Category: Natural Disasters

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

Source: Scotland – City of Aberdeen

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

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

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

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

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

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

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

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

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

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

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

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

Source: Scotland – Highland Council

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Information and flooding advice is available on our website

Information on weather warnings is available on the Met Office website

For information on Trunk Roads follow @trafficscotland

For information on power cuts, visit SSEN website

SEPA are the Scottish Environment Protection Agency – SEPA

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

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

Source: Government of India

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Act East policy has done wonders.

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

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

● Road connectivity and efforts are for rail connectivity.

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

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

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

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

MIL OSI Asia Pacific News –

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

Source: Government of India

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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NKR/PSM

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MIL OSI Asia Pacific News –

MIL-OSI Europe: EIB Group annual figures for 2024: €3 billion for competitiveness, strategic autonomy and SMEs in the Netherlands

Source: European Investment Bank

In 2024, the EIB Group mobilised nearly €3.1 billion, primarily for small and medium businesses (SMEs) and innovation.
The EIB financed social infrastructure and increased support for innovative Dutch firms and those in the growth phase, promoting strategic autonomy.
The EIF also granted nearly €634 million in financing, in the form of guarantees and equity.

Last year the EIB Group, made up of the European Investment Bank (EIB) and the European Investment Fund (EIF), invested nearly €3.1 billion in projects implemented in the Netherlands. Of that, €2.45 billion were granted by the EIB in the form of loans and venture debt. The EIF also mobilised some €634 million in the form of guarantees and equity contributions. Worldwide, the EIB Group granted a record amount of almost €89 billion, with no less than €50.7 billion going to help fight climate change and protect the environment.

EIB Vice-President Robert de Groot remarked, “If Europe wishes to remain strong and competitive, it must invest more in technology, energy and manufacturing. In the long run, it cannot afford to depend on others in these areas. That is why the EIB Group is fully committed to fostering innovation in the Netherlands, especially through venture capital lending. And of course, we are also continuing to support projects that have a positive impact on the daily lives of people, like hospitals, flood control and better access to financing for SMEs. Sustainability will also remain a core principle in 2025.”

In 2024, nearly a third of EIB Group investments in the Netherlands were linked to innovation in different areas, in particular those backed by the European Commission’s InvestEU programme. For example, companies such as Samotics, LUMICKS and Resato received EIB venture debt targeted to growing firms.

In the realm of innovation, the chip manufacturer NXP also signed a financing agreement that will allow it to increase investment in research and development, in particular for next-generation semiconductors for the automotive sector.

The EIF was also very active in the Netherlands in 2024. In addition to guarantees provided to SMEs by ABN Amro and microloans issued by Qredits, Dutch venture capital funds such as 4impact Fund, Innovation Industries and European Cyber Security Tech Fund also received support from the EIF.

In 2024, sustainability remained a dominant factor for EIB Group investments in the Netherlands, especially in its support for SMEs. Along with a financing agreement with ABN Amro for €450 million, part of which targeted sustainable SMEs, the EIB and Rabobank signed a ninth impact loan providing reduced interest rates for SMEs certified under a sustainable development label.

Background information

The EIB is the EU’s long-term financing institution, owned by the Member States. It finances investments that contribute to EU policy objectives. The Netherlands’ shareholding in it is 5.2%. Over the past decade, the EIB has lent more than €27 billion to support Dutch projects in a variety of sectors, including research and development, transport, clean water, healthcare and SMEs.

MIL OSI Europe News –

EIB Group press conference on annual results

MIL-OSI Europe: EIB Group achieves record results in 2024, targets €95 billion in investments for 2025

Source: European Investment Bank

The EIB Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024.
A record of nearly 60% of all EIB Group financing supported the green transition, climate action and environmental sustainability.
There was a sharp increase in higher-risk activities, with a record €8 billion committed for equity and quasi-equity investment.
Financing for security and defence projects doubled to €1 billion in 2024, with a further doubling planned in 2025.

The European Investment Bank (EIB) Group signed €89 billion in new financing last year. The Group made more investments than ever before to strengthen EU energy security, mobilising over €100 billion for projects in new and upgraded infrastructure such as grids and interconnectors, renewables, net-zero industries, efficiency and storage. Nearly 60% of the total financing supported the green transition, climate action and environmental sustainability.

Our preliminary results once again signal robust profitability. At the same time, higher-risk EIB operations to back Europe’s most innovative companies have sharply increased. A record €8 billion in equity and quasi-equity investment from the EIB and the European Investment Fund (EIF) is expected to mobilise €110 billion in growth capital for startups, scale-ups and European pioneers.

Eligible security and defence investment doubled in 2024, and the goal is to double this figure again this year. Furthermore, the EIB Group significantly extended its eligible investments in dual-use projects, which now include border protection, military mobility, de-mining and de-contamination, space, cybersecurity, anti-jamming equipment, seabed and critical infrastructure protection, research and development, and drones.

Looking ahead, the EIB Group plans to increase its overall investments to €95 billion in 2025, with flagship initiatives to support European tech champions and a dedicated TechEU programme, critical raw materials, water management, the energy efficiency of small and medium-sized companies, and a dedicated platform to promote sustainable and affordable housing.

In parallel with increasing its investment capacity and impact, the EIB Group is making significant progress in cutting red tape for clients and has shortened the time to market required to approve and deploy new investments. During 2024, it introduced simplified appraisal procedures covering more than 40% of its operations.

“We have broken records with our financing in 2024. We have made ourselves ready to support EU priorities in this new political mandate. And we will play an even more relevant role in 2025 – building on the excellent performance of the EIB Group to increase our impact, bolstering Europe’s security and competitiveness with strategic and ambitious investments,” said EIB Group President Nadia Calviño as she presented the annual operational results of the EIB Group in Brussels.

Making records

The EIB Group financing committed in 2024 is expected to power almost 15 million households with clean energy, create up to 1.5 million new jobs in Europe over the next few years, advance therapies against cancer, and help secure affordable housing from Croatia to Latvia.

In more detail, highlights from last year include:

Stepped up higher-risk activities, expected to mobilise about €110 billion in new investments. This includes a record €7.2 billion of investments by the EIF in the equity funds ecosystem, and €1 billion in venture debt by the EIB.
More than €14 billion in total investment deployed by the EIF to support Europe’s small businesses and innovators, including in 102 venture capital funds, such as a dedicated fund to back women-owned and gender-balanced startups in space and deep tech.
A record €51 billion – around 60% of last year’s investments – to support the green transition, climate action and environmental sustainability, from the world’s first zero-emissions tyre factory in Romania to support for sustainable mobility in Valencia, keeping the EIB Group well on track to meet its target of supporting €1 trillion in climate and environmental sustainability investment in the critical decade to 2030.
A record €31 billion to back EU energy security, including for efficiency, renewables, storage and electricity grids, which is expected to support over €100 billion in investment. Flagship initiatives include counter-guarantees to bolster European wind manufacturers, electric vehicle battery manufacturing in France and the Princess Elisabeth Island in Belgium. For grids and storage, financing rose to a record €8.5 billion, mobilising 40% of Europe’s total investment in that sector in 2024, including transmission network upgrades and interconnectors in Spain, Czechia and Germany.
Support for eligible security and defence projects doubled to €1 billion, including the deployment of dual-use satellites in Poland, port upgrades to meet the needs of NATO vessels in Denmark and investment by the EIF in dedicated private investment funds. A further doubling of annual investments to €2 billion is expected this year.
A record €38 billion to accelerate social and territorial cohesion, including credit lines for farmers in Romania, innovative startups in Greece and just transition projects in Estonia.
The EIB Group has also provided financial support to boost climate resilience and adaptation from post-landslide reconstruction in Italy to recovery investments in European regions affected by devastating floods.
With more than €2.2 billion disbursed since 2022, EIB Group investments in Ukraine are helping to repair schools, kindergartens and hospitals, upgrade transport and protect energy infrastructure, as well as support the private sector.

Beyond Ukraine, the EIB Group’s operations outside the European Union are supporting stability in the EU neighbourhood and partner countries on their path to EU membership, including with rail upgrades in countries such as Albania and Montenegro.

Supporting EU global priorities and helping strengthen Europe’s voice in the world, EIB Group financing also helps drought-stricken countries like Jordan to manage water supplies. Thanks to reinforced partnerships inside and outside the European Union, EIB investments are helping eliminate diseases like polio and support sustainable infrastructure around the world from Vietnam to India.

Ready for the challenges ahead

Under President Calviño, who took office in January 2024, the EIB Group has updated its internal policies and investment strategy to maximise impact and scale up support for shared European priorities.

Changes include:

A Strategic Roadmap, aligned with EU policies and agreed by the EU 27 Member States (the EIB’s shareholders) to focus resources on impactful investment on eight core priorities.
A revamped framework expanding the EIB Group’s activity in the areas of security and defence, with streamlined internal procedures and new partnerships with external stakeholders, such as the NATO Innovation Fund and the European Defence Agency.
EIB governors approved the increase of the gearing ratio, an outdated limit on EIB Group’s investments.[1] This will enable the EIB Group to make the necessary strategic investments to deliver on EU policy goals while preserving its leverage and capital ratios.
An action plan with building blocks for a deeper capital markets union.
Actions and proposals to cut red tape, improve the usability of EU sustainability reporting rules and optimise the use of EU budget instruments.
A stepped up time to market initiative to simplify internal processes and boost efficiency, enabling much faster approvals for new financing.
An action plan to improve transparency, accountability and well-being in the workplace, including the appointment of an ombudsperson to swiftly address common workplace issues and improve the working environment.

More relevant than ever in 2025

Looking ahead, the EIB Group Operational Plan covers up to €95 billion in new investment in 2025, supported by the Group’s stellar credit rating and strong capital position.

New initiatives aligned with the priorities of the new European Commission expected to be rolled out in 2025 include:

Maintaining a 60% green finance target.
Scaling up support for leading technologies, including clean-tech, artificial intelligence, chips, high-performance and quantum computing, health sciences and medical technologies, and Europe’s cutting-edge industrial capacity.
An exit platform to facilitate the listing of European scale-ups in EU markets or the acquisition of these promising innovators by European companies.
An extension of the highly successful European Tech Champions Initiative (ETCI) as part of the broader goal to boost equity and venture debt investments to scale up Europe’s innovative startups.
Further doubling of support for Europe’s security and defence industry
A pan-European investment platform for affordable and sustainable housing, together with the European Commission and increased financing for the housing sector.
Increasing investment for critical raw materials projects, such as the Keliber lithium production facility in Finland agreed last year.
A dedicated water programme of about €4.5 billion to focus investment on flood resilience, and to address water scarcity amid intensifying droughts.
New support for Europe’s farmers through agricultural insurance and other de-risking schemes, building on a €3 billion facility to improve access to financing for young farmers and women.
A €2.5 billion programme to scale up energy efficiency investments by small and medium-sized companies so they can lower their CO₂ emissions and electricity bills.

Background information

The EIB Group is the financing institution of the European Union owned by its Member States. It supports investment contributing toward EU policy goals, including sustainable growth, social and territorial cohesion, innovation and security. It finances its operations in global capital markets and has been consistently profitable in its operations since its inception. The EIB Group is the pioneer and one of the largest issuers of green bonds, while all of its operations are aligned with the Paris Climate Agreement.

[1] Subject to final approval by the Council of the European Union.

MIL OSI Europe News –

MIL-OSI: CSW Industrials Reports Record Fiscal 2025 Third Quarter Results

Source: GlobeNewswire (MIL-OSI)

DALLAS, Jan. 30, 2025 (GLOBE NEWSWIRE) — CSW Industrials, Inc. (Nasdaq: CSWI or the “Company”) today reported record results for the fiscal 2025 third quarter period ended December 31, 2024.

Fiscal 2025 Third Quarter Highlights (comparisons to fiscal 2024 third quarter)

Total revenue increased 10.7% to a third quarter record of $193.6 million, driven by inorganic growth of 8.7% from the recent acquisitions of Dust Free, PSP Products, and PF WaterWorks, and organic growth of 1.9%
Net income attributable to CSWI of $26.9 million, or $24.9 million adjusted, increased 48.9% to a third quarter record, compared to $16.7 million
Earnings per diluted share (“EPS”) of $1.60, or $1.48 adjusted, increased 38.2% to a third quarter record, compared to $1.07
Adjusted EBITDA grew 14.2% to a third quarter record of $42.0 million, including margin expansion for the third quarter of 70 bps to 21.7%

Fiscal 2025 Year-to-Date Highlights (comparisons to fiscal 2024 year-to-date period)

Total revenue increased 11.3% to $647.8 million, of which $34.1 million, or 5.9%, was inorganic growth from recent acquisitions, and 5.5%, or $31.7 million was organic growth
Net income attributable to CSWI of $101.6 million, or $99.5 million adjusted, increased 28.6% as compared to $77.4 million
EPS of $6.30, or $6.17 adjusted, improved 24.2% compared to $4.97
Adjusted EBITDA increased 16.6% to $168.1 million, including margin expansion of 120 bps to 26.0%
Invested $84.5 million in acquisitions and $11.7 million in organic capital expenditures, while returning total cash of $24.3 million to shareholders through share repurchases of $13.7 million and dividends of $10.6 million

Comments from the Chairman, President, and Chief Executive Officer

Joseph B. Armes, CSW Industrials’ Chairman, President, and Chief Executive Officer, commented, “I am very pleased to announce record revenue for the fiscal third quarter driven by the strategic acquisitions of Dust Free, PSP Products, and PF WaterWorks during the last twelve months as well as organic volume growth. Impressively, the team also achieved record net income, adjusted earnings per diluted share, and adjusted EBITDA for the fiscal third quarter.”

Armes continued, “During the quarter, our disciplined allocation of capital continued with the acquisition of PF WaterWorks, bringing innovative, eco-friendly drain management solutions within the profitable plumbing end market to the CSWI family. The addition of these new products to our current portfolio fuels inorganic growth, additional organic growth over time, and increased market share.”

Fiscal 2025 Third Quarter Consolidated Results

Fiscal third quarter revenue was $193.6 million, a $18.7 million or 10.7% increase over the prior year period. Total revenue growth included $15.3 million or 8.7% inorganic growth contributed by the Dust Free, PSP, and PF WaterWorks acquisitions, which are all reported within the Contractor Solutions segment, with the remaining $3.4 million or 1.9% related to organic growth contributed from all three operating segments.

Gross profit in the fiscal third quarter was $80.1 million, representing 8.3% growth over $74.0 million in the prior year period. Gross margin contracted 90 bps to 41.4%, compared to 42.3% in the prior year period. The gross margin decrease was primarily a result of increased freight expense.

Operating expenses as a percentage of revenue were 26.1% or 25.6% adjusted to exclude the $0.9 million acquisition broker fee in the current period, which was lower than the prior year period of 26.5%. Operating expenses were $50.5 million or $49.7 million adjusted in the current year period, compared to $46.4 million in the prior year period, with leverage of revenue growth through the absorption of expenses related to recent acquisitions, additional spend on acquisition integration, and investments in team members to support ongoing revenue growth.

Operating income in the current period was $29.6 million or $30.5 million adjusted to exclude the acquisition broker fee, compared to $27.6 million in the prior year period. Operating income as a percentage of revenue was 15.3% or 15.7% adjusted, compared to 15.8% in the prior year period. The main driver of the slight decrease in operating margin was a result of the previously mentioned contraction in the gross margin, which was partially offset by improved leverage on operating expenses.

Interest income was $2.0 million, compared to interest expense of $2.8 million in the prior year period. The $4.8 million shift from interest expense to interest income was a result of having no debt outstanding during the quarter, as the outstanding balance on our revolver was fully repaid in second fiscal quarter 2025, augmented by interest income earned on the balance of net proceeds from the equity offering closed in the second fiscal quarter 2025.

Other expense was $0.3 million, compared to other expense of $8.4 million in the prior year period. A $0.9 million tax indemnification asset was released in the current period, as compared to $8.5 million of tax indemnification assets released in the prior year period.

Net income attributable to CSWI (net of non-controlling interest in the joint venture) increased to $26.9 million, compared to the prior year period of $9.2 million. Adjusted to exclude the release of the tax indemnification assets and uncertain tax position accruals in the current and prior periods, as well as the acquisition broker fee in the current period, adjusted net income was $24.9 million and adjusted EPS of $1.48 vs. $16.7 million and $1.07, an increase over the prior year period of 48.9% and 38.2%, respectively.

Fiscal 2025 third quarter adjusted EBITDA increased 14.2% to $42.0 million, up from $36.8 million in the prior year period. Adjusted EBITDA margin expanded 70 bps to 21.7%, compared to 21.0% in the prior year period.

The quarterly cash flows from operations of $11.6 million, compared to $47.0 million in the prior year period, were lower primarily due to a previously disclosed $16.8 million tax payment deferral from fiscal first half 2025 to fiscal third quarter 2025 under a temporary federal tax relief related to the severe storms and flooding in Texas in early calendar 2024. Additionally, increased investment in inventory during the third fiscal quarter 2025, compared to the prior year period, resulted from actions taken to mitigate certain supply chain issues that were expected to potentially arise in the first calendar quarter of 2025.

Following quarter-end, the Company announced its twenty-fourth consecutive regular quarterly cash dividend in the amount of $0.24 per share, which will be paid on February 14, 2025, to shareholders of record on January 31, 2025.

The Company’s effective tax rate for the fiscal third quarter was 13.8%, or 24.5% adjusted, as compared to 43.2% or 32.5% adjusted in the prior year period, when adjusted to exclude the previously disclosed release of tax indemnification assets and the uncertain tax position accruals for acquisitions in both periods, as well as the acquisition broker fee and related tax impact in the current period. The decrease in the adjusted tax rate was driven by a favorable foreign currency rate impact on the cumulative unrepatriated foreign earnings and an increased benefit related to vesting of employee equity awards.

Fiscal 2025 Third Quarter Segment Results

Contractor Solutions segment revenue was $132.2 million, a $16.7 million or 14.5% increase over the prior year period, comprised of inorganic growth of $15.3 million from the recent acquisitions of Dust Free, PSP Products, and PF WaterWorks (91.4% of the $16.7 million growth) and organic growth of $1.4 million from increased organic unit volumes. As compared to the prior year period, net revenue growth was driven by the HVAC/R, plumbing, and electrical end markets. Segment operating income improved to $26.8 million or $27.6 million adjusted to exclude the $0.9 million acquisition broker fee, compared to $25.8 million in the prior year period. The incremental profit resulted from revenue growth and the inclusion of recently acquired businesses and was partially offset by increased freight, including a freight expense alignment in the quarter and increased spending on business integrations. Segment operating income margin in the fiscal third quarter was 20.2% or 20.9% adjusted, compared to 22.3% in the prior year period. Segment adjusted EBITDA in the fiscal third quarter was $37.5 million, or 28.4% of revenue, compared to $33.0 million, or 28.6% of revenue in the prior year period.

Specialized Reliability Solutions segment revenue was $34.6 million, a $0.9 million or 2.5% increase from the prior year period. The increased net revenue was driven by growth in the general industrial and rail end markets. Segment operating income improved to $5.2 million, as compared to $3.7 million in the prior year period, an increase of 40.1%. Segment operating income margin for the fiscal third quarter improved to 15.2%, compared to the prior year period of 11.1% as a result of manufacturing efficiencies and management of operating expenses. Segment EBITDA improved by 26.5% to $6.6 million in the fiscal third quarter, with an EBITDA margin of 19.1% as compared to 15.4% in the prior year period.

