview (EUROPE)

The EU has set ambitious targets, mandating that electric vehicles account for 80% of new car sales in 2030 and 100% by 2035.
The EU electric vehicle charging station market was valued at USD 10.8 billion in 2024, and is estimated to grow at a CAGR of 29.3% from 2025 to 2034, to support the rapid growth of electric vehicles in Europe.

About Beam Global
Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Beam Global is headquartered in San Diego, CA with facilities in Chicago, IL and Belgrade and Kraljevo, Serbia. Beam Global is listed on Nasdaq under the symbol BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube and X (formerly Twitter).

Forward-Looking Statements
This Beam Global Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. These statements relate to future events or future results of operations. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global’s actual results to be materially different from these forward-looking statements. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.

Media Contact
Skyya PR
+1 651-335-0585
Press@BeamForAll.com

Investor Relations
Luke Higgins
+1-858-799-4583
IR@BeamForAll.com

The MIL Network –

January 31, 2025

MIL-OSI: Lantronix to Report Fiscal 2025 Second Quarter Results on Feb. 6, 2025

Source: GlobeNewswire (MIL-OSI)

IRVINE, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (the “Company”) (NASDAQ: LTRX), a global leader of compute and connectivity for IoT solutions enabling AI Edge Intelligence, today announced it will release financial results from its fiscal 2025 second quarter, ended Dec. 31, 2024, after the close of the market on Thursday, Feb. 6, 2025.

Management will host an investor conference call and audio webcast at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on Feb. 6, 2025. To access the live conference call, investors should dial 1-844-802-2442 (US) or 1-412-317-5135 (international) and indicate they are participating in the Lantronix fiscal 2025 second-quarter call. The webcast will be available simultaneously via the investor relations section of the Company’s website.

Investors can access a conference call replay starting at approximately 8:00 p.m. Pacific Time on Feb. 6, 2025, on the Lantronix website. A telephonic replay will also be available through Feb. 13, 2025, by dialing 1-877-344-7529 (US) or 1-412-317-0088 (international) or Canada Toll-Free 855-669-9658 and entering passcode 3433776.

About Lantronix

Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

For more information, visit the Lantronix website.

Lantronix Media Contact:
Gail Kathryn Miller
Corporate Marketing &
Communications Manager
media@lantronix.com

Lantronix Analyst and Investor Contact:
investors@lantronix.com

^{© 2024 Lantronix Inc. All rights reserved. Lantronix is a registered trademark, and SLB and SLC are trademarks of Lantronix Inc. Other trademarks and trade names are those of their respective owners.}

The MIL Network –

January 31, 2025

MIL-OSI: Northfield Capital Announces Updates From Cornerstone Investment Juno Corp. and Forward Share Split

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Northfield Capital Corporation (TSX-V: NFD.A) (“Northfield” or the “Corporation”) is pleased to announce that Juno Corp., one of Northfield’s cornerstone investments and a leading explorer in the strategically important Ring of Fire region of northern Ontario, has announced successful results from its 2024 drilling campaign. This news underscores the potential of Northfield’s investment in Juno Corp., a private Ontario exploration company and the largest mineral claimholder in the Ring of Fire, a region which is expected to play a strategic role for Ontario and Canada in the coming electrification of the world. Northfield currently holds a 17% ownership interest in Juno Corp., valued at C$31.5 million. This strategic investment positions Northfield to benefit from the potential growth of this mineral resource hub. For further details, please refer to the news releases of Juno Corp. dated January 29, 2025, available on its website, at www.junocorp.com.

Northfield is also pleased to announce that it is undertaking a forward share split (the “Share Split”) of the Class A restricted voting shares of the Corporation (the “Class A Shares”) and Class B multiple voting shares of the Corporation (the “Class B Shares”), in each case on the basis of five (5) new shares of the applicable class for each one (1) share of the applicable class currently issued outstanding, with a record date of February 6, 2025 and a payment date of February 11, 2025.

Share Split

The Share Split will be implemented on the basis of five (5) new shares of the applicable class for each one (1) share of the applicable class currently issued outstanding.

Based on the Corporation’s discussions with the TSX Venture Exchange, on February 11, 2025 (the “Payment Date”), each shareholder of record of Northfield as of the close of business on February 6, 2025 (the “Record Date”) will receive, as applicable, four (4) additional Class A Shares for each Class A Share held on the Record Date, and four (4) additional Class B Shares for each Class B Share held on the Record Date.

Based on the Corporation’s discussions with the TSX Venture Exchange, the Class A Shares are expected to trade on a due bill basis from February 6, 2025 (being the commencement of trading on the Record Date) to the close of trading on the Payment Date (i.e., February 11, 2025), inclusive. A due bill is an entitlement attached to listed securities undergoing a material corporate action, such as the Share Split. In this instance, the entitlement is to the additional Class A Shares as a result of the Share Split. Any trades of Class A Shares that are executed during the due bill period will be flagged to ensure purchasers receive the entitlement to the additional Class A Shares issuable as a result of the Share Split. Subject to final regulatory approvals (including, the final acceptance of the TSX Venture Exchange), the Class A Shares are expected to commence trading on a split-adjusted basis on February 12, 2025 (the ex-distribution trading date), as of which date purchases of Class A Shares will no longer have the attaching entitlement to the additional Class A Shares. The due bill redemption date is expected to be February 12, 2025.

As of the date hereof, Northfield has an aggregate of 2,834,032 Class A Shares and 3,720 Class B Shares issued and outstanding. Upon completion of the Share Split, there will be an aggregate of 14,170,160 Class A Shares and 18,600 Class B Shares issued and outstanding. The Corporation’s authorized share capital will remain unchanged upon completion of the Share Split. All outstanding stock options and share purchase warrants of Northfield will be adjusted accordingly in accordance with their terms in connection with the Share Split.

There will be no change to the Corporation’s name, CUSIP/ISIN or its current trading symbol in connection with the Share Split.

The Share Split is being undertaking to increase the number of outstanding Class A Shares and Class B Shares in an effort to improve market liquidity and the marketability of the shares. The Share Split was approved by the shareholders of Northfield at the annual and special meeting of shareholders held on June 27, 2024.

Mechanics of the Share Split

On the Payment Date (being, February 11, 2025), the additional Class A Shares and Class B Shares required to give effect to the Share Split will be issued to holders of record at the close of business on the Record Date. The Share Split will be conducted on a “push-out” basis, and therefore, no action is required by shareholders of Northfield. Existing share certificates and direct registration system advices (“DRS Advices”) representing Class A Shares and/or Class B Shares will continue to remain effective following completion of the Share Split, and accordingly, should be retained by shareholders and should not be forwarded to Northfield or TSX Trust Company (“TSX Trust”), the registrar and transfer agent of Northfield.

Northfield will use the direct registration system to electronically register the Class A Shares and Class B Shares issued pursuant to the Share Split, rather than issuing physical share certificates. Accordingly, following completion of the Share Split, TSX Trust will issue and cause to be mailed out, to registered shareholders of Northfield, DRS Advice representing the number of additional Class A Shares and/or Class B Shares, as applicable, which they are entitled to receive as a result of the Share Split. Non-registered (beneficial) shareholders of Northfield who hold Class A Shares and/or Class B Shares in an account with their investment dealer or other intermediary will have their accounts automatically updated to reflect the Share Split in accordance with the applicable brokerage account providers’ usual procedures.

