Category: Pandemic

  • MIL-OSI United Nations: 22 May 2025 Note for Media Seventy-eighth World Health Assembly – Daily update: 22 May 2025

    Source: World Health Organisation

    Health progress despite financial challenges 

    Thursday’s Committee B noted the Results Report 2024, and the financing and implementation of the Programme budget 2024–2025. Member States commended the transparency, and the level of detail provided. At the same time, Member States noted with concern that while some important achievements have been realized, progress is insufficient in reaching the SDG targets. In addition, Member States also advocated for more equitable funding across the Organization. The committee approved decision 78/17 Add.1 and 78/17 Add.2. 

    Delegates welcomed WHO’s Investment Round (IR), which will fund the Organization’s Fourteenth General Programme of Work – 2025–2028 (GPW 14) – its global health strategy for the next four years that has the potential to save 40 million lives if fully funded.  By April 2025, pledges of US$ 1.7 billion had been received. During the Health Assembly at least an additional US $210 million was committed, with further amounts expected. Since the start of the Investment Round, 62 pledges have been made by Member States, with a further 20 pledges by philanthropic organizations. Of the 62 pledgers, 35 had not previously provided voluntary contributions to WHO. 

    The pledges not only assure more sustainable financing but show global solidarity in the face of unprecedented challenges. The committee called for increased efforts to secure predictable, resilient and flexible funding.

    Related Documents:

    •  A78/17 Results report 2024 and financial report and audited financial statements for the year ended 31 December 2024
    • A78/17 Add.1 Draft decision: Results report 2024 (Programme budget 2024–2025: performance assessment) and Financial report and audited financial statements for the year ended 31 December 2024
    • A78/17 Add.2 Draft decision: Partial and temporary suspension of Financial Regulation VIII, 8.2
    • A78/18 Audited Financial Statements for the year ended
    • A78/36 Results report 2024 (Programme budget 2024–2025: performance assessment) and Financial report and audited financial statements for the year ended 31 December 2024
    • A78/INF./3 Voluntary contributions by fund and by contributor, 2024
    •  A78/19 Financing and implementation of the Programme budget 2024–2025
    • A78/20 Financing and implementation of the Programme budget 2024–2025: Reporting on operational efficiencies
    • A78/INF./4 Financing and implementation of the Programme budget 2024–2025 WHO presence in countries, territories and areas
    • A78/21 Sustainable financing: WHO investment round
    • A78/37 Proposed programme budget 2026–2027 – Sustainable financing: WHO investment round (Report of the Programme, Budget and Administration Committee of the Executive Board to the Seventy-eighth World Health Assembly)

    Strengthening health emergency preparedness and response

    On 21–22 May 2025, the World Health Assembly discussed WHO’s work in health emergencies. Over the last year, WHO responded to 51 graded emergencies across 89 countries and territories, including global outbreaks of cholera and mpox – a public health emergency of international concern – as well as multiple humanitarian crises. Working with over 900 partners across 28 health clusters, WHO helped provide health assistance for 72 million people in humanitarian settings. Nearly 60% of new emergencies were climate-related, highlighting the growing health impacts of climate change.

    Member States noted the WHO Director-General’s report on the implementation of the health emergency prevention, preparedness, response and resilience (HEPR) framework. The report outlined progress made in the key areas of collaborative disease surveillance, community protection, safe and scalable care, access to medical countermeasures and emergency coordination, and stressed that insufficient and unpredictable funding poses a significant risk to health systems worldwide.

    Delegates noted the report of the Independent Oversight and Advisory Committee (IOAC) for WHO’s Health Emergencies Programme. The report presents several recommendations to the Director-General aimed at strengthening WHO’s work in emergencies. The chair of the IOAC commended WHO’s leadership – particularly that of Dr Mike Ryan, the outgoing Executive Director of the Health Emergencies Programme, for his pivotal role and contributions to global health.

    The Director-General also reported on Universal Health and Preparedness Review (UHPR) to the Assembly, a unique process for Member States to assess their health emergency preparedness. UHPR was launched in November 2020 as a voluntary, country-led mechanism, in response to early lessons from the COVID-19 pandemic.

    Related documents:  

    • A78/13 WHO’s work in health emergencies
    • A78/12 Health emergencies preparedness and response: The Independent Oversight and Advisory Committee for the WHO Health Emergencies Programme
    • A78/9 Strengthening the global architecture for health emergency prevention, preparedness, response and resilience
    • A78/4 Consolidated report by the Director-General (including UHPR)

    International Health Regulations remain a cornerstone of global health security

    Member States noted the Director-General’s report on progress made in implementing the International Health Regulations (2005), which outline the rights and obligations of countries in managing public health events and emergencies that have the potential to cross borders.

    In 2024, WHO assessed over 1.2 million raw signals related to public health risks, identifying and verifying 429 events with potential or actual international public health implications.

    All countries but one provided their self-assessment report to the Assembly. Numerous joint external evaluations, after- and intra-action reviews, and training were conducted to strengthen preparedness and response capacities. 

    Member States recommended to the Assembly the adoption of a decision for the Director-General to notify Palestine of the International Health Regulations (2005). This is a step prior to Palestine expressing interest in becoming a States Party to the Regulations. This follows the resolution approved during the World Health Assembly last year on aligning the participation of Palestine in WHO with its participation in the United Nations.

    The Assembly also noted the Standing Recommendations issued by the Director-General on COVID-19 (valid until April 2026) and mpox (valid until August 2025).

    At last year’s World Health Assembly, Member States adopted historic amendments to the Regulations, drawing on lessons from the COVID-19 pandemic. The amendments are expected to come into force in September 2025.

    Related documents:

    • A78/11 Implementation of the International Health Regulations (2005)
    • A78/A/CONF./4 Notifying the International Health Regulations (2005) to Palestine
    • Resolution WHA77.15 (2024): Aligning the participation of Palestine in the World Health Organization with its participation in the United Nations
    • A78/INF./6 Implementation of the International Health Regulations (2005) Extension of the standing recommendations for mpox
    • A78/INF./7 Implementation of the International Health Regulations (2005) Extension of the standing recommendations for COVID-19

    Member States urge research into public health and social measures to control outbreaks and pandemics

    Member States approved a decision related to public health and social measures, urging the strengthening of the research base on these interventions. Public health and social measures are nonpharmaceutical interventions used to reduce the spread of an infectious disease and lower hospitalizations and death. Examples include screening for diseases, personal hygiene measures and changing the way people gather or travel. These measures played an important role in buying time for countries to develop and distribute treatments, diagnostics and vaccines during the COVID-19 pandemic, but the evidence base on the effectiveness of these measures remains limited.

    Related documents:

    WHO’s response to health needs in Ukraine and refugee-hosting countries

    Delegates noted the Director-General’s report on the implementation of a resolution on WHO’s response to the health emergency triggered by the Russian Federation’s aggression against Ukraine. In 2024, WHO reached an estimated 4.7 million people with health support in Ukraine and more than 400 000 refugees in neighbouring countries. WHO delivered over US$ 32.5 million worth of medicines, medical equipment and supplies to health facilities across Ukraine, and over US$ 4.9 million worth of supplies and equipment to refugee-hosting countries. Since 24 February 2022, a total of 2254 attacks on health care have been verified, resulting in 710 injuries and 208 deaths.

    Member States voted on related decisions. The draft decision proposed by Ukraine and other countries to continue, among other things, to restore and strengthen Ukraine’s health-care system was approved. Suggested amendments to the draft decision proposed by the Russian Federation and other countries were rejected.

    Related documents:

    • A78/14 Implementation of resolution WHA75.11 (2022) 
    • A78/A/CONF./3 Health emergency in Ukraine and refugee-receiving and -hosting countries, stemming from the Russian Federation’s aggression
    • A78/A/CONF./3 Add.1 Amendments proposed by Belarus, China, Nicaragua and the Russian Federation
    • A78/A/CONF./3 Add.2 Financial and administrative implications for the Secretariat of decisions proposed for adoption by the Health Assembly

    Health conditions in the occupied Palestinian territory, including east Jerusalem

    Delegates noted the Director-General’s report on the current health conditions in the occupied Palestinian territory, with the Gaza Strip facing an unprecedented humanitarian crisis, with widespread displacement, destruction and death. The health system has been severely degraded by attacks, critical shortages of medicines, supplies and fuel, and restricted access. The report stated that between 1 January 2024 and 28 February 2025, 376 attacks on health care were reported in the Gaza Strip, resulting in 286 deaths and 591 injuries.

    The health crisis in the West Bank has worsened since January 2025, with escalating violence and stricter restrictions on movement impeding access to health care.

    WHO’s response has focused on providing essential health services, public health surveillance, disease prevention and control, provision of supplies and logistics, and partner coordination. The report stressed the need for an immediate ceasefire, the release of all hostages, unrestricted humanitarian access and protection of health.

    Member States noted the report and commended WHO’s efforts towards the continuity of health services under difficult conditions. Delegates approved an accompanying resolution.

    Related documents:

    MIL OSI United Nations News

  • MIL-OSI Security: Fort Wayne Woman Ordered to Repay Funds From PPP Loan Fraud

    Source: Office of United States Attorneys

    FORT WAYNE – Dashanae Hamlet-Davis, 26 years old, of Fort Wayne, Indiana, was sentenced by United States District Court Chief Judge Holly A. Brady after pleading guilty to a federal felony for wire fraud, announced Acting United States Attorney Tina L. Nommay.

    Hamlet-Davis was sentenced to 18 months of probation and ordered to pay $23,431.53 in restitution to the Small Business Administration.

    According to documents in the case, Hamlet-Davis falsely claimed gross income for a business that did not exist when she applied for a Paycheck Protection Program (PPP) loan. The PPP program provided loans to small businesses for job retention and other expenses as part the CARES Act and for emergency financial assistance to Americans suffering from the economic impact of the COVID-19 pandemic.  Hamlet-Davis falsely claimed that she was the sole proprietor of a retail business when in reality, no such business existed. As a result of her fraudulent representations, Hamlet-Davis received PPP funds which she used for her own benefit on personal items such as clothing, jewelry, electronics, and a vacation.

    “This sentencing demonstrates the commitment of the Treasury Inspector General for Tax Administration (TIGTA) to investigate and bring to justice those who victimize the American taxpayer,” said Kelly Moening, TIGTA Special Agent-in-Charge. “Fraudulently applying for loans through a federal program meant to assist Americans in need will be met with aggressive investigation and prosecution. I want to thank our law enforcement partners and the U.S. Attorney’s Office for their commitment to this goal.”  

    This case was investigated by the United States Treasury Inspector General for Tax Administration with assistance from IRS Criminal Investigation.  The case was prosecuted by Assistant United States Attorney Justin C. Sheridan.

    MIL Security OSI

  • MIL-OSI Europe: Briefing – RRF implementation underway: Cybersecurity measures – 22-05-2025

    Source: European Parliament

    The Recovery and Resilience Facility (RRF) is at the core of Next Generation EU (NGEU), the EU’s recovery instrument. NGEU was created to help its Member States address the socioeconomic consequences of the coronavirus pandemic and tackle key EU challenges, including the green and digital transitions. RRF implementation has been ongoing since 2021, and just over a year is left until the deadline to meet its objectives in August 2026. EU Member States have so far received, on average, 47.8 % of the total grants and loans in their national allocation. The milestones and targets associated with the payments made so far stand at 30 % of the total. Digital transformation is among the RRF’s core priorities, and one that is shared across EU Member States. An average of 26 % of RRF funding is dedicated to digital objectives in several policy areas, of which digital public services is the largest. In its guidance at the launch of the RRF, the European Commission encouraged Member States to include investment in several digital categories. The priority of enhancing cybersecurity and cyber resilience can be found across several national recovery and resilience plans as a separate reform or investment measure. However, in many of them, it is part of a broader measure addressing, for instance, the digitalisation of public administration, digital-related investment in research and development, investment in digital capacities and deployment of advanced technologies, or supporting small companies to reposition themselves with digital tools that take into account cybersecurity needs. Thus, while not always a manifest objective, cybersecurity considerations are an integral feature of many of the RRF digital measures found across the individual national plans. Implementation of these measures, as of the RRF more generally, is underway and gaining speed. The Commission’s preliminary positive assessments of payments disbursed allow for an examination of the fulfilled implementation steps. Without being exhaustive, they offer an indication of cybersecurity developments in Member States that have been made possible with RRF funding and carried out in the first half of the RRF’s lifetime.

    MIL OSI Europe News

  • MIL-OSI Europe: Missions – SANT delegation to the World Health Organization- 78th World Health Assembly – 25-05-2025 – Committee on Public Health

    Source: European Parliament

    WHA78.PNG © WHO

    From 26 to 28 May, SANT will hold a delegation to the World Health Organization (WHO) in Geneva, on the occasion of the 78th World Health Assembly (WHA).

    Five Members of SANT will have the opportunity to meet representatives of WHO, and attend the 78th WHA. They will discuss health subjects relevant to SANT’s work programme, such as health emergencies preparedness and response, antimicrobial resistance, access to medicines, climate and health, sexual and reproductive health, amongst others. The SANT delegation will also engage with the parties involved with the preparation of the Pandemic Agreement.

    MIL OSI Europe News

  • MIL-OSI Europe: Highlights – SANT delegation to the World Health Organization – 78th World Health Assembly – Committee on Public Health

    Source: European Parliament

    WHA78 © WHO

    From 26 to 28 May, SANT will hold a delegation to the World Health Organization (WHO) in Geneva, on the occasion of the 78th World Health Assembly (WHA).

    Five Members of SANT will have the opportunity to meet representatives of WHO, and attend the 78th WHA. They will discuss health subjects relevant to SANT’s work programme, such as health emergencies preparedness and response, antimicrobial resistance, access to medicines, climate and health, sexual and reproductive health, amongst others. The SANT delegation will also engage with the parties involved with the preparation of the Pandemic Agreement.

