Category: Latin America

  • MIL-OSI Global: Nick Bosa’s MAGA hat vs. Colin Kaepernick’s kneeling: Will the NFL reveal a double standard?

    Source: The Conversation – Canada – By Noah Eliot Vanderhoeven, PhD Candidate, Political Science, Western University

    After the San Francisco 49ers won its Oct. 27 National Football League game against the Dallas Cowboys, their star defensive lineman Nick Bosa, appeared in a post-game media segment wearing a “Make America Great Again” hat in violation of the league’s uniform rules.

    The NFL has avoided overt political messages since former 49er Colin Kaepernick’s anthem protests against police brutality against Black Americans. But what are the implications of a white player displaying an overt political message right before the United States presidential election?

    Kaepernick received heavy media scrutiny and was very quickly exiled from the NFL for his protest and the apparent “distraction” it created. The power of the backlash Kaepernick faced was surprising, given that Democrats and Republicans are just as likely to be avid sports fans, with no meaningful differences in the strength of their fandom.

    However, Republican sports fans tend to be more vocal about what causes should receive representation in sport spaces and make these judgments based on greater support for individualism and the military. That means there’s little evidence to support the argument that Americans want sports and politics to remain separate.

    Nevertheless, support for conservative causes in sports spaces are generally accepted while progressive causes face strong resistance.




    Read more:
    How professional sports leagues that embrace social justice causes could influence politics


    Limits on social justice stances

    For example, the NFL was slow to adopt anti-racism messaging following the murder of George Floyd in Minneapolis in May 2020 by a police officer ultimately convicted of murder.

    Players initially felt they were being silenced by proposed league rules preventing players from kneeling during the national anthem. Eventually, the NFL agreed to allow players to feature social justice statements on the backs of their helmets. But this only came about after pushback from Black players, and they were limited to one of six pre-approved statements.

    Generally, the NFL has preferred to support non-partisan political messaging. One example is “get out the vote” initiatives. That has not changed in the lead-up to the 2024 election, as teams have been holding voter registration sessions and featuring the word “vote” prominently in their end zones.

    Bosa’s actions, however, were certainly partisan and constitute athlete activism, regardless of whether he wants to discuss his views any further.

    Previous acts of protest

    Donald Trump’s second candidacy to become president, and the re-emergence of a vocal white ethno-nationalist voice in American politics, has seemingly motivated the demand for agency and fuelled new activism by predominantly Black athletes. Bosa, in the meantime, has used his platform via the NFL to support Trump.

    The literature covering the intersection of sport and politics has mainly focused on individual acts of protest and nationalism. One prominent example are the protests by American sprinters John Carlos and Tommie Smith during the 1968 Olympics in Mexico City.




    Read more:
    The Olympics are ‘on the wrong side of history’ when it comes to free speech


    U.S. athletes Tommie Smith, centre, and John Carlos extend gloved hands skyward in racial protest during the playing of national anthem at the 1968 Olympics.
    (AP Photo)

    Their raised fists while on the medal podium were met with resistance and disapproval, with some commentators at the time arguing their protest was unnecessary and petty. Still today, many believe sport is an improper venue for political messaging.

    In turn, Kaepernick’s protest against police brutality and historic inequalities was seen as unpatriotic, and faced significant criticism.

    Will Bosa face a similar backlash? It seems highly unlikely, especially since Bosa’s support for Trump will probably be framed as patriotic due to the former president’s populist rhetoric about returning America to greatness.

    Double standard?

    The severe backlash against Kaepernick’s protest was driven by conservatives and centred on perceived disrespect for the military and the American flag. Those same conservatives are likely to defend Bosa’s actions, and will probably argue his hat was an expression of his First Amendment rights if the NFL takes serious action against him.

    Former San Francisco 49ers quarterback Colin Kaepernick (7) and outside linebacker Eli Harold (58) kneel during the playing of the national anthem before an NFL football game against the Atlanta Falcons in Atlanta.
    (AP Photo/John Bazemore)

    But when Bosa donned a piece of campaign merchandise on national television a little over a week out from a contentious presidential election, it was overtly political — arguably just as overtly political as taking a knee during the national anthem.

    At the moment, given the NFL’s lack of action against him, Bosa seems to be benefitting from a double standard when it comes to the intersection of sports and politics.

    It doesn’t appear Bosa is going to be suspended or miss any games for his actions. The NFL has until Saturday to announce any consequences for him, and it’s likely he’ll be fined up to US$11,000 for violating the NFL’s uniform rules by wearing unauthorized logos or branding.

    But that fine is probably the full extent of the repercussions Bosa will face, and $11,000 is a bargain for a national television advertisement when the Trump campaign is already spending tens of millions of dollars on advertising.

    ‘Stick to sports’

    Furthermore, Bosa is unlikely to face the kind of dehumanization faced by progressive activist athletes that misappropriates their cause and fuels hostility towards them. When athletes protest in support of social causes, they often see their job market and marketing profile take a hit.

    This is another example that shows when conservatives say athletes should “stick to sports” or “shut up and dribble,” they don’t actually want politics out of sports entirely.

    Rather, they don’t want to see political views they oppose being platformed in professional sports spaces.

    If they agree with the politics, sporting events are seemingly just another stop on the campaign trail.

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

    ref. Nick Bosa’s MAGA hat vs. Colin Kaepernick’s kneeling: Will the NFL reveal a double standard? – https://theconversation.com/nick-bosas-maga-hat-vs-colin-kaepernicks-kneeling-will-the-nfl-reveal-a-double-standard-242468

    MIL OSI – Global Reports

  • MIL-OSI Security: Oklahoma City Man to Serve 24 Months in Federal Prison for Firearms Trafficking and Unlawful Possession of a Machinegun

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Defendant Forfeits 194 Firearms, More Than Three Tons of Ammunition,

    Nearly $470,000 in Cash, and a Machinegun Conversion Device

    OKLAHOMA CITY – PHILLIP NILES MARTIN, 69, of Oklahoma City, has been sentenced to serve 24 months in federal prison for firearms trafficking and unlawful possession of a machinegun, announced U.S. Attorney Robert J. Troester.

    According to public record, Martin was the subject of two previous Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) investigations for similar conduct. In 2013, Martin received a verbal warning for dealing firearms without a license and was advised that even with a license he could not deal firearms at an Oklahoma City swap meet.  In 2020, he acknowledged receipt of an ATF cease-and-desist letter after a firearm that he had purchased was recovered at a crime scene in Mexico.

    Public record further reflects that in June 2022, ATF received multiple tips that Martin was illegally dealing in firearms at an Oklahoma City swap meet. An investigation revealed that Martin was still dealing firearms without a license and sold firearms at significantly inflated rates – approximately double retail price – without completing the background checks required by law.

    Pursuant to a search warrant executed at Martin’s residence, agents seized 194 firearms, approximately 6,100 pounds of ammunition, approximately $469,520 in cash, and a machinegun conversion device, commonly known as a “switch,” which when installed, converts a semi-automatic weapon into a fully automatic machinegun. Possession of these devices violates federal law.

    On February 16, 2024, Martin was charged by Information with a conspiracy to illegally traffic firearms and with unlawful possession of a machinegun.

    Martin pleaded guilty to the Information on March 11, 2024, and admitted he knowingly conspired with others to traffic firearms and that he illegally possessed a machinegun conversion device. Martin also agreed to forfeit all 194 firearms, the ammunition, approximately $469,520 in cash, and the machinegun conversion device.

    At the sentencing hearing on October 23, 2024, U.S. District Judge Jodi W. Dishman sentenced Martin to serve 24 months in federal prison, followed by three years in supervised release. In announcing the sentence, Judge Dishman noted the seriousness of the offenses and the fact that Martin had not been deterred from such conduct by prior warnings from law enforcement.

    This case is the result of an investigation by the Bureau of Alcohol, Tobacco, Firearms and Explosives. Assistant U.S. Attorney Danielle M. Connolly prosecuted the case.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. This case is also part of “Project Switch Off,” the Western District of Oklahoma’s local implementation of PSN. “Project Switch Off” targets illegal machinegun conversion devices to address the significant danger these illegal devices present and to remove them from our streets. For more information about PSN, please visit https://justice.gov/psn and https://justice.gov/usao-wdok.

    Reference is made to public filings for more information.

    MIL Security OSI

  • MIL-OSI USA: Attorney General Bonta to Congress: A Federal Price Gouging Prohibition Protects Families, Small Businesses

    Source: US State of California Department of Justice

    OAKLAND — California Attorney General Rob Bonta today joined 16 attorneys general in supporting a federal prohibition on price gouging. While 40 states across the country, including California, ban price gouging, there is no federal price gouging prohibition. Because so many product supply chains are nationwide, states face heightened challenges when protecting consumers from price gouging. A complementary federal price gouging prohibition would provide critical partnership to state enforcement, protect both consumers and small businesses, and strengthen existing state laws.

    “During and after a crisis, it is unfair — and harmful to our economy —for companies to reap higher profits for selling goods and services that families need to survive. That is why California’s price gouging law protects Californians during and after wildfires, severe weather storms, and other emergencies,” said Attorney General Bonta. “A federal price gouging prohibition that complements state law would build on successful partnerships between states and the federal government to protect consumers by making it easier to enforce price gouging prohibitions nationally, up the supply chain. This would benefit California consumers and small businesses who currently bear the brunt of their suppliers’ price setting.”

    Price gouging refers to sellers who take unfair advantage of consumers during an emergency or disaster by greatly increasing prices for essential consumer goods and services. Price gouging prohibitions are not price caps; prohibitions place temporary limits on a business’s ability to raise its profits on essential goods in a crisis. Price gouging prohibitions allow businesses to raise prices to cover costs, but those price increases should not result in an increase in their profits.

    In the letter, the attorneys general explain that the current gap in federal regulations allows larger companies outside of state control to raise prices and pass down costs to smaller businesses. Without a federal prohibition, consumer-facing retailers — often small businesses — bear the burden of reputational and legal consequences of crisis-induced higher prices, even when the most significant price gouging activity may be happening up the supply chain. A federal price gouging prohibition that complemented state prohibitions would allow federal enforcement agencies, such as the Federal Trade Commission, to identify and restrain irrational price increases throughout the entire supply chain.

    In the letter, the attorneys general argue that price gouging laws have key benefits that strengthen the economy. Price gouging laws:

    • Prevent inefficient pricing overreactions in the heat of a crisis. Setting prices too high may damage a business’s reputation and harm long-term profitability.
    • Encourage the production of essential supplies. Increasing production and selling more products, instead of selling the same amount at a higher price, allows businesses to increase their gross profits but not their profit margins and helps ensure people have enough essential supplies at reasonable costs.
    • Prevent hoarding. Encourages businesses to directly limit inefficient over-consumption.
    • Keep prices competitive. If consumers have no choice but to buy an essential product from one particular seller, price gouging prohibitions can restrain high prices for products where there is very little competition. 

    In sending today’s letter, Attorney General Bonta joined the attorneys general of New York, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Oregon, New Jersey, New Mexico, Pennsylvania, Vermont, and the District of Columbia. 

    In California, price gouging during a state of emergency is illegal under Penal Code Section 396. Californians who believe they have been the victim of price gouging should report it to their local authorities or to the Attorney General at oag.ca.gov/report.

    For additional information, please see DOJ’s FAQs on price gouging here.

    A copy of the letter can be found here.

    MIL OSI USA News

  • MIL-OSI USA: Ship Management Company Fined $1.75M for Failing to Maintain an Accurate Oil Record Book that Concealed Unauthorized Discharges at Sea

    Source: US State of Vermont

    Gremex Shipping S.A. de C.V., a Mexican corporation that managed several ships, including the M/V Suhar, pleaded guilty and was sentenced today in federal district court in Pensacola, Florida, for creating and providing false records to the U.S. Coast Guard to conceal its illegal discharge of oily bilge waste into the ocean, which is a felony violation of the Act to Prevent Pollution from Ships (APPS).

    The charge stems from a Coast Guard investigation of the ship once it arrived in Pensacola on Aug. 25, 2023. The Suhar is a 7,602 gross ton Panamanian-flagged ocean-going bulk carrier that routinely hauled cement from Tampico, Mexico, to Pensacola. Since March 2021, day-to-day operation of the ship was undertaken by Gremex, which was responsible for hiring all crew, and ensuring compliance with all policies on protection of the environment in accordance with international regulations. After boarding the ship to determine compliance with all applicable laws, Coast Guard personnel determined that the vessel’s crew had regularly discharged untreated oily bilge water into sea in a manner that bypassed onboard pollution control equipment, and then falsified the ship’s oil record book to conceal these discharges.

    As part of normal vessel operations, large ocean-going ships like the Suhar generate oily bilge water that periodically needs to be discharged for the vessel to operate safely. The United States and Panama are both parties to an international treaty known as MARPOL, which regulates and limits the at-sea discharge of oily bilge water. To satisfy these marine pollution requirements, vessels typically discharge oily bilge water after it has been processed through an oily water separator, a piece of onboard pollution control equipment which removes oil from bilge water prior to discharge. Ships are required to maintain an oil record book that documents all discharges of oily bilge water so authorities can monitor ships for compliance with these international requirements. Federal law requires that foreign ships arriving at U.S. ports maintain an accurate oil record book.

    Consistent with a sentencing recommendation jointly proposed by the government and Gremex, the court sentenced the company to pay a $1.75 million fine, serve a four-year term of probation and commit to developing and implementing an environmental compliance plan that will be in effect during the time the company is on probation.

    Assistant Attorney General Todd Kim of the Environment and Natural Resources Division and U.S. Attorney Jason R. Coody for the Northern District of Florida made the announcement.

    The Coast Guard’s Investigative Service investigated the case.

    Trial Attorney Joel La Bissonniere of the Environment and Natural Resources Division’s Environmental Crimes Section and Assistant U.S. Attorney Ryan Love for the Northern District of Florida prosecuted the case. 

    MIL OSI USA News

  • MIL-OSI USA: The Marshall Star for October 30, 2024

    Source: NASA

    Editor’s Note: Starting Nov. 4, the Office of Communications at NASA’s Marshall Space Flight Center will no longer publish the Marshall Star on nasa.gov. The last public issue will be Oct. 30. To continue reading Marshall news, visit nasa.gov/marshall.

    Blake Stewart, lead of the Thrust Vector Control Test Laboratory inside Building 4205 at NASA’s Marshall Space Flight Center, explains how his team tests the mechanisms that steer engine and booster nozzles of NASA’s SLS (Space Launch System) rocket to a group of Marshall team members Oct. 24. The employees were some of the more than 500 team members who viewed progress toward future Artemis flights on bus tours offered by the SLS Program. Building 4205 is also home to the Propulsion Research and Development Laboratory that includes 26 world-class labs and support areas that help the agency’s ambitious goals for space exploration. The Software Integration Lab and the Software Integration Test Facility are among the labs inside supporting SLS that employees visited on the tour. (NASA/Sam Lott)

    A group of Marshall team members gather below the development test article for the universal stage adapter that will be used on the second variant of SLS, called Block 1B. The universal stage adapter is located inside one of the high bays in building 4619. The universal stage adapter will connect the Orion spacecraft to the SLS exploration upper stage. With the exploration upper stage, which will be powered by four RL10-C3 engines, SLS will be capable of lifting more than 105 metric tons (231,000 pounds) from Earth’s surface. This extra mass capability enables SLS to send multiple large payloads to the Moon on the same launch. (NASA/Sam Lott)

    Marshall team members view the Orion Stage Adapters for the Artemis II and Artemis III test flights inside Building 4708. The Orion Stage Adapter, built at Marshall, connects the rocket’s interim cryogenic propulsion stage to the Orion spacecraft. The Orion Stage Adapter for Artemis II is complete and ready to be shipped to Kennedy Space Center. The Oct. 24 tours featured four stops that also included opportunities to see the Artemis III launch vehicle stage adapter, and the development test article for the SLS Block 1B universal stage adapter that will begin flying on Artemis IV. Additionally, programs and offices such as the Human Landing Systems Development Office and the Science and Technology Office hosted exhibits in the lobby of Building 4220, where employees gathered for the tours. (NASA/Jonathan Deal)
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    By Serena Whitfield
    In conjunction with National Disability Employment Awareness Month, NASA’s Marshall Space Flight Center held anagencywide virtual event hosted by the Office of Diversity and Equal Opportunity on Oct. 24.
    Marshall team members watched the Webex event in Building 4221.

    In alignment with the month’s national theme, “Access to Good Jobs for All,” the program highlighted the perspectives of people with disabilities in the workplace as they navigate the work lifecycle – from applying, to onboarding, career growth and advancement, and day-to-day engagements.
    The event began with Marshall Associate Director Roger Baird welcoming NASA team members.
    “NASA is dedicated to inclusive hiring practices and providing pathways for good jobs and career success for all employees, including workers with disabilities,” Baird said. “Some ways we do this is through targeted recruitment of qualified individuals with disabilities through accessible vacancy announcements, outreach to students with disabilities, and community partnerships.”
    NASA also utilizes Schedule A Authority, a non-competitive Direct Hiring Authority to hire people with disabilities without competition.
    Baird introduced event moderator Joyce Meier, logistics manager at Marshall, who welcomed panelists Casey Denham, Kathy Clark, Paul Spann, and Paul Sullivan, all NASA team members. The panelists from the disability community discussed their work lifecycles, lessons learned in the workplace, and shared a demonstration on colorblindness and its impact.
    Denham discussed some of the best practices for onboarding employees with neurodiversity, a term used to describe people whose brains develop or work differently than the typical brain.

    Clark talked about what can be done to continue raising awareness and advocating for disability rights. She said NASA empowers its workforce with knowledge so they can be informed allies to team members with disabilities and foster a safe and inclusive working environment. 
    Spann gave insight into practical steps employers can take to accommodate candidates with deafness, and Sullivan spoke about some key considerations NASA managers should keep in mind to make the job application process more accessible to candidates with low vision.
    Guest speaker Chip Dobbs, supply management specialist at Marshall, talked about his personal experiences with being deaf. Dobbs has worked at NASA for 29 years and said he has never let his disability hold him back, but instead uses it as a gateway to inspire and connect with others.
    The event ended with closing remarks from Tora Henry, director of the Office of Diversity and Equal Opportunity at Marshall. The virtual event placed importance on planning for NASA’s future by promoting equality and addressing the barriers people with disabilities face in the workplace. 
    “As we celebrate National Disability Employment Awareness Month, keep in mind that NASA’s mission of exploring the unknown and pushing the boundaries of human potential requires the contributions of every mind, skill set, and perspective,” Baird said. “Our commitment to inclusivity ensures that no talent goes untapped, and no idea goes unheard because together, we’re not just reaching for the stars, we’re showing the world what’s possible when everyone has a seat at the table.”
    A recording of the event is available here. Learn more about NASA’s agencywide resources for individuals with disabilities as well as the agency’s Disability Employment Program.
    Whitfield is an intern supporting the Marshall Office of Communications.
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    By Wayne Smith
    Farley Davis, manager of the Environmental Engineering and Occupational Health Office at NASA’s Marshall Space Flight Center, has received a 2024 Blue Marble Award from the agency.
    NASA’s Office of Strategic Infrastructure, Environmental Management Division presented the 2024 Blue Marble Awards on Oct. 8 at the agency’s Johnson Space Center. The Blue Marble Awards Program recognizes teams and individuals demonstrating exceptional environmental leadership in support of NASA’s missions and goals. In 2024, the awards included five categories: the Director’s Award, Environmental Quality, Excellence in Energy and Water Management, Excellence in Resilience or Climate Change Adaptation, and new this year: Excellence in Site Remediation. 

    Davis was recognized for “exceptional leadership and outstanding commitment above and beyond individual job responsibilities, to assist Marshall and the agency in enabling environmentally sound mission success.”
    “The award was unexpected, and I am very thankful to receive the Environmental Management Director’s Blue Marble Award,” said Davis, who has been at Marshall for 33 years. “Collectively, Marshall’s environmental engineering team has made this award possible with their diligent support for many years keeping the center’s environmental compliance at the forefront. I will cherish the award for the rest of my life.”
    June Malone, director of the Office of Center Operations at Marshall, credited Davis for his environmental leadership and mentoring team members.
    “Farley’s attitude of professionalism and personal responsibility for the development and implementation of well-grounded environmental programs has increased Marshall’s sustainability and prevented pollution,” Malone said. “His tireless leadership has resulted in compliance with federal, state, and local environmental laws and regulations, and his creative solution-oriented approaches to environmental stewardship have restored contaminated areas.”
    Charlotte Bertrand, director of the Environmental Management Division at NASA Headquarters, said it was an honor to select Davis for the 2024 Blue Marble Director’s Award.
    “Farley’s incredibly distinguished career with NASA reflects the award’s intention to recognize exceptional leadership by an individual in assisting the agency in enabling environmentally sound mission success,” Bertrand said.
    Please see the awards program for additional information.
    Smith, a Media Fusion employee and the Marshall Star editor, supports the Marshall Office of Communications.
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    By Wayne Smith
    When human exploration of Mars becomes a reality and more than just the stuff of science fiction, Brooke Rhodes will be eager to investigate what astronauts discover on the Red Planet.
    From listening to her talk about her work as an engineer at NASA’s Marshall Space Flight Center, it’s easy to grasp her excitement about the future of human space exploration and NASA’s Moon to Mars architecture.

    “I can’t wait for the Mars rovers to have some human company,” said Rhodes, who recently began a detail as the chief of Marshall’s Avionics and Software Ground Systems Test Branch. “I need to know if we can grow Mark Watney (of The Martian movie fame) quantities of potatoes up there. Everything we do to prepare to return humans to the Moon and establish a presence in deep space is building toward putting boots on Mars. It’s an honor and a privilege to be even a small part of it.”
    Rhodes also appreciates the responsibility she takes on in any form in NASA’s exploration missions to benefit humanity. After all, she has worked on hardware for the International Space Station and has had supporting roles for the Mars Ascent Vehicle and Artemis missions.
    “We at Marshall hold an incredible amount of responsibility: responsibility for the welfare of the crew on the space station, responsibility for the welfare of the crew on the Artemis missions, and even the welfare of humanity through the responsibility we have for science on the station and elsewhere,” said Rhodes, who is from Petal, Mississippi, and has worked at Marshall for seven years. “When your missions are as critical as ours, it’s nearly impossible to not be motivated.”
    Now, on to Mars.
    Question: What is your position and what are your primary responsibilities?
    Rhodes: I recently began the detail as the branch chief of the Avionics and Software Ground Systems Test Branch, ES53. Our branch is primarily responsible for the development of hardware-in-the-loop and software development facilities for the Artemis and MAV (Mars Ascent Vehicle) missions. My home organization is ES61, the Instrument Development, Integration and Test Branch, where I’ve been responsible for the integration and testing of International Space Station payloads for the past several years.

    Question: What has been the proudest moment of your career and why?
    Rhodes: One really cool moment that sticks out was the first time I saw hardware I had been responsible for being used in space. I spent several years as the integration and test lead of the Materials Science Research Rack (MSRR) Sample Cartridge Assemblies (SCAs) and we shipped our first batch of SCAs to the space station in 2018. That shipment was the culmination of years of intense effort and teamwork, so to see them onboard and about to enable materials science was an incredible feeling. There was a moment in particular that felt a bit surreal: prior to our SCA shipment the crew discovered they were missing a couple of fasteners from the onboard furnace, so we had those shipped to us from Europe and I packed them into the SCA flight foam before they shipped to the launch site. The next time I saw those fasteners they were being held up to a camera by one of the crew members, asking if those were the ones they needed for the furnace. Putting fasteners into foam didn’t take much effort, but what it represented was much bigger: being a small part of an international effort to enable science off the Earth, for the Earth, was an incredible moment I’ll carry with me for the rest of my career.
    Question: Who or what inspired you to pursue an education/career that led you to NASA and Marshall?
    Rhodes: I had a couple of lightbulb moments my junior year of high school that eventually set me on my current career path. I very specifically recall sitting in my physics I class and learning how to calculate the planetary motion of Jupiter and thinking I had never learned about anything cooler. Even then, though, NASA didn’t really enter my thoughts. Growing up, working for NASA didn’t even occur to me as something people could actually do – being a “rocket scientist” was just an abstract concept people threw around to indicate something was difficult.
    That changed later when the same teacher who had been teaching us planetary motion took us on a field trip to Kennedy Space Center. The tour guide showing us around the Vehicle Assembly Building was a young employee who said he had majored in aerospace engineering at the University of Tennessee. That was the second lightbulb moment: here was a young person from the Southeast, just like me, who had done something tangible in order to work for NASA. That seemed easy enough, so I decided to major in aerospace engineering at Mississippi State and one day work for NASA. That turned out to not be easy, but definitely doable.
    While at Mississippi State, I was able to complete three NASA internships, one at the Jet Propulsion Laboratory and two at Marshall. Eventually, I was hired on full-time at NASA’s Johnson Space Center, but wound up making my way back to Marshall, where I’ve been ever since. There’s no place on the planet better for enthusiasts of both aerospace engineering and football.

    Interestingly, my physics I teacher’s name was Mrs. Rhodes, and I used to joke with my classmates that I wanted to be Mrs. Rhodes when I grew up. I didn’t actually mean that literally, but then I married Matthew Rhodes and did, indeed, become Mrs. Rhodes.
    Question: What advice do you have for employees early in their NASA career or those in new leadership roles?
    Rhodes: Scary is good. If you aren’t stepping out of your comfort zone you probably aren’t growing, and if you’re experiencing imposter syndrome, you’re probably the right person for the job.
    Question: What do you enjoy doing with your time while away from work?
    Rhodes: While away from work I tend to invest too much of my mental wellbeing into football. To recover from the stresses of work and my football teams being terrible, I like to explore National Parks. The U.S. has some of the most diverse scenery anywhere in the world, and I love getting outside and exploring it.
    Smith, a Media Fusion employee and the Marshall Star editor, supports the Marshall Office of Communications.
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    Most stars form in collections, called clusters or associations, that include very massive stars. These giant stars send out large amounts of high-energy radiation, which can disrupt relatively fragile disks of dust and gas that are in the process of coalescing to form new planets.
    A team of astronomers used NASA’s Chandra X-ray Observatory, in combination with ultraviolet, optical, and infrared data, to show where some of the most treacherous places in a star cluster may be, where planets’ chances to form are diminished.

    The target of the observations was Cygnus OB2, which is the nearest large cluster of stars to our Sun – at a distance of about 4,600 light-years. The cluster contains hundreds of massive stars as well as thousands of lower-mass stars. The team used long Chandra observations pointing at different regions of Cygnus OB2, and the resulting set of images were then stitched together into one large image.
    The deep Chandra observations mapped out the diffuse X-ray glow in between the stars, and they also provided an inventory of the young stars in the cluster. This inventory was combined with others using optical and infrared data to create the best census of young stars in the cluster.
    In a new composite image, the Chandra data (purple) shows the diffuse X-ray emission and young stars in Cygnus OB2, and infrared data from NASA’s now-retired Spitzer Space Telescope (red, green, blue, and cyan) reveals young stars and the cooler dust and gas throughout the region.
    In these crowded stellar environments, copious amounts of high-energy radiation produced by stars and planets are present. Together, X-rays and intense ultraviolet light can have a devastating impact on planetary disks and systems in the process of forming.
    Planet-forming disks around stars naturally fade away over time. Some of the disk falls onto the star and some is heated up by X-ray and ultraviolet radiation from the star and evaporates in a wind. The latter process, known as “photoevaporation,” usually takes between five and 10 million years with average-sized stars before the disk disappears. If massive stars, which produce the most X-ray and ultraviolet radiation, are nearby, this process can be accelerated.
    The researchers using this data found clear evidence that planet-forming disks around stars indeed disappear much faster when they are close to massive stars producing a lot of high-energy radiation. The disks also disappear more quickly in regions where the stars are more closely packed together.
    For regions of Cygnus OB2 with less high-energy radiation and lower numbers of stars, the fraction of young stars with disks is about 40%. For regions with more high-energy radiation and higher numbers of stars, the fraction is about 18%. The strongest effect – meaning the worst place to be for a would-be planetary system – is within about 1.6 light-years of the most massive stars in the cluster.
    A separate study by the same team examined the properties of the diffuse X-ray emission in the cluster. They found that the higher-energy diffuse emission comes from areas where winds of gas blowing away from massive stars have collided with each other. This causes the gas to become hotter and produce X-rays. The less energetic emission probably comes from gas in the cluster colliding with gas surrounding the cluster.
    Two separate papers describing the Chandra data of Cygnus OB2 are available. The paper about the planetary danger zones, led by Mario Giuseppe Guarcello (National Institute for Astrophysics in Palermo, Italy), appeared in the November 2023 issue of the Astrophysical Journal Supplement Series, and is available here. The paper about the diffuse emission, led by Juan Facundo Albacete-Colombo (University of Rio Negro in Argentina) was published in the same issue of Astrophysical Journal Supplement, and is available here.
    NASA’s Marshall Space Flight Center manages the Chandra program. The Smithsonian Astrophysical Observatory’s Chandra X-ray Center controls science operations from Cambridge, Massachusetts, and flight operations from Burlington, Massachusetts.
    NASA’s Jet Propulsion Laboratory (JPL) managed the Spitzer Space Telescope mission for the agency’s Science Mission Directorate until the mission was retired in January 2020. Science operations were conducted at the Spitzer Science Center at Caltech. Spacecraft operations were based at Lockheed Martin Space in Littleton, Colorado. Data are archived at the Infrared Science Archive operated by IPAC at Caltech. Caltech manages JPL for NASA.
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    NASA recently evaluated initial flight data and imagery from Pathfinder Technology Demonstrator-4 (PTD-4), confirming proper checkout of the spacecraft’s systems including its on-board electronics as well as the payload’s support systems such as the small onboard camera. Shown is a test image of Earth taken by the payload camera, shortly after PTD-4 reached orbit. This camera will continue photographing the technology demonstration during the mission. 

    Payload operations are now underway for the primary objective of the PTD-4 mission – the demonstration of a new power and communications technology for future spacecraft. The payload, a deployable solar array with an integrated antenna called the Lightweight Integrated Solar Array and anTenna, or LISA-T, has initiated deployment of its central boom structure. The boom supports four solar power and communication arrays, also called petals. Releasing the central boom pushes the still-stowed petals nearly three feet away from the spacecraft bus. The mission team currently is working through an initial challenge to get LISA-T’s central boom to fully extend before unfolding the petals and beginning its power generation and communication operations.
    Small spacecraft on deep space missions require more electrical power than what is currently offered by existing technology. The four-petal solar array of LISA-T is a thin-film solar array that offers lower mass, lower stowed volume, and three times more power per mass and volume allocation than current solar arrays. The in-orbit technology demonstration includes deployment, operation, and environmental survivability of the thin-film solar array.  
    “The LISA-T experiment is an opportunity for NASA and the small spacecraft community to advance the packaging, deployment, and operation of thin-film, fully flexible solar and antenna arrays in space. The thin-film arrays will vastly improve power generation and communication capabilities throughout many different mission applications,” said John Carr, deputy center chief technologist at NASA’s Marshall Space Flight Center. “These capabilities are critical for achieving higher value science alongside the exploration of deep space with small spacecraft.”

    [embedded content]
    NASA teams are testing a key technology demonstration known as LISA-T, short for the Lightweight Integrated Solar Array and anTenna. It’s a super compact, stowable, thin-film solar array that when fully deployed in space, offers both a power generation and communication capability for small spacecraft. LISA-T’s orbital flight test is part of the Pathfinder Technology Demonstrator series of missions. (NASA)

    The Pathfinder Technology Demonstration series of missions leverages a commercial platform which serves to test innovative technologies to increase the capability of small spacecraft. Deploying LISA-T’s thin solar array in the harsh environment of space presents inherent challenges such as deploying large highly flexible non-metallic structures with high area to mass ratios. Performing experiments such as LISA-T on a smaller, lower-cost spacecraft allows NASA the opportunity to take manageable risk with high probability of great return. The LISA-T experiment aims to enable future deep space missions with the ability to acquire and communicate data through improved power generation and communication capabilities on the same integrated array.
    The PTD-4 small spacecraft is hosting the in-orbit technology demonstration called LISA-T. The PTD-4 spacecraft deployed into low Earth orbit from SpaceX’s Transporter-11 rocket, which launched from Space Launch Complex 4E at Vandenberg Space Force Base in California on Aug. 16. Marshall designed and built the LISA-T technology as well as LISA-T’s supporting avionics system. NASA’s Small Spacecraft Technology program, based at NASA’s Ames Research Center and led by the agency’s Space Technology Mission Directorate, funds and manages the PTD-4 mission as well as the overall Pathfinder Technology Demonstration mission series. Terran Orbital Corporation of Irvine, California, developed and built the PTD-4 spacecraft bus, named Triumph.
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    By Paola Pinto
    For more than two decades, the NASA Short-term Prediction Research and Transition Center (SPoRT) within the NASA Earth Science Office at Marshall Space Flight Center has been at the forefront of developing and maintaining decision-making tools for meteorological predictions.