About Northfield Capital Corporation

Northfield Capital Corporation is a leading Canadian investment firm with deep roots in resources, mining, aviation, and alcoholic beverages. Founded in 1981, Northfield combines decades of experience with a forward-thinking ethos to unlock opportunities.

For further information, please contact:

Michael G. Leskovec, CPA, CA
Chief Financial Officer
Telephone: (416) 628-5940

Forward-Looking Statements

Forward-looking statements are included in this news release. These forward-looking statements are identified by the use of terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should” and similar terms and phrases, including references to assumptions. Such statements may involve but are not limited to, the anticipated timing for the completion of the Share Split (including, the anticipated Record Date, Payment Date, and due bill redemption date), the mechanics for the delivery of the new Class A Shares and Class B Shares to the shareholders of Northfield following the completion thereof, and associated information, as well as statements with respect to the Ring of Fire and its role for Ontario and Canada in the coming electrification of the world, and any potential benefits associated with Northfield’s strategic investment in Juno Corp. Forward-looking statements, by their nature, are based on assumptions and are subject to important risks and uncertainties. Any forecasts, predictions or forward-looking statements cannot be relied upon due to, among other things, changing external events and general uncertainties of the business and its corporate structure. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons. The forward-looking statements contained herein are subject to change. However, Northfield disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

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

The MIL Network –

January 31, 2025

MIL-OSI Video: UK Baroness Hazarika on tackling shoplifting and antisocial behaviour | Lord Speaker’s Corner

Source: United Kingdom UK House of Lords (video statements)

‘Where I live there is so much shoplifting going on.’
Broadcast Ayesha Hazarika – Baroness Hazarika – is the latest guest on Lord Speaker’s Corner. She talks to the Lord Speaker about why she is using her new role to campaign for more to be done to tackle shoplifting and antisocial behaviour.

Find out more, listen now wherever you get your podcasts or search ‘House of Lords’ on YouTube: https://www.parliament.uk/business/lords/house-of-lords-podcast/baroness-hazarika-lord-speakers-corner/

#LordSpeakersCorner #HouseOfLords #LordsMembers

https://www.youtube.com/watch?v=0wql65I9_g0

MIL OSI Video –

January 31, 2025

MIL-OSI United Kingdom: January blues banished at ABC Age Friendly tea dance

Source: Northern Ireland City of Armagh

Cllr Kate Evans who is an Age Friendly Champion for the ABC Borough is pictured with ABC Age Friendly Officer Stephanie Rock at the tea dance at the Armagh City Hotel.

The January blues were banished in style at the ABC Age Friendly Tea Dance held in the Armagh City Hotel.

Over 200 people aged 50 plus, turned out for the social event on Thursday 23 January, which was organised by the ABC Age Friendly Officer Stephanie Rock and funded by the Public Health Agency.

As well as the tea dance, the event included information stands from a wide range of Service Providers who were on hand to offer helpful advice.

Cllr Kate Evans who is an Age Friendly Champion for the ABC Borough, welcomed everyone to the tea dance and thanked all those who helped organise the successful event.

Everyone thoroughly enjoyed a great afternoon of moving, connecting and learning about services available to people aged 50 plus in the Borough.

To find out about future Age Friendly events happening in the ABC Borough, or to sign up for the ABC Seniors Newsletter, you can contact Stephanie on tel: 07825 010630 or by email:

*protected email*

You can also keep up to date by visiting the Age Friendly webpage on the council website – www.armaghbanbridgecraigavon.gov.uk/agefriendly

MIL OSI United Kingdom –

January 31, 2025

MIL-OSI United Kingdom: ‘This Girl Moves’ inspires young leaders to get more girls active

Source: Northern Ireland City of Armagh

Armagh City, Banbridge and Craigavon (ABC) Borough Council and the Southern Health and Social Care Trust (SHSCT) have teamed up once again to host the ‘This Girl Moves’ Leadership Day to inspire and motivate teenage girls to get active!

Funded by the Public Health Agency, the programme is designed to inspire female students to create positive change within their schools by encouraging and supporting their peers to become more active, irrespective of age, ability and shape.

Twenty-four female pupils aged 13-15 years representing Brownlow Integrated College, Craigavon Senior High School, Lurgan Junior High School and Killicomaine Junior High School attended the recent event at Dromore Community Centre.

Through a series of interactive workshops, physical activity sessions and team-building exercises, the girls explored the factors impacting on girls’ participation in sport and creative ways to help get more girls involved in exercise and sport.

The participants will return to their schools as ambassadors tasked with promoting physical activities and encouraging more girls to get active and stay active. Over the coming months, they will continue to work with the ABC Council and SHSCT teams to fulfil their roles, whilst also working towards the ‘I Can Lead’ Award, developed by the Leadership Skills Foundation.

Speaking at the ‘This Girl Moves’ Leadership Day, Deputy Lord Mayor, Councillor Kyle Savage said, “The research shows that girls are more likely to disengage from sport and physical activity, experience more barriers and drop out of sports in their teenage years. I am therefore delighted that we can continue to support this campaign to inspire young girls across the borough to create positive change together and among their peers. I wish all the girls every success with their leadership journeys and their campaigns to get more girls active.”

Southern Health and Social Care Trust Physical Activity Lead, Clare Drummy, added, “Children here have the lowest physical activity levels throughout the UK. For this reason, we’re committed to supporting girls to become more active in a way that suits them, so this can be sustained into adulthood.

“We know that peer support has the greatest influence on teenage girls, which is why we are recruiting physical activity ambassadors to support and encourage girls in their schools to be active.”

The ‘This Girl Moves’ programme will run across the SHSCT area with further events to take place in the coming weeks. For further information, contact

*protected email*

or

*protected email*

MIL OSI United Kingdom –

January 31, 2025

MIL-OSI United Kingdom: Free bus travel on offer for up to two thousand Spectra visitors

Source: Scotland – City of Aberdeen

First Bus has teamed up with Scotland’s Festival of Light for the second year running to offer free bus travel to Spectra visitors.

With an apt festival theme of Journeys this year, up to two thousand two-trip tickets have been made available, allowing visitors to claim free travel for First Bus services, as they make their way to and from Spectra on their chosen date.

The festival, owned and commissioned by Aberdeen City Council, will return from February 6 to February 9, with a packed programme of 15 art light installations, and a wide range of supporting activations, from fire street performances to dancers and musicians.

From a giant moon apparently removed from its orbit and lassoed to a boat, to a dreamy inflatable light castle, and an enormous illuminated slinky toy installation, there’ll be a wide range of artworks for people of all ages to enjoy.

Councillor Martin Greig, Aberdeen City Council’s Culture spokesperson, said: “Spectra draws in thousands of visitors to the city centre each year. It’s fantastic to be partnering with First Bus again, after the free travel offer proved so popular in 2024, to allow visitors to travel to and from the festival in a sustainable way.