    MIL OSI Europe News

  • MIL-OSI: TransUnion Analysis Uncovers Surprising Truth: Inflation-Adjusted Debt Growth Much Smaller Over the Last Five Years

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, May 22, 2025 (GLOBE NEWSWIRE) — As consumers grapple with rising costs and high interest rates, recent studies have revealed an increased reliance on credit products to help make ends meet. Despite the seemingly rapid growth in balances, a new analysis by TransUnion (NYSE: TRU) uncovers a more complex reality.

    According to TransUnion’s newly released Q1 2025 Credit Industry Insights Report (CIIR) total consumer balances have steadily increased over recent years. Total balances in nominal dollar terms (before adjusting for inflation) across all consumer credit products rose from $14.1 trillion in Q1 2020 to $18.0 trillion in Q1 2025, approximately 28%. The cumulative Consumer Price Index increase over that same time period, as measured by the U.S. Bureau of Labor Statistics, was nearly 24%. When adjusted for inflation, total balance growth in real dollar terms is more modest, amounting to $0.5 trillion over the five-year period, an increase of closer to 3%.

    The analysis also revealed that inflation-adjusted balances for consumers actually declined in real dollar terms across the majority of credit risk tiers from 2020 to 2025. This decrease was most pronounced in the prime risk tier, which saw a 14% drop in balances after adjusting for inflation. In contrast, super prime consumers experienced an 18% growth in balances over the same period. Much of the increase for super prime borrowers was attributed to higher mortgage balances. The only other risk tier to see an inflation-adjusted increase over the period was subprime at 1.9%.

    “Our latest analysis reveals a picture of credit usage that goes beyond simply an increase in total balances,” said Jason Laky, executive vice president and head of financial services at TransUnion. “When we account for the recent period of higher inflation, the rise in balances suggests that consumers in most risk tiers are not over-extended. In fact, many consumers experienced significant income gains since 2019, which have enabled most borrowers to effectively manage their debt levels.”

    Total Inflation-Adjusted Balances Across All Accounts Have Declined Across The Majority of Risk Tiers Since 2019
      % nominal dollar change 2020 to 2025 % real dollar change for 2020 to 2025 –
    inflation adjusted
    Super prime 46.5% 18.2%
    Prime plus 9.4% -11.7%
    Prime 7.2% -13.5%
    Near prime 11.6% -9.9%
    Subprime 26.2% 1.9%


    Source: TransUnion U.S. Consumer Credit Database

    “These findings challenge the idea that consumers are simply accumulating credit card debt. Instead, they highlight how balances reflect the current economic reality,” said Michele Raneri, vice president and head of U.S. research and consulting at TransUnion. “It’s understandable that only subprime consumers have experienced an inflation-adjusted increase in real credit card average balances, as this demographic has likely felt the impact of higher costs most acutely. But for other risk tiers of borrowers, their card balance growth has been less than the rate of inflation, indicating that many consumers may have further borrowing capacity.”

    To learn more about the latest consumer credit trends, register for the Q1 2025 Quarterly Credit Industry Insights Report webinar. Read on for more specific insights about credit cards, personal loans, auto loans and mortgages.

    Serious consumer-level credit card delinquencies decline YoY for second consecutive quarter

    Q1 2025 CIIR Credit Card Summary

    The first quarter of 2025 reflected credit card trends indicating a return to equilibrium, similar to those observed towards the end of 2024. Notably, consumer-level delinquencies of 90+ days past due decreased for the second consecutive quarter, dropping by 12 basis points year-over-year (YoY) to 2.43%. This marks the first consecutive quarters of YoY delinquency decline since 2020, during the height of the pandemic. In Q4 2024, total originations volume experienced a slight YoY increase of 0.1%. Although modest, this represents the first YoY growth in six quarters. Subprime originations saw a YoY growth of 2.9% in Q4 2024, the first in eight quarters, while super prime originations grew by 5.3% for the second consecutive quarter. Despite the uptick in originations, credit line amounts on new cards continue to trend downward. The average credit line on new accounts decreased slightly by 0.3% YoY in Q4 2024, with growth in super prime lines offsetting smaller lines in prime and below.

    Instant Analysis

    “We continue to observe signs that serious delinquencies may have peaked, with consumers managing their credit card usage more effectively. The year-over-year decline in 90+ days past due delinquencies, along with slower balance growth and stable utilization rates, indicates emerging market stability. We anticipate further declines in serious delinquencies in the coming quarters, primarily due to lenders’ intentional management of credit lines and cardholder risk profiles.”

    – Paul Siegfried, senior vice president and credit card business leader at TransUnion

    Q1 2025 Credit Card Trends

    Credit Card Lending Metric
    (Bankcard)
    Q1 2025 Q1 2024 Q1 2023 Q1 2022

    Number of Credit Cards
    (Bankcards)
    563.0 million 543.1 million 523.2 million 490.0 million
    Borrower-Level Delinquency
    Rate (90+ DPD)
    2.43% 2.55% 2.26% 1.62%
    Total Credit Card Balances $1.07 Trillion $1.02 Trillion $917 billion $769 billion

    Average Debt Per Borrower
    $6,371 $6,218 $5,733 $5,026
    Number of Consumers
    Carrying a Balance
    172.0 million 169.0 million 165.3 million 158.9 million
    Prior Quarter Originations* 19.4 million 19.3 million 20.6 million 21.2 million
    Average New Account Credit
    Lines*
    $5,612 $5,628 $5,421 $4,634


    *Note: Originations are viewed one quarter in arrears to account for reporting lag.

    Click here for a Q1 2025 credit card industry infographic. For more credit card industry information, click here for episodes of Extra Credit: A Card and Banking Podcast by TransUnion.

    Shift to less risky borrowers drives decline in unsecured personal loan delinquency in Q1 2025

    Q1 2025 CIIR Unsecured Personal Loan Summary

    In Q4 2024, unsecured personal loan originations hit a new high of 6.3 million, a 26% increase over Q4 2023, driven by all risk tiers, especially super prime, with 29% growth YoY. This led to a 17% YoY growth in total new account balances to $34 billion. Total balances for Q1 2025 only grew for above prime tiers, reaching $253 billion, a 3% increase over the prior year. A record 24.6 million consumers had balances, a 5% increase YoY, but average balances per consumer only grew for above prime tiers. Lenders expanded their borrower base but maintained cautious exposure, leading to a 7% decrease in average new account balances for Q4 2024, the fifth consecutive quarter of decline. Subprime delinquencies fell to 14.0% in Q1 2025 from 15.6% last year, while other risk tiers saw increases. The overall borrower-level delinquency rate declined to 3.49% in Q1 2025 from 3.75% last year, thanks to a balanced lending mix.

    Instant Analysis

    “The unsecured personal loan market has not only rebounded but also expanded, setting new records in loan volumes and balances. Growth is evident across all credit risk tiers, with super prime borrowers leading in year-over-year growth in the most recent quarter. Lenders appear to be limiting loan amounts for individual consumers, even as the aggregate borrower-level delinquency rate continues to decline. Increased competition and demand in the lowest risk credit tiers, along with advances in risk management practices, are now resulting in lower delinquency rates. These factors should support sustained growth, even in a challenging macroeconomic environment.“

    – Josh Turnbull, senior vice president and consumer lending business leader at TransUnion

    Q1 2025 Unsecured Personal Loan Trends
    Personal Loan Metric Q1 2025 Q1 2024 Q1 2023 Q1 2022
    Total Balances $253 billion $245 billion $225 billion $178 billion
    Number of Unsecured
    Personal Loans
    29.8 million 28.1 million 26.9 million 23.9 million
    Number of Consumers with
    Unsecured Personal Loans
    24.6 million 23.5 million 22.4 million 20.4 million
    Borrower-Level Delinquency
    Rate (60+ DPD)
    3.49% 3.75% 3.91% 3.25%
    Average Debt Per Borrower $11,631 $11,829 $11,281 $9,896
    Average Account Balance $8,496 $8,737 $8,356 $7,448
    Prior Quarter Originations* 6.3 million 5.0 million 5.2 million 5.7 million


    *Note: Originations are viewed one quarter in arrears to account for reporting lag.

    Click here for additional unsecured personal loan industry metrics. Click here for a Q1 2025 unsecured personal loan industry infographic.

    Mortgage originations see YoY growth as delinquencies tick up

    Q1 2025 CIIR Mortgage Loan Summary

    Another sign that the previously sluggish mortgage originations market is beginning to rebound is that mortgage originations saw a YoY increase of 30.2% in Q4 2024, reaching 1.2 million, with 78% of those being purchase originations. The 15.4% YoY growth in purchase originations marks its first annual increase since Q2 2021. Origination volumes remain low compared to historical norms. Home equity originations rose 11% YoY, marking the third consecutive quarter of YoY increases. Meanwhile, 60+ days past due (DPD) account-level delinquencies ticked up YoY in Q1 2025 for the 12th consecutive quarter, reaching 1.44%. This represents a growth of 21 basis points YoY in Q1 2025, though the rate remains relatively low compared to historical levels. As home prices continue to climb, the average amount of new mortgage loans has followed suit, increasing by nearly $40,000 YoY to $366,443 in Q4 2024.

    Instant Analysis

    “Due to the anticipated impacts of announced tariffs on near-term inflation, mortgage rates are expected to remain elevated above 6% in the next quarter. Without a significant decrease in mortgage rates, origination activity for both purchases and refinances is likely to remain subdued. Although the upward trend in mortgage delinquencies continues, the levels remain below long-term averages, and far below historical highs during the Great Financial Crisis, but still warrant close monitoring.”

    – Satyan Merchant, senior vice president, automotive and mortgage business leader at TransUnion

    Q1 2025 Mortgage Trends
    Mortgage Lending
    Metric
    Q1 2025 Q1 2024 Q1 2023 Q1 2022
    Number of Mortgage
    Loans

    53.6 million

    53.2 million

    52.9 million

    51.5 million

    Consumer-Level
    Delinquency Rate
    (60+ DPD)
    1.36% 1.14% 0.90% 0.80%
    Prior Quarter
    Originations*
    1.2 million 0.9 million 1.0 million 2.9 million
    Average Loan
    Amounts

    of New Mortgage
    Loans*
    $366,443 $327,102 $327,050 $315,661
    Average Balance per
    Consumer
    $266,843 $260,745 $253,514 $241,203
    Total Balances of All
    Mortgage Loans
    $12.5 trillion $12.1 trillion $11.8 trillion $10.9 trillion


    * O
    riginations are viewed one quarter in arrears to account for reporting lag.
    Click here for additional mortgage industry metrics. Click here for a Q1 2025 mortgage industry infographic.

    Auto originations trend up ahead of tariffs

    Q1 2025 CIIR Auto Loan Summary

    Auto loan originations in Q4 2024 reached 6.2 million, representing an 8% YoY growth. This growth was observed across all risk tiers, with super prime leading at 15.7% YoY growth. The increase was largely driven by Federal Reserve interest rate cuts in late 2024, rising inventories, and the return of incentives. New vehicles made up 47% of those financed in Q4 2024, as compared to 53% used, the highest Q4 share for new vehicles since pre-pandemic times. Leasing share continued to approach pre-pandemic levels, rising to 26% in Q1 2025. The 60+ DPD delinquency rate increased by 5 basis points YoY in Q1 2025 to 1.38%. This rate exceeds the peak delinquency rate of 1.33% observed in Q1 2009, although the rate of growth has recently slowed. Overall, new vehicle loan vintages continue to show consistent performance compared to pre-pandemic periods (2018/2019). However, when broken down by risk tiers, recent new vehicle vintages have elevated delinquency levels, particularly for prime and below tiers.

    Instant Analysis

    “There have been positive signs of recovery and momentum across all tiers, not just super prime. The return of incentives has provided a tailwind to vehicle sales and financing. Nevertheless, some of this progress may reverse if the recently announced trade policies are implemented long-term, as they could further impact affordability. Despite this, we expect Q1 2025 originations to increase, as many consumers likely tried to secure a new vehicle before the tariffs were implemented.”

    – Satyan Merchant, senior vice president, automotive and mortgage business leader at TransUnion

    Q1 2025 Auto Loan Trends

    Auto Lending Metric
    Q1 2025 Q1 2024 Q1 2023 Q1 2022

    Total Auto Loan Accounts
    80.0 million 80.1 million 80.1 million 80.5 million

    Prior Quarter Originations
    1
    6.2 million 5.8 million 5.8 million 6.5 million
    Average Monthly Payment
    NEW
    2
    $759 $746 $741 $657
    Average Monthly Payment
    USED
    2
    $526 $521 $521 $509
    Average Balance per
    Consumer
    $24,413 $24,035 $23,214 $21,606
    Average Amount Financed on
    New Auto Loans
    2
    $42,877 $41,222 $41,539 $40,184
    Average Amount Financed on
    Used Auto Loans
    2
    $26,494 $25,655 $26,260 $27,995
    Consumer-Level Delinquency
    Rate (60+ DPD)
    1.56% 1.50% 1.34% 1.09%


    1
    Note: Originations are viewed one quarter in arrears to account for reporting lag.
    2Data from S&P Global Mobility AutoCreditInsight, Q1 2025 data only for January and February.
    Click here for additional auto industry metrics. Click here for a Q1 2025 auto industry infographic.

    For more information about the report, please register for the Q1 2025 Credit Industry Insight Report webinar.

    About TransUnion (NYSE: TRU)

    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

    http://www.transunion.com/business

    Contact Dave Blumberg
      TransUnion
    E-mail dblumberg@transunion.com
    Telephone 312-972-6646

    The MIL Network

  • MIL-OSI Security: Former IRS Employee Ordered to Repay Funds From PPP Loan Fraud

    Source: Office of United States Attorneys

    FORT WAYNE – Rakita Davis, 45 years old, of Fort Wayne, Indiana, was sentenced by United States District Court Chief Judge Holly A. Brady after pleading guilty to federal felonies for wire fraud, announced Acting United States Attorney Tina L. Nommay.

    Davis was sentenced to 24 months of probation and ordered to pay $55,213.61 in restitution to the Small Business Administration.

