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  • MIL-OSI Video: UNRWA, Ukraine, Biodiversity & other topics – Daily Press Briefing (29 Oct 2024) | United Nations

    Source: United Nations (Video News)

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

    Highlights:
    -Briefings
    -Biodiversity
    -UNRWA
    -Occupied Palestinian territory
    -Security Council
    -Lebanon/Israel
    -Lebanon
    -Financial contribution
    -Ukraine
    -Democratic Republic of the Congo
    -Sudan
    -International Day of Care and Support

    BRIEFINGS
    Tomorrow, you will have a heavy day. We’ve asked Amy Pope, the head of the International Organization for Migration who is currently in Sudan to brief you. She will be here at 11 a.m. vie videoconference from Port Sudan to brief you on her ongoing trip. At noon you will have to deal with me. Then at 1 p.m., there will be a briefing here by the Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem, and Israel and that Commission includes Navid Pillay, Miloon Kothari and Chris Sidoti. Then at 2:00 p.m., Francesca Albanese, the UN Special Rapporteur on the situation of human rights in the Palestinian Territory occupied since 1967 will be here live in person in this very room.

    BIODIVERISTY
    This morning, the Secretary-General is in Cali, in Colombia, where he is attending the high-level segment of the 16th meeting of the Conference of Parties to the Convention on Biological Diversity (COP16). In his remarks, he highlighted that nature is life, and yet we are waging a war against it, a war where there can be no winner. He is in fact about to deliver those remarks and he is expected to warn that no country, rich or poor, is immune to the devastation inflicted by climate change, biodiversity loss, land degradation and pollution, adding that these environmental crises are intertwined, they know no borders.
    The Secretary-General noted that when the Framework was adopted two years ago in Montreal, the world made bold commitments to living in harmony with nature by mid-century. He said that we must now turn these promises into acts.
    This morning, he had a series of bilaterals. He met with Leslie Voltaire, the President of the Transitional Presidential Council of Haiti. They agreed on the need to expedite the political transition towards holding elections. In the meeting, the Secretary-General appealed to Haitian stakeholders to set aside their differences and work together for Haiti’s peace and security.
    This afternoon, the Secretary-General will engage in discussions with indigenous people and local communities, as well as representatives of civil society, including youth and women.
    And I think he just met with Gustavo Petro, the President of Colombia.  Tomorrow, on the sidelines he will speak at an event on plastic pollution organized by the UN Environment Programme. He will also speak to journalists at a press conference before heading out of Cali and coming back to New York.

    UNRWA
    You saw that last night we issued a statement in the Secretary-General’s name in which he expressed his deep concern at the adoption yesterday by the Israeli Knesset of two laws concerning the United Nations Relief and Works Agency for Palestine Refugees in the Near East, better known to all of us as UNRWA, and the laws which, if implemented, would likely prevent UNRWA from continuing its essential work in the Occupied Palestinian Territory, including East Jerusalem, as mandated by the General Assembly of these United Nations.
    The Secretary-General emphasized that UNRWA is the principal means by which essential assistance is supplied to Palestine refugees in the Occupied Palestinian Territory. There is no alternative to UNRWA.
    He calls on Israel to act consistently with its obligations under the Charter of the UN and its other obligations under international law, including international humanitarian law and those concerning the privileges and immunities of the United Nations. National legislation cannot alter those obligations. He is bringing this matter to the attention of the General Assembly and will keep the Assembly closely informed on the situation as it develops. 
    Philippe Lazzarini, the Commissioner General of UNRWA, added that these bills will only deepen the suffering of Palestinians, especially in Gaza, where people have been going through more than a year of sheer hell. He said that these bills increase the suffering of the Palestinians and are nothing less than collective punishment. Mr. Lazzarini also sent a letter to the President of the General Assembly to express those concerns in detail.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=29%20October%202024

    https://www.youtube.com/watch?v=GvOsMwPEo38

    MIL OSI Video –

  • MIL-OSI Video: Reporters Without Borders The Ukrainian journalist who wants to track down and counter Russian disinformation

    Source: Reporters Without Borders (RSF) (Video Release)

    #UKRAINE: “We can counter Russian propaganda and make it less effective.”

    Ruslan Deynychenko, co-founder of StopFake, talks about his website (available in 14 languages) where journalists publish daily fact-checking investigations that disprove the false information targeting Ukraine and inform people about the dangers of this propaganda.

    Since 2014, the founders of the website, journalists trained at the Mohyla school of journalism in Kyiv, have been tracking down and identifying the Russian disinformation spread by Russian and pro-Russian propaganda media. The organization has become a benchmark in the country, racking up more than three million visits a year to its website.

    Discover his testimony on #RSFTALKS

    https://www.youtube.com/watch?v=IQD2y-vlL6U

    MIL OSI Video –

  • MIL-OSI Video: Reporters Without Borders RSF report shows press freedom shortcomings in key swing states ahead of 2024 election

    Source: Reporters Without Borders (RSF) (Video Release)

    “Swing States” and press freedom in the #UnitedStates: the deep concern.
    We analyzed 4 key states – and found many gaps in press freedom at a time when voters need concrete information to understand the issues and candidates before them.

    As the U.S. presidential election looms, we have released a new report analyzing four key swing states — and found that none are a model of press freedom. Clayton Weimers, the Executive Director of RSF’s Washington-based US office, talks about how the journalists and media experts in these states are highly concerned about the media’s dire economic situation, a lack of responsiveness from government officials, and growing hostility from local political leaders.

    There can be no democracy without press freedom, so it’s critically important to understand the issues confronting the news media in the places that are most pivotal in American presidential elections. We hope that this report will provide a starting point for all Americans to demand improvements in their states’ media ecosystems: greater transparency, better access to information, and a marketplace that enables journalism to thrive.

    Find the full report here: https://rsf.org/en/usa-rsf-report-shows-press-freedom-shortcomings-key-swing-states-ahead-2024-election

    #media #journalisme #freespeech #freepress #journalists #journaliste #condemningabuses #reportersindanger #rsf

    https://www.youtube.com/watch?v=djEZgtiLY8I

    MIL OSI Video –

  • MIL-OSI Video: Israel on UNRWA/Gaza – Security Council Media Stakeout | United Nations

    Source: United Nations (Video News)

    Informal comments to the media by Danny Danon, Permanent Representative of Israel to the United Nations, on UNRWA, Gaza & other topics.

    https://www.youtube.com/watch?v=jJmE3mHnsSs

    MIL OSI Video –

  • MIL-OSI Video: Middle East: UN official urges end to military activities to prevent an all-out regional war

    Source: United Nations (Video News)

    Khaled Mohamed Khiari of Tunisia, Assistant Secretary-General for Middle East, Asia and the Pacific, urges an end to military activities in the Middle East to avert an all-out regional war. He also decries the unbearable conditions facing Palestinians in Gaza, where levels of death and destruction are harrowing. And he warned that thousands of children are at risk of polio because the vaccination campaign has been suspended.

    https://www.youtube.com/watch?v=HBHZjlypLm8

    MIL OSI Video –

  • MIL-OSI Video: Counterterrorism: Protection of human rights – Press Conference | United Nations

    Source: United Nations (Video News)

    Press conference by Ben Saul, Special Rapporteur on the promotion and protection of human rights and fundamental freedoms while countering terrorism.

    ———————————–

    The Special Rapporteur on the Promotion and Protection of Human Rights and Fundamental Freedoms while Countering Terrorism, Ben Saul, today (28 Oct) said, “wars on terror are back with a vengeance, along with their catastrophic humanitarian consequences.”

    Saul, talking to reporters in New York after briefing the General Assembly’s 3rd committee, emphasized the “support for those wars by states which failed to use their influence to prevent violations of international law by other states.”

    He said, “over the past year, I’ve been concerned about excessive counter-terrorism laws in many countries which are misused against political activists, civil society, journalists, universities, students. Often combined with unfair trials and judiciaries which are not independent.”

    Responding to a reporter’s question, Saul said, “we’ve called on all states not to provide weapons or munitions to Israel because that would breach the obligation of other states to ensure respect for humanitarian law. It would breach obligations under the Genocide Convention to prevent genocide, and it would breach for parties to the Arms Trade Treaty their obligations not to provide weapons to another state where they would be used to commit violations of international law.”

    Special Rapporteurs are part of the Special Procedures of the UN Human Rights Council and work on a voluntary basis. They are not UN staff and do not receive a salary for their work. They are independent of any government or organization and serve in their individual capacity.

    https://www.youtube.com/watch?v=Vx6ymFOvIPw

    MIL OSI Video –

  • MIL-OSI USA: Rep. Rosendale Introduces University Forced Vaccination Student Injury Mitigation Act

    Source: United States House of Representatives – Representative Matt Rosendale (Montana)

    WASHINGTON, D.C. – Today, Congressman Matt Rosendale (MT-02) introduced the University Forced Vaccination Student Injury Mitigation Act, which will require higher education institutions to pay the medical costs for any student who was required or is currently required to take a COVID-19 vaccine to attend classes and experienced an adverse reaction. The higher education institutions would lose all federal funds from the Department of Education if they do not comply with the requirements set out in the bill. The University Forced Vaccination Student Injury Mitigation Act is cosponsored by Congressman Eli Crane (AZ-02) and Congressman Bill Posey (FL-08), has received support from No College Mandates, and Dr. Joseph Marine who is Section Chief of Cardiology at Johns Hopkins Community Physicians.

    Washington Examiner published an exclusive article highlighting new legislation. You can see the story by clicking on the image below.

    “If you are not prepared to face the consequences, you should have never committed the act,” Rep. Rosendale said, “Colleges and universities forced students to inject themselves with an experimental vaccine knowing it was not going to prevent COVID-19 while potentially simultaneously causing life-threatening health defects like Guillian-Barre Syndrome and myocarditis. It is now time for schools to be held accountable for their brazen disregard for students’ health and pay for the issues they are responsible for causing.”

    “No student in the United States should face crippling medical costs because of an experimental vaccine their school forced them into receiving. We must hold institutions to account for continuing to inflict COVID-era idiocy on their student body, and that’s exactly what this bill would accomplish. I’m proud to be a cosponsor of this legislation to help rectify this unjustified overreach,” said Rep. Eli Crane.

    “College students were never at risk of severe injury or death from any variant of the COVID-19 virus and institutions of higher education had this data well in advance of mandating COVID-19 vaccines. Yet in the spring of 2021, college students were stripped of their fundamental right to bodily autonomy and informed consent when colleges imposed some of the most coercive and restrictive vaccination policies. Countless college students have been injured by COVID-19 vaccinations, and we are grateful that Representative Matthew Rosendale is introducing a new bill to hold colleges accountable for the injuries their unnecessary, unethical and unscientific policies have caused for without such legislation, these students and their families would have no other recourse,” said Lucia Sinatra, co-founder of No College Mandates.

    “COVID-19 vaccine mandates for college students were flawed policies that did not alter the course of the pandemic and were not needed to keep college campuses “safe.” I had to make efforts to prevent my own high school and college age children from receiving COVID-19 booster shots that they did not want or need. It seems reasonable to me that institutions that implemented such policies without a sound medical or scientific rationale should take responsibility for any proven medical harm that they caused,” said Joseph Marine, MD, MBA, FACC, FHRS, Section Chief of Cardiology, Johns Hopkins Community Physicians.

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Morgan McGarvey Returns Over $5 Million to Louisvillians

    Source: United States House of Representatives – Congressman Morgan McGarvey (Kentucky-03)

    October 29, 2024

    LOUISVILLE, KY (October 29, 2024) – Today, Congressman Morgan McGarvey (KY-03) announced that his team has closed nearly 2,500 constituent cases since taking office last year, saving Louisvillians over $5 million in benefits, backpay, and owed federal dollars.

    “Whether it’s making sure veterans receive their earned benefits or clearing up an issue with a passport renewal, Team McGarvey is here to help,” said Rep. McGarvey. “My constituent service team works hard to quickly and compassionately to resolve federal issues on behalf of Louisville families, and over the past two years, we’ve been able to close nearly 2,500 of these cases and put $5,000,000 back in constituents’ pockets. It’s an incredible milestone, and I’m proud of the positive impact our work has had on the lives of our fellow Louisvillians.”

    See what constituents are saying about the help they received below:

    “I waited 9 months for survivors benefits from Social Security, then I called these amazing people and I received it in 3 days. Thank you so much” – Sherry O.

    “I wanted to thank you for your incredible support with my brother’s complicated case involving the Embassy and USCIS. Your prompt and effective handling made a significant difference, and we are truly grateful for your assistance. Your dedication and swift action were greatly appreciated. Thank you for your outstanding support!” – Ibrahim W.

    “I had given up any possibility of going on my trip to Antigua. I had been trying to change my last name on my passport for 5 months. I could never talk to anyone at the passport customer service center that could clearly answer any of my questions, so I was mailing forms back and forth constantly. My travel agent suggested, with 12 days to spare, that I reach out to my local Congressman’s office. I honestly didn’t think they would be able to assist me but boy was I wrong!! Within minutes of them inquiring on my behalf, they were informed that my passport would be printed, and they were also provided tracking information. This was on Monday, TUESDAY my passport was in Louisville. I do not believe this would have happened if not for the quick and efficient help received from this office. I can’t thank them enough!!” – Bridgette M.

    “Exceptional! Your professionalism and efficiency have lifted so much stress that my family was going through. Your timely updates were invaluable. Grateful for your help.” – Mohammad M.

    For more casework success testimonials, click here. For assistance with a federal agency, please visit mcgarvey.house.gov. 

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Welch Speaks with Woodstock Union High School Class at King Farm 

    US Senate News:

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

    WOODSTOCK, VT — U.S. Senator Peter Welch (D-Vt.) today met with students from Woodstock Union High School about his work in Congress and the importance of civic engagement. While at King Farm, Senator Welch also met with the Vermont Land Trust (VLT) and discussed the introduction of new legislation led by the Vermont Congressional Delegation to extend the boundary of the Marsh-Billings-Rockefeller National Historic Park to include the King Farm, which is currently owned by VLT.  
    “Our kids in Vermont are smart, thoughtful, and engaged—they’re going to go on to do incredible work in our communities and change the world in the process. I’m always encouraged when I talk with our students,” said Senator Welch. “This community-based bill our Delegation is leading will conserve our state’s history and foster new educational partnerships for students in Woodstock and across Vermont.”  
    Senator Welch was joined by Tracy Zschau, President, Vermont Land Trust; Abby White, Vice President of Engagement, Vermont Land Trust; Pieter Bohen, Cotyledon Fund; and Jason Drebitko, Green Mountain Foundation.  
    View photos from the event below:

    MIL OSI USA News –

  • MIL-OSI Australia: All Tasmanian public schools to be fully funded by the beginning of 2026

    Source: Australian Ministers for Education

    All Tasmanian public schools will be fully and fairly funded in 2026 following a historic bilateral agreement signed today by the Albanese and Rockliff Governments.

    The bilateral agreement formalises the Statement of Intent signed by both Governments in September and confirms all Tasmanian public schools will get to 100 per cent of the Schooling Resource Standard (SRS) from January 2026.

    Tasmania becomes the third state or territory to sign on to the Better and Fairer Schools Agreement, delivering record funding to its schools and introducing targeted reforms which will help Tasmanian students to catch up, keep up and finish school. 

    Under the agreement, the Albanese Government will invest an estimated additional $153.5 million from 2025 to 2029 in Tasmanian public schools.

    The Rockliff Government will increase its investment in schools by $195.9 million over the same period. Extra funding will be tied to literacy and numeracy, student wellbeing and workforce initiatives. 

    To meet this commitment additional new funding will be provided by the Tasmanian Government on top of commitments already announced in this year’s budget and the recent teachers wage agreement.

    This means the Commonwealth will increase its share of funding from 20 per cent to 21.25 per cent in January next year and to 22.5 per cent of the SRS from January 2026, and the Tasmanian Government will increase its funding share to at least 77.5 per cent of the SRS from 2026.

    Funding will be tied to reforms in the Better and Fairer Schools Agreement, including: 

    • Year 1 phonics and early years numeracy checks to identify students in the early years of school who need additional help.
    • Evidence-based teaching and targeted and intensive supports such as small-group or catch-up tutoring to help students who fall behind.
    • Accelerating the implementation of the school-based recommendations of Tasmania’s Lifting Literacy implementation plan, including a minimum schooling guarantee for reading across all schools in Tasmania.
    • Support for students to come to school ready to learn, including greater access to mental health supports.
    • Reducing absence at school by prioritising evidence-based approaches to improving attendance and strengthening re-engagement support programs.
    • Establishing and strengthening relationships and collaboration with Tasmanian Aboriginal Community Controlled Organisations and First Nations peoples and communities within Tasmania to support increased cultural safety and responsiveness in the Tasmanian education system.
    • Support for VET specialist teachers and piloting incentive packages for attracting staff into remote and regional areas.

    The Tasmanian bilateral agreement can be accessed here. The BFSA Heads of Agreement can be accessed here. 

    This Agreement is reliant on the Better and Fairer Schools (Funding and Reform) Bill 2024 being passed by the Parliament.

    The Albanese Government has put a record $16 billion of additional investment for public schools on the table which, if accepted by all jurisdictions, would represent the biggest extra investment in public education by any Commonwealth government. 

    Quotes attributable to Minister for Education Jason Clare:

    “Five weeks ago, we signed a Statement of Intent to fully fund Tassie public schools no later than 2029.

    “Today’s agreement confirms that all Tassie public schools will start to receive full funding in just over 12 months – in January 2026. 

    “This is fantastic news for Tassie students and for public education it shows what can be done when governments work together. 