Engineered Building Solutions segment revenue was $28.8 million, a 3.4% increase compared to $27.9 million in the prior year period. Segment operating income was $3.6 million, or 12.6% of revenue, as compared to the prior year period of $3.5 million, or 12.7% of revenue. Segment EBITDA and EBITDA margin improved slightly to $4.1 million and 14.2%, respectively, in the fiscal third quarter, compared to $4.0 million and 14.2%, respectively, in the prior year period.

Fiscal 2025 Year-to-Date Consolidated Results

Fiscal year-to-date revenue was $647.8 million, representing 11.3% growth over $582.0 million in the prior year period, with growth in all three reporting segments. Of the $65.8 million total growth, $31.7 million (5.5% of the 11.3% total growth) resulted from organic growth, with the remainder ($34.1 million) contributed by the Dust Free, PSP Products, and PF WaterWorks acquisitions.

Gross profit in the fiscal year-to-date period was $291.4 million, representing $34.3 million or 13.3% growth from $257.1 million in the prior year period, with the incremental profit resulting predominantly from revenue growth driven by increased organic unit volumes, a slight increase from pricing actions, and the recent acquisitions. Gross margin was 45.0%, compared to 44.2% in the prior year period. The gross margin improvement was a result of leveraging the volume increase, favorable product mix, and a slight favorable impact from pricing actions.

Operating expenses as a percentage of revenue were 24.0% or 23.8% adjusted, compared to 24.5% in the prior year period, as the increase in revenue growth outpaced the increase in operating expenses. Operating expenses in the current year period were $155.2 million or $154.4 million adjusted to exclude the $0.9 million acquisition broker fee, compared to $142.3 million in the prior year period. The additional expenses were related to employee compensation and recent acquisition expenses including amortization of intangible assets, business development expenses, and integration costs.

In the current period, operating income was $136.2 million or $137.1 million adjusted, compared to $114.8 million in the prior year period. The incremental operating income resulted from the gross profit increase, partially offset by the operating expense increase detailed above. Operating income margin in the current period improved to 21.0% or 21.2% adjusted, compared to the prior year period of 19.7%. During the comparative periods, the strengthened operating margin was due to the improvement in gross margin combined with the management of operating expenses.

Interest expense was $1.9 million, compared to interest expense of $10.1 million in the prior year period. The decrease of $8.2 million was a result of a lower debt balance throughout the first half of the year, then fully repaying the outstanding balance borrowed against our revolver during the second fiscal quarter 2025. Additionally, during the second and third fiscal quarters, the Company recognized interest income earned from the remaining net proceeds of the equity offering that closed in second fiscal quarter 2025.

Other expense was $0.7 million, compared to $6.2 million in the prior year period. The change in other expense of $5.5 million was primarily due to a $0.9 million tax indemnification asset was released in the current period, as compared to $8.5 million of tax indemnification assets released in the prior period, in addition to a gain of $1.4 million reported in the prior year period in connection with the sale of a property previously held for investment that did not recur. The remaining variance is a result of foreign currency impact related to transactions in currencies other than functional currencies.

In the current period, reported net income attributable to CSWI improved 45.4% to $101.6 million, or $6.30 per diluted share. Adjusted net income attributable to CSWI was $99.5 million, or $6.17 per diluted share. In the prior year period, adjusted net income attributable to CSWI was $77.4 million, or $4.97 per diluted share.

Fiscal 2025 year-to-date adjusted EBITDA increased 16.6% to $168.1 million from $144.2 million in the prior year period. Adjusted EBITDA as a percentage of revenue improved 120 bps to 26.0%, compared to 24.8%, in the prior year period.

Net cash provided by operating activities for the fiscal 2025 year-to-date period was $141.1 million, compared to $141.9 million in the prior year-to-date period, a 0.6% decrease compared to the prior year period. The Company paid down all $166.0 million of debt in the first half utilizing our record cash flow from operations and net proceeds from the follow-on equity offering, while also returning a total of $24.3 million in cash to shareholders through $10.6 million in dividends and $13.7 million in share repurchases utilizing our outstanding cash flow from operations.

The Company’s effective tax rate for the fiscal year-to-date period was 23.3% on a GAAP basis, and 25.8% as adjusted.

Fiscal 2025 Year-to-Date Segment Results

Contractor Solutions segment revenue was $451.4 million, a $56.1 million or 14.2% increase from the prior year period. Revenue growth was comprised of inorganic growth from Dust Free, PSP Products, and PF WaterWorks acquisitions ($34.1 million, or 8.6%, of the total growth), and organic growth of $22.1 million (5.6% of the total 14.2% growth) due to increased unit volumes and a slight increase from pricing actions. As compared to the prior year period, net revenue growth was driven primarily by the HVAC/R, plumbing, and electrical end markets. Segment operating income in the current year period was $122.9 million or $123.8 million adjusted to exclude the $0.9 million acquisition broker fee, compared to $104.4 million in the prior year period. The incremental profit resulted from the increased unit volumes, favorable product mix, pricing actions, and the inclusion of recent acquisitions. This growth was partially offset by increased freight expense, increased employee compensation expense, and business integration costs as the segment builds out the infrastructure to support continued growth, and increased expenses related to the inclusion of Dust Free, PSP Products, and PF WaterWorks in the current period, including amortization of intangible assets.

Contractor Solutions segment operating income margin was 27.2% or 27.4% adjusted, compared to 26.4% in the prior year period, an increase of 80 bps, driven primarily by increased operating leverage from the additional volume, favorable product mix and pricing actions, combined with the management of operating expenses. Segment adjusted EBITDA in the current period was $149.4 million, or 33.1% of revenue, compared to $126.4 million, or 32.0% of revenue in the prior year period.

Specialized Reliability Solutions segment revenue grew to $109.9 million, a $1.9 million or 1.7% increase over the prior year period of $108.0 million, primarily due to increased unit volumes, with growth in the rail transportation and industrial end markets offset by a decrease in mining and energy end markets. In the current year period, segment operating income improved by 17.2% to $18.2 million, or 16.6% of revenue, compared to the prior year period of $15.5 million, or 14.4% of revenue. Improved segment operating income was primarily a result of a favorable inventory adjustment as well as the increased volume. Segment EBITDA in the current period was $22.2 million, or 20.2% of revenue, compared to $19.9 million, or 18.5% of revenue in the prior year period.

Engineered Building Solutions segment revenue was $92.4 million, a $7.7 million or 9.1% increase over the prior year period, primarily due to the conversion of backlog into revenue and market expansion. Segment operating income increased 18.6% to $15.5 million, or 16.7% of revenue, compared to the prior year period of $13.0 million, or 15.4% of revenue, due to the increased net revenue and improved operating leverage, offset by increased employee expenses to support revenue growth. Segment EBITDA in the current period was $16.9 million, or 18.3% of revenue, compared to $14.4 million, or 17.0% of revenue in the prior year period.

All percentages are calculated based upon the attached financial statements. Share count used in determining the diluted EPS is based on a weighted average of outstanding shares throughout the reporting period.

Conference Call Information

The Company will host a conference call today at 10:00 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. A live webcast of the call can be accessed at https://cswindustrials.gcs-web.com/. To access the call, participants may dial 1-877-407-0784, international callers may use 1-201-689-8560, and request to join the CSW Industrials earnings call.

A telephonic replay will be available shortly after the conclusion of the call and until Thursday, February 13, 2025. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13750887. The call will also be available for replay via webcast link on the Investors portion of the CSWI website www.cswindustrials.com.

Safe Harbor Statement

This press release includes 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, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations, and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates, and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

Non-GAAP Financial Measures

This press release includes an analysis of adjusted diluted earnings per share attributable to CSWI, adjusted net income attributable to CSWI, adjusted effective tax rate, adjusted operating income and free cash flows, which are non-GAAP financial measures of performance. Attributable to CSWI is defined to exclude the income attributable to the non-controlling interest in the Whitmore JV.

CSWI utilizes adjusted EBITDA (earnings before interest, tax, depreciation and amortization) as an additional consolidated, non-GAAP financial measure, which consists of consolidated net income including income attributable to the non-controlling interest in the Whitmore JV, adjusted to remove the impact of income taxes, interest expense, depreciation, amortization and impairment, and significant nonrecurring items.

For a reconciliation of these measures to the most directly comparable GAAP measures and for a discussion of why we consider these non-GAAP measures useful, see the “Reconciliation of Non-GAAP Measures” section of this release.

About CSW Industrials, Inc.

CSW Industrials is a diversified industrial growth company with industry-leading operations in three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions. CSWI provides niche, value-added products with two essential commonalities: performance and reliability. The primary end markets we serve with our well-known brands include: HVAC/R, plumbing, electrical, general industrial, architecturally-specified building products, energy, mining, and rail transportation. For more information, please visit www.cswindustrials.com.

Investor Relations

Alexa Huerta
Vice President, Investor Relations and Treasurer
214-489-7113
alexa.huerta@cswindustrials.com


CSW INDUSTRIALS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)

	Three Months Ended December 31,						Nine Months Ended December 31,
(Amounts in thousands, except per share amounts)		2024			2023			2024			2023
Revenues, net	$	193,649		$	174,967		$	647,752		$	581,980
Cost of revenues		(113,543	)		(100,986	)		(356,324	)		(324,873	)
Gross profit		80,106			73,981			291,428			257,107
Selling, general and administrative expenses		(50,511	)		(46,400	)		(155,224	)		(142,327	)
Operating income		29,595			27,581			136,204			114,780
Interest income (expense), net		1,976			(2,765	)		(1,884	)		(10,080	)
Other expense, net		(298	)		(8,428	)		(716	)		(6,188	)
Income before income taxes		31,273			16,388			133,604			98,512
Provision for income taxes		(4,315	)		(7,083	)		(31,175	)		(27,968	)
Net income		26,958			9,305			102,429			70,544
Less: Income attributable to redeemable noncontrolling interest		(10	)		(83	)		(839	)		(655	)
Net income attributable to CSW Industrials, Inc.	$	26,948		$	9,222		$	101,590		$	69,889

Net income per share attributable to CSW Industrials, Inc.
Basic	$	1.60		$	0.59		$	6.32		$	4.50
Diluted		1.60			0.59			6.30			4.49

Weighted average number of shares outstanding:
Basic		16,792			15,546			16,066			15,537
Diluted		16,872			15,596			16,136			15,578

CSW INDUSTRIALS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)

(Amounts in thousands, except for per share amounts)	December 31, 2024			March 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	213,754		$	22,156
Accounts receivable, net of allowance for expected credit losses of $1,295 and $908, respectively		114,825			142,665
Inventories, net		202,764			150,749
Prepaid expenses and other current assets		32,120			15,840
Total current assets		563,463			331,410
Property, plant and equipment, net of accumulated depreciation of $112,906 and $103,515, respectively		94,208			92,811
Goodwill		266,941			247,191
Intangible assets, net		355,256			318,819
Other assets		70,327			53,095
Total assets	$	1,350,195		$	1,043,326

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	52,842		$	48,387
Accrued and other current liabilities		81,873			67,449
Total current liabilities		134,715			115,836
Long-term debt		—			166,000
Retirement benefits payable		1,082			1,114
Other long-term liabilities		150,181			125,298
Total liabilities		285,978			408,248
Commitments and contingencies (See Note 13)
Redeemable noncontrolling interest		20,194			19,355
Equity:
Common shares, $0.01 par value		177			164
Additional paid-in capital		497,906			137,253
Treasury shares, at cost (1,005 and 952 shares, respectively)		(115,367	)		(95,643	)
Retained earnings		674,036			583,075
Accumulated other comprehensive loss		(12,729	)		(9,126	)
Total equity		1,044,023			615,723
Total liabilities, redeemable noncontrolling interest and equity	$	1,350,195		$	1,043,326

CSW INDUSTRIALS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

	Nine Months Ended December 31,
(Amounts in thousands)		2024			2023
Cash flows from operating activities:
Net income	$	102,429		$	70,544
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		10,714			10,077
Amortization of intangible and other assets		20,792			17,584
Provision for inventory reserves		1,779			2,541
Provision for doubtful accounts		946			544
Share-based compensation		10,237			8,555
Net gain on disposals of property, plant and equipment		(89	)		(1,336	)
Net pension benefit		49			50
Impairment of assets		—			90
Net deferred taxes		1,244			2,732
Changes in operating assets and liabilities:
Accounts receivable		32,316			17,846
Inventories		(42,536	)		7,796
Prepaid expenses and other current assets		(17,174	)		(6,720	)
Other assets		1,565			1,066
Accounts payable and other current liabilities		21,372			9,601
Retirement benefits payable and other liabilities		(2,575	)		944
Net cash provided by operating activities		141,069			141,914
Cash flows from investing activities:
Capital expenditures		(11,735	)		(11,668	)
Proceeds from sale of assets held for investment		—			1,665
Proceeds from sale of assets		153			157
Cash paid for investments		(2,500	)		—
Cash paid for acquisitions		(84,491	)		(5,284	)
Net cash used in investing activities		(98,573	)		(15,130	)
Cash flows from financing activities:
Borrowings on line of credit		32,723			72,308
Repayments of line of credit and term loan		(198,723	)		(172,308	)
Purchase of treasury shares		(20,935	)		(10,640	)
Proceeds from equity issuance		347,407			—
Dividends		(10,554	)		(8,855	)
Net cash provided by (used in) financing activities		149,918			(119,495	)
Effect of exchange rate changes on cash and equivalents		(816	)		(756	)
Net change in cash and cash equivalents		191,598			6,533
Cash and cash equivalents, beginning of period		22,156			18,455
Cash and cash equivalents, end of period	$	213,754		$	24,988

Reconciliation of Non-GAAP Measures

We use adjusted earnings per share attributable to CSWI, adjusted net income attributable to CSWI, adjusted operating income, adjusted effective tax rate, and adjusted EBITDA, together with financial measures prepared in accordance with GAAP, such as revenue, cost of revenue, operating expense, operating income and net income attributable to CSWI, to assess our historical and prospective operating performance and to enhance our understanding of our core operating performance. Free cash flow is a non-GAAP financial measure and is defined as cash flow from operations less capital expenditures. We also believe these measures are useful for investors to assess the operating performance of our business without the effect of non-recurring items. In the following tables, there could be immaterial differences in amounts presented due to rounding.


CSW INDUSTRIALS, INC.
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CSWI TO ADJUSTED NET INCOME ATTRIBUTABLE TO CSWI
(Unaudited)

(Amounts in thousands)	Three months ended December 31,						Nine Months ended December 31,
		2024			2023			2024			2023
GAAP net income attributable to CSWI	$	26,948		$	9,222		$	101,591		$	69,889

Adjusting items, net of tax:
Reversal of tax indemnification receivable		858			8,519			858			8,519
Acquisition broker fee		642			—			642			—
Uncertain tax position accrual release		(3,549	)		(1,019	)		(3,549	)		(1,019	)
Adjusted net income attributable to CSWI	$	24,899		$	16,722		$	99,542		$	77,389

Net Income Attributable to CSW Industrials, Inc. per diluted common share	$	1.60		$	0.59		$	6.30		$	4.49

Adjusting Items, per dilutive common share:
Reversal of tax indemnification receivable		0.05			0.55			0.05			0.55
Acquisition broker fee		0.04			—			0.04			—
Uncertain tax position accrual release		(0.21	)		(0.07	)		(0.22	)		(0.07	)
Adjusted net income attributable to CSW Industrials, Inc. per dilutive common share	$	1.48		$	1.07		$	6.17		$	4.97

CSW INDUSTRIALS, INC.
RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE
(Unaudited)

(Amounts in thousands)	Three months ended December 31,						Nine Months ended December 31,
		2024			2023			2024			2023
GAAP income before tax	$	31,273		$	16,388		$	133,604		$	98,512
Adjusting items:
Reversal of tax indemnification receivable		858			8,519			858			8,519
Acquisition broker fee		860			—			860			—
Adjusted income before tax	$	32,991		$	24,907		$	135,322		$	107,031

GAAP provision for income tax	$	4,315		$	7,083		$	31,174		$	27,968
Adjusting items:
Uncertain tax position accrual release		3,549			1,019			3,549			1,019
Tax impact of acquisition broker fee		218			—			218			—
Adjusted provision for income tax	$	8,082		$	8,102		$	34,941		$	28,987

GAAP effective tax rate		13.8	%		43.2	%		23.3	%		28.4	%
Adjusted effective tax rate		24.5	%		32.5	%		25.8	%		27.1	%

CSW INDUSTRIALS, INC.
Reconciliation of Net Income Attributable to CSWI to Adjusted EBITDA
(unaudited)

(Amounts in thousands)	Three months ended December 31,						Nine Months ended December 31,
		2024			2023			2024			2023
Net Income attributable to CSWI	$	26,948		$	9,222		$	101,590		$	69,889
Plus: Income attributable to redeemable noncontrolling interest		10			83			838			655
Net Income	$	26,958		$	9,305		$	102,429		$	70,544

Adjusting Items:
Interest expense (income), net		(1,976	)		2,764			1,884			10,080
Income tax expense		4,315			7,083			31,174			27,968
Depreciation & amortization		11,012			9,134			30,896			27,094
EBITDA	$	40,309		$	28,286		$	166,384		$	135,686

EBITDA Adjustments:
Reversal of tax indemnification receivable		858			8,519			858			8,519
Acquisition broker fee		860			—			860			—
Adjusted EBITDA	$	42,027		$	36,805		$	168,102		$	144,205
Adjusted EBITDA % Revenue		21.7	%		21.0	%		26.0	%		24.8	%

CSW INDUSTRIALS, INC.
Reconciliation of Segment Operating Income to Segment Adjusted EBITDA
(unaudited)

(Amounts in thousands)	Three months ended December 31, 2024
	Contractor Solutions			Specialized Reliability Solutions			Engineered Building Solutions			Corporate and Other			Consolidated
Revenue, net	$	132,150		$	34,566		$	28,821		$	(1,889	)	$	193,649

Operating Income	$	26,756		$	5,238		$	3,645		$	(6,045	)	$	29,595
Adjusting Items:
Acquisition broker fee		860			—			—			—			860
Adjusted Operating Income	$	27,616		$	5,238		$	3,645		$	(6,045	)	$	30,455
% Revenue		20.9	%		15.2	%		12.6	%					15.7	%

Adjusting Items:
Other income (expense), net		(188	)		(17	)		38			(131	)		(298	)
Depreciation & amortization		9,179			1,366			420			48			11,012
Reversal of tax indemnification receivable		858			—			—			—			858
Adjusted EBITDA	$	37,466		$	6,587		$	4,102		$	(6,128	)	$	42,027
% Revenue		28.4	%		19.1	%		14.2	%					21.7	%

(Amounts in thousands)	Three months ended December 31, 2023
	Contractor Solutions			Specialized Reliability Solutions			Engineered Building Solutions			Corporate and Other			Consolidated
Revenue, net	$	115,412		$	33,711		$	27,861		$	(2,017	)	$	174,967

Operating Income	$	25,751		$	3,740		$	3,537		$	(5,447	)	$	27,581
% Revenue		22.3	%		11.1	%		12.7	%					15.8	%

Adjusting Items:
Other income (expense), net		(8,433	)		(9	)		(8	)		21			(8,428	)
Depreciation & amortization		7,178			1,477			437			42			9,134
Reversal of tax indemnification receivable		8,519			—			—			—			8,519
Adjusted EBITDA	$	33,015		$	5,208		$	3,966		$	(5,383	)	$	36,805
% Revenue		28.6	%		15.4	%		14.2	%					21.0	%

CSW INDUSTRIALS, INC.
Reconciliation of Segment Operating Income to Segment Adjusted EBITDA
(unaudited)

(Amounts in thousands)	Nine Months ended December 31, 2024
	Contractor Solutions			Specialized Reliability Solutions			Engineered Building Solutions			Corporate and Other			Consolidated
Revenue, net	$	451,403		$	109,893		$	92,387		$	(5,930	)	$	647,754

Operating Income	$	122,894		$	18,208		$	15,451		$	(20,348	)	$	136,204
Adjusting Items:
Acquisition broker fee		860			—			—			—			860
Adjusted Operating Income	$	123,754		$	18,208		$	15,451		$	(20,348	)	$	137,064
% Revenue		27.4	%		16.6	%		16.7	%					21.2	%

Adjusting Items:
Other income (expense), net		(335	)		(200	)		18			(200	)		(716	)
Depreciation & amortization		25,164			4,198			1,399			135			30,896
Reversal of tax indemnification receivable		858			—			—			—			858
Adjusted EBITDA	$	149,442		$	22,206		$	16,868		$	(20,413	)	$	168,102
% Revenue		33.1	%		20.2	%		18.3	%					26.0	%

(Amounts in thousands)	Nine Months ended December 31, 2023
	Contractor Solutions			Specialized Reliability Solutions			Engineered Building Solutions			Corporate and Other			Consolidated
Revenue, net	$	395,268		$	108,037		$	84,660		$	(5,984	)	$	581,980

Operating Income	$	104,443		$	15,534		$	13,029		$	(18,227	)	$	114,780
% Revenue		26.4	%		14.4	%		15.4	%					19.7	%

Adjusting Items:
Other income (expense), net		(7,686	)		(100	)		2			1,595			(6,188	)
Depreciation & amortization		21,118			4,512			1,332			132			27,094
Reversal of tax indemnification receivable		8,519			—			—			—			8,519
Adjusted EBITDA	$	126,394		$	19,947		$	14,363		$	(16,500	)	$	144,205
% Revenue		32.0	%		18.5	%		17.0	%					24.8	%

CSW INDUSTRIALS, INC.
Reconciliation of Operating Cash Flow to Free Cash Flow
(Unaudited)

(Amounts in thousands)	Three Months Ended December 31,						Nine Months ended December 31,
		2024			2023			2024			2023
Net cash provided by operating activities	$	11,600		$	46,978		$	141,069		$	141,914
Less: Capital expenditures		(3,148	)		(3,883	)		(11,735	)		(11,668	)
Free cash flow	$	8,452		$	43,095		$	129,334		$	130,246
Free cash flow % Adjusted EBITDA		20.1	%		117.1	%		76.9	%		90.3	%

MIL-OSI: Radware Delivers AI-Driven DDoS Protection for TelemaxX Telekommunikation’s Scrubbing Center

Source: GlobeNewswire (MIL-OSI)

MAHWAH, N.J., Jan. 30, 2025 (GLOBE NEWSWIRE) — Radware^® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced it expanded its relationship with TelemaxX Telekommunikation GmbH. TelemaxX is leveraging Radware’s AI-powered DefensePro^® X DDoS Protection to advance the network and application security services offered to customers through its scrubbing center.