    According to documents in the case, Davis falsely claimed gross income for a business that did not exist when she applied for two Paycheck Protection Program (PPP) loans in 2021. The PPP program provided loans to small businesses for job retention and other expenses as part the CARES Act and for emergency financial assistance to Americans suffering from the economic impact of the COVID-19 pandemic. Davis, who was employed by the IRS when she applied for the loans, falsely claimed that she was the sole proprietor of a catering business when in reality, no such business existed. As a result of her fraudulent representations, Davis received PPP funds which she used for her own benefit on personal items such as jewelry, airfare, luxury car rentals, and vacations.

    “This sentencing demonstrates the commitment of the Treasury Inspector General for Tax Administration (TIGTA) to investigate and bring to justice those who victimize the American taxpayer,” said Kelly Moening, TIGTA Special Agent-in-Charge. “Fraudulently applying for loans through a federal program meant to assist Americans in need will be met with aggressive investigation and prosecution. I want to thank our law enforcement partners and the U.S. Attorney’s Office for their commitment to this goal.”  

    This case was investigated by the United States Treasury Inspector General for Tax Administration with assistance from IRS Criminal Investigation.  The case was prosecuted by Assistant United States Attorney Justin C. Sheridan.

    MIL Security OSI

  • MIL-OSI Global: Young food entrepreneurs are changing the face of rural America

    Source: The Conversation – USA – By Dawn Thilmany, Professor of Agricultural Economics, Colorado State University

    Many rural food businesses, like Daily Loaf Bakery in Hamburg, Pa., rely on farmers markets to reach customers. Susan L. Angstadt/MediaNews Group/Reading Eagle via Getty Images

    Visit just about any downtown on a weekend and you will likely happen upon a farmers market. Or, you might grab lunch from a food truck outside a local brewpub or winery.

    Very likely, there is a community-shared kitchen or food entrepreneur incubator initiative behind the scenes to support this growing foodie ecosystem.

    As rural America gains younger residents, and grows more diverse and increasingly digitally connected, these dynamics are driving a renaissance in craft foods.

    One food entrepreneur incubator, Hope & Main Kitchen, operates out of a school that sat vacant for over 10 years in the small Rhode Island town of Warren. Its business incubation program, with over 300 graduates to date, gives food and beverage entrepreneurs a way to test, scale and develop their products before investing in their own facilities. Its markets also give entrepreneurs a place to test their products on the public and buyers for stores, while providing the community with local goods.

    Food has been central to culture, community and social connections for millennia. But food channels, social media food influencers and craft brews have paved the way for a renaissance of regional beverage and food industry startups across America.

    In my work in agriculture economics, I see connections between this boom in food and agriculture innovation and the inflow of young residents who are helping revitalize rural America and reinvigorate its Main Streets.

    Why entrepreneurs are embracing rural life

    An analysis of 2023 U.S. Census Bureau data found that more people have been moving to small towns and rural counties in recent years, and that the bulk of that population growth is driven by 25- to 44-year-olds.

    This represents a stark contrast to the 2000s, when 90% of the growth for younger demographics was concentrated in the largest metro areas.

    The COVID-19 pandemic and the shift to remote work options it created, along with rising housing prices, were catalysts for the change, but other interesting dynamics may also be at play.

    One is social connectedness. Sociologists have long believed that the community fabric of rural America contributes to economic efficiency, productive business activity, growth of communities and population health.

    Maps show that rural areas of the U.S. with higher social capital – those with strong networks and relationships among residents – are some of the strongest draws for younger households today.

    Another important dynamic for both rural communities and their new young residents is entrepreneurship, including food entrepreneurship.

    Rural food startups may be leveraging the social capital aligned with the legacy of agriculture in rural America, resulting in a renewed interest in craft and local foods. This includes a renaissance in foods made with local ingredients or linked to regional cultures and tastes.

    According to data from the National Agricultural Statistics Service, U.S. local sales of edible farm products increased 33% from 2017 to 2022, reaching $14.2 billion.

    The new ‘AgriCulture’

    A 2020 study I was involved in, led by agriculture economist Sarah Low, found a positive relationship between the availability of farm-based local and organic foods and complementary food startups. The study termed this new dynamic “AgriCulture.”

    We found a tendency for these dynamics to occur in areas with higher natural amenities, such as hiking trails and streams, along with transportation and broadband infrastructure attractive to digital natives.

    The same dynamic drawing young people to the outdoors offers digital natives a way to experience far-reaching regions of the country and, in some cases, move there.

    A thriving food and beverage scene can be a pull for those who want to live in a vibrant community, or the new settlers and their diverse tastes may be what get food entrepreneurs started. Many urban necessities, such as shopping, can be done online, but eating and food shopping are local daily necessities.

    Governments can help rural food havens thrive

    When my colleagues and I talk to community leaders interested in attracting new industries and young families, or who seek to build community through revitalized downtowns and public spaces, the topic of food commonly arises.

    We encourage them to think about ways they can help draw food entrepreneurs: Can they increase local growers’ and producers’ access to food markets? Would creating shared kitchens help support food trucks and small businesses? Does their area have a local advantage, such as a seashore, hiking trails or cultural heritage, that they can market in connection with local food?

    The farm store at Harley Farm Goat Dairy in Pescadero, Calif., draws people headed for hiking trails or the coast in the Santa Cruz Mountains.
    Smith Collection/Gado/Getty Images

    Several federal, state and local economic development programs are framing strategies to bolster any momentum occurring at the crossroads of rural, social connections, resiliency, food and entrepreneurship.

    For example, a recent study from a collaboration of shared kitchen experts found that there were over 600 shared-use food facilities across the U.S. in 2020, and over 20% were in rural areas. In a survey of owners, the report found that 50% of respondents identified assisting early-growth businesses as their primary goal.

    The USDA Regional Food Business Centers, one of which I am fortunate to co-lead, have been bolstering the networking and technical assistance to support these types of rural food economy efforts.

    Many rural counties are still facing shrinking workforces, commonly because of lagging legacy industries with declining employment, such as mining. However, recent data and studies suggest that in rural areas with strong social capital, community support and outdoor opportunities, younger populations are growing, and their food interests are helping boost rural economies.

    Dawn Thilmany receives funding from the United States Department of Agriculture, Economic Development Administration, and Colorado state agencies focused on agriculture, economic development and food systems.

    ref. Young food entrepreneurs are changing the face of rural America – https://theconversation.com/young-food-entrepreneurs-are-changing-the-face-of-rural-america-245531

    MIL OSI – Global Reports

  • MIL-OSI Global: WHO is finalizing a new treaty that prepares for the next pandemic − but the US isn’t signing

    Source: The Conversation – USA – By Nicole Hassoun, Professor of Philosophy, Binghamton University, State University of New York

    The 78th World Health Assembly is taking place in Geneva, Switzerland, from May 19-27, 2025. Fabrice Coffrini/AFP via Getty Images

    On March 20, 2025, members of the World Health Organization adopted the world’s first pandemic agreement, following three years of “intensive negotiations launched by governments in response to the devastating impacts of the COVID-19 pandemic.” The U.S., however, did not participate, in part because of its intention to withdraw from the WHO.

    Global health experts are hailing the agreement as a historic moment.

    What does the agreement mean for the world, and how can it make everyone safer and more prepared for the next pandemic?

    The Conversation asked Nicole Hassoun, a professor at Binghamton University and executive director of Global Health Impact, to explain the pandemic accord, its prospects for advancing global health, and the significance of the U.S.’s absence from it.

    What will the pandemic agreement do?

    The accord will bolster pandemic preparation within individual countries and around the world.

    Countries signing onto the agreement are committing to improve their disease surveillance and grow their heath care workforces, strengthen their regulatory systems and invest in research and development. It encourages countries to strengthen their health regulations and infrastructure, improve communication with the public about pandemics and increase funding for preparation and response efforts.

    It also includes new mechanisms for producing and distributing vaccines and other essential countermeasures. Finally, it encourages countries to coordinate their responses and share information about infectious diseases and intellectual property so that vaccines and other essential countermeasures can be made available more quickly.

    The agreement will take effect once enough countries ratify it, which may take several years.

    Why isn’t the US involved?

    The Biden administration was broadly supportive of a pandemic agreement and was an active participant in negotiations.

    Prior to Donald Trump’s reelection, however, Republican governors had signed a letter opposing the treaty, echoing a conservative think tank’s concerns about U.S. sovereignty.

    The U.S. withdrew from negotiations when President Trump signed an executive order to withdraw from the WHO on the day he was inaugurated for his second term.

    Why could the lack of US involvement be beneficial for the world?

    The lack of U.S. involvement likely resulted in a much more equitable treaty, and it is not clear that countries could have reached an agreement had the U.S. continued to object to key provisions.

    It was only once the U.S. withdrew from the negotiations that an agreement was reached. The U.S. and several other wealthy countries were concerned with protecting their pharmaceutical industry’s profits and resisted efforts aimed at convincing pharmaceutical companies to share the knowledge, data and intellectual property needed for producing new vaccines and other essential countermeasures.

    Other negotiators sought greater access to vaccines and other treatments during a pandemic for poorer countries, which often rely on patented technologies from global pharmaceutical companies.

    While most people in wealthy countries had access to COVID-19 vaccines as early as 2021, many people in developing countries had to wait years for vaccines.

    How could the agreement broaden access for treatments?

    One of the contentious issues in the pandemic agreement has to do with how many vaccines manufacturers in each country must share in exchange for access to genetic sequences to emerging infectious diseases. Countries are still negotiating a system for sharing the genetic information on pathogens in return for access to vaccines themselves. It is important that researchers can get these sequences to make vaccines. And, of course, people need access to the vaccines once they are developed.

    Still, there are many more promising aspects of the agreement for which no further negotiations are necessary. For instance, the agreement will increase global vaccine supply by increasing manufacturing around the world.

    The agreement also specifies that countries and the WHO should work together to create a mechanism for fairly sharing the intellectual property, data and knowledge needed to produce vaccines and other essential health products. If financing for new innovation requires equitable access to the new technologies that are developed, many people in poor countries may get access to vaccines much more quickly in the next pandemic. The agreement also encourages individual countries to offer sufficient incentives for pharmaceutical companies to extend access to developing countries.

    If countries implement these changes, that will benefit people in rich countries as well as poor ones. A more equitable distribution of vaccines can contain the spread of disease, saving millions of lives.

    What more should be done, and does the US have a role to play?

    In my view, the best way to protect public health moving forward is for countries to sign on to the agreement and devote more resources to global health initiatives. This is particularly important given declining investment and participation in the WHO and the contraction of other international health initiatives, such as USAID.

    Without international coordination, it will become harder to catch and address problems early enough to prevent epidemics from becoming pandemics.

    It will also be imperative for member countries to provide funding to support the agreement’s goals and secure the innovation and access to new technologies. This requires building the basic health infrastructure to ensure shots can get into people’s arms.

    Nicole Hassoun has receive funding from the WHO and worked as a consultant for the UN.

    ref. WHO is finalizing a new treaty that prepares for the next pandemic − but the US isn’t signing – https://theconversation.com/who-is-finalizing-a-new-treaty-that-prepares-for-the-next-pandemic-but-the-us-isnt-signing-256191

    MIL OSI – Global Reports

  • MIL-OSI USA: Governor Pillen Signs Budget, Announces Line Item Vetos

    Source: US State of Nebraska

    . In his letter, the Governor thanked members of the Appropriations Committee and the legislative body for its work in developing a fiscally conservative budget. He noted that those efforts solved the $432 million reported shortfall and honored the state’s commitment to providing tax relief for Nebraskans. 

    The Governor went on to say that he was disappointed that LB170 failed to pass, which would have provided additional property tax relief to Nebraskans, and would have built on the work undertaken over the last two and a half years to provide such relief.

    Gov. Pillen identified the following vetoes, which he said are “necessary to honor our commitment to fiscal restraint.” 

    In summary, they include:

    • Reducing the Supreme Court’s budget increase to mirror the rate of increase provided to the University of Nebraska
    • Using existing agency funds to cover Fire Marshal salary and health insurance premium increases
    • Reducing the additional appropriation provided to public health departments, thereby, bringing funding back to a pre-pandemic level
    • Cutting an $18 million cash fund reappropriation for recreational upgrades at Lake McConaughy

    “As with all current decisions sunounding our state budget, as stewards of the public’s resources we must prioritize what is necessaiy over what would be nice to have. We must be conservative in good times as well as during fiscally challenging times. Reducing spending is hard work, but Nebraskans expect us to exercise common sense and discretion in achieving a balanced, fair and operative budget,” said Gov. Pillen.

    The full letter is attached. 

    MIL OSI USA News

  • MIL-OSI Asia-Pac: SWEARING IN OF NEW CITIZENS

    Source:

    Share this:

    KEYNOTE ADDRESS by the Prime Minister Hon. Fiame Naomi Mataafa – (Thursday 24th April 2025)

    Deputy Prime Minister and Cabinet

    The cohort of new Samoan citizens who have taken oaths this morning

    Families and friends.

    Talofa lava,

    Today marks a significant milestone of your journey by virtue of taking your oaths as citizens of our country. It reflects your commitment, loyalty, and devotion to serve Samoa and her people.

    On behalf of the government and the people of Samoa, I extend to you our congratulations, and am very pleased to welcome you as fellow citizens of Samoa.

    The wake of the COVID 19 pandemic in 2020 caused delays in the processing of citizenship applications in accordance with requirements of the Citizenship Act 2004.

    We have not had a swearing in ceremony for new Samoan citizens since 2020.

    I am aware that some of you have qualified for Samoan citizenship by virtue of years of your marriage to Samoan citizens, and some by virtue of your permanent residency status. To many of you, it has been a long wait, but as you will appreciate, these things take time.

    The Samoan citizenship is dear to us for it is our identity and freedom to live harmoniously and peacefully in our lands. But it comes with responsibility. Responsibility to care and to love, to be law abiding, to respect others, and to use God given talents, wisdom and knowledge to work together for the common good of Samoa. Today, you have been entrusted with that responsibility as citizens of Samoa to serve your country.

    I thank you for years of your contribution to Samoa in various sectors you are working in. Do continue to excel in what you do to serve our people. We have our own challenges as a small island state, but our resilience as people of the Blue Pacific begins with us.