    “It shows that we can fully fund public schools and invest in the reforms that will make a real difference to the students who really need it.

    “This agreement means that all schools in Tasmania will be fully funded and that funding will be invested in reforms to help students catch up, keep up and finish school.

    “The agreements we have struck with Tasmania, WA and the Northern Territory are not blank cheques. Funding will be tied to real and practical reforms to deliver a better and fairer education system, which is what the signing of today’s Bilateral Agreement is all about.”

    Quotes attributable to Tasmanian Minister for Education Jo Palmer:

    “This is an historic milestone for Tasmanian Government schools, and we are really excited about what it means for our students and workforce. 

    “All Tasmanian schools will be fully funded from January 2026, which is nine years earlier than was initially proposed by the Federal Government. 

    “This will support our students to achieve the educational outcomes they need and deserve so they can lead their best lives.

    “We are committed to maximising the new investment delivered through this agreement and making sure it flows to our students and our schools and is used to lift educational outcomes.  

    “Our Government is already rolling out significant educational reform, for example through our Lifting Literacy initiative.

    “We are committed to further improving our education system and look forward to receiving the report of the Independent Review into Education in Tasmania, which is currently underway.”

    MIL OSI News –

  • MIL-OSI USA: Governor Murphy Announces Creation of Economic Council

    Source: US State of New Jersey

    TRENTON – Governor Murphy today signed an Executive Order establishing a new Economic Council, which will be supported by a newly established Development Coordination Committee. Under the executive order, the Economic Council will provide a regular forum for the business community and state government to discuss, collaborate, and solve issues important to the public and private sectors, and stimulate economic growth and prosperity. The new Development Coordination Committee will support the Council’s work in advancing development projects that require multiple state, county and local government approvals. 

    “The Economic Council will ensure that we continue to have a healthy collaboration between the business community and the state government,” said Governor Murphy. “Deepening our Administration’s strong relationship with various sectors across our state will stimulate growth within our economy. I look forward to the forum for ongoing dialogue, collaboration, and problem-solving to advance our shared economic goals.” 

    Since the beginning of the Murphy Administration, state officials have worked with legislative partners and industry stakeholders on policies to improve the role and function of the government in facilitating economic development. Since 2018, New Jersey has seen small businesses increase by over 40,000 or 19%, despite the effects of the global COVID-19 pandemic.

    The Economic Council’s co-chairs will be the Deputy Chief of Staff for Economic Growth and the Chief Executive Officer of the New Jersey Economic Development Authority. The co-chairs will designate representatives from industry to participate in working group discussions with the Council. Along with the co-chairs, the Council will also consist of the Governor’s Chief of Staff, Chief Counsel, Chief Policy Advisor, the State Treasurer; and the Executive Director of the Business Action Center, or their respective designees.

    “New Jersey’s economy has grown stronger under Governor Murphy’s leadership, and the Economic Council will build upon the progress we’ve made over the past seven years,” said NJEDA Chief Executive Officer Tim Sullivan. “I’m honored to co-chair the Economic Council and look forward to working with our government partners and key stakeholders to help meet the ambitious economic goals of the administration.”

    “The establishment of the Economic Council is a giant step forward in Governor Murphy’s relationship with the business community,” said Deputy Chief of Staff for Economic Growth Eric Brophy. “Over the past several years, at the governor’s urging, we have made doing business in New Jersey easier. We learned early on that working closely with the business community and legislators is the best way to grow New Jersey’s economy. The Economic Council will further cultivate our ambition to make business in New Jersey less complicated.”

    “Addressing the future economy of our state is vitally important to unleashing our enormous economic potential – as is the need to generate additional organic, reliable revenue to fund our growing state budgets,” said Tom Bracken, President & CEO, New Jersey Chamber of Commerce. “The New Jersey Chamber of Commerce has been advocating for the creation of an economic council for many years to accomplish that goal. Today’s announcement, hopefully, will put in place a mechanism to bring together government and the business community to address collective thoughts and strategies to create a more vibrant, competitive economic landscape. With the Economic Council and Development Coordination Committee structure in place, it will now be up to its organizers to ensure it will quickly and effectively deliver the results we desperately need. We thank Gov. Murphy for creating this forum that we hope transcends administrations – and we look forward to working with the administration and being part of this opportunity.” 

    Within the Council, the Executive Order also establishes a Development Coordination Committee as a subcommittee that will focus on ways to streamline the intergovernmental review of complex development projects, improve communication amongst state, county and local government financing and permitting entities with respect to projects that require a coordinated review. This will enhance information sharing by and between government agencies and project developers.

    The Development Coordination Committee will consist of the Deputy Chief of Staff for Economic Growth; the State Treasurer; the Commissioners of the Departments of Community Affairs, Environmental Protection, and Transportation; and the Executive Directors of the EDA, New Jersey Housing and Mortgage Finance Agency, Schools Development Authority, and Infrastructure Bank, or their respective designees. The Committee will also be tasked with reporting to the Council on recommended policies, initiatives or reforms that may be undertaken to reduce barriers to development or construction project disruptions or delays.

    Read Executive Order No.369 here.

    MIL OSI USA News –

  • MIL-OSI Europe: Iran: Statement by the High Representative on behalf of the EU on the execution of Jamshid Sharmahd

    Source: Council of the European Union

    The EU issued a statement condemning in the strongest terms the execution in Iran of German-Iranian national Jamshid Sharmahd, and reiterating its call on Iran to refrain from any future executions and to end the distressing practice of detaining foreign civilians and dual nationals with a view to making political gains.

    MIL OSI Europe News –

  • MIL-OSI USA: Manchin Announces $12.3 Million From Appalachian Regional Commission For Seven West Virginia Projects

    US Senate News:

    Source: United States Senator for West Virginia Joe Manchin

    October 29, 2024

    Charleston, WV – Today, U.S. Senator Joe Manchin (I-WV), member of the Senate Appropriations Committee, announced $12,320,520 from the Appalachian Regional Commission (ARC) for seven projects in West Virginia. This statewide funding will support economic and workforce development, educational opportunities, and entrepreneurship.

    “The Appalachian Regional Commission is a longtime partner of the Mountain State and today’s announcement is proof of that. This investment of more than $12.3 million will bolster workforce and educational opportunities, healthcare, infrastructure and entrepreneurship for countless West Virginians,” said Senator Manchin. “As a member of the Senate Appropriations Committee, I look forward to seeing the positive impacts of these projects and I remain dedicated to strengthening economic growth across Appalachia.”

    Individuals awards listed below:

    • $10,000,000 – American Association of Community Colleges
      • This funding will support creating a network for cybersecurity workforce development statewide.
    • $500,000 – Appalachian Regional Healthcare, Inc.
      • This funding will support developing a statewide plan for a health task force and pilot programs for mobile healthcare.
    • $500,000 – New River Conservancy
      • This funding will support developing a plan for an expansion of the New River Water Trail.
    • $500,000 – Teach for America
      • This funding will support expanding the recruitment and retention model for educators in West Virginia.
    • $418,000 – Grow Ohio Valley
      • This funding will be used to develop a plan to create a sustainable network of food and energy systems in West Virginia.
    • $212,800 – University of Pittsburgh
      • This funding will support developing a plan for biotech workforce development and engagement in West Virginia.
    • $189,720 – DRIVE (Driving Real Innovation for a Vibrant Economy)
      • This funding will support building an incubation network for small businesses and entrepreneurs in West Virginia.

    MIL OSI USA News –

  • MIL-OSI USA: Manchin to Join 9th Annual Ride for Fallen Service Heroes

    US Senate News:

    Source: United States Senator for West Virginia Joe Manchin

    October 29, 2024

    Charleston, WV – U.S. Senator Joe Manchin (I-WV) will serve as the Special Guest Road Captain for the 9th Annual Ride for Fallen Service Heroes on Thursday, October 31st, 2024. This year’s ride begins at the Gold Star Monument at the WV State Capitol and ends at the Veterans Memorial Arch in Huntington. Riders will honor Fallen Service Heroes and show their support for Gold Star Families.

    “I am so honored to participate in the 9th Annual Ride for Fallen Service Heroes to memorialize those who have made the ultimate sacrifice for our state and nation and extend our endless gratitude to their families,” Senator Manchin said. “This ride is such a special tribute every year to our nation’s heroes and it is a profound privilege to be a part of it. I always say West Virginia is the most patriotic state in the country and this tradition is just one way to honor the extraordinary service of those who have served. I look forward to seeing my fellow West Virginians along the route this Thursday.”

    The round-trip motorcycle ride will depart from the West Virginia State Capitol and end with a community celebration in Huntington. Ride overview below:

    11:00 am:       Opening ceremony to honor Fallen Service Heroes at the Gold Star Monument, WV State Capitol

    11:15 am:       Depart WV State Capitol along Route 60.  Kickstands up!

    12:30 pm:       Arrive at Veterans Memorial Arch in Huntington for a community celebration to honor Gold Star Families

      

    For more information about the 2024 Ride for Fallen Service Heroes, you can call Senator Manchin’s Charleston office at 304-342-5855. Visit the event’s Facebook page for more information: https://www.facebook.com/RideForFallenServiceHeroes.

    The flyer for the ride is available here. 

    MIL OSI USA News –

  • MIL-OSI USA: Warner, Kaine, and Scott Applaud $380 Million in Inflation Reduction Act Funding for the Port of Virginia

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON –  Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) and U.S. Representative Bobby Scott (D-VA-03) announced $380,000,000 in federal funding for the Port of Virginia to accelerate its plan to become carbon-neutral by 2040. Warner, Kaine, and Scott advocated for this funding and sent a letter of support for this grant. The funding was awarded through the Environmental Protection Agency’s Clean Ports Program, which was made possible by the Inflation Reduction Act that the members helped pass. 
    “The Port of Virginia is one of the largest and busiest ports on the eastern seaboard, and it’s critical to Virginia’s economy and offshore wind industry. As the Port of Virginia continues to grow thanks to investments we’re making, we must also ensure we’re reducing greenhouse gas emissions, which result in negative health and environmental impacts for our communities,” said the lawmakers. “That’s why we’re thrilled that this federal funding, which was made possible by theInflation Reduction Act we supported, will accelerate the Port’s efforts to achieve net-zero carbon emissions by 2040 and further cement Virginia’s place as a leader in clean energy.”  
    The Inflation Reduction Act made historic investments to support clean energy projects. It included clean energy tax credits that have incentivized a series of corporate investments in Virginia, including:
    A $681 million investment by LS GreenLink to build a state-of-the-art facility to manufacture high-voltage subsea cables used for offshore wind farms inChesapeake, which will create over 330 jobs in Virginia.
    An investment of over $400 million by Topsoe to build a new manufacturing facility in Chesterfield County, which will create at least 150 new jobs in Virginia.
    An investment of $208 million by Mack and Volvo Trucks—in addition to a federal grant award of over $208 million for the company—to sustain 7,900 union jobs and create 295 new jobs in Virginia, Maryland, and Pennsylvania. Volvo Trucks is the second largest employer in the New River Valley, sustaining 3,600 jobs in Dublin, including 3,200 United Automobile Workers (UAW) jobs. In September 2024, Warner and Kaine visited Volvo’s New River Valley plant to celebrate the investment.
    Today’s announcement builds on other transformational investments made to the Port of Virginia by the Biden-Harris administration with the backing of Warner, Kaine, and Scott. That includes $225.4 million to fully fund the Norfolk Harbor Deepening and Widening Project, which will improve navigation and expand capacity by deepening and widening Norfolk Harbor’s shipping channels, allowing for two-way traffic in and out of the harbor. Of this amount, $141.7 million was made available through the Infrastructure Investment and Jobs Act and $83.7 million was provided through the Fiscal Year 2022 omnibus appropriations bill.
    The Port also previously received $20 million in federal funding from the Department of Transportation for improvements to Portsmouth Marine Terminal that will allow it to serve as a staging area to support the manufacturing and movement of offshore wind goods to support the 2.6 gigawatt Coastal Virginia Offshore Wind commercial project and other commercial offshore wind projects up-and-down the East Coast. Warner, Kaine, and Scott led a Virginia Congressional Delegation letter to Secretary of Transportation Pete Buttigieg in support of the Port’s application for that funding.

    MIL OSI USA News –

  • MIL-OSI USA: Pelosi Family Statement on Sentencing in the Violent Assault on Paul Pelosi

    Source: United States House of Representatives – Congresswoman Nancy Pelosi Representing the 12th District of California

    San Francisco – The Pelosi family issued this statement and released the following letter from Mr. Paul Pelosi:

    “Two grueling years after the defendant violently broke into our family home with zip ties and a hammer yelling ‘where’s Nancy?,’ then kidnapped Mr. Pelosi and nearly killed him, legal justice has been served. Our entire family is grateful to the paramedics and lifesaving General Hospital trauma team, to the prosecution staff and to all who have sent love and prayers. Mostly, we are in awe of Pop’s courage on that horrible night two years ago — as well as on the witness stand at two criminal trials and every day of his recovery from the vicious assault on his life.

    “Since the violent break-in and shouts of ‘where’s Nancy?’ two years ago, not a day goes by that we do not think of this devastating assault, its trauma — or the possibility of future attacks. Today’s sentence of life without parole gives our Pop some measure of legal justice and, we hope, a message to others that political violence against elected officials or their family members will not be tolerated, minimized or condoned. We must each do our part to build a peaceful democracy.”

    ***

    Dear Judge Dorfman,

    The last peaceful sleep I had ended abruptly at 2:00 am on October 28, 2022 when the defendant violently broke into my home, burst into my bedroom and stood over my bed with a hammer and zip ties demanding to see my wife, yelling “Where’s Nancy?”

    Awakened by a large violent man wielding a weapon and threatening to tie up my wife and “take her out,” I did all I could to calm him and save my own life. I tried escaping from my bedroom to the elevator to call the police but he crowded into the elevator with me and prevented my escape or rescue. The defendant knew I was alone and could have left then and there once he learned that my wife Nancy Pelosi, then Speaker of the United States House of Representatives, was in Washington, DC for work — but he kept me hostage in my own home saying he would wait for her. He insisted that he was on a political mission to avenge what he considered to be my wife’s mistreatment of former President Donald Trump — and said he was going to wait for my wife, tie her up and interrogate her about that.

    I managed to make my way into my bathroom to call the police — and again the defendant could have left me there — but he continued to stay even after I dialed 911. I told the 911 operator who I was and tried to get her to understand that I needed help — all the while, the defendant lumbered over me, interrupted my conversation, falsely claimed to be a friend of Nancy’s and mine, and urged me to hang up, so I did. I thought I had a chance of saving my life if I went downstairs. Lord knows what would have happened if I was two floors up and the police arrived. So I convinced the defendant to go downstairs — which we did, slowly because I was still recovering from knee surgery — and just when the police arrived and I thought I would be free, he did not run away out the back patio door that he’d broken into — or even run past the police officers who stood at the door with no guns or tasers in hand. Instead, as he later testified, the defendant made me “take the punishment” with a vicious assault. After the defendant struck me in the head with blows from his hammer, I fell unconscious.

    When I awoke in a pool of my own blood, I had severe head, arm and hand injuries. The paramedics who cut off my pajamas and put tourniquets on my head and arms kept me awake and helped save my life. But even after emergency trauma surgery and six days at San Francisco General Hospital, my injuries were severe and persistent.

    My head injuries continue to affect my life. My hair grew back — but I have bumps on my head from the hammer blows that crushed my skull — and a metal plate that will forever remain in my head. The dizziness has not gone away. In late November of 2023 — 13 months after the assault — I felt vertigo and fell twice at home, leading to extensive medical evaluations including MRIs and nerve block injections in my neck. Treatments continue. To this day, I walk slowly and have difficulty with my balance. Nearly every day I get headaches that become migraines unless quickly addressed. I need to sleep during the day and cannot tolerate bright lights or loud noises for extended periods of time.

    The defendant’s violent attack severely damaged the nerves in my left hand. My forehand was “de-gloved” exposing raw nerves and blood vessels. Surgeries and treatments mostly healed the skin, but underneath I still felt pinched nerves in my left hand for months, making basic tasks like using buttons, cutlery and simple tools more difficult. My right arm had stitches for 8 weeks. Sleeping alone in my home still evokes memories of the defendant breaking into my house.

    It took many months to reclaim my home and well-being. I still keep away from media and video of the attack for my own peace of mind. Even after testifying in federal and state criminal trials, I do not read the coverage or willingly revisit the events. My family and friends were traumatized by the attack — and many political spouses with whom I have grown close during my wife’s service in Congress have been both sympathetic to me and scared for their own safety. To protect my healing, I still do not address the assault with my wife or anyone else. Nor do I discuss the trauma experienced by my wife who remains under 24-hour security two years later even though she is no longer serving as Speaker of the House. Even now, we do not answer our landline phone or our front door due to ongoing threats. We cannot fully remove the stain on the floor in the front entryway where I bled. As recently as this summer, we had to improve security measures at our home due to ongoing threats.

    I ask that you consider the premeditated, violent break-in of my home, kidnapping and vicious assault on my life, and the ongoing physical and mental injuries caused by the defendant.

    Since the violent break-in and shouts of “where’s Nancy?” echoing in my bedroom two years ago, not a day goes by that we do not think of this devastating assault, its trauma — or the possibility of future attacks. For these reasons, my entire family joins me in requesting that you sentence the defendant to the fullest extent the law provides.

    Thank you for your consideration.

    Sincerely,

    Paul Pelosi

    MIL OSI USA News –

  • MIL-OSI New Zealand: Think of others and use fireworks safely this Guy Fawkes season

    Source: Auckland Council

    Guy Fawkes is just around the corner and with fireworks going on sale in Tamāki Makaurau, here’s a reminder on the rules and tips, so you, your friends and whānau can enjoy fireworks safely.  