“We’re looking forward to the festival getting underway, as it truly shines a spotlight on everything Aberdeen has to offer. We hope that visitors take advantage of this offer and enjoy both the fantastic artworks and other performances, as well as the hospitality of our city centre businesses.”

David Adam, Operations Manager for First Bus in Aberdeen, said: “We’re delighted to be partnering with Spectra once again to offer sustainable travel to up to two thousand visitors going to-and-from the festival.

“Events like Spectra, which bring so many people to Aberdeen city centre, are fantastic for everyone and captures the imagination while showing off some of Aberdeen’s most iconic buildings in a new, exciting way.”

Now in its 11th year, the celebration of light, art and creativity is now firmly established in Scotland’s event calendar, having grown in the past decade, from an initial audience of 10,000 at a single site to attracting over 100,000 visits over four days in 2024 and contributing £2.6 million in visitor spend to the local economy.

Those interested in claiming the free travel offer are encouraged to sign-up to the Spectra mailing list by 12pm on Monday 3February. Details will then be shared with instructions on how to claim a two-trip ticket which will be redeemable through the First Bus app, per app user during the festival dates from 6 to 9 February. More information on how to claim the offer is available at: http://www.spectrafestival.com/

Check out the full line-up for Spectra here: http://www.spectrafestival.com/

MIL OSI United Kingdom –

January 31, 2025

MIL-OSI United Kingdom: Highland growth opportunities showcased to international audience

Source: Scotland – Highland Council

Whilst in attendance at the Scottish Cities Week the Council Leader had the opportunity to meet with the Secretary of State for Scotland and the Parliamentary Under-Secretary of State for Scotland making representation on a number of matters that are important to the whole of the Highland Council area . Pictured is The Highland Council Leader, Councillor Raymond Bremner with the Secretary of State for Scotland, The Rt Hon Ian Murray MP and Allan Maguire, the Council’s Head of Development and Regeneration.

The Highland Council’s Leader Councillor Raymond Bremner attended Scottish Cities Week in London (20-22 January) to promote investment opportunities in Inverness, the Highlands and the Highland Council area. Scottish Cities Week aims to provide a focused opportunity to create and develop long-term strategic partnerships, with a wide array of investors and developers.

Its success is rooted in the cities working in collaboration with the Scottish and UK Government, via the Scottish Cities Alliance, to boost investor confidence and deliver a programme of activity promoting the benefits of investing in Scotland’s smart and sustainable cities. It also provides opportunities for Highland Council representatives to meet with government Ministers and Cabinet Secretaries and discuss matters of importance to the Highlands.

The multi-day event is attended by national and international investors together with representatives from the Scottish Government, Scottish Development International and the Department of Business and Trade. This year’s event programme focused on seizing the unique opportunities related to our contribution towards the transition to net zero and other high growth businesses and sectors, driving place-based investment and innovation and enabling infrastructure.

The event coincides with the council’s recent launch of the new Invest Highland brand which is aimed at promoting the Highlands’ wealth of investment opportunities.

Council Leader Cllr Raymond Bremner said: “The Highland region is really coming into its own and is attracting interest from all over the world. We have so much to offer inward investors and Scottish Cities Week is a great platform for showcasing the world class opportunities which exist throughout our area. Attracting investors to the region is essential to address societal challenges and unlock transformational change.

“With representatives also attending from Highlands and Islands Enterprise and the Inverness and Cromarty Firth Green Freeport, it helps demonstrate the successful partnerships we have in Highland and shows our ambition for the future.”

30 Jan 2025

MIL OSI United Kingdom –

January 31, 2025

MIL-OSI United Kingdom: Highland Winter Road Conditions Report – Thursday 30 January 2025

Source: Scotland – Highland Council

The information provided is a summary of reports from operational staff and is intended to give a general indication of typical conditions in each area at a point in time. It is not intended to imply that any individual route is entirely snow and ice free and drivers must be aware that conditions can change rapidly and make their own assessment of conditions for travelling.

Maps of the Council’s gritting routes by priority and policy are available online.

The Met Office’s yellow warning for Ice over the Highlands expired at 10am today.

Highland Road Conditions Report for Thursday 30 January 2025 are as follows:

Skye and Raasay 07:28 – Treatment is ongoing on all routes. Road conditions are reported as having icy patches. There are no known overnight issues.

Nairn 07:42 – Treatment is ongoing on all routes and footpaths. Road conditions are damp on lower routes with ice and snow/sleet on higher routes. There are no known overnight issues.

Badenoch and Strathspey 07:43 – Treatment is ongoing on all routes as well as footpaths, as resources permit. Road conditions have snow/sleet affecting the North of the area with damp and icy roads in the South. There are no known overnight issues.

East Ross-shire 07:56 – All routes and footpaths have received treatment. Road conditions have widespread black ice across the area and caution is advised on all routes.

Wester Ross, Strathpeffer and Lochalsh 06:58 – Road conditions are very icy due to a cold snap overnight. Extreme caution is advised when travelling across the ward. Road conditions in the East are reported to be very icy around Strathpeffer/Contin/Garve areas as well as Marybank through to Strathconnon. Snow is present on the A832 around The Fain. On the mountain passes, there is a covering of frozen snow on the Belach na ba and a covering of frozen hail on the Mam Ratagan. There are no known overnight issues.

Caithness 06:49 – Road conditions are frosty especially on inland routes, with sleet showers continuing in the morning. Negative road surface temperatures were reported in the am. Weekend routes are being treated due to resource availability as well as footpaths. There are no known overnight issues.

Lochaber 08:41 – All priority and secondary roads have received treatment. Treatment is ongoing on other routes as needed. Road conditions are damp/wet and some have a lot of sparkle sections. There are no known overnight issues.

Sutherland 08:19 – All routes have received treatment. Road conditions are icy with a light dusting of snow on high ground. Conditions are milder to the North and West of the county.

Inverness 06:32 – Treatment is ongoing on all routes and footpaths. Road conditions are damp with some snow on higher ground. There are no known overnight issues.

No schools are currently closed today due to the weather. For details visit www.highland.gov.uk/schoolclosures – please note that this page is cleared at 4pm each day.

Follow our social media channels to keep up-to-date with all Highland Council road issues – X @HighlandCouncil and Facebook

Information and flooding advice is available on our website

Information on weather warnings is available on the Met Office website

For information on Trunk Roads follow @trafficscotland

For information on power cuts, visit SSEN website

SEPA are the Scottish Environment Protection Agency – SEPA

Ready Scotland’s aim is to make Scotland more resilient to emergencies. We know that disruptions can happen at any time and we’re here to help – Ready Scotland

MIL OSI United Kingdom –

January 31, 2025

MIL-OSI Asia-Pac: ‘Gujarat Governance Model’ offers several best practices to be replicated elsewhere too, says Dr Jitendra Singh

Source: Government of India (2)

‘Gujarat Governance Model’ offers several best practices to be replicated elsewhere too, says Dr Jitendra Singh

Highlights Modi’s ‘ Maximum governance, minimum government ‘ mantra;

Advocates for Central-State Collaboration to Propel India as a Global Governance Model

Posted On: 30 JAN 2025 4:56PM by PIB Delhi

Union Minister Dr. Jitendra Singh, speaking at the National Conference on Good Governance at the capital township of Gandhinagar here, observed that the “Gujarat Governance Model” offers several best practices which can be successfully replicated elsewhere too.