    At the heart of our progress is the recognition of our shared responsibilities as citizens. Our strength lies in our unity, for it is the cornerstone of our identity, people to people linkages, and our culture and traditions.

    We are duty bound to build a country where Samoans want to live in the future, and to nurture responsible future custodians of our scarce resources.

    Today, I urge you to serve Samoa with humility, integrity, and dedication. Let us never lose sight of our duties as Samoan citizens, nor take for granted the trust of our fellow countrymen.

    As a nation founded on the Christian faith, we proclaim our dependence on God. He has been faithful to Samoa, and we trust that He will continue to guide us through His grace and abundance.

    God bless you and your families, God bless Samoa.

    Soifua ma ia manuia.

    Photos by : Leota Marc Membrere

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    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Health partnerships are key

    Source: European Investment Bank

    Recognising the imperative to be even better prepared for the next pandemic, we have continued to build on this previous success. The EIB is providing Gavi with €1 billion in liquidity to accelerate access to vaccines for viruses with pandemic potential (such as Ebola), and to support routine vaccination against preventable diseases like measles, malaria, and the human papillomavirus (HPV), which is a leading cause of cervical cancer. (A new vaccine against tuberculosis could also be on the horizon.)

    This innovative approach has also inspired others and catalysed their efforts. For example, the G7 development-finance institutions, together with the EIB, MedAccess, and the International Finance Corporation, are working on a new surge-funding instrument to mobilise vaccines, therapeutics, diagnostics, and other medical goods that low- and lower-middle income countries will need to respond to future pandemics.

    Boosting regional vaccine production is a critical priority. Africa accounts for 20% of the world’s population, but produces just 0.1% of the world’s supply of vaccines. Building the continent’s vaccine-manufacturing base is a key part of any strategy to strengthen overall pandemic preparedness.

    Here, too, the EIB’s partnership and financial innovation are a game changer. Gavi’s $1.2 billion African Vaccine Manufacturing Accelerator – backed by over €750 million from European governments, as well as institutions including the EIB – is designed to dismantle barriers to local vaccine production. To help Africa achieve vaccine sovereignty, the EIB is also directly financing production facilities in Ghana, South Africa, and Senegal, through the Institut Pasteur de Dakar.

    Africa accounts for 20% of the world’s population, but produces just 0.1% of the world’s supply of vaccines.

    MIL OSI Europe News

  • MIL-OSI Europe: EU Fact Sheets – General principles of EU industrial policy – 21-05-2025

    Source: European Parliament

    The EU’s industrial policy aims to make European industry more competitive so that it can maintain its role as a driver of sustainable growth and employment in Europe. The digital transition and the transition towards a carbon-neutral economy have led to the adoption of various strategies to ensure better framework conditions for EU industry. The impact of the COVID-19 pandemic and the war in Ukraine have sparked new reflections on economic recovery, reconstruction and building resilience.

    MIL OSI Europe News

  • MIL-OSI Economics: Development Asia: Women as Agents of Change: Shaping Resilience through Sponge Cities

    Source: Asia Development Bank

    One of the strongest success factors behind SZWG’s gender action plan was leadership commitment, particularly from senior champions like Vice President Ji, who modeled inclusive leadership and advocated for key reforms such as the Childcare Leave policy.

    Another key enabler was the Women’s Committee, which acted as an internal driver for change. By working closely with HR and the Labor Union, the committee translated employee needs into concrete actions—such as the successful launch of subsidized psychological counseling during the pandemic. This responsiveness built trust and ensured that such initiatives were grounded in workforce needs.

    Setting measurable targets for women in leadership also proved effective in raising awareness and accountability, particularly in a sector with historically low female representation.

    What could have made this even stronger? Formalizing these successes into policy. Making inclusion targets part of official HR practices, like setting leadership benchmarks, would help ensure long-term progress, not just one-time wins.

    Inclusion should not be isolated to certain departments or administrative roles. Women have a crucial role to play in water management itself. At SZWG, female staff are increasingly involved in technical training, innovation, and knowledge-sharing on sponge city development and smart water systems. Their growing presence in technical roles has improved outcomes and sparked more holistic, community-minded solutions.

    Key takeways for other organizations

    • Find and empower visible champions who can push for bold, practical reforms.
    • Establish women-led groups to keep inclusion efforts grounded in staff needs.
    • Turn early wins into long-term policy—think beyond awareness and into accountability.
    • Actively involve women in innovation, decision-making and technical fields.
    • Support employee well-being, not as an add-on, but as a foundation for inclusive culture.

    When women are empowered—not only in the workplace but also as decision-makers and innovators in the water sector —they become powerful agents of change. SZWG’s experience shows that by investing in women’s leadership, both within the organization and across the sector, it’s possible to drive smarter solutions and build more resilient cities. This is how resilience is built—through inclusive leadership and smart urban water systems shaped by diverse voices.


    [1] SZWG’s sponge city development is guided by modeling of surface water, weather patterns, drainage systems, and groundwater. It involves low-impact development techniques such as the use of wetlands, permeable pavements, rainwater gardens, green roofs, storage facilities, wastewater reuse, and managed aquifer recharge.

    MIL OSI Economics

  • MIL-OSI Security: City of Miami Police Officer Pleads Guilty to COVID-19 Relief Fraud

    Source: Office of United States Attorneys

    MIAMI – Yesterday, Tramaine Liptrot, 43, a police officer with the City of Miami Police Department (MPD) who has been relieved of duty, pleaded guilty to wire fraud in connection with fraudulent applications for two Paycheck Protection Program (PPP) loans totaling over $200,000. Liptrot entered his guilty plea in Miami before U.S. District Judge Beth Bloom.

    According to the facts admitted at the change of plea hearing, Liptrot, along with being an MPD Police Officer, was the owner and President of Liptrots Tax Services L.L.C (Liptrots Tax). With the assistance of an associate, Liptrot fraudulently obtained two PPP loans in the name of Liptrots Tax.

    On June 22, 2020, working with the associate, Liptrot caused the submission of a false and fraudulent PPP loan application on behalf of Liptrots Tax, falsely claiming that Liptrots Tax had an average monthly payroll of $36,700 for four employees, and a fraudulent IRS Form 944 in support thereof, falsely claiming that Liptrots Tax paid its employees $440,397 during 2019. As a result of this fraudulent PPP application, Liptrots Tax obtained approximately $91,750 in PPP loan proceeds from an SBA approved PPP lender.

    On March 3, 2021, again working with the associate, Liptrot caused the submission of a false and fraudulent second-draw PPP loan application on behalf of Liptrots Tax, falsely claiming that Liptrots Tax had an average monthly payroll of $43,369, and including as part of the application process, a fraudulent IRS Form 944, falsely claiming that Liptrots Tax paid $496,428 in wages and other compensation in 2020. As a result of this fraudulent second-draw PPP application, Liptrots Tax obtained approximately $108,422 in PPP loan proceeds from a different SBA approved PPP lender. 

    Liptrot is scheduled for sentencing on August 6, 2025, at 10:30 a.m., where he faces a possible maximum sentence of up to 20 years in prison.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, acting Special Agent in Charge Brett D. Skiles of FBI Miami and Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA-OIG), Eastern Region, announced the guilty plea.

    FBI Miami’s Area Corruption Task Force, which includes task force officers from the City of Miami Police Department’s Internal Affairs Section, and SBA-OIG investigated the case. Assistant U.S. Attorney Edward N. Stamm is prosecuting the case and Assistant U.S. Attorney Gabrielle Raemy Charest-Turken is handling asset forfeiture.

    In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide Economic Injury Disaster Loans (EIDLs) to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred.  EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On September 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 23-cr-20155.

    ###

    MIL Security OSI

  • MIL-OSI: CORRECTION — LiveRamp Announces Fourth Quarter and Fiscal Year 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, May 21, 2025 (GLOBE NEWSWIRE) — In a release issued earlier today under the same headline by LiveRamp (NYSE: RAMP), please note the GAAP operating income and Non-GAAP operating income for the first quarter of fiscal 2026 and fiscal 2026 were stated incorrectly. The corrected release follows:

    Q4 Revenue up 10% year-over-year

    FY25 Operating Cash Flow increases 46% year-over-year

    FY25 Share Repurchases totaled $101 million

    LiveRamp® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2025.

    Q4 Financial Highlights1

    • Total revenue was $189 million, up 10%.
    • Subscription revenue was $145 million, up 9%.
    • Marketplace & Other revenue was $44 million, up 14%.
    • GAAP gross profit was $131 million, up 5%. GAAP gross margin of 69% compressed by 3 percentage points. Non-GAAP gross profit was $136 million, up 5%. Non-GAAP gross margin of 72% compressed by 3 percentage points.
    • GAAP operating loss was $12 million compared to $14 million. GAAP operating margin of negative 6% expanded by 2 percentage points. Non-GAAP operating income was $23 million compared to $16 million. Non-GAAP operating margin of 12% expanded by 3 percentage points.
    • GAAP diluted loss per share was $0.10 and non-GAAP diluted earnings per share was $0.30.
    • Net cash provided by operating activities was $63 million compared to $28 million.
    • Share repurchases in the fourth quarter totaled approximately 950 thousand shares for $25 million.

    Fiscal Year Financial Highlights1

    • Total revenue was $746 million, up 13%.
    • Subscription revenue was $569 million, up 11%, and represented 76% of total revenue.
    • Marketplace & Other revenue was $177 million, up 21%.
    • GAAP gross profit was $530 million, up 10%, and GAAP gross margin of 71% compressed by 2 percentage points. Non-GAAP gross profit was $550 million, up 12%, and non-GAAP gross margin of 74% compressed by 1 percentage point.
    • GAAP operating income was $5 million compared to $11 million. GAAP operating margin of 1% compressed by 1 percentage point. Non-GAAP operating income was $136 million compared to $105 million. Non-GAAP operating margin of 18% expanded by 2 percentage points.
    • GAAP diluted loss per share was $0.01, and non-GAAP diluted EPS was $1.70.
    • Net cash provided by operating activities was $154 million compared to $106 million.
    • Share repurchases in fiscal 2025 totaled approximately 3.8 million shares for $101 million. As of March 31, 2025, there was $256 million in remaining capacity under the share repurchase authorization that expires on December 31, 2026.

    A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

    Commenting on the results, CEO Scott Howe said: “We had a strong finish to fiscal 2025, with fourth quarter revenue and operating income exceeding our expectations, revenue growing at a double-digit rate and operating cash flow reaching a record high. As we enter fiscal 2026, more so than ever, we are focused on controlling what we can control: Making our platform faster and easier to use; rolling out new functionality, such as our new Cross Media Intelligence measurement solution; helping customers optimize ad spend by harnessing the power of our Data Collaboration Network; and, finally, prudently managing our own costs and growth investments. The near-term macro environment may be uncertain, but we remain confident that in the long-run we can drive sustained growth and shareholder value creation.”

    GAAP and Non-GAAP Results
    The following table summarizes the Company’s financial results for the fiscal 2025 fourth quarter and full year ended March 31, 2025 ($ in millions, except per share amounts):

           
      GAAP   Non-GAAP
      Q4 FY25 FY25   Q4 FY25 FY25
    Subscription revenue $145 $569  
    YoY change 9% 11%  
    Marketplace & Other revenue $44 $177  
    YoY change 14% 21%  
    Total revenue $189 $746  
    YoY change 10% 13%  
               
    Gross profit $131 $530   $136 $550
    % Gross margin 69% 71%   72% 74%
    YoY change (3 pts) (2 pts)   (3 pts) (1 pt)
               
    Operating income (loss) ($12) $5   $23 $136
    % Operating margin (6%) 1%   12% 18%
    YoY change 2 pts (1 pt)   3 pts 2 pts
               
    Net earnings (loss) ($6) ($1)   $20 $115
    Diluted earnings (loss) per share ($0.10) ($0.01)   $0.30 $1.70
               
    Shares to calculate diluted EPS 66.0 66.1   67.5 67.5
    YoY change (1%) (3%)   (1%) (1%)
               
    Net operating cash flow $63 $154  
    Free cash flow   $62 $153
               
    Totals may not sum due to rounding.
     
     

    A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules attached to this press release.

    Additional Business Highlights & Metrics

    • On February 25 we hosted an investor day presentation in San Francisco. The video replay, slide presentation and transcript are available on our investor relations website. Additionally, please see our investor day recap that highlights 10 interesting slides from the presentation, available here.
    • On February 25-27 we hosted our annual customer and partner conference, RampUp, in San Francisco, bringing together more than 2,500 leaders at the intersection of marketing, technology and data science. The event featured product demonstrations and 40+ panels and presentations featuring 110 leaders from some of the largest brands in the world, including Disney, Home Depot, P&G and Uber – to name a few. Video replays of these sessions are available here and an event recap for investors is available here.
    • On February 25 we announced Cross-Media Intelligence, a new capability that enables marketers to better measure and optimize campaigns anywhere their customers are. LiveRamp’s Cross-Media Intelligence is a premier solution for next-generation cross-media measurement, unifying insights across partners and datasets, and delivering actionable, repeatable insights with unmatched speed and precision. With Cross-Media Intelligence, marketers for the first time can access unified, deduplicated reporting across screens and platforms (additional information).
    • On April 22 Google announced that it will no longer roll out a new standalone prompt for consumers to opt-in to third-party cookie tracking on Chrome. LiveRamp’s mission remains the same: Enable best-in-class addressable reach and connectivity across every consumer experience by continuing to develop the largest and most useful data collaboration network. We will use cookies to extend reach on Chrome, while continuing to invest and expand our authenticated ecosystem across cookieless browsers (Safari, Firefox, and Edge), direct publisher integrations, CTV, mobile/gaming, and new AI integrations. Please see our blog post for additional information.
    • On March 6 we announced a workforce restructuring involving approximately 5% of our full-time employees. The restructuring is part of a broader strategic reprioritization to build a stronger, more profitable company by tightening our focus and simplifying and driving efficiency into our business processes. In the fourth quarter we incurred $7.2 million of restructuring and related charges primarily related to employee severance and benefits.
    • LiveRamp ended the year with 128 customers whose annualized subscription revenue exceeds $1 million, compared to 115 in the prior year.
    • LiveRamp ended the year with 840 direct subscription customers, compared to 900 in the prior year.
    • Fourth quarter subscription net retention was 104% and platform net retention was 106%.
    • Fourth quarter annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $504 million, up 8% compared to the prior year period.
    • Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $471 million, up 14% compared to the prior year period.