    Aotearoa New Zealand has strict rules around the purchase and sale of fireworks. They’re sold for four days leading up to and including Guy Fawkes (2 to 5 November 2024). Not just anyone can buy fireworks – you must be 18 years old and have a valid ID.

    Councillor Josephine Bartley, chair of Auckland Council’s Regulatory and Community Safety Committee urges people letting off fireworks to be mindful of others.

    “Some Aucklanders enjoy the Guy Fawkes season, but for others it can be an unsettling and worrying time.

    “Fireworks can be enjoyed on private property in Tamāki Makaurau, but please be aware that others, including your neighbours may not enjoy the sound and sight of them and pets can also be distressed by them.”

    “By all means enjoy fireworks in a safe and responsible manner, but please be respectful to others who may not share your enthusiasm for fireworks.”

    “Auckland Council has long held the view that central Government should ban the private sale of fireworks, and has taken

    opportunities in the past to present this view.”

    Taryn Crewe, Auckland Council’s General Manager Parks and Community Facilities says Aucklanders should give some thought to where they let off fireworks.

    “I hope people have a safe and enjoyable time letting off fireworks on their own property.”

    “Please be aware that using fireworks in parks and on beaches across Auckland is not allowed.”

    Muriwai beach access

    Te Oneone Rangatira / Muriwai Beach will be closed to vehicles during the Guy Fawkes period this year, from 2 to 11 November, to mitigate fire risk in the area.

    Enjoying fireworks safely and responsibly

    • Fireworks can only be let off on private property. 

    • It is not legal to light fireworks on council-controlled land, such as parks and beaches, across the whole of Tāmaki Makaurau.

    • Lighting fireworks is also prohibited in forests, conservation areas and on road surfaces, berms or footpaths on your street.

    • The Tūpuna Maunga Authority will close public access to 14 maunga across Tāmaki Makaurau from Saturday 2 November 2024 to Tuesday 5 November 2024 to protect them from fires. This is the sixth year in a row the Authority has closed our maunga.

    • Make sure yourself and others stand well back from fireworks once they are lit.

    • Inform your neighbours if possible and avoid using fireworks after 10pm.

    • Have water or a fire extinguisher handy.

    • Read and follow fireworks handling instructions carefully.

    • Do not light fireworks in windy or dry conditions.

    • Do not point fireworks at any person, animal, property or vegetation.

    • Always have a responsible adult present.

    • Keep pets inside or move animals to avoid stress.

    • On rural private land during Guy Fawkes (2-5 November) bonfires are allowed but must be lit during daylight hours and extinguished before nightfall. During a Restricted Fire Season a permit is need from Fire and Emergency New Zealand.

    • Sky lanterns, also known as Chinese lanterns, are a fire risk when left to fly away. They must be secured.

    • Don’t store fireworks after Guy Fawkes as it’s hard to know if they’ll be safe to use at a later date.

    Fire and Emergency New Zealand advises visiting its website for restrictions and fire safety advice. 

    Looking out for pets during Guy Fawkes

    Elly Waitoa, Auckland Council Animal Management Manager says people should be extra mindful of their pets during the days leading up to Guy Fawkes and the day itself.

    “Pets can be extremely sensitive to the sounds and light produced by fireworks. They can react negatively and become distressed.”

    “Organise a safe place inside for your pets and pay extra care to them during this time.

    “Please ensure your pets are safe and well confined if you aren’t at home with them during the Guy Fawkes period.”

    Ms Waitoa also says the time around Guy Fawkes usually sees an increase in the number of dogs entering council animal shelters.

    “Make sure your dog is registered and microchipped. This will make it easier for you to be reunited with your dog if it gets lost.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Defence News – The latest update on the HMNZS Manawanui response

    Source: New Zealand Defence Force
    The latest update on the HMNZS Manawanui response:
    • The New Zealand Defence Force’s Senior National Representative in Samoa, Commodore Andrew Brown went on-board HMNZS Canterbury to thank our people for their involvement in supporting the Commonwealth Heads of Government Meeting (CHOGM) and Operation Resolution. 
    • The Canterbury has been in Samoa assisting New Zealand to support CHOGM and has been reloading Hato Hone St John Ambulances, three Royal New Zealand Air Force NH-90 helicopters and other equipment. 
    • The NZDF-led response team, working closely with the Government of Samoa, continues to monitor the coastal areas near the wreck of the Manawanui. To date, assessment teams have not found any oil or affected wildlife on the shoreline.
    • The HMNZS Matataua Dive team continues underwater surveillance of the ship along with other tasks including evidence gathering for the Royal New Zealand Navy Court of Inquiry. 
    • The Court of Inquiry continues their work gathering evidence to establish the facts on the grounding and subsequent sinking of HMNZS Manawanui. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: LEBANON: At least 2 children killed every day in five weeks of war

    Source: Save the Children

    Over 100 children have been killed by Israeli airstrikes in five weeks of war – an average of two children a day – said Save the Children. In the latest violence, at least 60 people, including two children, were killed overnight on Monday in Israeli strikes on Lebanon’s eastern Bekaa Valley, one of the deadliest incidents in the Bekaa since conflict escalated on 23 September.
    More than one million people – about one fifth of the population – have been forcibly displaced from their homes and about 2,700 people, including over 150 children, killed and more than 12,500 injured since October last year according to the Ministry of Public Health.
    Jennifer Moorehead, Save the Children’s Country Director in Lebanon said:
    “We’re plunging into a humanitarian crisis that is first and foremost a children’s crisis. We’re starting to see the same pattern we’ve witnessed in over a year of war in Gaza: mass casualty events with civilians, including children; health workers killed while on duty; more than 50 attacks on healthcare facilities; UN installations attacked, and journalists targeted.
    “Israeli airstrikes have expanded into densely populated areas, severely damaging critical infrastructure and creating mass displacement. The conflict has left over 25% of Lebanon under Israeli military displacement orders. On a daily basis, evacuation warnings are issued, many with little notice, giving families little time to escape before bombardments begin. In Beirut, we’re still seeing thousands of displaced children and families sleeping in the open air with their belongings piled around them, unable to find shelter or a safe place to go.
    “The longer the conflict lasts, the more challenging it will be for children to regain a sense of normalcy. Six out of 10 public schools have been repurposed as shelters for the displaced, with the beginning of the school year now postponed to November 4, and possibly longer. Every day away from the classroom, is a growing threat to children’s long-term physical and mental wellbeing. By law, children must be off-limits in war and must be protected. There is no time to waste, we urgently need a ceasefire now.” 
    Save the Children has been working in Lebanon since 1953. Since October 2023, we’ve been scaling up our response in Lebanon, supporting displaced Lebanese, Syrian and Palestinian children and families, and now have escalated an emergency response throughout the country in 194 collective shelters. Since October 2023, we’ve supported more than 110,000 people, including 47,000 children, with cash, blankets, mattresses and pillows, food parcels, water bottles and kits containing essential hygiene items. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Education – Chronic absence in schools doubled in last decade, current model not working

    Source: Education Review Office

    New research from the Education Review Office (ERO) has found that chronic absence in students has doubled in the last decade, and that the system for addressing this is ineffective and failing.
    In Term 2 this year, one in 10 students were chronically absent, with over 80,000 students missing more than three weeks of school during the term. Since 2015 chronic absence has doubled in secondary schools and nearly tripled in primary schools.
    “The number of students who are chronically absent from school is at crisis point and is damaging students’ futures,” says Ruth Shinoda, Head of ERO’s Education Evaluation Centre.
    “Over half of students who are chronically absent from school do not go on to achieve NCEA Level 2. They have higher rates of offending, are more likely to be victims of crime, and are more likely to live in social and emergency housing as adults. By age of 20, they cost the Government three times as much as students who go to school.”
    ERO found that despite the dedication of schools and Attendance Services, the current system to get these students back to school is not effective and needs substantial reform.
    “Action is too slow, and students fall through the gaps,” says Shinoda.
    “Half of schools do not refer students to Attendance Services and too often intervention is too late. Over half of school leaders and Attendance Service staff report there aren’t good options to enforce good attendance”.
    Attendance Services are passionate about helping students get back to school, but they are not set up to succeed. At services ERO visited, caseloads for Attendance Services varied from 30 to more than 500 cases, and funding has not increased to match the increased levels of chronic absence.
    “There is a lack of information sharing, which can make it very challenging and time consuming for Attendance Services to find absent students. Half of Attendance Services report information isn’t shared often across agencies, schools, and Attendance Services.”
    Schools play a critical role and need to be supported to do more to prevent students becoming absent and to help students when they get back to school.
    “We found that some schools are successful in reducing chronic absence even when faced with challenges,” says Shinoda.
    To reverse the trend of increasing chronic absence, ERO is recommending substantial reform that increases the focus on preventing students from becoming chronically absent, puts in place timely and effective targeted support, and does more to ensure students stay in school once they return. It will require additional funding that matches the level of need.
    “We must do more to prevent students missing out on their education. It will take parents and whānau, schools, and Government agencies all working together to fix it and get chronically absent students back to school and thriving,” says Shinoda. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Climate Science – Forecasting floods in a fraction of the time with AI – NIWA

    Source: NIWA

    NIWA is using machine learning to forecast flood inundation in a fraction of the time required to run physical models.
    NIWA Climate, Atmosphere & Hazards platform manager Nava Fedaeff leads the project – she says effective flood preparation and response requires detail beyond river flows.
    “What people really want to know is not just whether the river is running high, but what areas will be flooded, and what’s at risk from that potential flooding. We’re exploring how AI will help us to move from weather forecasts to inundation forecasts quickly enough so that useful information gets to those who need it,” said Fedaeff.
    Predicting flood maps with physical models can take 24 hours but with machine learning it takes only 1-2 minutes.
    Five days ahead of an event, scientists combine several elements such as weather forecasting, river flow predictions, inundation mapping and exposure assessments. This enables them to produce models that detail – down to street level – people, property or infrastructure at risk when storms strike.
    NIWA data scientist Dr Deidre Cleland used Westport as a case study in the project.
    She has produced a StoryMap detailing how the system works – with maps, animations and graphics – outlining how her team validated the AI flood model against the real-life 2021 Westport flooding.
    “Our next step is operationalising this machine learning capability so that rapid flood map forecasting is available for a real incoming flood event in Westport. We are also working on extending the machine learning approach to other locations around New Zealand, starting with those at highest risk of flooding,” said Dr Cleland.
    Floods are New Zealand’s most frequent and costly natural disaster, meaning that fast and accurate forecasting of flood impacts is crucial for reducing the risk to life, property and infrastructure.
    This project is part of a $5 million per year package by NIWA to tackle some of New Zealand’s most pressing challenges.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Pacific Trade Invest – Investment Webinar: EXPANDING the HORIZON for Women in Technology

    Source: Pacific Trade Invest NZ

    Pacific Trade Invest NZ is delighted to invite you to our upcoming hour-long webinar, Expanding the Horizon for Women in Technology.

    Join us on Thursday 7 November 2024 at 2:00 PM New Zealand time as industry experts and thought leaders discuss their involvement in the technology sector; what’s on the horizon and the investment possibilities the sector presents for investors.  

     

    Register here    https://shorturl.at/C34uL

     

    A great line-up of speakers is confirmed:
     
    Julia Arnott-Nene and Eteroa Lafaele, Co-Founders and Directors Fibre Fale
    Julia and Eteroa are an award-winning changemaker team in tech, on a mission for Digital Equity and increased representation of Pacific people in technology. Fibre Fale is an innovative Aotearoa collective creating pathways into technology for Pacific people. Fibre Fale builds future tech leaders and prepares the future of the technology industry in the Blue Pacific.

    Priyanka Brahmbhatt, Executive Director, Bankai Group and CEO Bankai Technology
    Global leader in technology and investments; a member of the Forbes Council. As a UN Youth Delegate she’s advocated for climate action, women in tech, mental health awareness, and socio-economic empowerment of marginalized communities.

    Tenanoia Simona, CEO Tuvalu Telecommunications Corporation
    An innovator and leader in implementing effective technology in the Blue Pacific. Simona has spearheaded initiatives from satellites, xGPON fibre network roll-out, and 4G LTE deployment in remote islands. She firmly believes that diversity and inclusion are vital for driving innovation and achieving meaningful progress in small island nations.

     

    The speakers will discuss topics such as: 

      • Technology as a rewarding career path for women
      • The positive role of government and educational institutions, in contributing to this transformation
      • The Fibre Fale model 
      • How technology has evolved over time.
      • Investing in women in technology

    Register here    https://shorturl.at/C34uL

     

    ABOUT PACIFIC TRADE INVEST NZ

    • Is part of the Pacific Trade Invest Global Network of offices operating in Sydney, Australia; Beijing, People’s Republic of China; Geneva, Switzerland and Auckland, New Zealand.
    • An agency of Pacific Islands Forum Secretariat (PIFS) and is funded by New Zealand’s Ministry of Foreign Affairs and Trade (MFAT).
    • Supports the 16 Forum Island countries and Territories: Cook Islands, Federated States of Micronesia, Fiji, French Polynesia, Kiribati, Republic of the Marshall Islands, Nauru, New Caledonia, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu.

    MIL OSI New Zealand News –

  • MIL-OSI USA: FEMA Posts Public Notice for Tennessee Counties Affected by Helene

    Source: US Federal Emergency Management Agency

    Headline: FEMA Posts Public Notice for Tennessee Counties Affected by Helene

    FEMA Posts Public Notice for Tennessee Counties Affected by Helene

    A public notice has been posted that describes FEMA’s proposed funding for Tropical Storm Helene work projects that may adversely affect historic properties, floodplains or wetlands, or may result in continuing vulnerability of these areas to flood damage.By law, FEMA is required to announce its intent to provide federal assistance and grant opportunities under its Individual Assistance and Public Assistance programs and the Hazard Mitigation Grant Program after the Oct. 2 major disaster declaration for Tropical Storm Helene.The public notice is posted on FEMA’s disaster web page at DR-4832-TN Public Notice 004 | FEMA.gov and on the Tennessee Emergency Management Agency’s website at FEMA-4832 Public Notice. The major disaster declaration authorizes FEMA to provide financial assistance and direct services to individuals and households affected by the Sept. 26-30 storms in Carter, Cocke, Greene, Hamblen, Hawkins, Johnson, Unicoi and Washington counties.The declaration also authorizes FEMA to provide, under its Public Assistance program, reimbursement or direct federal assistance for emergency and permanent work to eligible state and local agencies and certain private nonprofits. Counties authorized under the Public Assistance program are: Carter, Claiborne, Cocke, Grainger, Greene, Hamblen, Hawkins, Jefferson, Johnson, Sevier, Sullivan, Unicoi and Washington counties.Federal funding is also available on a cost-sharing basis for hazard mitigation measures statewide.For more information about these actions or a specific project, write to FEMA Region 4, 3005 Chamblee Tucker Road, Atlanta, GA 30341-4112. You may also email FEMA-R4EHP@fema.dhs.gov. Include in the email subject line, “DR-4832-TN EHAD.” Comments should be sent in writing within 30 days of the date of the public notice.
    kwei.nwaogu
    Tue, 10/29/2024 – 19:44

    MIL OSI USA News –

  • MIL-OSI Security: Six Charged in Scheme to Defraud the Federal Government

    Source: United States Attorneys General 8

    Six defendants have been charged for their roles in schemes to rig bids, defraud the government and pay bribes and kickbacks in connection with the sale of IT products and services to federal government purchasers, which resulted in overcharges of millions of dollars to the U.S. government, including the Department of Defense (DoD). 

    On Oct. 9 and Oct. 16, a federal grand jury in Baltimore returned indictments against two additional defendants. Four other defendants were also charged. These are the first charges in the Justice Department’s ongoing investigation into IT manufacturers, distributors and resellers who sell products and services to government purchasers, including to the intelligence community. 

    “Antitrust crimes can undermine competition for products and services that are vital to our national security,” said Assistant Attorney General Jonathan Kanter of the Justice Department’s Antitrust Division. “When fraudsters siphon taxpayer funds, the Antitrust Division and its Procurement Collusion Strike Force (PCSF) partners across the government will hold accountable those who collude to subvert competition, line their pockets with federal procurement dollars and compromise the integrity of our intelligence community programs.”

    “This office and our partners will use all available resources to hold accountable those who would undermine and distort the government’s procurement of goods and services, especially those related to our cybersecurity infrastructure,” said U.S. Attorney Erek L. Barron for the District of Maryland. 

    “This investigation demonstrates the vital need to protect the DoD procurement process, particularly within the Intelligence Community,” said Special Agent in Charge Christopher Dillard of the DoD Office of Inspector General, Defense Criminal Investigative Service (DCIS), Mid-Atlantic Field Office. “The Defense Criminal Investigative Service is committed to identifying fraudsters who abuse public trust and enrich themselves through criminal schemes.”

    “There is no place for fraudsters and crooks scheming to manipulate the government bidding process for personal gain,” said Special Agent in Charge William J. DelBagno of the FBI Baltimore Field Office. “The FBI remains steadfastly committed to identifying, investigating and bringing to justice those conspiring to enrich themselves by cheating taxpayers.”

    “Investigating complex fraud schemes is a top priority of ours,” said National Security Agency Acting Inspector General Kevin Gerrity. “I commend our team, our law enforcement partners and the Justice Department for their work protecting the integrity of federal contracting.”

    “Each part of the government must do its part to detect and prosecute instances of waste, fraud and abuse, and CIA’s Office of Inspector General was pleased to join its law enforcement partners in investigating this egregious case,” said CIA Inspector General Robin C. Ashton.