The Minister recalled that many of the governance innovations successfully implemented at the Central level were first introduced in Gujarat under Prime Minister Narendra Modi’s leadership as Chief Minister.

Addressing a pan-India audience of policymakers, senior bureaucrats, and governance experts, Dr. Jitendra Singh praised the transformation in governance over the last decade. “This transformation did not happen overnight. Many of the reforms introduced at the national level were first tested and perfected in Gujarat, and today they are being replicated across the country,” he remarked.

Dr. Jitendra Singh underscored the fundamental shift in governance culture under Prime Minister Modi, which has taken policymaking beyond the traditional administrative strongholds of Delhi and into various regions of the country. He cited the Prime Minister’s directive to decentralize governance by ensuring that major policy discussions, conferences and outreach programs are held in different parts of the country and not necessarily in New Delhi. “By moving governance dialogues beyond Delhi, we are ensuring that reforms are more inclusive and reflective of the aspirations of people from all corners of the country,” he said.

Union Minister of State, Dr.Jitendra Singh speaking after inaugurating two-day “National Conference on Good Governance” at Gandhinagar, Gujarat.

The Minister also referred to the evolution of India’s administrative framework, recalling how Sardar Patel envisioned a robust bureaucracy as the ‘steel frame’ of India, a vision that has been further refined through the Modi government’s approach of ‘Maximum Governance, Minimum Government.’ He pointed to landmark reforms, such as the scrapping of nearly 2,000 obsolete laws, the elimination of the requirement for attested documents and the removal of interviews for junior-level government jobs as measures that have streamlined bureaucracy and enhanced transparency.

One of the standout examples of governance innovation, Dr. Jitendra Singh noted, was Gujarat’s early implementation of the 24-hour rural electrification scheme in the early 2000s. “At a time when electricity supply was erratic across the country, Gujarat pioneered uninterrupted rural electrification, a model that was later scaled up at the national level,” he said. Recounting the scale of transformation, Dr. Jitendra Singh spoke about how electricity shortages used to be commonplace in many parts of India. “There was a time when people clapped when the lights came back on after an outage. Today, power cuts are rare, and uninterrupted electricity is an expectation, not a luxury. This is the scale of governance transformation achieved,” he remarked.

The Minister also outlined India’s progress in digital governance, emphasizing major technological interventions in public administration. Initiatives such as online RTI applications, digital life certificates for pensioners using facial recognition technology, and AI-driven administrative decision-making have positioned India as a leader in governance innovation. He stated that the use of emerging technologies will be central to governance in the coming years, making administration more efficient, transparent, and citizen-friendly.

Dr. Jitendra Singh also spoke about the impressive strides made in grievance redressal mechanisms, particularly the CPGRAMS (Centralized Public Grievance Redressal and Monitoring System), which has now become a model for citizen-centric governance worldwide. He highlighted CPGRAMS 7.0 as a transformative leap in public grievance redressal, showcasing the power of technology and citizen-centric policies in governance. He emphasized that AI-driven reforms, including semantic search and predictive analytics, have made governance more responsive, bridging the gap between the administration and citizens. With over 19 lakh feedbacks collected and a 50% rise in satisfaction levels, CPGRAMS reflects growing public trust. He urged stakeholders to further strengthen the system, positioning it as a global model of innovation, transparency, and efficient grievance redressal.

Dr. Jitendra Singh highlighted that between 2019 and 2024, India has witnessed a transformative shift in governance, with e-governance streamlining citizen-government interactions and enhancing transparency. He noted that the widespread adoption of e-Office version 7.0 has enabled paperless administration across Ministries, ensuring efficiency and accountability in governance. The Minister emphasized that India’s commitment to e-governance has been reinforced through platforms like the National Conference on e-Governance (NCeG), which has fostered collaboration between the Centre and States since 1997.

Dr. Jitendra Singh highlighted the success of the fourth Sushasan Saptah—Good Governance Week—held from December 19 to 25, 2024, as a significant step toward transformative governance. He emphasized the Prashasan Gaon ki Ore campaign, which aligned with Prime Minister Narendra Modi’s vision of next-generation reforms by bringing governance closer to citizens through streamlined procedures and technology-driven service delivery. With over 36,000 camps organized across 700+ districts, resolving nearly 2.89 crore service applications, the campaign demonstrated the government’s commitment to transparency, accountability, and citizen empowerment at every level.

Dr. Jitendra Singh further highlighted the government’s commitment to ensuring that governance is responsive and attuned to the needs of the people. He reiterated that under Prime Minister Modi’s leadership, the emphasis remains on making government services more accessible, accountable, and technology-driven. He praised Gujarat for setting a benchmark in administrative efficiency and urged other states to adopt similar governance models to enhance service delivery and public administration.

The National Conference on Good Governance, attended by senior officials and experts, provided a platform to discuss best practices and develop strategies for further strengthening governance mechanisms across India.

While addressing the conference, Secretary, DAR&PG, Shri V. Srinivas described the Gandhinagar Conference as a milestone moment. He emphasized that the conference aligns with the Hon’ble Prime Minister’s vision of leveraging Artificial Intelligence to enhance service delivery and explore emerging technologies in governance. Highlighting the transformative role of technology in bridging the gap between the government and citizens, he informed the gathering that the Gandhinagar event marks the 28th conference since 2014, held under the guidance of MoS Dr. Jitendra Singh.

Dr. Jitendra Singh expressed confidence that continued collaboration between the central and state governments would lead to more impactful reforms, ultimately driving India towards becoming a global model of effective governance.

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NKR /PSM

(Release ID: 2097631) Visitor Counter : 60

MIL OSI Asia Pacific News –

January 31, 2025

MIL-OSI Asia-Pac: Text of Vice-President’s address to students from North-East India participating in the Rashtriya Ekatmata Yatra 2025 and Winners of Mann Ki Baat Quiz Competition (Season 4) (Excerpts)

Source: Government of India

The ground impact of Mann Ki Baat is amazing, it’s a great learning for young boys and girls, for politicians, for bureaucrats, for entrepreneurs and it dotes every part of this country. Mann Ki Baat concept is motivational, inspirational and highly informative.

I would urge every young person to seriously go into the earlier episodes of Mann Ki Baat, you’ll find your knowledge level will go up. You will be stead to believe in nationalism. You will be fired by the zeal to always keep nation first.

Mann Ki Baat, when it was a concept, there was no realization of its impact. Now, people wait for Mann Ki Baat and Mann Ki Baat has gone beyond politics. It has become a platform to connect with the executive head of the country, who for the first time in 60 years has created history to be third term Prime Minister in continuation after Pandit Nehru.

Therefore I appeal to all of you, examine the information you have in Mann Ki Baat. Examine the inspirational quotes in Mann Ki Baat. Examine the people, historical figures whom we had forgotten. He rekindled in us an urge of nationalism to really worship our real heroes.