    Jonathan Brazzell, a service hydrologist at the National Weather Service (NWS) office in Lake Charles, Louisiana, highlighted a recent example of SPoRT’s impact while he was doing forecasting for Texas streams.
    Brazzell, who manages the South Texas and South Louisiana regions, emphasized the practical applications and significant impacts of the Machine Learning model developed by NASA SPoRT to predict future stream heights, known as the SPoRT Streamflow A.I. During a heavy rainfall event this past spring, he noted the challenge of forecasting flooding beyond 48 hours. SPoRT has worked closely with the NWS offices to develop a machine learning tool capable of predicting river flooding beyond two days and powered by the SPoRT Land Information System.
    “Previously, we relied on actual gauge information and risk assessments based on predicted precipitation,” Brazzell said. “Now, with this machine learning, we have a modeling tool that provides a much-needed predictive capability.”
    During forecasted periods of heavy precipitation from early to mid-May, Brazzell monitored potential flooding events and their magnitude using NASA SPoRT’s Streamflow-AI, which provided essential support to the Pine Island Bayou and Big Cow Creek communities in south Texas.
    Streamflow A.I. enabled local authorities to provide advance notice, allowing residents to prepare adequately for the event. Due to the benefit of three to seven-day flood stage predictions, the accurate forecasts helped county officials decide on road closures and evacuation advisories; community officials advised residents to gather a seven-day supply of necessities and relocate their vehicles, minimizing disruption and potential damage.
    Brazzell highlighted specific instances where the machine learning outputs were critical. For example, during the event that peaked around May 6, Streamflow A.I. accurately predicted the rise in stream height, allowing for timely road closures and advisories. These predictions were shared with county officials and were pivotal in their decision-making process.

    Brazzell shared that integrating SPoRT’s machine learning capabilities with their existing tools, such as flood risk mapping, proved invaluable. Although the machine learning outputs had been operational for almost two years after Hurricane Harvey, this season has provided their first significant applications in real-time scenarios due to persistent conditions of below-normal precipitation and ongoing drought.
    He also mentioned the broader applications of Streamflow A.I., including its potential use in other sites beyond those currently being monitored. He expressed interest in expanding the use of machine learning stream height outputs to additional locations, citing the successful application in current sites as a compelling reason for broader implementation.
    NASA SPoRT users’ experiences emphasize how crucial advanced prediction technologies are in hydrometeorology and emergency management operations. Based on Brazzell’s example, it is reasonable to say that the product’s ability to provide accurate, timely data greatly improves decision-making processes and ensures public safety. The partnership between NASA SPoRT and operational agencies like NOAA/NWS and county response teams demonstrates how research and operations can be seamlessly integrated into everyday practices, making a tangible difference in communities vulnerable to high-impact events.
    As the Streamflow A.I. product continues to evolve and expand its applications, it holds significant promise for improving disaster preparedness and response efforts across various regions that experience different types of flooding events.
    The Streamflow-AI product provides a 7-day river height or stage forecasts at select gauges across the south/eastern U.S. You can find the SPoRT training item on Streamflow-AI here.
    Pinto is a research associate at the University of Alabama in Huntsville, specializing in communications and user engagement for NASA SPoRT.
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    NASA has selected All Native Synergies Company of Winnebego, Nebraska, to provide custodial and refuse collection services at the agency’s Marshall Space Flight Center.

    The Custodial and Refuse Collection Services III contract is a firm-fixed-price contract with an indefinite-delivery/indefinite-quantity provision. Its maximum potential value is approximately $33.5 million. The performance period began Oct. 23 and will extend four and a half years, with a one-year base period, four one-year options, and a six-month extension.
    This critical service contract provides custodial and refuse collection services for all Marshall facilities. Work under the contract includes floor maintenance, including elevators; trash removal; cleaning drinking fountains and restrooms; sweeping, mopping, and cleaning building entrances and stairways.
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    MIL OSI USA News

  • MIL-OSI: Banco Itaú Chile Announces Third Quarter 2024 Management Discussion & Analysis Report

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, Oct. 30, 2024 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) announced today its Management Discussion & Analysis Report (“MD&A Report”) for the third quarter ended September 30, 2024. For the full MD&A Report, please refer to the following link:

    https://ir.itau.cl/MDAQ32024

    On Monday, November 4, 2024, at 11:00 A.M. Santiago time (9:00 A.M. ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by Claudia Labbé Montevecchi, Head of IR and Chief Sustainability Officer, and Matías Valenzuela Barrenechea, Head of FP&A, Capital and IR.

    Conference Call Details:

    Online registration: https://registrations.events/direct/Q4I613620

    All participants must pre-register using this link to join the conference call. Upon registering, each participant will be provided with details to connect to the call and a registrant ID.

    Webcast:

    The webcast will be available through the following link:

    https://events.q4inc.com/attendee/539765194

    Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. Following the event, the event will be available in the same link.

    Telephone and Virtual Q&A session:

    The Q&A session will be available for participants connected through the conference call and through the webcast, where attendees will be allowed to type in their questions – we will read and answer selected questions verbally.

    Investor Relations – Itaú Chile

    IR@itau.cl / ir.itau.cl

    The MIL Network

  • MIL-OSI NGOs: Hurricane Unpreparedness in the Caribbean, Disaster by Imperial Design

    Source: Council on Hemispheric Affairs –

    St. Lucia during and post Hurricane Beryl

    by Tamanisha J. John

    Toronto, Ontario

    Whenever a hurricane hits in the Caribbean, people rush to point out that it is an indicator of “disaster capitalism” and/or that “disaster capitalism” will surely come. While I agree that non-governmental organizations (NGO) and other organizations profit from disasters in the Caribbean region, and have a long history of doing so, I am less inclined to believe that “disaster capitalism” exists there unless one takes an ahistorical view. Disaster capitalism in the Caribbean can only exist in those states whose revolutions have been defeated and/or undermined, but overall, there has been no massive structural changes in these states. The region is already, and historically has been, ultra-accommodating to capitalism. Disaster capitalism refers to “the use of the shock of disastrous situations to dismantle state participation in the economy and to implant structural changes in the form of laissez-faire capitalism” (Schwartz, 2015, p. 311). To claim that disaster capitalism will come to the Caribbean region would thus indicate a marked period of state participation in the Caribbean that provided for the peoples living there.

    Instead, all states’ independence was marked by US interventions given the ideological and economic struggle of the Cold War and the neoliberal turn, which attacked state input and intervention in the market. Caribbean states’ independence was marked by debt and lack of access to capital. It occurred alongside financial institutions’ proliferation of structural adjustment policies whose implementation was necessitated for states in the region to acquire access to loaned capital (John, 2023). Though struggles for nationalizations did occur – in industries like mining, banking, insurance, and others – harsh retaliations from the US and Canada made them unsustainable (John, 2023, p. 134) – with no real reductions in foreign ownership “despite the changes in legal forms of ownership” (Thomas, 1984, p. 168-9). Thus, large foreign ownership of resource extractive industries and financial institutions remained a feature of Caribbean societies when they became independent – just as it also marked the colonial landscape in these spaces. The foreign players that controlled corporations, land, and industries in these countries did change somewhat, but this was also typical with imperial rivalries (Caribbean states themselves having been subject to multiple phases of European colonization throughout their histories).

    It was Walter Rodney, who in his 1972 text How Europe Underdeveloped Africa, put forward a critique of the thesis that capitalism had to develop prior to ushering in socialism – which was Marx’s estimation – given that this thesis went against the trajectory of capitalist development in both the Caribbean and in Africa, where the capitalist logics of extraction with disregard for these societies left them in almost permanent states of underdevelopment, that only physical and ideological anti-imperialism could rectify. One of the consequences of this underdevelopment, I argue, is the lack of hurricane preparedness. The logic of “getting people back to work” and “security” in these colonized spaces have always trumped wellbeing for the people and environment – precisely because the people in them have always been categorized as disposable, while the natural resources have been reduced to instruments for the generation of profit. This ideology was true under European empires, and now true under US hegemony in the region – where foreign imposing actors continue to have more say on preparedness, wealth distribution, land ownership, security, economic development, and entrepreneurship (innovation).

    In a Region Prone to Hurricanes, Unpreparedness is an Ideological Policy Choice

    “Hurricanes are not random phenomena. Atmospheric conditions and physics limit their movement” (Schwartz, 2015, p. xvi). In the Caribbean, the Yucatán Peninsula, the Gulf of Mexico, and the South-Eastern United States, we have come to expect a lack of preparedness whenever hurricanes strike. Though Hurricane Beryl’s strength and early formation in June was unprecedented for the Caribbean’s hurricane season, what is precedent is the lack of regional preparedness for hurricanes in a region prone to have them – no matter when these hurricanes form. Forming around June 25th it was clear that Beryl would break the record for earliest formed Category 5 hurricane by the time that it made way into the Caribbean. This was due to the unusually warm temperatures registered in both the Atlantic Ocean and the Caribbean Sea as early as March, various heatwave advisories and warnings were placed on the region acknowledging that the summer 2024 would be “hotter than usual” (Loop News 2024). When news of Beryl’s formation first spread, people expected the worst given unusually hot increases in temperatures (+4°c) for the region so early in the year.

    Making landfall as a Category 4 hurricane in one of the smaller islands of Grenada, Carriacou, on July 1st Beryl would destroy 95% of the infrastructure there before strengthening to a Category 5 hurricane. It would bring even worse devastation to a smaller island of St. Vincent and the Grenadines, Mayreu, where reports proclaim that island to have nearly been “erased from the map” (AP News 2024). In its Caribbean path, Beryl brought devastation as a Category 5 and 4 storm to Grenada, St. Vincent and the Grenadines, Dominica, Tobago and northern Venezuela, Barbados, and the southern portion of Jamaica. In its North American path, Beryl brought devastation as a Category 2 and 1 storm to Mexico’s Yucatan Peninsula, before making landfall in Texas and Louisiana. Thereafter the storm was experienced elsewhere in the form of a tropical cyclone and massive downpours of rain. Beryl eventually tapered off in Canada on July 11th where it left heavy rain that caused massive flooding (due to Canada’s neglected flood systems). Beryl’s death toll currently stands at 33, with the storm causing 6 deaths “in Venezuela, 1 in Grenada, 2 in Carriacou, 6 in St. Vincent and the Grenadines, 4 in Jamaica […] at least 11 in the Greater Houston area, 1 in Louisiana, and 2 in Vermont.” (TT Weather Center 2024)”

    Now that the storm has passed, people in impacted areas must contend with the loss of life, destruction of physical infrastructure – including homes and businesses, the lack of food and other basic products, as well as the lack of power and electricity. While contending with loss, victims of this severe weather will start to question the inability of their governments – rich or poor – to adequately address the post hurricane scenarios that they find themselves in repeatedly. This discontent with unpreparedness is now prevalent even before the hurricane season itself has ended.

    A Note on Cuba’s Hurricane Preparedness, The Importance of Ideology

    One of the most infuriating elements of hurricanes in this region is the “disaster” narratives that come after them, which falsely assert the “naturalness” of unpreparedness given the chaos of the disaster itself – when unpreparedness is, in fact, an ideological policy choice. Poorer states in this region are shackled by an unwillingness of the state to drastically deviate from “larger institutional constraints from which the logic of colonial administration derived its central purpose” and are inherited (Pérez Jr., 2001, p. 133-4).  On the other hand, richer states are shackled by their individualist ideologies which offer “vigorous critiques of government expenditure” which leave preparedness up to “market-driven, neoliberal economic policies,” that turn state and local responsibilities over “to charitable institutions, to churches, or to the victims themselves and their communities” (Schwartz, 2015, p. 300).

    When looking at states in the Western Hemisphere which frequently experience hurricanes, Cuba stands out as a state which tends to fare better in the post hurricane environment given that state’s policies of shared responsibility towards its people. This even as Cuba has been subjected to a draining embargo and sanctions which places a burden on economic growth there. Yet still, Washington maintains that Cuba’s successful hurricane response and disaster mitigation strategies amount to “the exchange of liberty for effectiveness” (Schwartz, 2015, p. 293-4). Though couched in this language of ‘liberty,’ mitigating the loss of life ensures one’s longtime enjoyment of liberty – as opposed to dying for ‘liberty’s’ sake during a hurricane (or other disasters like the COVID-19 pandemic). For example, Cuba’s hurricane preparedness in relation to the US stands out. Cuba’s disaster response compares a bit more favorably to the Federal Emergency Management Agency (FEMA). FEMA “oversaw 15 times more deaths from hurricanes than Cuba from 2005 — the year that Katrina struck New Orleans — to 2015” (Wolfe, 2021).

    This is because Cuba’s disaster preparedness is proactive, prioritizing human life and well-being given the ideological foundations of its revolution that transformed political, social, economic, and environmental relations in the country. US disaster preparedness on the other hand prioritizes profit at the expense of people – it is reactionary and reactive, often blaming victims of hurricane disasters for the lack of state preparedness.

    The Caribbean Hurricane as Natural Phenomena, the Disaster as Colonial Inheritance

    Hurricanes are not experienced equally amongst states in the Western Hemisphere. People living on Caribbean islands tend to experience the worst effects of hurricanes when they do strike, and it is also people on these same islands which tend to have less resources to recover from the impacts of a hurricane. Though Cuba’s hurricane preparedness is commendable, infrastructure and livelihoods there are still devastated by hurricanes. Many of the Caribbean islands are geographically located “in the Atlantic Hurricane Alley, [and] the region is sensitive to large-scale fluctuation of ocean patterns that are disrupted by warming seas” (Zodgekar, et. al 2023, p. 321). Additionally, populations and infrastructure on these islands tend to be concentrated on the coast – a colonial holdover – given that European “settlements were established directly in the path of oncoming hurricanes (Pérez Jr., 2001, p. 8). Initially due to lack of knowledge, this trend remained unchanged amongst Europeans given the need to export what was being extracted from these islands using the ports developed on the coasts.

    Historically, environmental disasters (hurricanes, earthquakes, and droughts) throughout the 1600s-1900s would consolidate land amongst the wealthiest European settlers on different islands and would foil settler attempts to diversify agriculture on islands. This was because wealthy settlers could more easily recover and rebuild what was lost in the aftermath of a hurricane, due to their ability to access credit from Europe and resort to using their own fortunes (wealth and networks). On the other hand, smaller settlers unable to rebuild and recover from hurricane losses had a harder time accessing credit – and creditors within Europe viewed loaning to smaller settlers as a financial burden. If these smaller settlers were already in debt, the passing of a hurricane meant that they would either have to work off debt by giving all that they had to a creditor in Europe, or one on the island, by entering into a credit arrangement with a wealthier plantation owner (Mulcahy, 2006, p. 86-8). These losses were quite frequent, as it is known that these phenomena made it so that some European creditors in Europe would amass plantation wealth, even if they themselves had never visited a Caribbean island or formally engaged in plantation life (Mulcahy, 2006, p. 87-8).

    These dynamics, in part, explain the predominance of the cultivation of sugar (and rice in what would become the South-Eastern United States) within the region, and even then, “plantership […] necessitated deep pockets (or strong credit) to survive its constant and rapid fluctuations” (Mulcahy, 2006, p. 66). “Without access to credit, smaller farmers were forced to sell their lands to wealthier and more secure planters, who thereby expanded their landholdings and production capabilities” (Mulcahy, 2006, p. 86). This consolidation of larger and wealthier plantations also made other concerns arise, namely the depopulation of settlers from the islands, as debtors opted to leave in the aftermath of storms, and later the transfers of estates to owners outside of the colonies (Mulcahy, 2006, p. 86-7). In essence, settlers’ decision to flee in the wake of, or after, a hurricane shaped population dynamics and demographics in colonies. They also shaped the lack of hurricane preparedness in colonies. Wealthier planters on the islands, and Europeans in Europe, who could suffer from hurricane losses (hurricanes themselves not being guaranteed every season), rebuild afterwards, and recover previous losses given the profit from plantation trade goods – had less incentives to plan ahead if they were not as risk of losing everything they had amassed in their life after a hurricane.

    In smaller island states’, where plantation systems were heavily disrupted or stunted in growth due to geography of the land (especially in the Lesser Antilles), even fewer attempts were made to develop any infrastructure which could protect against storms (Mulcahy, 2006). To be clear, this does not mean that these landscapes were spared from destruction which made the impacts of hurricanes worse: deforestation, overgrazing, and over-cultivation of Caribbean islands during centuries of European colonialism that included dispossession of indigenous groups and the enslavement of Africans, also impacted how hurricanes came to be experienced. While planter consolidation, rebuilding, and profits have so far been underscored here – the elephant in the room is that all of this occurred alongside the massive death toll of enslaved Africans who suffered the most both during and after the passage of a hurricane. Outside of the high death tolls for enslaved Africans on the islands, once a hurricane passed, the ultimate goal in the colonies became the reestablishment of ‘law-and-order’ given fears of slave revolt in the wake of destruction (Mulcahy, 2006; Schwartz, 2015). Although slave-revolts post hurricane remained a consistent fear of settlers, slave revolts did not occur after a hurricane due to its disproportionate toll on enslaved populations who were “often the most debilitated by the shortage of food and the diseases that followed the hurricane” (Schwartz, 2015, p. 49).

    Caribbean Indigenous Peoples Blamed European Imperial Settlement for Increased Hurricane Devastation

    From historical accounts, we know that the Spaniards were the first Europeans to experience a hurricane within the Western Hemisphere during Columbus’s second voyage in 1494/5 (Pérez Jr., 2001; Mulcahy, 2006; Schwartz, 2015). The hurricane experience was unlike anything that Europeans had observed in Europe, and it was from this experience that they sought out intel from the indigenous peoples in the Caribbean. For Caribbean indigenous peoples, “the great storms were part of the annual cycle of life. They respected their power and often deified it, but they also sought practical ways to adjust their lives to the storms. Examples were many: The Calusas of southwest Florida planted rows of trees to serve as windbreaks to protect their villages from hurricanes. On the islands of the Greater Antilles—Cuba, Jamaica, Hispaniola, and Puerto Rico—the Taino people preferred root crops like yucca, malanga, and yautia because of their resistance to windstorm damage. The Maya of Yucatan generally avoided building their cities on the coast because they understood that such locations were vulnerable to the winds and to ocean surges that accompanied the storms” (Schwartz, 2015, p. 5). Further, Indigenous representations of hurricanes were overall accurate and are similar to modern meteorological mapping of these storms. Europeans also learned from Caribbean Indigenous groups that you could “track” when a hurricane would strike. These developments meant that Indigenous Caribbean knowledge of the hurricane was not only limited to the occurrence of storm, but also meant that Indigenous Caribbean societies factored in preparedness for hurricanes within their worldviews.

    Given Caribbean Indigenous knowledge of hurricanes, it is these same people who also recognized that the changes to the landscape by European colonialism contributed to the increased devastation caused by hurricanes between the 1600s-1900s. As such, English colonists who would also come to experience the hurricanes report that “several elderly Caribs stated that hurricanes had become more frequent in recent years, which they viewed as a punishment for their interactions with Europeans” and the main “alteration that our people attribute the more frequent happenings of Hurricanes” (Mulcahy, 2006, p. 35). What these settler accounts reveal about Indigenous Caribbean peoples is what Schwartz notes in his 2015 book, Sea of Storms: A History of Hurricanes in the Greater Caribbean from Columbus to Katrina, that although “hurricanes were a natural phenomenon; what made them disasters was the patterns of settlement, economic activity, and other human action” (p. 74). Nonetheless, colonial ecological and environmental destruction in the Caribbean – which increased the felt impact of hurricanes – remained worthwhile for Europeans given the high profits to be made from export crops, which kept people there to rebuild after hurricanes. Mulcahy in his 2006 book, Hurricanes and Society in the British Greater Caribbean, 1624 – 1783, writes “European settlers and colonists were engaged in a never-ending struggle against nature in their quest for wealth” (p. 93)

    Additionally, the European empire’s responses to hurricanes also influenced decisions to stay. Because colonial societies in the Caribbean were stratified along racial and other social hierarchies – hurricanes presented opportunities for large scale consolidation of plantation property on islands which privileged wealthy plantation owners. Additionally, smaller merchants and plantations which could not recover post hurricane were sometimes forced to transfer ownership to merchants in Europe – who never had to visit these properties while amassing wealth from them thereafter (Mulcahy 2006, p. 88). Disaster relief to the colonies thus came to be historically designed as a way for further economic integration, and “assistance to the colonies in times of disaster would bring wealth and affluence to the empire” (Mulcahy 2006, p. 162). Disaster assistance – while increasing inequalities between all peoples in the colonies – did overall benefit imperial capitalism and patriotism within the empire, amongst loyal subjects, especially amongst elite classes, who received the majority of aid based on their losses.

    Banking on Hurricanes and Absolving Empire of Responsibility: Debates in Europe

    While debates in Europe raged regarding enriching the already wealthy within the colonies with disaster relief – these debates did not change the post-hurricane reality of which those most needing of aid (Indigenous groups, enslaved Africans, indentured workers, small merchants, and small planters) were the least likely to receive it, which was true across all of the different European colonies (Pérez Jr., 2001; Mulcahy, 2006; Schwartz, 2015). “Vulnerability to the hurricane itself was a function of the material determinants” around which colonial social hierarchies were arranged (Pérez Jr., 2001, p. 111). In Europe, debates focused primarily on creditors, so it was argued that the wealthy were more primed to repay creditors when/if they received disaster relief after a hurricane. On the other hand, the proliferation of print news meant that individuals and organizations (e.g., the Church) could send aid to the colonies after disaster struck. Previously, when disaster struck it would take months for news to reach those in Europe, even as the disruptions in trade were more readily felt. Moreover, it was hard for the public in Europe to understand the scale of destruction caused by hurricanes in the Americas, given that this kind of natural disaster did not occur in Europe.

    With the establishment of print media, the destruction caused by hurricanes and the damages that they did to plantation systems – which would require a lot of assistance to recover – was made much more readily available to people who could empathize and assist in recovery efforts. Within the British empire, some newspapers even published who would send what amount and type of post disaster relief to the colonies, which undoubtedly contributed to the charitable giving of some wealthy individuals (Mulcahy 2006; Schwartz 2015). Given that the voyage from Europe to the various colonies was long, there was illegal trading between different colonies to provide relief to one another faster – including with the United States, even after the American Revolution.

    It is this colonial history which still shapes the lack of hurricane preparedness in a region prone to have them. Thus, most scholars on hurricanes in the region continue to highlight the colonial and slave legacies which have shaped regional unpreparedness to hurricanes. Though the United States is a wealthier country today with the capabilities to develop hurricane preparedness – even if only within its own borders – it is elite US security interests and ideological leanings which have prevented it from doing so. Additionally, historians like Schwartz (2015) make a compelling argument that “the United States, by its military and political expansion into the Caribbean after 1898, its foreign policy objectives in the Cold War, and through its advocacy of certain forms of capitalism joined with its ability to impose its preferences on international institutions, has also influenced the way in which the whole region has faced hurricanes and other disasters” (Schwartz, 2015, p. xviii-xix). This implies that the United States – like the European empire’s past – also has a stake, or interest, in regional hurricane unpreparedness for both political, economic, and security objectives.

    US Imperial Extensions in the Caribbean, Impact on Hurricane Preparedness

    From this overview of the history of hurricanes in the Caribbean, the Yucatán Peninsula, the Gulf of Mexico, and the South-Eastern United States a few things become clear: hurricane preparedness has never been a concern for colonial capitalist development. Hurricane disasters came to be recognized as extremely ruinous to those occupying the lowest rungs of colonial societies, aid was given to the wealthy people who were understood as being able to put aid to better usage, and disaster situations consolidated preferred modes of accumulation in otherwise “chaotic” and uncivilized landscapes. Thus, outside of patriotic tales and misremembering of the storm events, historically “hopes of communal solidarity” in the wake and aftermath of hurricanes “were either naïve or disingenuous [… with] social divisions ha[ving] always shaped the responses to hurricanes (Schwartz, 2015, p. 68-9). Given strict colonial hierarchies, the maintenance of order – to dissuade slave revolts and looting – were always preeminent concerns of empires and those with wealth and power. This is important to plainly state, given that little has changed in today’s experience with hurricanes in the region.

    Today’s granting of conditioned relief and temporary debt removals still serve to subordinate Caribbean states to the Western capitalist system and the US security apparatus. Those areas hardest hit by storms and less likely to receive aid, continue to be occupied by the poor populations that are largely non-white/Euro peoples. Settlements on islands continue to be concentrated on coasts, where the tourist industry quickly rebuilds its infrastructure post-hurricane and are the first to receive aid. This at once dispels the myths that recovery is impossible, as it happens in the large coastal areas owned and controlled by foreign hotel chains and entities which quickly beckon tourists back to their “lovely beaches” less than a day after a hurricane. Preparedness for hurricanes in the Caribbean islands are “subordinated to political, military, or what today would be called ‘security’ concerns” (Schwartz, 2015, p. 276). I would include economic and ideological concerns as well. These latter concerns are maintained by the wealthiest states in the hemisphere – the United States and Canada.

    Hurricane Flora in the 1960s claimed the lives of over 5,000 Haitians under the Duvalier dictatorship – which failed to even warn Haitians about the arrival of the hurricane so that disorder against Duvalier would not take over the country. The lack of preparedness was accepted by both the United States and Canadian governments given their fear of communism in the Caribbean region. Thus “unlike Haiti’s U.S.-backed right-wing president, François Duvalier, Castro’s Communist government ordered residents living in the hurricane’s projected path to evacuate their homes, and if they were unable, to stay and prepare appropriately for the storm.” This preparation and the establishment of Cuba’s defense system in 1966 accounted for significantly less deaths (1,157) in Cuba (Wolfe, 2021). Today, unpreparedness remains a feature in most Caribbean countries that put corporate interests and the interests of the US (and its allies) security objectives above the prioritization of human life and livelihoods in the Caribbean.

    As further illustration of this point, even though the 2004 Hurricane Jeanne hit Cuba a lot harder than Haiti – killing 3,000 Haitians – no Cuban lives were lost due to the hurricane (Wolfe, 2021). The historical and present-day case of Haiti is both informative and a cause for worry as we expect future hurricane seasons to be quite bad. Not only is Haiti a fully privatized economy (Wilentz, 2008); but it is also one that has been under the tutelage of the CORE group – a group composed primarily of foreign ambassadors from the US, France, Canada, Spain, Brazil, Germany, and a few representatives from the European Union (EU), the United Nations (UN), and the Organization of American States (OAS) – for over two decades. The CORE group’s tutelage of Haiti has been exceptionally negative, as these states and their ambassadors secure their own corporate and labor interests in the country at the expense of that state’s democracy and national sovereignty (Edmonds, 2024). Thus, disaster preparedness in Haiti has never been an agenda item – and has only gotten worse as those governing the country continue to benefit from political, economic, and environmental disasters there. Present day armed intervention and occupation in Haiti, further makes it unlikely that Haiti will be able to weather the next hurricane season.

    Hurricane Unpreparedness, A Note on Canada

    It is important to remind here that although much is said about US imperialism and security concerns trumping human rights and pro-people development in the region – Canada is not exempt from this critique. For instance, although Canada touts that its military base (OSH-LAC) in the Caribbean is a “support hub” – that also seeks to assist states experiencing disasters, of which hurricanes are included – in 2017 when Category 5 Hurricane’s Irma and Maria wreaked havoc on Dominica, OSH-LAC warships monitored the situation but provided no on the ground help to Caribbean peoples there (John, 2024, p. 12-3). The Canadian government also enacted restrictive migration policies towards those fleeing from the hurricane and its damages. This practice would be repeated by Canada again in 2019 during the aftermath of Hurricane Dorian in The Bahamas (John, 2024, p. 12-3). Given that I am currently living in Canada, it is important to point out that Canada is a state that frequently touts progressive rhetoric on climate change, resiliency, and disaster preparedness in the Caribbean region. However, Canada’s actions continue to render the Caribbean region unprepared alongside the actions of the US.

    In the 2023 Canada-CARICOM summit hosted by Canada, Caribbean prime ministers sought to place climate issues and climate infrastructure at the top of the agenda – however, Canada was mainly concerned with getting support for an armed intervention in Haiti (Thurton, 2023). Haiti remains the most unprepared country in the Caribbean when disasters hit, which made Canada’s insistence on armed intervention and occupation even more tone deaf. Haiti’s unpreparedness is directly tied to US, Canada, France, and CORE group members tutelage and rejection of Haitian democracy ever since that country’s integration into the Western capitalist system via US occupation. These examples illuminate the fact that the wealthier states in the Western Hemisphere, namely the US and Canada, actively disregard the lives of those impacted by hurricanes and other natural disasters to their south – while first and foremost safeguarding their own economic, ideological, and security priorities. In my analysis of ‘south,’ the Caribbean, the Yucatán Peninsula, the Gulf of Mexico, and the South-Eastern United States are included.

    Conclusion

    Ideologically, the promotion of capitalism, colonialism, and imperialism in the Caribbean (of which the South-Eastern United States, the Gulf of Mexico and Yucatán Peninsula is included) continues to pose an obstacle to disaster preparedness in a region prone to hurricanes.  More importantly, the promotion of these harmful ideologies often comes at the expense of human life. Nothing makes this clearer than the fact that it is the revolutionary state – which is also the most heavily economically sanctioned state in the region – Cuba, that continues to be the most prepared state in times of disaster. This stands in stark contrast to other Caribbean states and to wealthier states, like the US, which mandate regional unpreparedness. Today, while we await (but hope that it is not so) a bad hurricane season, the Caribbean region is more militarized than it has been since the end of the 20th century and beginning of the 21st century. Militarization is directly due to US security objectives that aim to keep China’s investments (thus competition) out of the region. This policy is backed by Canada, which seeks to advance its own corporate interests in the region.

    The US and Canada continue to militarize the Caribbean region, exacerbating climate change and neglecting the urgency of developing resiliency infrastructure. In fact, militarization in the Caribbean region today (and in Africa and Asia) occurs alongside the tightening of both the US and Canadian borders given hostile narratives towards immigrants and immigration within them. This even with the region’s long history (as has been pointed out) of people fleeing the region both during and after a hurricane. All of which indicates that while these states are undoubtedly deepening the climate crisis with their global “security” endeavors, they view the people harmed and negatively impacted by their actions as disposable.

    Postscript

    Three months after the writing of this document, 5 hurricanes – Debby, Ernesto, Francine, Helene, and Milton – have impacted peoples and infrastructure in the south. The 2024 Atlantic Hurricane season thus far (October 11th, 2024) has taken almost 400 lives – with the actual figure being uncertain, given that the damage from Milton is still being assessed. Each storm is estimated to have cost between $80 – $250 billion (USD) in damages across the region. While governments talk about costs and recovery efforts to get economies “back on track” and provide people with temporary and conditional aid – which is the post disaster norm – we are presented with an uncomfortable, yet undeniable fact: states in the region, whether by colonial inheritance or commitment to capitalism, are banking on unpreparedness continuing well into the future. We must be proactive in defeating this dangerous ideology that places people’s lives, livelihoods and the physical environment at stake; while perpetuating, in its aftermath, conditions that make it so.

    References

    Clark, John I, and Léon Tabah, eds. 1995. Population and Environment Population – Environment – Development Interactions. Paris, France: Comité International de Coopération dans les Recherches Nationales en Démographie (CICRED). http://www.cicred.org/Eng/Publications/pdf/c-a1.pdf.