Headquartered in Karlsruhe, Germany, TelemaxX is a leading regional provider of integrated IT solutions, specializing in telecommunications and data centers, as well as cloud and managed services. Today, TelemaxX operates five high-security data centers in Germany’s Karlsruhe Technology Region, one of Europe’s top centers for innovation. To support its business, TelemaxX also uses Radware’s Cyber Controller platform, a security management, orchestration, and automation solution.

“Working with Radware, we’ve found a partner that can grow step-by-step with our business requirements and customers’ needs,” said Heiko Kreisz, head of internet from TelemaxX. “Through this technology expansion, we can scale our services and help our customers stay ahead of emerging threats while maintaining the integrity and availability of their networks.”

This includes protection against Web DDoS Tsunami attacks, a new aggressive form of HTTPS Flood that targets web applications and APIs. According to Radware’s H1 2024 Global Threat Analysis Report, Web DDoS attacks surged globally 265% during the first six months of 2024 compared to the second half of 2023.

“As the number and sophistication of DDoS attacks increase exponentially, the demand for state-of-the-art AI-driven protection has never been greater,” said Michael Giesselbach, Radware’s regional director in Germany. “Working with TelemaxX, we can meet the needs of growing organizations and improve their security posture while they focus on their core business activities.”

Using AI-powered advanced behavioral algorithms, DefensePro X provides automated, adaptive DDoS protection from fast-moving, high-volume, encrypted or zero-day threats. It defends against IoT-based, Burst, DNS and TLS/SSL attacks, ransom DDoS campaigns, IoT botnets, phantom floods, and other types of cyber threats.

Radware has received numerous awards for its DDoS mitigation, application and API protection, web application firewall, and bot detection and management solutions. Industry analysts such as Aite-Novarica Group, Gartner, GigaOm, IDC, KuppingerCole and QKS Group continue to recognize Radware as a market leader in cyber security.

About Radware
Radware^® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.

©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

Safe Harbor Statement
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that through this partnership, we can meet the needs of growing organizations and improve their security posture, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

Media Contact:
Gerri Dyrek
Radware
Gerri.Dyrek@radware.com

MIL-OSI: FirstCash Reports Record Fourth Quarter and Full-Year Operating Results; Accelerating Pawn Demand Drives Record Revenue & Earnings; Declares Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, Jan. 30, 2025 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,000 retail pawn stores and a leading provider of retail point-of-sale (“POS”) payment solutions, today announced operating results for the fourth quarter and full-year ended December 31, 2024. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.38 per share, which will be paid on February 28, 2025.

Mr. Rick Wessel, chief executive officer, stated, “FirstCash posted record fourth quarter and full year revenues and earnings primarily fueled by exceptionally strong pawn operating results. Same-store pawn receivables increased 12% in both the U.S. and Latin America (local currency basis) compared to last year. This marked the sixth consecutive quarter of double digit same-store pawn receivable growth in the U.S. The POS payment solutions segment (“AFF”) had solid profitability as well, and posted growth in transaction volumes and door counts for the quarter and year-to-date periods.

“A total of 16 pawn stores were added in the fourth quarter, including an acquisition of 10 stores coupled with six new store openings. For the full year, 99 pawn stores were opened or acquired, boosting the total store base to 3,026 locations. FirstCash’s cash flows and balance sheet remain strong and we believe that we are well positioned to fund further anticipated store growth in 2025 along with dividends and potential share buybacks.”

This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.

	Three Months Ended December 31,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2024		2023		2024		2023
Revenue	$	883,811	$	852,134	$	883,811	$	852,134
Net income	$	83,547	$	69,589	$	95,415	$	92,846
Diluted earnings per share	$	1.86	$	1.53	$	2.12	$	2.04
EBITDA (non-GAAP measure)	$	162,636	$	145,493	$	165,685	$	161,704
Weighted-average diluted shares		45,038		45,425		45,038		45,425

	Twelve Months Ended December 31,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2024		2023		2024		2023
Revenue	$	3,388,514	$	3,151,796	$	3,388,514	$	3,151,796
Net income	$	258,815	$	219,301	$	302,680	$	276,874
Diluted earnings per share	$	5.73	$	4.80	$	6.70	$	6.06
EBITDA (non-GAAP measure)	$	551,008	$	493,784	$	558,437	$	511,732
Weighted-average diluted shares		45,168		45,693		45,168		45,693

Consolidated Operating Highlights

Gross revenues totaled a record $3.4 billion in 2024, an increase of 8% on both a GAAP and constant currency basis compared to last year. Revenues totaled $884 million in the fourth quarter, an increase of 4% on a GAAP basis and 7% on a constant currency basis compared to the prior-year quarter.
Diluted earnings per share for 2024 increased 19% over last year on a GAAP basis while adjusted diluted earnings per share increased 11% compared to the prior year. For the fourth quarter, diluted earnings per share increased 22% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 4% compared to the prior-year quarter. These results were even more impressive in light of lower foreign currency exchange rates, which reduced 2024 earnings per share by approximately $0.06 for the fourth quarter and $0.04 for the full year compared to the prior-year periods.
Record net income for 2024 totaled $259 million on a GAAP basis while adjusted net income was a record $303 million, which represented increases of 18% and 9%, respectively, over the prior year.
Adjusted EBITDA for the full year was $558 million, an increase of $47 million, or 9%, compared to the prior year.

Store Base and Platform Growth

Pawn Stores – 16 pawn locations were added in Mexico during the fourth quarter, consisting of ten acquired stores and six de novo stores. For the full year, a total of 99 pawn locations were added, including 29 stores in the U.S. and 70 stores in Latin America.
As of December 31, 2024, the Company had 3,026 locations, comprised of 1,200 U.S. locations and 1,826 locations in Latin America.

Retail POS Payment Solutions (AFF) Merchant Partnerships – As of December 31, 2024, there were approximately 13,600 active retail and e-commerce merchant partner locations, representing a 17% increase in the number of active merchant locations compared to a year ago. Excluding certain furniture locations closed due to bankruptcies, the number of active doors increased over 25%.

U.S. Pawn Segment Operating Results

Fourth quarter 2024 segment pre-tax operating income was $112 million, an increase of $13 million, or 14%, compared to the prior-year quarter. The resulting segment pre-tax operating margin remained strong at 26% for the quarter.
Full year 2024 segment pre-tax operating income was $397 million, an increase of $61 million, or 18%, compared to the prior year. The resulting segment pre-tax operating margin was 25% for the full year, which equaled the prior year.
Pawn receivables grew significantly over the course of the fourth quarter, totaling almost $400 million by year end and increasing 15% compared to the prior year. The increase in total pawn receivables was driven by a 5% increase in the year-to-date weighted-average store count coupled with an impressive 12% same-store increase. On a two-year stacked basis, same-store pawn receivables were up 26%.
Pawn loan fees increased 11% for the fourth quarter and 16% for the full year, while on a same-store basis, pawn loan fee revenue increased 9% and 11% compared to both of the respective prior-year periods.
Retail merchandise sales increased 10% in the fourth quarter and 13% for the full year compared to the respective prior-year periods. Same-store retail sales increased 6% for both the quarter and full year compared to the respective prior-year periods, as the Company saw continued retail demand from value-conscious consumers.
Retail sales margins improved to a robust 43% in the fourth quarter compared to 42% in the prior-year quarter. Full year retail margins were 42% in 2024 compared to 43% in 2023.
Annualized inventory turnover was consistent at 2.8 times for both 2024 and 2023. Inventories aged greater than one year at December 31, 2024 remained extremely low at 1% of total inventories.
Operating expenses for the fourth quarter and full year increased 10% and 12%, respectively, as compared to the prior-year periods, primarily due to store additions and increased labor and variable compensation expenses. On a same-store basis, expenses increased 7% for the quarter and 5% for the full year compared to the respective prior-year periods.

Latin America Pawn Segment Operating Results

Note: Certain growth rates below are calculated on a constant currency basis, a non-GAAP financial measure defined at the end of this release. The average Mexican peso to U.S. dollar exchange rate for the fourth quarter of 2024 was 20.1 pesos / dollar, an unfavorable change of 14% versus the comparable prior-year period, and for the twelve-month period ended December 31, 2024 was 18.3 pesos / dollar, an unfavorable change of 3% versus the prior-year period.

While fourth quarter segment pre-tax operating income decreased 4% on a U.S. dollar basis compared to last year, it increased 7% on a constant currency basis. The resulting segment pre-tax operating margin was 20% for both the fourth quarter of 2024 and 2023.
For the full year of 2024, segment pre-tax operating income decreased 4% on a U.S. dollar basis compared to the prior year and decreased 2% on a constant currency basis. The resulting segment pre-tax operating margin was 19%, equaling the prior year.
While pawn receivables at December 31, 2024 decreased 5% on a U.S. dollar basis, they increased 13% on a constant currency basis compared to the prior year. On a same-store basis, pawn receivables decreased 6% on a U.S. dollar basis but increased 12% on a constant currency basis compared to the prior year.
While total and same-store pawn loan fees in the fourth quarter decreased 3% in U.S. dollars, they increased 10% on a constant currency basis compared to the prior-year quarter. For the full year, both total and same-store pawn loan fees increased 4%, or 7% on a constant currency basis, compared to the prior year.
Although retail merchandise sales in the fourth quarter of 2024 decreased 5% compared to the prior-year quarter, they increased 7% on a constant currency basis. Same-store retail merchandise sales in the fourth quarter of 2024 decreased 6% on a U.S. dollar basis while increasing 7% on a constant currency basis compared to the prior-year quarter. For the full year, retail merchandise sales increased 2%, or 4% on a constant currency basis, compared to the prior year, while same-store retail merchandise sales increased 1%, or 4% on a constant currency basis, compared to the prior year.
Retail margins were 34% for the fourth quarter of 2024 and 35% for the full year, both similar to prior-period results. Annualized inventory turnover was 4.2 times in 2024 versus 4.4 times in 2023, while inventories aged greater than one year at December 31, 2024 remained extremely low at 1%.
Operating expenses for the fourth quarter of 2024 decreased 5% in total but increased 7% on a constant currency basis compared to the prior-year quarter while full year operating expenses increased 7%, or 9% on a constant currency basis compared to last year. The increase in constant currency expenses from all stores reflected increased store counts and higher labor costs (due primarily to further increases in the federal minimum wage and other mandated benefit programs), along with other inflationary impacts.

American First Finance (AFF) – Retail POS Payment Solutions Segment Operating Results

Fourth quarter segment pre-tax operating income totaled $39 million, a decrease of 10% compared to the prior-year quarter. The anticipated decline in earnings was reflective of lower net revenue from its furniture vertical, partially offset by strong growth in non-furniture net revenues.
For the full year, segment pre-tax operating income remained strong at $129 million, a nominal decrease of 3% over the prior year.
Segment revenues for the quarter, comprised of lease-to-own (“LTO”) fees and interest and fees on finance receivables, decreased 1% compared to the prior-year quarter. Revenues for the full year increased 3% compared to the prior year.
Gross transaction volume of lease and loan originations during the fourth quarter increased $12 million, or 4%, compared to last year, driven primarily by the 17% increase in active merchant door counts and continued growth in non-furniture verticals. Excluding furniture, fourth quarter origination volume increased approximately 36%. For the full year, overall gross transaction volume increased 5% over the prior year and was up 27%, excluding furniture.
Combined gross leased merchandise and finance receivables outstanding at December 31, 2024 decreased 1% compared to the December 31, 2023 balances.
The combined lease and loan loss provision as a percentage of the total gross transaction volume originated was 29% for both 2024 and 2023. The resulting allowance on combined leased merchandise and finance receivables at December 31, 2024 was 42% compared to 40% in the prior year.
The average monthly net charge-off (“NCO”) rate for combined leased merchandise and finance receivable products for the full year 2024 was 5.3% compared to the prior-year rate of 5.0%, and was in line with the Company’s targeted range for NCO’s.

Cash Flow and Liquidity

Each of the Company’s three business segments generated significant operating cash flows in 2024. Consolidated operating cash flows for the full year grew 30% and totaled $540 million compared to $416 million in 2023.
Adjusted free cash flows (a non-GAAP measure) increased 24% to $262 million in 2024, compared to $212 million in the prior year.
The operating cash flows helped fund significant growth in earning assets and continued investments in the pawn store platform with a nominal increase in net debt. Key investments made in 2024 included:
- Pawn earning assets (pawn receivables and inventories) increased $69 million.
- A total of 38 pawn stores were acquired for a combined cash purchase price of $76 million.
- 61 new, or de novo, pawn stores were added for a total investment of $19 million in fixed assets and working capital.
- Real estate purchases totaling $86 million as the Company purchased the underlying real estate at 58 of its existing pawn stores, bringing the number of Company-owned properties to 400 locations.
Net debt at December 31, 2024 was $1.6 billion, a modest 5% increase over the prior year. Over $1.5 billion of the Company’s long-term financing remains fixed rate debt with favorable interest rates ranging from 4.625% to 6.875% and maturity dates that do not begin until 2028 and continue into 2032.
The Company’s net debt to adjusted EBITDA ratio was 2.8x at December 31, 2024.

Shareholder Returns

The Board of Directors declared a $0.38 per share first quarter cash dividend, which will be paid on February 28, 2025 to stockholders of record as of February 14, 2025. This represents an annualized dividend of $1.52 per share. Any future dividends are subject to approval by the Company’s Board of Directors.
During 2024, FirstCash repurchased $85 million of its common stock. The Company has $115 million available under the $200 million share repurchase program authorized in July 2023. Future share repurchases are subject to expected liquidity, acquisitions and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors.
Combined shareholder payouts in the form of cash dividends and stock repurchases were over $150 million in 2024 and have totaled almost $800 million over the last five years.
The Company generated a 13% return on equity and a 6% return on assets in 2024. Using adjusted net income for 2024, the adjusted return on equity was 15% while the adjusted return on assets was 7%.

2025 Outlook

The Company’s outlook for 2025 is highly positive given the continued growth in pawn receivables and expectations for further pawn store additions and AFF merchant partner growth. Anticipated conditions and trends for 2025 include the following:

Pawn Operations:

Pawn operations will continue to be the primary earnings driver, as the Company expects the contribution from the combined U.S. and Latin America pawn segments to be approximately 85% of total segment level pre-tax income for 2025.
The Company expects further growth in the pawn store base in 2025 through a combination of new store openings and potential acquisitions. Over the last five years, the Company has added an average of 115 new and acquired stores per year. The guidance presented below does not assume any material acquisition activity.

U.S. Pawn

U.S. Pawn is anticipated to contribute approximately 65% of total segment level pre-tax income for 2025.
Same-store pawn loans began 2025 up 12% compared to a year ago, with January balances to date up similarly. Given the strength of the 2024 same-store results, growth rates are expected to moderate slightly over the course of the year, but still result in strong pawn fee growth that is expected to be in a range of 8% to 11% for the full year.
Similar retail sales growth is projected for 2025, with retail margins expected to be in a normalized range targeted at approximately 42%.
Given the strong revenue momentum coupled with modest expense growth, the Company anticipates solid double-digit segment earnings growth in 2025 from this, its largest segment.

Latin America Pawn

LatAm Pawn is anticipated to contribute approximately 20% of total segment level pre-tax income for 2025.
U.S. dollar-reported results for Latin America in 2025 are expected to be impacted by the lower exchange rate for the Mexican peso, which has most recently been in a range 20 to 21 pesos per U.S. dollar compared to the average exchange rate of 18.3 to 1 in 2024.
Same-store pawn receivables began 2025 down 6% on a U.S. dollar basis but up 12% on a constant currency basis. Full year pawn fee growth is expected to remain in a range of 8% to 11% on a local currency basis while it is projected to be down in a range of 2% to 5% on a U.S. dollar basis, given the current exchange rate.
Retail sales in Latin America are also expected to track similarly to pawn fees in 2025 with consistent retail margins.
While operating expenses are expected to increase by 6% to 9% in Latin America on a local currency basis (given the enacted 10% increase in the Mexico minimum wage for 2025), expenses are anticipated to decline in a range of 3% to 6% on a U.S. dollar basis, which should dampen the overall currency impact on dollar-denominated segment earnings.

Retail POS Payment Solutions (AFF) Operations:

AFF is anticipated to contribute approximately 15% of total segment level pre-tax income for 2025.
As a result of recent merchant partner bankruptcies in the furniture sector (Conn’s HomePlus and American Freight), the Company anticipates first half 2025 origination volume being down to the prior year, given lower expected furniture originations, which are more seasonally weighted to the income tax refund season. Despite this headwind, full year origination volume for 2025 is expected to increase in a low single digit range compared to 2024, given continued growth in door counts and originations from new and other existing merchants. Excluding originations from Conn’s HomePlus and American Freight, origination volumes are expected to increase in a range of 20% to 25% over 2024.
While full year 2025 net revenues are forecast to decline in a range of 10% to 15% compared to the prior year due to lower LTO balances and first half originations, reduced operating expenses related to the changes in product mix and other expense reduction initiatives are expected to offset much of the decrease in net revenue. Resulting full year segment pre-tax income is expected to be flat to down only slightly compared to the prior year.