    United States v. Victor Marquez

    Victor M. Marquez, a Maryland resident and owner of two IT companies with significant government contracts, was charged in a four-count indictment with wire fraud conspiracy, wire fraud and major fraud against the United States for rigging bids and inflating the amount of money obtained from valuable IT contracts. 

    Antwann C.K. Rawls, an employee of one of Marquez’s companies, and Scott A. Reefe, an IT sales executive, have been charged for their respective roles in the conspiracy.

    As alleged in the indictment, Marquez, Rawls, Reefe and their co-conspirators used their positions of trust to learn sensitive, confidential procurement information, including procurement budgets for large U.S. government IT contracts. The co-conspirators used that inside information to craft bids at artificially determined, non-competitive and non-independent prices, ensuring Marquez’s company would win the procurement. 

    According to court documents, the co-conspirators shared their bids in advance of submitting them to the government, with one co-conspirator emailing that he would submit a “high price third bid.” Marquez and his co-conspirators submitted their collusive bids despite knowing the government sought independent, competitive bids for the valuable contracts, and despite Marquez’s certification of independent bidding.

    If convicted, Marquez faces maximum penalties of 20 years in prison for each conspiracy and wire fraud count and 10 years in prison for the major fraud charge. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    United States v. Breal L. Madison Jr.

    Breal L. Madison Jr., a Maryland resident, was charged in a 13-count indictment with conspiracy, bribery of a public official, mail fraud and money laundering for orchestrating a years-long scheme to defraud his employer and the United States out of over $7 million in connection with the sale of IT products to various government agencies.

    Brandon Scott Glisson, an IT contractor providing IT services to the U.S. government, and Glisson’s supervisor, Lawrence A. Eady, a former senior government employee, have also been charged for their respective roles in the scheme.

    According to court documents, through multiple misrepresentations, Madison and his co-conspirators conspired to steal money from Madison’s employer and government agencies, illegally siphoning over $9 million in stolen proceeds to Madison’s shell company, Trident Technology Solutions, and another shell company. They used the money to purchase luxury items and to pay approximately $630,000 in bribes to Eady in exchange for Eady’s ensuring the purchase of additional products sold by Madison. 

    Madison used his ill-gotten gains to buy a Vanquish VQ58 yacht, 2020 Lamborghini Huracan and multiple other vehicles, all of which the United States seeks to forfeit in the indictment. 

    If convicted, Madison faces maximum penalties of five years in prison for the conspiracy count, 15 years in prison for each bribery count, 20 years in prison for each mail fraud count and 10 years for each money laundering count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The DCIS, the FBI Baltimore Field Office, CIA Office of Inspector General and NSA Office of Inspector General investigated the case.

    Acting Assistant Chief Michael Sawers and Trial Attorneys Zachary Trotter and Elizabeth French of the Antitrust Division’s Washington Criminal Section and Assistant U.S. Attorneys Aaron S.J. Zelinsky, Sean M. Delaney and Darren Gardner for the District of Maryland are prosecuting the case. 

    Anyone with information about this investigation or other procurement fraud schemes should notify the PCSF at www.justice.gov/atr/webform/pcsf-citizen-complaint. The Justice Department created the PCSF in November 2019. It is a joint law enforcement effort to combat antitrust crimes and related fraudulent schemes that impact government procurement, grant and program funding at all levels of government — federal, state and local. For more information, visit www.justice.gov/procurement-collusion-strike-force.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. 

    View the Rawls information.

    View the Eady information.

    View Reefe information.

    View the Glisson information.

    View the Madison indictment.

    View the Marquez indictment.

    MIL Security OSI –

  • MIL-OSI: Seaway7 awarded offshore wind contract in UK

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 29 October 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award to Seaway7, part of the Subsea7 Group, of a substantial1 contract by Ørsted for the transport and installation of the inter-array cables of the Hornsea 3 offshore wind project located in the UK sector of the North Sea.

    Seaway7’s scope of work covers the transportation and installation (T&I) of 192 66kV inter-array cables, measuring approximately 500 kilometres in length, with offshore activities scheduled to commence in 2026.

    Stuart Fitzgerald, CEO Seaway7, said: “With this award we look forward to continuing our long-standing relationship with Ørsted. The Hornsea 3 project represents our seventh offshore wind project together, including the inter-array cables on the two previous phases of the Hornsea Wind Zone, Hornsea 1 and Hornsea 2. The award adds to our backlog and leading position in the UK, Europe’s largest offshore wind market.

    (1) Subsea7 defines a substantial contract as being between USD 150 million and USD 300 million.

    *******************************************************************************
    Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry. We create sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investment community enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 (0)20 8210 5568
    ir@subsea7.com

    Contact for media enquiries:
    Nikki Beales
    Communications Manager, Seaway7
    Tel +44 (0)7843895292
    nikki.beales@seaway7.com
    www.seaway7.com

    Forward-Looking Statements: This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 29 October 2024 at 21:05 CET.

    Attachment

    The MIL Network –

  • MIL-OSI: Skyward Specialty Insurance Group Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD) (“Skyward Specialty” or the “Company”) today reported third quarter 2024 net income of $36.7 million, or $0.89 per diluted share, compared to $21.7 million, or $0.57 per diluted share, for the same 2023 period. Net income for the first nine months of 2024 was $104.4 million, or $2.53 per diluted share, compared to $56.7 million, or $1.50 per diluted share, for the same 2023 period.

    Adjusted operating income(1) for the third quarter of 2024 was $29.4 million, or $0.71 per diluted share, compared to $25.0 million, or $0.65 per diluted share, for the same 2023 period. Adjusted operating income(1) for the first nine months of 2024 was $93.4 million, or $2.26 per diluted share, compared to $56.5 million, or $1.49 per diluted share, for the same 2023 period.

    Highlights for the third quarter included:

    • Gross written premiums of $400.0 million an increase of 12.4% compared to the third quarter of 2023.
    • Combined ratio of 92.2% and ex-Cat combined ratio of 89.4% compared to 90.2% and 89.8%, respectively, for the third quarter of 2023.
    • Annualized return on equity of 19.1% through the first nine months of 2024 compared to 15.8% for the same 2023 period.
    • Book value per share of $19.89, an increase of 19% compared to December 31, 2023.
    (1)See “Reconciliation of Non-GAAP Financial Measures”

    Skyward Specialty Chairman and CEO Andrew Robinson commented, “These past weeks have proven to be a very difficult time and our thoughts continue to be with those impacted by Hurricanes Helene and Milton; I am proud of the extraordinary efforts of our claims team and partners who continue to deliver exceptional service to our customers affected by these catastrophes.”

    “As for our third quarter, our results reflect our continued excellent execution of our “Rule our Niche” strategy, and our disciplined underwriting and our strategic risk management. Our adjusted operating income was up nearly 18% over the prior year quarter, continuing the trend of strong earnings growth we have delivered every quarter as a public company, and our 19.1% annualized return on equity year to date is outstanding. We delivered gross written premiums growth of 12.4% over the prior year quarter while continuing to increase our mix of business to areas that are less exposed to the P&C cycles. Given investments into our business, the momentum building in certain divisions, and with full consideration for the market backdrop, I am confident that we are well positioned to deliver strong growth as we look forward to the coming quarters.”

    Results of Operations

    Underwriting Results

    Premiums                        
    ($ in thousands)   Three months ended September 30,   Nine months ended September 30,
    unaudited     2024       2023     % Change     2024       2023     % Change
    Gross written premiums   $ 400,014     $ 355,732     12.4 %   $ 1,354,877     $ 1,138,224     19.0 %
    Ceded written premiums   $ (131,692 )   $ (75,036 )   75.5 %   $ (502,326 )   $ (441,650 )   13.7 %
    Net retention     67.1 %     78.9 %   NM (1)       62.9 %     61.2 %   NM (1)  
    Net written premiums   $ 268,322     $ 280,696     (4.4 )%   $ 852,551     $ 696,574     22.4 %
    Net earned premiums   $ 269,557     $ 227,033     18.7 %   $ 763,482     $ 604,211     26.4 %
    (1)Not meaningful                        
                             

    The increase in gross written premiums for the third quarter and first nine months of 2024, when compared to the same 2023 periods, was driven by double-digit premium growth primarily from our transactional E&S, programs, captives, surety and global property & agriculture underwriting divisions.

    During the third quarter and first nine months of 2023, the Company cancelled a quota share reinsurance contract. Excluding the impact of the cancellation, net written premiums for the third quarter and first nine months of 2024 increased 16.5%(2) and 32.0%(2), respectively, when compared to the same 2023 periods.

    Combined Ratio   Three months ended September 30,   Nine months ended September 30,
    (unaudited)   2024   2023   2024   2023
    Non-cat loss and LAE(1)   60.6 %   60.7 %   60.6 %   60.9 %
    Cat loss and LAE(1)   2.8 %   0.4 %   1.5 %   1.8 %
    Prior accident year development – LPT(2)   (0.1 )%   (0.1 )%   (0.1 )%   (0.2 )%
    Loss Ratio   63.3 %   61.0 %   62.0 %   62.5 %
    Net policy acquisition costs   13.9 %   15.0 %   13.9 %   13.0 %
    Other operating and general expenses   15.7 %   15.1 %   15.8 %   16.3 %
    Commission and fee income   (0.7 )%   (0.9 )%   (0.8 )%   (1.0 )%
    Expense ratio   28.9 %   29.2 %   28.9 %   28.3 %
    Combined ratio   92.2 %   90.2 %   90.9 %   90.8 %
    Ex-Cat Combined Ratio(3)   89.4 %   89.8 %   89.4 %   89.0 %
                     
    Adjusted Underwriting Ratios                
    Adjusted loss ratio(2)   63.4 %   61.1 %   62.1 %   62.7 %
    Expense ratio   28.9 %   29.2 %   28.9 %   28.3 %
    Adjusted combined ratio(2)   92.3 %   90.3 %   91.0 %   91.0 %
    (1)Current accident year
    (2)See “Reconciliation of Non-GAAP Financial Measures”
    (3)Defined as the combined ratio excluding cat loss and LAE(1)            
                     

    The loss ratios for the third quarter and first nine months of 2024 increased 2.3 points and improved 0.5 points, respectively, when compared to the same 2023 periods. The third quarter of 2024 was impacted by higher catastrophe losses, primarily from Hurricanes Helene and Beryl.

    The expense ratios for the third quarter and first nine months of 2024 were comparable to the same 2023 periods.

    The expense ratios for all periods presented exclude the impact of IPO related stock compensation and secondary offering expenses, which are reported in other expenses in our condensed consolidated statements of operations and comprehensive income.

    Investment Results

    Net Investment Income                
    $ in thousands   Three months ended September 30,   Nine months ended September 30,
    (unaudited)     2024       2023       2024     2023  
    Short-term investments & cash and cash equivalents   $ 4,537     $ 3,022     $ 13,645   $ 8,007  
    Fixed income     15,458       9,488       41,722     24,867  
    Equities     596       650       1,974     1,332  
    Alternative & strategic investments     (1,070 )     (71 )     2,615     (7,888 )
    Net investment income   $ 19,521     $ 13,089     $ 59,956   $ 26,318  
    Net unrealized gains (losses) on securities still held   $ 8,378     $ (6,391 )   $ 15,609   $ 2,394  
    Net realized gains     1,809       3,407       1,056     934  
    Net investment gains (losses)   $ 10,187     $ (2,984 )   $ 16,665   $ 3,328  
     

    Beginning January 1, 2024 we simplified the investment portfolio classifications to align with our strategy and the underlying risk characteristics of the portfolio. The prior period has been reclassified to conform to the current period presentation.

    Net investment income for the third quarter and first nine months of 2024 increased $6.4 million and $33.6 million, respectively when compared to the same 2023 periods, primarily driven by increased income from our fixed income portfolio and short-term investments due to higher yields and larger asset bases.

    Stockholders’ Equity

    Stockholders’ equity was $797.5 million at September 30, 2024 which represents an increase of 10.2% when compared to stockholders’ equity of $723.6 million at June 30, 2024. The increase in stockholders’ equity was primarily due to net income and an increase in the market value of our investment portfolio.

    Share Repurchase Authorization

    In October 2024, the Company’s Board of Directors authorized a share repurchase program authorizing the repurchase of up to $50.0 million of the Company’s common stock.

    Skyward Specialty Chairman and CEO Andrew Robinson commented, “The share repurchase program allows Skyward to opportunistically deploy our capital in an accretive fashion and ultimately drive long-term value creation for our shareholders. Given our strong cash position and financing flexibility, the repurchase program will not limit our ability to support our near-term growth or our flexibility to support ongoing investment in the key growth areas of our business, or to capture additional value creating opportunities.”

    The shares may be repurchased from time to time in open market purchases, privately-negotiated transactions, block purchases, accelerated share repurchase agreements or a combination of methods and pursuant to safe harbors provided by Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934. The timing, manner, price and amount of any repurchases under the share repurchase program will be determined by the Company in its discretion. The stock repurchase program does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time.

    Conference Call

    At 9:30 a.m. eastern time tomorrow, October 30, 2024, Skyward Specialty management will hold a conference call to discuss quarterly results with insurance industry analysts. Interested parties may listen to the discussion at investors.skywardinsurance.com under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

    Non-GAAP Financial Measures

    This release contains certain financial measures and ratios that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). We refer to these measures as “non-GAAP financial measures.” We use these non-GAAP financial measures when planning, monitoring, and evaluating our performance.

    We have chosen to exclude the net impact of the Loss Portfolio Transfer (“LPT”), all development on reserves fully or partially covered by the LPT and amortization of deferred gains associated with recoveries of prior LPT reserve strengthening in certain non-GAAP metrics, where noted, as the business subject to the LPT is not representative of our continuing business strategy. The business subject to the LPT is primarily related to policy years 2017 and prior, was generated and managed under prior leadership, and has either been exited or substantially repositioned during the reevaluation of our portfolio. We consider these non-GAAP financial measures to be useful metrics for our management and investors to facilitate operating performance comparisons from period to period. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered supplemental in nature and is not meant to be a substitute for revenue or net income, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as comparative measures. For more information regarding these non-GAAP financial measures and a reconciliation of such measures to comparable GAAP financial measures, see the section entitled “Reconciliation of Non-GAAP Financial Measures.”

    About Skyward Specialty Insurance Group, Inc.

    Skyward Specialty is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through eight underwriting divisions – Accident & Health, Captives, Global Property & Agriculture, Industry Solutions, Professional Lines, Programs, Surety and Transactional E&S. SKWD stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.

    Skyward Specialty’s subsidiary insurance companies consist of Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with stable outlook by A.M. Best Company. Additional information about Skyward Specialty can be found on our website at www.skywardinsurance.com.

    Forward-Looking Statements

    Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Skyward Specialty’s Form 10-K, and include (but are not limited to) legislative changes at both the state and federal level, state and federal regulatory rule making promulgations and adjudications, class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the potential loss of key members of our management team or key employees and our ability to attract and retain personnel, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, other types of catastrophic events, our ability to obtain reinsurance coverage at prices and on terms that allow us to transfer risk and adequately protect our company against financial loss, and losses resulting from reinsurance counterparties failing to pay us on reinsurance claims. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Skyward Specialty Insurance Group, Inc.