    Direct Relief. 2024. “Direct Relief Responds as Hurricane Beryl Impacts the Caribbean. The Region, Watchful and Ready, Will Weather the Storm Today.” Direct Relief. https://www.directrelief.org/2024/07/direct-relief-responds-as-hurricane-beryl-impacts-the-caribbean-the-region-watchful-and-ready-will-weather-the-storm-today/.

    Edmonds, Kevin. 2024. “CARICOM, Regional Arm of the Core Group, Sells Out Haiti Again.” Black Agenda Report. https://www.blackagendareport.com/caricom-regional-arm-core-group-sells-out-haiti-again.

    Forecast Centre. 2024. “Atlantic Canada Next in Line for a Soaking, Flood Risk from Beryl Remnants.” The Weather Network.https://www.theweathernetwork.com/en/news/weather/forecasts/atlantic-canada-next-in-line-for-a-soaking-flood-risk-from-beryl-remnants.

    IFRC. 2024. “Humanitarian Needs Ramp up in the Aftermath of ‘unprecedented’ Hurricane Beryl, Signaling New Reality for Caribbean.” The International Federation of Red Cross and Red Crescent Societies (IFRC). https://www.ifrc.org/press-release/humanitarian-needs-ramp-aftermath-unprecedented-hurricane-beryl-signaling-new-reality.

    Jobson, Ryan C. 2024. “Hurricane Beryl at the Gates: The Grenadines and Caribbean Autonomy.” Medium. https://medium.com/clash-voices-for-a-caribbean-federation-from-below/hurricane-beryl-at-the-gates-the-grenadines-and-caribbean-autonomy-86834fb43bcd.

    John, Tamanisha J. 2023. “Canadian Imperialism in Caribbean Structural Adjustment, 1980-2000.” In Class Power and Capitalism, Brill Publishers, 136–79.

    John, Tamanisha J. 2024. “Capitalism, Global Militarism, and Canada’s Investment in the Caribbean.” Class, Race and Corporate Power 12(1): 25.

    Loop News. 2024. “Caribbean 2024 Heat Season Could Climb to Near-Record Heat.” Caribbean Loop News. https://caribbean.loopnews.com/content/caribbean-2024-heat-season-could-climb-near-record-heat.

    McGrath, Gareth. 2024. “Hurricane Beryl Was the Earliest Category 5 Storm. What Could That Mean for NC?” Star News Online. https://www.starnewsonline.com/story/news/local/2024/07/11/what-hurricane-beryl-the-earliest-category-5-storm-could-mean-for-nc/74288495007/.

    Mulcahy, Matthew. 2006. Hurricanes and Society in the British Greater Caribbean, 1624 – 1783. Baltimore, Maryland: The Johns Hopkins University Press.

    NACLA. 2024. “This Week: Hurricane Beryl Slams the Caribbean, a Victory for Midwives in Mexico, Venezuelan Elections, and More.” https://nacla.salsalabs.org/july_12_24?wvpId=37c1b636-52b7-44b5-af75-9a38617519d5.

    NASA. 2024. “Carriacou After Beryl.” NASA Earth Observatory. https://earthobservatory.nasa.gov/images/153039/carriacou-after-beryl.

    Pérez Jr., Louis A. 2001. Winds of Change: Hurricanes & The Transformation of Nineteenth-Century Cuba. Chapel Hill & London: The University of North Carolina Press.

    Rodney, Walter. 2018. How Europe Underdeveloped Africa. Verso Books.

    Schwartz, Stuart B. 2015. Sea of Storms: A History of Hurricanes in the Greater Caribbean from Columbus to Katrina. Princeton University Press.

    Thomas, Clive Y. 1984. Plantations, Peasants and State: A Study of the Mode of Sugar Production in Guyana. Los Angeles: UCLA Center for Afro-American Studies.

    Thurton, David. 2023. “Caribbean Looks to Trudeau to Put Quest for Climate Change Funding on the World’s Agenda.” CBC News. https://www.cbc.ca/news/politics/caricom-trudeau-caribbean-1.6999106.

    TT Weather Center. 2024. “Hurricane Beryl Death Toll Now At 33.” Trinidad and Tobago Weather Center. https://ttweathercenter.com/2024/07/11/hurricane-beryl-death-toll-now-at-33/.

    VOA News. 2024. “Remnants of Beryl Flood Northeast US.” VOA News. https://www.voanews.com/a/remnants-of-beryl-flood-northeast-us/7694063.html#.

    Wagner, Bryce, and Cristiana Mesquita. 2024. “In St. Vincent and the Grenadines, Beryl Nearly Erased the Smallest Inhabited Island from the Map.” AP News. https://apnews.com/article/hurricane-beryl-mayreau-island-caribbean-bb64fc9b61da76685704b8f42f97736c?eType=EmailBlastContent&eId=fffcba4b-3154-47e9-b4ce-e0349f4225db.

    Wilentz, Amy. 2008. “Hurricanes and Haiti.” Los Angeles Times. https://www.latimes.com/la-oe-wilentz13-2008sep13-story.html.

    Wolfe, Mikael. 2021. “When It Comes to Hurricanes, the U.S. Can Learn a Lot from Cuba: Cuba Devised a System That Minimizes Death and Destruction from Hurricanes.” The Washington Post. https://www.washingtonpost.com/outlook/2021/09/01/when-it-comes-hurricanes-us-can-learn-lot-cuba/.

    Zodgekar, Ketaki, Avery Raines, Fayola Jacobs, and Patrick Bigger. 2023. A Dangerous Debt-Climate Nexus. NACLA Report on the Americas. https://doi.org/10.1080/10714839.2023.2247773.

    Photo Credit: InOldNews, by Delia Louis
    Description: Depicts St. Lucia during and post Hurricane Beryl
    License info: Creative Commons taken from Flickr.

    About the author: Tamanisha J. John is an Assistant Professor at York University in the Department of Politics

    MIL OSI NGO

  • MIL-OSI USA: 10.29.2024 Sen. Cruz, Rep. Roy Demand Answers from Biden-Harris Administration on Growing Presence of Tren de Aragua Gang in Texas, U.S.

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas), member of the Senate Judiciary Committee, and Rep. Chip Roy (R-Texas-21) sent a letter to Department of Homeland Security Secretary Alejandro Mayorkas demanding answers about the growing presence of the violent Venezuelan gang Tren de Argua (TdA) in Texas and across America.
    In the letter, the Texas lawmakers wrote, “Alleged TdA affiliates have committed heinous crimes against Americans. The two Venezuelan illegal aliens charged with raping and murdering 12-year-old Jocelyn Nungaray before tossing her dismembered body into a Houston bayou, both of whom were released under your tenure after they unlawfully crossed into Texas earlier this year, are believed to have ties to TdA. Further, on October 4, 2024, authorities announced the arrest of three additional Venezuelan illegal aliens in Northwest Dallas in September for their alleged involvement in a robbery of a woman who was tied-up and told that her fingers would be cut off if she did not comply during the crime.
    “Additionally, TdA has subjected illegal aliens smuggled into the U.S. to sex trafficking. The South American ring is forcing illegal alien women into prostitution in eight states, including Texas, to pay off their smuggling debts, rendering them vulnerable to all forms of abuse.

    “Our law enforcement community and the Texans they serve deserve answers on the scope of infiltration of TCOs under this administration”
    Read the full letter here or below:
    Dear Secretary Mayorkas:
    The Biden-Harris administration has imported Venezuelan illegal aliens at an alarming rate, allowing criminals – including the gang Tren de Aragua (TdA) – to gain a foothold in Texas and communities throughout the United States. Texans and the American people deserve better.
    The massive increase in crime committed by Venezuelan illegal aliens is a direct result of this administration’s purposeful policies. Since October 2022, 117,000 Venezuelans have been paroled into the U.S. via the fraud-ridden Cuba, Haiti, Nicaragua, and Venezuela (CHNV) program. Further, since January 2021, nearly 750,000 Venezuelans have been encountered at the southern border– many of whom have been released into the U.S. interior.
    As you know, on October 5, 2024, law enforcement executed “Operation Aurora,” a sting targeted at TdA members occupying a San Antonio apartment complex that had been forcefully taken over by the violent gang, similar to the situation recently seen in Aurora, Colorado. Authorities arrested 19 Venezuelan illegal aliens , four of whom are confirmed TdA members, after receiving numerous complaints of TdA seizing vacant apartment units for drug-related crimes and human trafficking, and threats to apartment employees. One of the arrested suspects was reportedly a TdA gang leader. Moreover, 15 of the 19 detained individuals had immigration detainers placed on them by Homeland Security Investigations (HSI) for likely for removal from the U.S.
    Thankfully, the raid concluded without incident. The task force, comprised of law enforcement officials from the San Antonio Police Department (SAPD), the Texas Department of Public Safety (DPS), the Federal Bureau of Investigation, Border Patrol, and HSI, should be commended for their efforts. While the apprehension of TdA members and other foreign criminals is a welcome development, this dangerous incident, and similar incidents, may have been avoided if DHS took appropriate action to secure the border and stop the mass release of illegal aliens into our communities.
    Indeed, this is not the first incident involving TdA in Texas. On September 26, 2024, reports revealed DPS arrested over 20 suspected TdA members at an El Paso hotel for human smuggling, prostitution, and narcotics possession, among other crimes. On September 19, 2024, HSI and SAPD reportedly arrested two individuals linked to TdA for their involvement in a firearms smuggling operation. In March 2024, more than 100 suspected TdA members were arrested for their involvement in charging at National Guardsmen and DPS troopers at the El Paso border in March 2024.
    Alleged TdA affiliates have committed heinous crimes against Americans. The two Venezuelan illegal aliens charged with raping and murdering 12-year-old Jocelyn Nungaray before tossing her dismembered body into a Houston bayou, both of whom were released under your tenure after they unlawfully crossed into Texas earlier this year, are believed to have ties to TdA. Further, on October 4, 2024, authorities announced the arrest of three additional Venezuelan illegal aliens in Northwest Dallas in September for their alleged involvement in a robbery of a woman who was tied-up and told that her fingers would be cut off if she did not comply during the crime.
    Additionally, TdA has subjected illegal aliens smuggled into the U.S. to sex trafficking. The South American ring is forcing illegal alien women into prostitution in eight states, including Texas, to pay off their smuggling debts, rendering them vulnerable to all forms of abuse.
    TdA members have also demonstrated brazen indifference to public safety officials. On July 30, 2024, Border Patrol issued a bulletin warning that TdA gave the “green light” to its over 1,000 members to fire on and attack law enforcement. In response to the gang’s proliferation and threat to the public, the state of Texas has heightened its security measures amid the federal government’s failure to secure the border from foreign crime syndicates.
    Our law enforcement community and the Texans they serve deserve answers on the scope of infiltration of TCOs under this administration. As such, we request you respond to the following questions by October 31, 2024:
    Please provide a full accounting of the number of Venezuelans released into the country via CHNV, other forms of parole, release after apprehension at the border, or otherwise, including:
    The last known whereabouts of each Venezuelan, broken down by state.
    The number of Venezuelans released into the United States without identification documents and their last known whereabouts, broken down by state.
    The number of released Venezuelans that have committed a crime in the United States, and their last known whereabouts, broken down by state.
    The number of released Venezuelans with known or suspected gang affiliations and their last known whereabouts, broken down by state.
    The number of released Venezuelans that are known or suspected members of TdA.
    The number of Venezuelans paroled into the United States that have since been removed, and the reason for their removal.
    The number of Venezuelans released from the southern border that received a Notice to Appear.
    The number of Venezuelans released from the southern border that received a Notice to Report.
    How many criminal aliens has DHS arrested in the United States as of January 2021? Please include the following information:
    Date of arrest, location of arrest, date of the alien crossing the border, date of release from the border, gang affiliation (if applicable), criminal charges received, previous criminal history, country of origin, and current status (is the alien detained at an ICE facility, on the non-detained docket, or was removed from the U.S.).
    How many of these criminal aliens have charges and/or convictions for human trafficking, child exploitation, or forced labor at the federal or local level?
    Of all criminal aliens arrested in Texas, how many have a detainer placed by ICE?
    What future operations does DHS and/or ICE plan to conduct to mitigate TdA’s presence in Texas?
    What other transnational criminal organizations are present in Texas that DHS has detected?
    What policies or action has DHS implemented to recruit the cooperation of sanctuary jurisdictions in Texas that limit or refuse to cooperate with federal immigration detainers and/or authorities?
    Sincerely,
    /X/

    MIL OSI USA News

  • MIL-Evening Report: 215 million hectares of forest – an area bigger than Mexico – could grow back by itself, if we can just leave it alone

    Source: The Conversation (Au and NZ) – By Brooke Williams, Research Fellow, School of Biology & Environmental Science, Queensland University of Technology

    Gustavo Frazao/Shutterstock

    About 215 million hectares of land – an area bigger than Mexico – could be reforested naturally and without costly manual planting, our new research shows.

    This would allow us to offset around 23.4 gigatonnes of global carbon emissions over the next three decades. That’s about 50 years worth of Australia’s carbon emissions (assuming 2023 emission rates continue).

    Extensive and effective forest restoration is crucial to mitigating climate change and conserving biodiversity.

    It’s vital we find cost-effective ways to get and keep more trees in the ground. One way to do this is just to let forests grow back by themselves. However, this isn’t possible in all deforested lands, as certain environmental conditions are needed for this approach to work.

    Our research identified land where this approach had strong potential.

    Allowing forests to grow back naturally in deforested areas, such as this degraded land in Brazil, could be more cost-effective than manual reforestation projects.
    Author provided

    The benefits of natural regeneration

    Globally, 65% of original tropical forest extent has been lost to make way for human development such as agriculture, roads, and urbanisation. Deforestation has contributed to climate change and biodiversity loss.

    We’ve also lost a worrying amount of what researchers call “ecosystem services”, meaning the benefits people derive from nature, such as clean water.

    Forest restoration is an important strategy for reversing the damage.

    Our paper, published in the journal Nature, looked at where natural regeneration is likely to be successful due to the surrounding environmental conditions.

    Natural regeneration is important because it is sometimes better than manual tree planting, which includes the costs of saplings, manual labour, fertilisation and maintenance.

    Using manual techniques in degraded landscapes can be expensive. It can also be less effective in terms of native biodiversity recovery and keeping water systems functioning well.

    Natural regeneration is a less costly alternative. That means allowing forests to grow back on their own or with carefully planned human intervention.

    For example, natural reforestation may cost between $US12 and $3,880 per hectare. By contrast, active regeneration methods in the tropics would cost between $105 and $25,830 per hectare.

    Natural regeneration restoration methods often have better long-term success and biodiversity outcomes than full manual tree-planting.

    Studies have found that biodiversity “success” – meaning richer biodiversity and more species – can be up to 56% higher when natural regeneration approaches were used (rather than manual planting projects).

    It’s vital we find cost-effective ways to get and keep more trees in the ground.
    Richard Whitcombe/Shutterstock

    Where might natural reforestation projects succeed?

    Until now, it’s not always been clear how to predict areas where natural regeneration is most likely to occur. That’s made it hard to do large-scale natural regeneration projects.

    Our research addresses this gap. We identified the best areas to roll out natural approaches in the tropics.

    We focused on tropical forested regions because they are particularly important.

    Their biodiversity is unparalleled and they provide vast economic, cultural, and recreational services to people.

    They also grow much faster than other forest types, and many large tropical forests have already been cleared and degraded.

    Factors that make a forest likely to regenerate naturally include:

    • the amount of surrounding forest
    • distance to existing forest and
    • soil organic carbon content

    This suggests areas with higher levels of landscape degradation and intensive land uses would be less likely to regenerate naturally.

    We found suitable environmental conditions for natural regeneration occur across:

    • 98 million hectares in the Neotropics (which includes many areas in South and Central America)

    • 90 million hectares in the Indomalayan tropics (which includes many areas in Southeast Asia, Malaysia, and India)

    • 25.5 million hectares in the continent of Africa

    Up to 52% of this natural regeneration could occur in just five countries: Brazil, Indonesia, China, Mexico, and Colombia.

    This suggests these countries would be excellent candidates for large scale natural regeneration projects.

    We also found that 29 other countries have at least one million hectares each that could be naturally reforested.

    We identified 400,000 hectares of deforested lands with potential for natural forest regeneration in the Australian tropics.

    Fixing forests will also improve biodiversity.
    Martin Prochazkacz/Shutterstock

    The world has committed to fixing forests

    The world has committed to ambitious forest restoration targets in order to substantially increase the area of forest ecosystems by 2050.

    These commitments include the Bonn Challenge, which aims to restore 350 million hectares by 2030.

    Another is Target 2 of the recently adopted Global Biodiversity Framework, which calls for 30% of the area of degraded ecosystems to be restored by 2030.

    Achieving these targets, especially for nations with emerging economies, will not be possible using active restoration techniques alone. This due to cost and feasibility constraints.

    To assist with this global task, we have made our dataset publicly available and free to use.

    Local communities at the centre

    Encouraging natural regeneration remains a major challenge, particularly on privately held and communally managed land because it can mean reduced land available for other uses.

    Providing local people with training and support to grow, harvest and market products sourced from naturally regenerating forests is also crucial. This could help keep young naturally regenerating forests standing and growing.

    This income could supplement or replace payments landowners and local people currently receive to look after land and prevent it from being deforested. Payment-based approaches are not always sustainable in the long term.

    Currently, many forests are controlled and managed by central or national governments. Giving local and Indigenous communities control over their forests would help encourage restoration that meets local needs.

    However, this requires appropriate technical support and monitoring.

    Importantly, our analysis does not define where restoration activities should or should not occur. We only show where natural forest regeneration is possible or more likely to succeed.

    We echo calls to ensure restoration occurs as equitably as possible, and foregrounds the needs of local people.

    Forest restoration should be as equitable as possible, and foreground the needs of local people.
    WNDR Worlds/Shutterstock

    Let’s give it a chance

    Natural forest regeneration presents an opportunity to restore vast areas of forest cheaply and effectively. It can help mitigate the effects of climate change and help countries meet their emissions reduction targets.

    Other benefits include conserving biodiversity, regulating water resources, reducing erosion, and making ecosystems more resilient.

    Recognising the massive regeneration capacity of tropical forests is key.

    It’s also crucial it occurs alongside protecting intact forests, and reducing deforestation.

    Robin Chazdon is the global co-director of the Assisted Natural Regeneration Alliance. She is a senior fellow with the World Resources Institute’s Global Restoration Initiative.

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

    ref. 215 million hectares of forest – an area bigger than Mexico – could grow back by itself, if we can just leave it alone – https://theconversation.com/215-million-hectares-of-forest-an-area-bigger-than-mexico-could-grow-back-by-itself-if-we-can-just-leave-it-alone-236696

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: Trupanion Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Oct. 30, 2024 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leading provider of medical insurance for cats and dogs, today announced financial results for the third quarter ended September 30, 2024.

    “Q3 was a very strong financial quarter for the company, combining consistent revenue growth with a 66% year-over-year increase in subscription discretionary profit,” said Margi Tooth, Chief Executive Officer and President of Trupanion. “This outperformance was driven by aligning the cost of veterinary care with member pricing, resulting in the achievement of our target value proposition of 71%. Trupanion is solving a bigger problem today than ever before, and after generating $30 million in free cash flow over the past 12 months, we are well positioned to reach even more pets in this globally underpenetrated market.”

    Third Quarter 2024 Financial and Business Highlights

    • Total revenue was $327.5 million, an increase of 15% compared to the third quarter of 2023.
    • Total enrolled pets (including pets from our other business segment) was 1,688,903 at September 30, 2024, a decrease of 1% over September 30, 2023.
    • Subscription business revenue was $219.0 million, an increase of 20% compared to the third quarter of 2023.
    • Subscription enrolled pets was 1,032,042 at September 30, 2024, an increase of 6% over September 30, 2023.
    • Net income was $1.4 million, or $0.03 per basic and diluted share, compared to a net loss of $(4.0) million, or $(0.10) per basic and diluted share, in the third quarter of 2023.
    • Adjusted EBITDA was $14.5 million, compared to adjusted EBITDA of $6.1 million in the third quarter of 2023.
    • Operating cash flow was $15.3 million and free cash flow was $13.4 million in the third quarter of 2024. This compared to operating cash flow of $11.4 million and free cash flow of $7.0 million in the third quarter of 2023.

    First Nine Months 2024 Financial and Business Highlights

    • Total revenue was $948.4 million, an increase of 17% compared to the first nine months of 2023.
    • Subscription business revenue was $628.7 million, an increase of 21% compared to the first nine months of 2023.
    • Net loss was $(11.3) million, or $(0.27) per basic and diluted share, compared to a net loss of $(42.5) million, or $(1.03) per basic and diluted share, in the first nine months of 2023.
    • Adjusted EBITDA was $26.7 million, compared to adjusted EBITDA of $(2.1) million in the first nine months of 2023.
    • Operating cash flow was $24.6 million and free cash flow was $16.7 million in the first nine months of 2024. This compared to operating cash flow of $1.1 million and free cash flow of $(13.2) million in the first nine months of 2023.
    • At September 30, 2024, the Company held $293.1 million in cash and short-term investments, including $36.4 million held outside the insurance entities, with an additional $15 million available under its credit facility.
    • The Company maintained $274.6 million of capital surplus at its insurance subsidiaries. This was $139.9 million more than the estimated risk-based capital requirement of $134.7 million.

    Conference Call
    Trupanion’s management will host a conference call today to review its third quarter 2024 results. The call is scheduled to begin shortly after 1:30 p.m. PT/ 4:30 p.m. ET. A live webcast will be accessible through the Investor Relations section of Trupanion’s website at https://investors.trupanion.com/ and will be archived online for 3 months upon completion of the conference call. Participants can access the conference call by dialing 1-877-300-8521 (United States) or 1-412-317-6026 (International). A telephonic replay of the call will also be available after the completion of the call, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and entering the replay pin number: 10192561.

    About Trupanion
    Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, Continental Europe, Australia, and Puerto Rico with over 1,000,000 pets enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet owners with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). For more information, please visit trupanion.com.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, expectations, plans, prospects and financial results for Trupanion, including, but not limited to, its expectations regarding its ability to continue to grow its enrollments and revenue, and otherwise execute its business plan. These forward-looking statements are based upon the current expectations and beliefs of Trupanion’s management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements made in this press release are based on information available to Trupanion as of the date hereof, and Trupanion has no obligation to update these forward-looking statements.

    In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the ability to achieve or maintain profitability and/or appropriate levels of cash flow in future periods; the ability to keep growing our membership base and revenue; the accuracy of assumptions used in determining appropriate member acquisition expenditures; the severity and frequency of claims; the ability to maintain high retention rates; the accuracy of assumptions used in pricing medical plan subscriptions and the ability to accurately estimate the impact of new products or offerings on claims frequency; actual claims expense exceeding estimates; regulatory and other constraints on the ability to institute, or the decision to otherwise delay, pricing modifications in response to changes in actual or estimated claims expense; the effectiveness and statutory or regulatory compliance of our Territory Partner model and of our Territory Partners, veterinarians and other third parties in recommending medical plan subscriptions to potential members; the ability to retain existing Territory Partners and increase the number of Territory Partners and active hospitals; compliance by us and those referring us members with laws and regulations that apply to our business, including the sale of a pet medical plan; the ability to maintain the security of our data; fluctuations in the Canadian currency exchange rate; the ability to protect our proprietary and member information; the ability to maintain our culture and team; the ability to maintain the requisite amount of risk-based capital; our ability to implement and maintain effective controls, including to remediate material weaknesses in internal controls over financial reporting; the ability to protect and enforce Trupanion’s intellectual property rights; the ability to successfully implement our alliance with Aflac; the ability to continue key contractual relationships with third parties; third-party claims including litigation and regulatory actions; the ability to recognize benefits from investments in new solutions and enhancements to Trupanion’s technology platform and website; our ability to retain key personnel; and deliberations and determinations by the Trupanion board based on the future performance of the company or otherwise.

    For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the Securities and Exchange Commission (SEC), including but not limited to, Trupanion’s Annual Report on Form 10-K for the year ended December 31, 2023 and any subsequently filed reports on Forms 10-Q, 10-K and 8-K. All documents are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system at https://www.sec.gov or the Investor Relations section of Trupanion’s website at https://investors.trupanion.com.

    Non-GAAP Financial Measures
    Trupanion’s stated results may include certain non-GAAP financial measures. These non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in its industry as other companies in its industry may calculate or use non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Trupanion’s reported financial results. The presentation and utilization of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Trupanion urges its investors to review the reconciliation of its non-GAAP financial measures to the most directly comparable GAAP financial measures in its consolidated financial statements, and not to rely on any single financial or operating measure to evaluate its business. These reconciliations are included below and on Trupanion’s Investor Relations website.

    Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Trupanion believes that providing various non-GAAP financial measures that exclude stock-based compensation expense and depreciation and amortization expense allows for more meaningful comparisons between its operating results from period to period. Trupanion offsets new pet acquisition expense with sign-up fee revenue in the calculation of net acquisition cost because it collects sign-up fee revenue from new members at the time of enrollment and considers it to be an offset to a portion of Trupanion’s new pet acquisition expense. Trupanion believes this allows it to calculate and present financial measures in a consistent manner across periods. Trupanion’s management believes that the non-GAAP financial measures and the related financial measures derived from them are important tools for financial and operational decision-making and for evaluating operating results over different periods of time.

    Trupanion, Inc.
    Condensed Consolidated Statements of Operations
    (in thousands, except share data)
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024       2023       2024       2023  
      (unaudited)
    Revenue:              
    Subscription business $ 218,986     $ 182,906     $ 628,738     $ 521,369  
    Other business   108,470       102,947       319,639       291,379  
    Total revenue   327,456       285,853       948,377       812,748  
    Cost of revenue:              
    Subscription business(1)   177,365       157,444       525,237       455,055  
    Other business   100,712       93,176       297,265       266,741  
    Total cost of revenue(2)   278,077       250,620       822,502       721,796  
    Operating expenses:              
    Technology and development(1)   7,933       5,302       23,083       15,434  
    General and administrative(1)   16,977       12,664       46,903       46,817  
    New pet acquisition expense(1)   18,308       17,772       53,025       60,183  
    Depreciation and amortization   4,381       2,990       12,542       9,445  
    Total operating expenses   47,599       38,728       135,553       131,879  
    Gain (loss) from investment in joint venture   (34 )     4       (184 )     (140 )
    Operating income (loss)   1,746       (3,491 )     (9,862 )     (41,067 )
    Interest expense   3,820       3,053       11,071       8,380  
    Other income, net   (3,538 )     (2,465 )     (9,601 )     (6,445 )
    Income (loss) before income taxes   1,464       (4,079 )     (11,332 )     (43,002 )
    Income tax expense (benefit)   39       (43 )     (43 )     (472 )
    Net income (loss) $ 1,425     $ (4,036 )   $ (11,289 )   $ (42,530 )
                   
    Net income (loss) per share:              
    Basic $ 0.03     $ (0.10 )   $ (0.27 )   $ (1.03 )
    Diluted $ 0.03     $ (0.10 )   $ (0.27 )   $ (1.03 )
    Weighted average shares of common stock outstanding:              
    Basic   42,233,903       41,536,575       42,076,998       41,344,195  
    Diluted   42,822,505       41,536,575       42,076,998       41,344,195  
                   
    (1)Includes stock-based compensation expense as follows: Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
     
        2024       2023       2024       2023  
    Cost of revenue $ 1,401     $ 1,176     $ 4,186     $ 3,801  
    Technology and development   1,259       650       3,774       1,985  
    General and administrative   4,125       3,281       11,435       14,448  
    New pet acquisition expense   1,555       1,785       5,743       5,626  
    Total stock-based compensation expense $ 8,340     $ 6,892     $ 25,138     $ 25,860  
                   
    (2)The breakout of cost of revenue between veterinary invoice expense and other cost of revenue is as follows:
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    Veterinary invoice expense $ 238,814     $ 212,441     $ 703,485     $ 613,316  
    Other cost of revenue   39,263       38,179       119,017       108,480  
    Total cost of revenue $ 278,077     $ 250,620     $ 822,502     $ 721,796  
    Trupanion, Inc.
    Condensed Consolidated Balance Sheets
    (in thousands, except share data)
      September 30, 2024   December 31, 2023
      (unaudited)    
    Assets      
    Current assets:      
    Cash and cash equivalents $ 137,477     $ 147,501  
    Short-term investments   155,580       129,667  
    Accounts and other receivables, net of allowance for doubtful accounts of $1,015 at September 30, 2024 and $1,085 at December 31, 2023   289,823       267,899  
    Prepaid expenses and other assets   16,692       17,022  
    Total current assets   599,572       562,089  
    Restricted cash   23,394       22,963  
    Long-term investments   14,215       12,866  
    Property, equipment and internal-use software, net   102,862       103,650  
    Intangible assets, net   14,888       18,745  
    Other long-term assets   16,004       18,922  
    Goodwill   45,183       43,713  
    Total assets $ 816,118     $ 782,948  
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable $ 10,136     $ 10,505  
    Accrued liabilities and other current liabilities   33,461       34,052  
    Reserve for veterinary invoices   56,668       63,238  
    Deferred revenue   260,238       235,329  
    Long-term debt – current portion   1,350       1,350  
    Total current liabilities   361,853       344,474  
    Long-term debt   127,548       127,580  
    Deferred tax liabilities   2,166       2,685  
    Other liabilities   4,376       4,487  
    Total liabilities   495,943       479,226  
    Stockholders’ equity:      
    Common stock: $0.00001 par value per share, 100,000,000 shares authorized; 43,368,881 and 42,340,695 issued and outstanding at September 30, 2024; 42,887,052 and 41,858,866 shares issued and outstanding at December 31, 2023          
    Preferred stock: $0.00001 par value per share, 10,000,000 shares authorized; no shares issued and outstanding          
    Additional paid-in capital   561,010       536,108  
    Accumulated other comprehensive income (loss)   3,243       403  
    Accumulated deficit   (227,544 )     (216,255 )
    Treasury stock, at cost: 1,028,186 shares at September 30, 2024 and December 31, 2023   (16,534 )     (16,534 )
    Total stockholders’ equity   320,175       303,722  
    Total liabilities and stockholders’ equity $ 816,118     $ 782,948  
    Trupanion, Inc.
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024       2023       2024       2023  
      (unaudited)
    Operating activities              
    Net income (loss) $ 1,425     $ (4,036 )   $ (11,289 )   $ (42,530 )
    Adjustments to reconcile net loss to cash provided by (used in) operating activities:              
    Depreciation and amortization   4,381       2,990       12,542       9,445  
    Stock-based compensation expense   8,341       6,892       25,138       25,860  
    Other, net   (136 )     (549 )     (453 )     (1,134 )
    Changes in operating assets and liabilities:              
    Accounts and other receivables   (3,794 )     (12,409 )     (22,020 )     (45,593 )
    Prepaid expenses and other assets   101       452       2,398       (2,761 )
    Accounts payable, accrued liabilities, and other liabilities   1,377       2,632       (350 )     (3,832 )
    Reserve for veterinary invoices   (3,934 )     5,258       (6,469 )     17,697  
    Deferred revenue   7,535       10,168       25,088       43,979  
    Net cash provided by (used in) operating activities   15,296       11,398       24,585       1,131  
    Investing activities              
    Purchases of investment securities   (26,125 )     (29,458 )     (107,375 )     (109,389 )
    Maturities and sales of investment securities   26,089       29,713       81,767       147,365  
    Purchases of property, equipment, and internal-use software   (1,914 )     (4,391 )     (7,858 )     (14,310 )
    Other   490       837       1,552       1,420  
    Net cash provided by (used in) investing activities   (1,460 )     (3,299 )     (31,914 )     25,086  
    Financing activities              
    Proceeds from debt financing, net of financing fees         24,972             60,102  
    Proceeds from exercise of stock options   258       628       729       1,281  
    Shares withheld to satisfy tax withholding   (802 )     (272 )     (1,390 )     (1,296 )
    Repayments of debt financing   (338 )     (338 )     (1,013 )     (1,380 )
    Other financing   (157 )     (150 )     (609 )     (150 )
    Net cash provided by (used in) financing activities   (1,039 )     24,840       (2,283 )     58,557  
    Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash, net   481       (906 )     19       (830 )
    Net change in cash, cash equivalents, and restricted cash   13,278       32,033       (9,593 )     83,944  
    Cash, cash equivalents, and restricted cash at beginning of period   147,593       136,548       170,464       84,637  
    Cash, cash equivalents, and restricted cash at end of period $ 160,871     $ 168,581     $ 160,871     $ 168,581  
    The following tables set forth our key operating metrics.
                                   