Tax Rates and Currency:

The full year 2025 effective income tax rate under current tax codes in the U.S. and Latin America is expected to range from 24% to 25%.
Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 per share.

Additional Commentary and Analysis

Mr. Wessel further commented on FirstCash’s 2024 operating results and the outlook for 2025, “Our core pawn segments continue to see exceptional growth in pawn receivables, pawn fees and retail sales. Strong sequential acceleration in same-store pawn receivable growth rates during the fourth quarter resulted in end of year increases in pawn receivables of 15% in the U.S. and 13% (constant currency basis) in Latin America compared to last year. We believe this growth continues to be driven by inflationary impacts and credit tightening for consumers with small, immediate cash needs. Furthermore, we saw excellent retail sales results in the fourth quarter, with same-store sales up 6% in the U.S. and 7% in LatAm (constant currency) compared to the prior-year quarter while maintaining strong gross margins, which we attribute to our deep value retail pricing, attractive interest-free layaway programs and excellent customer service.

“Our industry-leading pawn operations were further expanded in 2024 as we added almost 100 locations through new store openings across all markets, coupled with strategic acquisitions in the U.S. and Mexico. Over the last five years, we have opened or acquired more than 550 pawn locations and we began 2025 with a strong pipeline of new store openings already in process. While most of our new store openings will continue to be in Latin America, we currently have three store openings slated for growth markets in the U.S. Additionally, we continue to see accretive acquisition opportunities in multiple markets which can be funded from available cash and credit facilities.

“While a smaller component of FirstCash’s consolidated operations, AFF posted solid results in 2024 by contributing almost $130 million in segment earnings and generating meaningful cash flow. Although this was a difficult year in the retail furniture industry, given weak sales volumes and store closings at several retailers of size, AFF posted overall origination growth in 2024, driven by successful expansion in other vertical categories and its strong field sales channel.

“We began 2025 in a strong position to again deliver meaningful earnings growth with the current momentum in our core pawn business in both the U.S. and Latin America and opportunities for additional growth through pawnshop acquisitions and de novo store openings. AFF’s prospects remain positive as well, as it continues to grow and diversify its merchant base. On a consolidated basis, our strong cash flows and balance sheet position us well to support this growth, and combined with ongoing cash dividends and potential share repurchases, are expected to drive further shareholder returns,” concluded Mr. Wessel.

About FirstCash

FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash’s more than 3,000 pawn stores in the U.S. and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn segments in the U.S. and Latin America currently account for approximately 80% of segment earnings, with the remainder provided by its wholly owned subsidiary, AFF, which provides lease-to-own and retail finance payment solutions for consumer goods and services.

FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.

Forward-Looking Information

This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2025. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future, including the Consumer Financial Protection Bureau (the “CFPB”) lawsuit filed against the Company; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products, labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and higher gas prices, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity at merchant partners of the Company’s retail POS payment solutions business; impact of store closures, financial difficulties or even bankruptcies at the merchant partners of the Company’s retail POS payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
Revenue:
Retail merchandise sales	$	413,671		$	397,412		$	1,507,096		$	1,381,272
Pawn loan fees		189,984			178,238			737,126			658,536
Leased merchandise income		177,440			190,057			766,241			752,682
Interest and fees on finance receivables		70,507			59,571			245,891			233,818
Wholesale scrap jewelry sales		32,209			26,856			132,160			125,488
Total revenue		883,811			852,134			3,388,514			3,151,796

Cost of revenue:
Cost of retail merchandise sold		249,831			241,402			909,685			832,393
Depreciation of leased merchandise		97,937			103,631			433,306			411,455
Provision for lease losses		33,561			34,184			163,395			175,858
Provision for loan losses		41,736			32,459			143,827			123,030
Cost of wholesale scrap jewelry sold		27,058			22,809			108,769			101,821
Total cost of revenue		450,123			434,485			1,758,982			1,644,557

Net revenue		433,688			417,649			1,629,532			1,507,239

Expenses and other income:
Operating expenses		226,547			216,783			900,978			832,149
Administrative expenses		43,636			51,887			173,199			176,315
Depreciation and amortization		26,434			27,635			104,941			109,161
Interest expense		27,197			26,586			105,226			93,243
Interest income		(528	)		(216	)		(1,935	)		(1,469	)
Loss (gain) on foreign exchange		508			376			2,641			(1,529	)
Merger and acquisition expenses		42			4,252			2,228			7,922
Other expenses (income), net		319			(1,142	)		(522	)		(1,402	)
Total expenses and other income		324,155			326,161			1,286,756			1,214,390

Income before income taxes		109,533			91,488			342,776			292,849

Provision for income taxes		25,986			21,899			83,961			73,548

Net income	$	83,547		$	69,589		$	258,815		$	219,301

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)

	December 31,
	2024			2023
ASSETS
Cash and cash equivalents	$	175,095		$	127,018
Accounts receivable, net		73,325			71,922
Pawn loans		517,867			471,846
Finance receivables, net		147,501			113,901
Inventories		334,580			312,089
Leased merchandise, net		128,437			171,191
Prepaid expenses and other current assets		26,943			38,634
Total current assets		1,403,748			1,306,601

Property and equipment, net		717,916			632,724
Operating lease right of use asset		324,646			328,458
Goodwill		1,787,172			1,727,652
Intangible assets, net		228,858			277,724
Other assets		9,934			10,242
Deferred tax assets, net		4,712			6,514
Total assets	$	4,476,986		$	4,289,915

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	171,540		$	163,050
Customer deposits and prepayments		72,703			70,580
Lease liability, current		95,161			101,962
Total current liabilities		339,404			335,592

Revolving unsecured credit facilities		198,000			568,000
Senior unsecured notes		1,531,346			1,037,647
Deferred tax liabilities, net		128,574			136,773
Lease liability, non-current		225,498			215,485
Total liabilities		2,422,822			2,293,497

Stockholders’ equity:
Common stock		575			573
Additional paid-in capital		1,767,569			1,741,046
Retained earnings		1,411,083			1,218,029
Accumulated other comprehensive loss		(129,596	)		(43,037	)
Common stock held in treasury, at cost		(995,467	)		(920,193	)
Total stockholders’ equity		2,054,164			1,996,418
Total liabilities and stockholders’ equity	$	4,476,986		$	4,289,915

FIRSTCASH HOLDINGS, INC.
U.S. PAWN SEGMENT RESULTS
(UNAUDITED)

U.S. Pawn Operating Results and Margins (dollars in thousands)

	Three Months Ended
	December 31,
	2024			2023			Increase
Revenue:
Retail merchandise sales	$	267,251		$	243,697			10	%
Pawn loan fees		133,563			120,083			11	%
Wholesale scrap jewelry sales		23,201			17,463			33	%
Total revenue		424,015			381,243			11	%

Cost of revenue:
Cost of retail merchandise sold		153,641			141,406			9	%
Cost of wholesale scrap jewelry sold		19,755			14,941			32	%
Total cost of revenue		173,396			156,347			11	%

Net revenue		250,619			224,896			11	%

Segment expenses:
Operating expenses		131,439			119,627			10	%
Depreciation and amortization		7,371			6,799			8	%
Total segment expenses		138,810			126,426			10	%

Segment pre-tax operating income	$	111,809		$	98,470			14	%

Operating metrics:
Retail merchandise sales margin	43		%	42		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	26		%	26		%

FIRSTCASH HOLDINGS, INC.
U.S. PAWN SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

	Twelve Months Ended
	December 31,
	2024			2023			Increase
Revenue:
Retail merchandise sales	$	969,371		$	854,190			13	%
Pawn loan fees		505,262			435,762			16	%
Wholesale scrap jewelry sales		93,923			78,571			20	%
Total revenue		1,568,556			1,368,523			15	%

Cost of revenue:
Cost of retail merchandise sold		560,970			490,544			14	%
Cost of wholesale scrap jewelry sold		77,683			64,545			20	%
Total cost of revenue		638,653			555,089			15	%

Net revenue		929,903			813,434			14	%

Segment expenses:
Operating expenses		503,630			451,543			12	%
Depreciation and amortization		28,980			25,585			13	%
Total segment expenses		532,610			477,128			12	%

Segment pre-tax operating income	$	397,293		$	336,306			18	%

Operating metrics:
Retail merchandise sales margin	42		%	43		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	25		%	25		%

FIRSTCASH HOLDINGS, INC.
U.S. PAWN SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

U.S. Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

	As of December 31,
	2024			2023			Increase
Earning assets:
Pawn loans	$	396,667		$	344,152			15	%
Inventories		245,492			221,843			11	%
	$	642,159		$	565,995			13	%

Average outstanding pawn loan amount (in ones)	$	283		$	258			10	%

Composition of pawn collateral:
General merchandise	28		%	30		%
Jewelry	72		%	70		%
	100		%	100		%

Composition of inventories:
General merchandise	41		%	43		%
Jewelry	59		%	57		%
	100		%	100		%

Percentage of inventory aged greater than one year	1		%	1		%

Inventory turnover (trailing twelve months cost of merchandise sales divided by average inventories)	2.8 times			2.8 times

FIRSTCASH HOLDINGS, INC.
LATIN AMERICA PAWN SEGMENT RESULTS
(UNAUDITED)

Latin America Pawn Segment Results

Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section below for additional discussion of constant currency operating results.

Latin America Pawn Operating Results and Margins (dollars in thousands)

											Constant Currency Basis
											Three Months
											Ended
	Three Months Ended										December 31,			Increase /
	December 31,										2024			(Decrease)
	2024			2023			(Decrease)				(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales	$	147,412		$	155,310			(5)	%		$	166,927			7	%
Pawn loan fees		56,421			58,155			(3)	%			63,893			10	%
Wholesale scrap jewelry sales		9,008			9,393			(4)	%			9,008			(4)	%
Total revenue		212,841			222,858			(4)	%			239,828			8	%

Cost of revenue:
Cost of retail merchandise sold		96,718			100,870			(4)	%			109,445			9	%
Cost of wholesale scrap jewelry sold		7,303			7,868			(7)	%			8,278			5	%
Total cost of revenue		104,021			108,738			(4)	%			117,723			8	%

Net revenue		108,820			114,120			(5)	%			122,105			7	%

Segment expenses:
Operating expenses		60,918			63,976			(5)	%			68,628			7	%
Depreciation and amortization		5,170			5,466			(5)	%			5,754			5	%
Total segment expenses		66,088			69,442			(5)	%			74,382			7	%

Segment pre-tax operating income	$	42,732		$	44,678			(4)	%		$	47,723			7	%

Operating metrics:
Retail merchandise sales margin	34		%	35		%				34			%
Net revenue margin	51		%	51		%				51			%
Segment pre-tax operating margin	20		%	20		%				20			%

FIRSTCASH HOLDINGS, INC.
LATIN AMERICA PAWN SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

										Constant Currency Basis
										Twelve Months
										Ended
	Twelve Months Ended									December 31,			Increase /
	December 31,						Increase /			2024			(Decrease)
	2024			2023			(Decrease)			(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales	$	541,787		$	533,612			2	%	$	556,686			4	%
Pawn loan fees		231,864			222,774			4	%		238,305			7	%
Wholesale scrap jewelry sales		38,237			46,917			(19)	%		38,237			(19)	%
Total revenue		811,888			803,303			1	%		833,228			4	%

Cost of revenue:
Cost of retail merchandise sold		350,906			345,309			2	%		360,452			4	%
Cost of wholesale scrap jewelry sold		31,086			37,276			(17)	%		31,977			(14)	%
Total cost of revenue		381,992			382,585			—	%		392,429			3	%

Net revenue		429,896			420,718			2	%		440,799			5	%

Segment expenses:
Operating expenses		259,307			243,146			7	%		266,102			9	%
Depreciation and amortization		20,369			21,350			(5)	%		20,855			(2)	%
Total segment expenses		279,676			264,496			6	%		286,957			8	%

Segment pre-tax operating income	$	150,220		$	156,222			(4)	%	$	153,842			(2)	%

Operating metrics:
Retail merchandise sales margin	35		%	35		%				35		%
Net revenue margin	53		%	52		%				53		%
Segment pre-tax operating margin	19		%	19		%				18		%

FIRSTCASH HOLDINGS, INC.
LATIN AMERICA PAWN SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Latin America Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

										Constant Currency Basis
										As of
										December 31,
	As of December 31,									2024		Increase
	2024			2023			(Decrease)			(Non-GAAP)		(Non-GAAP)
Earning assets:
Pawn loans	$	121,200		$	127,694			(5)	%	$	143,805		13	%
Inventories		89,088			90,246			(1)	%		105,686		17	%
	$	210,288		$	217,940			(4)	%	$	249,491		14	%

Average outstanding pawn loan amount (in ones)	$	87		$	95			(8)	%	$	103		8	%

Composition of pawn collateral:
General merchandise	58		%	63		%
Jewelry	42		%	37		%
	100		%	100		%

Composition of inventories:
General merchandise	65		%	67		%
Jewelry	35		%	33		%
	100		%	100		%

Percentage of inventory aged greater than one year	1		%	1		%

Inventory turnover (trailing twelve months cost of merchandise sales divided by average inventories)	4.2 times			4.4 times

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS
(UNAUDITED)

Retail POS Payment Solutions Operating Results (dollars in thousands)

	Three Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Revenue:
Leased merchandise income	$	177,440	$	190,057		(7)	%
Interest and fees on finance receivables		70,507		59,571		18	%
Total revenue		247,947		249,628		(1)	%

Cost of revenue:
Depreciation of leased merchandise		98,266		104,114		(6)	%
Provision for lease losses		33,665		35,564		(5)	%
Provision for loan losses		41,736		32,459		29	%
Total cost of revenue		173,667		172,137		1	%

Net revenue		74,280		77,491		(4)	%

Segment expenses:
Operating expenses		34,190		33,180		3	%
Depreciation and amortization		705		772		(9)	%
Total segment expenses		34,895		33,952		3	%

Segment pre-tax operating income	$	39,385	$	43,539		(10)	%

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

	Twelve Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Revenue:
Leased merchandise income	$	766,241	$	752,682		2	%
Interest and fees on finance receivables		245,891		233,818		5	%
Total revenue		1,012,132		986,500		3	%

Cost of revenue:
Depreciation of leased merchandise		434,915		413,546		5	%
Provision for lease losses		163,937		177,418		(8)	%
Provision for loan losses		143,827		123,030		17	%
Total cost of revenue		742,679		713,994		4	%

Net revenue		269,453		272,506		(1)	%

Segment expenses:
Operating expenses		138,041		137,460		—	%
Depreciation and amortization		2,783		3,030		(8)	%
Total segment expenses		140,824		140,490		—	%

Segment pre-tax operating income	$	128,629	$	132,016		(3)	%

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Retail POS Payment Solutions Gross Transaction Volumes (dollars in thousands)

	Three Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Leased merchandise	$	124,590	$	170,278		(27)	%
Finance receivables		159,898		102,279		56	%
Total gross transaction volume	$	284,488	$	272,557		4	%

	Twelve Months Ended
	December 31,				Increase /
	2024		2023		(Decrease)
Leased merchandise	$	568,635	$	623,069		(9)	%
Finance receivables		510,231		405,765		26	%
Total gross transaction volume	$	1,078,866	$	1,028,834		5	%

Retail POS Payment Solutions Earning Assets (dollars in thousands)

	As of December 31,						Increase /
	2024			2023			(Decrease)
Leased merchandise, net:
Leased merchandise, before allowance for lease losses	$	209,333		$	267,458			(22)	%
Less allowance for lease losses		(80,661	)		(95,752	)		(16)	%
Leased merchandise, net	$	128,672		$	171,706			(25)	%

Finance receivables, net:
Finance receivables, before allowance for loan losses	$	264,506		$	210,355			26	%
Less allowance for loan losses		(117,005	)		(96,454	)		21	%
Finance receivables, net	$	147,501		$	113,901			29	%

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Allowance for Lease and Loan Losses and Other Portfolio Metrics (dollars in thousands)

	Three Months Ended
	December 31,						Increase /
	2024			2023			(Decrease)
Allowance for lease losses:
Balance at beginning of period	$	93,823		$	105,472		(11)	%
Provision for lease losses		33,665			35,564		(5)	%
Charge-offs		(48,607	)		(46,986	)	3	%
Recoveries		1,780			1,702		5	%
Balance at end of period	$	80,661		$	95,752		(16)	%

Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	27		%	21		%
Average monthly net charge-off rate ⁽²⁾	7.1		%	5.8		%
Delinquency rate ⁽³⁾	24.4		%	21.7		%

Allowance for loan losses:
Balance at beginning of period	$	109,197		$	96,684		13	%
Provision for loan losses		41,736			32,459		29	%
Charge-offs		(35,751	)		(34,680	)	3	%
Recoveries		1,823			1,991		(8)	%
Balance at end of period	$	117,005		$	96,454		21	%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	26		%	32		%
Average monthly net charge-off rate ⁽²⁾	4.5		%	5.2		%
Delinquency rate ⁽³⁾	20.0		%	21.8		%

⁽¹⁾ Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

⁽²⁾ Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

⁽³⁾ Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

FIRSTCASH HOLDINGS, INC.
RETAIL POS PAYMENT SOLUTIONS SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

	Twelve Months Ended
		December 31,						Increase /
		2024			2023			(Decrease)
Allowance for lease losses:
Balance at beginning of period		$	95,752		$	79,576			20	%
Provision for lease losses			163,937			177,418			(8)	%
Charge-offs			(186,123	)		(167,952	)		11	%
Recoveries			7,095			6,710			6	%
Balance at end of period		$	80,661		$	95,752			(16)	%

Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	29			%	28		%
Average monthly net charge-off rate ⁽²⁾	6.3			%	5.4		%
Delinquency rate ⁽³⁾	24.4			%	21.7		%

Allowance for loan losses:
Balance at beginning of period		$	96,454		$	84,833			14	%
Provision for loan losses			143,827			123,030			17	%
Charge-offs			(130,812	)		(117,961	)		11	%
Recoveries			7,536			6,552			15	%
Balance at end of period		$	117,005		$	96,454			21	%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	28			%	30		%
Average monthly net charge-off rate ⁽²⁾	4.3			%	4.7		%
Delinquency rate ⁽³⁾	20.0			%	21.8		%

⁽¹⁾ Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.

⁽²⁾ Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.

⁽³⁾ Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

FIRSTCASH HOLDINGS, INC.
PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS

Pawn Operations

As of December 31, 2024, the Company operated 3,026 pawn store locations comprised of 1,200 stores in 29 U.S. states and the District of Columbia, 1,725 stores in 32 states in Mexico, 72 stores in Guatemala, 17 stores in El Salvador and 12 stores in Colombia.

The following tables detail pawn store count activity for the three and twelve months ended December 31, 2024:

	Three Months Ended December 31, 2024
	U.S.		Latin America		Total
Total locations, beginning of period	1,201		1,824		3,025
New locations opened	—		6		6
Locations acquired	—		10		10
Consolidation of existing pawn locations ⁽¹⁾	(1	)	(14	)	(15	)
Total locations, end of period	1,200		1,826		3,026


	Twelve Months Ended December 31, 2024
	U.S.		Latin America		Total
Total locations, beginning of period	1,183		1,814		2,997
New locations opened	1		60		61
Locations acquired	28		10		38
Consolidation of existing pawn locations ^{(1) (2)}	(12	)	(58	)	(70	)
Total locations, end of period	1,200		1,826		3,026

⁽¹⁾ Store consolidations were primarily acquired locations which have been combined with overlapping stores and for which the Company expects to maintain a significant portion of the acquired customer base in the consolidated location.