    Investor contact:
    Natalie Schoolcraft,
    nschoolcraft@skywardinsurance.com
    614-494-4988

    or

    Media contact:
    Haley Doughty
    hdoughty@skywardinsurance.com
    713-935-4944

    Skyward Specialty Insurance Group, Inc.
    Consolidated Balance Sheets        
    ($ in thousands, except share and per share amounts)        
    (unaudited)   September 30, 2024   December 31, 2023
    Assets        
    Investments:        
    Fixed maturity securities, available-for-sale, at fair value (amortized cost of $1,359,700 and $1,047,713, respectively)   $ 1,357,500     $ 1,017,651  
    Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $239 and $329, respectively)     39,321       42,986  
    Equity securities, at fair value     124,719       118,249  
    Mortgage loans, at fair value     36,267       50,070  
    Equity method investments     102,111       110,653  
    Other long-term investments     23,802       3,852  
    Short-term investments, at fair value     206,358       270,226  
    Total investments     1,890,078       1,613,687  
    Cash and cash equivalents     105,573       65,891  
    Restricted cash     45,783       34,445  
    Premiums receivable, net     327,176       179,235  
    Reinsurance recoverables, net     686,725       596,334  
    Ceded unearned premium     236,962       186,121  
    Deferred policy acquisition costs     119,910       91,955  
    Deferred income taxes     18,502       21,991  
    Goodwill and intangible assets, net     87,607       88,435  
    Other assets     80,547       75,341  
    Total assets   $ 3,598,863     $ 2,953,435  
    Liabilities and stockholders’ equity        
    Liabilities:        
    Reserves for losses and loss adjustment expenses   $ 1,568,777     $ 1,314,501  
    Unearned premiums     692,452       552,532  
    Deferred ceding commission     44,984       37,057  
    Reinsurance and premium payables     200,967       150,156  
    Funds held for others     102,219       58,588  
    Accounts payable and accrued liabilities     73,001       50,880  
    Notes payable     100,000       50,000  
    Subordinated debt, net of debt issuance costs     18,956       78,690  
    Total liabilities     2,801,356       2,292,404  
    Stockholders’ equity        
    Common stock, $0.01 par value, 500,000,000 shares authorized, 40,099,931 and 39,863,756 shares issued and outstanding, respectively     401       399  
    Additional paid-in capital     716,095       710,855  
    Stock notes receivable     —       (5,562 )
    Accumulated other comprehensive loss     (1,703 )     (22,953 )
    Retained earnings (accumulated deficit)     82,714       (21,708 )
    Total stockholders’ equity     797,507       661,031  
    Total liabilities and stockholders’ equity   $ 3,598,863     $ 2,953,435  
             
    Skyward Specialty Insurance Group, Inc.
    Condensed Consolidated Statements of Operations and Comprehensive Income
    ($ in thousands)   Three months ended September 30,   Nine months ended September 30,
    (unaudited)     2024       2023       2024       2023  
                     
    Revenues:                
    Net earned premiums   $ 269,557     $ 227,033     $ 763,482     $ 604,211  
    Commission and fee income     1,818       2,085       5,897       5,817  
    Net investment income     19,521       13,089       59,956       26,318  
    Net investment gains (losses)     10,187       (2,984 )     16,665       3,328  
    Other loss     (195 )     —       (202 )     —  
    Total revenues     300,888       239,223       845,798       639,674  
    Expenses:                
    Losses and loss adjustment expenses     170,521       138,536       473,489       377,841  
    Underwriting, acquisition and insurance expenses     79,817       68,315       226,270       176,653  
    Interest expense     2,229       2,632       7,405       7,250  
    Amortization expense     351       463       1,099       1,336  
    Other expenses     1,117       1,482       3,350       4,061  
    Total expenses     254,035       211,428       711,613       567,141  
    Income before income taxes     46,853       27,795       134,185       72,533  
    Income tax expense     10,185       6,084       29,763       15,814  
    Net income     36,668       21,711       104,422       56,719  
    Net income attributable to participating securities     —       —       —       1,492  
    Net income attributable to common stockholders   $ 36,668     $ 21,711     $ 104,422     $ 55,227  
    Comprehensive income:                
    Net income   $ 36,668     $ 21,711     $ 104,422     $ 56,719  
    Other comprehensive income:                
    Unrealized gains and losses on investments:                
    Net change in unrealized gains (losses) on investments, net of tax     31,396       (8,722 )     24,527       (5,309 )
    Reclassification adjustment for losses on securities no longer held, net of tax     (1,963 )     (3,667 )     (3,277 )     (4,879 )
    Total other comprehensive income (loss)     29,433       (12,389 )     21,250       (10,188 )
    Comprehensive income   $ 66,101     $ 9,322     $ 125,672     $ 46,531  
                     
    Skyward Specialty Insurance Group, Inc.
    Share and Per Share Data                
    ($ in thousands, except share and per share amounts)   Three months ended September 30,   Nine months ended September 30,
    (unaudited)     2024       2023       2024       2023  
                     
    Weighted average basic shares     40,098,345       36,743,393       40,039,269       35,502,843  
    Weighted average diluted shares     41,428,557       38,403,843       41,302,108       37,830,431  
                     
    Basic earnings per share   $ 0.91     $ 0.59     $ 2.61     $ 1.56  
    Diluted earnings per share   $ 0.89     $ 0.57     $ 2.53     $ 1.50  
    Basic adjusted operating earnings per share   $ 0.73     $ 0.68     $ 2.33     $ 1.55  
    Diluted adjusted operating earnings per share   $ 0.71     $ 0.65     $ 2.26     $ 1.49  
                     
    Annualized ROE (1)     19.3 %     16.4 %     19.1 %     15.8 %
    Annualized adjusted ROE (2)     15.5 %     18.9 %     17.1 %     15.8 %
    Annualized ROTE (3)     21.8 %     19.7 %     21.7 %     19.4 %
    Annualized adjusted ROTE (4)     17.5 %     22.8 %     19.4 %     19.4 %
                     
                September 30   December 31
                  2024       2023  
                     
    Shares outstanding             40,099,931       39,863,756  
    Fully diluted shares outstanding             41,986,881       41,771,854  
                     
    Book value per share           $ 19.89     $ 16.72  
    Fully diluted book value per share           $ 18.99     $ 15.96  
    Fully diluted tangible book value per share           $ 16.91     $ 13.84  
                     
    (1)Annualized ROE is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
    (2)Annualized adjusted ROE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period
    (3)Annualized ROTE is net income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period
    (4)Annualized adjusted ROTE is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending tangible stockholders’ equity during the period

    Skyward Specialty Insurance Group, Inc.
    Reconciliation of Non-GAAP Financial Measures

    Adjusted operating income – We define adjusted operating income as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define adjusted operating income differently.        

    ($ in thousands) Three months ended September 30,   Nine months ended September 30,
    (unaudited)   2024       2023       2024       2023  
      Pre-tax   After-tax   Pre-tax   After-tax   Pre-tax   After-tax   Pre-tax   After-tax
    Income as reported $ 46,853     $ 36,668     $ 27,795     $ 21,711     $ 134,185     $ 104,422     $ 72,533     $ 56,719  
    Less (add):                              
    Net investment gains (losses)   10,187       8,048       (2,984 )     (2,357 )     16,665       13,165       3,328       2,629  
    Net impact of loss portfolio transfer   318       251       266       210       800       632       970       766  
    Other loss   (195 )     (154 )     —       —       (202 )     (160 )     —       —  
    Other expenses   (1,117 )     (882 )     (1,482 )     (1,171 )     (3,350 )     (2,647 )     (4,061 )     (3,208 )
    Adjusted operating income $ 37,660     $ 29,405     $ 31,995     $ 25,029     $ 120,272     $ 93,432     $ 72,296     $ 56,532  
                                   


    Quota Share Reinsurance Cancellation     Reconciliation – to exclude the impact of the cancellation of a quota share reinsurance contract on ceded written premiums, net retention, net written premiums and net earned premiums for the three and nine months ended September 30, 2023:

      Three months ended September 30,
        2024       2023     %
    (unaudited) As Reported   As Reported   Adjustment   Adjusted   Change
    Ceded written premiums $ (131,692 )   $ (75,036 )   $ (50,462 )   $ (125,498 )   4.9 %
    Net retention   67.1 %     78.9 %         64.7 %   NM (1)
    Net written premiums $ 268,322     $ 280,696     $ (50,462 )   $ 230,234     16.5 %
    Net earned premiums $ 269,557     $ 227,033     $ (13,145 )   $ 213,888     26.0 %
                       
      Nine months ended September 30,
        2024       2023     %
      As Reported   As Reported   Adjustment   Adjusted   Change
    Ceded written premiums $ (502,326 )   $ (441,650 )   $ (50,462 )   $ (492,112 )   2.1 %
    Net retention   62.9 %             56.8 %   NM (1)
    Net written premiums $ 852,551     $ 696,574     $ (50,462 )   $ 646,112     32.0 %
    Net earned premiums $ 763,482     $ 604,211     $ (13,145 )   $ 591,066     29.2 %
                       
    (1)Not meaningful                  
                       


    Underwriting income     – We define underwriting income as net income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, impairment charges, interest expense, amortization expense and other income and expenses. Underwriting income represents the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to investment income. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for pre-tax income calculated in accordance with GAAP, and other companies may define underwriting income differently.

    ($ in thousands)   Three months ended September 30,   Nine months ended September 30,
    (unaudited)     2024       2023       2024     2023
    Income before federal income tax expense   $ 46,853     $ 27,795     $ 134,185     $ 72,533
    Add:                
    Interest expense     2,229       2,632       7,405       7,250
    Amortization expense     351       463       1,099       1,336
    Other expenses     1,117       1,482       3,350       4,061
    Less:                
    Net investment income     19,521       13,089       59,956       26,318
    Net investment gains (losses)     10,187       (2,984 )     16,665       3,328
    Other loss     (195 )     —       (202 )     —
    Underwriting income   $ 21,037     $ 22,267     $ 69,620     $ 55,534
                     


    Adjusted Loss Ratio / Adjusted Combined Ratio     – We define adjusted loss ratio and adjusted combined ratio as the corresponding ratio (calculated in accordance with GAAP), excluding losses and LAE related to the LPT and all development on reserves fully or partially covered by the LPT and amortization of deferred gains associated with recoveries of prior LPT reserve strengthening. We use these adjusted ratios as internal performance measures in the management of our operations because we believe they give our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Our adjusted loss ratio and adjusted combined ratio should not be viewed as substitutes for our loss ratio and combined ratio, respectively.

    ($ in thousands)   Three months ended September 30,   Nine months ended September 30,
    (unaudited)     2024       2023       2024       2023  
    Net earned premiums   $ 269,557     $ 227,033     $ 763,482     $ 604,211  
                     
    Losses and LAE     170,521       138,536       473,489       377,841  
    Less: Pre-tax net impact of LPT     (318 )     (266 )     (800 )     (970 )
    Adjusted losses and LAE   $ 170,839     $ 138,802     $ 474,289     $ 378,811  
                     
    Loss ratio     63.3 %     61.0 %     62.0 %     62.5 %
    Less: net impact of LPT   (0.1 )%   (0.1 )%   (0.1 )%   (0.2 )%
    Adjusted loss ratio     63.4 %     61.1 %     62.1 %     62.7 %
                     
    Combined ratio     92.2 %     90.2 %     90.9 %     90.8 %
    Less: net impact of LPT   (0.1 )%   (0.1 )%   (0.1 )%   (0.2 )%
    Adjusted combined ratio     92.3 %     90.3 %     91.0 %     91.0 %
                     

    Tangible Stockholders’ Equity – We define tangible stockholders’ equity as stockholders’ equity less goodwill and intangible assets. Our definition of tangible stockholders’ equity may not be comparable to that of other companies and should not be viewed as a substitute for stockholders’ equity calculated in accordance with GAAP. We use tangible stockholders’ equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.

    ($ in thousands)   September 30,   December 31,
    (unaudited)   2024   2023   2023
    Stockholders’ equity   $ 797,507   $ 535,397   $ 661,031
    Less: Goodwill and intangible assets     87,607     88,808     88,435
    Tangible stockholders’ equity   $ 709,900   $ 446,589   $ 572,596
                 

    Skyward Specialty Insurance Group, Inc.
    Gross Written Premiums by Underwriting Division (Unaudited)

        Three months ended September 30,   Nine months ended September 30,
    ($ in thousands)   2024   2023   % Change   2024   2023   % Change
    Global Property & Agriculture   $ 54,360   $ 48,775   11.5 %   $ 279,721   $ 247,195   13.2 %
    Industry Solutions     74,089     79,798   (7.2 )%     236,460     226,680   4.3 %
    Captives     53,630     41,886   28.0 %     184,137     127,249   44.7 %
    Programs     54,434     41,735   30.4 %     166,256     143,032   16.2 %
    Transactional E&S     44,885     30,699   46.2 %     132,791     90,948   46.0 %
    Accident & Health     43,490     39,554   10.0 %     128,479     112,819   13.9 %
    Professional Lines     40,310     48,259   (16.5 )%     120,655     114,420   5.4 %
    Surety     34,816     24,977   39.4 %     106,395     75,899   40.2 %
    Total gross written premiums(1)   $ 400,014   $ 355,683   12.5 %   $ 1,354,894   $ 1,138,242   19.0 %
    (1)Excludes exited business                        

    The MIL Network –

  • MIL-OSI: Enovix Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today financial results for third quarter 2024, which included the summary below from its President and CEO, Dr. Raj Talluri.

    Fellow Shareholders,

    In the third quarter of 2024, we made significant progress on our journey to scale. The unveiling of Fab2 was a major boost in confidence with multiple customers now indicating a desire to launch products with us starting from late 2025.

    Other recent highlights include:

    • Revenue growth: Revenues were $4.3 million in the third quarter, above our guidance midpoint and up from $3.8 million in the second quarter.
    • Manufacturing: The Company formally opened Fab2 in Malaysia and within weeks commenced shipping battery cells to customers.
    • Commercialization: A leading smartphone OEM signed a development agreement for qualification of our battery product and mass production launch in late 2025.
    • Cost reduction: We are on track to further reduce cash consumption by leveraging our new Malaysia operations which will provide runway into 2026.

    We are laser-focused on execution as we see increasing demand across our target markets. The strategy we established early last year prioritized large, high-value segments, such as smartphones and AR/VR headsets, where the need for higher energy density commands a premium. This approach has proven to be visionary, with the recent surge in AI-enabled smartphones further validating our strategy and driving significant pull for our products. We are confident that our go-to-market strategy positions Enovix on an expedient path to profitability while maintaining a competitive edge in innovation.

    Our analysis of recent smartphone launches highlights a critical shortfall in conventional batteries. Energy density improvements in flagship devices released in 2024 have stagnated, with a mere 1% year-over-year increase. We believe this trajectory is insufficient to meet escalating demands of modern devices, especially those powered by AI.

    In contrast, our battery technology roadmap offers a generational leap in energy density. With our Malaysia Fab now gearing up for production, we are in a full sprint to commercialize this transformative technology and meet the pressing needs of the industry. Our focus on rapid execution will enable us to offer substantial benefits to our customers and consumers alike, positioning us as a leader in next-generation battery solutions.

    Business Update

    Manufacturing. We formally opened Fab2 in Malaysia with various stakeholders including several leading smartphone OEMs that provided decidedly positive feedback on ramp quality and speed, as well as the level of automation. A total of 11 customers have now inspected our new facility. The Agility Line is fully operational with initial yields comparable to final levels we achieved with our first manufacturing line in California, with expected improvements on the horizon. Consistent with our plans, we commenced shipping EX-1M cells to customers in the third quarter, supporting their qualification and mass production timelines. We are on track to complete Site Acceptance Testing (SAT) of the High-Volume Line in Q4 2024.

    Commercialization. Our business team has made significant progress toward profitability by securing demand across multiple high-growth markets. We are excited to announce that we have formalized a strategic partnership with a second leading smartphone OEM. This agreement outlines key milestones, and upon meeting them, we are poised to enter the smartphone market in late 2025 with high-volume production from our Fab2 facility. This marks a major step forward in our journey to scale.

    In parallel, we have aligned on a production schedule with a leading IoT customer, which includes a mass production purchase order also slated for 2025. This partnership underscores our ability to diversify into high-value sectors beyond smartphones. Further, we are aggressively expanding our pipeline by engaging with strategic IoT customers to unlock high-growth opportunities and accelerate top-of-the-funnel momentum.

    In the EV space, we are advancing our targeted strategy of developing customized products with two of the world’s largest automotive OEMs. In Q4, we expect to complete our first milestone pursuant to the agreement with one of the major automakers in the EV market, which is a major milestone in our efforts to enter and grow within the EV market. Looking ahead, we are focused on expanding these relationships in 2025, leveraging a capital-efficient, licensing-based business model in the EV space that aligns with the long-term scalability of our technology.

    Products: Our product development team is advancing toward the 2025 mass production of EX-1M, which will highlight the capabilities of our breakthrough active silicon technology. In Q3, we successfully achieved UN38.3 certification, marking a critical milestone for market entry and a strong validation of our products’ safety.

    In addition, we are on track to sample EX-2M to select customers in Q4. We’re now making samples and have identified the product’s advanced electrochemistry. These early samples will be instrumental in accelerating the timeline to full-scale production. Finally, we have made progress on the comprehensive product definition of EX-3M, reaffirming our commitment to pushing the boundaries of innovation and delivering industry-leading solutions to customers across a range of industries.

    Financials: Revenue was $4.3 million in the third quarter of 2024, near the high end of our guidance range and up from $3.8 million in the second quarter of 2024.

    Our GAAP cost of revenue was $5.0 million in the third quarter of 2024 representing a slight reduction sequentially as a percentage of sales and leading to a similar gross income level.

    Our GAAP operating expenses of $48.6 million in the third quarter of 2024 were down from $88.1 million in the second quarter, due largely to lower restructuring costs which were concentrated in the previous quarter as the Company shifted our manufacturing operations from the U.S. to Malaysia. Our non-GAAP operating expenses were $27.2 million in the third quarter of 2024, down 12% from $30.9 million in the second quarter of 2024.

    Our GAAP net loss attributable to Enovix of $22.5 million in the third quarter of 2024 was down from $115.9 million in the second quarter of 2024 due to lower restructuring costs. Our GAAP net loss attributable to Enovix for the third quarter of 2024 also included $29.9 million of income due to a decrease in the fair value of our common stock warrants during the quarter.

    Adjusted EBITDA in the third quarter of 2024 was a loss of $21.6 million compared to an adjusted EBITDA loss of $23.1 million in the second quarter of 2024.

    Earnings per share loss in the third quarter of 2024 was $0.30 on a GAAP basis and $0.17 on a non-GAAP basis compared to second quarter earnings per share loss of $0.67 on a GAAP basis and $0.14 on a non-GAAP basis.

    We exited the third quarter of 2024 with $200.9 million of cash, cash equivalents, and short-term investments due to cash used in operating activities of $30.7 million and capital expenditures of $19.5 million during the quarter.

    A full reconciliation of our GAAP to non-GAAP results is available later in this report.

    Outlook

    For the fourth quarter of 2024, we expect revenue between $8.0 million and $10.0 million, a GAAP EPS loss of $0.23 to $0.29, an adjusted EBITDA loss of $19.0 million to $25.0 million, and a non-GAAP EPS loss of $0.15 to $0.21.

    Summary

    We are very pleased with our accomplishments in the third quarter. Fab2 is now operational and shipping samples to customers. We secured a 2025 launch commitment from a major smartphone OEM. And we made progress on our product roadmap for EX-2M and beyond. For the remaining months of 2024, the key objectives are completing SAT for the High-Volume Line and shipping EX-2M samples.

    Conference Call Information

    Enovix will hold a video conference call at 2:00 PM PT / 5:00 PM ET today, October 29, 2024, to discuss the company’s business updates and financial results. To join the call, participants must use the following link to register: https://enovix-q3-2024.open-exchange.net/registration. This link will also be available via the Investor Relations section of the Enovix’s website at https://ir.enovix.com. An archived version of the call will be available on the Enovix website for one year at https://ir.enovix.com.