Shri Ashish Chauhan, National Organising Secretary ABVP, I have had the occasion to interact with Sunil Ambekar Ji before I became Governor, State of West Bengal, and I know their commitment, passion, mission and execution is all driven by only one facet, and facet is national welfare, inclusivity, togetherness promulgating brotherhood and sisterhood.

As a matter of fact, this reminds me of what Vivekananda Ji said at Chicago address.

A greatest message to the world at large at that point of time at a conference of Congress of Religions and India’s rich heritage, inclusivity was declared there. I congratulate him but I would say, आपके लंबे चौड़े परिवार में आशीष जी उपराष्ट्रपति का परिवार भी जुड़ गया है और कुछ लोगों को, आप बच्चों को, हमें भी सौभाग्य दो कि हमारे साथ भी चार दिन बिताएं, and this can be a continous program every month.

As Chairman Rajya Sabha, I have developed a mechanism to train young people to handhold members of Parliament. I have a concept of teenage interns who for seven days have the occasion to keep their eyes open, ears open, mouth shut and see what I do and they look around and gain their way. It is heartening together from Muraleedharan ji, Republic Day and Independence Day. I would make a suggestion to both of you at two more days. We now have for last about a decade celebration of Constitution Day, 26th November, when India go to the Constitution, a very important milestone, make that day also the third day.

Then our constitution was challenged. Young boys and girls, you do not know, Indira Gandhi as a Prime Minister imposed emergency. The constitution was shut down, people had no fundamental rights. Lakhs of people were sent to jail, many of them have become Prime Ministers, they spent 18 months in jail.

The doors of judiciary were shut down, for you it is history, but imagine and look around what happened during that period and therefore, I urge both of them, V. Muraleedharan and Ashish Chauhan to add Samvidhan Hatya Divas of 25th June, 1975. Because unless you read history, unless you know the perils we have suffered, unless you know the dangers that are there. Therefore, we have to ensure how democratic roots go deep and democratic roots go deep only when people interact, people communicate, people have occasion to have expression with others and meaningful dialogue

This is a unique gathering of young boys and girls of 9 states, Meghalaya, Tripura, Sikkim, Nagaland, Arunachal, Mizoram, Manipur, Assam-Ashtalakshmi !

I have been to each of the states. I have seen your rich culture, cuisine, tribal traditions and the talent which is there. I have had the occasion to spend time both as governor the state of West Bengal because I was heading Eastern Zone Cultural Centre.

All these are absolutely amazing states, they are gold mine for tourism, they are treasure of culture, ethnicity, variety and imaginable on the planet. We must decide to travel East, receive people from the East.

That interaction has to take a very high level of interaction. I have had the occasion to invite artists and students from North-East to Upa-Rashtrapati Nivas.

In early 1990s, the government thought wisely, Look East but Prime Minister Modi has taken it to the next level ‘Act East’ and that ‘Act East’ is being conversed, furthered by Ashish Chauhan and his worthy team.

Rashtriya Ekatmata Yatra is not an expression, it is our tribute to those who made supreme sacrifice to gain freedom to us. It is our tribute to founding fathers of the Constitution who brought about this nation into existence. It is our tribute to Sardar Patel that he could integrate the princely states and this teaches us one thing, no matter what the challenges are, we will always keep nation first.

Our nationalism can never be compromised, no gain whatsoever can be a justifiable ground to overlook national interest. The spirit of nationalism should be 24×7 in us.

The nation for the first time is having an atmosphere of hope and possibility. No nation in the world has grown as fast as exponentially in economic terms, in infrastructure terms, in digitalisation terms, in technological penetration as Bharat. India today, the youth are bubbling with aspiration because they have tested everything is achievable.

When there will be celebration of Independence centenary at 2047, you will be in your prime, you will be driving the engine, you will be feeling the progress. It is your time, you are the greatest system, stakeholders.

I’m reminded what Vajpayee Ji said, mark what he says he was a great poet a great prime minister Bharat Ratna Atal Bihari Vajpayee Ji. He was the first non-congress prime minister of this country, “निज हाथों में हँसते-हँसते, आग लगाकर जलना होगा, कदम मिलाकर चलना होगा|” Understand the meaning of it that you will face all trials and tribulations, but we’ll be marching ahead in togetherness for our nation and we must march together.

Act East policy has done wonders.

● Airports have gone to 17 from , five states of North East are connected by air. There are three international airports.

● Digital connectivity, I gather 95% is by 4G so far.

● Road connectivity and efforts are for rail connectivity.

The number of visits the Prime Minister has made there is remarkable. All I am suggesting is, and through you to every Indian, there is no more attractive tourist destination in the world than the Northeast. We Indians, all of us in togetherness must make it a habit to travel east, tour east and contribute for development of the east.

The number of tourists going to the North-East every year is now over 1.25 crores, it’s a great development.

India is changing and the world is changing because the world is recognizing India as a power. In 1990, when I was a minister, as Lok Sabha member and went to Jammu and Kashmir Srinagar not 20 people were on street, and mind you, for the last 2-3 years, more than two crore tourists are going to Jammu and Kashmir, look at the big change.

India in the world because of the seminal cultural contribution of the North East is a place unrivaled in the world. Let us share our thoughts, I commend to Mr. Chauhan, you must expand now not arithmetically but geometrically.

MIL OSI Asia Pacific News –

January 31, 2025

MIL-OSI Asia-Pac: Signing of Memorandum of Understanding between Data Informatics and Innovation Division, Ministry of Statistics and Programme Implementation (MoSPI) and Indraprastha Institute of Information Technology (IIIT-Delhi) on 30.01.2025

Source: Government of India

Posted On: 30 JAN 2025 4:31PM by PIB Delhi

A Memorandum of Understanding was signed under the Data Innovation lab initiative between Data Informatics and Innovation Division, Ministry of Statistics and Programme Implementation (MoSPI) and Indraprastha Institute of Information Technology (IIIT-Delhi) on 30.01.2025.

The Ministry has initiated several reforms to modernise the National Statistical System in the last one year. In July 2024, MoSPI embarked on the scheme for Data Innovation (DI) Lab initiative as to infuse innovation, and build an ecosystem for research-driven solutions. The DI Lab is designed to serve as a platform to harness emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Big Data Analytics to enhance data collection, processing, and dissemination.

As part of the Outreach Activities, the Lab has been engaging with premier academic institutions. More than 100 academic institutions have been approached. MoU with several reputed institutions including IITs and IIMs have been signed.

A key objective of this partnership is to leverage academic expertise to tackle real-world challenges in official statistics by creating a link between academia and practitioners.. The statistical landscape is evolving, and new methodologies are needed to address issues like data integration, real-time analytics, and predictive modeling.

In this collective endeavour and collaborative approach towards improving Official Statistics, the partnership was formalised through this Memorandum of Understanding (MoU) between MoSPI and IIIT Delhi. Collaboration with IIIT Delhi is a crucial step in creating an ecosystem for innovation. With the signing of this MoU, MoSPI is reinforcing its commitment to fostering long-term collaboration between Government and Academia and infusing fresh ideas in the system. This is expected to lead to impactful innovations that will significantly enhance the functioning of MoSPI and strengthen the statistical ecosystem of the country.