    Financial Outlook

    LiveRamp’s non-GAAP operating income guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring and related charges.

    For the first quarter of fiscal 2026, LiveRamp expects to report:

    • Revenue of $191 million, an increase of 9%
    • GAAP operating income of $6 million
    • Non-GAAP operating income of $33 million

    For fiscal 2026, LiveRamp expects to report:

    • Revenue of between $787 million and $817 million, an increase of between 6% and 10%
    • GAAP operating income of between $85 million and $89 million
    • Non-GAAP operating income of between $178 million and $182 million

    Conference Call

    LiveRamp will hold a conference call today at 1:30 p.m. PT (4:30 p.m. ET) to further discuss this information. Interested parties are invited to listen to a webcast of the conference, which can be accessed on LiveRamp’s investor site. A slide presentation will be referenced during the call and is available here.

    About LiveRamp

    LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.

    Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.

    LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof, but the absence of these words does not mean that a statement is not forward-looking. These statements, which are not statements of historical fact, include, but are not limited to, the Company’s guidance regarding revenue, GAAP operating loss and Non-GAAP operating income for the first quarter and full year of fiscal 2026 and other similar estimates, assumptions, forecasts, projections and expectations regarding market position, product development, growth opportunities, economic conditions and other future events and trends.

    These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

    Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are economic uncertainties that could impact us or our suppliers, customers and partners, including, geo-political circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of our customers to renew their agreements with us upon their expiration; our ability to add new customers and upsell within our subscription business; our reliance upon partners, including data suppliers, who may withdraw or withhold data from us; increased competition and rapidly changing technology that could impact our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating acquired businesses; and our inability to attract, motivate and retain talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center or cloud hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting our business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

    For a discussion of these and other risks and uncertainties that could affect LiveRamp’s business, reputation, results of operation, financial condition and stock price, please refer to LiveRamp’s filings with the U.S. Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of LiveRamp’s most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings.

    The financial information set forth in this press release reflects estimates based on information available at this time.

    LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

    To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

    For more information, contact:

    LiveRamp Investor Relations
    Investor.Relations@LiveRamp.com

    LiveRamp® and RampID™ and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

    ________________________
    1 Unless otherwise indicated, all comparisons are to the prior year period.

                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
      For the three months ended March 31,
              $ %
      2025     2024     Variance Variance
                 
    Revenues 188,724     171,852     16,872   9.8 %
    Cost of revenue 57,929     47,722     10,207   21.4 %
    Gross profit 130,795     124,130     6,665   5.4 %
    % Gross margin 69.3 %   72.2 %      
                 
    Operating expenses            
    Research and development 45,926     45,161     765   1.7 %
    Sales and marketing 56,961     60,476     (3,515 ) (5.8 )%
    General and administrative 32,175     30,252     1,923   6.4 %
    Gains, losses and other items, net 7,241     2,516     4,725   187.8 %
    Total operating expenses 142,303     138,405     3,898   2.8 %
                 
    Loss from operations (11,508 )   (14,275 )   2,767   19.4 %
    % Margin (6.1 )%   (8.3 )%      
                 
    Total other income, net 4,762     5,070     (308 ) (6.1 )%
    Loss from continuing operations before income taxes (6,746 )   (9,205 )   2,459   26.7 %
    Income tax benefit (479 )   (3,027 )   2,548   84.2 %
    Net earnings from continuing operations (6,267 )   (6,178 )   (89 ) (1.4 )%
                 
    Earnings from discontinued operations, net of tax     805     (805 ) (100.0 )%
                 
    Net loss (6,267 )   (5,373 )   (894 ) (16.6 )%
                 
    Basic loss per share:            
    Continuing operations (0.10 )   (0.09 )   (0.00 ) (2.0 )%
    Discontinued operations 0.00     0.01     (0.01 ) (100.0 )%
    Basic loss per share (0.10 )   (0.08 )   (0.01 ) (17.3 )%
                 
    Diluted loss per share:            
    Continuing operations (0.10 )   (0.09 )   (0.00 ) (2.0 )%
    Discontinued operations 0.00     0.01     (0.01 ) (100.0 )%
    Diluted loss per share (0.10 )   (0.08 )   (0.01 ) (17.3 )%
                 
    Basic weighted average shares 65,957     66,323        
    Diluted weighted average shares 65,957     66,323        
                 
    Some totals may not sum due to rounding.            
                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
      For the twelve months ended March 31,
              $ %
      2025     2024     Variance Variance
                 
    Revenues 745,580     659,661     85,919   13.0 %
    Cost of revenue 215,910     179,489     36,421   20.3 %
    Gross profit 529,670     480,172     49,498   10.3 %
    % Gross margin 71.0 %   72.8 %      
                 
    Operating expenses            
    Research and development 176,668     151,201     25,467   16.8 %
    Sales and marketing 213,106     195,693     17,413   8.9 %
    General and administrative 126,499     110,166     16,333   14.8 %
    Gains, losses and other items, net 7,993     11,708     (3,715 ) (31.7 )%
    Total operating expenses 524,266     468,768     55,498   11.8 %
                 
    Income from operations 5,404     11,404     (6,000 ) (52.6 )%
    % Margin 0.7 %   1.7 %      
                 
    Total other income, net 17,436     22,957     (5,521 ) (24.0 )%
    Income from continuing operations before income taxes 22,840     34,361     (11,521 ) (33.5 )%
    Income tax expense 25,342     24,270     1,072   4.4 %
    Net earnings (loss) from continuing operations (2,502 )   10,091     (12,593 ) (124.8 )%
                 
    Earnings from discontinued operations, net of tax 1,688     1,790     (102 ) (5.7 )%
                 
    Net earnings (loss) (814 )   11,881     (12,695 ) (106.9 )%
                 
    Basic earnings (loss) per share:            
    Continuing operations (0.04 )   0.15     (0.19 ) (124.8 )%
    Discontinued operations 0.03     0.03     (0.00 ) (5.5 )%
    Basic earnings (loss) per share (0.01 )   0.18     (0.19 ) (106.9 )%
                 
    Diluted earnings (loss) per share:            
    Continuing operations (0.04 )   0.15     (0.19 ) (125.5 )%
    Discontinued operations 0.03     0.03     (0.00 ) (3.1 )%
    Diluted earnings (loss) per share (0.01 )   0.17     (0.19 ) (107.0 )%
                 
    Basic weighted average shares 66,126     66,266        
    Diluted weighted average shares 66,126     67,918        
                 
    Some totals may not sum due to rounding.            
                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                   
      For the three months
    ended March 31,
      For the twelve months
    ended March 31,
      2025     2024     2025     2024
                   
    Income (loss) from continuing operations before income taxes (6,746 )   (9,205 )   22,840     34,361
    Income tax expense (benefit) (479 )   (3,027 )   25,342     24,270
    Net earnings from continuing operations (6,267 )   (6,178 )   (2,502 )   10,091
    Earnings from discontinued operations, net of tax     805     1,688     1,790
    Net earnings (loss) (6,267 )   (5,373 )   (814 )   11,881
                   
    Basic earnings (loss) per share (0.10 )   (0.08 )   (0.01 )   0.18
    Diluted earnings (loss) per share (0.10 )   (0.08 )   (0.01 )   0.17
                   
    Excluded items:              
    Purchased intangible asset amortization (cost of revenue) 3,135     3,097     14,415     8,785
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708
    Transformation costs (general and administrative)             1,875
    Total excluded items from continuing operations 34,542     30,393     130,387     93,672
                   
    Income from continuing operations before income taxes and excluding items 27,796     21,188     153,227     128,033
    Income tax expense (2) 7,759     3,947     38,296     29,882
    Non-GAAP net earnings (loss) from continuing operations 20,037     17,241     114,931     98,151
                   
    Non-GAAP earnings per share from continuing operations              
    Basic 0.30     0.26     1.74     1.48
    Diluted 0.30     0.25     1.70     1.45
                   
    Basic weighted average shares 65,957     66,323     66,126     66,266
    Diluted weighted average shares 67,479     68,471     67,499     67,918
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    (2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusting for discrete tax items in the period. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with the valuation allowance and smaller pre-tax income for GAAP purposes.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
    (Unaudited)
    (Dollars in thousands)
                   
      For the three months
    ended March 31,
      For the twelve months
    ended March 31,
      2025     2024     2025     2024  
                   
    Income (loss) from operations (11,508 )   (14,275 )   5,404     11,404  
    Operating income (loss) margin (6.1 )%   (8.3 )%   0.7 %   1.7 %
                   
    Excluded items:              
    Purchased intangible asset amortization (cost of revenue) 3,135     3,097     14,415     8,785  
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304  
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708  
    Transformation costs (general and administrative)             1,875  
    Total excluded items 34,542     30,393     130,387     93,672  
                   
    Income from operations before excluded items 23,034     16,118     135,791     105,076  
    Non-GAAP operating income margin 12.2 %   9.4 %   18.2 %   15.9 %
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF ADJUSTED EBITDA (1)
    (Unaudited)
    (Dollars in thousands)
                   
      For the three months
    ended March 31,
      For the twelve months
    ended March 31,
      2024     2023     2024     2023  
                   
    Net earnings (loss) from continuing operations (6,267 )   (6,178 )   (2,502 )   10,091  
    Income tax expense (benefit) (479 )   (3,027 )   25,342     24,270  
    Total other expense, net (4,762 )   (5,070 )   (17,436 )   (22,957 )
                   
    Income (loss) from operations (11,508 )   (14,275 )   5,404     11,404  
    Depreciation and amortization 3,803     3,823     17,207     11,508  
                   
    EBITDA (7,705 )   (10,452 )   22,611     22,912  
                   
    Other adjustments:              
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304  
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708  
    Transformation costs (general and administrative)             1,875  
                   
    Other adjustments 31,407     27,296     115,972     84,887  
                   
    Adjusted EBITDA 23,702     16,844     138,583     107,799  
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands)
                 
      March 31   March 31   $ %
      2025     2024     Variance Variance
    Assets            
    Current assets:            
    Cash and cash equivalents 413,331     336,867     76,464   22.7 %
    Restricted cash 595     2,604     (2,009 ) (77.2 )%
    Short-term investments 7,500     32,045     (24,545 ) (76.6 )%
    Trade accounts receivable, net 186,169     190,313     (4,144 ) (2.2 )%
    Refundable income taxes, net 9,708     8,521     1,187   13.9 %
    Other current assets 38,886     31,682     7,204   22.7 %
    Total current assets 656,189     602,032     54,157   9.0 %
                 
    Property and equipment 23,813     25,394     (1,581 ) (6.2 )%
    Less – accumulated depreciation and amortization 17,629     17,213     416   2.4 %
    Property and equipment, net 6,184     8,181     (1,997 ) (24.4 )%
                 
    Intangible assets, net 20,167     34,583     (14,416 ) (41.7 )%
    Goodwill 501,756     501,756       %
    Deferred commissions, net 44,452     48,143     (3,691 ) (7.7 )%
    Other assets, net 30,623     36,748     (6,125 ) (16.7 )%
      1,259,371     1,231,443     27,928   2.3 %
                 
    Liabilities and Stockholders’ Equity            
    Current liabilities:            
    Trade accounts payable 112,271     81,202     31,069   38.3 %
    Accrued payroll and related expenses 50,776     61,575     (10,799 ) (17.5 )%
    Other accrued expenses 38,586     42,857     (4,271 ) (10.0 )%
    Deferred revenue 45,885     30,942     14,943   48.3 %
    Total current liabilities 247,518     216,576     30,942   14.3 %
                 
    Other liabilities 62,994     65,732     (2,738 ) (4.2 )%
                 
    Stockholders’ equity:            
    Preferred stock           n/a
    Common stock 15,918     15,594     324   2.1 %
    Additional paid-in capital 2,045,316     1,933,776     111,540   5.8 %
    Retained earnings 1,313,358     1,314,172     (814 ) (0.1 )%
    Accumulated other comprehensive income 4,295     3,964     331   8.4 %
    Treasury stock, at cost (2,430,028 )   (2,318,371 )   (111,657 ) 4.8 %
    Total stockholders’ equity 948,859     949,135     (276 ) (0.0 )%
      1,259,371     1,231,443     27,928   2.3 %
                 
           
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
      For the three months
    ended March 31,
      2025     2024  
    Cash flows from operating activities:      
    Net loss (6,267 )   (5,373 )
    Earnings from discontinued operations, net of tax     (805 )
    Non-cash operating activities:      
    Depreciation and amortization 3,803     3,823  
    Loss on disposal or impairment of assets 44     6  
    Lease-related impairment and restructuring charges (28 )   (546 )
    Gain on sale of strategic investments (515 )    
    Loss on marketable equity securities 206      
    Provision for doubtful accounts (453 )   1,947  
    Deferred income taxes (496 )   (498 )
    Non-cash stock compensation expense 24,166     24,780  
    Changes in operating assets and liabilities:      
    Accounts receivable, net 25,187     8,700  
    Deferred commissions 46     (3,971 )
    Other assets 4,703     8,514  
    Accounts payable and other liabilities 11,738     (246 )
    Income taxes (523 )   (7,285 )
    Deferred revenue 969     (1,403 )
    Net cash provided by operating activities 62,580     27,643  
    Cash flows from investing activities:      
    Capital expenditures (293 )   (1,791 )
    Cash paid in acquisitions, net of cash received     (170,281 )
    Purchases of investments     (24,509 )
    Proceeds from sales of investments     25,000  
    Proceeds from sale of strategic investment 763      
    Net cash provided by (used in) investing activities 470     (171,581 )
    Cash flows from financing activities:      
    Proceeds related to the issuance of common stock under stock and employee benefit plans 202     1  
    Shares repurchased for tax withholdings upon vesting of stock-based awards (1,026 )   (719 )
    Acquisition of treasury stock (25,447 )   (15,177 )
    Net cash used in financing activities (26,271 )   (15,895 )
    Net cash provided by (used in) continuing operations 36,779     (159,833 )
    Cash flows from discontinued operations:      
    From operating activities (798 )   805  
    Net cash provided by (used in) discontinued operations (798 )   805  
    Net cash provided by (used in) continuing and discontinued operations 35,981     (159,028 )
    Effect of exchange rate changes on cash 580     (447 )
           