    About Enovix

    Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

    Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia. For more information visit www.enovix.com and follow us on LinkedIn.

    Non-GAAP Financial Measures

    EBITDA, Adjusted EBITDA, and other non-GAAP measures are intended as supplemental financial measures of our performance that provide an additional tool for investors to use in evaluating ongoing operating results, trends, and in comparing our financial measures with those of comparable companies.

    However, you should be aware that other companies may calculate similar non-GAAP measures differently. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the tables at the end of this shareholder letter.

    While Enovix provides fourth quarter 2024 guidance for adjusted EBITDA loss and non-GAAP EPS loss, we are unable to provide without unreasonable effort a GAAP to non-GAAP reconciliation of these projected non-GAAP measures. Such qualitative reconciliation to the corresponding GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjustments that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to warrant liabilities and stock-based compensation. For the same reasons, we are unable to assess the probable significance of the unavailable information, which could have a material impact on our future GAAP financial results.

    Forward-Looking Statements

    This letter to shareholders contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance and can be identified by words such as anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, possible, potential, predict, project, should, would and similar expressions that convey uncertainty about future events or outcomes. Forward-looking statements in this letter to shareholders include, without limitation, our expectations regarding, and our ability to respond to, market and customer demand; our expectations regarding the level of customers’ interest in our batteries, the demand for more energy dense batteries and the suitability of our products to address this demand, and the impact of artificial intelligence (“AI”) features on the foregoing; our financial and business performance; projected improvements in our manufacturing and commercialization and R&D activities at Fab2, including the ability of the sales team to support the path to profitability by attracting demand across high-growth markets ; our achievement of the milestones under our strategic partnership with a second leading smartphone OEM and our ability to enter into the smartphone market in 2025 with high-volume production from our Fab2 facility; our expectations regarding EX-1M production and mass production purchase order with a leading IoT customer in 2025, completion of site acceptance testing for our High-Volume Line, and the shipment of EX-2M samples in Q4; our ability to meet goals for yield and throughput; our expectations regarding Fab2 in and its capacity to support multiple customer qualifications; the anticipated contributions of our R&D teams to support product innovation; our revenue funnel; our efforts in the portable electronics and EV markets, including the IoT, smartphone and virtual reality categories; our ability to meet milestones and deliver on our objectives and expectations, including achieving certain safety certifications for our products and our ability sample batteries from our Agility Line to customers; the implementation and expected success of our business model and growth strategy, including our focus on the addressable market categories in which we believe an improved battery drives a high value to the product and premium pricing for our solutions; our ability to manage our expenses and realize our annual cost savings goals; our ability to manage and achieve the benefits of our restructuring efforts; and forecasts of our financial and performance metrics.

    Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, our ability to improve energy density among our products, establish sufficient manufacturing operations and optimize manufacturing processes to meet demand, source materials and establish supply relationships, and secure adequate funds to execute on our operational and strategic goals; the safety hazards associated with our batteries and the manufacturing process; a concentration of customers in the military market; certain unfavorable terms in our commercial agreements that may limit our ability to market our products; market acceptance of our products; changes in consumer preferences or demands; changes in industry standards; the impact of technological development and competition; and global economic conditions, including inflationary and supply chain pressures, and political, social, and economic instability, including as a result of armed conflict, war or threat of war, or trade and other international disputes that could disrupt supply or delivery of, or demand for, our products.

    For additional information on these risks and uncertainties and other potential factors that could cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or will file, with the SEC. Any forward-looking statements in this letter to shareholders speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    For media and investor inquiries, please contact:

    Enovix Corporation
    Robert Lahey
    Email: ir@enovix.com

    Enovix Corporation
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (In Thousands, Except Share and per Share Amounts)
     
      September 29,
    2024    		   December 31,
    2023
    Assets      
    Current assets:      
    Cash and cash equivalents $ 200,912     $ 233,121  
    Short-term investments   —       73,694  
    Accounts receivable, net   1,911       909  
    Notes receivable, net   —       1,514  
    Inventory   9,564       8,737  
    Prepaid expenses and other current assets   11,598       5,202  
    Total current assets   223,985       323,177  
    Property and equipment, net   157,680       166,471  
    Customer relationship intangibles and other intangibles, net   37,583       42,168  
    Operating lease, right-of-use assets   13,810       15,290  
    Goodwill   12,217       12,098  
    Other assets, non-current   2,746       5,100  
    Total assets $ 448,021     $ 564,304  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 15,046     $ 21,251  
    Accrued expenses   13,855       13,976  
    Accrued compensation   8,038       10,731  
    Short-term debt   11,555       5,917  
    Deferred revenue   6,206       6,708  
    Other liabilities   4,760       2,435  
    Total current liabilities   59,460       61,018  
    Long-term debt, net   168,744       169,099  
    Warrant liability   23,265       42,900  
    Operating lease liabilities, non-current   14,346       15,594  
    Deferred revenue, non-current   3,774       3,774  
    Deferred tax liability   8,178       10,803  
    Other liabilities, non-current   12       13  
    Total liabilities   277,779       303,201  
    Commitments and Contingencies      
    Stockholders’ equity:      
    Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of $177,591,877 and $167,392,315 as of September 29, 2024 and December 31, 2023, respectively   18       17  
    Additional paid-in-capital   951,237       857,037  
    Accumulated other comprehensive loss   (42 )     (62 )
    Accumulated deficit   (783,621 )     (598,845 )
    Total Enovix’s stockholders’ equity   167,592       258,147  
    Non-controlling interest   2,650       2,956  
    Total equity   170,242       261,103  
    Total liabilities and equity $ 448,021     $ 564,304  
     
    Enovix Corporation
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In Thousands, Except Share and per Share Amounts)
     
      Quarters Ended   Fiscal Years-to-Date Ended
      September 29,
    2024    		   October 1,
    2023    		   September 29,
    2024    		   October 1,
    2023
    Revenue $ 4,317     $ 200     $ 13,357     $ 263  
    Cost of revenue   4,959       16,809       16,454       43,292  
    Gross margin   (642 )     (16,609 )     (3,097 )     (43,029 )
    Operating expenses:              
    Research and development   24,220       13,508       102,073       53,810  
    Selling, general and administrative   20,744       17,245       61,176       61,207  
    Impairment of equipment   —       —       —       4,411  
    Restructuring cost   3,661       3,021       41,807       3,021  
    Total operating expenses   48,625       33,774       205,056       122,449  
    Loss from operations   (49,267 )     (50,383 )     (208,153 )     (165,478 )
    Other income (expense):              
    Change in fair value of common stock warrants   29,899       31,320       17,359       4,140  
    Interest income   2,859       4,326       9,745       9,942  
    Interest expense   (1,718 )     (1,557 )     (5,068 )     (2,827 )
    Other income (loss), net   (2,217 )     109       (1,509 )     129  
    Total other income, net   28,823       34,198       20,527       11,384  
    Loss before income tax benefit   (20,444 )     (16,185 )     (187,626 )     (154,094 )
    Income tax expense (benefit)   2,194       —       (2,544 )     —  
    Net loss   (22,638 )     (16,185 )     (185,082 )     (154,094 )
    Net loss attributable to non-controlling interests   (102 )     —       (306 )     —  
    Net loss attributable to Enovix $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
                   
    Net loss per share attributable to Enovix shareholders, basic $ (0.13 )   $ (0.10 )   $ (1.07 )   $ (0.98 )
    Weighted average number of common shares outstanding, basic   176,680,578       159,829,716       172,393,869       157,559,138  
    Net loss per share attributable to Enovix shareholders, diluted $ (0.30 )   $ (0.29 )   $ (1.07 )   $ (1.00 )
    Weighted average number of common shares outstanding, diluted   176,872,382       161,371,417       172,393,869       158,260,393  
                                   
    Enovix Corporation
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
    (In Thousands)
     
      Fiscal Years-to-Date Ended
      September 29, 2024   October 1, 2023
    Cash flows used in operating activities:      
    Net loss $ (185,082 )   $ (154,094 )
    Adjustments to reconcile net loss to net cash used in operating activities      
    Depreciation, accretion and amortization   37,417       10,000  
    Stock-based compensation   48,630       57,832  
    Changes in fair value of common stock warrants   (17,359 )     (4,140 )
    Impairment and loss on disposals of long-lived assets   38,249       4,411  
    Others   174       —  
    Changes in operating assets and liabilities:      
    Accounts and notes receivables   494       169  
    Inventory   (827 )     418  
    Prepaid expenses and other assets   (3,913 )     546  
    Accounts payable   (10,018 )     4,338  
    Accrued expenses and compensation   3,175       3,113  
    Deferred revenue   (502 )     —  
    Deferred tax liability   (3,303 )     —  
    Other liabilities   190       (1 )
    Net cash used in operating activities   (92,675 )     (77,408 )
    Cash flows from investing activities:      
    Purchase of property and equipment   (59,830 )     (32,979 )
    Purchases of investments   (31,812 )     (115,736 )
    Maturities of investments   106,621       16,700  
    Net cash provided by (used in) investing activities   14,979       (132,015 )
    Cash flows from financing activities:      
    Proceeds from issuance of Convertible Senior Notes and loans   4,572       172,500  
    Repayment of debt   (180 )     —  
    Payments of debt issuance costs   —       (5,251 )
    Purchase of Capped Calls   —       (17,250 )
    Payroll tax payments for shares withheld upon vesting of RSUs   (5,601 )     (2,988 )
    Proceeds from the exercise of stock options and issuance of common stock, net of issuance costs   44,285       9,232  
    Proceeds from issuance of common stock under employee stock purchase plan   1,145       1,169  
    Repurchase of unvested restricted common stock   (4 )     (23 )
    Net cash provided by financing activities   44,217       157,389  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,303       —  
    Change in cash, cash equivalents, and restricted cash   (32,176 )     (52,034 )
    Cash and cash equivalents and restricted cash, beginning of period   235,123       322,976  
    Cash and cash equivalents, and restricted cash, end of period $ 202,947     $ 270,942  
           

    Net Loss Attributable to Enovix to Adjusted EBITDA Reconciliation

    While we prepare our consolidated financial statements in accordance with GAAP, we also utilize and present certain financial measures that are not based on GAAP. We refer to these financial measures as “non-GAAP” financial measures. In addition to our financial results determined in accordance with GAAP, we believe that EBITDA and Adjusted EBITDA are useful measures in evaluating its financial and operational performance distinct and apart from financing costs, certain non-cash expenses and non-operational expenses.

    These non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures.

    We use non-GAAP financial information to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing its operating performance and comparing its performance with competitors and other comparable companies. You should review the reconciliations below but not rely on any single financial measure to evaluate our business.

    “EBITDA” is defined as earnings (net loss) attributable to Enovix adjusted for interest expense, income tax benefit, depreciation and amortization expense. “Adjusted EBITDA” includes additional adjustments to EBITDA such as stock-based compensation expense, change in fair value of common stock warrants, inventory step-up, impairment of equipment and other special items as determined by management which it does not believe to be indicative of its underlying business trends.

    Below is a reconciliation of net loss attributable to Enovix on a GAAP basis to the non-GAAP EBITDA and Adjusted EBITDA financial measures for the periods presented below (in thousands):

      Quarters Ended   Fiscal Years-to-Date Ended
      September 29,
    2024    		   October 1,
    2023    		   September 29,
    2024    		   October 1,
    2023
    Net loss attributable to Enovix $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
    Interest expense   1,718       1,557       5,068       2,827  
    Income tax expense (benefit)   2,194       —       (2,544 )     —  
    Depreciation and amortization   6,500       2,900       37,417       10,000  
    EBITDA   (12,124 )     (11,728 )     (144,835 )     (141,267 )
    Stock-based compensation expense (1)   16,722       13,274       47,414       57,473  
    Change in fair value of common stock warrants   (29,899 )     (31,320 )     (17,359 )     (4,140 )
    Inventory step-up   —       —       1,907       —  
    Impairment of equipment   —       —       —       4,411  
    Restructuring cost (1)   3,661       3,021       41,807       3,021  
    Acquisition cost   —       1,115       —       1,115  
    Adjusted EBITDA $ (21,640 )   $ (25,638 )   $ (71,066 )   $ (79,387 )
       
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense are included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
     

    Free Cash Flow Reconciliation

    We define “Free Cash Flow” as (i) net cash from operating activities less (ii) capital expenditures, net of proceeds from disposals of property and equipment, all of which are derived from our Consolidated Statements of Cash Flow. The presentation of non-GAAP Free Cash Flow is not intended as an alternative measure of cash flows from operations, as determined in accordance with GAAP. We believe that this financial measure is useful to investors because it provides investors to view our performance using the same tool that we use to gauge our progress in achieving our goals and it is an indication of cash flow that may be available to fund investments in future growth initiatives. Below is a reconciliation of net cash used in operating activities to the Free Cash Flow financial measures for the periods presented below (in thousands):

      Fiscal Years-to-Date Ended
      September 29,
    2024    		   October 1,
    2023
    Net cash used in operating activities $ (92,675 )   $ (77,408 )
    Capital expenditures   (59,830 )     (32,979 )
    Free Cash Flow $ (152,505 )   $ (110,387 )
     

    Other Non-GAAP Financial Measures Reconciliation
    (In Thousands, Except Share and per Share Amounts)

        Quarters Ended   Fiscal Years-to-Date Ended
        September 29,
    2024    		   October 1,
    2023    		   September 29,
    2024    		   October 1,
    2023
    Revenue   $ 4,317     $ 200     $ 13,357     $ 263  
                     
    GAAP cost of revenue   $ 4,959     $ 16,809     $ 16,454     $ 43,292  
    Stock-based compensation expense     (101 )     (2,396 )     (196 )     (5,001 )
    Inventory step-up     —       —       (1,907 )     —  
    Non-GAAP cost of revenue   $ 4,858     $ 14,413     $ 14,351     $ 38,291  
                     
    GAAP gross margin   $ (642 )   $ (16,609 )   $ (3,097 )   $ (43,029 )
    Stock-based compensation expense     101       2,396       196       5,001  
    Inventory step-up     —       —       1,907       —  
    Non-GAAP gross margin   $ (541 )   $ (14,213 )   $ (994 )   $ (38,028 )
                     
    GAAP research and development (R&D) expense   $ 24,220     $ 13,508     $ 102,073     $ 53,810  
    Stock-based compensation expense     (5,914 )     (4,949 )     (19,771 )     (22,072 )
    Amortization of intangible assets     (417 )     —       (1,248 )     —  
    Non-GAAP R&D expense   $ 17,889     $ 8,559     $ 81,054     $ 31,738  
                     
    GAAP selling, general and administrative (SG&A) expense   $ 20,744     $ 17,245     $ 61,176     $ 61,207  
    Stock-based compensation expense     (10,707 )     (5,929 )     (27,447 )     (30,400 )
    Amortization of intangible assets     (774 )     —       (2,304 )     —  
    Acquisition cost     —       (1,115 )     —       (1,115 )
    Non-GAAP SG&A expense   $ 9,263     $ 10,201     $ 31,425     $ 29,692  
                     
    GAAP operating expenses   $ 48,625     $ 33,774     $ 205,056     $ 122,449  
    Stock-based compensation expense included in R&D expense     (5,914 )     (4,949 )     (19,771 )     (22,072 )
    Stock-based compensation expense included in SG&A expense     (10,707 )     (5,929 )     (27,447 )     (30,400 )
    Amortization of intangible assets     (1,191 )     —       (3,552 )     —  
    Impairment of equipment     —       —       —       (4,411 )
    Restructuring cost (1)     (3,661 )     (3,021 )     (41,807 )     (3,021 )
    Acquisition cost     —       (1,115 )     —       (1,115 )
    Non-GAAP operating expenses   $ 27,152     $ 18,760     $ 112,479     $ 61,430  
                     
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
       
        Quarters Ended   Fiscal Years-to-Date Ended
        September 29,
    2024    		   October 1,
    2023    		   September 29,
    2024    		   October 1,
    2023
    GAAP loss from operations   $ (49,267 )   $ (50,383 )   $ (208,153 )   $ (165,478 )
    Stock-based compensation expense (1)     16,722       13,274       47,414       57,473  
    Amortization of intangible assets     1,191       —       3,552       —  
    Inventory step-up     —       —       1,907       —  
    Impairment of equipment     —       —       —       4,411  
    Restructuring cost (1)     3,661       3,021       41,807       3,021  
    Acquisition cost     —       1,115       —       1,115  
    Non-GAAP loss from operations   $ (27,693 )   $ (32,973 )   $ (113,473 )   $ (99,458 )
                     
    GAAP net loss attributable to Enovix   $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
    Stock-based compensation expense (1)     16,722       13,274       47,414       57,473  
    Change in fair value of common stock warrants     (29,899 )     (31,320 )     (17,359 )     (4,140 )
    Inventory step-up     —       —       1,907       —  
    Amortization of intangible assets     1,191       —       3,552       —  
    Impairment of equipment     —       —       —       4,411  
    Restructuring cost (1)     3,661       3,021       41,807       3,021  
    Acquisition cost     —       1,115       —       1,115  
    Non-GAAP net loss attributable to Enovix shareholders   $ (30,861 )   $ (30,095 )   $ (107,455 )   $ (92,214 )
                     
    GAAP net loss per share attributable to Enovix, basic   $ (0.13 )   $ (0.10 )   $ (1.07 )   $ (0.98 )
    GAAP weighted average number of common shares outstanding, basic     176,680,578       159,829,716       172,393,869       157,559,138  
                     
    GAAP net loss per share attributable to Enovix, diluted   $ (0.30 )   $ (0.29 )   $ (1.07 )   $ (1.00 )
    GAAP weighted average number of common shares outstanding, diluted     176,872,382       161,371,417       172,393,869       158,260,393  
                     
    Non-GAAP net loss per share attributable to Enovix, basic   $ (0.17 )   $ (0.19 )   $ (0.62 )   $ (0.59 )
    GAAP weighted average number of common shares outstanding, basic     176,680,578       159,829,716       172,393,869       157,559,138  
                     
    Non-GAAP net loss per share attributable to Enovix, diluted   $ (0.17 )   $ (0.19 )   $ (0.62 )   $ (0.58 )
    GAAP weighted average number of common shares outstanding, diluted     176,872,382       161,371,417       172,393,869       158,260,393  
                                     
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
       

    The MIL Network –

  • MIL-OSI: Varonis Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Annual recurring revenues grew 18% year-over-year
    SaaS ARR as a percentage of total ARR was approximately 43%
    Year-to-date cash from operations generated $90.9 million vs. $49.0 million last year
    Year-to-date free cash flow generated $88.6 million vs. $46.0 million last year

    NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), a leader in data security, today announced financial results for the third quarter ended September 30, 2024.