⁽²⁾ Includes 10 pawnshops located in Acapulco, Mexico that were severely damaged by a hurricane in the fall of 2023, which the Company elected to consolidate with other stores in this market. The Company expects to replace certain of these locations in this market over time as the city’s infrastructure recovers.

Retail POS Payment Solutions

As of December 31, 2024, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 13,600 active retail merchant partner locations, which is net of the closing of approximately 1,000 Conn’s HomePlus and American Freight locations due to bankruptcy during the fourth quarter of 2024. This compares to the active door count of approximately 11,600 locations at December 31, 2023.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(UNAUDITED)

The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow, adjusted return on equity, adjusted return on assets and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

While acquisitions are an important part of the Company’s overall strategy, the Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses and amortization of acquired AFF intangible assets. The Company does not consider these items to be related to the organic operations of the acquired businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the acquired businesses. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others.

The Company has certain leases in Mexico which are denominated in U.S. dollars. The lease liability of these U.S. dollar-denominated leases, which is considered a monetary liability, is remeasured into Mexican pesos using current period exchange rates, resulting in the recognition of foreign currency exchange gains or losses. The Company has adjusted the applicable financial measures to exclude these remeasurement gains or losses (1) because they are non-cash, non-operating items that could create volatility in the Company’s consolidated results of operations due to the magnitude of the end of period lease liability being remeasured and (2) to improve comparability of current periods presented with prior periods.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Adjusted Net Income and Adjusted Diluted Earnings Per Share

Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

The following table provides a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

	Three Months Ended December 31,										Twelve Months Ended December 31,
	2024		2023			2024		2023			2024		2023			2024		2023
	In Thousands		In Thousands			Per Share		Per Share			In Thousands		In Thousands			Per Share		Per Share
Net income and diluted earnings per share, as reported	$	83,547	$	69,589		$	1.86	$	1.53		$	258,815	$	219,301		$	5.73	$	4.80
Adjustments, net of tax:
Merger and acquisition expenses		31		3,271			—		0.07			1,706		6,089			0.04		0.13
Non-cash foreign currency loss (gain) related to lease liability		504		(607	)		0.01		(0.01	)		2,627		(1,778	)		0.06		(0.04	)
AFF purchase accounting and other adjustments		9,572		21,472			0.21		0.47			38,289		54,341			0.85		1.19
Other expenses (income), net		1,761		(879	)		0.04		(0.02	)		1,243		(1,079	)		0.02		(0.02	)
Adjusted net income and diluted earnings per share	$	95,415	$	92,846		$	2.12	$	2.04		$	302,680	$	276,874		$	6.70	$	6.06

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
Net income	$	83,547		$	69,589		$	258,815		$	219,301
Income taxes		25,986			21,899			83,961			73,548
Depreciation and amortization		26,434			27,635			104,941			109,161
Interest expense		27,197			26,586			105,226			93,243
Interest income		(528	)		(216	)		(1,935	)		(1,469	)
EBITDA		162,636			145,493			551,008			493,784
Adjustments:
Merger and acquisition expenses		42			4,252			2,228			7,922
Non-cash foreign currency loss (gain) related to lease liability		720			(867	)		3,755			(2,540	)
AFF purchase accounting and other adjustments ⁽¹⁾		—			13,968			—			13,968
Other expenses (income), net		2,287			(1,142	)		1,446			(1,402	)
Adjusted EBITDA	$	165,685		$	161,704		$	558,437		$	511,732

⁽¹⁾ For the three and twelve months ended December 31, 2023, amount represents other non-recurring costs included in administrative expenses related to a discontinued finance product.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Free Cash Flow and Adjusted Free Cash Flow

For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash, generated by business operations, that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
Cash flow from operating activities	$	198,149		$	99,105		$	539,958		$	416,142
Cash flow from investing activities:
Pawn loans, net ⁽¹⁾		(2,276	)		24,448			(71,999	)		(34,978	)
Finance receivables, net		(53,128	)		(27,448	)		(139,314	)		(115,442	)
Purchases of furniture, fixtures, equipment and improvements		(12,213	)		(13,425	)		(68,245	)		(60,148	)
Free cash flow		130,532			82,680			260,400			205,574
Merger and acquisition expenses paid, net of tax benefit		31			3,271			1,706			6,089
Adjusted free cash flow	$	130,563		$	85,951		$	262,106		$	211,663

⁽¹⁾ Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Adjusted Return on Equity and Adjusted Return on Assets

Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance.

Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands):

	Twelve Months Ended
	December 31, 2024
Adjusted net income ⁽¹⁾	$	302,680

Average stockholders’ equity (average of five most recent quarter-end balances)	$	2,014,721
Adjusted return on equity (trailing twelve months adjusted net income divided by average equity)	15		%

Average total assets (average of five most recent quarter-end balances)	$	4,345,922
Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets)	7		%

⁽¹⁾ See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.

Constant Currency Results

The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America, which are transacted in local currencies in Mexico, Guatemala and Colombia. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America, consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. See the Latin America pawn segment tables elsewhere in this release for additional reconciliation of certain constant currency amounts to as reported GAAP amounts.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Exchange Rates for the Mexican Peso, Guatemalan Quetzal and Colombian Peso

	December 31,		Favorable /
	2024	2023	(Unfavorable)
Mexican peso / U.S. dollar exchange rate:
End-of-period	20.3	16.9		(20)	%
Three months ended	20.1	17.6		(14)	%
Twelve months ended	18.3	17.8		(3)	%

Guatemalan quetzal / U.S. dollar exchange rate:
End-of-period	7.7	7.8		1	%
Three months ended	7.7	7.8		1	%
Twelve months ended	7.8	7.8		—	%

Colombian peso / U.S. dollar exchange rate:
End-of-period	4,409	3,822		(15)	%
Three months ended	4,348	4,070		(7)	%
Twelve months ended	4,071	4,328		6	%

FIRSTCASH HOLDINGS, INC.
INTERSEGMENT TRANSACTIONS
(UNAUDITED)

Intersegment transactions relate to the Company offering AFF’s LTO payment solution in its U.S. pawn stores and are eliminated to arrive at consolidated totals. For the three months ended December 31, 2024 and 2023, these intersegment amounts are as follows:

U.S. pawn retail merchandise sales includes $1.0 million and $1.6 million, respectively. Excluding these intersegment sales, consolidated U.S. retail merchandise sales totaled $266.3 million and $242.1 million, respectively.
U.S. pawn cost of retail merchandise sold includes $0.5 million and $0.9 million, respectively. Excluding these intersegment sales, consolidated U.S. cost of retail merchandise sold totaled $153.1 million and $140.5 million, respectively.
Retail POS payment solutions depreciation of leased merchandise includes $0.3 million and $0.5 million, respectively. Excluding these intersegment transactions, consolidated depreciation of leased merchandise totaled $97.9 million and $103.6 million, respectively.
Retail POS payment solutions provision for lease losses includes $0.1 million and $1.4 million, respectively. Excluding these intersegment transactions, consolidated provision for lease losses totaled $33.6 million and $34.2 million, respectively.

For the twelve months ended December 31, 2024 and 2023, these intersegment amounts are as follows:

U.S. pawn retail merchandise sales includes $4.1 million and $6.5 million, respectively. Excluding these intersegment sales, consolidated U.S. retail merchandise sales totaled $965.3 million and $847.7 million, respectively.
U.S. pawn cost of retail merchandise sold includes $2.2 million and $3.5 million, respectively. Excluding these intersegment sales, consolidated U.S. cost of retail merchandise sold totaled $558.8 million and $487.1 million, respectively.
Retail POS payment solutions depreciation of leased merchandise includes $1.6 million and $2.1 million, respectively. Excluding these intersegment transactions, consolidated depreciation of leased merchandise totaled $433.3 million and $411.5 million, respectively.
Retail POS payment solutions provision for lease losses includes $0.5 million and $1.6 million, respectively. Excluding these intersegment transactions, consolidated provision for lease losses totaled $163.4 million and $175.9 million, respectively.

As of December 31, 2024 and 2023, these intersegment amounts are as follows:

Retail POS payment solutions leased merchandise, net includes $0.2 million and $0.5 million, respectively. Excluding these intersegment transactions, consolidated net leased merchandise totaled $128.4 million and $171.2 million, respectively.

For further information, please contact:
Gar Jackson
Global IR Group
Phone: (817) 886-6998
Email: gar@globalirgroup.com

Doug Orr, Executive Vice President and Chief Financial Officer
Phone:    (817) 258-2650
Email:     investorrelations@firstcash.com
Website:  investors.firstcash.com

MIL-OSI United Kingdom: Greens welcome Rosebank and jackdaw court ruling

Source: Green Party of England and Wales

Green Party co-leader Carla Denyer MP has welcomed a Scottish court ruling that government approval of the giant new Rosebank and Jackdaw developments was unlawful because it did not account for the significant emissions that would be caused by burning the fields’ oil and gas.

Carla Denyer said: “This is a victory not just for the campaigners who have been fighting against new oil drilling at Rosebank and Jackdaw, but for common sense. The science is clear and the stakes are high: there can be no new oil and gas developments if we are to have a chance of staying within safe climate limits.

“We’ve already seen the effects of at least 1.2°C degrees of global heating: from record-breaking heatwaves on almost every continent and deadly floods taking people’s lives and livelihoods across the world. In this context, it would be morally scandalous to allow fossil fuel companies like Equinor to start extracting from new fields – for the sake of their own profits and regardless of the consequences for the rest of us.

“Aside from being a climate crime, opening new oil and gas fields like Rosebank goes entirely against what’s needed to strengthen the UK’s energy security, lower bills, and protect workers – which is to invest in a rapid and fair transition to renewable industries which have a long-term future.

“If this government is serious about protecting us from the climate crisis and securing a liveable future for our children, it will revoke Rosebank’s license so that there is absolutely no question of this development going ahead. It must also refuse consent for the 13 other oil and gas drilling projects licensed by the previous government, and send a clear signal to the fossil fuel industry that they have no future in the UK.”

MIL-OSI Europe: Resistance and decisive action – Sweden’s national strategy against organised crime

Source: Government of Sweden

Resistance and decisive action – Sweden’s national strategy against organised crime – Government.se

Press release from Ministry of Justice

Published 08 February 2024

The Swedish Government has adopted Sweden’s first comprehensive national strategy against organised crime. The strategy serves as a direction for the work against organised crime, with the purpose to reduce vulnerabilities exploited by criminals. The national strategy presents priorities and identifies central actors.

Organised crime poses a serious threat to the Swedish society. The deadly violence and the criminal financial structures used by organised crime actors, and parallel social structures at local level, affect the safety and security of Swedish citizens. Also, the impact of organised crime damages citizens’ trust in public institutions. The national strategy against organised crime that the Swedish Government adopted on 1 February 2024 calls for resistance and action, and it highlights what is necessary in the fight against organised crime.

Sweden’s national strategy against organised crime targets five key areas:

Criminal careers must be stopped.
Criminals’ access to illegal firearms and explosives must decrease.
The criminal economy must be reduced.
Society must be robust enough to resist the threat of criminal influence.
The system related to identities and identification must be reliable, and government agencies’ possibilities to exchange information must be improved.

“With this strategy, we are bringing together a broad range of actors at national, regional and local levels, as well as the private sector and civil society, to combat crime. We need to be proactive, and it is essential that all parts of society contribute – this is not a task for law enforcement only. The national strategy will further amplify the impact of the Government’s decisions and legislative reforms,” says Minister for Justice Gunnar Strömmer.

Press contact

MIL OSI Europe News –

MIL-OSI United Kingdom: Fire risk! City residents urged to dispose of batteries responsibly

Source: City of Wolverhampton

The council has seen an increase in the number of batteries put in household and recycling bins for collection and this can have dangerous consequences.

Batteries can explode if damaged or crushed, causing fires which burn very quickly due to other waste in the bin and putting everything around them in danger.

This can cause serious damage to bin lorries, delay collections and put the lives of those in the cab at risk.

Batteries are found in a wide range of items including vapes, toothbrushes, toys, phones, laptops and even musical greeting cards.

Residents across Wolverhampton are being urged to please dispose of their batteries correctly to avoid putting people in danger.

The council’s Household Waste and Recycling Centres (Tips) at Shaw Road and Anchor Lane accept batteries, as do many supermarkets and shops.

They can also be picked up for free under our small electricals collection service. Batteries need to be placed in a small clear plastic bag, such as a sandwich bag, and put on top of your household waste or recycling bin by 6.30am on your collection day. Bags need to be tied.

Residents can find out about the service at Small electricals recycling.

Councillor Bhupinder Gakhal, cabinet member for resident services at City of Wolverhampton Council, said: “This is a very serious issue for our waste crews and one that can be solved by people thinking before they dispose of their batteries, and other items which may contain them.

“These types of battery fires spread rapidly and can damage refuse vehicles, but more importantly, can threaten the lives of our workers.

“We need to send out a strong reminder to people of the importance of safe recycling. Please, please dispose of your batteries safely and think of the safety of others.”

Figures released last year by the National Fire Chiefs Council (NFCC) and the campaign group Recycle Your Electricals showed that battery fires in bin lorries and at waste sites in the UK had reached an all time high.

More than 1,200 fires were recorded in 2023, an increase of 71% from 700 in 2022. Their research also stated that 6bn batteries were thrown away in the last year, over 3,000 a minute.

Folk artists stage a dragon dance show in Tancheng County, east China’s Shandong Province, Jan. 29, 2025. People enjoy various activities to celebrate the Chinese New Year which fell on Jan. 29 this year. [Photo/Xinhua]

MIL-OSI China: Various events held to celebrate Spring Festival across China

Source: People’s Republic of China – State Council News

Various events held to celebrate Spring Festival across China

Updated: January 30, 2025 17:52 Xinhua

A folk artist performs a face-changing show at a temple fair in Hengyang, central China’s Hunan Province, Jan. 29, 2025. [Photo/Xinhua]

A drone photo shows tourists visiting a tourism street in Leling County, east China’s Shandong Province, Jan. 29, 2025. [Photo/Xinhua]

Tourists visit a cultural tourism area in Fengnan District of Tangshan City, north China’s Hebei Province, Jan. 29, 2025. [Photo/Xinhua]

Tourists take photos of light installations in Datong, north China’s Shanxi Province, Jan. 29, 2025. [Photo/Xinhua]

Folk artists stage a molten iron fireworks show at a temple fair in Luoyang, central China’s Henan Province, Jan. 29, 2025. [Photo/Xinhua]

Tourists visit a cultural tourism area in Anshun City, southwest China’s Guizhou Province, Jan. 29, 2025. [Photo/Xinhua]

A drone photo shows folk artists performing a lion dance in the air in Tule Village of Yuxiang Town in Yongji City, north China’s Shanxi Province, Jan. 29, 2025. [Photo/Xinhua]

Tourists walk on a road decorated with lanterns in Xuan’en County, central China’s Hubei Province, Jan. 29, 2025. [Photo/Xinhua]

Tourists select creative cultural products in Wuxing District of Huzhou, east China’s Zhejiang Province, Jan. 29, 2025. [Photo/Xinhua]

An aerial drone photo taken on Jan. 29, 2025 shows people visiting the Fenghuang ancient town in Xiangxi Tujia and Miao Autonomous Prefecture, central China’s Hunan Province. [Photo/Xinhua]

A drone photo shows tourists visiting the Hukou Waterfall on the Yellow River, in Jixian County, north China’s Shanxi Province on Jan. 29, 2025. [Photo/Xinhua]

Tourists visit the Mingsha Mountain and Crescent Spring scenic spot in the city of Dunhuang, northwest China’s Gansu Province, Jan. 30, 2025. [Photo/Xinhua]

An aerial drone photo taken on Jan. 29, 2025 shows a view of Nanhu Park in Nanning, south China’s Guangxi Zhuang Autonomous Region. [Photo/Xinhua]

MIL OSI China News –

MIL-Evening Report: Grattan on Friday: Dutton walks more softly on China, with election in mind

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

When Peter Dutton was asked this week whether a Coalition government would continue to foster trade relations with China, he declared unequivocally that “the relationship with China will be much stronger than it is under the Albanese government”.

Two points stood out: Dutton’s own positive rhetoric, and his apparent confidence about the future of Australia-China relations.

It’s not unusual for opposition leaders to undertake a makeover, to their person or policy, as an election approaches. Anthony Albanese lost weight and acquired new glasses. Earlier, he’d made Labor a small policy target.

Dutton is simultaneously attempting a softening on some fronts – while retaining the “hard man” image on others.

Mid-last year Dutton said: “I’m pro-China and the relationship that we have with them. I want that trading relationship to increase. […] We need to make sure we strengthen the trading relationship because there are many businesses here who rely on it. But we have to be realistic about working to keep peace […] we live in a very uncertain time. The Prime Minister also says that we live in the most precarious period since the Second World War, and he’s right, and we need to work hard at peace as well.”

Contrast Dutton as defence minister in 2021. “Does the Chinese government wish to occupy other countries? Not in my judgement. But they do see us as tributary states. And that surrender of sovereignty and abandonment of any adherence to the international rule of law is what our country has fought against since Federation.”

It’s not that Dutton has changed his views on China. Rather, he’s camouflaged them with a softer tone, and in what he chooses to emphasise. Of course circumstances have changed – Australia now has a much better relationship with China. But significantly, Dutton needs to appeal to the local Chinese-Australian voters.

At the 2022 election, the Liberals took a big hit among voters of Chinese heritage.

The party’s review of its election performance, undertaken by former party director Brian Loughnane and frontbencher Jane Hume, said: “In the top 15 seats by Chinese ancestry the swing against the Party (on a 2PP basis) was 6.6%, compared to 3.7% in other seats. There are more than 1.2 million people of Chinese heritage living in Australia today. Rebuilding the Party’s relationship with the Chinese community must be a priority during this term of Parliament.”

Marginal Labor seats that are targets for the Liberals, where the Chinese vote is significant, include Reid and Bennelong in NSW and Chisholm and Aston in Victoria.

Dutton (and the PM) will attend a Lunar New Year celebration in Box Hill in Melbourne this weekend.

It’s notable that David Coleman, named by Dutton last weekend as the opposition’s new spokesman on foreign affairs, has worked extensively with the Chinese community. One of the contenders for the post was the high-performing James Paterson. There may have been stronger arguments for keeping Paterson in home affairs, but his very hawkish stand on China might have been in the mix.

Talking up the positive side of the Coalition’s record on China, Dutton harked back to the signing of the free trade agreement under the Abbott government, and said “we want there to be mutual respect in the relationship”.

Over its years in government the Coalition’s relationship with China has varied between pragmatic friendship and suspicious negativity. After relatively smooth sailing in the Abbott period, things soured when the Turnbull government called China out over foreign interference, introducing legislation, and banned Huawei from the 5G network. Then relations plunged dramatically when the Morrison government demanded an inquiry into the origins and handling of the outbreak of COVID in Wuhan.

Despite Dutton’s confidence, it’s more than possible that managing the China relationship after the election could be trickier than it has been during this one, no matter who is in power.

The Albanese government can claim the greatly-improved bilateral relationship as one of its major foreign policy achievements. China has brought Australia out of the deep freeze, lifting the $20 billion worth of trade barriers it had imposed. Dialogue and ministerial exchanges have resumed. Anthony Albanese has been welcomed in China.