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Samrat/Dheeraj : @pibmospi[at]gmail[dot]com

(Release ID: 2097621) Visitor Counter : 25

MIL OSI Asia Pacific News –

January 31, 2025

MIL-OSI Asia-Pac: Ministry of Rural Development announces major infrastructure boost for Maharashtra under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN)

Source: Government of India (2)

Ministry of Rural Development announces major infrastructure boost for Maharashtra under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN)

Ministry of Rural Development sanctions 27 roads measuring 50.13 km of roads with an estimated investment of Rs. 50.35 crore

PM-JANMAN projects set to boost growth and prosperity in Maharashtra

Posted On: 30 JAN 2025 4:16PM by PIB Delhi

In a significant move to strengthen rural connectivity and accelerate economic growth in the Maharashtra, the Ministry of Rural Development has sanctioned 27 roads measuring 50.13 km under Connectivity component of PM-JANMAN, with an estimated investment of Rs. 50.35 crore, to the State of Maharashtra.

This landmark initiative will:

– Provide all weather road connectivity to 27 PVTG habitations in the State.

– Improve socio-economic condition of the Particularly Vulnerable Tribal Groups (PVTGs) living in the State.

– Enhance connectivity in rural areas, bridging the gap between remote villages and urban centers.

– Foster economic development, trade and commerce in the region

– Improve access to essential services like healthcare, education and markets

– Create employment opportunities and stimulate local economies

The projects under PM-JANMAN will have a transformative impact on the region, contributing to the growth and prosperity of the Tribal Groups in Maharashtra and cementing the government’s commitment to inclusive development.

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MG/KSR

(Release ID: 2097617) Visitor Counter : 30

MIL OSI Asia Pacific News –

January 31, 2025

MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah chairs a review meeting on the implementation of new criminal laws in the presence of Gujarat Chief Minister Shri Bhupendra Patel in New Delhi

Source: Government of India (2)

Union Home Minister and Minister of Cooperation Shri Amit Shah chairs a review meeting on the implementation of new criminal laws in the presence of Gujarat Chief Minister Shri Bhupendra Patel in New Delhi

Gujarat government should ensure the implementation of the new criminal laws in all commissionerates by April 30, 2025, and across the entire state at the earliest

Gujarat has done a commendable job by timely filing charge sheets in over 92 per cent of cases involving sentences of more than 10 years

There should be a video conferencing cubicle for every court in the prisons

Other states should also adopt Gujarat’s initiative of the Forensic Crime Manager

Gujarat government has done a commendable job in converting Zero FIRs into 100 per cent regular FIRs

Gujarat High Court has made a great initiative by issuing directives to all subordinate courts to implement e-processes

Posted On: 30 JAN 2025 4:16PM by PIB Delhi

The Union Home Minister and Minister of Cooperation, Shri Amit Shah chaired a review meeting on the implementation of the three new criminal laws in Gujarat in the presence of the Chief Minister of Gujarat, Shri Bhupendra Patel, in New Delhi today. The meeting reviewed the implementation and present status of various new provisions relating to police, jail, courts, prosecution and forensics in Gujarat. The meeting was attended by Gujarat’s Minister of State for Home, the Union Home Secretary, Gujarat’s Chief Secretary and Director General of Police, the Director General of the National Crime Records Bureau (NCRB), and several senior officials from the Union Home Ministry and the State Government.

During the discussion, the Union Home Minister and Minister of Cooperation Minister said that the essence of the three new criminal laws introduced by Prime Minister Shri Narendra Modi lies in the provision of delivering justice within three years, from the filing of an FIR till the Supreme Court’s verdict in any case. Appreciating the work done so far by the Gujarat government in implementing the new criminal laws, Shri Shah said that the Gujarat government should ensure the implementation of the new criminal laws in all commissionerates by April 30, 2025, and across the entire state at the earliest. He said it should be reviewed monthly by the Chief Minister of Gujarat, fortnightly by the State Home Minister and weekly at the level of Chief Secretary, Additional Chief Secretary (Home) and Director General of Police.

Shri Amit Shah stated that Gujarat has commendably achieved timely filing of charge sheets in over 92 per cent of cases involving sentences of more than 10 years. He emphasized that for the remaining cases, a review should be conducted to ensure the utilization of the provision in the Act that allows seeking permission from the court. The Home Minister said that Gujarat has done a commendable job in converting Zero FIRs into 100 per cent regular FIRs. He emphasized the need to establish a system where FIRs can be transferred between two states through the Crime and Criminal Tracking Network and Systems (CCTNS). He also suggested that Gujarat should adopt CCTNS 2.0.

Regarding the provision of electronic evidence in the new laws, the Home Minister mentioned that the state’s Home and Health Departments should hold meetings to ensure that post-mortem and other medical reports from hospitals are received electronically. Shri Shah also emphasized the need to establish a system for recording evidence via video conferencing in prisons, government hospitals, banks, forensic science laboratories (FSL), and other premises. He said that there should be a video conferencing cubicle for every court in the prisons.

The Union Home Minister and Minister of Cooperation said that the police should provide the details of people detained for questioning on the electronic dashboard, along with the seizure list and the cases to be forwarded to the courts. He also directed the state Director General of Police for continuous monitoring of these cases. Shri Shah asked to increase the network connectivity speed in police stations to 30 mbps over the prescribed standards.

Shri Amit Shah said that the state government should issue circulars to ensure that provisions of organised crime, terrorism, mob lynching, are not misused. For this, strict provisions should be made for permission from the highest level. He highlighted that the Bharatiya Nagarik Suraksha Sanhita (BNSS) includes a provision for Trial in Absentia, which allows legal action against absconding criminals. He emphasized that Trial in Absentia should be initiated against fugitives who have been evading the country for a long time in cases related to national security.

The Home Minister emphasized ensuring the availability of at least two forensic science mobile vans in every district. He also stated that efforts should be made to ensure that all 12 kits used in mobile forensic vans are manufactured in India. Shri Shah said that other states should also adopt Gujarat’s initiative of Forensic Crime Manager. He emphasized the need to clear pending forensic cases through a special campaign. Highlighting the importance of forensic experts, he urged for the prompt recruitment of vacant positions in the forensic department.

The Union Home Minister stated that the Gujarat High Court has issued directives on January 22, 2025, for all subordinate courts to implement e-processes, which is a commendable initiative. He emphasized that other states should also make efforts in this direction. Shri Shah urged for the prompt recruitment of vacant positions in the Directorate of Prosecution. He also stressed that judicial officers should be included in training programs, and training sessions should be conducted in coordination with Judicial Academies.