      Nine Months Ended
    September 30,
                           
        2024       2023                          
    Total Business:                              
    Total pets enrolled (at period end)   1,688,903       1,712,177                          
    Subscription Business:                              
    Total subscription pets enrolled (at period end)   1,032,042       969,322                          
    Monthly average revenue per pet $ 71.94     $ 64.63                          
    Lifetime value of a pet, including fixed expenses $ 493     $ 428                          
    Average pet acquisition cost (PAC) $ 227     $ 232                          
    Average monthly retention   98.29 %     98.55 %                        
                                   
                                   
      Three Months Ended
      Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Mar. 31, 2023   Dec. 31, 2022
    Total Business:                              
    Total pets enrolled (at period end)   1,688,903       1,699,643       1,708,017       1,714,473       1,712,177       1,679,659       1,616,865       1,537,573  
    Subscription Business:                              
    Total subscription pets enrolled (at period end)   1,032,042       1,020,934       1,006,168       991,426       969,322       943,958       906,369       869,862  
    Monthly average revenue per pet $ 74.27     $ 71.72     $ 69.79     $ 67.07     $ 65.82     $ 64.41     $ 63.58     $ 63.11  
    Lifetime value of a pet, including fixed expenses $ 493     $ 450     $ 428     $ 419     $ 428     $ 470     $ 541     $ 641  
    Average pet acquisition cost (PAC) $ 243     $ 231     $ 207     $ 217     $ 212     $ 236     $ 247     $ 283  
    Average monthly retention   98.29 %     98.34 %     98.41 %     98.49 %     98.55 %     98.61 %     98.65 %     98.69 %
    The following table reflects the reconciliation of cash provided by operating activities to free cash flow (in thousands):
                   
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    Net cash provided by operating activities $ 15,296     $ 11,398     $ 24,585     $ 1,131  
    Purchases of property, equipment, and internal-use software   (1,914 )     (4,391 )     (7,858 )     (14,310 )
    Free cash flow $ 13,382     $ 7,007     $ 16,727     $ (13,179 )
    The following table reflects the reconciliation between GAAP and non-GAAP measures (in thousands except percentages):
        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024       2023       2024       2023  
    Veterinary invoice expense   $ 238,814     $ 212,441     $ 703,485     $ 613,316  
    Less:                
    Stock-based compensation expense(1)     (830 )     (870 )     (2,535 )     (2,565 )
    Other business cost of paying veterinary invoices(4)     (82,507 )     (72,694 )     (239,342 )     (210,286 )
    Subscription cost of paying veterinary invoices (non-GAAP)   $ 155,477     $ 138,877     $ 461,608     $ 400,465  
    % of subscription revenue     71.0 %     75.9 %     73.4 %     76.8 %
                     
    Other cost of revenue   $ 39,263     $ 38,179     $ 119,017     $ 108,480  
    Less:                
    Stock-based compensation expense(1)     (536 )     (282 )     (1,479 )     (1,158 )
    Other business variable expenses(4)     (18,126 )     (20,482 )     (57,713 )     (56,455 )
    Subscription variable expenses (non-GAAP)   $ 20,601     $ 17,415     $ 59,825     $ 50,867  
    % of subscription revenue     9.4 %     9.5 %     9.5 %     9.8 %
                     
    Technology and development expense   $ 7,933     $ 5,302     $ 23,083     $ 15,434  
    General and administrative expense     16,977       12,664       46,903       46,817  
    Less:                
    Stock-based compensation expense(1)     (5,258 )     (3,754 )     (14,465 )     (16,072 )
    Non-recurring transaction or restructuring expenses(2)           (8 )           (4,175 )
    Development expenses(3)     (1,474 )     (1,594 )     (4,307 )     (3,417 )
    Fixed expenses (non-GAAP)   $ 18,178     $ 12,610     $ 51,214     $ 38,587  
    % of total revenue     5.6 %     4.4 %     5.4 %     4.7 %
                     
    New pet acquisition expense   $ 18,308     $ 17,772     $ 53,025     $ 60,183  
    Less:                
    Stock-based compensation expense(1)     (1,503 )     (1,679 )     (5,426 )     (5,433 )
    Other business pet acquisition expense(4)     (8 )     (10 )     (31 )     (123 )
    Subscription acquisition cost (non-GAAP)   $ 16,797     $ 16,083     $ 47,568     $ 54,627  
    % of subscription revenue     7.7 %     8.8 %     7.6 %     10.5 %
                     
    (1) Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation according to GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was approximately $0.2 million and $1.3 million for the three and nine months ended September 30, 2024, respectively.
    (2) Consists of business acquisition transaction expenses, severance and legal costs due to certain executive departures, and a $3.8 million non-recurring settlement of accounts receivable in the first quarter of 2023 related to uncollected premiums in connection with the transition of underwriting a third-party business to other insurers.
    (3) Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant.
    (4) Excludes the portion of stock-based compensation expense attributable to the other business segment.
    The following table reflects the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    Operating income (loss) $ 1,746     $ (3,491 )   $ (9,862 )   $ (41,067 )
    Non-GAAP expense adjustments              
    Acquisition cost   16,805       16,093       47,599       54,750  
    Stock-based compensation expense(1)   8,127       6,585       23,905       25,228  
    Development expenses(3)   1,474       1,594       4,307       3,417  
    Depreciation and amortization   4,381       2,990       12,542       9,445  
    Non-recurring transaction or restructuring expenses(2)         8             4,175  
    Gain (loss) from investment in joint venture   (34 )     4       (184 )     (140 )
    Total adjusted operating income (non-GAAP) $ 32,567     $ 23,775     $ 78,675     $ 56,088  
                   
    Subscription Business:              
    Subscription operating income (loss) $ 3,824     $ (5,709 )   $ (4,109 )   $ (37,294 )
    Non-GAAP expense adjustments              
    Acquisition cost   16,797       16,083       47,568       54,627  
    Stock-based compensation expense(1)   6,215       4,996       18,723       19,229  
    Development expenses(3)   986       1,257       2,855       2,439  
    Depreciation and amortization   2,929       1,913       8,315       6,060  
    Non-recurring transaction or restructuring expenses(2)         5             223  
    Subscription adjusted operating income (non-GAAP) $ 30,751     $ 18,545     $ 73,352     $ 45,284  
                   
    Other Business:      
    Other business operating income (loss) $ (2,044 )   $ 2,214     $ (5,569 )   $ (3,633 )
    Non-GAAP expense adjustments              
    Acquisition cost   8       10       31       123  
    Stock-based compensation expense(1)   1,912       1,589       5,182       5,999  
    Development expenses(3)   488       337       1,452       978  
    Depreciation and amortization   1,452       1,077       4,227       3,385  
    Non-recurring transaction or restructuring expenses(2)         3             3,952  
    Other business adjusted operating income (non-GAAP) $ 1,816     $ 5,230     $ 5,323     $ 10,804  
                   
    (1) Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation in accordance with GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was approximately $0.2 million and $1.3 million for the three and nine months ended September 30, 2024, respectively.
    (2) Consists of business acquisition transaction expenses, severance and legal costs due to certain executive departures, and a $3.8 million non-recurring settlement of accounts receivable in the first quarter of 2023 related to uncollected premiums in connection with the transition of underwriting a third-party business to other insurers.
    (3) Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant.
    The following table reflects the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
       
        2024       2023       2024       2023  
    Subscription revenue $ 218,986     $ 182,906     $ 628,738     $ 521,369  
    Subscription cost of paying veterinary invoices   155,477       138,877       461,608       400,465  
    Subscription variable expenses   20,601       17,415       59,825       50,867  
    Subscription fixed expenses*   12,157       8,069       33,953       24,753  
    Subscription adjusted operating income (non-GAAP) $ 30,751     $ 18,545     $ 73,352     $ 45,284  
    Other business revenue   108,470       102,947     $ 319,639     $ 291,379  
    Other business cost of paying veterinary invoices   82,507       72,694       239,342       210,286  
    Other business variable expenses   18,126       20,482       57,713       56,455  
    Other business fixed expenses*   6,021       4,541       17,261       13,834  
    Other business adjusted operating income (non-GAAP) $ 1,816     $ 5,230     $ 5,323     $ 10,804  
    Revenue   327,456       285,853     $ 948,377     $ 812,748  
    Cost of paying veterinary invoices   237,984       211,571       700,950       610,751  
    Variable expenses   38,727       37,897       117,538       107,322  
    Fixed expenses*   18,178       12,610       51,214       38,587  
    Total business adjusted operating income (non-GAAP) $ 32,567     $ 23,775     $ 78,675     $ 56,088  
                   
    As a percentage of revenue: Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024       2023       2024       2023  
    Subscription revenue   100.0 %     100.0 %     100.0 %     100.0 %
    Subscription cost of paying veterinary invoices   71.0 %     75.9 %     73.4 %     76.8 %
    Subscription variable expenses   9.4 %     9.5 %     9.5 %     9.8 %
    Subscription fixed expenses*   5.6 %     4.4 %     5.4 %     4.7 %
    Subscription adjusted operating income (non-GAAP)   14.0 %     10.1 %     11.7 %     8.7 %
                   
    Other business revenue   100.0 %     100.0 %     100.0 %     100.0 %
    Other business cost of paying veterinary invoices   76.1 %     70.6 %     74.9 %     72.2 %
    Other business variable expenses   16.7 %     19.9 %     18.1 %     19.4 %
    Other business fixed expenses*   5.6 %     4.4 %     5.4 %     4.7 %
    Other business adjusted operating income (non-GAAP)   1.7 %     5.1 %     1.7 %     3.7 %
                   
    Revenue   100.0 %     100.0 %     100.0 %     100.0 %
    Cost of paying veterinary invoices   72.7 %     74.0 %     73.9 %     75.1 %
    Variable expenses   11.8 %     13.3 %     12.4 %     13.2 %
    Fixed expenses*   5.6 %     4.4 %     5.4 %     4.7 %
    Total business adjusted operating income (non-GAAP)   9.9 %     8.3 %     8.3 %     6.9 %
                   
    *Fixed expenses represent shared services that support both our subscription and other business segments and, as such, are generally allocated to each segment pro-rata based on revenues.
     

    Adjusted operating income is a non-GAAP financial measure that adjusts operating income (loss) to remove the effect of acquisition cost, development expenses, non-recurring transaction or restructuring expenses, and gain (loss) from investment in joint venture. Non-cash items, such as stock-based compensation expense and depreciation and amortization, are also excluded. Acquisition cost, development expenses, gain (loss) from investment in joint venture, stock-based compensation expense, and depreciation and amortization are expected to remain recurring expenses for the foreseeable future, but are excluded from this metric to measure scale in other areas of the business. Management believes acquisition costs primarily represent the cost to acquire new subscribers and are driven by the amount of growth we choose to pursue based primarily on the amount of our adjusted operating income period over period. Accordingly, this measure is not indicative of our core operating income performance. We also exclude development expenses, gain (loss) from investment in joint venture, stock-based compensation expense, and depreciation and amortization because some investors may not view those items as reflective of our core operating income performance.

    Management uses adjusted operating income and the margin on adjusted operating income to understand the effects of scale in its non-acquisition cost and development expenses and to plan future advertising expenditures, which are designed to acquire new pets. Management uses this measure as a principal way of understanding the operating performance of its business exclusive of acquisition cost and new product exploration and development initiatives. Management believes disclosure of this metric provides investors with the same data that the Company employs in assessing its overall operations and that disclosure of this measure may provide useful information regarding the efficiency of our utilization of revenues, return on advertising dollars in the form of new subscribers and future use of available cash to support the continued growth of our business.

    The following tables reflect the reconciliation of adjusted EBITDA to net income (loss) (in thousands):
                                   
      Nine Months Ended
    September 30,
                           
        2024       2023                          
    Net loss $ (11,289 )   $ (42,530 )                        
    Excluding:                              
    Stock-based compensation expense   23,906       25,228                          
    Depreciation and amortization expense   12,542       9,445                          
    Interest income   (9,412 )     (6,169 )                        
    Interest expense   11,071       8,380                          
    Other non-operating expenses                                  
    Income tax benefit   (43 )     (472 )                        
    Non-recurring transaction or restructuring expenses         4,175                          
    (Gain) loss from equity method investment   (33 )     (110 )                        
    Adjusted EBITDA $ 26,742     $ (2,053 )                        
                                   
      Three Months Ended
      Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023   Mar. 31, 2023   Dec. 31, 2022
    Net income (loss) $ 1,425     $ (5,862 )   $ (6,852 )   $ (2,163 )   $ (4,036 )   $ (13,714 )   $ (24,780 )   $ (9,285 )
    Excluding:                              
    Stock-based compensation expense   8,127       8,381       7,398       6,636       6,585       6,503       12,140       8,412  
    Depreciation and amortization expense   4,381       4,376       3,785       3,029       2,990       3,253       3,202       2,897  
    Interest income   (3,232 )     (3,135 )     (3,045 )     (2,842 )     (2,389 )     (2,051 )     (1,729 )     (1,614 )
    Interest expense   3,820       3,655       3,596       3,697       3,053       2,940       2,387       1,587  
    Other non-operating expenses                                          
    Income tax expense (benefit)   39       (44 )     (38 )     130       (43 )     (238 )     (191 )     (15 )
    Non-recurring transaction or restructuring expenses                       8       65       4,102       193  
    (Gain) loss from equity method investment   (33 )                   (110 )                  
    Adjusted EBITDA $ 14,527     $ 7,371     $ 4,844     $ 8,487     $ 6,058     $ (3,242 )   $ (4,869 )   $ 2,175  
     

    Contacts:

    Investors:
    Laura Bainbridge, Senior Vice President, Corporate Communications
    Gil Melchior, Director, Investor Relations
    Investor.Relations@trupanion.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/214fb96d-127a-4bf6-af8e-cc7b9498e1ec

    The MIL Network

  • MIL-OSI: NCS Multistage Holdings, Inc. Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter Results

    • Total revenues of $44.0 million, a 15% year-over-year improvement, driven in part by increased international revenues
    • Net income of $4.1 million and diluted earnings per share of $1.60, compared to $4.4 million and diluted earnings per share of $1.77 one year ago
    • Adjusted EBITDA of $7.1 million, a $0.3 million year-over-year improvement
    • Cash flows from operating activities of $2.1 million for the first nine months of 2024; free cash flow less distributions to non-controlling interest of $0.4 million, a $3.3 million improvement over the first nine months of 2023
    • $15.3 million in cash and $8.6 million of total debt as of September 30, 2024

    HOUSTON, Oct. 30, 2024 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (Nasdaq: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies, today announced its results for the quarter ended September 30, 2024.

    Financial Review

    Total revenues were $44.0 million for the quarter ended September 30, 2024 compared to $38.3 million for the third quarter of 2023. Revenue growth was driven by increases in international services revenues, U.S. product sales, and Canada product sales and services. These gains were partially offset by lower U.S. services revenues and international product sales. The significant increase in international revenues was driven by Middle East tracer work and North Sea frac systems, while the increase in the United States reflects higher frac plug and perforating gun sales by our joint venture, Repeat Precision, LLC (“Repeat Precision”). Despite the increase in U.S. revenues, customer activity continues to be negatively impacted by lower natural gas prices. The increase in our Canadian revenue was due in part to higher fracturing systems activity in 2024, as the prior year was impacted more significantly by Canadian wildfires stemming from drought conditions.

    Compared to the second quarter of 2024, total revenues increased by 48%, with an increase in Canada of 139%, primarily due to seasonality associated with spring break-up in the second quarter. This increase was partially offset by a decline of 31% in international revenues, primarily associated with the timing of tracer service work in the Middle East, and a 6% decline in the United States.

    Gross profit was $17.8 million, with a gross margin of 41%, for the third quarter of 2024, compared to $15.2 million, with a gross margin of 40%, for the third quarter of 2023. Gross margin for 2024 improved due to an increase in higher-margin international work in both the Middle East and North Sea, an increase in frac plug and perforating gun sales in the United States, as well as the benefits realized from operational restructurings enacted in 2023. Adjusted gross profit, which we define as total revenues less total cost of sales, exclusive of depreciation and amortization (“DD&A”), was $18.5 million, or an adjusted gross margin of 42%, for the third quarter of 2024, compared to $15.7 million, or 41%, for the third quarter of 2023.

    Selling, general and administrative (“SG&A”) expenses totaled $14.1 million for the third quarter of 2024, an increase of $1.5 million compared to the same period in 2023. This increase in expense reflects a higher annual incentive bonus accrual year-over-year partially offset by the benefit of cost-saving measures implemented through our restructuring efforts in 2023.

    Other income was $1.5 million for the third quarter of 2024 compared to $2.0 million for the third quarter of 2023. This change in other income is primarily attributable to the prior year recovery of unpaid invoices through a litigation settlement and the reversal of a legal contingency fee in 2023 that was not repeated in 2024. This was partially offset in 2024 by increases in royalty income from licensees and the benefit associated with our technical services and assistance agreement with our local partner in Oman. 

    Net income was $4.1 million, or $1.60 per diluted share, for the quarter ended September 30, 2024 compared to net income of $4.4 million, or $1.77 per diluted share for the quarter ended September 30, 2023.

    Adjusted EBITDA was $7.1 million for the quarter ended September 30, 2024, an increase of $0.3 million compared to the same period a year ago. This improvement is primarily the result of an increase in higher-margin international projects partially offset by an increase in SG&A expenses due to higher annual incentive bonus accruals. Our resulting Adjusted EBITDA margin of 16% for the quarter ended September 30, 2024 compared to 18% for the same period a year ago. 

    Cash flow from operating activities for the nine months ended September 30, 2024 was $2.1 million, a $3.5 million improvement compared to the same period in 2023. For the nine months ended September 30, 2024, free cash flow, less distributions to non-controlling interest, provided cash of $0.4 million compared to a use of cash of $(3.0) million for the same period in 2023. The overall increase in free cash flow was largely attributed to our operating results, change in net working capital, and a reduction in net cash used in investing activities, partially offset by a distribution to our non-controlling interest. 

    Liquidity and Capital Expenditures

    As of September 30, 2024, NCS had $15.3 million in cash and $8.6 million in total debt, and a borrowing base under the undrawn asset-based revolving credit facility (“ABL Facility”) of $21.7 million. Our working capital, defined as current assets minus current liabilities, was $77.3 million and $71.2 million as of September 30, 2024 and December 31, 2023, respectively.

    Net working capital, calculated as working capital, less cash and excluding the current maturities of long-term debt, was $64.1 million and $56.3 million as of September 30, 2024 and December 31, 2023, respectively. The increase in our net working capital was primarily attributable to an increase in our accounts receivable, partially offset by an increase in accrued expenses.

    NCS incurred capital expenditures, net of proceeds from the sale of property and equipment, of $0.7 million and $1.5 million for the nine months ended September 30, 2024 and 2023, respectively.

    Review and Outlook 

    NCS’s Chief Executive Officer, Ryan Hummer commented, “NCS has continued to outperform expectations in a challenging market environment. This quarter marks the third consecutive quarter in which our total revenue has been at the high end or exceeded our expectations, and in which our Adjusted EBITDA exceeded the high end of our expectations.

    Our revenue for the first nine months of 2024 of $117.6 million is over $10 million, or approximately 10%, higher than the same period last year. Importantly, we are also demonstrating the operating leverage in our business, with a modest improvement in gross margin percentage paired with a reduction in SG&A expenses for these periods. Our resulting Adjusted EBITDA of $14.1 million for the first nine months of 2024 is approximately 50% higher than the same period last year, a demonstration of the attractive incremental margins our business can generate as we grow.

    This performance reflects the way our team has embraced and executed our core strategies to build upon our leading market positions, capitalize on international and offshore opportunities and to commercialize innovative solutions to complex customer challenges. One example of this is the 124% improvement in revenue derived outside North America for the first nine months of 2024 as compared to 2023, with international revenue comprising 10% of our total revenue in that period, as compared to 5% last year. Our multi-year efforts to grow our customer base in the North Sea and to enter certain markets in the Middle East are being rewarded.

    Our team at NCS and Repeat Precision has delivered year-over-year revenue growth of 15% in the U.S. through the first nine months of the year, an impressive performance in light of meaningful reductions in industry activity, whether measured by the rig count or unconventional completion counts.

    We are pairing this growth with improved free cash flow generation, with free cash flow after distributions to non-controlling interest for the first nine months of 2024 of $0.4 million, increasing by more than $3 million as compared to the same period in 2023. We maintain a net cash position of $6.7 million, and had total liquidity of over $37 million as of September 30, 2024, which includes our cash on hand and availability under our undrawn revolving credit facility.

    We expect that we will continue to deliver improved revenue performance in the fourth quarter of 2024 as compared to 2023 in each of the U.S., Canada and international markets. However, sequentially we expect a 5-15% reduction in revenue in each of these markets, reflecting the potential for a more significant reduction in year-end activity than in prior years for the U.S. and Canadian markets due to industry drilling and completion efficiencies, and more challenging winter operating conditions in selected international markets, including the North Sea. 

    We believe the value that we bring to our customers across our product and service portfolio, our continued product and service innovation, and our targeted efforts to penetrate international markets positions us to outperform the anticipated changes in industry drilling and completion activity. As demonstrated thus far in 2024, we believe that this revenue growth, paired with previously enacted and continued efforts to control our operating expenses, will enable higher year-over-year Adjusted EBITDA Margins. 

    These results are reflective of the talent, effort and dedication of the outstanding team at NCS and at Repeat Precision. By delivering on our core strategies, we are providing extraordinary outcomes to our customers, driving innovation in the industry and creating value for our shareholders.”

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Net Income (Loss), Adjusted Earnings (Loss) per Diluted Share, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are non-GAAP financial measures. For an explanation of these measures and a reconciliation, refer to Non-GAAP Financial Measures” below.

    Conference Call

    The Company will host a conference call to discuss its third quarter 2024 results and updated guidance on Thursday, October 31, 2024 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). The conference call will be available via a live audio webcast. Participants who wish to ask questions may register for the call here to receive the dial-in numbers and unique PIN. If you wish to join the conference call but do not plan to ask questions, you may join the listen-only webcast here. The live webcast can also be accessed by visiting the Investors section of the Company’s website at ir.ncsmultistage.com. It is recommended that participants join at least 10 minutes prior to the event start.

    The replay will be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

    About NCS Multistage Holdings, Inc.

    NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of thesafe harborprovisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such asanticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expectsand similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: declines in the level of oil and natural gas exploration and production activity in Canada, the United States and internationally; oil and natural gas price fluctuations; significant competition for our products and services that results in pricing pressures, reduced sales, or reduced market share; inability to successfully implement our strategy of increasing sales of products and services into the U.S. and international markets; loss of significant customers; losses and liabilities from uninsured or underinsured business activities and litigation; our failure to identify and consummate potential acquisitions; the financial health of our customers including their ability to pay for products or services provided; our inability to integrate or realize the expected benefits from acquisitions; our inability to achieve suitable price increases to offset the impacts of cost inflation; loss of any of our key suppliers or significant disruptions negatively impacting our supply chain; risks in attracting and retaining qualified employees and key personnel; risks resulting from the operations of our joint venture arrangement; currency exchange rate fluctuations; impact of severe weather conditions; our inability to accurately predict customer demand, which may result in us holding excess or obsolete inventory; impairment in the carrying value of long-lived assets including goodwill; failure to comply with or changes to federal, state and local and non-U.S. laws and other regulations, including anti-corruption and environmental regulations, guidelines and regulations for the use of explosives; change in trade policy, including the impact of tariffs; our inability to successfully develop and implement new technologies, products and services that align with the needs of our customers, including addressing the shift to more non-traditional energy markets as part of the energy transition; our inability to protect and maintain critical intellectual property assets or losses and liabilities from adverse decisions in intellectual property disputes; loss of, or interruption to, our information and computer systems; system interruptions or failures, including complications with our enterprise resource planning system, cybersecurity breaches, identity theft or other disruptions that could compromise our information; our failure to establish and maintain effective internal control over financial reporting; restrictions on the availability of our customers to obtain water essential to the drilling and hydraulic fracturing processes; changes in legislation or regulation governing the oil and natural gas industry, including restrictions on emissions of greenhouse gases; our inability to meet regulatory requirements for use of certain chemicals by our tracer diagnostics business; the reduction in our ABL Facility borrowing base or our inability to comply with the covenants in our debt agreements; and our inability to obtain sufficient liquidity on reasonable terms, or at all and other factors discussed or referenced in our filings made from time to time with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Contact

    Mike Morrison
    Chief Financial Officer and Treasurer
    (281) 453-2222
    IR@ncsmultistage.com 

    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)

        Three Months Ended     Nine Months Ended  
        September 30,     September 30,  
        2024     2023     2024     2023  
    Revenues                                
    Product sales   $ 31,675     $ 27,286     $ 82,455     $ 76,149  
    Services     12,331       10,993       35,099       31,075  
    Total revenues     44,006       38,279       117,554       107,224  
    Cost of sales                                
    Cost of product sales, exclusive of depreciation and amortization expense shown below     19,408       17,118       51,309       47,945  
    Cost of services, exclusive of depreciation and amortization expense shown below     6,066       5,449       18,171       16,564  
    Total cost of sales, exclusive of depreciation and amortization expense shown below     25,474       22,567       69,480       64,509  
    Selling, general and administrative expenses     14,139       12,669       42,789       43,297  
    Depreciation     1,188       1,001       3,395       2,892  
    Amortization     168       168       502       502  
    Income (loss) from operations     3,037       1,874       1,388       (3,976 )
    Other income (expense)                                
    Interest expense, net     (108 )     (27 )     (323 )     (447 )
    Provision for litigation, net of recoveries           (98 )           (42,498 )
    Other income, net     1,523       1,983       4,863       3,753  
    Foreign currency exchange gain (loss), net     217       (157 )     (788 )     (79 )
    Total other income (expense)     1,632       1,701       3,752       (39,271 )
    Income (loss) before income tax     4,669       3,575       5,140       (43,247 )
    Income tax (benefit) expense     (35 )     (537 )     722       (287 )
    Net income (loss)     4,704       4,112       4,418       (42,960 )
    Net income (loss) attributable to non-controlling interest     557       (296 )     1,296       (168 )
    Net income (loss) attributable to NCS Multistage Holdings, Inc.   $ 4,147     $ 4,408     $ 3,122     $ (42,792 )
    Earnings (loss) per common share                                
    Basic earnings (loss) per common share attributable to NCS Multistage Holdings, Inc.   $ 1.63     $ 1.78     $ 1.23     $ (17.33 )
    Diluted earnings (loss) per common share attributable to NCS Multistage Holdings, Inc.   $ 1.60     $ 1.77     $ 1.21     $ (17.33 )
    Weighted average common shares outstanding                                
    Basic     2,548       2,479       2,535       2,469  
    Diluted     2,588       2,489       2,571       2,469  

    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS*
    (In thousands, except share data)
    (Unaudited)

        September 30,     December 31,  
        2024     2023  
    Assets                
    Current assets                
    Cash and cash equivalents   $ 15,330     $ 16,720  
    Accounts receivable—trade, net     36,652       23,981  
    Inventories, net     41,199       41,612  
    Prepaid expenses and other current assets     1,996       1,862  
    Other current receivables     4,276       4,042  
    Insurance receivable           15,000  
    Total current assets     99,453       103,217  
    Noncurrent assets                
    Property and equipment, net     22,656       23,336  
    Goodwill     15,222       15,222  
    Identifiable intangibles, net     3,905       4,407  
    Operating lease assets     3,644       4,847  
    Deposits and other assets     777       937  
    Deferred income taxes, net     186       66  
    Total noncurrent assets     46,390       48,815  
    Total assets   $ 145,843     $ 152,032  
    Liabilities and Stockholders’ Equity                
    Current liabilities                
    Accounts payable—trade   $ 7,512     $ 6,227  
    Accrued expenses     6,874       3,702  
    Income taxes payable     713       364  
    Operating lease liabilities     1,388       1,583  
    Accrual for legal contingencies           15,000  
    Current maturities of long-term debt     2,111       1,812  
    Other current liabilities     3,511       3,370  
    Total current liabilities     22,109       32,058  
    Noncurrent liabilities                
    Long-term debt, less current maturities     6,525       6,344  
    Operating lease liabilities, long-term     2,588       3,775  
    Other long-term liabilities     200       213  
    Deferred income taxes, net     311       249  
    Total noncurrent liabilities     9,624       10,581  
    Total liabilities     31,733       42,639  
    Commitments and contingencies                
    Stockholders’ equity                
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023            
    Common stock, $0.01 par value, 11,250,000 shares authorized, 2,557,648 shares issued and 2,502,680 shares outstanding at September 30, 2024 and 2,482,796 shares issued and 2,443,744 shares outstanding at December 31, 2023     26       25  
    Additional paid-in capital     446,721       444,638  
    Accumulated other comprehensive loss     (86,300 )     (85,752 )
    Retained deficit     (262,495 )     (265,617 )
    Treasury stock, at cost, 54,968 shares at September 30, 2024 and 39,052 shares at December 31, 2023     (1,913 )     (1,676 )
    Total stockholders’ equity     96,039       91,618  
    Non-controlling interest     18,071       17,775  
    Total equity     114,110       109,393  
    Total liabilities and stockholders’ equity   $ 145,843     $ 152,032  

    _____________________
    * Preliminary

    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)

      Nine Months Ended  
      September 30,  
      2024   2023  
    Cash flows from operating activities            
    Net income (loss) $ 4,418   $ (42,960 )
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:            
    Depreciation and amortization   3,897     3,394  
    Amortization of deferred loan costs   155     153  
    Share-based compensation   3,403     4,198  
    Provision for inventory obsolescence   945     256  
    Deferred income tax expense   3     147  
    Gain on sale of property and equipment   (363 )   (423 )
    Provision for credit losses   44     112  
    Provision for litigation, net of recoveries       42,498  
    Net foreign currency unrealized loss (gain)   855     (127 )
    Proceeds from note receivable   61     338  
    Changes in operating assets and liabilities:            
    Accounts receivable—trade   (13,050 )   (2,847 )
    Inventories, net   (1,210 )   (6,356 )
    Prepaid expenses and other assets   821     544  
    Accounts payable—trade   1,124     2,894  
    Accrued expenses   3,224     (1,025 )
    Other liabilities   (2,433 )   (2,023 )
    Income taxes receivable/payable   188     (219 )
    Net cash provided by (used in) operating activities   2,082     (1,446 )
    Cash flows from investing activities            
    Purchases of property and equipment   (1,083 )   (1,704 )
    Purchase and development of software and technology   (70 )   (263 )
    Proceeds from sales of property and equipment   421     454  
    Net cash used in investing activities   (732 )   (1,513 )
    Cash flows from financing activities            
    Payments on finance leases   (1,442 )   (1,159 )
    Line of credit borrowings   3,062     11,702  
    Payments of line of credit borrowings   (3,062 )   (11,758 )
    Treasury shares withheld   (237 )   (265 )
    Distribution to noncontrolling interest   (1,000 )    
    Net cash used in financing activities   (2,679 )   (1,480 )
    Effect of exchange rate changes on cash and cash equivalents   (61 )   (397 )
    Net change in cash and cash equivalents   (1,390 )   (4,836 )
    Cash and cash equivalents beginning of period   16,720     16,234  
    Cash and cash equivalents end of period $ 15,330   $ 11,398  
    Noncash investing and financing activities            
    Assets obtained in exchange for new finance lease liabilities $ 2,145   $ 1,665  
    Assets obtained in exchange for new operating lease liabilities $   $ 1,791  

    NCS MULTISTAGE HOLDINGS, INC.
    REVENUES BY GEOGRAPHIC AREA
    (In thousands)
    (Unaudited)

        Three Months Ended     Nine Months Ended  
        September 30,     September 30,  
        2024     2023     2024     2023  
    United States                                
    Product sales   $ 9,489     $ 5,200     $ 25,806     $ 20,202  
    Services     1,645       2,812       7,130       8,511  
    Total United States     11,134       8,012       32,936       28,713  
    Canada                                
    Product sales     22,140       21,531       53,078       54,062  
    Services     6,725       6,613       19,514       19,074  
    Total Canada     28,865       28,144       72,592       73,136  
    Other Countries                                
    Product sales     46       555       3,571       1,885  
    Services     3,961       1,568       8,455       3,490  
    Total other countries     4,007       2,123       12,026       5,375  
    Total                                
    Product sales     31,675       27,286       82,455       76,149  
    Services     12,331       10,993       35,099       31,075  
    Total revenues   $ 44,006     $ 38,279     $ 117,554     $ 107,224  

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    Non-GAAP Financial Measures 

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Net Income (Loss), Adjusted Earnings (Loss) per Diluted Share, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital (our “non-GAAP financial measures”) are not defined under generally accepted accounting principles (“GAAP”), are not measures of net income (loss), income (loss) from operations, gross profit and gross margin (inclusive of DD&A), cash provided by (used in) operating activities, working capital or any other performance measure derived in accordance with GAAP, and are subject to important limitations. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies in our industry and are not measures of performance calculated in accordance with GAAP. Our non-GAAP financial measures have important limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our financial performance as reported under GAAP, and they should not be considered as alternatives to net income (loss), income (loss) from operations, gross profit, gross margin, cash provided by (used in) operating activities, working capital or any other performance measures derived in accordance with GAAP as measures of operating performance or as alternatives to cash flow from operating activities as measures of our liquidity.