    Yaki Faitelson, Varonis CEO, said, “We are encouraged by the many tailwinds that are contributing to the strong growth in our business, and our third quarter results reflect the continued strong adoption of our SaaS platform and positive momentum from our Managed Data Detection and Response offering.”

    Guy Melamed, Varonis CFO & COO, added, “The robust demand for Varonis SaaS from both new and existing customers is evident with 43% of total company ARR coming from SaaS. This demand is benefiting our ARR growth and cash flow generation and gives us confidence as we enter the fourth quarter.”

    Financial Summary for the Third Quarter Ended September 30, 2024

    • Total revenues were $148.1 million, compared with $122.3 million in the third quarter of 2023.
    • SaaS revenues were $57.8 million, compared with $13.7 million in the third quarter of 2023.
    • Term license subscription revenues were $68.8 million, compared with $84.0 million in the third quarter of 2023.
    • Maintenance and services revenues were $21.5 million, compared with $24.6 million in the third quarter of 2023.
    • GAAP operating loss was ($23.6) million, compared to GAAP operating loss of ($29.1) million in the third quarter of 2023.
    • Non-GAAP operating income was $9.1 million, compared to non-GAAP operating income of $4.9 million in the third quarter of 2023.

    The tables at the end of this press release include a reconciliation of GAAP operating income (loss) to non-GAAP operating income (loss) and GAAP net income (loss) to non-GAAP net income (loss) for the three and nine months ended September 30, 2024 and 2023. An explanation of these measures is included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.”

    Key Performance Indicators and Recent Business Highlights

    • Annual recurring revenues, or ARR, was $610.0 million as of the end of the third quarter, up 18% year-over-year.
    • As of September 30, 2024, the Company had $1.2 billion in cash and cash equivalents, short-term deposits and short-term and long-term marketable securities.
    • During the nine months ended September 30, 2024, the Company generated $90.9 million of cash from operations, compared to $49.0 million generated in the prior year period.
    • During the nine months ended September 30, 2024, the Company generated $88.6 million of free cash flow, compared to $46.0 million generated in the prior year period.
    • Raised net proceeds of $394.1 million through an offering of 1.00% Convertible Senior Notes due 2029.
    • Announced new AI-powered data discovery and classification capabilities that enhance our industry-leading data classification technology.
    • Integrated the Varonis platform with SentinelOne and Microsoft Defender for Endpoint, expanding visibility to customers’ endpoints and enabling end-to-end threat detection and response.
    • Expanded Salesforce security offering with new automated remediation capabilities.

    An explanation of ARR is included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.” In addition, the tables at the end of this press release include a reconciliation of net cash provided by operating activities to non-GAAP free cash flow. An explanation of this measure is also included below under the heading “Non-GAAP Financial Measures and Key Performance Indicators.”

    Financial Outlook

    For the fourth quarter of 2024, the Company expects:

    • Revenues of $162.0 million to $167.0 million, or year-over-year growth of 5% to 8%.
    • Non-GAAP operating income of $20.0 million to $22.0 million.
    • Non-GAAP net income per diluted share in the range of $0.13 to $0.14, based on 135.0 million diluted shares outstanding.

    For full year 2024, the Company now expects:

    • ARR of $635.0 million to $639.0 million, or year-over-year growth of 17% to 18%.
    • Free cash flow of $95.0 million to $100.0 million.
    • Revenues of $554.4 million to $559.4 million, or year-over-year growth of 11% to 12%.
    • Non-GAAP operating income of $20.6 million to $22.6 million.
    • Non-GAAP net income per diluted share in the range of $0.26 to $0.27, based on 134.9 million diluted shares outstanding.

    Actual results may differ materially from the Company’s Financial Outlook as a result of, among other things, the factors described below under “Forward-Looking Statements”.

    Conference Call and Webcast
    Varonis will host a conference call today, Tuesday, October 29, 2024, at 4:30 p.m. Eastern Time, to discuss the Company’s third quarter 2024 financial results. To access this call, dial 877-425-9470 (domestic) or 201-389-0878 (international). The passcode is 13749435. A replay of this conference call will be available through November 5, 2024 at 844-512-2921 (domestic) or 412-317-6671 (international). The replay passcode is 13749435. A live webcast of this conference call will be available on the “Investors” page of the Company’s website (www.varonis.com), and a replay will be archived on the website as well.

    Non-GAAP Financial Measures and Key Performance Indicators
    Varonis believes that the use of non-GAAP operating income (loss) and non-GAAP net income (loss) is helpful to our investors. These measures, which the Company refers to as our non-GAAP financial measures, are not prepared in accordance with GAAP.

    Non-GAAP operating income (loss) is calculated as operating income (loss) excluding (i) stock-based compensation expense, (ii) payroll tax expense related to stock-based compensation, and (iii) amortization of acquired intangible assets and acquisition-related expenses.

    Non-GAAP net income (loss) is calculated as net income (loss) excluding (i) stock-based compensation expense, (ii) payroll tax expense related to stock-based compensation, (iii) amortization of acquired intangible assets and acquisition-related expenses, (iv) foreign exchange gains (losses) which include exchange rate differences on lease contracts as a result of the implementation of ASC 842 and (v) amortization of debt issuance costs.

    The Company believes that the exclusion of these expenses provides a more meaningful comparison of our operational performance from period to period and offers investors and management greater visibility to the underlying performance of our business. Specifically:

    • Stock-based compensation expenses utilize varying available valuation methodologies, subjective assumptions and a variety of equity instruments that can impact a company’s non-cash expenses;
    • Payroll taxes are tied to the exercise or vesting of underlying equity awards and the price of our common stock at the time of vesting or exercise, factors which may vary from period to period;
    • Acquired intangible assets are valued at the time of acquisition and are amortized over an estimated useful life after the acquisition, and acquisition-related expenses are unrelated to current operations and neither are comparable to the prior period nor predictive of future results;
    • The Company incurs foreign exchange gains or losses from the revaluation of its significant operating lease liabilities in foreign currencies as well as other assets and liabilities denominated in non-U.S. dollars, which may vary from period to period; and
    • Amortization of debt issuance costs, which relate to the Company’s convertible senior notes issued in 2020 and 2024, are a non-cash item.

    Free cash flow is calculated as net cash provided by or used in operating activities less purchases of property and equipment. We believe that free cash flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash provided by or used in our operations that, after the investments in property and equipment, can be used for strategic initiatives.

    Each of our non-GAAP financial measures is an important tool for financial and operational decision making and for evaluating our own operating results over different periods of time. The non-GAAP financial measures do not represent our financial performance under U.S. GAAP and should not be considered as alternatives to operating income (loss) or net income (loss) or any other performance measures derived in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, and exclude expenses that may have a material impact on our reported financial results. Further, stock-based compensation expense and payroll tax expense related to stock-based compensation have been, and will continue to be for the foreseeable future, significant recurring expenses in our business and an important part of the compensation provided to our employees. Also, the amortization of intangible assets are expected recurring expenses over the estimated useful life of the underlying intangible asset and acquisition-related expenses will be incurred to the extent acquisitions are made in the future. Additionally, foreign exchange rates may fluctuate from one period to another, and the Company does not estimate movements in foreign currencies. Finally, the amortization of debt issuance costs are expected recurring expenses until the maturity of the senior notes in 2029.

    The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Varonis urges investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measures to evaluate our business.

    A reconciliation for non-GAAP operating income (loss) and non-GAAP net income (loss) referred to in our “Financial Outlook” is not provided because, as forward-looking statements, such reconciliation is not available without unreasonable effort due to the high variability, complexity, and difficulty of estimating certain items such as charges to stock-based compensation expense and currency fluctuations which could have an impact on our consolidated results. The Company believes the information provided is useful to investors because it can be considered in the context of the Company’s historical disclosures of this measure.

    ARR is a key performance indicator defined as the annualized value of active term-based subscription license contracts, SaaS contracts, and maintenance contracts in effect at the end of that period. Subscription license contracts, SaaS contracts, and maintenance contracts are annualized by dividing the total contract value by the number of days in the term and multiplying the result by 365. The annualized value of contracts is a legal and contractual determination made by assessing the contractual terms with our customers. The annualized value of maintenance contracts is not determined by reference to historical revenues, deferred revenues or any other GAAP financial measure over any period. ARR is not a forecast of future revenues, which can be impacted by contract start and end dates and renewal rates.

    Forward-Looking Statements

    This press release contains, and statements made during the above referenced conference call will contain, “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including regarding the Company’s growth rate and its expectations regarding future revenues, operating income or loss or earnings or loss per share. These statements are not guarantees of future performance but are based on management’s expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: the impact of potential information technology, cybersecurity or data security breaches; risks associated with anticipated growth in Varonis’ addressable market; general economic and industry conditions, such as foreign currency exchange rate fluctuations and expenditure trends for data and cybersecurity solutions; Varonis’ ability to predict the timing and rate of subscription renewals and their impact on the Company’s future revenues and operating results; risks associated with international operations; the impact of global conflicts on the budgets of our clients and on economic conditions generally; competitive factors, including increased sales cycle time, changes in the competitive environment, pricing changes and increased competition; the risk that Varonis may not be able to attract or retain employees, including sales personnel and engineers; Varonis’ ability to build and expand its direct sales efforts and reseller distribution channels; risks associated with the closing of large transactions, including Varonis’ ability to close large transactions consistently on a quarterly basis; new product introductions and Varonis’ ability to develop and deliver innovative products; Varonis’ ability to provide high-quality service and support offerings; the expansion of cloud-delivered services; and risks associated with our convertible notes and capped-call transactions. These and other important risk factors are described more fully in Varonis’ reports and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. All information provided in this press release and in the conference call is as of the date hereof, and Varonis undertakes no duty to update or revise this information, whether as a result of new information, new developments or otherwise, except as required by law.

    About Varonis

    Varonis (Nasdaq: VRNS) is a leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

    Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), and insider risk management.

    Varonis protects data first, not last. Learn more at www.varonis.com.

    Investor Relations Contact:
    Tim Perz
    Varonis Systems, Inc.
    646-640-2112
    investors@varonis.com

    News Media Contact:
    Rachel Hunt
    Varonis Systems, Inc.
    877-292-8767 (ext. 1598)
    pr@varonis.com

    Varonis Systems, Inc.
    Condensed Consolidated Statements of Operations
    (in thousands, except for share and per share data)
      Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
        2024       2023       2024       2023  
      Unaudited   Unaudited
    Revenues:              
    Term license subscriptions $ 68,751     $ 83,963     $ 187,460     $ 250,306  
    SaaS   57,805       13,716       136,575       21,437  
    Maintenance and services   21,512       24,629       68,401       73,318  
    Total revenues   148,068       122,308       392,436       345,061  
                   
    Cost of revenues   24,007       17,381       67,792       52,404  
                   
    Gross profit   124,061       104,927       324,644       292,657  
                   
    Operating expenses:              
    Research and development   53,459       44,818       146,219       135,694  
    Sales and marketing   71,378       68,610       212,646       207,324  
    General and administrative   22,864       20,646       65,878       61,618  
    Total operating expenses   147,701       134,074       424,743       404,636  
                   
    Operating loss   (23,640 )     (29,147 )     (100,099 )     (111,979 )
    Financial income, net   10,245       8,634       27,039       24,872  
                   
    Loss before income taxes   (13,395 )     (20,513 )     (73,060 )     (87,107 )
    Income taxes   (4,938 )     (2,504 )     (9,711 )     (12,911 )
                   
    Net loss $ (18,333 )   $ (23,017 )   $ (82,771 )   $ (100,018 )
                   
    Net loss per share of common stock, basic and diluted $ (0.16 )   $ (0.21 )   $ (0.74 )   $ (0.92 )
                   
    Weighted average number of shares used in computing net loss per share of common stock, basic and diluted   112,268,210       109,429,722       111,382,582       109,187,063  
                   
    Stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 is included in the Condensed Consolidated Statements of Operations as follows (in thousands):
                   
      Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
      2024   2023   2024   2023
      Unaudited   Unaudited
    Cost of revenues $ 1,357   $ 1,416   $ 4,017   $ 5,946
    Research and development   10,442     11,323     31,057     37,480
    Sales and marketing   9,860     11,201     30,985     37,861
    General and administrative   10,272     9,040     28,054     26,889
      $ 31,931   $ 32,980   $ 94,113   $ 108,176
     
    Payroll tax expense related to stock-based compensation for the three and nine months ended September 30, 2024 and 2023 is included in the Condensed Consolidated Statements of Operations as follows (in thousands):
                   
      Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
      2024   2023   2024   2023
      Unaudited   Unaudited
    Cost of revenues $ 15   $ 24   $ 631   $ 385
    Research and development   187     75     566     232
    Sales and marketing   150     122     3,050     1,820
    General and administrative   49     18     1,165     486
      $ 401   $ 239   $ 5,412   $ 2,923
     
    Amortization of acquired intangibles and acquisition-related expenses for the three and nine months ended September 30, 2024 and 2023 is included in the Condensed Consolidated Statements of Operations as follows (in thousands):
                   
      Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
      2024   2023   2024   2023
      Unaudited   Unaudited
    Cost of revenues $ 381   $ 382   $ 1,143   $ 1,144
    Research and development   —     412     —     1,235
    Sales and marketing   —     —     —     —
    General and administrative   —     —     —     —
      $ 381   $ 794   $ 1,143   $ 2,379
     
    Varonis Systems, Inc.
    Condensed Consolidated Balance Sheets
    (in thousands)
      September 30, 2024   December 31, 2023
      Unaudited    
    Assets      
    Current assets:      
    Cash and cash equivalents $ 282,218     $ 230,740  
    Marketable securities   562,568       253,175  
    Short-term deposits   34,174       49,800  
    Trade receivables, net   119,203       169,116  
    Prepaid expenses and other short-term assets   76,206       64,326  
    Total current assets   1,074,369       767,157  
    Long-term assets:      
    Long-term marketable securities   332,329       211,063  
    Operating lease right-of-use assets   45,390       51,838  
    Property and equipment, net   28,908       33,964  
    Intangible assets, net   119       1,263  
    Goodwill   23,135       23,135  
    Other assets   16,904       15,490  
    Total long-term assets   446,785       336,753  
    Total assets $ 1,521,154     $ 1,103,910  
           
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Trade payables $ 1,489     $ 672  
    Accrued expenses and other short-term liabilities   123,256       125,057  
    Convertible senior notes, net   251,625       —  
    Deferred revenues   217,605       181,049  
    Total current liabilities   593,975       306,778  
    Long-term liabilities:      
    Convertible senior notes, net   449,759       250,477  
    Operating lease liabilities   43,654       51,313  
    Deferred revenues   1,530       886  
    Other liabilities   3,676       4,808  
    Total long-term liabilities   498,619       307,484  
           
    Stockholders’ equity:      
    Share capital      
    Common stock   112       109  
    Accumulated other comprehensive loss   (4,381 )     (8,649 )
    Additional paid-in capital   1,159,990       1,142,578  
    Accumulated deficit   (727,161 )     (644,390 )
    Total stockholders’ equity   428,560       489,648  
    Total liabilities and stockholders’ equity $ 1,521,154     $ 1,103,910  
     
    Varonis Systems, Inc.
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
      Nine Months Ended
    September 30,
        2024       2023  
      Unaudited
    Cash flows from operating activities:      
    Net loss $ (82,771 )   $ (100,018 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation and amortization   8,543       8,736  
    Stock-based compensation   94,113       108,176  
    Amortization of deferred commissions   19,906       17,547  
    Non-cash operating lease costs   7,050       7,087  
    Amortization of debt issuance costs   1,264       1,133  
    Amortization of premium and accretion of discount on marketable securities   (11,288 )     (5,557 )
    Acquired in-process research and development   6,653       —  
           
    Changes in assets and liabilities:      
    Trade receivables   49,913       24,895  
    Prepaid expenses and other short-term assets   (10,889 )     (11,118 )
    Deferred commissions   (23,846 )     (18,338 )
    Other long-term assets   (129 )     (963 )
    Trade payables   817       (1,634 )
    Accrued expenses and other short-term liabilities   (5,882 )     (17,652 )
    Deferred revenues   37,200       33,555  
    Other long-term liabilities   272       3,120  
    Net cash provided by operating activities   90,926       48,969  
           