    Net change in cash, cash equivalents and restricted cash 36,561     (159,475 )
    Cash, cash equivalents and restricted cash at beginning of period 377,365     498,946  
    Cash, cash equivalents and restricted cash at end of period 413,926     339,471  
           
    Supplemental cash flow information:      
    Cash paid for income taxes, net from continuing operations 558     4,905  
    Cash received for income taxes, net from discontinued operations     (1,258 )
    Cash paid for operating lease liabilities 2,426     2,594  
           
           
    Operating lease assets obtained in exchange for operating lease liabilities     148  
    Operating lease assets, and related lease liabilities, relinquished in lease terminations (40 )    
    Purchases of property, plant and equipment remaining unpaid at period end 20     104  
    Marketable equity securities obtained in disposition of strategic investment 652      
    Excise tax payable on net stock repurchases 64      
           
           
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
      For the twelve months
    ended March 31,
      2025     2024  
    Cash flows from operating activities:      
    Net earnings (loss) (814 )   11,881  
    Earnings from discontinued operations, net of tax (1,688 )   (1,790 )
    Non-cash operating activities:      
    Depreciation and amortization 17,207     11,508  
    Loss on disposal or impairment of assets 85     1,219  
    Lease-related impairment and restructuring charges 14     1,769  
    Gain on sale of strategic investments (515 )    
    Loss on marketable equity securities 206      
    Provision for doubtful accounts 695     2,254  
    Impairment of goodwill     2,875  
    Deferred income taxes (447 )   (458 )
    Non-cash stock compensation expense 107,979     71,304  
    Changes in operating assets and liabilities:      
    Accounts receivable, net 3,547     (32,336 )
    Deferred commissions 3,691     (11,113 )
    Other assets 2,105     9,426  
    Accounts payable and other liabilities 3,573     8,508  
    Income taxes 3,430     22,275  
    Deferred revenue 14,897     8,334  
    Net cash provided by operating activities 153,965     105,656  
    Cash flows from investing activities:      
    Capital expenditures (1,042 )   (4,255 )
    Cash paid in acquisitions, net of cash received (1,951 )   (170,281 )
    Purchases of investments (1,967 )   (48,894 )
    Proceeds from sales of investments 26,989     50,750  
    Proceeds from sale of strategic investment 763      
    Purchases of strategic investments (1,400 )   (1,000 )
    Net cash provided by (used in) investing activities 21,392     (173,680 )
    Cash flows from financing activities:      
    Proceeds related to the issuance of common stock under stock and employee benefit plans 8,833     7,222  
    Shares repurchased for tax withholdings upon vesting of stock-based awards (10,331 )   (5,835 )
    Acquisition of treasury stock (101,198 )   (60,502 )
    Net cash used in financing activities (102,696 )   (59,115 )
    Net cash provided by (used in) continuing operations 72,661     (127,139 )
    Cash flows from discontinued operations:      
    From operating activities 1,688     1,790  
    Net cash provided by discontinued operations 1,688     1,790  
    Net cash provided by (used in) continuing and discontinued operations 74,349     (125,349 )
    Effect of exchange rate changes on cash 106     372  
           
    Net change in cash, cash equivalents and restricted cash 74,455     (124,977 )
    Cash, cash equivalents and restricted cash at beginning of period 339,471     464,448  
    Cash, cash equivalents and restricted cash at end of period 413,926     339,471  
           
    Supplemental cash flow information:      
    Cash paid for income taxes, net from continuing operations 22,548     2,465  
    Cash received for income taxes, net from discontinued operations (2,486 )   (2,765 )
    Cash received for tenant improvement allowances (2,628 )    
    Cash paid for operating lease liabilities 9,798     10,293  
           
           
    Operating lease assets obtained in exchange for operating lease liabilities 2,327     11,825  
    Operating lease assets, and related lease liabilities, relinquished in lease terminations (595 )   (4,486 )
    Purchases of property, plant and equipment remaining unpaid at period end 20     104  
    Marketable equity securities obtained in disposition of strategic investment 652      
    Excise tax payable on net stock repurchases 128      
           
    LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
    CALCULATION OF FREE CASH FLOW (1)
    (Unaudited)
    (Dollars in thousands)
                           
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
                           
    Net cash provided by (used in) operating activities $ 25,693   $ 35,764   $ 16,556   $ 27,643   $ 105,656     $ (9,328 ) $ 55,596   $ 45,117   $ 62,580   $ 153,965  
                           
    Less:                      
    Capital expenditures   (53 )   (200 )   (2,211 )   (1,791 )   (4,255 )     (226 )   (241 )   (282 )   (293 )   (1,042 )
                           
    Free Cash Flow $ 25,640   $ 35,564   $ 14,345   $ 25,852   $ 101,401     $ (9,554 ) $ 55,355   $ 44,835   $ 62,287   $ 152,923  
                           
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                              Yr-to-Yr
      FY2024   FY2025   FY2025 to FY2024
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025   % $
                                 
    Revenues   154,069     159,871     173,869     171,852     659,661       175,961     185,483     195,412     188,724     745,580     13.0 % 85,919  
    Cost of revenue   45,621     41,212     44,934     47,722     179,489       51,749     51,234     54,998     57,929     215,910     20.3 % 36,421  
    Gross profit   108,448     118,659     128,935     124,130     480,172       124,212     134,249     140,414     130,795     529,670     10.3 % 49,498  
    % Gross margin   70.4 %   74.2 %   74.2 %   72.2 %   72.8 %     70.6 %   72.4 %   71.9 %   69.3 %   71.0 %      
                                 
    Operating expenses                            
    Research and development   34,519     33,733     37,788     45,161     151,201       44,118     43,889     42,735     45,926     176,668     16.8 % 25,467  
    Sales and marketing   44,879     44,135     46,203     60,476     195,693       54,175     51,107     50,863     56,961     213,106     8.9 % 17,413  
    General and administrative   26,664     26,009     27,241     30,252     110,166       30,961     31,369     31,994     32,175     126,499     14.8 % 16,333  
    Gains, losses and other items, net   116     6,574     2,502     2,516     11,708       206     397     149     7,241     7,993     (31.7 )% (3,715 )
    Total operating expenses   106,178     110,451     113,734     138,405     468,768       129,460     126,762     125,741     142,303     524,266     11.8 % 55,498  
                                 
    Income (loss) from operations   2,270     8,208     15,201     (14,275 )   11,404       (5,248 )   7,487     14,673     (11,508 )   5,404     (52.6 )% (6,000 )
    % Margin   5.0 %   24.3 %   40.2 %   (31.6 )%   1.7 %     (3.0 )%   4.0 %   7.5 %   (6.1 )%   0.7 %      
                                 
    Total other income, net   4,849     6,431     6,607     5,070     22,957       4,444     4,197     4,033     4,762     17,436     (24.0 )% (5,521 )
                                 
    Income (loss) from continuing operations before income taxes   7,119     14,639     21,808     (9,205 )   34,361       (804 )   11,684     18,706     (6,746 )   22,840     (33.5 )% (11,521 )
    Income tax expense (benefit)   8,705     10,163     8,429     (3,027 )   24,270       6,685     9,952     9,184     (479 )   25,342     4.4 % 1,072  
    Net earnings (loss) from continuing operations   (1,586 )   4,476     13,379     (6,178 )   10,091       (7,489 )   1,732     9,522     (6,267 )   (2,502 )   (124.8 )% (12,593 )
                                 
    Earnings from discontinued operations, net of tax       387     598     805     1,790               1,688         1,688     (5.7 )% (102 )
                                 
    Net earnings (loss) $ (1,586 ) $ 4,863   $ 13,977   $ (5,373 ) $ 11,881     $ (7,489 ) $ 1,732   $ 11,210   $ (6,267 ) $ (814 )   (106.9 )% (12,695 )
                                 
    Basic earnings (loss) per share:                            
    Continuing Operations   (0.02 )   0.07     0.20     (0.09 )   0.15       (0.11 )   0.03     0.15     (0.10 )   (0.04 )   (124.8 )% (0.19 )
    Discontinued Operations   0.00     0.01     0.01     0.01     0.03       0.00     0.00     0.03     0.00     0.03     (5.5 )% (0.00 )
    Basic earnings (loss) per share   (0.02 )   0.07     0.21     (0.08 )   0.18       (0.11 )   0.03     0.17     (0.10 )   (0.01 )   (106.9 )% (0.19 )
                                 
    Diluted earnings (loss) per share:                            
    Continuing Operations   (0.02 )   0.07     0.20     (0.09 )   0.15       (0.11 )   0.03     0.14     (0.10 )   (0.04 )   (125.5 )% (0.19 )
    Discontinued Operations   0.00     0.01     0.01     0.01     0.03       0.00     0.00     0.03     0.00     0.03     (3.1 )% (0.00 )
    Diluted earnings (loss) per share   (0.02 )   0.07     0.21     (0.08 )   0.17       (0.11 )   0.03     0.17     (0.10 )   (0.01 )   (107.0 )% (0.19 )
                                 
                                 
    Basic weighted average shares   66,497     66,284     65,961     66,323     66,266       66,621     66,294     65,631     65,957     66,126        
    Diluted weighted average shares   66,497     67,868     67,943     66,323     67,918       66,621     67,309     66,743     65,957     66,126        
                                 
    Some earnings (loss) per share amounts may not add due to rounding.         
                                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
    (Unaudited)
    (Dollars in thousands)
      FY2024   FY2025
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
    Expenses:                      
    Cost of revenue 45,621   41,212   44,934   47,722   179,489     51,749   51,234   54,998   57,929   215,910  
    Research and development 34,519   33,733   37,788   45,161   151,201     44,118   43,889   42,735   45,926   176,668  
    Sales and marketing 44,879   44,135   46,203   60,476   195,693     54,175   51,107   50,863   56,961   213,106  
    General and administrative 26,664   26,009   27,241   30,252   110,166     30,961   31,369   31,994   32,175   126,499  
    Gains, losses and other items, net 116   6,574   2,502   2,516   11,708     206   397   149   7,241   7,993  
                           
    Gross profit, continuing operations: 108,448   118,659   128,935   124,130   480,172     124,212   134,249   140,414   130,795   529,670  
    % Gross margin 70.4 % 74.2 % 74.2 % 72.2 % 72.8 %   70.6 % 72.4 % 71.9 % 69.3 % 71.0 %
                           
    Excluded items:                      
    Purchased intangible asset amortization (cost of revenue) 3,290   1,217   1,181   3,097   8,785     3,846   3,748   3,686   3,135   14,415  
    Non-cash stock compensation (cost of revenue) 629   629   817   1,478   3,553     1,596   1,499   1,455   1,615   6,165  
    Non-cash stock compensation (research and development) 5,077   5,293   6,960   9,859   27,189     10,205   10,920   10,085   10,494   41,704  
    Non-cash stock compensation (sales and marketing) 3,736   4,786   4,089   6,337   18,948     7,093   7,383   7,278   5,716   27,470  
    Non-cash stock compensation (general and administrative) 3,850   5,027   5,631   7,106   21,614     9,091   9,266   7,942   6,341   32,640  
    Restructuring charges (gains, losses, and other) 116   6,574   2,502   2,516   11,708     206   397   149   7,241   7,993  
    Transformation costs (general and administrative) 1,875         1,875              
    Total excluded items 18,573   23,526   21,180   30,393   93,672     32,037   33,213   30,595   34,542   130,387  
                           
    Expenses, excluding items:                      
    Cost of revenue 41,702   39,366   42,936   43,147   167,151     46,307   45,987   49,857   53,179   195,330  
    Research and development 29,442   28,440   30,828   35,302   124,012     33,913   32,969   32,650   35,432   134,964  
    Sales and marketing 41,143   39,349   42,114   54,139   176,745     47,082   43,724   43,585   51,245   185,636  
    General and administrative 20,939   20,982   21,610   23,146   86,677     21,870   22,103   24,052   25,834   93,859  
                           
    Gross profit, excluding items: 112,367   120,505   130,933   128,705   492,510     129,654   139,496   145,555   135,545   550,250  
    % Gross margin 72.9 % 75.4 % 75.3 % 74.9 % 74.7 %   73.7 % 75.2 % 74.5 % 71.8 % 73.8 %
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
      FY2024   FY2025
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
                           
    Income (loss) from continuing operations before income taxes 7,119   14,639 21,808 (9,205 ) 34,361   (804 ) 11,684 18,706 (6,746 ) 22,840  
    Income tax expense (benefit) 8,705   10,163 8,429 (3,027 ) 24,270   6,685   9,952 9,184 (479 ) 25,342  
    Net earnings (loss) from continuing operations (1,586 ) 4,476 13,379 (6,178 ) 10,091   (7,489 ) 1,732 9,522 (6,267 ) (2,502 )
                           
    Earnings from discontinued operations, net of tax   387 598 805   1,790     1,688   1,688  
                           
    Net earnings (loss) (1,586 ) 4,863 13,977 (5,373 ) 11,881   (7,489 ) 1,732 11,210 (6,267 ) (814 )
                           
    Earnings (loss) per share:                      
    Basic (0.02 ) 0.07 0.21 (0.08 ) 0.18   (0.11 ) 0.03 0.17 (0.10 ) (0.01 )
    Diluted (0.02 ) 0.07 0.21 (0.08 ) 0.17   (0.11 ) 0.03 0.17 (0.10 ) (0.01 )
                           