    However, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Net Income (Loss), Adjusted Earnings (Loss) per Diluted Share, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are key metrics that management uses to assess the period-to-period performance of our core business operations or metrics that enable investors to assess our performance from period to period to evaluate our performance relative to other companies that are not subject to such factors, or who may provide similar non-GAAP measures in their public disclosures.

    The tables below set forth reconciliations of our non-GAAP financial measures to the most directly comparable measures of financial performance calculated under GAAP:

    NET WORKING CAPITAL*

    Net working capital is defined as total current assets, excluding cash and cash equivalents, minus total current liabilities, excluding current maturities of long-term debt. Net working capital excludes cash and cash equivalents and current maturities of long-term debt in order to evaluate the investments in working capital that we believe are required to support our business. We believe that net working capital is useful in analyzing the cash flow and working capital needs of the Company, including determining the efficiencies of our operations and our ability to readily convert assets into cash.

        September 30,     December 31,  
        2024     2023  
    Working capital   $ 77,344     $ 71,159  
    Cash and cash equivalents     (15,330 )     (16,720 )
    Current maturities of long term debt     2,111       1,812  
    Net working capital   $ 64,125     $ 56,251  

    _____________________
    *Preliminary

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN

    Adjusted gross profit is defined as total revenues minus cost of sales, exclusive of depreciation and amortization expense, which we present as a separate line item in our statement of operations. Adjusted gross margin represents adjusted gross profit as a percentage of total revenues.

        Three Months Ended     Nine Months Ended  
        September 30,     September 30,  
        2024     2023     2024     2023  
    Total revenues   $ 44,006     $ 38,279     $ 117,554     $ 107,224  
    Total cost of sales, exclusive of depreciation and amortization expense     25,474       22,567       69,480       64,509  
    Total depreciation and amortization associated with cost of sales     699       558       1,968       1,601  
    Gross Profit   $ 17,833     $ 15,154     $ 46,106     $ 41,114  
    Gross Margin     41 %     40 %     39 %     38 %
    Exclude total depreciation and amortization associated with cost of sales     (699 )     (558 )     (1,968 )     (1,601 )
    Adjusted Gross Profit   $ 18,532     $ 15,712     $ 48,074     $ 42,715  
    Adjusted Gross Margin     42 %     41 %     41 %     40 %

    ADJUSTED NET INCOME (LOSS) AND ADJUSTED EARNINGS (LOSS) PER DILUTED SHARE

    Adjusted net income (loss) is defined as net income (loss) attributable to NCS Multistage Holdings, Inc. adjusted to exclude certain items which we believe are not reflective of ongoing performance. Adjusted income (loss) per diluted share is defined as adjusted net income (loss) divided by our diluted weighted average common shares outstanding during the relevant period.

        Three Months Ended     Nine Months Ended  
        September 30, 2024     September 30, 2023     September 30, 2024     September 30, 2023  
        Effect on
    Net
    Income
        Impact
    on Diluted
    Earnings
    Per Share
        Effect on
    Net
    Income
        Impact on
    Diluted
    Earnings
    Per Share
        Effect on
    Net
    Income
        Impact on
    Diluted
    Earnings
    Per Share
        Effect on
    Net (Loss)
    Income
        Impact on
    Diluted
    (Loss)
    Earnings
    Per Share
     
    Net income (loss) attributable to NCS Multistage Holdings, Inc.   $ 4,147     $ 1.60     $ 4,408     $ 1.77     $ 3,122     $ 1.21     $ (42,792 )   $ (17.33 )
    Adjustments                                                                
    Provision for litigation, net of recoveries (a)                 98       0.04                   42,498       17.21  
    Foreign currency exchange (gain) loss (b)     (262 )     (0.10 )     237       0.10       679       0.26       132       0.06  
    Income tax impact from adjustments (c)     2             1             (90 )     (0.03 )     303       0.12  
    Adjusted net income attributable to NCS Multistage Holdings, Inc.   $ 3,887     $ 1.50     $ 4,744     $ 1.91     $ 3,711     $ 1.44     $ 141     $ 0.06  

    __________________

    (a) Represents litigation provision primarily associated with a legal matter in Texas for the nine months ended September 30, 2023. In December 2023, we settled the matter where the insurance carrier agreed to pay the mutually-agreed settlement amounts to the plaintiff in January 2024, resulting in no cash payments by NCS.
    (b) Represents realized and unrealized foreign currency exchange gains and losses attributable to NCS Multistage Holdings, Inc. primarily due to movement in the foreign currency exchange rates during the applicable periods.
    (c) Represents income tax impacts based on applicable effective tax rates.

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN, AND ADJUSTED EBITDA LESS SHARE-BASED COMPENSATION

    EBITDA is defined as net income (loss) before interest expense, net, income tax expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items which we believe are not reflective of ongoing operating performance or which, in the case of share-based compensation, is non-cash in nature. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of total revenues. Adjusted EBITDA Less Share-Based Compensation is defined as Adjusted EBITDA minus share-based compensation expense. We believe that Adjusted EBITDA is an important measure that excludes costs that management believes do not reflect our ongoing operating performance, legal proceedings for intellectual property as further described below, and certain costs associated with our capital structure. We believe that Adjusted EBITDA Less Share-Based Compensation presents our financial performance in a manner that is comparable to the presentation provided by many of our peers.

    We periodically incur legal costs associated with the assertion of, or defense of, intellectual property, which we exclude from our definition of Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation, unless we believe that settlement will occur prior to any material legal spend (included in the table below as “Professional Fees”). Although these costs may recur between periods, depending on legal matters then outstanding or in process, we believe the timing of when these costs are incurred does not typically match the settlement or recoveries associated with such matters, and therefore, can distort our operating results. Similarly, we exclude from Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation the one-time settlement or recovery payment associated with these excluded legal matters when realized but would not exclude any go forward royalties or payments, if applicable. We expect to continue to incur these legal costs for current matters under appeal and for any future cases that may go to trial, provided that the amount will vary by period. 

        Three Months Ended     Nine Months Ended  
        September 30,     September 30,  
        2024     2023     2024     2023  
    Net income (loss)   $ 4,704     $ 4,112     $ 4,418     $ (42,960 )
    Income tax (benefit) expense     (35 )     (537 )     722       (287 )
    Interest expense, net     108       27       323       447  
    Depreciation     1,188       1,001       3,395       2,892  
    Amortization     168       168       502       502  
    EBITDA     6,133       4,771       9,360       (39,406 )
    Provision for litigation, net of recoveries (a)           98             42,498  
    Share-based compensation (b)     651       1,328       2,084       3,285  
    Professional fees (c)     333       (375 )     1,263       1,286  
    Foreign currency exchange (gain) loss (d)     (217 )     157       788       79  
    Severance and other termination benefits (e)           671             980  
    Other (f)     175       145       573       698  
    Adjusted EBITDA   $ 7,075     $ 6,795     $ 14,068     $ 9,420  
    Adjusted EBITDA Margin     16 %     18 %     12 %     9 %
    Adjusted EBITDA Less Share-Based Compensation   $ 6,424     $ 5,467     $ 11,984     $ 6,135  

    ___________________

    (a) Represents litigation provision primarily associated with a legal matter in Texas. See footnote (a) in the “Adjusted Net Income (Loss) and Adjusted Earnings (Loss) per Diluted Share” table above for more information.
    (b) Represents non-cash compensation charges related to share-based compensation granted to our officers, employees and directors.
    (c) Represents non-capitalizable costs of professional services primarily incurred or reversed in connection with our legal proceedings associated with the assertion of, or defense of, intellectual property as further described above as well as the cost incurred for the evaluation of potential strategic transactions. 
    (d) Represents realized and unrealized foreign currency exchange gains and losses primarily due to movement in the foreign currency exchange rates during the applicable periods.  
    (e) Represents certain expenses associated with consolidations of our tracer diagnostics business operations and Repeat Precision’s manufacturing operations in Mexico.
    (f) Represents the impact of a research and development subsidy that is included in income tax expense in accordance with GAAP along with other charges and credits.

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    FREE CASH FLOW AND FREE CASH FLOW LESS DISTRIBUTIONS TO NON-CONTROLLING INTEREST

    Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment (inclusive of the purchase and development of software and technology) plus proceeds from sales of property and equipment, as presented in our consolidated statement of cash flows. We define free cash flow less distributions to non-controlling interest as free cash flow less amounts reported in the financing activities section of the statement of cash flows as distributions to non-controlling interest. We believe free cash flow is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures and other investment needs. We believe that free cash flow less distributions to non-controlling interest is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures, other investment needs, and cash distributions to our joint venture partner.

        Nine Months Ended  
        September 30,  
        2024     2023  
    Net cash provided by (used in) operating activities   $ 2,082     $ (1,446 )
    Purchases of property and equipment     (1,083 )     (1,704 )
    Purchase and development of software and technology     (70 )     (263 )
    Proceeds from sales of property and equipment     421       454  
    Free cash flow   $ 1,350     $ (2,959 )
    Distributions to non-controlling interest     (1,000 )      
    Free cash flow less distributions to non-controlling interest   $ 350     $ (2,959 )

    The MIL Network

  • MIL-OSI: SEACOR Marine Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 30, 2024 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its third quarter ended September 30, 2024.

    SEACOR Marine’s consolidated operating revenues for the third quarter of 2024 were $68.9 million, operating loss was $6.5 million, and direct vessel profit (“DVP”)(1) was $16.0 million. This compares to consolidated operating revenues of $76.9 million, operating income of $9.8 million, and DVP of $36.8 million in the third quarter of 2023, and consolidated operating revenues of $69.9 million, operating loss of $3.9 million, and DVP of $20.3 million in the second quarter of 2024.

    Notable third quarter items include:

    • 10.4% decrease in revenues from the third quarter of 2023 and a 1.4% decrease from the second quarter of 2024.
    • Average day rates of $18,879, a 4.6% increase from the third quarter of 2023, and a 1.4% decrease from the second quarter of 2024.
    • 67% utilization, a decrease from 73% in the third quarter of 2023 and a decrease from 69% in the second quarter of 2024.
    • DVP margin of 23.2%, a decrease from 47.8% in the third quarter of 2023 and a decrease from 29.1% in the second quarter of 2024, due in part to $8.3 million of drydocking and major repairs during the quarter compared to $2.0 million in the third quarter of 2023 and $8.5 million in the second quarter of 2024, all of which are expensed as incurred.

    For the third quarter of 2024, net loss was $16.3 million ($0.59 loss per basic and diluted share). This compares to a net loss for the third quarter of 2023 of $0.9 million ($0.03 loss per basic and diluted share). Sequentially, the third quarter 2024 results compare to a net loss of $12.5 million ($0.45 earnings per basic and diluted share) in the second quarter of 2024.

    Chief Executive Officer John Gellert commented:

    “The third quarter results reflect overall lower utilization driven by our heavy 2024 maintenance schedule and softer than expected demand during the quarter, particularly in the U.S. Gulf of Mexico and the North Sea markets. While we made progress in remarketing and repositioning our available tonnage, these efforts reduced the utilization of these vessels during the quarter. Our utilization figures were also affected by continuing work on drydockings and major repairs, some of which experienced additional delays as a result of ongoing shipyard and vendor capacity issues. We continue to see challenges as shipyards and other vendors expand their support teams, expertise and production capacity to respond to demand growth. In addition to lower utilization, these results also reflect higher operating expenses, driven mostly by 9.9% higher crewing costs and 30.0% higher maintenance costs relative to the year to date third quarter of 2023, both of which we attribute primarily to increased industry demand and vendor capacity constraints. Nevertheless, our average day rates held steady and we continued to add charters that will contribute improvements to our utilization, with contracted revenue backlog, including options, in excess of $360.0 million.

    In the near term, one of our premium liftboats located in the U.S. Gulf of Mexico will return to work in early November after being in the shipyard for maintenance since April. We are also seeing a stronger volume of inquiries for decommissioning work for our liftboats in the 2025-2026 timeframe, which is coming from both the U.S. Gulf of Mexico as well as international markets. We own one of the youngest and most fuel efficient and versatile fleets of offshore vessels in the world. Although demand for our services remains highly correlated to the underlying commodity prices, which have been very volatile during 2024, we are well positioned to capture attractive opportunities servicing offshore energy.”
    ___________________

    (1)   Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

    Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
    For all other requests, contact InvestorRelations@seacormarine.com

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except share data)

     
        Three Months Ended September 30,     Nine months ended September 30,  
        2024     2023     2024     2023  
    Operating Revenues   $ 68,916     $ 76,900     $ 201,553     $ 206,428  
    Costs and Expenses:                        
    Operating     52,907       40,142       150,526       116,381  
    Administrative and general     11,019       12,300       33,825       37,636  
    Lease expense     364       651       1,331       2,069  
    Depreciation and amortization     12,928       13,462       38,749       40,799  
          77,218       66,555       224,431       196,885  
    Gains (Losses) on Asset Dispositions and Impairments, Net     1,821       (512 )     1,857       3,352  
    Operating (Loss) Income     (6,481 )     9,833       (21,021 )     12,895  
    Other Income (Expense):                        
    Interest income     358       340       1,396       1,222  
    Interest expense     (10,127 )     (9,536 )     (30,626 )     (27,060 )
    Loss on debt extinguishment           (2,004 )           (2,004 )
    Derivative gains (losses), net     67             (372 )      
    Foreign currency (losses) gains, net     (1,717 )     571       (2,357 )     (857 )
    Other, net     29             (66 )      
          (11,390 )     (10,629 )     (32,025 )     (28,699 )
    Loss Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies     (17,871 )     (796 )     (53,046 )     (15,804 )
    Income Tax (Benefit) Expense     (513 )     2,360       (270 )     2,421  
    Loss Before Equity in Earnings of 50% or Less Owned Companies     (17,358 )     (3,156 )     (52,776 )     (18,225 )
    Equity in Earnings of 50% or Less Owned Companies     1,012       2,273       878       3,182  
    Net Loss   $ (16,346 )   $ (883 )   $ (51,898 )   $ (15,043 )
                             
    Net Loss Per Share:                        
    Basic   $ (0.59 )   $ (0.03 )   $ (1.88 )   $ (0.56 )
    Diluted   $ (0.59 )   $ (0.03 )   $ (1.88 )   $ (0.56 )
    Weighted Average Common Stock and Warrants Outstanding:                        
    Basic     27,772,733       27,181,754       27,615,699       27,048,656  
    Diluted     27,772,733       27,181,754       27,615,699       27,048,656  
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
     (in thousands, except statistics and per share data)

              Three Months Ended
        Sep. 30,
    2024
        Jun. 30,
    2024
        Mar. 31,
    2024
        Dec. 31,
    2023
        Sep. 30,
    2023
       
    Time Charter Statistics:                                
    Average Rates Per Day   $ 18,879     $ 19,141     $ 19,042     $ 18,031     $ 18,046    
    Fleet Utilization     67 %     69 %     62 %     71 %     73 %  
    Fleet Available Days(2)     5,026       4,994       5,005       5,170       5,182    
    Operating Revenues:                                
    Time charter   $ 63,313     $ 65,649     $ 59,263     $ 66,498     $ 68,668    
    Bareboat charter     372       364       364       368       368    
    Other marine services     5,231       3,854       3,143       6,217       7,864    
          68,916       69,867       62,770       73,083       76,900    
    Costs and Expenses:                                
    Operating:                                
    Personnel     21,940       21,566       21,670       22,080       19,943    
    Repairs and maintenance     9,945       10,244       9,763       7,604       7,418    
    Drydocking     6,068       6,210       6,706       2,561       1,768    
    Insurance and loss reserves     2,584       3,099       1,738       2,944       1,833    
    Fuel, lubes and supplies     6,574       3,966       4,523       3,683       5,047    
    Other     5,796       4,435       3,699       4,397       4,133    
          52,907       49,520       48,099       43,269       40,142    
    Direct Vessel Profit(1)     16,009       20,347       14,671       29,814       36,758    
    Other Costs and Expenses:                                
    Lease expense     364       486       481       679       651    
    Administrative and general     11,019       10,889       11,917       11,547       12,300    
    Depreciation and amortization     12,928       12,939       12,882       13,022       13,462    
          24,311       24,314       25,280       25,248       26,413    
    Gains (Losses) on Asset Dispositions and Impairments, Net     1,821       37       (1 )     18,057       (512 )  
    Operating (Loss) Income     (6,481 )     (3,930 )     (10,610 )     22,623       9,833    
    Other Income (Expense):                                
    Interest income     358       445       593       222       340    
    Interest expense     (10,127 )     (10,190 )     (10,309 )     (10,444 )     (9,536 )  
    Derivative gains (losses), net     67       104       (543 )     608          
    Loss on debt extinguishment                             (2,004 )  
    Foreign currency (losses) gains, net     (1,717 )     (560 )     (80 )     (1,276 )     571    
    Other, net     29             (95 )              
          (11,390 )     (10,201 )     (10,434 )     (10,890 )     (10,629 )  
    (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies     (17,871 )     (14,131 )     (21,044 )     11,733       (796 )  
    Income Tax (Benefit) Expense     (513 )     (682 )     925       6,378       2,360    
    (Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (17,358 )     (13,449 )     (21,969 )     5,355       (3,156 )  
    Equity in Earnings (Losses) of 50% or Less Owned Companies     1,012       966       (1,100 )     374       2,273    
    Net (Loss) Income   $ (16,346 )   $ (12,483 )   $ (23,069 )   $ 5,729     $ (883 )  
                                     
    Net (Loss) Earnings Per Share:                                
    Basic   $ (0.59 )   $ (0.45 )   $ (0.84 )   $ 0.21     $ (0.03 )  
    Diluted   $ (0.59 )   $ (0.45 )   $ (0.84 )   $ 0.20     $ (0.03 )  
    Weighted Average Common Stock and Warrants Outstanding:                                
    Basic     27,773       27,729       27,344       27,182       27,182    
    Diluted     27,773       27,729       27,344       28,401       27,182    
    Common Shares and Warrants Outstanding at Period End     28,950       28,941       28,906       28,489       28,481    

     ____________________
    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
    (in thousands, except statistics)

        Three Months Ended
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023    
    United States, primarily Gulf of Mexico                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 17,188     $ 22,356     $ 28,156     $ 22,584     $ 23,663    
    Fleet utilization     42 %     37 %     27 %     50 %     57 %  
    Fleet available days     920       921       927       1,152       1,196    
    Out-of-service days for repairs, maintenance and drydockings     116       179       137       61       151    
    Out-of-service days for cold-stacked status(2)     175       127       182       254       206    
    Operating Revenues:                                
    Time charter   $ 6,593     $ 7,697     $ 6,957     $ 12,929     $ 16,236    
    Other marine services     1,188       480       1,026       5,346       5,478    
          7,781       8,177       7,983       18,275       21,714    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel     6,297       6,284       5,781       6,906       6,712    
    Repairs and maintenance     1,655       1,879       1,404       819       1,560    
    Drydocking     2,615       2,570       1,968       303       462    
    Insurance and loss reserves     799       943       396       1,297       332    
    Fuel, lubes and supplies     964       866       667       1,032       958    
    Other     225       226       (171 )     475       375    
          12,555       12,768       10,045       10,832       10,399    
    Direct Vessel (Loss) Profit(1)   $ (4,774 )   $ (4,591 )   $ (2,062 )   $ 7,443     $ 11,315    
    Other Costs and Expenses:                                
    Lease expense   $ 140     $ 141     $ 138     $ 141     $ 116    
    Depreciation and amortization     3,194       3,194       2,750       3,479       3,810    
                                     
    Africa and Europe                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 18,875     $ 18,580     $ 15,197     $ 15,233     $ 15,388    
    Fleet utilization     77 %     74 %     76 %     82 %     84 %  
    Fleet available days     1,990       1,969       1,775       1,748       1,748    
    Out-of-service days for repairs, maintenance and drydockings     203       203       238       124       111    
    Out-of-service days for cold-stacked status     58       91       91       92       54    
    Operating Revenues:                                
    Time charter   $ 28,809     $ 27,047     $ 20,555     $ 21,791     $ 22,528    
    Other marine services     3,048       1,028       169       189       1,943    
          31,857       28,075       20,724       21,980       24,471    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel     6,083       4,969       5,181       6,007       5,089    
    Repairs and maintenance     3,455       3,161       3,209       2,807       2,214    
    Drydocking     681       1,226       2,032       1,298       320    
    Insurance and loss reserves     599       819       334       416       573    
    Fuel, lubes and supplies     2,514       1,170       1,287       623       2,573    
    Other     3,975       2,801       2,199       2,267       2,448    
          17,307       14,146       14,242       13,418       13,217    
    Direct Vessel Profit(1)   $ 14,550     $ 13,929     $ 6,482     $ 8,562     $ 11,254    
    Other Costs and Expenses:                                
    Lease expense   $ 75     $ 172     $ 178     $ 289     $ 372    
    Depreciation and amortization     4,540       4,565       3,915       3,747       3,821    

      ____________________
    (1) See full description of footnote above.
    (2) Includes one liftboat and one FSV cold-stacked in this region as of September 30, 2024.

    SEACOR MARINE HOLDINGS INC.
     UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
    (in thousands, except statistics)

     
        Three Months Ended  
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    Middle East and Asia                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 17,825     $ 17,083     $ 16,934     $ 17,590     $ 16,313  
    Fleet utilization     71 %     82 %     71 %     69 %     67 %
    Fleet available days     1,288       1,296       1,365       1,461       1,472  
    Out-of-service days for repairs, maintenance and drydockings     229       168       224       360       297  
    Operating Revenues:                              
    Time charter   $ 16,411     $ 18,073     $ 16,477     $ 17,729     $ 16,087  
    Other marine services     375       619       350       539       267  
          16,786       18,692       16,827       18,268       16,354  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     5,769       6,930       5,963       5,522       5,157  
    Repairs and maintenance     3,318       3,443       2,712       2,590       2,623  
    Drydocking     832       707       1,483       624       1,056  
    Insurance and loss reserves     927       798       618       1,022       711  
    Fuel, lubes and supplies     1,043       1,103       1,198       1,242       743  
    Other     1,131       989       1,000       1,133       943  
          13,020       13,970       12,974       12,133       11,233  
    Direct Vessel Profit(1)   $ 3,766     $ 4,722     $ 3,853     $ 6,135     $ 5,121  
    Other Costs and Expenses:                              
    Lease expense   $ 73     $ 71     $ 85     $ 158     $ 59  
    Depreciation and amortization     3,261       3,247       3,496       3,643       3,721  
                                   
    Latin America                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 21,984     $ 22,437     $ 28,308     $ 20,745     $ 20,656  
    Fleet utilization     63 %     71 %     58 %     84 %     87 %
    Fleet available days(2)     828       808       938       809       766  
    Out-of-service days for repairs, maintenance and drydockings     94       41       1             67  
    Operating Revenues:                              
    Time charter   $ 11,500     $ 12,832     $ 15,274     $ 14,049     $ 13,817  
    Bareboat charter     372       364       364       368       368  
    Other marine services     620       1,727       1,598       143       176  
          12,492       14,923       17,236       14,560       14,361  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     3,791       3,383       4,745       3,645       2,985  
    Repairs and maintenance     1,517       1,761       2,438       1,388       1,021  
    Drydocking     1,940       1,707       1,223       336       (70 )
    Insurance and loss reserves     259       539       390       209       217  
    Fuel, lubes and supplies     2,053       827       1,371       786       773  
    Other     465       419       671       522       367  
          10,025       8,636       10,838       6,886       5,293  
    Direct Vessel Profit(1)   $ 2,467     $ 6,287     $ 6,398     $ 7,674     $ 9,068  
    Other Costs and Expenses:                              
    Lease expense   $ 76     $ 102     $ 80     $ 91     $ 104  
    Depreciation and amortization     1,933       1,933       2,721       2,153       2,110  

     _______________
    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS
    (in thousands, except statistics)

        Three Months Ended
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023    
    AHTS                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 10,316     $ 8,125     $ 8,538     $ 8,937     $ 9,947    
    Fleet utilization     46 %     49 %     75 %     64 %     50 %  
    Fleet available days     334       364       364       368       368    
    Out-of-service days for repairs, maintenance and drydockings     87       29             41       111    
    Out-of-service days for cold-stacked status     58       91       91       92       54    
    Operating Revenues:                                
    Time charter   $ 1,576     $ 1,459     $ 2,331     $ 2,102     $ 1,831    
    Other marine services     13       219             6       930    
          1,589       1,678       2,331       2,108       2,761    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 981     $ 1,045     $ 1,064     $ 944     $ 1,019    
    Repairs and maintenance     239       465       220       612       484    
    Drydocking     436       280       68       58       747    
    Insurance and loss reserves     66       97       43       73       88    
    Fuel, lubes and supplies     90       69       616       375       428    
    Other     263       230       287       295       378    
          2,075       2,186       2,298       2,357       3,144    
    Other Costs and Expenses:                                
    Lease expense   $ 4     $ 164     $ 171     $ 253     $ 331    
    Depreciation and amortization     175       175       175       175       249    
                                     
    FSV                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 13,102     $ 12,978     $ 11,834     $ 11,841     $ 11,441    
    Fleet utilization     81 %     80 %     72 %     74 %     79 %  
    Fleet available days     2,024       2,002       2,002       2,105       2,116    
    Out-of-service days for repairs, maintenance and drydockings     96       128       216       337       227    
    Out-of-service days for cold-stacked status     83       36       91       92       69    
    Operating Revenues:                                
    Time charter   $ 21,606     $ 20,698     $ 17,081     $ 18,502     $ 19,135    
    Other marine services     1,012       516       126       163       652    
          22,618       21,214       17,207       18,665       19,787    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 5,637     $ 5,829     $ 5,649     $ 5,320     $ 5,144    
    Repairs and maintenance     4,378       4,572       3,093       2,691       2,787    
    Drydocking     448       457       1,869       1,710       870    
    Insurance and loss reserves     532       546       277       507       185    
    Fuel, lubes and supplies     1,962       993       1,051       1,441       1,501    
    Other     2,238       1,850       1,649       1,632       1,552    
          15,195       14,247       13,588       13,301       12,039    
    Other Costs and Expenses:                                
    Depreciation and amortization   $ 4,744     $ 4,746     $ 4,744     $ 4,879     $ 5,002    
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)

        Three Months Ended
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023    
    PSV                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 21,819     $ 20,952     $ 19,133     $ 19,778     $ 19,528    
    Fleet utilization     58 %     66 %     53 %     77 %     78 %  
    Fleet available days(1)     1,932       1,900       1,911       1,902       1,870    
    Out-of-service days for repairs, maintenance and drydockings     349       291       307       109       110    
    Operating Revenues:                                
    Time charter   $ 24,488     $ 26,390     $ 19,390     $ 29,140     $ 28,580    
    Bareboat charter     372       364       364       368       368    
    Other marine services     2,855       2,266       416       595       696    
          27,715       29,020       20,170       30,103       29,644    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 9,360     $ 8,979     $ 8,850     $ 9,017     $ 8,793    
    Repairs and maintenance     3,798       3,151       4,393       3,520       2,504    
    Drydocking     2,629       2,616       3,386       472       232    
    Insurance and loss reserves     636       1,037       395       690       682    
    Fuel, lubes and supplies     3,594       1,575       1,889       1,027       2,352    
    Other     2,821       1,850       1,395       1,922       1,761    
          22,838       19,208       20,308       16,648       16,324    
    Other Costs and Expenses:                                
    Lease expense   $ (3 )   $ 3     $     $     $    
    Depreciation and amortization     4,117       4,128       4,073       4,073       4,073    

    ___________________
    (1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)

        Three Months Ended
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023    
    Liftboats                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 36,423     $ 43,204     $ 53,506     $ 40,181     $ 39,419    
    Fleet utilization     58 %     54 %     53 %     52 %     59 %  
    Fleet available days     736       728       728       795       828    
    Out-of-service days for repairs, maintenance and drydockings     109       143       78       60       111    
    Out-of-service days for cold-stacked status     92       91       91       162       137    
    Operating Revenues:                                
    Time charter   $ 15,643     $ 17,102     $ 20,461     $ 16,754     $ 19,122    
    Other marine services     1,142       666       1,772       4,666       4,710    
          16,785       17,768       22,233       21,420       23,832    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 5,926     $ 6,842     $ 6,140     $ 5,316     $ 4,983    
    Repairs and maintenance     1,531       2,054       2,035       769       1,643    
    Drydocking     2,555       2,857       1,383       321       (81 )  
    Insurance and loss reserves     1,334       1,482       1,282       1,554       1,148    
    Fuel, lubes and supplies     928       1,329       967       838       766    
    Other     473       519       343       531       445    
          12,747       15,083       12,150       9,329       8,904    
    Other Costs and Expenses:                                
    Depreciation and amortization     3,866       3,865       3,866       3,867       4,099    
                                     
    Other Activity                                
    Operating Revenues:                                
    Other marine services   $ 209     $ 187     $ 829     $ 787     $ 876    
          209       187       829       787       876    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 36     $ (1,129 )   $ (33 )   $ 1,483     $ 4    
    Repairs and maintenance     (1 )     2       22       12          
    Insurance and loss reserves     16       (63 )     (259 )     120       (270 )  
    Fuel, lubes and supplies                       2          
    Other     1       (14 )     25       17       (3 )  
          52       (1,204 )     (245 )     1,634       (269 )  
    Other Costs and Expenses:                                
    Lease expense   $ 363     $ 319     $ 310     $ 426     $ 320    
    Depreciation and amortization     26       25       24       28       39    
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)