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Raj Kumar/Vivek/Ashutosh/Priyabhanshu/Pankaj

(Release ID: 2097618) Visitor Counter : 18

MIL OSI Asia Pacific News –

January 31, 2025

MIL-OSI Asia-Pac: The Two-Day National Conference with Labour Ministers and Secretaries of States & UTs in New Delhi, chaired by Dr. Mansukh Mandaviya, Union Minister for Labour & Employment and Youth Affairs & Sports Concluded Today

Source: Government of India (2)

The Two-Day National Conference with Labour Ministers and Secretaries of States & UTs in New Delhi, chaired by Dr. Mansukh Mandaviya, Union Minister for Labour & Employment and Youth Affairs & Sports Concluded Today

Labour Welfare for Building & Construction Workers, along with Gig & Platform Workers, is a Top Priority for the Government of India, said Dr. Mandaviya

Chintin Shivir Provides Collaborative Platform for Cross-Learning and Sharing Best Practices Demonstrated by States/UTs

Three Committees Formed to Develop Sustainable Model for Comprehensive Social Security Coverage

Posted On: 30 JAN 2025 3:53PM by PIB Delhi

The two-day Workshop with Hon’ble Labour Ministers and Labour Secretaries of States & UTs, concluded today under the Chairmanship of Dr. Mansukh Mandaviya, Union Minister for Labour & Employment and Youth Affairs & Sports. Sushri Shobha Karandlaje, Hon’ble Minister of State for the Ministry of Labour and Employment, along with Hon’ble Labour Ministers from various States/UTs, Ms. Sumita Dawra, Secretary, Ministry of Labour & Employment, and senior officials from States/UTs, were present during the workshop. These meetings marked a successful culmination of the six regional workshops and several other consultations, held over the last year with all 36 States and UTs. Over ten subjects during the five sessions spread over two days, were extensively discussed and inputs gathered, with the objective to design targeted action items. Three Committees comprising five States each were formed. Building on the discussions during the workshop, these Committees will hold consultations and develop a sustainable model for comprehensive social security coverage for workers, to be presented in March 2025.

Taking note of the deliberations and suggestions made during the two-day workshop, the Union Minister during his address laid out a comprehensive action plan for all stakeholders. He urged States to assess the feasibility of adopting best practices showcased by different States/UTs during the last two days. He emphasized that the Ministry is committed and would continue to work closely with State Governments to design various reforms and initiatives to ensure welfare of organized and unorganized workers. Holistic and sustainable welfare programmes providing pension, healthcare, life and accident insurance, etc. are being discussed.

Social security for unorganized sector workers, such as the ones in Building and Construction work, in the gig & platform economy, and other sectors was extensively discussed. The Union Minister emphasized developing sustainable social security models for these workers. Further, the welfare of contract labour and the transformation of the role of the inspector to inspector-cum-facilitator were the other main agenda items for day two.

States showcased the progress made in utilizing BOCW cess funds in giving social security coverage, besides developing education and skill development institutions for children of Building and Construction Workers. Innovative ways of utilizing these resources for providing various social welfare initiatives like pension were widely deliberated.

Progress made in onboarding unorganized workers onto the eShram portal showcased the Government’s efforts towards strengthening the last-mile delivery of benefits to these workers. So far over 30 crore unorganized workers are registered on the eShram portal. The Ministry is also working on designing a dedicated Social Security and Welfare Scheme for Gig & Platform workers. Modalities of funding, data collection, and administration of the Scheme were discussed and States were urged to prioritize the sharing of data of unorganized workers, with a focus on gig & platform workers and support in their registration on eShram on mission mode. Integration of eShram and Government portals like NCS, and SIDH are contributing to promoting employment generation, employability, skill development, etc.

Shift from inspector to inspector-cum-facilitator model was another major reform discussed with State/UT administrators. The overall objective of this reform is to reduce the compliance burden and promote ease of doing business, along with ensuring decent working conditions, equal opportunities at work and improved employee-employer relationships.

Sushri Shobha Karandlaje, Hon’ble Minister of State for Ministry of Labour and Employment during her closing remarks, underscored the important contribution made by India’s workforce in achieving the goal of becoming a Viksit Bharat by 2047. Maximizing social security coverage and ensuring labour welfare of both organized and unorganized workers was the main goal of all the consultations held over last year and this two-day Chintin Shivir. She reiterated the whole-of-Government approach needed to take all the initiatives to a logical conclusion in a time-bound manner.

Engaged in the spirit of cooperative federalism, the two-day meetings displayed the Government’s commitment towards promoting labour welfare and facilitating ease of doing business and promoting industrial growth across States/UTs.

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Himanshu Pathak

(Release ID: 2097602) Visitor Counter : 87

MIL OSI Asia Pacific News –

January 31, 2025

MIL-OSI Asia-Pac: Prime Minister pays homage to Mahatma Gandhi at Rajghat

Source: Government of India

Posted On: 30 JAN 2025 2:48PM by PIB Delhi

The Prime Minister, Shri Narendra Modi today paid homage to Mahatma Gandhi on his death anniversary at Rajghat.

The Prime Minister posted on X;

“Paid homage to Pujya Bapu at Rajghat earlier today. We reiterate our commitment towards realising his vision for our nation.”

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MJPS/ST

(Release ID: 2097579) Visitor Counter : 35

MIL OSI Asia Pacific News –

January 31, 2025

MIL-OSI Asia-Pac: National Critical Minerals Mission aims to reduce import dependence, strengthen domestic value chains and support India’s ‘Net Zero by 2070’ goal: Prime Minister

Source: Government of India (2)

Posted On: 30 JAN 2025 1:12PM by PIB Delhi

The Prime Minister, Shri Narendra Modi said that National Critical Minerals Mission aims to reduce import dependence, strengthen domestic value chains and support India’s ‘Net Zero by 2070’ goal.

Responding to an article written by Union Minister G Kishan Reddy on National Critical Mineral Mission (NCMM), Shri Modi wrote;

“Union Minister Shri @kishanreddybjp elaborates on how the National Critical Minerals Mission aims to reduce import dependence, strengthen domestic value chains and support India’s ‘Net Zero by 2070’ goal.”

Union Minister Shri @kishanreddybjp elaborates on how the National Critical Minerals Mission aims to reduce import dependence, strengthen domestic value chains and support India’s ‘Net Zero by 2070’ goal. https://t.co/AxIMrFTm8p

— PMO India (@PMOIndia) January 30, 2025

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MJPS/ST

(Release ID: 2097558) Visitor Counter : 93

MIL OSI Asia Pacific News –

January 31, 2025

MIL-OSI Asia-Pac: Non-conventional approach to measure the radial dimension of CMEs can help predict adverse effects on Earth

Source: Government of India

Posted On: 30 JAN 2025 3:44PM by PIB Delhi

A novel method has been found to determine the instantaneous expansion speed and radial size of Coronal Mass Ejections (CMEs) from the Sun when it passes over a spacecraft at a single-point in the interplanetary medium.

The radial dimension of CMEs governs the longevity of the CMEs and their associated geomagnetic storms on the Earth and hence it is important to determine it, to predict the influence of the CMEs on the Earth’s communication system.

CMEs are magnetized plasma bubbles ejected from the Sun and evolve in the interplanetary medium. They are the major drivers of perturbations in the Earth’s magnetic field, known as geomagnetic storms. Such storms can cause severe impacts on ground and space-based technological systems, such as communication disruptions, deorbiting satellites, and power grid failures.

The duration over which the Earth experiences such a magnetic perturbation is influenced by the radial dimension of a CME, along with other parameters, during its passage over the Earth. The changes in the radial dimension of CME depend on its expansion in the interplanetary medium, which has yet to be adequately understood. CMEs expand during their journey due to the pressure difference between CME and ambient solar wind. Limited efforts have been made to investigate the evolution of radial sizes of CMEs so far.