But this week’s speculation relating to the new Chinese artificial intelligence platform DeepSeek is just the latest reminder of perennial security suspicions about the penetration of Chinese technology.(Incidentally, Dutton has an account on the Chinese-owned TikTok – despite it being banned from official government devices – in part to engage with the local Chinese community, as well as with younger people generally.)

Australia’s minerals industry is potentially vulnerable to Chinese displeasure. The Senate in the next fortnight will consider the government’s Future Made in Australia legislation, that provides a tax incentive for processing critical minerals. The Chinese have a global stranglehold on this processing – and have shown a willingness to weaponise it, for example against Japan. China’s multi-billion dollar funding of nickel processing in Indonesia has had a dire impact on producers here in Australia.

The change of government in Australia certainly facilitated the improvement in the bilateral relationship, but that improvement was also strongly driven by China’s own interests. Similarly, the future of the relationship is more in China’s hands than in Australia’s.

China expert Richard McGregor, from the Lowy Institute, says:“ Relations with China are inherently volatile.

“The day-by-day relationships have returned to a degree of normality. But all of the structural stresses which created antagonism are still there.”

These include China’s “military assertiveness in the region, competition between the US and China, Australia’s concern about foreign interference and hacking, China’s efforts to build their power in the Pacific at the expense of Australia. None of that has gone away,” McGregor says. The single biggest change of recent years “is that “China has become much more powerful and is far more willing to throw its weight around”.

Separate to any hiccups in the bilateral relationship, Australia could find itself caught in the crossfire if there is a serious deterioration in the US-China relationship under Donald Trump – notably if his tariff policy leads to a trade war. Simon Jackman, from the University of Sydney, warns that if US policy hit the (already struggling) Chinese economy, that would affect Australian exporters.

“US tariffs or import bans that slowed China’s economy would cause some short to medium headaches for Australian exporters,” Jackman says. “As in Trump Mark 1 and COVID, Australian export industries would find themselves looking for opportunities elsewhere, if global supply chains had to re-equilibrate in response to an upheaval in the US-China trade relationship.”

Ironically, the earlier search for diversified markets when the Chinese imposed their restrictions on Australian producers would have helped prepare exporters for such a contingency.

Michelle Grattan 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. Grattan on Friday: Dutton walks more softly on China, with election in mind – https://theconversation.com/grattan-on-friday-dutton-walks-more-softly-on-china-with-election-in-mind-248561

MIL OSI Analysis – EveningReport.nz –

MIL-OSI United Nations: AfDB and WFP support families affected by flooding in Cameroon’s Far North

Source: World Food Programme

YAOUNDE –The Government of Cameroon and the United Nations World Food Programme (WFP) welcome a US$ 1 million contribution from the African Development Bank (AfDB) to support 42,000 people affected by the 2024 floods in Cameroon’s Far North region.

“The African Development Bank is steadfast in its commitment to supporting Cameroon’s flood response efforts,” said Serge N’Guessan, African Development Bank Director General for Central Africa Region. “By partnering with the Government and WFP, we ensure that those affected by the floods receive the assistance they need while also setting the stage for long-term recovery.

Between July and October 2024, devastating floods caused by heavy rains affected over 450,000 people, destroying over 85,000 hectares of farmland and many homes. Over 5,000 livestock also died, the majority in Diamare, Mayo-Danay, Mayo-Kani, Mayo-Tsanaga and Logone-et-Chari divisions. This climate shock exacerbates food insecurity in a region already in the grips of a dire humanitarian situation due to ongoing conflict, population displacements, and rising food prices. Since July 2024, high food prices have soared by 20–30%, leaving many families in rural areas unable to meet their food and nutrition needs.

With the AfDB funding, WFP in close collaboration with the Government of Cameroon is providing general food distributions comprised of cereals, vegetable oil and salt to the most affected families enabling them to meet their immediate food and nutrition needs for one month. WFP will also distribute fortified cereal to pregnant women, breastfeeding mothers, and children aged 6 to 59 months to address acute malnutrition.

“The devastating floods in Cameroon’s Far North Region are a stark reminder of how the impacts of climate change are worsening, sparing no one and calling for a coordinated action,” said Alamine Ousmane Mey, Minister of Economy, Planning and Regional Development. “With support from partners like AfDB, WFP, and other development Partners, we are addressing immediate food needs while paving the way for a resilient recovery. The Government of Cameroon is committed to ensure assistance reaches those in need and prioritizing anticipatory actions to better prepare for future crisis.”

The Far North region of Cameroon is characterized by high rates of severe acute malnutrition (SAM), reaching 2.9%, exceeding the World Health Organisation emergency threshold of 2%. Chronic malnutrition also remains a concern in the region, with an alarming rate of 49.2% among internally displaced people.

“WFP is committed to supporting families affected by floods and the growing food insecurity in Cameroon’s Far North Region,” said Gianluca Ferrera, WFP’s Representative and Country Director in Cameroon. “With AfDB’s contribution, many will be reached with lifesaving assistance; however, the scale of the crisis demands more than emergency response”.

To ensure continued lifesaving assistance to crisis-affected people in Cameroon through July 2025, WFP requires US$ 48.7 million.

# # #

About WFP:

The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters, and the impact of climate change.

Follow us on X, formerly Twitter, via @wfp_media @WFP_Cameroon

About AfDB:

The African Development Bank (AfDB), a multilateral development finance institution dedicated to promoting economic development and social progress in Africa, is a long-term partner of its member states, providing unwavering assistance during and aftermath emergencies. Its objectives align with WFP’s goals in Cameroon, focusing on poverty reduction, food security, and sustainable development.

MIL OSI United Nations News –

MIL-OSI NGOs: Four diseases you have probably never heard of

Source: Médecins Sans Frontières –

In the most remote places in the world, people are daily battling diseases that many people may never have heard of. Called neglected tropical diseases, the World Health Organization (WHO) officially recognises 20 such conditions. They’re called neglected diseases because diagnostics and treatments for them are overlooked by governments, pharmaceutical companies, and philanthropists.

In Médecins Sans Frontières (MSF) projects, from South Sudan to Nigeria, and Ethiopia to Honduras, these diseases are hard to neglect. Our teams see how they are distressing, disfiguring, and stigmatising for people who are infected. Here are four neglected tropical diseases we see in communities we serve, and what can be done to prevent, control, eliminate, and eradicate them.

1. Noma

In the extreme northwest of Nigeria, an MSF team works with the Ministry of Health at the Sokoto noma hospital – a place where noma patients can receive treatment, reconstructive surgery, and mental health support away from stigma. Noma is a disease that disfigures the people it infects, and it can be fatal for 90 per cent of children who contract it.

Noma begins as ulcers in the mouth that quickly turn gangrenous, eating away at facial tissue. If antibiotics are used early enough, noma is completely treatable. That’s why our project also focuses on community outreach activities, as awareness and prevention measures.

Noma is the newest neglected tropical disease recognised by WHO. It was added to the official list in December 2023 after years of advocacy from noma survivors and people who support them. While we hope that the addition of noma to the list will mean more investment into understanding, preventing, and treating the disease, new developments are yet to be seen. Insights into noma will be a game changer for the estimated 140,000 people who are infected every year.

2. Schistosomiasis

Schistosomiasis gets its common name, snail fever, because it is caused by a parasite in snails. These snails live in freshwater, making people who live near lakes and rivers susceptible to the disease. Schistosomiasis is found in tropical and subtropical countries around the world, but in South Sudan, the highest prevalence of the disease is in Jonglei state, where MSF runs a hospital in the remote town of Old Fangak.

Old Fangak is subject to frequent and extreme flooding, and our teams suspect that many women and girls there are suffering from an advanced form of schistosomiasis, female genital schistosomiasis. Many of the interventions for the disease are preventive, and a vaccine is even in the early stages of development. But this is little comfort for people who have already been infected. People with female genital schistosomiasis have debilitating inflammation, and the disease can turn into cancer. In Old Fangak, we are working to ensure women and girls are accurately diagnosed and provided with the best treatment.

3. Visceral leishmaniasis

Visceral leishmaniasis is also called kala azar (‘black fever’ in Hindi), and is most commonly found in Brazil, across East Africa, and in India. We’ve been treating visceral leishmaniasis for decades in Ethiopia. People infected with this neglected tropical disease will have their tissue attacked by a parasite, which is transmitted through the bites of sandflies. Initial mild symptoms – often mistaken for other diseases – develop into a prolonged fever, enlarged spleen, anaemia, and substantial weight loss. Without treatment, it can quickly become fatal.

Thankfully, there is a cure. A combination of two drugs injected daily for 17 days can save an infected person’s life. Timely diagnosis and access to the drugs remain a challenge in the treatment of visceral leishmaniasis in East Africa, but continued advocacy has made progress in the last few years.

4. Sleeping sickness

In the last 25 years, there has been a 97 per cent reduction in the number of people suffering from sleeping sickness, also known as human African trypanosomiasis. This neglected disease, caused by parasites from tsetse fly bites, was eliminated in Equatorial Guinea, Côte d’Ivoire, Benin, Togo, Uganda, and Chad in 2024. Now, Guinea also joins the list of countries that have eliminated sleeping sickness.

The parasites that cause sleeping sickness attack the brain and spinal cord, leaving infected people to eventually fall into a coma. Without treatment, it’s fatal. Before the 1970s, the only available treatment, derived from arsenic, killed one in 20 people. Today, thanks to the work of our partner organisation Drugs for Neglected Diseases initiative, there is a simple and safe oral treatment.

MIL OSI NGO –

MIL-OSI Australia: Firearms incident at Gulfview Heights

Source: South Australia Police

Police are at the scene of an incident at Gulfview Heights.

About 4.45pm Thursday 30 January police were called to a home on Brabham Crescent after reports that a group of people had broken in and allegedly discharged a firearm injuring one of the occupants.

The suspects left the scene prior to police arrival. The victim was taken to hospital with a non-life-threatening leg injury.

Police are investigating the incident. Although the investigation is in its early stages police believe the incident is not random.

Anyone with information is urged to contact Crime Stoppers at www.crimestopperssa.com.au or phone 1800 333 000 – you can remain anonymous.

MIL OSI News –

MIL-OSI USA: VIDEO: In Floor Speech, Rosen Calls Out Trump Administration’s Reckless and Chaotic Freeze on Federal Funding

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)
During Speech, Senator Rosen Shared the Stories of Nevadans Impacted by Trump’s Reckless Actions
VIEW FULL SPEECH HERE
WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) spoke on the Senate floor against the Trump Administration’s chaotic and reckless freeze on all federal grants and loans. She highlighted the dire impact it will have on Nevada, specifically referencing the state’s programs to address homelessness and support seniors, as well as federal funding to benefit firefighters, law enforcement, and veterans.
Below are excerpts of Senator Rosen’s floor remarks:
Since President Trump’s Administration issued the guidance on Monday night, my office has received hundreds of calls and emails from Nevadans who are rightfully concerned about what this would mean for them, for their families, for their jobs.
We also received additional emails and calls from non-profits, service providers, and community stakeholders who depend on this funding to support Nevadans.
[…]
My office also heard from Northern Nevada HOPES, a community health center based in Reno, Nevada.
Northern Nevada HOPES provides affordable, high-quality health care services to people in our community who need it most.
In fact, 56% of their patients live at or below the Federal Poverty Level, and 10% are experiencing homelessness.
This is what Northern Nevada HOPES told my office, “At Northern Nevada HOPES, this pause has significant implications for the services we provide to over seventeen thousand patients, many of whom are children and families. As we assess the situation, we have been forced to take immediate actions, including implementing a hiring freeze and preparing to limit care for patients who rely on our sliding fee scale, including those who are uninsured or underinsured.”
Think about that. Think about these children. Think about these families.
President Trump’s chaos and reckless actions have put the health of Nevadans in jeopardy.
[…]
I can keep going on and on about all of the ways President Trump’s freeze would hurt my state of Nevada.
I could talk about how this freeze led to a disruption in the Medicaid website, which was down for hours, affecting Nevadans who rely on this critical program to literally stay alive in many cases.
This is precisely the problem – the chaos and disruption that this reckless action caused is just unnecessary and harmful.
It’s helping no one.
[PAUSE]
I want to ask everyone at home. I want to ask you at home to think about this: how is any of this actually helping you?
Is it helping you at the grocery store?Is it helping you at the gas pump?
Is it helping you get an affordable home?
It’s not.
That’s why I call on President Trump to fully and permanently rescind this harmful Executive Order to freeze federal funds now.

MIL OSI USA News –

MIL-OSI China: Chinese satellite enterprises provide expanded, improved global services

Source: China State Council Information Office

Chinese space companies have been expanding their satellite services, including communication, navigation and remote sensing, while also accelerating the deployment of satellite constellations in pursuit of better services.

At the start of 2025, China Great Wall Industry Corporation (CGWIC), which offers commercial launch and satellite in-orbit delivery services, completed the delivery of an intelligent remote sensing satellite, known as IRSS-1, to an Omani company.

Launched on Nov. 11, 2024, this one-meter resolution satellite weighs 95 kilograms and has a design life of five years. It will be used for surveys of land and forests, as well as urban planning and disaster monitoring.

The successful delivery of the satellite will play an important role in improving Oman’s remote sensing satellite application capabilities, the CGWIC said.

WIDE REMOTE SENSING COVERAGE

Users from around the world who log on to the website of Chang Guang Satellite Technology Co., Ltd, can browse satellite images captured by the company’s Jilin-1 satellite constellation.

The Jilin-1 constellation, which had its first group of satellites launched back in October 2015, now features more than 117 satellites and is capable of observing any point on the globe about 40 times a day, according to Huang Jian, head of Chang Guang’s overseas business data application.

The Jilin-1 constellation can cover the world six times a year and the entire China 24 times annually, and so can provide frequent updates of satellite images of any location, Huang said, while adding that this capability supports the company’s overseas business expansion.

Chang Guang has been cooperating with more than 130 overseas users in providing services regarding land surveys, urban building investigations, agriculture and forestry.

In response to disasters and emergencies, the company has recently provided satellite images of fires and floods in different parts of the world, following a request from the United Nations.

Notably, the company is planning a new constellation consisting of 200 satellites, according to Xuan Ming, chairman and general manager of Chang Guang. This new constellation will have a spatial resolution of 20 centimeters and can cover the entire globe once a day.

Its temporal resolution, combined with the contribution of the Jilin-1 constellation, will make it possible to revisit any point on Earth within approximately three minutes.

EFFICIENT COMMUNICATION NETWORKS

The commercialization of China’s aerospace sector started in 2014, when the country’s State Council, in a guideline, encouraged private capital to participate in the construction of national civil space infrastructure.

Founded in 2018, Geespace is a science and technology innovation enterprise under the Chinese automaker Geely. It currently operates 30 satellites in three orbital planes, thereby achieving 24-hour coverage of 90 percent of the world, and provides satellite communication services to overseas users.

These satellites are part of the Geesatcom constellation. The low-orbit communication constellation can enable direct satellite connection for automotive autonomous driving, intelligent internet connection, smartphones and other consumer electronic products.

Geesatcom in June 2024 completed its first commercial deployment test in the Middle East. It will cooperate with a number of global operators in switching on a worldwide commercial application.

Through a combination of Geesatcom and its ground system, Geespace provides global medium-and-low-speed satellite communication operations, satellite-based high-precision positioning services and a satellite remote sensing AI service, according to Wan Yang, founder of Geespace.

In the future, Geespace expects to provide access to its satellite application services to clients in both Southeast Asia and Africa.

Another Chinese commercial satellite constellation, Spacesail, will provide satellite communication services to Brazil and broadband internet access for that country’s remote and under-served regions from 2026.

Spacesail is a low Earth orbit mega-constellation with full frequency bands and a multi-layer and multi-orbit design. Its commercial network construction was officially launched on Aug. 6, 2024.

The market for connecting smartphones directly to satellites has become increasingly promising. “Except for the North Pole and South Pole, almost any location on Earth, including oceans, deserts and remote mountainous regions where traditional communications are difficult to achieve, will enjoy a stable network connection — with smartphones directly connected to satellites,” said Wang.

By the end of June 2024, 546 commercial space enterprises were registered and effectively operating in China, China Space Foundation Secretary General Wang Cheng said in November last year at the 15th China International Aviation and Aerospace Exhibition (Airshow China) in Zhuhai, south China’s Guangdong Province.

This booming development of Chinese commercial satellite companies was firmly supported by a series of related policies.

China has issued both a medium- and long-term development plan for civil space infrastructure for the period from 2015 to 2025, aiming to support and regulate the development of its commercial space industry.

The country is also mapping a development plan for civil space infrastructure from 2026 to 2035, according to Li Guoping, chief engineer at the China National Space Administration (CNSA).

MIL OSI China News –

MIL-OSI: STMicroelectronics Reports Q4 and FY 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

PR No: C3309C

STMicroelectronics Reports Q4 and FY 2024 Financial Results

Q4 net revenues $3.32 billion; gross margin 37.7%; operating margin 11.1%; net income $341 million
FY net revenues $13.27 billion; gross margin 39.3%; operating margin 12.6%; net income $1.56 billion
Business outlook at mid-point: Q1 net revenues of $2.51 billion and gross margin of 33.8%
Start of the company-wide program to resize global cost base*

Geneva, January 30, 2025 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the fourth quarter ended December 31, 2024. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported fourth quarter net revenues of $3.32 billion, gross margin of 37.7%, operating margin of 11.1%, and net income of $341 million or $0.37 diluted earnings per share.

Jean-Marc Chery, ST President & CEO, commented:

“FY24 revenues decreased 23.2% to $13.27 billion. Operating margin was 12.6% compared to 26.7% in FY23 and net income decreased 63.0% to $1.56 billion. We invested $2.53 billion in Net Capex (non-U.S. GAAP) while delivering free cash flow (non-U.S. GAAP) of $288 million.”
“Q4 net revenues were in line with the mid-point of our business outlook range driven by higher revenues in Personal Electronics offset by lower revenues in Industrial, while Automotive and CECP were as expected. Q4 gross margin of 37.7% was broadly in line with the mid-point of our business outlook range.”
“Our book-to-bill ratio remained below 1 in Q4 as we continued to face a delayed recovery and inventory correction in Industrial and a slowdown in Automotive, both particularly in Europe.”
“Our first quarter business outlook, at the mid-point, is for net revenues of $2.51 billion, decreasing year-over-year by 27.6% and decreasing sequentially by 24.4%; gross margin is expected to be about 33.8%, impacted by about 500 basis points of unused capacity charges.”
“For 2025, we plan to invest between $2.0 to $2.3 billion in Net Capex (non-U.S. GAAP).”

Quarterly Financial Summary (U.S. GAAP)

(US$ m, except per share data)	Q4 2024	Q3 2024	Q4 2023	Q/Q	Y/Y
Net Revenues	$3,321	$3,251	$4,282	2.2%	-22.4%
Gross Profit	$1,253	$1,228	$1,949	2.1%	-35.7%
Gross Margin	37.7%	37.8%	45.5%	-10 bps	-780 bps
Operating Income	$369	$381	$1,023	-3.3%	-64.0%
Operating Margin	11.1%	11.7%	23.9%	-60 bps	-1,280 bps
Net Income	$341	$351	$1,076	-2.6%	-68.3%
Diluted Earnings Per Share	$0.37	$0.37	$1.14	0%	-67.5%

* For each of the concerned countries, the start of the program will take place in accordance with applicable regulations.