     
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    ASSETS                              
    Current Assets:                              
    Cash and cash equivalents   $ 35,601     $ 40,605     $ 59,593     $ 67,455     $ 55,840  
    Restricted cash     2,263       2,255       2,566       16,676       2,796  
    Receivables:                              
    Trade, net of allowance for credit loss     76,497       70,770       58,272       63,728       63,246  
    Other     7,841       6,210       12,210       11,049       8,662  
    Tax receivable     983       983       983       983       445  
    Inventories     3,139       3,117       2,516       1,609       1,738  
    Prepaid expenses and other     4,840       5,659       3,425       2,686       2,957  
    Assets held for sale           500       500       500       6,093  
    Total current assets     131,164       130,099       140,065       164,686       141,777  
    Property and Equipment:                              
    Historical cost     921,445       921,443       919,139       918,823       936,520  
    Accumulated depreciation     (362,604 )     (349,799 )     (337,001 )     (324,141 )     (318,549 )
          558,841       571,644       582,138       594,682       617,971  
    Construction in progress     11,935       11,518       13,410       10,362       9,413  
    Net property and equipment     570,776       583,162       595,548       605,044       627,384  
    Right-of-use asset – operating leases     3,575       3,683       3,988       4,291       4,907  
    Right-of-use asset – finance leases     19       28       29       37       45  
    Investments, at equity, and advances to 50% or less owned companies     2,046       2,641       3,122       4,125       3,857  
    Other assets     1,864       1,953       2,094       2,153       2,095  
    Total assets   $ 709,444     $ 721,566     $ 744,846     $ 780,336     $ 780,065  
    LIABILITIES AND EQUITY                              
    Current Liabilities:                              
    Current portion of operating lease liabilities   $ 494     $ 861     $ 1,285     $ 1,591     $ 1,856  
    Current portion of finance lease liabilities     17       26       33       35       35  
    Current portion of long-term debt     28,605       28,605       28,605       28,365       28,005  
    Accounts payable     22,744       17,790       23,453       27,562       32,468  
    Other current liabilities     28,808       23,795       21,067       19,533       21,340  
    Total current liabilities     80,668       71,077       74,443       77,086       83,704  
    Long-term operating lease liabilities     3,221       3,276       3,390       3,529       3,571  
    Long-term finance lease liabilities     4       5             6       15  
    Long-term debt     272,325       277,740       281,989       287,544       291,843  
    Deferred income taxes     26,802       30,083       33,873       35,718       33,078  
    Deferred gains and other liabilities     1,416       1,447       2,285       2,229       2,217  
    Total liabilities     384,436       383,628       395,980       406,112       414,428  
    Equity:                              
    SEACOR Marine Holdings Inc. stockholders’ equity:                              
    Common stock     287       286       286       280       280  
    Additional paid-in capital     477,661       476,020       474,433       472,692       471,158  
    Accumulated deficit     (154,374 )     (138,028 )     (125,609 )     (102,425 )     (108,154 )
    Shares held in treasury     (8,110 )     (8,110 )     (8,071 )     (4,221 )     (4,221 )
    Accumulated other comprehensive income, net of tax     9,223       7,449       7,506       7,577       6,253  
          324,687       337,617       348,545       373,903       365,316  
    Noncontrolling interests in subsidiaries     321       321       321       321       321  
    Total equity     325,008       337,938       348,866       374,224       365,637  
    Total liabilities and equity   $ 709,444     $ 721,566     $ 744,846     $ 780,336     $ 780,065  
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)

              Three Months Ended
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    Cash Flows from Operating Activities:                              
    Net (Loss) Income   $ (16,346 )   $ (12,483 )   $ (23,069 )   $ 5,729     $ (883 )
    Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:                              
    Depreciation and amortization     12,928       12,939       12,882       13,022       13,462  
    Deferred financing costs amortization     298       297       295       279       459  
    Stock-based compensation expense     1,604       1,587       1,645       1,510       1,540  
    Debt discount amortization     2,061       1,993       1,926       1,862       1,714  
    Allowance for credit losses     101       39       3       266       594  
    (Gain) loss from equipment sales, retirements or impairments     (1,821 )     (37 )     1       (18,057 )     512  
    Losses on debt extinguishment                             177  
    Derivative (gains) losses     (67 )     (104 )     543       (608 )      
    Interest on finance lease           1             1       59  
    Settlements on derivative transactions, net                 164             197  
    Currency losses (gains)     1,717       560       80       1,276       (571 )
    Deferred income taxes     (3,281 )     (3,790 )     (1,845 )     2,640       (960 )
    Equity (earnings) losses     (1,012 )     (966 )     1,100       (374 )     (2,273 )
    Dividends received from equity investees     1,498       1,418             166       1,031  
    Changes in Operating Assets and Liabilities:                              
    Accounts receivables     (7,411 )     (6,928 )     4,291       (3,472 )     (747 )
    Other assets     1,032       (2,395 )     (1,290 )     733       493  
    Accounts payable and accrued liabilities     9,325       (4,378 )     (3,895 )     (6,456 )     (7,705 )
    Net cash provided by (used in) operating activities     626       (12,247 )     (7,169 )     (1,483 )     7,099  
    Cash Flows from Investing Activities:                              
    Purchases of property and equipment     (210 )     (658 )     (3,416 )     (3,644 )     (6,455 )
    Proceeds from disposition of property and equipment     2,331       86             36,692        
    Net investing activities in property and equipment     2,121       (572 )     (3,416 )     33,048       (6,455 )
    Principal payments on notes due from others                             5,000  
    Net cash provided by (used in) investing activities     2,121       (572 )     (3,416 )     33,048       (1,455 )
    Cash Flows from Financing Activities:                              
    Payments on long-term debt     (7,770 )     (6,533 )     (7,530 )     (6,173 )     (4,901 )
    Payments on debt extinguishment                             (104,832 )
    Payments on debt extinguishment cost                             (1,827 )
    Proceeds from issuance of long-term debt, net of issue costs                       87       121,207  
    Payments on finance leases     (10 )     (9 )     (9 )     (9 )     (204 )
    Proceeds from issuance of common stock, net of issue costs                       24        
    Proceeds from exercise of stock options     38       102                    
    Tax withholdings on restricted stock vesting           (39 )     (3,850 )            
    Net cash (used in) provided by financing activities     (7,742 )     (6,479 )     (11,389 )     (6,071 )     9,443  
    Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents     (1 )     (1 )     2       1       3  
    Net Change in Cash, Restricted Cash and Cash Equivalents     (4,996 )     (19,299 )     (21,972 )     25,495       15,090  
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period     42,860       62,159       84,131       58,636       43,546  
    Cash, Restricted Cash and Cash Equivalents, End of Period   $ 37,864     $ 42,860     $ 62,159     $ 84,131     $ 58,636  
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS

     
        Owned     Leased-in     Managed     Total  
    September 30, 2024                        
    AHTS     2       1             3  
    FSV     22             1       23  
    PSV     21                   21  
    Liftboats     8                   8  
          53       1       1       55  
    December 31, 2023                        
    AHTS     3       1             4  
    FSV     22             3       25  
    PSV     21                   21  
    Liftboats     8                   8  
          54       1       3       58  

    The MIL Network

  • MIL-OSI USA: Congressman Jake Ellzey’s Staff Deployed as Election Observers

    Source: United States House of Representatives – Representative Jake Ellzey (Texas, 6)

    The Constitution entrusts each House of Congress with the responsibility to “judge the Elections, Returns, and Qualifications of its own Members.” This authority was brought into focus in 2020 when Democrats attempted to overturn the certified results of an Iowa congressional race and install their preferred candidate instead.

    The Election Observer Program deploys congressional observers to polling locations nationwide to collect real-time, factual data that can assist in election disputes, seating challenges, and other election-related matters. This initiative is essential to House Administration Republicans’ work to promote election integrity and rebuild public confidence in the voting process. House staff members are encouraged to volunteer, and mandatory training is required for participation.

    “Elections have consequences, and there are few elections as consequential as the one taking place this November,” said Ellzey. We must ensure that every citizen has their voice heard, and I am grateful to the members of my staff who have volunteered to participate in the Election Observer Program. Through this program, they will be deployed across the country in New Mexico’s 2nd district, Michigan’s 13th, and Connecticut’s 5th. These races currently sit within the margin of error, and we must ensure that every vote is counted.”

    Ellzey continued, “Whoever you vote for, as a citizen of the United States, you have a right to have the vote count, and we have a duty to ensure that it does. So, I want to thank every volunteer who is dedicating their time to ensure that we have safe and fair elections.”

    ######

    MIL OSI USA News

  • MIL-OSI USA: The Pig Butchering Invasion Has Begun – Wired

    Source: United States Institute of Peace

    Scam compounds have also been broken up in Peru and Sri Lanka. And there has even been alleged trafficking in truly unexpected places like the Isle of Man, a British territory where almost 100 people were working between 2022 and 2023 as part of a pig butchering operation, according to a BBC investigation from August.

    “The People’s Republic of China–origin criminal groups that are behind these sophisticated forms of scamming are looking to build networks and hubs all around the globe simply because this is so lucrative,” says Jason Tower, the country director for Burma and a long-time security analyst covering China and Southeast Asia at the United States Institute of Peace.

    Pig butchering scam centers rely upon multiple layers of criminality to operate, encompassing the recruitment of trafficked people, running scam centers on a day-to-day basis, the development of technology to scam thousands of people, and the sophisticated money laundering required to process billions of dollars. As Chinese authorities have cracked down on Chinese-speaking criminal organizations operating scam centers across Southeast Asia, the groups have likely continued to spread their operations, albeit at a smaller scale.

    “I would say it was an intentional hedging strategy, seemingly to diversify the geographic basis of operation and ultimately ensure business continuity,” says John Wojcik, an organized crime analyst at the United Nations Office on Drugs and Crime. “But at the same time, I think it’s also an immediate reaction to mounting law enforcement pressure and regulatory tightening in this region.”

    In addition to the geographic spread of pig butchering operations, researchers note that there has also been a shift in the people targeted by traffickers to “work” in scam compounds. “Over the past two years, the countries targeted for recruitment have gradually shifted westward,” says Eric Heintz, a global analyst at human rights organization International Justice Mission.

    Many trafficking victims within the early years of pig butchering were based in Southeast Asian countries, but this soon shifted to South Asian nations such as India and Nepal, Heintz says. “We have since seen recruitment posts targeting East African nations like Kenya and Uganda, and then West African countries like Morocco, and then, most recently, we have seen posts targeting El Salvador.”

    As always, the spread and evolution of pig butchering is driven by how profitable it can be. Researchers say that another alarming trend involves people from around the world choosing to go work in scam centers or even being liberated from forced labor and returning to keep working voluntarily. As long as the money keeps coming in, pig butchering will keep spreading around the world.

    “Fraud is not being seen as a serious crime—not like drugs, not like terrorism,” Humanity Research Consultancy’s Chiang says. “Globally, we need to start shifting that idea, because it creates the same kind of damage, and maybe even more because the amount of money we’re talking about is so huge. We are racing against time.”

    MIL OSI USA News

  • MIL-OSI USA: Luján Visits De Baca County and Meets with Local Health and Elected Officials, Tours Damage in Roswell and Chaves County From Devastating Flooding

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    Luján Has Visited All 33 Counties Across New Mexico
    Roswell, N.M. – This week, U.S. Senator Ben Ray Luján (D-N.M.) traveled to De Baca County to meet with local leaders and health officials and toured the damage in Roswell and Chaves County following deadly flooding earlier this month. Senator Luján has now visited all 33 counties in New Mexico.

    On Tuesday, Luján toured the De Baca Family Practice Clinic and met with local health officials to see the care the clinic is providing De Baca County residents and to discuss the importance of supporting rural health care. As a member of the Senate Committee on Health, Education, Labor, and Pensions, Luján has helped deliver funding for community health centers and is fighting to pass legislation to expand primary care across America.

    Next in De Baca County, Luján sat down for a meeting with local county officials. During the meeting, Luján discussed the importance of supporting rural communities and highlighted infrastructure funding he helped secure to improve roadway safety and boost the quality of life in rural New Mexico.
    “This week, I was honored to visit De Baca County to tour the De Baca Family Clinic and meet with local leaders,” said Senator Luján. “It was a privilege to meet with local health officials at the De Baca Family Practice Clinic to discuss how we can strengthen rural health care and meet with De Baca County officials to speak about investing in rural infrastructure. I am committed to supporting rural communities and will continue to fight to deliver federal resources to bolster the health care workforce, expand health centers, and strengthen infrastructure in rural New Mexico.”

    On Wednesday, Luján traveled to Roswell to meet with local officials and tour the damage caused by recent historic rainfall and deadly flooding. During the tour, Luján assessed the damage to local homes, businesses, and infrastructure caused by record rainfall earlier this month. On Monday, Luján, along with the New Mexico Congressional Delegation called on President Biden to swiftly approve the state’s request for a Major Disaster Declaration, which would unlock federal funds and disaster loans.
    “Seeing the devastation in Roswell and Chaves County is saddening and tragic. My prayers are with the families of the two victims that were killed from the flooding, and the many more who were injured or displaced,” said Senator Luján. “I thank the brave first responders and countless others who stepped in to assist in rescue efforts and pitched in to support each other during this disaster. While the road to recovery is just getting underway, I am committed to unlocking the federal resources impacted residents need to recover and will continue to work closely with local, state, and federal partners to accelerate recovery efforts.”

    MIL OSI USA News

  • MIL-OSI Security: Ship Management Company Fined $1.75M for Failing to Maintain an Accurate Oil Record Book that Concealed Unauthorized Discharges at Sea

    Source: United States Attorneys General

    Gremex Shipping S.A. de C.V., a Mexican corporation that managed several ships, including the M/V Suhar, pleaded guilty and was sentenced today in federal district court in Pensacola, Florida, for creating and providing false records to the U.S. Coast Guard to conceal its illegal discharge of oily bilge waste into the ocean, which is a felony violation of the Act to Prevent Pollution from Ships (APPS).

    The charge stems from a Coast Guard investigation of the ship once it arrived in Pensacola on Aug. 25, 2023. The Suhar is a 7,602 gross ton Panamanian-flagged ocean-going bulk carrier that routinely hauled cement from Tampico, Mexico, to Pensacola. Since March 2021, day-to-day operation of the ship was undertaken by Gremex, which was responsible for hiring all crew, and ensuring compliance with all policies on protection of the environment in accordance with international regulations. After boarding the ship to determine compliance with all applicable laws, Coast Guard personnel determined that the vessel’s crew had regularly discharged untreated oily bilge water into sea in a manner that bypassed onboard pollution control equipment, and then falsified the ship’s oil record book to conceal these discharges.

    As part of normal vessel operations, large ocean-going ships like the Suhar generate oily bilge water that periodically needs to be discharged for the vessel to operate safely. The United States and Panama are both parties to an international treaty known as MARPOL, which regulates and limits the at-sea discharge of oily bilge water. To satisfy these marine pollution requirements, vessels typically discharge oily bilge water after it has been processed through an oily water separator, a piece of onboard pollution control equipment which removes oil from bilge water prior to discharge. Ships are required to maintain an oil record book that documents all discharges of oily bilge water so authorities can monitor ships for compliance with these international requirements. Federal law requires that foreign ships arriving at U.S. ports maintain an accurate oil record book.

    Consistent with a sentencing recommendation jointly proposed by the government and Gremex, the court sentenced the company to pay a $1.75 million fine, serve a four-year term of probation and commit to developing and implementing an environmental compliance plan that will be in effect during the time the company is on probation.

    Assistant Attorney General Todd Kim of the Environment and Natural Resources Division and U.S. Attorney Jason R. Coody for the Northern District of Florida made the announcement.

    The Coast Guard’s Investigative Service investigated the case.

    Trial Attorney Joel La Bissonniere of the Environment and Natural Resources Division’s Environmental Crimes Section and Assistant U.S. Attorney Ryan Love for the Northern District of Florida prosecuted the case. 

    MIL Security OSI

  • MIL-OSI USA: Whispers in the Texas Wind

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    As the leaves shift from green to shades of red and brown, Fall brings more than just hayrides, pumpkin patches, and trick-or-treating. You may not realize it while carving your jack-o’-lantern, but Texas is home to more than just famous haunted houses—you don’t have to look far to stumble upon a graveyard with a story to tell.

    Texas boasts around 14,000 cemeteries, many of which are steeped in legends that will send a chill up your spine. Some gravestones hold dramatic tales of early settlement, disease, natural disasters, and war. From the Panhandle to the Gulf Coast, these cemeteries are living pieces of history wrapped in a touch of the supernatural.

    Take Oakwood Cemetery in Austin, the state’s oldest graveyard. It spans 40 acres of centuries-old tombstones and is the resting place of Texas Revolution and Civil War veterans, as well as former governors like General Sam Houston. Some of the most haunting stories come from these graves. One such grave belongs to Eula Phillips a teenager murdered on Christmas Eve in 1885. Legend has it her spirit floats through the cemetery at night, searching for answers to her untimely death. 

    Farther southeast, in Galveston, lies the Old City Cemetery, where spirits are rumored to be more restless. This graveyard serves as a somber reminder of the catastrophic Hurricane of 1900 that devastated the island. Thousands lost their lives, including many who were swept into the Gulf of Mexico. On stormy nights, the howling wind is said to carry the cries of men calling for help and wails of women searching for their lost children.

    Among those buried there is Elize Romer Alberti, Galveston’s “Demented Mother,” who poisoned her five children in 1894, four of whom succumbed to it. After the murders, she was sent to the San Antonio Asylum, but returned to Galveston, where she eventually died. Buried with her children, she is said to haunt the cemetery grounds to this day.

    In El Paso, Concordia Cemetery is one of Texas’ largest cemeteries, covering 52 acres and holding the graves of more than 60,000 souls, including buffalo soldiers and Texas Rangers. Its most famous occupant is John Wesley Hardin, the notorious gunslinger of the Old West. Under the moonlight, the spirits of Hardin and other outlaws are rumored to roam the grounds, earning Concordia the nickname “El Paso’s Boot Hill” due to its rowdy history.

    Texas cemeteries hold more than tombstones, they are places where the living just might happen upon spirits of the past. So whether you believe in ghosts or not, this is the season to gather around a campfire and share a scary story or two, because you never know what—or who—may be dying to hear it.

    MIL OSI USA News

  • MIL-OSI USA: Kamlager-Dove, Meeks, Castro Affirm Importance of Accountability for the Assassination of Brazilian Activist Marielle Franco

    Source: United States House of Representatives – Congresswoman Sydney Kamlager California (37th District)

    Washington, D.C.Congresswoman Sydney Kamlager-Dove (CA-37), Brazil Caucus Co-Chair, Representatives Gregory W. Meeks (NY-05), Ranking Member of the House Foreign Affairs Committee, and Joaquin Castro (TX-20), Ranking Member of the Subcommittee on the Western Hemisphere, released the following statement affirming the importance of accountability in the assassination of Marielle Franco, a Brazilian anti-racism and LGBTQ+ advocate and Rio de Janeiro City Council member:

    “More than 6 years after the assassination of Marielle Franco, we are encouraged by the news that a trial for her murder began today. Franco advocated tirelessly to address the marginalization and persecution of afro-descendants and LGBTQ+ communities across the Western Hemisphere. Bringing the perpetrators of her murder to justice represents a critical opportunity for Brazil to demonstrate its longstanding commitment to the rule of law and addressing political violence rooted in racial and gender-based discrimination, pursuant to the U.S.-Brazil Joint Action Plan to Eliminate Racial and Ethnic Discrimination and Promote Equality.  

    “We express solidarity with the Brazilian people in their calls for justice for Franco and an end to the systemic discrimination of Afro-descendants and indigenous communities in Brazil and across the hemisphere.”

    ###

    MIL OSI USA News

  • MIL-OSI USA: Suzy DiMont Works at the Intersection of Research and Action

    Source: US National Renewable Energy Laboratory

    Distinguished Member of Operations Staff Is Busy Making the World a Better Place


    Suzy DiMont is a force to be reckoned with.

    Suzy DiMont. Photo by Werner Slocum, NREL 

    Since she was hired at the National Renewable Energy Laboratory (NREL) in 2014, the Energy and Sustainability manager has evolved from an intern to a program manager and integral member of the Women’s Network Employee Resource Group (ERG). On the Intelligent Campus team, she is involved with all things sustainability, including the annual commuter survey, Site Sustainability Plan, and climate resilience planning and was also a key contributor to the NREL Smart Labs initiative, which NREL uses to meet sustainability goals.

    DiMont is actively engaged in her community and is always looking for ways to give back. Annually, she participates in the Bike MS NREL team ride to raise funds for multiple sclerosis (MS) research. As a member of the Women’s Network, she regularly mentors NREL peers and helps enable pathways for the professional advancement of women.

    Earlier this year, DiMont was named a Distinguished Member of Operations Staff for her “dedication to advancing NREL’s mission and making meaningful strides toward a sustainable and clean energy future.” As a member of the Intelligent Campus Program, she is the primary point of contact with the U.S. Department of Energy’s Golden Field Office and manages NREL’s electric vehicle supply equipment rollout and cost recovery program and NREL’s energy and water utility billing.

    When asked if she ever gets time to rest amid numerous projects, leadership roles, and community engagement activities, DiMont responded, “I do rest, I do rest. Well, I have a toddler now, so I don’t rest.”

    Then, always finding a way to make others shine, DiMont said, “It’s not just me doing it. I couldn’t do it by myself. I work with a lot of really great people all over the lab.”

    During her decade at the laboratory, DiMont has collaborated with diverse groups across NREL and is constantly getting involved with new projects related to sustainability. Although this line of work may seem custom fit, her path from student to educator to engineer to Sustainability manager was far from linear.

    Suzy DiMont, husband Neil, and Kosol Kiatreungwattana on their first Bike MS Ride. Photo by Suzy DiMont, NREL 

    A Lifelong Love for Learning

    As a child, DiMont did not long to settle into a perfect career. Instead, her innate curiosity sparked a desire to learn and participate in as many activities as possible.  

    “I don’t know if I ever really had a dream that I wanted to work,” DiMont said. “I always had a dream that I wanted to learn. I really liked school, I liked all topics, I liked everything. Math, reading, art, history, science—I wanted to do all of it.”

    DiMont’s desire to be a well-rounded learner drew her to a liberal arts education at Hamilton College in New York.

    At Hamilton, she explored a variety of majors—psychology, art, French, and archeology—before landing on anthropology and mathematics.

    Her first job after college was teaching math at the Solebury Boarding School in Pennsylvania. The role was intimidating because, although DiMont was a lifelong learner, she had no practice developing formal lesson plans for grade schoolers. She learned how to write tests that were appropriately challenging for students and experienced the joys of being a dorm mom for the girls on campus. DiMont also realized teaching was not her calling.

    After leaving Solebury, DiMont joined AmeriCorps, an independent U.S. government agency focused on service and volunteerism, and began working for the “I Have a Dream” Foundation. DiMont worked with students at under-resourced schools on dropout prevention and helped the students, known as “dreamers,” realize their aspirations and connected them with support.

    One of DiMont’s former dreamers, Anakary Valenzuela, is now a business support administrative associate for NREL’s Mechanical and Thermal Engineering Sciences (MTES) directorate. She remembers meeting DiMont as a sophomore at Centaurus High School in Lafayette, Colorado.

    Valenzuela had been a dreamer since second grade and was all too familiar with the influx of AmeriCorps members who served for a year then moved onto the next opportunity. DiMont was different. She stayed with the program for three years—long enough to see the cohort of students graduate high school—and she took a genuine interest in the lives of students she mentored.

    When Anakary Valenzuela was a student, the “I Have a Dream” Foundation hosted an event to celebrate high school graduation. Photo from Casie Zalud Photography

    “She was the best AmeriCorp we ever had,” Valenzuela said. “I would go to her for advice. She would mentor me. [She was] my counselor, my friend. She would always stay extra hours to talk to us if it had to do with homework or college prep or advising us on what type of college we should go to or major [we should declare]. And then she would drive us home.”

    Their friendship extended well beyond Valenzuela’s high school graduation as DiMont informally mentored Valenzuela throughout college and encouraged her to apply at NREL. After Valenzuela was hired, DiMont encouraged her to get involved with the Women’s Network and Hispanic and Latinx Alliance and invited her to ERG meetings and dinners to make friends and build her network.

    “She inspires me to do more. I feel like I am part of her family,” Valenzuela said. “I can always count on her, she’s always been there. I don’t know how she does everything, but I’m so grateful that we crossed paths in this lifetime.”

    From Educator to Engineer

    During her three years with AmeriCorps, DiMont realized she could pursue her dual loves for mathematics and community engagement with a career in engineering. Working with low-income students exposed disparities in the lack of access to civil infrastructure. She saw engineering as a way to make infrastructure and transportation equitable for all.

    DiMont enrolled in the Engineering and Developing Communities graduate program at the University of Colorado (CU) Boulder. DiMont got involved in the Renewable and Sustainable Energy Institute, known as the RASEI program, now a joint program between NREL and CU Boulder.

    The university was DiMont’s introduction to NREL, via one of the laboratory’s vocal supporters: former NREL research technician Marc Landry.

    “What an incredible human,” DiMont said. “He would not stop talking about NREL and what a wonderful place it was … an unbelievable mind.”

    During one of the first events DiMont attended as an intern in 2014, Xcel Energy awarded NREL the Self-Direct Achievement Award. Photo from Suzy DiMont, NREL 

    During graduate school, DiMont pondered a career in international development work. She and her then boyfriend, now husband, traveled to Bolivia with a South Dakota Engineers Without Borders program to participate in a water development project. Although the work was important, she felt it was better to stay in Boulder.

    “To do international development work well, you have to be part of that community, and you have to invest in that community and spend time there and be there,” DiMont said. “You can’t just swoop in with technology. It’s not kind; it’s not effective.”

    After hearing Landry sing NREL’s praises for so many years, DiMont decided to apply for a sustainability internship at NREL.

    ‘Sustainability Is a Marathon, not a Sprint’

    As DiMont evolved from an intern into her current role, much of her work folded into the Intelligent Campus program, which leverages NREL campuses to advance research and achieve operational excellence by deploying cutting-edge control and analytics technology. Or in DiMont’s words, her job “sits at the intersection of research and making things happen.”

    She focuses on creating programs and strategies to implement changes regarding energy efficiency, the kind of energy NREL uses, and getting to net zero. However, DiMont acknowledged that “sustainability is a marathon, not a sprint.” For NREL to achieve its sustainability goals, the right folks—including researchers, subject matter experts, communicators, and technicians—need to come together and stay excited about work ahead.

    “A lot of what we do won’t have an impact for a while. That’s why it’s important to keep a generational lens,” DiMont said. “It’s not always easy, but having a great team makes it possible. They can commiserate with you, they support you, they back you up.”

    The NREL Waste Reduction and Pollution Prevention Team was recognized for a DOE Sustainability Award in 2016. Right to left: Ali Mohagheghi, Kenneth Proc, Kevin Donovan, Ellen Fortier, Laura Justice, Nancy Stovall, Laurie Snyder, Suzy DiMont and Susan Chadwick. Photo by Dennis Schroeder, NREL

    Making the World a Better Place for All

    When it comes to making the world a better place, for DiMont, that starts with making NREL a better place. As an early member of the Women’s Network, Suzy advocates for diversity in STEM (science, technology, engineering, and mathematics). The Women’s Network is one of NREL’s 11 ERGs and provides a platform for promoting women in leadership and the workforce.

    “I think the Women’s Network is so important, because there is still, especially in research in STEM, so much discrimination against women, people of color, women with intersectional identities, folks that are marginalized in some way,” DiMont said.

    For many, the biggest hurdle is staying in a career field if you see few people who look like you or share your experiences.

    “It’s a huge loss, because these are the fields where we need a diversity of thought, people that don’t see the world the same way, that think about problems differently, people that lead differently,” DiMont said. “You need that diversity in a field where you’re looking for innovation and new things. To reach everyone on the planet, you must have that diversity to be successful.”

    During her tenure at NREL, DiMont has witnessed major changes in the ways NREL promotes diversity, equity, and inclusion and credits much of this change to NREL’s women in leadership, such as Bobi Garrett, NREL’s former chief operating officer, and Julie Baker, deputy laboratory director for Laboratory Operations.

    Suzy DiMont and her child Sebastian. Photo from Suzy DiMont, NREL

    “It’s incredible to be around these powerful women,” DiMont said. “It’s very inspiring.”

    As a mother, DiMont wants to make the world a better place for her child. Living in a world impacted by climate change causes many to feel anxious and depressed about the future. For DiMont, knowing that humans caused climate change means humans are also part of the solution. She hopes to impart this optimism onto the next generation.

    “I want my child to live in a world where he sees engineers and expects them to be women,” DiMont said. “I want him to feel like he has agency and can be part of these solutions.”

    It is a lot of work and the job is not easy, but for DiMont, making the world better for the next generation is what it is all about.

    “When do I rest?” DiMont asked. “I’ve got this time to do what I can do with it. I put in my energy when I can, then I unplug. I unplug and put my energy in other places. It’s just about being present for the things you are doing in that moment.”  

    Learn more about NREL’s commitments to sustainability and resilience.

    MIL OSI USA News

  • MIL-OSI USA: October 29th, 2024 N.M. Delegation Welcomes Over $4 Million From the Infrastructure Law to Enhance Safety, Reduce Delays at Railway Crossings, and Grow Local Economies in Clovis and San Juan County

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    ALBUQUERQUE, N.M. U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), and U.S. Representatives Teresa Leger Fernández (D-N.M.), Melanie Stansbury (D-N.M.), and Gabe Vasquez (D-N.M.) welcomed a combined $4,570,920 for two projects in New Mexico from the U.S. Department of Transportation to strengthen the nation’s supply chain, reduce costs, and grow New Mexico’s economy. 

    $4,000,000 will help San Juan County and the Navajo Nation complete the planning for a proposed freight rail line connecting Farmington and Gallup. 

    $570,920 will help the City of Clovis enhance safety and reduce traffic delays at two railway crossings.

    “Thanks to our Infrastructure Law, we’re delivering the funds needed to kick-start planning for a freight rail line from Farmington to Gallup and improve railway crossings in Clovis. Combined, these investments will strengthen our nation’s supply chain, grow local economies, lower transportation costs, create high-quality jobs New Mexicans can build their families around, and improve safety for our communities,” said Heinrich. “I’m pleased to welcome these federal investments, and I remain committed to securing more investments to connect rural communities to the abundant opportunities ahead.”

    “Across our state, New Mexicans rely daily on our railways for travel and to keep our economy running,” said Luján. “Thanks to the Bipartisan Infrastructure Law, this $4.5+ million in federal funding will deliver much-needed railway safety enhancements in Clovis and help construct a new rail line within the Navajo Nation to expand regional rail service in Northwestern New Mexico. I’m proud to welcome these two grants that will both boost railway service and drive economic development for Clovis, the Navajo Nation, and their surrounding communities. I will continue to fight to bring federal dollars home to New Mexico to improve the safety, efficiency, and reliability of passenger and freight rail.”

    “Every time I go to the Four Corners, local leaders emphasize the importance of connecting the region with rail. The Four Corners area is a major economic center of our state, and the funding we’re announcing today is the beginning of our work to make sure our rail infrastructure is ready to meet that potential across San Juan and McKinley Counties,” said Leger Fernández. “I am happy that this funding also includes improvements to safety and efficiency of freight in Clovis. With the support of the CRISI program, we can begin the critical work needed to build stronger connections and drive growth in rural New Mexico.”

    “I am thrilled about the recent allocation of two significant federal grants from the Federal Railroad Administration’s CRISI program, which will greatly enhance rail safety and connectivity in New Mexico,” said Stansbury. “These two grants reflect our commitment to investing in infrastructure prioritizing safety and economic growth. I am grateful for the support from the Federal Railroad Administration and look forward to seeing these projects come to fruition as we work together to build a safer New Mexico!”

    “Federal investments like this bring vital safety and economic benefits to communities across New Mexico. With this funding, we’re improving railway safety, cutting down delays, and connecting New Mexicans to opportunities that drive economic growth and quality jobs,” said Vasquez. “Thanks to the Bipartisan Infrastructure Law, we are building a stronger, safer transportation network. I’m proud to welcome this funding to bring more jobs and opportunities to our rural communities.”

    “The award of grant funding takes a prospective freight rail line study further than any study in the past and is further proof of the importance of collaboration between tribal, local, state, and federal partners to open doors to economic opportunities. We are appreciative of assistance from New Mexico’s federal delegation and excited for future economic growth opportunities in San Juan County and the Four Corners region,” said John T. Beckstead, San Juan County Commission Chairman.

    “The Federal CRISI Grant brings San Juan County and the City of Farmington one step closer to having competitive transportation and economic development. This is an important step in growing our regional economy,” said Tim Gibbs, Four Corner Economic Development CEO.

    The grants are awarded through the U.S. Department of Transportation Federal Railroad Administration’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which provides funding for projects that improve the safety, efficiency, and reliability of intercity passenger and freight rail. The CRISI Program received significant, additional investments from the Infrastructure Law legislation passed by Democrats in the N.M. Congressional Delegation. 