The measurements of expansion speeds of CMEs have been done mostly utilizing single-point in situ measurements, which are known to be insufficient to estimate the instantaneous expansion speed of CMEs.

In order to overcome this challenge, Astronomers at the Indian Institute of Astrophysics, an autonomous institute of the Department of Science and Technology (DST), devised a novel method to estimate a CME’s instantaneous expansion speed even using a single-point in situ spacecraft and will be helpful for sub-L1 monitors.

They found a method to first infer the accelerations of CME substructures (leading edge, center, and trailing edge) even from single-point in situ observations that are used to estimate their propagation speeds at an instant. This can be used for estimating the instantaneous expansion speed.

“Our non-conventional approach utilizes the propagation speed of any two CME substructures at the same instance to determine the instantaneous expansion speed,” said Wageesh Mishra, a faculty at IIA and a co-author of the study.

This approach also computes the radial size and the distance traveled by the CME substructures at various instances as well.

“This study has implications for understanding the longevity of perturbations on the Earth’s magnetosphere caused by CMEs,” said Anjali Agarwal, a Ph.D. student at IIA and the first author of the paper published on this work.

The novel method is demonstrated in a case study of a CME that erupted from the Sun on 2010 April 3, using remote and in situ observations from the NASA and ESA SOHO (SOlar and Heliospheric Observatory), STEREO (Solar TErrestrial RElation Observatory), and Wind spacecraft. The researchers noted that the accurate estimation of CME’s expansion speed is essential for predicting its arrival time at Earth, especially its substructures such as center and TE, which are crucial for space weather.

“The instantaneous expansion speed of a CME derived from our proposed non-conventional approach using a single-point in situ spacecraft provides a substantial outcome — CME substructures evolve differently in the ambient medium, possibly because of different forces acting on them,” said Wageesh Mishra IIA.

Unlike earlier studies, the authors suggest, a CME, during its journey, experiences a change in the aspect ratio — a measure of the radial dimension of CME with respect to its increasing distance from the Sun. They found that the aspect ratio of CME first increases and then remains constant up to a certain height, followed by a systematic decrease in the IP medium.

Wageesh Mishra said, “We are looking forward to utilizing single-point in situ observations from the Aditya Solar wind Particle EXperiment (ASPEX) onboard the Aditya-L1 spacecraft, India’s first space-based solar observatory, with implementing our non-conventional approach, to understand CMEs expansion.”

Figure caption: The left panel shows the CME observed in STEREO/HI-1 (top) and the evolution of its kinematics and the dimension (bottom). The right panel shows the in situ measured speed of CME substructures across their identified thickness (top) and the evolution of its size and expansion speed corresponding to different aspect ratios, compared with that measured from in situ observations near the Earth (bottom).

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NKR/PSM

(Release ID: 2097599) Visitor Counter : 46

MIL OSI Asia Pacific News –

January 31, 2025

MIL-OSI Asia-Pac: Prime Minister pays tributes to Mahatma Gandhi on his death anniversary

Source: Government of India (2)

Posted On: 30 JAN 2025 9:06AM by PIB Delhi

The Prime Minister Shri Narendra Modi today paid tribute to Mahatma Gandhi on his death anniversary. Shri Modi also paid tributes to all those martyred for our nation and recalled their service as well as sacrifices.

The Prime Minister posted on X;

“Tributes to Pujya Bapu on his Punya Tithi. His ideals motivate us to build a developed India. I also pay tributes to all those martyred for our nation and recall their service as well as sacrifices.”

Tributes to Pujya Bapu on his Punya Tithi. His ideals motivate us to build a developed India. I also pay tributes to all those martyred for our nation and recall their service as well as sacrifices.

— Narendra Modi (@narendramodi) January 30, 2025

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MJPS/ST

(Release ID: 2097511) Visitor Counter : 71

MIL OSI Asia Pacific News –

January 31, 2025

MIL-OSI Europe: Written question – Removal from the Polish sanctions list of a company linked to Russia – E-000260/2025

Source: European Parliament

Question for written answer E-000260/2025
to the Commission
Rule 144
Piotr Müller (ECR)

Under current EU rules, Member States are required to update the lists of sanctioned companies on the basis of the EU’s common rules and regulations on sanctions. There are serious concerns about the decision taken by the Polish Deputy Minister of Internal Affairs to remove Omne Energia – a company linked to Gazprom – from the Polish sanctions list. The company was removed from the Polish sanctions list on the basis of a bogus transaction – the sale of shares for only PLN 3 – to managers working with the Russians.

1.What is the Commission’s position on the fact that a company linked to Gazprom will receive PLN 26.7 million from the Warsaw city authorities for the supply of gas to the municipal bus operator (Miejskie Zakłady Autobusowe)?
2.Was the Commission consulted about the decision to remove the company from the sanctions list on the basis of a bogus act?
3.Is the Commission aware of similar action taken by Member States to circumvent sanctions against Russia?

Submitted: 22.1.2025

Last updated: 30 January 2025

MIL OSI Europe News –

January 31, 2025

MIL-OSI Europe: Written question – Non-discrimination of diabetic pilots in the EU – E-000259/2025

Source: European Parliament

Question for written answer E-000259/2025
to the Commission
Rule 144
Peter Agius (PPE)

For many commercial pilots in the EU, a diagnosis of Type 1 diabetes leads to the loss of their pilot licence, and hence their flying careers. This is not the case in the United States, Canada and Australia. It should not be in the EU, either!

The medical assessment protocol of the EU Aviation Safety Agency (EASA) for pilots with diabetes, ARA.MED.330, provides for well-controlled diabetics to obtain aero-medical certification. This has, however, been adopted by only a few of the Member States and relies on outdated technology like finger-prick glucose monitoring.

Beyond the EU, several countries have adopted updated protocols enabling diabetic pilots to fly safely. Advances in diabetes management, such as continuous glucose monitoring and insulin-delivering technology have transformed the lives of diabetics globally. Yet EU pilots remain unfairly grounded, facing barriers and discrimination.

With the EASA’s research due in October 2025, action is urgently needed to update the protocol, integrate modern tools and ensure equal opportunities for diabetic pilots across the EU.

Could the Commission:

1.Provide an update on the EASA’s research and how it plans to incorporate technological advancements on diabetes into the protocol?
2.Explain the steps taken to ensure all of the Member States adopt a standardised approach?
3.Address how it will tackle the professional and emotional toll on diabetic pilots and ensure fair treatment across the EU?

Submitted: 22.1.2025

Last updated: 30 January 2025

MIL OSI Europe News –

January 31, 2025

Category: KB

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‘Gujarat Governance Model’ offers several best practices to be replicated elsewhere too, says Dr Jitendra Singh

Highlights Modi’s ‘ Maximum governance, minimum government ‘ mantra;

Ministry of Rural Development announces major infrastructure boost for Maharashtra under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN)

Ministry of Rural Development sanctions 27 roads measuring 50.13 km of roads with an estimated investment of Rs. 50.35 crore