Annual Financial Summary (U.S. GAAP)

(US$ m, except earnings per share data)	FY2024	FY2023	Y/Y
Net Revenues	$13,269	$17,286	-23.2%
Gross Profit	$5,220	$8,287	-37.0%
Gross Margin	39.3%	47.9%	-860 bps
Operating Income	$1,676	$4,611	-63.7%
Operating Margin	12.6%	26.7%	-1,410 bps
Net Income	$1,557	$4,211	-63.0%
Diluted Earnings Per Share	$1.66	$4.46	-62.8%

Fourth Quarter 2024 Summary Review

Reminder: On January 10, 2024, ST announced a new organization which implied a change in segment reporting starting Q1 2024. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

Net Revenues by Reportable Segment (US$ m)	Q4 2024	Q3 2024	Q4 2023	Q/Q	Y/Y
Analog products, MEMS and Sensors (AM&S) segment	1,198	1,185	1,418	1.1%	-15.5%
Power and discrete products (P&D) segment	752	807	965	-6.8%	-22.1%
Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group	1,950	1,992	2,383	-2.1%	-18.2%
Microcontrollers (MCU) segment	887	829	1,272	7.0%	-30.2%
Digital ICs and RF Products (D&RF) segment	481	426	623	13.0%	-22.8%
Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group	1,368	1,255	1,895	9.0%	-27.8%
Others	3	4	4	–	–
Total Net Revenues	$3,321	$3,251	$4,282	2.2%	-22.4%

Net revenues totaled $3.32 billion, representing a year-over-year decrease of 22.4%. Year-over-year net sales to OEMs and Distribution decreased 19.8% and 28.7%, respectively. On a sequential basis, net revenues increased 2.2%, in line with the mid-point of ST’s guidance.

Gross profit totaled $1.25 billion, representing a year-over-year decrease of 35.7%. Gross margin of 37.7%, 30 basis points below the mid-point of ST’s guidance, decreased 780 basis points year-over-year, mainly due to product mix and, to a lesser extent, to sales price and higher unused capacity charges.

Operating income decreased 64.0% to $369 million, compared to $1.02 billion in the year-ago quarter. ST’s operating margin decreased 1,280 basis points on a year-over-year basis to 11.1% of net revenues, compared to 23.9% in the fourth quarter of 2023.

By reportable segment¹, compared with the year-ago quarter:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

Analog products, MEMS and Sensors (AM&S) segment:

Revenue decreased 15.5% mainly due to decreases in Analog and in Imaging.
Operating profit decreased by 41.2% to $176 million. Operating margin was 14.7% compared to 21.1%.

Power and Discrete products (P&D) segment:

Revenue decreased 22.1%.
Operating profit decreased by 63.7% to $89 million. Operating margin was 11.9% compared to 25.4%.

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

Microcontrollers (MCU) segment:

Revenue decreased 30.2% mainly due to a decrease in GP MCU.
Operating profit decreased by 66.4% to $127 million. Operating margin was 14.3% compared to 29.8%.

Digital ICs and RF products (D&RF) segment:

Revenue decreased 22.8% mainly due to a decrease in ADAS (automotive ADAS and infotainment).
Operating profit decreased by 33.2% to $149 million. Operating margin was 31.0% compared to 35.7%.

Net income and diluted Earnings Per Share decreased to $341 million and $0.37 respectively compared to $1.08 billion and $1.14 respectively in the year-ago quarter. As a reminder, the fourth quarter 2023 net income included a one-time non-cash income tax benefit of $191 million.

Cash Flow and Balance Sheet Highlights

				Trailing 12 Months
(US$ m)	Q4 2024	Q3 2024	Q4 2023	Q4 2024	Q4 2023	TTM Change
Net cash from operating activities	681	723	1,480	2,965	5,992	-50.5%
Free cash flow (non-U.S. GAAP)²	128	136	652	288	1,774	-83.8%

Net cash from operating activities was $681 million in the fourth quarter compared to $1.48 billion in the year-ago quarter. For the full-year 2024, net cash from operating activities decreased 50.5% to $2.97 billion, which represents 22.3% of total revenues.

Net Capex (non-U.S. GAAP), were $470 million in the fourth quarter and $2.53 billion for the full year 2024. In the respective year-ago periods, net capital expenditures were $798 million and $4.11 billion.

Free cash flow (non-U.S. GAAP) was $128 million and $288 million in the fourth quarter and full year 2024, respectively, compared to $652 million and $1.77 billion in the year-ago respective periods.

Inventory at the end of the fourth quarter was $2.79 billion, compared to $2.88 billion in the previous quarter and $2.70 billion in the year-ago quarter. Days sales of inventory at quarter-end was 122 days, compared to 130 days in the previous quarter, and 104 days in the year-ago quarter.

In the fourth quarter, ST paid cash dividends to its stockholders totaling $88 million and executed a $92 million share buy-back, as part of its current share repurchase program.

ST’s net financial position (non-U.S. GAAP) was $3.23 billion as of December 31, 2024, compared to $3.18 billion as of September 28, 2024 and reflected total liquidity of $6.18 billion and total financial debt of $2.95 billion. Adjusted net financial position (non-U.S. GAAP), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.85 billion as of December 31, 2024.

Corporate developments

In Q4, we announced the launch of a new company-wide program to reshape our manufacturing footprint accelerating our wafer fab capacity to 300mm Silicon (Agrate and Crolles) and 200mm Silicon Carbide (Catania) and resizing our global cost base.

This program should result in strengthening our capability to grow our revenues with an improved operating efficiency resulting in annual cost savings in the high triple-digit million-dollar range exiting 2027. Specifically in terms of operating expenses (SG&A and R&D), ST expects annual cost savings totaling $300 to 360 million, exiting 2027, compared to the cost base of 2024.

Business Outlook

ST’s guidance, at the mid-point, for the 2025 first quarter is:

Net revenues are expected to be $2.51 billion, a decrease of 24.4% sequentially, plus or minus 350 basis points.
Gross margin of 33.8%, plus or minus 200 basis points.
This outlook is based on an assumed effective currency exchange rate of approximately $1.06 = €1.00 for the 2025 first quarter and includes the impact of existing hedging contracts.
The first quarter will close on March 29, 2025.

Conference Call and Webcast Information

ST will conduct a conference call with analysts, investors and reporters to discuss its fourth quarter and full year 2024 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until February 14, 2025.

Use of Supplemental Non-U.S. GAAP Financial Information

This press release contains supplemental non-U.S. GAAP financial information.

Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST’s consolidated financial statements prepared in accordance with U.S. GAAP.

See the Appendix of this press release for a reconciliation of ST’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

Forward-looking Information

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors:

changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and adversely impact the demand for our products;
uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macroeconomic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
the impact of intellectual property (“IP”) claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral by 2027 on scope 1 and 2 and partially scope 3;
epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers; and
the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations.

Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2023 as filed with the Securities and Exchange Commission (“SEC”) on February 22, 2024. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

About STMicroelectronics

At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

For further information, please contact:

INVESTOR RELATIONS:
Jérôme Ramel
EVP Corporate Development & Integrated External Communication
Tel: +41 22 929 59 20
jerome.ramel@st.com

MEDIA RELATIONS:
Alexis Breton
Corporate External Communications
Tel: + 33 6 59 16 79 08
alexis.breton@st.com

STMicroelectronics N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in millions of U.S. dollars, except per share data ($))

	Three months ended
	December 31,	December 31,
	2024	2023
	(Unaudited)	(Unaudited)

Net sales	3,301	4,262
Other revenues	20	20
NET REVENUES	3,321	4,282
Cost of sales	(2,068)	(2,333)
GROSS PROFIT	1,253	1,949
Selling, general and administrative expenses	(420)	(416)
Research and development expenses	(523)	(521)
Other income and expenses, net	59	11
Total operating expenses	(884)	(926)
OPERATING INCOME	369	1,023
Interest income, net	52	57
Other components of pension benefit costs	(3)	(5)
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST	418	1,075
Income tax (expense) benefit	(82)	6
NET INCOME	336	1,081
Net loss (income) attributable to noncontrolling interest	5	(5)
NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	341	1,076

EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	0.38	1.19
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	0.37	1.14

NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS	935.7	942.9

STMicroelectronics N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in millions of U.S. dollars, except per share data ($))

	Twelve months ended
	December 31,	December 31,
	2024	2023
	(Unaudited)	(Audited)

Net sales	13,217	17,239
Other revenues	52	47
NET REVENUES	13,269	17,286
Cost of sales	(8,049)	(8,999)
GROSS PROFIT	5,220	8,287
Selling, general and administrative expenses	(1,649)	(1,631)
Research and development expenses	(2,077)	(2,100)
Other income and expenses, net	182	55
Total operating expenses	(3,544)	(3,676)
OPERATING INCOME	1,676	4,611
Interest income, net	218	171
Other components of pension benefit costs	(15)	(19)
Loss on financial instruments, net	(1)	–
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST	1,878	4,763
Income tax expense	(313)	(541)
NET INCOME	1,565	4,222
Net income attributable to noncontrolling interest	(8)	(11)
NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	1,557	4,211

EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	1.73	4.66
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	1.66	4.46

NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS	939.3	944.2


STMicroelectronics N.V.
CONSOLIDATED BALANCE SHEETS
As at	December 31,	September 28,	December 31,
In millions of U.S. dollars	2024	2024	2023
	(Unaudited)	(Unaudited)	(Audited)
ASSETS
Current assets:
Cash and cash equivalents	2,282	3,077	3,222
Short-term deposits	1,450	977	1,226
Marketable securities	2,452	2,242	1,635
Trade accounts receivable, net	1,749	1,730	1,731
Inventories	2,794	2,875	2,698
Other current assets	1,007	1,062	1,295
Total current assets	11,734	11,963	11,807
Goodwill	290	303	303
Other intangible assets, net	346	354	367
Property, plant and equipment, net	10,877	11,258	10,554
Non-current deferred tax assets	464	547	592
Long-term investments	71	20	22
Other non-current assets	961	1,071	808
	13,009	13,553	12,646
Total assets	24,743	25,516	24,453

LIABILITIES AND EQUITY
Current liabilities:
Short-term debt	990	1,003	217
Trade accounts payable	1,323	1,585	1,856
Other payables and accrued liabilities	1,306	1,327	1,525
Dividends payable to stockholders	88	177	54
Accrued income tax	66	116	78
Total current liabilities	3,773	4,208	3,730
Long-term debt	1,963	2,112	2,710
Post-employment benefit obligations	377	397	372
Long-term deferred tax liabilities	47	60	54
Other long-term liabilities	904	935	735
	3,291	3,504	3,871
Total liabilities	7,064	7,712	7,601
Commitment and contingencies
Equity
Parent company stockholders’ equity
Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 898,175,408 shares outstanding as of December 31, 2024)	1,157	1,157	1,157
Additional Paid-in Capital	3,088	3,032	2,866
Retained earnings	13,459	13,118	12,470
Accumulated other comprehensive income	236	657	613
Treasury stock	(491)	(400)	(377)
Total parent company stockholders’ equity	17,449	17,564	16,729
Noncontrolling interest	230	240	123
Total equity	17,679	17,804	16,852
Total liabilities and equity	24,743	25,516	24,453


STMicroelectronics N.V.

SELECTED CASH FLOW DATA

Cash Flow Data (in US$ millions)	Q4 2024	Q3 2024	Q4 2023

Net Cash from operating activities	681	723	1,480
Net Cash used in investing activities	(1,259)	(601)	(1,610)
Net Cash from (used in) financing activities	(209)	(142)	336
Net Cash increase (decrease)	(795)	(15)	211

Selected Cash Flow Data (in US$ millions)	Q4 2024	Q3 2024	Q4 2023

Depreciation & amortization	451	440	414
Net payment for Capital expenditures	(501)	(601)	(798)
Dividends paid to stockholders	(88)	(80)	(60)
Change in inventories, net	(2)	(17)	219

Appendix
ST
New organization

On January 10, 2024, ST announced a new organization to deliver enhanced product development innovation and efficiency, time-to-market as well as customer focus by end market. This new organization implies a change in segment reporting which is applied from January 1, 2024.

ST moved from three reportable segments (ADG, AMS and MDG) to four reportable segments as follows:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
- Analog products, MEMS and Sensors (AM&S) segment, comprised of ST analog products, MEMS sensors and actuators, and optical sensing solutions.
- Power and Discrete products (P&D) segment comprised of discrete and power transistor products.

In this Press Release, “Analog” refers to ST analog products, “MEMS” to MEMS sensors and actuators and “Imaging” to optical sensing solutions.

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
- Microcontrollers (MCU) segment, comprised of general-purpose and automotive microcontrollers, microprocessors and connected security products (including EEPROM).
- Digital ICs and RF Products (D&RF) segment, comprised of automotive ADAS, infotainment, RF and communications products.

In this Press release, “Auto MCU” refers to Automotive microcontrollers and microprocessors, “GP MCU” to general purpose microcontrollers and microprocessors, “Connected Security” to connected security products (including EEPROM), “ADAS” to automotive ADAS and infotainment, “RF Communications” to RF and communications products.

Prior year quarters comparative information has been adjusted accordingly.

(Appendix – continued)
ST – Supplemental Financial Information

	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	FY 2024	FY 2023
Net Revenues By Market Channel (%)
Total OEM	73%	76%	73%	70%	70%	73%	66%
Distribution	27%	24%	27%	30%	30%	27%	34%

€/$ Effective Rate	1.09	1.08	1.08	1.09	1.08	1.08	1.08

Reportable Segment Data (US$ m)
Analog products, MEMS and Sensors (AM&S) segment
– Net Revenues	1,198	1,185	1,165	1,217	1,418	4,764	5,478
– Operating Income	176	175	144	185	300	680	1,191
Power and Discrete products (P&D) segment
– Net Revenues	752	807	747	820	965	3,126	3,852
– Operating Income	89	121	110	138	245	458	1,006
Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group
– Net Revenues	1,950	1,992	1,912	2,037	2,383	7,890	9,330
– Operating Income	265	296	254	323	545	1,138	2,197
Microcontrollers (MCU) segment
– Net Revenues	887	829	800	950	1,272	3,466	5,668
– Operating Income	127	116	72	185	378	499	2,018
Digital ICs and RF Products (D&RF) segment
– Net Revenues	481	426	516	475	623	1,898	2,272
– Operating Income	149	114	150	150	223	564	810
Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group
– Net Revenues	1,368	1,255	1,316	1,425	1,895	5,364	7,940
– Operating Income	276	230	222	335	601	1,063	2,828
Others ^(a)
– Net Revenues	3	4	4	3	4	15	16
– Operating Income (Loss)	(172)	(145)	(101)	(107)	(123)	(525)	(414)
Total
– Net Revenues	3,321	3,251	3,232	3,465	4,282	13,269	17,286
– Operating Income	369	381	375	551	1,023	1,676	4,611

^(a)Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment and restructuring charges, management reorganization costs, start-up and phase out costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes:

(US$ m)	*Q4 2024*	*Q3 2024*	*Q2 2024*	*Q1 2024*	*Q4 2023*	*FY 2024*	*FY 2023*
*Unused capacity charges*	*118*	*104*	84	63	57	*370*	*120*

(Appendix – continued)
ST
Supplemental Non-U.S. GAAP Financial Information
U.S. GAAP – Non-U.S. GAAP Reconciliation

The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST’s U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST’s on-going operating results, (ii) the ability to better identify trends in ST’s business and perform related trend analysis, and (iii) to facilitate a comparison of ST’s results of operations against investor and analyst financial models and valuations, which may exclude these items.

Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures)

Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. Starting Q4 2023, ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet. Reporting periods prior to Q4 2023 are not impacted.

ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited.

(US$ m)	Dec 31 2024	Sep 28 2024	June 29 2024	Mar 30 2024	Dec 31 2023
Cash and cash equivalents	2,282	3,077	3,092	3,133	3,222
Short term deposits	1,450	977	975	1,226	1,226
Marketable securities	2,452	2,242	2,218	1,880	1,635
Total liquidity	6,184	6,296	6,285	6,239	6,083
Short-term debt	(990)	(1,003)	(236)	(238)	(217)
Long-term debt ^(a)	(1,963)	(2,112)	(2,850)	(2,875)	(2,710)
Total financial debt	(2,953)	(3,115)	(3,086)	(3,113)	(2,927)
Net Financial Position	3,231	3,181	3,199	3,126	3,156
Advances received on capital grants	(385)	(366)	(402)	(351)	(152)
Adjusted Net Financial Position	2,846	2,815	2,797	2,775	3,004

^(a)Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $634 million equivalent, are currently undrawn.

(Appendix – continued)

Net Capex and Free Cash Flow (non-U.S. GAAP measures)

ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-U.S. GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period.

Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period.

ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies.

(US$ m)	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	FY 2024	FY 2023
Payment for purchase of tangible assets, as reported	(584)	(669)	(690)	(1,145)	(1,076)	(3,088)	(4,439)
Proceeds from sale of tangible assets, as reported	–	2	1	2	–	5	8
Proceeds from capital grants and other contributions, as reported	83	66	143	149	278	441	320
Advances from capital grants allocated to property, plant and equipment	31	36	18	27	–	111	–
Net Capex	(470)	(565)	(528)	(967)	(798)	(2,531)	(4,111)

Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any.

ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations.

Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies.

(US$ m)	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	FY 2024	FY 2023
Net cash from operating activities	681	723	702	859	1,480	2,965	5,992
Net Capex	(470)	(565)	(528)	(967)	(798)	(2,531)	(4,111)
Payment for purchase of intangible assets, net of proceeds from sale	(32)	(20)	(15)	(26)	(28)	(93)	(97)
Payment for purchase of financial assets, net of proceeds from sale	(51)	(2)	–	–	(2)	(53)	(10)
Free Cash Flow	128	136	159	(134)	652	288	1,774

¹See Appendix for the definition of reportable segments.

²Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why ST believes these measures are important.

Attachment

C3309C – Q424 Earnings PR – FINAL FOR PUBLICATION

MIL-Evening Report: As antisemitic attacks reach ‘disturbing’ levels, is strengthening hate crime laws the answer?

Source: The Conversation (Au and NZ) – By Keiran Hardy, Associate Professor, Griffith Criminology Institute, Griffith University

Mike Burgess, head of the Australian Security Intelligence Organisation, has issued a stark warning following the discovery of explosives in a caravan in northwest Sydney, alongside a note bearing the address of a Sydney synagogue.

We have seen a disturbing escalation in the targeting of Jewish interests, and a disturbing escalation in the severity and recklessness of the targeting.

In response to the recent spate of antisemitic incidents in Sydney – which include a childcare centre being set alight and graffitied – NSW Premier Chris Minns has also pledged to strengthen the state’s hate laws.

Changes to these laws would bring NSW in line with other states. However, they will have limited impact on a serious social problem. Both nationally and in the states, many existing laws can be used to prosecute people for these crimes, including incitement to violence on the basis of religion, race or ethnicity.

Responding quickly to the growing crisis around antisemitic attacks is understandable, but greater long-term investments must also be made to prevent extreme, hateful beliefs from developing in our communities in the first place.

What crimes are being committed?

Different laws can be triggered depending on the nature of a particular offence.

The firebombing of a Melbourne synagogue late last year was treated as an act of terrorism, while a joint counter-terrorism team is investigating the caravan explosives.

Other hateful acts can be charged as arson, property damage or serious vilification.

For conduct to be treated as terrorism, it must be done for the purpose of advancing a political, religious or ideological cause.

Extreme right-wing or neo-Nazi beliefs can certainly satisfy this. But whether an individual case will be treated as terrorism depends on whether there is enough evidence of an underlying ideological motive.

Serious vilification offences apply when someone incites others to cause harm on the basis of race, religion, sexuality or gender identity.