    The N.M. Delegation sent a letter of support to the U.S. Department of Transportation supporting the grant for San Juan County that is being announced today. This grant will prepare the Four Corners Rail Project for final design proposals and planning.

    In May 2020, Heinrich and Luján wrote a letter of support for San Juan County’s application for a Better Utilizing Investments to Leverage Development (BUILD) Grant, which applicants of the CRISI Program are required to be approved for.  

    Members of the N.M. Delegation sent a letter of support to the U.S. Department of Transportation urging the support of the grant for the City of Clovis that is being announced today. This grant will enhance safety and reduce traffic delays at two railway crossings including modifications to the Norris Street railroad crossing and construction of a new grade-separated crossing at MLK Jr. Boulevard.

    Below is a breakdown of the U.S. Department of Transportation Federal Railroad Administration funding:  

    Project Name

    Recipient

    Award Amount

    Project Description

    Clovis, N.M. Corridor Improvement Project

    City of Clovis

    $ 570,920

    The proposed project was selected for Project Development and includes activities for one grade crossing separation and improvements to a second at-grade crossing along the BNSF Railway line in Clovis, New Mexico. The project aligns with the selection criteria by enhancing safety and improving system and service performance as the project will reduce blocked crossings. The City of Clovis and BNSF Railway will contribute the 53 percent non-Federal match. This project qualifies for the statutory set-aside for projects in Rural Areas.

    Four Corners Freight Rail Project

    San Juan County

    $ 4,000,000

    The proposed project was selected for Project Development and includes activities to develop a new rail line to connect the Farmington, New Mexico Area to the BNSF Railway corridor near Gallup across San Juan County and McKinley County, New Mexico. The proposed project is a partnership between San Juan County, the Navajo Nation, and the New Mexico Department of Transportation, and most of the project is located within the Navajo Nation. The project aligns with the selection criteria by enhancing resilience and improving system and service performance as the project will provide a viable freight transportation modal alternative to highway trucking, opportunities to simplify the supply chain, and enable new, rail-dependent economic development opportunities thereby imparting benefits to the Navajo Nation and surrounding communities. San Juan County will contribute the 20 percent non-Federal match. This project qualifies for the statutory set-aside for projects in Rural Areas.

    For more information from San Juan County on the proposed Four Corners Rail Project, please click here. 

    MIL OSI USA News

  • MIL-OSI USA: October 29th, 2024 Heinrich, Leger Fernández Highlight Over $22 Million to Build a New Terminal at Clovis Regional Airport, Participate in Terminal Groundbreaking Ceremony

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    PHOTOS/VIDEOS

    CLOVIS, N.M. — Today, U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Appropriations Committee, and U.S. Representative Teresa Leger Fernández (D-N.M.) participated in a groundbreaking ceremony to begin construction on a new 21,000 square foot terminal at Clovis Regional Airport (CVN). The new terminal at Clovis Regional Airport is fully funded by a $15.7 million grant and a $3.5 million grant from the Infrastructure Law — legislation passed by Democrats in the N.M. Congressional Delegation — and a Heinrich-led $3.5 million Congressionally Directed Spending award that is advancing in the Fiscal Year 2025 Transportation, Housing and Urban Development, and Related Agencies Appropriations Bill that passed out of the Senate Appropriations Committee in July.

    These three investments, totaling $22,700,000, are making it possible for Clovis to complete the new terminal. 

    The terminal at Clovis Regional Airport will better connect the community, improve travelers’ experiences, create high-quality jobs, and grow local economies across New Mexico.

    U.S. Senator Martin Heinrich (D-N.M.) speaks at a groundbreaking ceremony to begin construction on a new terminal at Clovis Regional Airport (CVN), October 29, 2024.

    “When we invest in New Mexico’s airports, we invest in the people who rely on these facilities to do business in our state, create jobs, and contribute to our economy,” said Heinrich. “I am proud to have secured funding from the Infrastructure Law to fully construct Clovis Regional Airport’s new terminal and I will keep fighting to secure more investments to improve airports all across New Mexico — improving travelers’ experiences, creating high quality jobs New Mexicans can build their families around, and driving our state’s economic growth for the future.”

    “Thanks to our work on the Bipartisan Infrastructure Law, this $22 million investment will create good jobs, connect families across the region, and drive economic vitality for communities across eastern New Mexico,” said Leger Fernández. “Today’s groundbreaking at the Clovis Regional Airport gets us closer to connecting eastern New Mexico to new economic opportunities and supporting the region’s growth. This new terminal isn’t just about creating a strong foundation for the future of Clovis — it’s about creating a strong foundation for the future of eastern New Mexico. I also want to thank Senator Heinrich for his leadership as he champions rural projects like this one in the Senate Appropriations Committee.”

    U.S. Senator Martin Heinrich (D-N.M.) and U.S. Representative Teresa Leger Fernández (D-N.M.) participate in a groundbreaking ceremony to begin construction on a new terminal at Clovis Regional Airport (CVN), October 29, 2024.

    The Infrastructure Law is delivering billions of dollars in historic infrastructure investments to New Mexico.    

    The Infrastructure Law is set to invest $4.3 billion in formula funding alone for at least 337 vital projects in New Mexico. Some of the projects and priorities that have already received federal funding from the Infrastructure Law include:   

    • $1.8 billion for New Mexico’s roads and bridges.   
    • $379 million over five years, based on formula funding, for New Mexico’s public transit. To date, New Mexico has been allocated $147.2 million to improve public transportation options across the state in Fiscal Year 2022.    
    • $710 million for clean drinking water in New Mexico.   
    • $362.3 million for infrastructure resilience, including $23.4 million through the Army Corps of Engineers for flood mitigation in New Mexico.   
    • $160 million, the first installment of funding from the Infrastructure Law, to support the completion of the Eastern New Mexico Rural Water System pipeline in Eastern New Mexico. 
    • $3 billion across Indian Country to help Tribes deploy broadband infrastructure.  
    • $52.4 million for capping orphaned oil and gas wells and reclaiming abandoned mine lands and $20.7 million has been allocated to cleaning up Superfund and Brownfield sites across New Mexico.   
    • $38 million over five years, based on formula funding, to support the expansion of an EV charging network in the state.   
    • $74.9 million for clean energy, energy efficiency, and power in New Mexico.   
    • $50 million for airports across New Mexico.   
    • $33 million for clean and low emission buses in New Mexico.   

    The Infrastructure Law is also helping 173,000 New Mexico households save on broadband. For eligibility on internet programs, visit GetInternet.gov. 

    For more information, click here to see a map of funding and announced projects in New Mexico through the Infrastructure Law.  

    Find a fact sheet of the investments New Mexico has received through the Infrastructure Law here.

    MIL OSI USA News

  • MIL-OSI Banking: Kid Witness News (KWN) Global Summit 2024—Announcement of Award Results

    Source: Panasonic

    Headline: Kid Witness News (KWN) Global Summit 2024—Announcement of Award Results

    Participating countries (11 countries)
    Brazil, Cambodia, China, India, Indonesia, Japan, Malaysia, Philippines, United Arab Emirates, United States, Vietnam
    * Presented in alphabetical order* Participants will be able to view a live stream of the summit on the day of the summit.

    MIL OSI Global Banks

  • MIL-OSI China: ​Foreign secondary school students compete in 17th ‘Chinese Bridge’ contest

    Source: China State Council Information Office 3

    On the evening of Oct. 28, the global finals and awarding ceremony for the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students and the 4th Chinese Bridge—Chinese Show for Foreign Primary School Students took place in Tianjin. The event was attended by officials from the Tianjin Municipal Government, the Center for Language Education and Cooperation of the Ministry of Education (MOE), and the Department of International Cooperation and Exchange of the MOE, along with the Kenyan Ambassador to China and representatives from the UAE’s Chinese Language Teaching “100 Schools Project.”

    The global finals of the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students. [Photo courtesy of Chinese Bridge]

    The finals opened with a visually stunning show titled “Jin·Cai Hua Zhang,” featuring outstanding primary and secondary school students from around the world, who gathered to communicate in Chinese and share their understanding of Chinese culture. After a series of rigorous selections during the overseas preliminary rounds, Chitpasong Souvanhxay from Laos, Irina Mei Li from Madagascar, Kuchinskaia Anastasiia from Russia, Rothschild Shiraz Palestrant from the U.S. and Blaom Oliver Garion from New Zealand emerged as continental champions to advance to the global finals. 

    Chitpasong Souvanhxay from Laos wins the global champion of the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students. [Photo courtesy of Chinese Bridge]

    During the finals, the five contestants competed in five rounds: “History of the Spring and Autumn Period,” “Books of the Qin and Han Dynasties,” “The Lasting Appeal of the Tang and Song Dynasties,” “Window to Modernity,” and “The Final Showdown.” Chitpasong Souvanhxay from Laos showcased exceptional skills and won the global championship. Guests at the event presented awards to the participants who received individual awards in the 4th Chinese Bridge–Chinese Show for Foreign Primary School Students, as well as to those who won individual awards and the first, second, and third prizes in the 17th Chinese Bridge–Chinese Proficiency Competition for Foreign Secondary School Students, along with the continental champions and the global champion.

    In the finals, contestants including Kiri Meier Werner from the U.S., Solo Uniacke from the U.K., Frida Quetzalli Garcia Lins from Mexico, Tessa Mir from Georgia and her mother shared personal stories about their experiences with the Chinese Bridge competition and the growth and benefits they gained from participating in the competition.

    This year, 181 primary and secondary school contestants from 102 countries gathered in Beijing and Tianjin for a grand celebration of Chinese language learning and cultural exchange. Over a period of 15 days filled with competitions and cultural activities, contestants explored iconic landmarks in China, including the Great Wall, the Summer Palace, the Forbidden City, and Tiananmen Square. They also experienced intangible cultural heritage such as Clay Figurine Zhang, Yangliuqing New Year paintings, shadow puppetry and traditional opera, allowing them to appreciate the development and heritage of Chinese culture and history. Additionally, contestants toured Tianjin, visiting attractions like the Tianjin Eye Ferris wheel, Haihe River, the historic Wudadao area (Five Great Avenues), Jingwu Town, the National Maritime Museum, and Tianjin Port, witnessing the city’s inclusiveness and application of intelligent technologies.

    At the award ceremony, primary and secondary school contestants from around the world, together with previous champions, sang the “Chinese Bridge” theme song. Through the medium of Chinese, they connected cultures, fostered lasting friendships, and strengthened global understanding of China.

    MIL OSI China News

  • MIL-OSI USA: FACT SHEET: President  Biden and Vice President Harris Announce New Actions and Investments to Advance Educational and Economic Opportunity for Latino Communities Across the  Country

    US Senate News:

    Source: The White House
    Today, President Biden will ceremonially sign Executive Order (EO) 14124, establishing the White House Initiative on Advancing Educational Equity, Excellence, and Economic Opportunity Through Hispanic-Serving Institutions (HSIs), alongside nearly two dozen champions for these institutions and Latino communities. President Biden and Vice President Harris will also announce nearly $19 million in transformational investments for five HSIs in Florida, Illinois, Texas, and Puerto Rico to build research infrastructure. These efforts build on the Administration’s historic investment of over $16 billion in more than 500 HSIs across 30 states, the District of Columbia, and Puerto Rico that educate more than 4.7 million students annually.
    Over the past three years, President Biden and Vice President Harris have taken historic actions to expand opportunity for Latino families and communities, including: creating more than 15 million jobs – with 5 million created for Latinos, helping Latino entrepreneurs start new businesses at the fastest rate in over 10 years, addressing our broken immigration system, and working to ensure equitable educational opportunity for students.
    Today, the Biden-Harris Administration is announcing new actions to advance educational opportunities for students at HSIs and giving them a fair shot at achieving the American dream. 
    Advancing Educational Equity, Excellence, and Economic Opportunity through HSIs
    With student enrollment that is at least one-quarter Latino, HSIs are engines of economic mobility, propelling high numbers of students from low-income backgrounds and first-generation college students into good jobs and brighter futures. Today, President Biden will ceremonially sign EO 14124 to strengthen the Federal Government’s commitment to advancing opportunity for HSIs and the students they serve.
    The EO creates a new Initiative and first-ever President’s Board of Advisors on HSIs to:
    Increase awareness of opportunities for HSIs to equally participate in Federal programs and enhance the capacity of HSIs to meet the educational needs of their students.
    Identify best practices for HSIs to scale effective strategies, programs, and initiatives to support the educational success and economic mobility of their students.
    Improve the ability of HSIs to align program offerings with the economic needs of the Nation and their local economies, especially in Science, Technology, Engineering, Math, and teaching.
    Coordinate efforts to help HSIs become or remain fiscally secure institutions.
    Foster cross-sector collaboration among HSIs and philanthropic, public, and private sector organizations.
    Strengthen Federal recruitment activities at HSIs to build accessible and equal pathways into Federal career opportunities for HSI students, faculty, staff, and alumni.
    Provide tools, data, and analytics to support HSIs in improving educational equity, excellence, and economic opportunity for students.
    Investing Additional $19 Million in Research Infrastructure at HSIs
    To remain the most competitive economy in the world, the Nation’s most inclusive institutions of higher education must continue to lead in research and development. Yet too many HSIs report having unmet infrastructure needs that hold back their ability to engage in research that will propel forward these institutions, their students, and the nation as a whole.
    To help address these needs, the Biden-Harris Administration established the Department of Education’s Research and Development Infrastructure Program (RDI) for the colleges and universities that play a central role in educating students from diverse backgrounds. The program provides funds to Historically Black Colleges and Universities (HBCUs), Tribally Controlled Colleges and Universities (TCCUs), and Minority Serving Institutions (MSIs)—including HSIs— to implement transformational investments in research infrastructure, including research productivity, faculty expertise, graduate programs, physical infrastructure, human capital development, and partnerships leading to increases in external funding.
    Today, the Biden-Harris Administration announced nearly $19 million in new grants to five HSIs to build their research and physical infrastructure including—
    Florida Atlantic University in Boca Raton, Florida received $1.1 million.
    National Louis University in Chicago, Illinois received $3 million.
    Sam Houston State University in Houston, Texas received $5 million.
    Texas A&M University Corpus Christi in Corpus Christi, Texas received $4.7 million.
    University of Puerto Rico on the Rio Piedras Campus received $5 million.
    The $19 million in grants to HSIs was a part of $49 million in RDI grants to 13 HBCUs, TCCUs, and MSIs.
    Building on Historic Investments in HSIs
    Today’s announcements build on President Biden and Vice President Harris’ historic investments of over $16 billion in direct funding to HSIs, including through COVID relief funds and the Department of Education’s federal grant program funds.
     The chart below provides a state-by-state breakdown of funding to date.
    State 
    Total Funds Received by HSIs in the State 
    AR 
    $11,356,918
    AZ 
    $739,602,657
    CA 
    $6,389,050,269
    CO 
    $290,670,467
    CT 
    $81,522,902
    DC 
    $10,396,350
    FL 
    $1,524,890,025
    GA 
    $96,526,460
    ID 
    $12,477,969
    IL 
    $664,298,648
    IN 
    $20,049,711
    KS 
    $20,869,761
    MA 
    $110,295,475
    MD 
    $68,836,836
    MN 
    $12,999,876
    NC 
    $10,750,057
    NE 
    $1,211,270
    NJ 
    $582,987,076
    NM 
    $399,198,109
    NV 
    $336,899,054
    NY 
    $327,800,182
    OH 
    $875,529
    OK 
    $9,372,922
    OR 
    $58,864,009
    PA 
    $66,357,824
    PR 
    $1,135,872,342
    RI 
    $48,066,707
    TN 
    $7,383,933
    TX 
    $3,433,719,411
    VA 
    $14,730,892
    WA 
    $124,035,244
    WI 
    $23,119,648
    Grand Total 
    $16,635,088,533

    MIL OSI USA News

  • MIL-OSI China: Mexican president says no upcoming trade war with US

    Source: China State Council Information Office

    Mexican President Claudia Sheinbaum said Friday that there is no trade war on the horizon with the United States, after U.S. President Donald Trump’s conciliatory remarks on trade with Mexico the day before.

    “I do not see a trade war. The U.S. president spoke differently about Mexico yesterday,” Sheinbaum told a daily press conference.

    Responding to questions at the World Economic Forum on Thursday, Trump said: “We’re dealing with Mexico, I think, very well. We just want to be treated fairly.”

    Trump has threatened to impose a 25 percent tariff on Mexican imports starting Feb. 1.

    Sheinbaum also expressed willingness to strengthen collaboration with Washington and work with Trump on some priority issues, such as the distribution of fentanyl and migration.

    Trump has signed various executive orders to strengthen anti-immigrant measures through mass deportations since taking office. In response, the Mexican government set up migrant care centers along the border and launched the “Mexico Embraces You” program to provide comprehensive care for deportees.

    MIL OSI China News

  • MIL-OSI Video: Biodiversity: No country is immune to devastation inflicted by climate change – UN Chief at COP16

    Source: United Nations (Video News)

    Remarks by António Guterres, Secretary-General of the United Nations, at the opening of the High-Level Segment of the sixteenth meeting of the Conference of the Parties to the Convention on Biological Diversity (COP 16) in Cali, Colombia.

    “President Petro,

    Thank you for hosting this important session, here in Cali – a microcosm of our planet’s rich biodiversity.

    Excellencies, dear friends,

    Nature is life.

    And yet we are waging a war against it.

    A war where there can be no winner.

    Every year, we see temperatures climbing higher.

    Every day, we lose more species.

    Every minute, we dump a garbage truck of plastic waste into our oceans, rivers and lakes.

    Make no mistake.

    This is what an existential crisis looks like.

    No country, rich or poor, is immune to the devastation inflicted by climate change, biodiversity loss, land degradation and pollution.

    These environmental crises are intertwined. They know no borders.

    And they are devastating ecosystems and livelihoods, threatening human health and undermining sustainable development.

    The drivers of this destruction are embedded in outdated economic models, fueling unsustainable production and consumption patterns.

    They are multiplied by inequalities – in wealth and power.

    And with each passing day, we are edging closer to tipping points that could fuel further hunger, displacement, and armed conflicts.

    We have already altered 75% of the Earth’s land surface and 66% of its ocean environments.

    Dear friends,

    Biodiversity is humanity’s ally.

    We must move from plundering it to preserving it.

    As I have said time and again, making peace with nature is the defining task of the 21st century.

    That is the spirit of today’s Declaration of the World Coalition for Peace with Nature:

    A call for action to enhance national and international efforts towards a balanced and harmonious relationship with nature – protecting nature and conserving, restoring and sustainably using and sharing our global biodiversity.

    A call to recognize the vital knowledge, innovations and practices of Indigenous people, people of African descent, farmers and local communities.

    A call for life.

    Excellencies,

    Last month, UN Member States adopted the Pact for the Future.

    The Pact recognizes the need to accelerate efforts to restore, protect, conserve and sustainably use the environment.

    It emphasizes the importance of halting and reversing deforestation and forest degradation by 2030, and other terrestrial and marine ecosystems that act as sinks and reservoirs of greenhouse gases.

    This means conserving biodiversity, while ensuring social and environmental safeguards – in line with the Paris Climate Agreement and the Kunming-Montreal Global Biodiversity Framework.

    When the Framework was adopted two years ago in Montreal, the world made bold commitments to living in harmony with nature by mid-century.

    Its goals and targets require robust monitoring, reporting, and review arrangements to track progress, as well as a resource mobilisation package to increase finance for biodiversity from all sources – mobilizing at least USD 200 billion per year by 2030.

    But we must now turn these promises into action in four vital ways.

    First – at the national level, all countries must finally present clear, ambitious and detailed plans to align with the Framework’s targets.

    These national plans should be developed in coordination with Nationally Determined Contributions and National Adaptation Plans – with positive outcomes in the Sustainable Development Goals.

    We must shift to nature-positive business models and production: renewable energies and sustainable supply chains… zero-waste policies and circular economies… regenerative agriculture and sustainable farming practices…

    These must become the default for governments and businesses alike.

    Second – we must agree on a strengthened monitoring and transparency framework.

    This is not only vital for accountability but also about enabling course corrections and driving ambition.

    Third – finance promises must be kept and support to developing countries accelerated.

    We cannot afford to leave Cali without new pledges to adequately capitalize the Global Biodiversity Framework Fund, and without commitments to mobilize other sources of public and private finance to deliver the Framework – in full.

    And we must bring the private sector on board.

    Those profiting from nature cannot treat it like a free, infinite resource.

    They must step up and contribute to its protection and restoration.

    By operationalizing the mechanism on the sharing of benefits from the use of Digital Sequence Information on Genetic Resources, we will give them one clear avenue to do so, bringing more equity and inclusivity…”

    Full remarks: https://www.un.org/sg/en/content/sg/statement/2024-10-29/secretary-generals-remarks-the-high-level-segment-of-cop16-biodiversity-trilingual-delivered-scroll-down-for-all-english

    https://www.youtube.com/watch?v=wiM2kUkGPOU

    MIL OSI Video

  • MIL-OSI Asia-Pac: Minister of State Sh. Kirti Vardhan Singh Highlights India’s Commitment to Global Biodiversity Conservation at COP16 in Colombia

    Source: Government of India

    Minister of State Sh. Kirti Vardhan Singh Highlights India’s Commitment to Global Biodiversity Conservation at COP16 in Colombia

    India Advocates for Global Conservation with ‘Plant4Mother’ Campaign at COP16 in Colombia

    Posted On: 30 OCT 2024 4:30PM by PIB Delhi

    Union Minister of State for Environment, Forests and Climate Change, Shri Kirti Vardhan Singh delivered the national statement regarding the conservation of biological resources in the High Level Segment of the ongoing 16th meeting of the Conference of Parties (CoP) to the Convention on Biological Diversity, in Cali, Colombia on 29th October 2024.

    MoS Shri Singh congratulated Ms. Susana Muhamad, Minister of Environment of Colombia on taking over the COP Presidency from the longest serving COP President Mr. Huang Runqiu of China.

    Speaking on the occasion, Shri Singh said that India has a rich culture and tradition of worshipping Mother Earth and of living in harmony with Nature. India is one of the world’s 17 Mega-diverse rich Nations housing four out of the 36 globally recognised biodiversity Hotspots. He said, “To honour Mother Earth as we honour our own Mothers, our Prime Minister this year launched a nation-wide tree plantation campaign ‘Ek Ped Maa Ke Naam’ or ‘Plant4Mother’ on the occasion of World Environment Day in our collective efforts to restore and protect our biodiversity.”

    The Minister highlighted that ‘Peace with Nature’ has been part of India’s rich cultural heritage since ancient the Vedic age. The theme resonates with India’s mission of ‘Lifestyle for the Environment (LiFE)” an India led Global mass movement for adopting environment friendly lifestyles.

    India has taken significant step in global wildlife conservation by establishing the International Big Cat Alliance (IBCA) aimed at protecting the world’s seven major big cat species, as their presence is indicative of a healthy ecosystems and rich biodiversity, Shri Singh informed.

    The Minister said that India’s efforts in rejuvenating our sacred river Ganga through ‘Namami Gange’ Mission was duly recognized by United Nations as one of the top 10 World Restoration Flagships to revive the riverine ecosystem. He informed that India’s Ramsar sites has risen from 26 to 85 since 2014 and this number is shortly going to reach 100.

    Shri Singh reiterated that India adopted a ‘Whole of Government’ and ‘Whole of Society’ approach while updating the National Biodiversity Strategy and Action Plan (NBSAP) with its targets aligned with the Kunming-Montreal Global Biodiversity Framework (KMGBF). He said that the Ministry would be releasing updated NBSAP on 30.10.2024 at Cali.

    The Minister said that it is necessary to provide means of implementation including financial resources, as laid down in target 19 of the KMGBF as well as from DSI, for implementation of the NBSAP. Lot of ground needs to be covered in providing easily accessible means of implementation i.e. financial resources, technology and capacity building needs with the requisite Speed, Scope and Scale.  

    Shri Singh concluded by re-iterating India’s commitment towards protecting its own as well as global biodiversity for the present and future generations, in the true spirit of ‘Vasudhaiv Kutubakam – One Earth, One Family, One Future’.

    *****

    VM/GS

    (Release ID: 2069563) Visitor Counter : 33

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: India’s ‘Ek Ped Maa Ke Naam’ Campaign gains Global Momentum with Plantation Drive in Colombia

    Source: Government of India (2)

    India’s ‘Ek Ped Maa Ke Naam’ Campaign gains Global Momentum with Plantation Drive in Colombia

    Minister of State Shri Kirti Vardhan Singh leads Plantation Drive in Colombia to promote ‘#Plant4Mother’ Initiative

    Posted On: 30 OCT 2024 1:02PM by PIB Delhi

    On the side lines of the 16th Meeting of the Conference of Parties (COP 16) to the UN Convention on Biological Diversity (UNCBD), the Union Minister of State for Environment, Forest and Climate Change, Shri Kirti Vardhan Singh, led a plantation drive under the framework of ‘Ek Ped Maa Ke Naam (#Plant4Mother)’ Campaign in University of Valle, Cali, Colombia on 29th October 2024. The plantation drive was graced by His Excellency Mr. Vanlalhuma, Ambassador of India to Colombia; Ms. Mónica García Solarte, Vice Rector, University of Valle; and Mr. Guillermo Murillo Vargas, Rector, University of Valle, along with the participation of faculty members and students. A sapling was also planted in the University on the name of mother of Shri Tanmay Kumar, Special Secretary, Ministry of Environment, Forests and Climate Change.
    During the plantation drive, the Rector; Vice Rector and Director of International Cooperation of the University of Valle, also planted saplings on the name of their mother. 

    On the occasion, Shri Kirti Vardhan Singh interacted with the faculty members and students of the University and encouraged them to embrace sustainable practices in their daily lives and emphasized on involvement of youth in environmental conservation. More than 30 students and faculty members enthusiastically participated the plantation drive.

    The campaign ‘Ek Ped Maa Ke Naam (#Plant4Mother)’ was launched on Word Environment Day this year, by Prime Minister of India Shri Narendra Modi. It is a unique initiative combining environmental responsibility with a heartfelt tribute to mothers. This campaign was inaugurated with the planting of a Peepal tree by the Prime Minister. 

    During the launch of this Campaign, Shri Modi emphasized on the involvement of citizens worldwide and importance of collective efforts to improve the environment and spoke of India’s strides in increasing forest cover over the past decade. This campaign aligns with the Nation’s quest for sustainable development.

    ***

    VM/GS

    (Release ID: 2069475) Visitor Counter : 28

    MIL OSI Asia Pacific News

  • MIL-OSI: Dayforce Reports Third Quarter 2024 Results¹

    Source: GlobeNewswire (MIL-OSI)

    Dayforce® recurring revenue of $333.2 million, up 19%

    Total revenue of $440.0 million, up 17%

    Year-to-date net cash provided by operating activities of $200.1 million, up 54%

    MINNEAPOLIS and TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Dayforce, Inc. (“Dayforce” or the “Company”) (NYSE:DAY) (TSX:DAY), a global leader in human capital management (“HCM”) technology, today announced its financial results for the third quarter ended September 30, 2024.

    “Our dedicated team achieved excellent results in the third quarter, positioning us to finish 2024 with strength,” said David Ossip, Chair and CEO of Dayforce. “Dayforce recurring revenue grew 19% year-over-year, and year-to-date cash flows from operating activities were up 54%, underscoring our ability to both grow and generate profits at scale. We continue to see organizations across the globe realize greater value as they simplify their people operations with the all-in-one Dayforce platform.”

    “In the third quarter, we repurchased approximately $30 million worth of shares under our $500 million share repurchase program that we launched last quarter highlighting our progress in enhancing our overall profit profile and the flexibility of our cash-generative business model,” said Jeremy Johnson, CFO of Dayforce. “Looking forward, we are excited to meet many of our investors in-person at our inaugural Investor Day alongside our Dayforce Discover conference in Las Vegas where we will outline our strategy for future growth.” 

    Financial Highlights for the Third Quarter 20241

    • Total revenue was $440.0 million, an increase of 16.6%, or 16.7% on a constant currency basis.
    • Dayforce recurring revenue was $333.2 million, an increase of 19.2%, or 19.3% on a constant currency basis. Excluding float revenue, Dayforce recurring revenue was $292.0 million, an increase of 18.9%, or 19.0% on a constant currency basis.
    • Cloud recurring gross margin was 79.0%, compared to 77.0%. Adjusted cloud recurring gross margin was 79.9%, compared to 78.3%.
    • Operating profit was $20.8 million compared to $26.5 million. Adjusted operating profit was $103.2 million compared to $89.4 million.
    • Net income was $2.0 million, compared to net loss of $3.8 million. Adjusted net income was $74.5 million, compared to $58.3 million.
    • Adjusted EBITDA was $126.1 million, compared to $107.2 million.
    • Diluted net income per share was $0.01, compared to diluted net loss per share of $0.02. Adjusted diluted net income per share was $0.47, compared to $0.37.
    • Net cash provided by operating activities for the nine months ended September 30, 2024 was $200.1 million, compared to $129.6 million for the nine months ended September 30, 2023. Free cash flow for the nine months ended September 30, 2024 was $117.3 million, compared to $41.3 million for the nine months ended September 30, 2023.

    Supplemental Detail

    • 6,730 customers were live on the Dayforce platform as of September 30, 2024, an increase of 73 customers since June 30, 2024 and an increase of 384 customers since September 30, 2023, or 6.1% year-over-year.2
    • Dayforce recurring revenue per customer was $159,496 for the trailing twelve months ended September 30, 2024, an increase of 14.9%.3
    • The average float balance for Dayforce’s customer funds during the quarter was $4.48 billion and the average yield on Dayforce’s float balance was 4.0%, an increase of 20 basis points year-over-year. Float revenue from invested customer funds was $45.6 million for the three months ended September 30, 2024.
    • The average U.S. dollar to Canadian dollar foreign exchange rate was $1.36 for the three months ended September 30, 2024, compared to $1.34 for the three months ended September 30, 2023. Dayforce presents percentage change in revenue on a constant currency basis in order to exclude the effect of foreign currency rate fluctuations, which it believes is useful to management and investors. Percentage change in revenue was calculated on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period.

    1 The financial highlights are on a year-over-year basis, unless otherwise stated. All financial results are reported in United States (“U.S.”) dollars and in accordance with accounting principles generally accepted in the U.S. (“GAAP”), unless otherwise stated.
    2 Excluding Ascender, ADAM HCM, and eloomi.
    3 Excluding float revenue, Ascender, ADAM HCM, and eloomi revenue, and on a constant currency basis. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.

    Business Highlights

    • Dayforce was named a Leader in the 2024 Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises for the fifth consecutive year in October 2024. The Company also scored highest in both North American Compliance Suite 1,000-2,500 and North American Compliance Suite 2,500+ in the 2024 Critical Capabilities report for Cloud HCM Suites for Enterprises with 1000+ Employees.
    • The Company earned a 2024 Top HR Products of the Year Award from Human Resources Executive Magazine for Dayforce Career Explorer and placed on the Constellation ShortList™ within four categories: Workforce Management Suites, HCM Suites with a North American Focus, Global HCM Suites, and Payroll for North American SMBs.
    • Dayforce attained a five-star rating for the second year in a row on Newsweek’s list of America’s Greenest Companies 2025, recognized by TIME Magazine as one of the World’s Most Sustainable Companies 2024, named a Top 10 company for workers by JUST Capital, placed on the Most Loved Workplaces list for young professionals, and awarded a TrustRadius Tech Cares award for the company’s efforts in social responsibility and volunteerism.