    Excluded items:                      
    Purchased intangible asset amortization (cost of revenue) 3,290   1,217 1,181 3,097   8,785   3,846   3,748 3,686 3,135   14,415  
    Non-cash stock compensation (cost of revenue and operating expenses) 13,292   15,735 17,497 24,780   71,304   27,985   29,068 26,760 24,166   107,979  
    Restructuring and merger charges (gains, losses, and other) 116   6,574 2,502 2,516   11,708   206   397 149 7,241   7,993  
    Transformation costs (general and administrative) 1,875     1,875        
    Total excluded items from continuing operations 18,573   23,526 21,180 30,393   93,672   32,037   33,213 30,595 34,542   130,387  
                           
    Income from continuing operations before income taxes and excluding items 25,692   38,165 42,988 21,188   128,033   31,233   44,897 49,301 27,796   153,227  
    Income tax expense (2) 6,167   9,036 10,732 3,947   29,882   7,371   10,745 12,421 7,759   38,296  
    Non-GAAP net earnings from continuing operations 19,525   29,129 32,256 17,241   98,151   23,862   34,152 36,880 20,037   114,931  
                           
    Non-GAAP earnings per share from continuing operations                      
    Basic 0.29   0.44 0.49 0.26   1.48   0.36   0.52 0.56 0.30   1.74  
    Diluted 0.29   0.43 0.47 0.25   1.45   0.35   0.51 0.55 0.30   1.70  
                           
    Basic weighted average shares 66,497   66,284 65,961 66,323   66,266   66,621   66,294 65,631 65,957   66,126  
    Diluted weighted average shares 67,388   67,868 67,943 68,471   67,918   68,463   67,309 66,743 67,479   67,499  
                           
    Some totals may not add due to rounding           
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     

     

    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME GUIDANCE (1)
    (Unaudited)
    (Dollars in thousands)
      For the   For the
      quarter ending   year ending
      June 30,
    2025
      March 31,
    2026
               
          Low   High
               
    GAAP income from operations $ 6,000   $ 85,000   $ 89,000
               
    Excluded items:          
    Purchased intangible asset amortization   3,000     11,000     11,000
    Non-cash stock compensation   24,000     82,000     82,000
    Total excluded items   27,000     93,000     93,000
               
    Non-GAAP income from operations $ 33,000   $ 178,000   $ 182,000
               
               
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
               
    APPENDIX A
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    Q4 FISCAL 2025 FINANCIAL RESULTS
    EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS
     
    To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.
     
    Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:
     
    Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.
     
    Non-cash stock compensation: Non-cash stock compensation consists of charges for employee restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.
     
    Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.
     
    Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company’s announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment.  Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information.
     
    Our non-GAAP financial schedules are:
     
    Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, Non-GAAP operating income margin, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable.
     
    Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other income and expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company’s performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance.
     
    Free Cash Flow: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow is defined as operating cash flow less capital expenditures. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company’s discretionary spending. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.
     

    PDF available: http://ml.globenewswire.com/Resource/Download/d38f8ec4-85ab-47f8-b916-e99c4789ac26 

    The MIL Network

  • MIL-OSI USA: Duckworth, Cramer, Welch Renew Bipartisan Push to Help Families Experiencing Diaper Need

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    May 20, 2025
    [WASHINGTON, D.C.] – Today, U.S. Senators Tammy Duckworth (D-IL), Kevin Cramer (R-ND) and Peter Welch (D-VT) re-introduced bipartisan legislation to make it easier for low-income families to afford the diapers they need. The End Diaper Need Act of 2025 would help assist low-income families address diaper need by providing targeted funding for states, territories, diaper banks and other eligible entities who help provide diapers and diapering supplies at no cost to those in need. A companion version of this bill is being introduced in the House by U.S. Representatives Rosa DeLauro (D-CT-03) and Bonnie Watson Coleman (D-NJ-12).
    “No parent should have to choose between paying the bills and buying something as basic as diapers that are essential to the health and well-being of their children,” said Senator Duckworth. “After working for years to secure major funding that is supporting our nation’s diaper banks, I’m proud to have Senators Cramer and Welch on my side reintroducing this bipartisan bill so we can help end diaper need for all families.”
    “Diapers are a basic necessity for all babies and toddlers, but many families struggle to afford enough diapers for their children,” said Senator Cramer. “Our bipartisan bill will increase access to diapers for children in need and deliver a commonsense tax policy update to ensure families can use their health savings in a way that works for them.” 
    “At a time when Republicans are trying to cut services working families rely on, and in the midst of an affordability crisis, it is important parents have access to the essentials they need,” said Senator Welch. “That’s why I’m proud to support this commonsense, bipartisan bill.”
    Diapers are critical not only for those who wear them but also for the economic and emotional health of a family as a whole. However, in this country, 1 in 2 families has reported not having enough diapers. It’s estimated that infants require up to 12 diapers a day. At the same time, toddlers need up to 8 per day, costing $80 to $100 or more per month per baby. Despite the unsafe medical conditions that can occur from rationing diapers, such as skin infections, open sores, urinary tract infections and other conditions that may require medical attention, there is currently little to no federal assistance for purchasing diapers and diapering supplies.
    To address this problem, the bipartisan End Diaper Need Act of 2025 would:
    Appropriate $200 million per year for fiscal years 2026 to 2029 for the Social Services Block Grant Program, to be used to provide diapers and diapering supplies; and
    Make medically necessary diapers and diapering supplies qualified medical expenses so that families can purchase them using their HSAs or HRAs.
     A copy of the bill text can be found on Senator Duckworth’s website.
    Along with Duckworth, Cramer and Welch, the legislation is co-sponsored in the Senate by U.S. Senator Mark Kelly (D-AR).
    Along with DeLauro and Coleman, this legislation is co-sponsored in the House by U.S. Representative Valerie Foushee (D-NC-04).
    “Families across the United States are struggling with the high cost of living. They are living paycheck to paycheck and struggling to keep up with their expenses. Sadly, one in three families do not have enough diapers to keep their children clean and healthy,” said Congresswoman DeLauro. “We cannot allow that to continue. If families do not have diapers, they cannot send their children to daycare. And if they cannot send their children to daycare, they cannot work. That is why I introduced the End Diaper Need Act with Congresswoman Bonnie Watson Coleman, and Senators Duckworth and Cramer, to provide families with reliable access to clean diapers that help keep their children safe and comfortable. I am also proud to join them in expressing our gratitude to local diaper banks and distribution programs that help support children and families nationwide. I will always fight to ensure families have the resources they need to thrive.”
    “When families are forced to stretch their dollars by forgoing diapers it can put babies’ health at serious risk,” said Congresswoman Watson Coleman. “This legislation will help struggling families afford diapers and diapering supplies for their little ones. It’s time we do more to support working families trying to make ends meet – this bill will help us do that.”
    The bipartisan End Diaper Need Act is endorsed by National Diaper Bank Network, Aeroflow, Center for Baby and Adult Hygiene Products, Center for Law and Social Policy, Child Welfare League of America, Coalition for Human Needs, First Focus for Children, HDI Wholesale, HIPPY US, JSL, Kimberly-Clark, MomsRising, National Women’s Law Center Action Fund and ZERO TO THREE.
    “Our more than 240 member diaper banks are keeping babies healthier and helping parents access child care,” said National Diaper Bank Network CEO Joanne Samuel Goldblum. “But our research shows that diaper need has become much more widespread in the years that we have been tracking it. Unmet diaper need is pervasive in all of our communities throughout the country. A public health issue of this scale cannot be solved without our government investing in the proven solution to end diaper need.”
    Duckworth also reintroduced the End Diaper Need Act in 2019, 2021 and 2023. She successfully secured $20 million in the final fiscal year (FY) 2023 appropriations package—and $10 million in the FY2022 appropriations package—dedicated to expanding diaper distribution programs. Duckworth also successfully secured provisions that mirrored her bipartisan End Diaper Need Act in the Democrat-passed American Rescue Plan that helped provide many low-income families with diapers and diapering supplies throughout the pandemic.
    -30-

    MIL OSI USA News

  • MIL-OSI Security: California Man Sentenced to Prison for Fraud

    Source: United States Department of Justice (National Center for Disaster Fraud)

    PHOENIX, Ariz. – Ronnie Lamar Strawberry, Jr., 39, of Los Angeles, California was sentenced on May 19, 2025, by Senior United States District Judge G. Murray Snow to 33 months in prison and ordered to pay $528,426 in restitution. Strawberry pleaded guilty to Conspiracy to Commit Wire Fraud. His sister, Raychelle Strawberry, who pleaded guilty to the same charge, was sentenced on the same day to 60 months of probation for her role in the offense. 

    According to the court documents and statements made in court, Ronnie Strawberry conspired with his sister and others to file false and fraudulent unemployment insurance claims under the Pandemic Unemployment Assistance program. Strawberry filed fraudulent claims in both California and Arizona using stolen identities. The scheme was sophisticated and used personal identifiable information — such as name, date of birth, and social security number — from more than 25 individuals to file online unemployment applications in Arizona and California.

    “The defendant exploited a national crisis for personal gain,” said U.S. Attorney Timothy Courchaine. “He stole nearly $500,000 in pandemic relief funds that were meant to support struggling families and small businesses. This office will continue to investigate and prosecute those who stole from state and federal governments during the pandemic and intentionally depleted the public fisc for personal profit.”

    “An important part of the mission of the U.S. Department of Labor, Office of Inspector General is to investigate allegations of fraud involving unemployment insurance (UI) programs. We will continue to work with our law enforcement partners to protect the integrity of the nation’s Unemployment Insurance system,” said Quentin Heiden, Special Agent-in-Charge, Western Region, U.S. Department of Labor, Office of Inspector General.

    U.S. Department of Labor, Office of Inspector General (OIG), Arizona Department of Economic Security (DES) OIG, and Homeland Security, OIG conducted the investigation in this case. Assistant U.S. Attorney, Kevin M. Rapp, District of Arizona handled the prosecution.

    CASE NUMBER:           CR-24-00390- PHX-GMS
    RELEASE NUMBER:    2025-080_Strawberry

    # # #
    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news.

    MIL Security OSI

  • MIL-OSI USA: Unlocking Albany’s Potential Through Revitalization

    Source: US State of New York

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    The comprehensive approach to the CAP Initiative also includes up to $150 million to transform cultural experiences in and around Albany’s Downtown, such as renovating the New York State Museum and upgrading the exhibits to be more inviting to Albany families and tourists alike. It also includes funding to invest in improvements at the Empire State Plaza to strengthen connections with the surrounding community and make the space a vibrant and inviting part of the fabric of downtown Albany.

    Additionally, Governor Hochul has committed up to $40 million to advance plans to reimagine I-787 which would include reconnecting Albany and surrounding communities and enhancing access to the Hudson River waterfront. This summer, the New York State Department of Transportation (NYSDOT) will release a Planning and Environment Linkages (PEL) study on potential ways to reimagine I-787, a travel corridor in the Capital Region that provides high speed access to the City of Albany and other communities along the river, including Green Island, Watervliet and Menands. Building upon the work completed under the PEL study, up to $40 million will be utilized by NYSDOT to begin an Environmental Impact Statement, which will lay the groundwork for a future project along the I-787 corridor. The environmental review will examine ways to enhance waterfront access along the Hudson River for all users of the road, connect neighborhoods and key destinations in communities along the corridor, and address the infrastructure of I-787, the South Mall Expressway, the Dunn Memorial Bridge, and additional infrastructure along the study area.

    Governor Hochul previously announced $19.5 million in State investments to improve public safety in Albany, which included a $1 million commitment to the City of Albany Police Department and $500,000 for the Albany County Sheriff’s Office. These investments reflect a record level of State funding for public safety in the City of Albany and Capital Region. These resources are delivered through a series of nation-leading programs supported by the Division of Criminal Justice Services (DCJS), including the Gun Involved Violence Elimination (GIVE) initiative, the Capital Region Crime Analysis Center, the SNUG Street Outreach and Social Work Program and Project RISE (Respond, Invest, Sustain and Empower). Working together, these efforts have helped reduce violence and improve community safety.

    Albany is not only our great state’s capital city, it’s also a place I call home. This investment isn’t just about dollars and cents, it’s about jobs, innovation and a brighter future for our community.

    Governor Kathy Hochul

    Informed by input from local stakeholders and the community, the CAP Initiative will unfold through a comprehensive public engagement process to identify key opportunities to promote business development, bolster public safety, encourage housing, attract visitors and enhance affordability.

    Empire State Development President, CEO and Commissioner Hope Knight said, “Since Governor Hochul first proposed the Championing Albany’s Potential initiative in her State of the State, ESD has been working to establish the foundation upon which this historic investment in our Capital City will build. Working together, we will utilize this generational funding to support transformational projects that reflect the needs of those who live, work and visit the city, and encourage even more people to experience and explore Downtown Albany.”

    New York State Office of General Services Commissioner Jeanette Moy said, “The historic investment Governor Hochul is making through the Championing Albany’s Potential initiative will help revitalize our capital city. It will also strengthen the ties between state government and our neighbors living and working in the communities surrounding the Capitol and Empire State Plaza. CAP is a sustainable plan for long-term growth that will spur public-private partnerships, build a thriving city center, and create a vibrant downtown for residents and visitors alike.”

    New York State Homes & Community Renewal Commissioner RuthAnne Visnauskas said, “Albany deserves a downtown that is a place people want to visit, live, work, connect, and celebrate. It’s a place rich with history that has been wounded by planning decisions that negatively impacted entire neighborhoods. This $400 million investment will directly boost the city’s potential as an attractive destination by unwinding past mistakes and disinvestment. We’ve made strides recently in Governor Hochul’s administration, investing in upgrading affordable housing and reclaiming vacant land and buildings for development. Now, through CAP, there’s real momentum to rebuild, replan holistically with community involvement and revive our beautiful Capital City for those who live and work here now and for those who will enjoy its future.”