Both nationally and in the states, new offences also apply for displaying Nazi symbols. Neo-Nazis who were arrested after a march in Adelaide this month, for example, were charged with various offences, including failing to cease loitering and displaying a Nazi symbol.

What is NSW considering changing?

The biggest change would be to section 93Z of the NSW Crimes Act.

Section 93Z is a serious vilification offence, but it applies only to the incitement of violence. Equivalent offences in other states are broader because they also include incitement to hatred, serious contempt or severe ridicule.

In Queensland, this requires threats or inciting threats of physical harm. In Victoria, changes likely to pass in parliament soon would remove a similar harm requirement.

In NSW, vilification on broader grounds is still unlawful, but it falls under civil law. Complaints can be made to Anti-Discrimination NSW and this may lead to lawsuits and potential compensation – but not criminal prosecution.

It makes sense for NSW to match section 93Z to equivalent laws in other states. But this would go against the very recent recommendations of the NSW Law Reform Commission.

In its report last November, the commission concluded that strengthening laws is not always the best way to address underlying social issues. It said the low prosecution rate for section 93Z could be explained by police preferring other, more serious offences for these types of crimes.

Still, it appears Minns may go ahead with the reforms, saying an antisemitic attack “begins with hateful, racist language”.

If I can stop it at its source with changes to the law, that’s exactly what we’ll do.

Would these changes make a difference?

The proposed changes are quite technical and are unlikely to have a significant impact on the growing threat of antisemitism.

Widening section 93Z could generate some additional prosecutions for hate speech that falls below inciting violence. But in most cases, other, more serious offences are already available to prosecutors.

Ultimately, in addition to the ongoing investigations, there needs to be greater investment in efforts to understand extremism in Australian society. This includes developing clearer answers to these questions:

why extreme, hateful beliefs are thriving in our communities
who is most likely to develop these beliefs and act on them, and
how extremist narratives can best be countered, in our communities and online.

Countering violent extremism programs are improving over time. These include interventions for at-risk youth and broader efforts to educate communities. But investments in these approaches have never kept pace with changes to the criminal law.

Antisemitism has no place in Australian society, and changing the law in NSW will send a quick message that the government is taking the problem seriously. But taking it seriously also means doing whatever else we can as a society to ensure no one experiences hate or violence for who they are or what they believe.

Keiran Hardy receives funding from the Australian Research Council for a Discovery Project on conspiracy-fuelled extremism.

– ref. As antisemitic attacks reach ‘disturbing’ levels, is strengthening hate crime laws the answer? – https://theconversation.com/as-antisemitic-attacks-reach-disturbing-levels-is-strengthening-hate-crime-laws-the-answer-248549

MIL OSI Analysis – EveningReport.nz –

Sergei Sobyanin announced the start of restoration of the capital’s Kuzminki estate Sergei Sobyanin: 166 Moscow parks are cultural heritage sites

MIL-OSI Russia: Sobyanin: 32 architectural monuments to be restored in Kuzminki estate in three years

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

The Kuzminki Estate (Vlakhernskoye) is the largest in terms of the number of cultural heritage sites in Moscow. There are about 40 architectural monuments from the late 18th – early 20th centuries, each with its own individual appearance, referring to the traditions of both the West and the East. Last year, the long-awaited restoration of the estate began. The plans for the next three years include putting 32 architectural monuments in order. About this in his blog Sergei Sobyanin said.

Famous architects and sculptors such as Ivan Zherebtsov, Rodion Kazakov, Ivan Egotov, Alessandro and Domenico Gilardi, Mikhail Bykovsky, Ivan Vitali, Pyotr Klodt, Andrey Voronikhin and others participated in the creation of the architectural ensemble of Kuzminki. The owners of the estate at different times were the barons Stroganov and the princes Golitsyn. The imperial persons – Peter I, Alexander II, Maria Feodorovna – visited here.

Today, the estate and the surrounding park are a favorite place for walks for Muscovites and tourists. The museum-reserve also houses the residence of Father Frost and the K.G. Paustovsky Museum. City festivals are held in summer and winter.

“The primary task is to put in order the buildings that form the core of the estate. The restorers are already working on 19 objects. Among them are the eastern and western wings of the main house, which form the front yard. The house itself has not survived, but the exquisite wings built by the architect Gilardi create the impression of mini-palaces,” the Moscow Mayor noted.

During the work, specialists will clean the white-stone elements, tidy up the historical stucco decoration and roof. Special attention will be paid to preserving the sculptures of lions that adorn the fence of the main courtyard, the entrances to the wings and the Round (Lion) Pier.

To date, the blind area in the outbuildings has been dismantled, the damaged plaster layer and floor coverings have been removed. And the original wooden windows and doors have been sent to workshops for careful restoration.

The soap house, or bath house, was built in the late 18th – early 19th century on the site of an older building of the same purpose. The Golitsyn bathhouse was given the appearance of a strict park pavilion, echoing the outbuildings of the main house. In the 20th century, it was rebuilt, suffered fires, and was restored.

The restoration of the soap house’s historical appearance continues. Specialized workshops will recreate the vases in the niches of the eastern facade, and clean the white-stone elements: steps, parapets, and basement. In addition, the unique copper roofing, typical of buildings of that time, will be put in order. Specialists have already started work, and the plastering of the walls and ceilings is currently being dismantled.

The forge was rebuilt in the early 1820s from a poultry yard, where many exotic birds were kept before the war of 1812. It is well preserved and requires rather aesthetic restoration. Specialists will have to put in order the white-stone parts of the central and two side porches, the basement and the blind area, and also adapt the building for modern use.

The laundry building on Slobodka, on the contrary, needs a comprehensive restoration. The work will affect the roof, windows and doors, as well as wooden stairs, panel parquet and stucco decoration.

The single-arch and triple-arch grottoes were the first objects in Kuzminki where restoration work began in the summer of 2024. More than 20 years have passed since their last restoration, so the white-stone elements were partially lost, and the remaining ones needed to be cleared.

In the single-arch grotto, specialists have already completed excavation work, installed waterproofing and a drainage system, and plastered the walls and ceiling. The three-arch grotto, which was used for theatrical productions and musical concerts during the holidays, has also been plastered. Now, craftsmen are working on installing a retaining slab and restoring the brick and white stone retaining wall.

Three-arched, Bolshoi, “Belvedere”: what grottoes can be found in Moscow estates Count Orlov’s Grotto has been restored for the first time in Neskuchny Garden

Specialists are also restoring the music pavilion, one of the most recognizable buildings on the estate. It is decorated with the same equestrian figures by sculptor Pyotr Klodt as the Anichkov Bridge in St. Petersburg. The only difference is that they are made of cast iron, not bronze.

Previously, the portico of columns was also crowned with a sculptural group of Apollo playing the lyre and two muses. In order to restore the historical appearance of the pavilion, it will be recreated during the work. In addition, the facades will be restored here. The white-stone row above the base will be plastered with the reconstruction of the rustication. Particular attention will be paid to the restoration of the stucco decor and cast-iron sculptures, and inside, the wooden floor made of larch will be put in order according to the existing model. Specialists have already begun installing scaffolding and are conducting trial clearings.

The restoration of the Lion’s, or Round, pier on the bank of the Upper Kuzminsky Pond is expected to be completed by the end of 2025. The Egyptian lions that adorn it will also be restored. They have already been dismantled and transported to specialized workshops. In addition, the fences will be put in order: lost elements will be replaced, and the cast-iron slabs of the observation deck will be cleaned and sorted out.

This year, the bridge with griffins will also be put in order. Soon, the floor lamps with mythical sculptures will move to the workshops, and after the main work on the pylons is completed, they will return to their historical place. In addition, the bridge covering will be restored with the organization of a modern water drainage system on it. At the final stage, architectural and artistic lighting will appear here.

In parallel, restoration of other objects will begin. For example, the interiors of the Orange Dacha (orange greenhouse) with an ancient Egyptian theme, which have survived to this day. After restoration, a unique wooden two-tiered chandelier with candlesticks in the form of lotus flowers, which survived the fire, will also return here.

In addition, the craftsmen will put the kitchen wing (Egyptian pavilion) in order. The architecture of this unique building of the estate ensemble used motifs of ancient Egyptian architecture. For example, the pediment is decorated with an image of the head of a sphinx.

“Once the work is completed, the estate buildings will house exhibitions and museum displays, and concerts and other events will be held,” the Moscow Mayor emphasized.

Sheremetev’s Grotto, Shchukin’s Theatre and Katyushas: Which Moscow Parks Have Preserved Historical Monuments Sobyanin spoke about architectural monuments that are being restored in Moscow

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //vv.mos.ru/mayor/tkhemes/12312050/

MIL OSI Russia News –

MIL-OSI Australia: Euroa members recognised for fire medical response

Source: Victoria Country Fire Authority

Euroa Fire Brigade has been recognised for their exemplary community service in CFA’s Fire Medical Response (FMR) Program, going beyond their primary mission of firefighting.

On Sunday, 26 January, the brigade was officially awarded the title of Community Organisation of the Year as voted by the Euroa community for their strong commitment and dedication in this space.

CFA and Ambulance Victoria (AV) rolled out the new FMR program in December 2024 that sees CFA brigades dispatched simultaneously to cardiac arrests with the nearest ambulance, allowing CFA crews to provide life-saving CPR, defibrillation, and support to patients.

Euroa was one of the first brigades to sign up to provide life-saving support in response to Triple Zero (000) calls alongside Tatura, Numurkah, Yarrawonga, Huntly, Kyneton, Bairnsdale, Orbost and Lakes Entrance brigades.

Captain of 15 years, Damon Rieusset said any acknowledgement from your peers is something to be proud of, but members were just happy to be of assistance to rural families in need.

“Although it is only in its infancy, it is nice for our members to be recognised for the efforts they put in. We’re all ready and willing to go when needed,” Damon said.

“What it brings for the community is the greatest part. If it stops a family wondering if they could’ve done more, that’s the most important thing.”

The team is currently made up of more than 14 volunteers who have completed more than 40 hours of professional face to face training by AV and over 16 hours of online training to be deemed competent to provide this vital service.

“Everyone who put their hand up to do the training knew it wasn’t going to be an easy day in the office, but it’s for the greater good and we would highly recommend other brigades get involved in the program if they can,” Damon said.

“Most of our members have done first aid training and were comfortable walking into the sessions with basic knowledge.

“However, it’s been pleasing to see the members gain the additional expertise and advance their abilities – all which will go a long way in providing them with greater confidence when faced with the task.”

The Rotary Club of Euroa nominated the brigade for the esteemed title, noting their efforts have not only improved the safety and wellbeing of the Euroa community, but also strengthened the bonds that hold the community together.

Submitted by	CFA Media

MIL OSI News –

MIL-Evening Report: Marape calls US climate backtracking ‘irresponsible’ in rethink plea to Trump

PNG Post-Courier

In a fervent appeal to the global community, Prime Minister James Marape of Papua New Guinea has called on US President Donald Trump to “rethink” his decision to withdraw from the Paris Agreement and current global climate initiatives.

Marape’s plea came during the World Economic Forum Annual Meeting held in Davos, Switzerland, on 23 January 2025.

Expressing deep concern for the impacts of climate change on Papua New Guinea and other vulnerable Pacific Island nations, Marape highlighted the dire consequences these nations face due to rising sea levels and increasingly severe weather patterns.

“The effects of climate change are not just theoretical for us; they have real, devastating impacts on our fragile economies and our way of life,” he said.

The Prime Minister emphasised that while it was within President Trump’s prerogative to prioritise American interests, withdrawing the United States — the second-largest emitter of carbon dioxide– from the Paris Agreement without implementing measures to curtail coal power production was “totally irresponsible”, Marape said.

“As a leader of a major forest and ocean nation in the Pacific region, I urge President Trump to reconsider his decision.”

He went on to point out the contradiction in the US stance.

US not closing coal plants
“The United States is not shutting down any of its coal power plants yet has chosen to withdraw from critical climate efforts. This is fundamentally irresponsible.

“The science regarding our warming planet is clear — it does not lie,” he said.

Marape further articulated that as the “Leader of the Free World,” Trump had a moral obligation to engage with global climate issues.

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PNG Prime Minister James Marape’s plea to President Trump. Video: PNGTV

“It is morally wrong for President Trump to disregard the pressing challenges of climate change.

He must articulate how he intends to address this critical issue,” he added, stressing that effective global leaders had a responsibility not only to their own nations but also to the planet as a whole.

In a bid to advocate for small island nations that are bearing the brunt of climate impacts, PM Marape announced plans to bring this issue to the upcoming Pacific Islands Forum (PIF).

He hopes to unify the voices of PIF member countries in a collective statement regarding the US withdrawal from climate negotiations.

US revived Pacific relations
“The United States has recently revitalised its relations with the Pacific. It is discouraging to see it retreating from climate discussions that significantly affect our region’s efforts to mitigate climate change,” he said.

Prime Minister Marape reminded the international community that while larger nations might have the capacity to withstand extreme weather events such as typhoons, wildfires, and tornadoes, smaller nations like Papua New Guinea could not endure such impacts.

“For us, every storm and rising tide represents a potential crisis. Big nations can afford to navigate these challenges, but for us, the stakes are incredibly high,” he said.

Marape’s appeal underscores the urgent need for collaborative and sustained global action to combat climate change, particularly for nations like Papua New Guinea, which are disproportionately affected by environmental change.

Republished with permission.

MIL OSI Analysis – EveningReport.nz –

MIL-OSI Security: Waterbury Felon Sentenced to 46 Months in Federal Prison for Firearm Offense

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

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that ANFERNEE D. DANCY, 28, of Waterbury, was sentenced today by U.S. District Judge Vernon D. Oliver in Hartford to 46 months of imprisonment, followed by 30 months of supervised release, for unlawful possession of a firearm.

According to court documents and statements made in court, on August 22, 2023, Waterbury Police attempted to stop an SUV Dancy was driving in Waterbury. Dancy reversed the SUV, collided with one of the police cruisers, and attempted to flee on foot. After a struggle, he was taken into custody. A search of the SUV revealed a loaded Jimenez Arms, Inc. 9mm handgun, a quantity of crack cocaine, a digital scale, and $282 in cash.

Dancy’s criminal history includes felony convictions in Connecticut for burglary in the first degree, risk of injury to children, and failure to appear in the first degree. It is a violation of federal law for a person previously convicted of a felony offense to possess a firearm or ammunition that has moved in interstate or foreign commerce.

Dancy has been detained since his arrest. On October 7, 2024, he pleaded guilty to unlawful possession of a firearm by a felon.

This matter was investigated by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) and the Waterbury Police Department. The case was prosecuted by Assistant U.S. Attorney Sean P. Mahard.

This prosecution was brought through the Justice’s Department’s Project Safe Neighborhoods (PSN) program, a program bringing together all levels of law enforcement and the communities they serve to reduce gun violence and other violent crime, and to make our neighborhoods safer for everyone. In May 2021, the Justice Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit www.justice.gov/psn.

MIL Security OSI –

MIL-OSI New Zealand: Firearms, cash and drugs seized in Hawke’s Bay search warrant

Source: New Zealand Police (National News)

Attribute to Acting Detective Sergeant Steve Leonard

Police have arrested one person and seized firearms, drugs and cash from the central Hawke’s Bay property of an Outlaws gang member.

Three firearms, methamphetamine and cash were seized after Police executed a warrant at the address, this included a fully loaded Beretta pistol that was found in a bag alongside a quantity of methamphetamine.

A 46-year-old man appeared in the Hastings District Court today and has been remanded in custody until his next appearance.

Police will continue to work to disrupt organised crime and ensure the profits of such activity does not land in the hands of those at the forefront of the offending.

ENDS

Issued by Police Media Centre

MIL OSI New Zealand News –

MIL-OSI Australia: Six arrested for attempted murder

Source: South Australia Police

South Australia Police have arrested six people for attempt murder in relation to an incident at Andrews Farm on December 16, 2024.

The incident involved an 18 year old who was shot through a closed bedroom roller shutter window. The victim has made a full recovery.

Acting Assistant Commissioner John DeCandia said investigations found the address was mistaken the victim was not the intended target.

“Operation Meld investigators believe the attack was extensively planned and today searched seven addresses to gather further evidence,” Acting Assistant Commissioner DeCandia said.

“As a result of the searches several mobile phones have been seized and police located a firearm which is suspected to have been used in previous shootings. A large quantity of tablets suspected of containing MDMA were also located.”

This morning police charged three 17 year olds, two 19 year olds and a 21 year old for the incident, all have been refused bail and will appear in court this afternoon.

One 17 year old from Munno Para was further charged with possession of the prescribed firearm and related ammunition offences. While a 21 year old from Munno Para West was further charged with traffic a commercial quantity of a controlled drug.

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MIL OSI News –

MIL-OSI New Zealand: First Responders – Tiwai Peninsula vegetation fire update

Source: Fire and Emergency New Zealand

Fire and Emergency New Zealand crews have been working hard to contain a large vegetation fire in mixed scrub and wetland on Tiwai Peninsula in Invercargill today.

The fire has grown to 1,200 hectares across the centre of the peninsula, with an 18 kilometre perimeter, due to higher temperatures and wind speed this afternoon.

There are currently eight trucks in attendance, with ten helicopters in support.

Firefighters will work until 6pm tonight, then two crews will monitor the fire overnight. All crews will return at 7am tomorrow to continue battling the fire.

Incident Controller Hamish Angus says the fire is not an immediate threat to people, homes, the smelter, or the Tiwai Bridge.

“The Tiwai Bridge is closed to all traffic except our crews and the smelter staff, and we’re asking people to keep away from Tiwai Road so we can continue to work safely,” he says.

“We are working closely with mana whenua and the Department of Conservation, to ensure culturally and ecologically sensitive areas still threatened by the fire are prioritised for protection.”

Awarua Rūnaka Manager Gail Thompson says she is deeply saddened at the damage caused in such a short time.

“This peninsula is a precious taonga, with a history going back a long way, which is important to Ngai Tahu,” she says.

She’s happy to see the newly-established Mana Whenua Emergency Facilitator for Murihiku, Angie Hopkinson, at the site to support Fire and Emergency and the Department of Conservation with the response.

Department of Conservation’s Operation Manager for Murihiku, John McCarroll, says Awarua Peninsula has considerable environmental value, and today’s fire is a huge blow.

“Awarua has a significant number of biodiversity values and is used by a lot of wading birds for flocking and feeding, including the endangered Southern New Zealand Dotterel/Pukunui,” he says.

“As well as the loss of wildlife, we’ve also lost assets such as predator-trapping infrastructure.

“We will assess the losses once the fire is under control and we can return there safely. We may never know the full impact on biodiversity, but it is likely significant.”

The nearby Awarua wetland is also a Department of Conservation area of environmental significance, which was devastated in April 2022 when wildfire burnt through 1,330 hectares.

MIL OSI New Zealand News –

MIL-OSI New Zealand: First Responders – Vegetation fire along Bay of Plenty train track now contained

Source: Fire and Emergency New Zealand

Fire and Emergency New Zealand received multiple calls to a large vegetation fire burning along the railway line by Wainui South Road, Whakamarama in Western Bay of Plenty at 12.40 today.

Incident Commander Bill Pike says the fire is now contained and six fire trucks from Greerton, Omokoroa, KatiKati and Tauranga are dampening down hotspots. No evacuations were required.

“The fire is in bush and scrub and is approximately 700 metres on either side of the train track,” Bill Pike says.

“There are road closures in the immediate area, but State Highway 2 remains open.

“We ask people to stay away from the area so emergency services can carry out their job safely.”

Bill Pike says Fire and Emergency is working with Kiwirail to establish a cause for the fire.

MIL OSI New Zealand News –