    Sales Highlights

    • A North American hospitality company that specializes in managing and developing luxury hotels and resorts selected the full Dayforce suite to support 22,000 employees across U.S., Mexico, and Canada.
    • A major multi-brand Australian retailer has selected Dayforce as its unified HCM solution to support their 12,000 employees across Australia and New Zealand.
    • A global manufacturing and distribution leader, operating in over 12 countries, selected the full Dayforce suite to enhance the experience of 8,500 employees across the United States and Canada.
    • A wholesale distributor of food service and janitorial supplies, with 7,200 employees in the U.S. and Canada chose Dayforce as its comprehensive human capital management solution, opting for the full Dayforce suite of products with Managed Benefits.
    • A world-leading manufacturer and retailer of footwear chose the full Dayforce suite to support its 5,300 employees globally.
    • A U.S.-based online gaming and sports entertainment company chose Dayforce Managed Payroll Services to support its 4,100 employees across the U.S., Canada, and the United Kingdom (“U.K.”).
    • A U.K.-based clothing retailer chose the full Dayforce Talent suite and Global Payroll to effectively manage its workforce of 3,800 employees across 12 countries.
    • A U.S. construction company selected the full Dayforce suite for consolidating and modernizing its systems across 48 states and 32 unique FEINs for its 3,500 employees.
    • A regional commuter railroad corporation in the U.S. has chosen Dayforce as its unified HCM solution, including the full Talent Suite, to effectively manage its workforce of 3,300 employees.
    • A global manufacturer and distributor of medical devices operating in 33 countries, chose Dayforce for Global Pay, Time, and Managed Benefits in the U.S. to support 2,300 employees.

    New Customer Highlights

    • A British multinational hotel and restaurant company with 38,000 employees went live across the U.K. with Dayforce Managed Payroll, HR, Workforce Management, and Talent.
    • A prominent U.S. manufacturer recently went live with Dayforce HR, Payroll, Time, Wallet, Document Management for its 10,000 employees.
    • A U.K. fashion retailer with 400 stores and 10,000 employees has recently implemented Dayforce HR, Workforce Management, Payroll, and Dayforce Wallet.
    • A leading senior living organization recently deployed the full Dayforce suite, supporting 6,300 active employees across the U.S.
    • A well-established U.S. logistics company has gone live with the full Dayforce suite to support its 5,200 employees.
    • A well-established U.S.-based insurance company has gone live with the full Dayforce suite supporting its 4,800 employees across North America.
    • A North American technology company migrated to Dayforce Managed Payroll to support nearly 4,700 U.S. employees.
    • A global office furniture manufacturer has implemented Dayforce HR, Payroll, Time, Analytics, and Dayforce Wallet for almost 4,000 U.S. employees.
    • A U.S.-based energy services company with 1,200 employees has implemented Dayforce Payroll, Benefits, Time, Core HR, Onboarding, and Recruiting.
    • A nonprofit organization dedicated to the governance and promotion of golf in America recently undertook a full-suite implementation of Dayforce to support its 400 employees.

    Product Roadmap Highlights

    In the third quarter, Dayforce launched new product capabilities to help Dayforce customers realize quantifiable value through enriched workforce engagement, enhanced analytics, and improved employee financial wellness, and to update their compliance capabilities.

    • The new Dayforce Learning was announced, with enhancements that will better equip organizations with the advanced learning and development capabilities needed to grow, engage, and enrich their workforces.
    • Dayforce People Analytics enhancements include:
      • Measures, a new KPI and performance management tool, that surfaces performance across 28+ metrics, allowing organizations to configure intelligent nudges that can surface changes requiring their attention
      • Data Cards display Measures in the Advanced Experience Hub, embedding awareness of performance metrics across the organization
      • Machine learning enhanced prediction gives organizations a view into future performance
    • Dayforce Wallet updates include a new Savings feature, which allows users to route some of their earnings into a saving plan, a new Cashless Tips feature, which allows employers to pay out pre-tax or net tips by automating their distribution at the end of a shift, and a new Dayforce Wallet widget that integrates on-demand pay into Dayforce Hub, allowing employees to view and request available pay directly. As of September 30, 2024, over 1,290 customers were live on Dayforce Wallet.
    • Dayforce Payroll enhancements include a reimagined payroll experience that offers real-time insight into pay variances, helping users detect anomalies by highlighting areas needing attention.
    • 240+ compliance updates up to the end of the third quarter, will bolster the Company’s industry-leading position in compliance by addressing changes in regional taxes, workers’ compensation, garnishments, and multiple state and city rate changes.

    Business Outlook

    Based on information available as of October 30, 2024, Dayforce is issuing the following guidance for the fourth quarter and full year of 2024 as indicated below. Comparisons are on a year-over-year basis, unless stated otherwise.

    Guided Metrics   Full Year 2024   Fourth Quarter 2024
    Total revenue   $1,747 million to $1,752 million, an increase of 15% to 16% on a GAAP basis or 16% on a constant currency basis.   $452 million to $457 million, an increase of 13% to 14% on a GAAP basis or 13% to 15% on a constant currency basis.
    Dayforce recurring revenue, excluding float   $1,163 million to $1,168 million, an increase of 21% on a GAAP and on a constant currency basis.   $311 million to $316 million, an increase of 21% to 23% on a GAAP and on a constant currency basis.
    Float revenue   $192 million   $37 million
    Adjusted EBITDA   $492 million to $507 million   $120 million to $135 million

    Dayforce is also providing an initial outlook for full year 2025 as follows:

    • Total revenue growth, excluding float, between 14% and 15%, on a constant currency basis
    • Adjusted EBITDA margin above 31%
    • Free cash flow as a percentage of total revenue above 12%

    Dayforce has not reconciled the Adjusted EBITDA ranges, Adjusted EBITDA margin, or free cash flow for the fourth quarter or full years of 2024 or 2025 to the directly comparable GAAP financial measures because applicable information for the future period, on which these reconciliations would be based, is not available without unreasonable efforts due to uncertainty regarding, and the potential variability of, depreciation and amortization, share-based compensation expense and related employer taxes, changes in foreign currency exchange rates, and other items.

    Foreign Exchange

    For the fourth quarter of 2024, Dayforce’s guidance assumes an average U.S. dollar to Canadian dollar foreign exchange rate of $1.38, which results in an average rate of $1.37 for the full year of 2024, compared to an average rate of $1.36 and $1.35 for the fourth quarter and full year of 2023, respectively.

    Conference Call Details

    Dayforce will host a live webcast and conference call to discuss the third quarter 2024 earnings at 8:00 a.m. Eastern Time on October 30, 2024. Those wishing to participate via the webcast should access the call through the Investor Relations section of the Dayforce website. Those wishing to participate via the telephone may dial in at 877-497-9071 (USA) or 201-689-8727 (International). The webcast replay will be available through the Investor Relations section of the Dayforce website.

    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.

    Forward-Looking Statements

    This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward-looking statements. Forward-looking statements give Dayforce’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance, and business. Users can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements in this press release include statements relating to the fourth quarter and full fiscal years of 2024 and 2025, as well as those relating to future growth initiatives. These statements may include words such as “anticipate,” “estimate,” “expect,” “assume”, “project,” “seek,” “plan,” “intend,” “believe,” “will,” “may,” “could,” “continue,” “likely,” “should,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on assumptions that Dayforce has made in light of its industry experience and its perceptions of historical trends, current conditions, expected future developments and other factors that it believes are appropriate under the circumstances. As users consider this press release, it should be understood that these statements are not guarantees of performance or results. These assumptions and Dayforce’s future performance or results involve risks and uncertainties (many of which are beyond its control). In particular:

    • its inability to maintain its high Cloud solutions growth rate, manage its domestic and international growth effectively, or execute on its growth strategy;
    • the impact of disruptions to the movement of funds to initiate payroll-related transactions on behalf of  customers;
    • its failure to manage its aging technical operations infrastructure;
    • system breaches, interruptions or failures, including cyber-security breaches, identity theft, or other disruptions that could compromise customer information or sensitive company information, including its ongoing consent order with the Federal Trade Commission regarding data protection;
    • its failure to comply with applicable privacy, data protection, information security, and financial services laws, regulations and standards;
    • its inability to successfully compete in the markets in which Dayforce operates and expand its current offerings into new markets or further penetrate existing markets due to competition;
    • its failure to properly update its solutions to enable its customers to comply with applicable laws;
    • its failure to provide new or enhanced functionality and features, including those that may involve artificial intelligence or machine learning;
    • its inability to maintain necessary third-party relationships, and third-party software licenses, and identify errors in the software it licenses;
    • its inability to offer and deliver high-quality technical support, implementation, and professional services;
    • its inability to attract and retain senior management employees and highly skilled employees;
    • the impact of its outstanding debt obligations on its financial condition, results of operations, and value of its common stock;
    • its ability to maintain effective internal control over financial reporting, and the effect of the existing material weakness in its internal control over financial reporting on its business, financial condition, and results of operations; or
    • the impact of adverse economic and market conditions on its business, operating results, or financial condition.

    Although Dayforce has attempted to identify important risk factors, additional factors or events that could cause Dayforce’s actual performance to differ from these forward-looking statements may emerge from time to time, and it is not possible for Dayforce to predict all of them. Should one or more of these risks or uncertainties materialize, or should any of Dayforce’s assumptions prove incorrect, its actual financial condition, results of operations, future performance, and business may vary in material respects from the performance projected in these forward-looking statements. In addition to any factors and assumptions set forth above in this press release, the material factors and assumptions used to develop the forward-looking information include, but are not limited to: the general economy remains stable; the competitive environment in the HCM market remains stable; the demand environment for HCM solutions remains stable; Dayforce’s implementation capabilities and cycle times remain stable; foreign exchange rates, both current and those used in developing forward-looking statements, specifically U.S. dollar to Canadian dollar, remain stable at, or near, current rates; Dayforce will be able to maintain its relationships with its employees, customers, and partners; Dayforce will continue to attract qualified personnel to support its development requirements and the support of its new and existing customers; and that the risk factors noted above, individually or collectively, do not have a material impact on Dayforce. Any forward-looking statement made by Dayforce in this press release speaks only as of the date on which it is made. Dayforce undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

       
    Dayforce, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)
     
       
        September 30,     December 31,  
        2024     2023  
    (In millions, except per share data)            
    Assets            
    Current assets:            
    Cash and equivalents   $ 494.1     $ 570.3  
    Restricted cash           0.8  
    Trade and other receivables, net     255.8       228.8  
    Prepaid expenses and other current assets     153.3       126.7  
    Total current assets before customer funds     903.2       926.6  
    Customer funds     4,000.7       5,028.6  
    Total current assets     4,903.9       5,955.2  
    Right of use lease assets, net     14.7       19.1  
    Property, plant, and equipment, net     228.3       210.1  
    Goodwill     2,394.5       2,293.9  
    Other intangible assets, net     228.3       230.2  
    Deferred sales commissions     215.6       192.1  
    Other assets     131.7       110.3  
    Total assets   $ 8,117.0     $ 9,010.9  
                 
    Liabilities and stockholders’ equity            
    Current liabilities:            
    Current portion of long-term debt   $ 7.3     $ 7.6  
    Current portion of long-term lease liabilities     6.0       7.0  
    Accounts payable     73.1       66.7  
    Deferred revenue     42.7       40.2  
    Employee compensation and benefits     77.9       92.9  
    Other accrued expenses     66.3       30.4  
    Total current liabilities before customer funds obligations     273.3       244.8  
    Customer funds obligations     4,004.6       5,090.1  
    Total current liabilities     4,277.9       5,334.9  
    Long-term debt, less current portion     1,209.9       1,210.1  
    Employee benefit plans     25.0       27.7  
    Long-term lease liabilities, less current portion     14.0       18.9  
    Other liabilities     34.2       21.1  
    Total liabilities     5,561.0       6,612.7  
    Commitments and contingencies            
    Stockholders’ equity:            
    Common stock, $0.01 par, 500.0 shares authorized, 157.8 and 156.3 shares issued and outstanding, respectively     1.6       1.6  
    Additional paid in capital     3,291.5       3,151.1  
    Accumulated deficit     (340.5 )     (317.8 )
    Accumulated other comprehensive loss     (396.6 )     (436.7 )
    Total stockholders’ equity     2,556.0       2,398.2  
    Total liabilities and stockholders’ equity   $ 8,117.0     $ 9,010.9  
       
    Dayforce, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
     
       
        Three Months Ended
    September 30,
        Nine Months Ended
    September 30,
     
        2024     2023     2024     2023  
    (In millions, except per share data)                        
    Revenue:                        
    Recurring   $ 375.9     $ 325.4     $ 1,123.6     $ 958.2  
    Professional services and other     64.1       52.1       171.2       155.8  
    Total revenue     440.0       377.5       1,294.8       1,114.0  
    Cost of revenue:                        
    Recurring     87.4       80.5       265.1       239.4  
    Professional services and other     75.1       66.1       210.8       197.0  
    Product development and management     55.4       53.3       166.8       153.5  
    Depreciation and amortization     20.8       17.1       58.6       47.4  
    Total cost of revenue     238.7       217.0       701.3       637.3  
    Gross profit     201.3       160.5       593.5       476.7  
    Selling and marketing     86.4       61.8       248.5       177.5  
    General and administrative     94.1       72.2       269.4       204.9  
    Operating profit     20.8       26.5       75.6       94.3  
    Interest expense, net     8.8       8.9       33.2       27.2  
    Other (income) expense, net     (6.3 )     5.1       5.7       6.6  
    Income before income taxes     18.3       12.5       36.7       60.5  
    Income tax expense     16.3       16.3       29.4       51.3  
    Net income (loss)   $ 2.0     $ (3.8 )   $ 7.3     $ 9.2  
    Net income (loss) per share:                        
    Basic   $ 0.01     $ (0.02 )   $ 0.05     $ 0.06  
    Diluted   $ 0.01     $ (0.02 )   $ 0.05     $ 0.06  
    Weighted average shares outstanding:                        
    Basic     158.1       155.7       157.6       155.0  
    Diluted     159.7       155.7       159.9       158.2  
       
    Dayforce, Inc.
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
     
       
        Nine Months Ended
    September 30,
     
        2024     2023  
    (In millions)            
    Cash flows from operating activities            
    Net income   $ 7.3     $ 9.2  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Deferred income tax (benefit) expense     (27.5 )     13.9  
    Depreciation and amortization     151.5       84.1  
    Amortization of debt issuance costs and debt discount     3.2       3.3  
    Loss on debt extinguishment     4.3        
    Provision for doubtful accounts     4.7       4.2  
    Net periodic pension and postretirement cost     7.6       0.9  
    Share-based compensation expense     118.4       118.0  
    Change in fair value of contingent consideration     9.0       11.8  
    Other     (1.2 )     0.3  
    Changes in operating assets and liabilities, excluding effects of acquisitions:            
    Trade and other receivables     (26.2 )     (62.0 )
    Prepaid expenses and other current assets     (4.5 )     (20.1 )
    Deferred sales commissions     (22.9 )     (25.9 )
    Accounts payable and other accrued expenses     5.9       8.5  
    Deferred revenue     (6.5 )     7.5  
    Employee compensation and benefits     (16.1 )     (23.2 )
    Accrued taxes     22.5       11.0  
    Payment of contingent consideration     (20.9 )      
    Other assets and liabilities     (8.5 )     (11.9 )
    Net cash provided by operating activities     200.1       129.6  
                 
    Cash flows from investing activities            
    Purchases of customer funds marketable securities     (483.2 )     (252.0 )
    Proceeds from sale and maturity of customer funds marketable securities     283.4       326.4  
    Purchases of marketable securities     (10.0 )      
    Proceeds from sale and maturity of marketable securities     7.6        
    Expenditures for property, plant, and equipment     (8.7 )     (15.4 )
    Expenditures for software and technology     (74.1 )     (72.9 )
    Acquisition costs, net of cash acquired     (173.1 )      
    Other           (1.0 )
    Net cash used in investing activities     (458.1 )     (14.9 )
                 
    Cash flows from financing activities            
    (Decrease) increase in customer funds obligations, net     (1,049.9 )     311.0  
    Proceeds from issuance of common stock under share-based compensation plans     22.0       40.3  
    Repurchases of common stock     (28.8 )      
    Proceeds from debt issuance     650.0        
    Repayment of long-term debt obligations     (646.5 )     (6.0 )
    Payment of debt refinancing costs     (11.4 )      
    Payment of contingent consideration     (3.0 )      
    Net cash (used in) provided by financing activities     (1,067.6 )     345.3  
                 
    Effect of exchange rate changes on cash, restricted cash, and equivalents     (18.2 )     5.1  
    Net (decrease) increase in cash, restricted cash, and equivalents     (1,343.8 )     465.1  
    Cash, restricted cash, and equivalents at beginning of period     3,421.4       3,151.2  
    Cash, restricted cash, and equivalents at end of period   $ 2,077.6     $ 3,616.3  
                 
    Reconciliation of cash, restricted cash, and equivalents to the condensed consolidated balance sheets            
    Cash and equivalents   $ 494.1     $ 510.3  
    Restricted cash           0.8  
    Restricted cash and equivalents included in customer funds     1,583.5       3,105.2  
    Total cash, restricted cash, and equivalents   $ 2,077.6     $ 3,616.3  
       
    Dayforce, Inc.
    Revenue Financial Measures
    (Unaudited)
     
       
        Three Months Ended September 30,     Percentage change in revenue     Impact of
    changes in
    foreign
    currency (a)
        Percentage change in revenue on a constant currency basis (a)  
        2024     2023     2024 vs. 2023           2024 vs. 2023  
        (In millions)                    
    Revenue:                              
    Recurring revenue:                              
    Dayforce recurring, excluding float   $ 292.0     $ 245.6       18.9 %     (0.1 )%     19.0 %
    Dayforce float     41.2       34.0       21.2 %     (0.3 )%     21.5 %
    Total Dayforce recurring     333.2       279.6       19.2 %     (0.1 )%     19.3 %
    Powerpay recurring, excluding float     20.2       19.6       3.1 %     (2.0 )%     5.1 %
    Powerpay float     4.2       4.4       (4.5 )%     (2.2 )%     (2.3 )%
    Total Powerpay recurring     24.4       24.0       1.7 %     (2.0 )%     3.7 %
    Total Cloud recurring     357.6       303.6       17.8 %     (0.3 )%     18.1 %
    Other recurring (b)     18.3       21.8       (16.1 )%     0.9 %     (17.0 )%
    Total recurring revenue     375.9       325.4       15.5 %     (0.2 )%     15.7 %
    Professional services and other (c)     64.1       52.1       23.0 %     (— )%     23.0 %
    Total revenue   $ 440.0     $ 377.5       16.6 %     (0.1 )%     16.7 %
    a) Dayforce has calculated percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.
    b) Float attributable to Other recurring was $0.2 million and $0.4 million for the three months ended September 30, 2024, and 2023, respectively.
    c) For the three months ended September 30, 2024, Professional services and other consisted of $61.8 million and $2.3 million associated with Dayforce and Other, respectively. For the three months ended September 30, 2023, Professional services and other consisted of $48.2 million, $3.8 million, and $0.1 million associated with Dayforce, Other, and Powerpay, respectively.
        Nine Months Ended September 30,     Percentage change in revenue    
    Impact of

    changes in
    foreign
    currency (a)
        Percentage change in revenue on a constant currency basis (a)  
        2024     2023     2024 vs. 2023           2024 vs. 2023  
        (In millions)                    
    Revenue:                              
    Recurring revenue:                              
    Dayforce recurring, excluding float   $ 852.1     $ 706.5       20.6 %     (0.2 )%     20.8 %
    Dayforce float     139.9       112.5       24.4 %     (0.2 )%     24.6 %
    Total Dayforce recurring     992.0       819.0       21.1 %     (0.2 )%     21.3 %
    Powerpay recurring, excluding float     60.6       58.8       3.1 %     (1.2 )%     4.3 %
    Powerpay float     14.4       13.4       7.5 %     (0.7 )%     8.2 %
    Total Powerpay recurring     75.0       72.2       3.9 %     (1.1 )%     5.0 %
    Total Cloud recurring     1,067.0       891.2       19.7 %     (0.3 )%     20.0 %
    Other recurring (b)     56.6       67.0       (15.5 )%     (1.0 )%     (14.5 )%
    Total recurring revenue     1,123.6       958.2       17.3 %     (0.3 )%     17.6 %
    Professional services and other (c)     171.2       155.8       9.9 %     (0.2 )%     10.1 %
    Total revenue   $ 1,294.8     $ 1,114.0       16.2 %     (0.3 )%     16.5 %
    a) Dayforce has calculated percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.
    b) Float attributable to Other recurring was $0.9 million and $1.6 million for the nine months ended September 30, 2024, and 2023, respectively.
    c) For the nine months ended September 30, 2024, Professional services and other consisted of $164.4 million, $6.6 million, and $0.2 million associated with Dayforce, Other, and Powerpay, respectively. For the three months ended September 30, 2023, Professional services and other consisted of $144.6 million, $11.1 million, and $0.1 million associated with Dayforce, Other, and Powerpay, respectively.
       
    Dayforce, Inc.
    Share-Based Compensation Expense and Related Employer Taxes
    (Unaudited)
     
       
        Three Months Ended
    September 30,
        Nine Months Ended
    September 30,
     
        2024     2023     2024     2023  
        (in millions)  
    Cost of revenue – Cloud   $ 3.0     $ 3.9     $ 9.6     $ 11.9  
    Cost of revenue – Other     0.6       0.5       1.7       1.2  
    Professional services and other     4.0       4.4       11.7       13.5  
    Product development and management     8.1       7.8       25.0       25.7  
    Sales and marketing     9.4       6.4       27.2       19.0  
    General and administrative     14.5       13.4       43.2       47.0  
    Total   $ 39.6     $ 36.4     $ 118.4     $ 118.3  
       
    Dayforce, Inc.
    Reconciliation of GAAP to Non-GAAP Financial Measures
    (Unaudited)
     
       
    The following tables reconcile Dayforce’s reported results to its non-GAAP financial measures:  
       
        Three Months Ended September 30, 2024  
        As reported     As reported margins (a)     Share-based
    compensation
        Amortization     Other (b)     As adjusted (b)     As adjusted margins (a)  
        (Dollars in millions, except per share data)  
    Cost of Cloud recurring revenue   $ 75.1       79.0 %   $ 3.0     $     $ 0.1     $ 72.0       79.9 %
                                               
    Operating profit   $ 20.8       4.7 %   $ 39.6     $ 29.6     $ 13.2     $ 103.2       23.5 %
                                               
    Net income   $ 2.0       0.5 %   $ 39.6     $ 29.6     $ 3.3     $ 74.5       16.9 %
    Interest expense, net     8.8                               8.8        
    Income tax expense (c)     16.3                         (4.0 )     20.3        
    Depreciation and amortization     52.1                   29.6             22.5        
    EBITDA   $ 79.2           $ 39.6     $     $ 7.3     $ 126.1       28.7 %
                                               
    Net income per share – diluted (d)   $ 0.01           $ 0.25     $ 0.19     $ 0.02     $ 0.47        
    a) Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net (loss) income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
    b) The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $9.0 million related to the fair value adjustment for the DataFuzion contingent consideration, $3.2 million of restructuring expenses, $3.2 million of costs associated with the planned termination of its frozen U.S. pension plan, $1.0 million of fees associated with initiating the receivables securitization program, and $9.1 million of foreign exchange gain, along with a $4.0 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
    c) Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
    d) GAAP and Adjusted diluted net income per share are calculated based upon 159.7 million weighted average shares of common stock.
        Three Months Ended September 30, 2023  
        As reported     As reported margins (a)     Share-based
    compensation
        Amortization     Other (b)     As adjusted (b)     As adjusted margins (a)  
        (Dollars in millions, except per share data)  
    Cost of Cloud recurring revenue   $ 69.9       77.0 %   $ 3.9     $     $     $ 66.0       78.3 %
                                               
    Operating profit   $ 26.5       7.0 %   $ 36.4     $ 20.5     $ 6.0     $ 89.4       23.7 %
                                               
    Net (loss) income   $ (3.8 )     (1.0 )%   $ 36.4     $ 20.5     $ 5.2     $ 58.3       15.4 %
    Interest expense, net     8.9                               8.9        
    Income tax expense (c)     16.3                         (5.5 )     21.8        
    Depreciation and amortization     38.7                   20.5             18.2        
    EBITDA   $ 60.1           $ 36.4     $     $ 10.7     $ 107.2       28.4 %
                                               
    Net (loss) income per share – diluted (d)   $ (0.02 )         $ 0.23     $ 0.13     $ 0.03     $ 0.37        
    a) Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
    b) The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $4.7 million of foreign exchange loss, $4.6 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, $1.2 million of restructuring expenses, and $0.2 million related to the abandonment of certain leased facilities, along with a $5.5 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
    c) Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
    d) GAAP diluted net loss per share is calculated based upon 155.7 weighted average shares of common stock, and Adjusted diluted net income per share is calculated based upon 158.8 million weighted average shares of common stock.
        Nine Months Ended September 30, 2024  
        As reported     As reported margins (a)     Share-based
    compensation
        Amortization     Other (b)     As adjusted (b)     As adjusted margins (a)  
        (Dollars in millions, except per share data)  
    Cost of Cloud recurring revenue   $ 228.5       78.6 %   $ 9.6     $     $ 0.9     $ 218.0       79.6 %
                                               
    Operating profit   $ 75.6       5.8 %   $ 118.4     $ 87.5     $ 25.7     $ 307.2       23.7 %
                                               
    Net income   $ 7.3       0.6 %   $ 118.4     $ 87.5     $ 5.5     $ 218.7       16.9 %
    Interest expense, net     33.2                               33.2        
    Income tax expense (c)     29.4                         (27.0 )     56.4        
    Depreciation and amortization     151.5                   87.5             64.0        
    EBITDA   $ 221.4           $ 118.4     $     $ 32.5     $ 372.3       28.8 %
                                               
    Net income per share – diluted (d)   $ 0.05           $ 0.74     $ 0.55     $ 0.03     $ 1.37        
    a) Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
    b) The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $15.7 million of restructuring expenses, $9.7 million of costs associated with the planned termination of its frozen U.S. pension plan, $9.0 million related to the fair value adjustment for the DataFuzion contingent consideration, $1.0 million of fees associated with initiating the receivables securitization program, and $2.9 million of foreign exchange gain, along with a $27.0 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
    c) Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
    d) GAAP and Adjusted diluted net income per share are calculated based upon 159.9 million weighted average shares of common stock.
        Nine Months Ended September 30, 2023  
        As reported     As reported margins (a)     Share-based
    compensation
        Amortization     Other (b)     As adjusted (b)     As adjusted margins (a)  
        (Dollars in millions, except per share data)  
    Cost of Cloud recurring revenue   $ 204.8       77.0 %   $ 11.9     $     $     $ 192.9       78.4 %
                                               
    Operating profit   $ 94.3       8.5 %   $ 118.3     $ 32.7     $ 15.6     $ 260.9       23.4 %
                                               
    Net income   $ 9.2       0.8 %   $ 118.3     $ 32.7     $ (1.8 )   $ 158.4       14.2 %
    Interest expense, net     27.2                               27.2        
    Income tax expense (c)     51.3                         (22.7 )     74.0        
    Depreciation and amortization     84.1                   32.7             51.4        
    EBITDA   $ 171.8           $ 118.3     $     $ 20.9     $ 311.0       27.9 %
                                               
    Net income per share – diluted (d)   $ 0.06           $ 0.75     $ 0.21     $ (0.01 )   $ 1.00        
    a) Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
    b) The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $11.8 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, $5.3 million of foreign exchange loss, $3.4 million of restructuring expenses, and $0.4 million related to the abandonment of certain leased facilities, along with a $22.7 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
    c) Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
    d) GAAP and Adjusted diluted net income per share are calculated based upon 158.2 million weighted average shares of common stock.
       
    Dayforce, Inc.
    Reconciliation of Free Cash Flow
    (Unaudited)
     
       
        Three Months Ended
    September 30,
        Nine Months Ended
    September 30,
     
        2024     2023     2024     2023  
        (In millions)  
    Net cash provided by operating activities   $ 91.8     $ 36.6     $ 200.1     $ 129.6  
    Expenditures for property, plant, and equipment     (2.0 )     (5.3 )     (8.7 )     (15.4 )
    Expenditures for software and technology     (26.4 )     (26.5 )     (74.1 )     (72.9 )
    Free cash flow   $ 63.4     $ 4.8     $ 117.3     $ 41.3  


    Non-GAAP Financial Measures

    Dayforce uses certain non-GAAP financial measures in this release including:

    Non-GAAP Financial Measure   GAAP Financial Measure
    EBITDA   Net (loss) income
    Adjusted EBITDA   Net (loss) income
    Adjusted EBITDA margin   Net profit margin
    Adjusted Cloud recurring gross margin   Cloud recurring gross margin
    Adjusted operating profit   Operating profit
    Adjusted operating profit margin   Operating profit margin
    Adjusted net income   Net (loss) income
    Adjusted net profit margin   Net profit margin
    Adjusted diluted net income per share   Diluted net (loss) income per share
    Free cash flow   Net cash provided by operating activities
    Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis   Percentage change in revenue, including total revenue and revenue by solution
    Dayforce recurring revenue per customer   No directly comparable GAAP measure

    Dayforce believes that these non-GAAP financial measures are useful to management and investors as supplemental measures to evaluate its overall operating performance including comparison across periods and with competitors. Dayforce’s management team uses these non-GAAP financial measures to assess operating performance because these financial measures exclude the results of decisions that are outside the normal course of its business operations, and are used for internal budgeting and forecasting purposes both for short- and long-term operating plans. Additionally, Adjusted EBITDA is a component of its management incentive plan and Adjusted Cloud recurring gross margin and Adjusted operating profit are components of certain performance based equity awards for its named executive officers. Additionally, Dayforce believes that the non-GAAP financial measure free cash flow is meaningful to investors because it is a measure of liquidity that provides useful information in understanding and evaluating the strength of Dayforce’s liquidity and future ability to generate cash that can be used for strategic opportunities or investing in its business. The exclusion of capital expenditures facilitates comparisons of Dayforce’s liquidity on a period-to-period basis and excludes items that management does not consider to be indicative of Dayforce’s liquidity.

    These non-GAAP financial measures are not required by, defined under, or presented in accordance with, GAAP, and should not be considered as alternatives to Dayforce’s results as reported under GAAP, have important limitations as analytical tools, and its use of these terms may not be comparable to similarly titled measures of other companies in its industry. Dayforce’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by similar items to those eliminated in this presentation. Please refer to Dayforce’s full financial results, including further discussion of non-GAAP financial measures, on the Investor Relations portion of its website at investors.dayforce.com.

    Dayforce defines its non-GAAP financial measures as follows:

    • EBITDA is defined as net (loss) income before interest, taxes, depreciation, and amortization, and Adjusted EBITDA is EBITDA, as adjusted to exclude share-based compensation expense and related employer taxes, and certain other items.
    • Adjusted EBITDA margin is determined by calculating the percentage Adjusted EBITDA is of total revenue.
    • Adjusted Cloud recurring gross margin is defined as Cloud recurring gross margin, as adjusted to exclude share-based compensation and related employer taxes, and certain other items, as a percentage of total Cloud recurring revenue.
    • Adjusted operating profit is defined as operating profit, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items.
    • Adjusted net income is defined as net (loss) income, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items, all of which are adjusted for the effect of income taxes.
    • Adjusted net profit margin is determined by calculating the percentage Adjusted net income is of total revenue.
    • Adjusted diluted net income per share is calculated by dividing adjusted net income by diluted weighted average common shares outstanding. When adjusted diluted net income per share is positive, diluted weighted average common shares outstanding incorporate the effect of dilutive equity instruments.
    • Free cash flow is defined as net cash provided by operating activities, as adjusted to exclude capital expenditures.
    • Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis is calculated by applying the average foreign exchange rate in effect during the comparable prior period.
    • Dayforce recurring revenue per customer is an indicator of the average size of Dayforce recurring revenue customers. To calculate Dayforce recurring revenue per customer, the Company starts with Dayforce recurring revenue on a constant currency basis by applying the same exchange rate to all comparable periods for the trailing twelve months and excludes float revenue and Ascender, ADAM HCM, and eloomi revenue. This amount is divided by the number of live Dayforce customers at the end of the trailing twelve month period, excluding Ascender, ADAM HCM, and eloomi. The Company has not reconciled the Dayforce recurring revenue per customer because there is no directly comparable GAAP financial measure.

    Source: Dayforce, Inc.

    For further information, please contact:

    Investor Relations
    1-844-829-9499
    investors@dayforce.com

    Public Relations
    1-647-417-2117
    teri.murphy@dayforce.com

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