    Cash flows from investing activities:      
    Proceeds from maturities of marketable securities   157,100       28,850  
    Investment in marketable securities   (576,753 )     (331,651 )
    Proceeds from short-term and long-term deposits   25,038       170,925  
    Investment in short-term and long-term deposits   (9,233 )     (118,605 )
    Purchase of in-process research and development   (6,653 )     —  
    Purchases of property and equipment   (2,342 )     (2,945 )
    Net cash used in investing activities   (412,843 )     (253,426 )
           
    Cash flows from financing activities:      
    Proceeds from issuance of convertible senior notes, net of issuance costs   450,099       —  
    Purchases of capped calls   (55,522 )     —  
    Proceeds from employee stock plans   16,082       11,346  
    Taxes paid related to net share settlement of equity awards   (37,264 )     (19,971 )
    Repurchase of common stock   —       (43,522 )
    Net cash provided by (used in) financing activities   373,395       (52,147 )
    Increase (decrease) in cash and cash equivalents   51,478       (256,604 )
    Cash and cash equivalents at beginning of period   230,740       367,800  
    Cash and cash equivalents at end of period $ 282,218     $ 111,196  
     
    Varonis Systems, Inc.
    Reconciliation of GAAP Measures to non-GAAP
    (in thousands, except share and per share data)
      Three Months Ended September 30,   Nine Months Ended
    September 30,
        2024       2023       2024       2023  
      Unaudited   Unaudited
    Reconciliation to non-GAAP operating income:              
                   
    GAAP operating loss $ (23,640 )   $ (29,147 )   $ (100,099 )   $ (111,979 )
                   
    Add back:              
    Stock-based compensation expense   31,931       32,980       94,113       108,176  
    Payroll tax expenses related to stock-based compensation   401       239       5,412       2,923  
    Amortization of acquired intangible assets and acquisition-related expenses   381       794       1,143       2,379  
    Non-GAAP operating income $ 9,073     $ 4,866     $ 569     $ 1,499  
                   
    Reconciliation to non-GAAP net income:              
                   
    GAAP net loss $ (18,333 )   $ (23,017 )   $ (82,771 )   $ (100,018 )
                   
    Add back:              
    Stock-based compensation expense   31,931       32,980       94,113       108,176  
    Payroll tax expenses related to stock-based compensation   401       239       5,412       2,923  
    Amortization of acquired intangible assets and acquisition-related expenses   381       794       1,143       2,379  
    Foreign exchange rate differences, net   (1,052 )     (1,002 )     (2,302 )     (3,206 )
    Amortization of debt issuance costs   496       379       1,264       1,133  
    Non-GAAP net income $ 13,824     $ 10,373     $ 16,859     $ 11,387  
                   
    GAAP weighted average number of shares used in computing net loss per share of common stock – basic and diluted   112,268,210       109,429,722       111,382,582       109,187,063  
    Non-GAAP weighted average number of shares used in computing net income per share of common stock – basic   112,268,210       109,429,722       111,382,582       109,187,063  
    Non-GAAP weighted average number of shares used in computing net income per share of common stock – diluted   134,713,048       126,748,606       134,821,002       126,777,843  
                   
    GAAP net loss per share of common stock – basic and diluted $ (0.16 )   $ (0.21 )   $ (0.74 )   $ (0.92 )
    Non-GAAP net income per share of common stock – basic $ 0.12     $ 0.09     $ 0.15     $ 0.10  
    Non-GAAP net income per share of common stock – diluted $ 0.10     $ 0.08     $ 0.13     $ 0.09  
     
    Varonis Systems, Inc.
    Reconciliation of GAAP Measures to non-GAAP
    (in millions)
           
      Nine Months Ended September 30,
        2024       2023  
      Unaudited
    Reconciliation to non-GAAP free cash flow:      
    Net cash provided by operating activities $ 90.9     $ 49.0  
    Purchases of property and equipment   (2.3 )     (3.0 )
    Free cash flow $ 88.6     $ 46.0  
     
    Varonis Systems, Inc.
    Reconciliation of GAAP Measures to non-GAAP
    (in millions)
           
      Twelve Months Ended December 31, 2024
      Low   High
    Reconciliation to non-GAAP free cash flow:      
    Net cash provided by operating activities $ 100.0     $ 107.0  
    Purchases of property and equipment   (5.0 )     (7.0 )
    Free cash flow $ 95.0     $ 100.0  

    The MIL Network –

  • MIL-OSI: Medallion Financial Corp. Reports 2024 Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, as well as offers loan products and services through fintech strategic partners, announced today its results for the quarter ended September 30, 2024.

    2024 Third Quarter Highlights

    • Net income was $8.6 million, or $0.37 per share, compared to $11.2 million, or $0.48 per share, in the prior year quarter.
    • Net interest income grew 8% to $52.7 million from $48.8 million in the prior year quarter.
    • Net interest margin on gross loans was 8.11%, compared to 8.35% in the prior year quarter, and on net loans it was 8.42%, compared to 8.64% in the prior year quarter.
    • Loan originations were $275.6 million, compared to $217.4 million in the prior year quarter.
    • Loans grew 13% to $2.5 billion as of September 30, 2024, compared to $2.2 billion a year ago.
    • The credit loss provision increased to $20.2 million from $14.5 million in the prior year quarter.
    • The Company repurchased 122,344 shares of common stock at an average cost of $7.89 per share.
    • Subsequent to September 30, 2024, the Board of Directors increased the quarterly cash dividend 10% to $0.11 per share.

    Executive Commentary – Andrew Murstein, President of Medallion

    “We continue to be pleased with our quarterly performance. The earnings were strong despite lower taxi medallion related recoveries and the absence of equity gains, both of which we experienced in the prior year quarter. At $0.37 per share, our earnings included approximately $0.07 per share of additional allowance tied to the growth of our consumer lending segments, which saw recreation and home improvement loans grow 4% and 5% from the previous quarter to a combined $2.4 billion, with over $235 million in originations this quarter. We continue to be comfortable with the overall credit performance of these two consumer segments, which carry weighted average coupons of 14.92% for recreation loans and 9.76% for home improvement loans. During the quarter we originated recreation loans at an average rate of 16.33% and home improvement loans at an average rate of 10.75%.

    Our net interest income reached $52.7 million during the quarter, up 6% from just a quarter ago. We remain cautiously optimistic that the solid performance of our loan portfolio will continue. Our net interest margin during the quarter was 8.11%, decreasing only 1 basis point from the prior quarter, as we continue to increase our yield to offset the rise in our average cost of borrowings.

    Our total interest income of $76.4 million, net interest income of $52.7 million, and total assets of $2.9 billion were all record highs. Our fintech strategic partnership program at Medallion Bank had its highest volume quarter ever with $40 million of new loans, up from $24 million in the second quarter of this year. As a result, we are optimistic about the quarters ahead and are hopeful to continue delivering meaningful growth in origination volumes in our newest business line.

    Lastly, we are pleased to announce that our board of directors has authorized an increase of our quarterly dividend to $0.11 per share beginning with the upcoming payment next month, reflecting our strong financial performance and ongoing commitment to delivering value to our shareholders. This increase underscores our confidence in the Company’s future growth and stability, as well as our focus on returning capital to investors.”

    Business Segment Highlights

    Recreation Lending Segment

    • Originations were $139.1 million during the quarter, compared to $92.6 million a year ago.
    • Recreation loans grew 15% to $1.6 billion as of September 30, 2024, compared to $1.3 billion a year ago.
    • Recreation loans were 63% of total loans as of September 30, 2024, compared to 61% a year ago.
    • Net interest income grew 9% to $38.9 million for the quarter, from $35.6 million in the prior year quarter.
    • The average interest rate was 14.92% at quarter-end, compared to 14.73% a year ago.
    • Recreation loans 90 days or more past due were $7.5 million, or 0.50% of gross recreation loans, as of September 30, 2024, compared to $5.9 million, or 0.45%, a year ago.
    • Allowance for credit loss rate was 4.53% as of September 30, 2024, compared to 4.24% a year ago.

    Home Improvement Lending Segment

    • Originations were $96.5 million during the quarter, compared to $79.3 million a year ago.
    • Home improvement loans grew 8% to $814.1 million as of September 30, 2024, compared to $750.5 million a year ago.
    • Home improvement loans were 33% of total loans as of September 30, 2024, compared to 34% a year ago.
    • Net interest income grew 5% to $12.0 million for the quarter, from $11.4 million in the prior year quarter.
    • The average interest rate was 9.76% at quarter-end, compared to 9.38% a year ago.
    • Home improvement loans 90 days or more past due were $1.6 million, or 0.19% of gross home improvement loans, as of September 30, 2024, compared to $1.0 million, or 0.13%, a year ago.
    • Allowance for credit loss rate was 2.42% as of September 30, 2024, compared to 2.31% a year ago.

    Commercial Lending Segment

    • Commercial loans were $110.1 million at September 30, 2024, compared to $100.3 million a year ago.
    • The average interest rate on the portfolio was 12.90%, compared to 12.91% a year ago.

    Taxi Medallion Lending Segment

    • The Company collected $4.1 million of cash on taxi medallion-related assets during the quarter.
    • Total net taxi medallion assets declined to $8.8 million (comprised of $1.9 million of loans net of allowance for credit losses and $6.9 million of loan collateral in process of foreclosure), a 46% reduction from a year ago, and represented less than half a percent of the Company’s total assets as of September 30, 2024.

    Capital Allocation

    Quarterly Dividend

    • The Board of Directors declared a quarterly dividend of $0.11 per share, payable on November 27, 2024 to shareholders of record at the close of business on November 15, 2024.

    Stock Repurchase Plan

    • During the third quarter, the Company repurchased 122,344 shares of its common stock at an average cost of $7.89 per share, for a total of $1.0 million.
    • As of September 30, 2024, the Company had $15.4 million remaining under its $40 million share repurchase program.

    Conference Call Information

    The Company will host a conference call to discuss its third quarter financial results tomorrow, Wednesday, October 30, 2024 at 9:00 a.m. Eastern time.

    In connection with its earnings release, the Company has updated its quarterly supplement presentation, which is now available at www.medallion.com.

    How to Participate

    • Date: Wednesday, October 30, 2024
    • Time: 9:00 a.m. Eastern time
    • U.S. dial-in number: (833) 816-1412
    • International dial-in number: (412) 317-0504
    • Live webcast: Link to Webcast of 3Q24 Earnings Call

    A link to the live audio webcast of the conference call will also be available at the Company’s IR website.

    Replay Information

    The webcast replay will be available at the Company’s IR website until the next quarter’s results are announced.

    The conference call replay will be available following the end of the call through Wednesday, November 6.

    • U.S. dial-in number: (844) 512-2921
    • International dial-in number: (412) 317-6671
    • Access ID: 1019 3247

    About Medallion Financial Corp.

    Medallion Financial Corp. (NASDAQ:MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.

    Forward-Looking Statements
    Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, net interest income and expenses, other expenses, earnings, growth, and our growth strategy. These statements are often, but not always, made using words or phrases such as “will” and “continue” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings, the impact of the pending SEC litigation, expectations regarding our loan portfolio, including collections on our medallion loans, the potential for future asset growth, and market share opportunities. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the current economy, whether inflation or the risk of recession, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion’s control. In addition to risks relating to the current economy, a description of certain risks to which Medallion is or may be subject, including risks related to the pending SEC litigation, please refer to the factors discussed under the heading “Risk Factors” in Medallion’s 2023 Annual Report on Form 10-K.

    Company Contact:
    Investor Relations
    212-328-2176
    InvestorRelations@medallion.com

    MEDALLION FINANCIAL CORP.
    CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)
     
    (Dollars in thousands, except share and per share data)   September 30, 2024     December 31, 2023     September 30, 2023  
    Assets                  
    Cash, cash equivalents, and federal funds sold   $ 187,929     $ 149,845     $ 127,642  
    Investment and equity securities     66,651       65,712       63,717  
    Loans     2,485,279       2,215,886       2,203,038  
    Allowance for credit losses     (96,518 )     (84,235 )     (79,133 )
    Net loans receivable     2,388,761       2,131,651       2,123,905  
    Goodwill and intangible assets, net     170,311       171,394       171,755  
    Property, equipment, and right-of-use lease asset, net     14,172       14,076       13,278  
    Accrued interest receivable     14,108       13,538       13,593  
    Loan collateral in process of foreclosure     8,818       11,772       15,923  
    Other assets     29,302       29,839       28,814  
    Total assets   $ 2,880,052     $ 2,587,827     $ 2,558,627  
    Liabilities                  
    Deposits   $ 2,108,132     $ 1,866,657     $ 1,855,096  
    Long-term debt     232,037       235,544       218,137  
    Short-term borrowings     49,000       8,000       18,489  
    Deferred tax liabilities, net     20,598       21,207       23,131  
    Operating lease liabilities     5,534       7,019       7,075  
    Accrued interest payable     6,888       6,822       4,624  
    Accounts payable and accrued expenses     26,687       30,804       34,813  
    Total liabilities     2,448,876       2,176,053       2,161,365  
    Total stockholders’ equity     362,388       342,986       328,474  
    Non-controlling interest in consolidated subsidiaries     68,788       68,788       68,788  
    Total equity     431,176       411,774       397,262  
    Total liabilities and equity   $ 2,880,052     $ 2,587,827     $ 2,558,627  
    Number of shares outstanding     23,084,277       23,449,646       23,363,731  
    Book value per share   $ 15.70     $ 14.63     $ 14.06  
                             
    MEDALLION FINANCIAL CORP.‌
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)‌
     
        Three Months Ended September 30,     Nine Months Ended September 30,  
    (Dollars in thousands, except share and per share data)   2024     2023     2024     2023  
    Total interest income   $ 76,409     $ 65,886     $ 214,183     $ 183,455  
    Total interest expense     23,672       17,102       63,661       44,379  
    Net interest income     52,737       48,784       150,522       139,076  
    Provision for credit losses     20,151       14,532       55,929       27,045  
    Net interest income after provision for credit losses     32,586       34,252       94,593       112,031  
    Other income (loss)                        
    (Loss) gain on equity investments     (519 )     2,180       3,136       2,189  
    Gain on sale of loans and taxi medallions     340       1,417       1,170       4,578  
    Write-down of loan collateral in process of foreclosure     (19 )     (30 )     (19 )     (303 )
    Other income     785       739       2,802       1,868  
    Total other income, net     587       4,306       7,089       8,332  
    Other expenses                        
    Salaries and employee benefits     9,456       9,630       28,347       27,805  
    Loan servicing fees     2,790       2,501       7,951       7,084  
    Collection costs     1,673       1,583       4,799       4,729  
    Regulatory fees     961       1,021       2,826       2,484  
    Professional fees     818       1,148       3,434       4,223  
    Rent expense     664       629       2,019       1,855  
    Amortization of intangible assets     361       361       1,084       1,084  
    Other expenses     2,272       2,216       6,755       7,220  
    Total other expenses     18,995       19,089       57,215       56,484  
    Income before income taxes     14,178       19,469       44,467       63,879  
    Income tax provision     4,055       6,727       14,196       18,582  
    Net income after taxes     10,123       12,742       30,271       45,297  
    Less: income attributable to the non-controlling interest     1,512       1,512       4,535       4,536  
    Total net income attributable to Medallion Financial Corp.   $ 8,611     $ 11,230     $ 25,736     $ 40,761  
    Basic net income per share   $ 0.38     $ 0.50     $ 1.14     $ 1.81  
    Diluted net income per share   $ 0.37     $ 0.48     $ 1.09     $ 1.77  
    Weighted average common shares outstanding                        
    Basic     22,490,792       22,596,982       22,576,446       22,469,968  
    Diluted     23,447,929       23,392,901       23,555,065       23,067,944  
    Dividends declared per common share   $ 0.10     $ 0.08     $ 0.30     $ 0.24  

    The MIL Network –

  • MIL-OSI: Dayforce Named a Leader in the 2024 Gartner® Magic Quadrant™ for Cloud HCM Suites for 1,000+ Employee Enterprises for Fifth Consecutive Year

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS and TORONTO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Dayforce, Inc. (NYSE: DAY; TSX: DAY), a global human capital management (HCM) leader that makes work life better, today announced it has been named a Leader in the 2024 Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employees Enterprises. Dayforce was recognized for the fifth consecutive year, driven by Dayforce’s Ability to Execute and Completeness of Vision.

    Operating across North America, Europe, the Middle East, Africa (EMEA), and the Asia Pacific Japan (APJ) region, Dayforce delivers quantifiable value to organizations globally with a single platform backed by AI-enhanced innovation. Dayforce is trusted by more than 6,600 customers, including leading organizations such as Henkel, Nashville Predators, City of Columbus, Longo’s, and more.

    “In the face of increasingly complex and ever-changing HR challenges, leaders need to invest in differentiated technology to help drive efficiencies, manage compliance, and operate with confidence – all assisted by trusted AI,” said Joe Korngiebel, Chief Strategy, Product, and Technology Officer, Dayforce, Inc. “Dayforce is this solution, and we feel our recognition as a Leader in the Gartner Magic Quadrant for the fifth consecutive year affirms this. In one single, global people platform, we’re delivering quantifiable value for organizations around the world and helping them achieve simplicity at scale for their people operations.”

    As an all-in-one solution with a unified user experience for HR, payroll, workforce management, talent, and analytics, Dayforce enables business leaders to move their organizations forward while balancing the drive to empower their people.

    Additional Information

    Gartner Disclaimer

    Gartner, Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises, Ranadip Chandra, Chris Pang, Et Al, 23 October 2024.

    GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

    Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

    About Dayforce
    Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, Pay, Time, Talent, and Analytics equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.  

    Media Contact
    Allison Hacker
    +1 425-785-8276
    allison.hacker@dayforce.com

    The MIL Network –