    New York State Department of Transportation Commissioner Marie Therese Dominguez said, “The Hudson River is one of the Capital Region’s greatest natural assets, and over the past few years the Department of Transportation has made key investments to reconnect residents and visitors with the waterfront, including projects like the Albany Skyway – a linear park; building the Empire State Trail and today, the Livingston Avenue Rail Bridge, which is currently in construction. The I-787 corridor is a vital piece in reimagining the City of Albany and its waterfront, which is why the Governor’s investment in the next stage of this project is so important. For a number of years now, the project team at NYSDOT has engaged with communities all along the Hudson River to gather ideas and feedback and most importantly, listen to local residents – the people who work and live here, on the future of this corridor. The funding for the next stage of this project – an Environmental Impact Statement – was included in this year’s budget and brings us one step closer to advancing from the ideation stage to the preliminary design and eventual construction phase, as we work to study the real potential this corridor offers for travel, recreation and tourism as well as economic growth throughout the Capital Region.”

    New York State Division of Criminal Justice Services Commissioner Rossana Rosado said, “Through Governor Hochul’s unparalleled leadership on public safety, cities across New York State are receiving record resources to ensure safer and stronger communities. These investments and initiatives – spanning evidence-based policing strategies, crime analysis center support, community violence interventions, and neighborhood empowerment programs – help keep New Yorkers safe, ensure a fair and effective justice system, and build opportunities for young people and families. Here in the Capital Region, DCJS is proud to support dozens of our law enforcement and community-based partners as they continue to drive down gun violence and crime.”

    State Senator Patricia Fahy said. “I’m incredibly proud that the core of our Capital Region and the 46th District, downtown Albany, will receive $400 million in transformative, once-in-a-generation funding. For years, I’ve engaged with our community to chart a new path forward for Albany that includes Reimagining I-787, making the State Museum a 21st Century destination-location, expanding the core of our Capital Region: downtown Albany, and so much more. That’s why I’m so proud this year’s budget includes $200 million for downtown revitalization, $150 million for upgrading the New York State Museum, $40 million for the next phase of the reimagining I-787 study, and $1 million for addressing public safety in our neighborhoods. Now, the hard work begins in earnest. I look forward to engaging our community, stakeholders, and residents as we move forward with this funding. Make no mistake: together, these initiatives will usher in a new day for the Capital Region, the impacts of which will be felt for years, if not generations to come—if we get it right. I want to thank my legislative colleagues and the Governor for recognizing the value of investing in our Capital City’s success, and for helping deliver this funding in this year’s state budget.”

    Assemblymember John T. McDonald III, RPh said “This historic funding is incredible news for the City of Albany and the entire Capital Region. The revitalization of the New York State Museum, the reimagining of I-787, much-needed improvements to the Empire State Plaza and other investments are transformative projects that will enhance connectivity, celebrate our history, and create new opportunities for residents and visitors alike. These efforts reflect years of advocacy and collaboration, and I thank Governor Hochul for her continued commitment to supporting the City of Albany and strengthening the Capital Region as a whole.”

    Assemblymember Gabriella A. Romero said, “These investments truly are an investment in Albany’s potential and in making it a city all New Yorkers can be proud to call our capital. Revitalizing downtown, strengthening small business, expanding affordable housing – these are all valuable steps to uplift Albany. I thank the Governor for her leadership in championing this historic investment and Championing Albany’s Potential.”

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    Albany County Executive Daniel P. McCoy said, “Governor Hochul’s Championing Albany’s Potential (CAP) Initiative has the potential to be transformational. It’s a historic commitment to the heart of Albany County that will bring new housing, new business, and new life into downtown. A reimagined Albany is exactly what we need, and I’m proud to stand with the governor in this effort.”

    Albany Mayor Kathy Sheehan said, “This $400 million investment is a testament to the hard work of the City of Albany over the last 12 years to be ready to write the next great chapter in the history of New York’s Capital City. The pandemic taught us that we need to reimagine our downtowns to get more feet on the street by creating more housing, supporting our small businesses, enhancing public safety, and attracting world-class amenities, and this transformative investment will do just that and more. To steal a phrase from President Biden, this is truly a ‘big effing deal.’ My sincere thanks and appreciation to Governor Hochul for seeing what we all see in the City of Albany: a city that’s full of pride and potential and ready to soar to even greater heights. I also want to thank Senator Fahy, Assemblymember Romero, and Assemblymember McDonald, as well as the entire State Legislature for making this critical investment in their home away from home.”

    Advance Albany County Alliance CEO Kevin O’Connor said, “The Advance Albany County Alliance thanks Governor Hochul for her thoughtful leadership and timely commitment to revitalizing New York’s Capital City. The City of Albany is not only the front door of state government, it is the heartbeat of Upstate New York’s fastest-growing county and the springboard for the local economy. The Governor’s disciplined approach through the CAP Initiative will ensure that state funding achieves the greatest possible positive impact. Through this partnership, we will supercharge our placemaking efforts, improve public spaces, secure a safe and welcoming downtown environment, and stimulate the central corridor of the Capital Region.”

    Capitalize Albany Corporation President Ashley Mohl said, “With Governor Hochul’s focus and support fueled by this historic more than $400 million investment, New York’s capital city stands on the brink of transformative growth. Our board and staff look forward to working with ESD and MIG alongside our many local and other state economic development partners to maximize this funding and seize this incredible opportunity. To build on the Governor’s CAP Initiative, Capitalize Albany is looking forward to advancing its planned solicitation for qualified development teams interested in acquisition and redevelopment of the Liberty Park site. Our RFP will engage the market directly with the aim to attract strong interest and a range of RFP responses. If you’re a developer or team with a project for the Liberty Park site, we welcome your response.”

    Downtown Albany BID Executive Director Georgette Steffens said, “In my 25 years of doing economic development in Downtown Albany, this is the largest investment we’ve ever seen. On behalf of nearly 200 property owners and over 120 restaurants and retail-related businesses, I want to express my profound gratitude to Governor Hochul and the Legislature for their commitment to Albany. We are already seeing the effects of the CAP initiative, with a renewed wave of investment interest in Downtown Albany beginning to percolate. The future of our city’s core is incredibly bright thanks to the Governor’s investment, and I look forward to working together to make Downtown a stronger and more vibrant place to live, work, and experience.”

    MIL OSI USA News

  • MIL-OSI: F&M Bank Promotes Eric D. Faust to Executive Vice President

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, May 21, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), is proud to announce the promotion of Eric D. Faust to Executive Vice President. Faust has served as the bank’s Chief Risk Officer since 2022, where he has led significant advancements in enterprise risk and regulatory compliance.

    In his role, Mr. Faust has successfully built F&M’s comprehensive risk and compliance team, integrated regulatory compliance more deeply into strategic decision-making, and enhanced the bank’s oversight structures. His efforts have helped ensure F&M continues to meet evolving regulatory expectations while maintaining a strong foundation for safe and sound growth.

    Prior to joining F&M, Mr. Faust served as First Vice President and Director of Risk Management at Northstar Financial Group in Wyoming, Michigan. He also held the position of Examination Manager for the State of Michigan’s Department of Insurance and Financial Services. He holds an MBA from Davenport University and a Bachelor of Science in Business Administration from Central Michigan University.

    “Eric’s promotion to Executive Vice President is a testament to his leadership and deep understanding of risk and compliance in today’s banking environment,” said Lars Eller, President and CEO of F&M. “He has played a vital role in strengthening our risk culture and ensuring we remain responsive and resilient in a highly regulated landscape.”

    Mr. Faust resides in Grand Rapids, Michigan, and will continue to lead F&M’s risk and compliance efforts in his expanded role.

    About F&M Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe harbor statement
    Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Company Contact: Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank
    Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com
       

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/492467f9-4e52-45e6-a6fc-3278cf80cea0

    The MIL Network

  • MIL-OSI: AMSC Reports Fourth Quarter and Fiscal Year 2024 Financial Results and Business Outlook

    Source: GlobeNewswire (MIL-OSI)

    Business Highlights:

     • Full year revenues increased 53% year over year to $222.8 million
     • Full year net income increased $17.1 million year over year to $6.0 million
     • Generated $6.3 million of operating cash flow in the fourth quarter, helping to further strengthen the balance sheet

    Company to host conference call tomorrow, May 22 at 10:00 am ET

    AYER, Mass., May 21, 2025 (GLOBE NEWSWIRE) — AMSC (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and that protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its fourth quarter and fiscal year ended March 31, 2025 (“fiscal 2024”).

    Revenues for the fourth quarter of fiscal 2024 were $66.7 million compared with $42.0 million for the same period of fiscal 2023. The year-over-year increase was driven by organic growth in New Energy Power Systems revenues along with the contributions from the acquisition of NWL, Inc. 

    AMSC’s net income for the fourth quarter of fiscal 2024 was $1.2 million, or $0.03 per share, compared to net loss of $1.6 million, or $0.05 per share, for the same period of fiscal 2023. The Company’s non-GAAP net income for the fourth quarter of fiscal 2024 was $4.8 million, or $0.13 per share, compared with a non-GAAP net income of $1.9 million, or $0.06 per share, in the same period of fiscal 2023. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

    Revenues for fiscal 2024 were $222.8 million as compared to $145.6 million in fiscal 2023. The year-over-year increase was driven by higher D-VAR and NEPSI revenues than in the prior year period along with the contribution from the acquisition of NWL, Inc. 

    AMSC reported net income for fiscal 2024 of $6.0 million, or $0.16 per share, compared to a net loss of $11.1 million, or $0.37 per share in fiscal 2023. The Company’s non-GAAP net income for fiscal 2024 was $24.0 million, or $0.65 per share, compared with non-GAAP net income of $0.6 million, or $0.02 per share, for fiscal 2023. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

    Cash, cash equivalents and restricted cash on March 31, 2025 totaled $85.4 million.

    “AMSC reported its strongest quarterly and annual performance in years,” said Daniel P. McGahn, Chairman, President and CEO of AMSC. “Fiscal fourth quarter revenue grew sequentially to over $66 million, up nearly 60% year-over-year. Net income surpassed $1.2 million, making our third consecutive quarter of profitability, and seventh consecutive quarter of positive operating cash flow. We secured $75 million in new orders, bringing total year-end orders to a recent record of nearly $320 million. Our fiscal 2024 results reflect improved financial performance, a resilient and diversified order pipeline, and solid operational execution—positioning AMSC for long-term success. With expanding end markets, we’re focused on broadening our offerings, entering new sectors, and strengthening customer relationships. We enter fiscal 2025 with strong momentum and confidence in our ability to continue building a more resilient and profitable company.”

    Business Outlook

    For the first quarter ending June 30, 2025, AMSC expects that its revenues will be in the range of $64.0 million to $68.0 million. The Company’s net income for the first quarter of fiscal 2025 is expected to exceed $1.0 million, or $0.03 per share. The Company’s non-GAAP net income (as defined below) is expected to exceed $4.0 million, or $0.10 per share. 

    Conference Call Reminder
    In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time on Thursday, May 22, 2025, to discuss the Company’s financial results and business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call. A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 4917468.

    About AMSC (Nasdaq: AMSC)
    AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

    AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marintec, Windtec, Neeltran, NEPSI, NWL, Smarter, Cleaner … Better Energy and Orchestrate the Rhythm and Harmony of Power on the Grid are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this release regarding our goals and strategies; business diversification; order pipeline; long-term success, including through expanding end markets, broadening offerings, entering new sectors; strengthening customer relationships; strong momentum; building a more resilient and profitable company; our expected GAAP and non-GAAP financial results for the quarter ending June 30, 2025; and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management’s current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: We have not been historically profitable, which may recur in the future. Our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; While we generated positive operating cash flow in fiscal 2024 and the prior year, we have a history of negative operating cash flows, and we may require additional financing in the future, which may not be available to us; Our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; Changes in exchange rates could adversely affect our results of operations; If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; We may be required to issue performance bonds, which restricts our ability to access any cash used as collateral for the bonds; We may not realize all of the sales expected from our backlog of orders and contracts; If we fail to implement our business strategy successfully, our financial performance could be harmed; We rely upon third-party suppliers for the components and subassemblies of many of our Grid and Wind products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; Our contracts with the U.S. government are subject to audit, modification or termination by the U.S. government and include certain other provisions in favor of the government. The continued funding of such contracts remains subject to annual congressional appropriation, which, if not approved, could reduce our revenue and lower or eliminate our profit; Changes in U.S. government defense spending could negatively impact our financial position, results of operations, liquidity and overall business; Our business and operations may be materially adversely impacted in the event of a failure or security breach of our or any critical third parties’ IT Systems or Confidential Information; Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal data, may adversely impact our business and financial results; Our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; A significant portion of our Wind segment revenues are derived from a single customer. If this customer’s business is negatively affected, it could adversely impact our business; Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; We may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; Problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; Many of our customers outside of the United States may be either directly or indirectly related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; We or third parties on whom we depend may be adversely affected by natural disasters, including events resulting from climate change, and our business continuity and disaster recovery plans may not adequately protect us or our value chain from such events; Pandemics, epidemics, or other public health crises may adversely impact our business, financial condition and results of operations; Adverse changes in domestic and global economic conditions could adversely affect our operating results; Our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; Our products face competition, which could limit our ability to acquire or retain customers; We have operations in, and depend on sales in, emerging markets, including India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. Changes in India’s political, social, regulatory and economic environment may affect our financial performance; Industry consolidation could result in more powerful competitors and fewer customers; Our success could depend upon the commercial adoption of the REG system, which is currently limited, and a widespread commercial market for our REG products may not develop; Increasing focus and scrutiny on environmental sustainability and social initiatives could adversely impact our business and financial results; Growth of the wind energy market depends largely on the availability and size of government subsidies, economic incentives and legislative programs designed to support the growth of wind energy; Lower prices for other energy sources may reduce the demand for wind energy development, which could have a material adverse effect on our ability to grow our Wind business; We may be unable to adequately prevent disclosure of trade secrets and other proprietary information; Our patents may not provide meaningful or long-term protection for our technology, which could result in us losing some or all of our market position; Third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; Our common stock has experienced, and may continue to experience, market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention; Unfavorable results of legal proceedings could have a material adverse effect on our business, operating results and financial condition;and the other important factors discussed under the caption “Risk Factors” in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2025, and our other reports filed with the SEC. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

     
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
      Three Months Ended     Twelve Months Ended  
      March 31,     March 31,  
      2025     2024     2025     2024  
    Revenues                              
    Grid $ 55,592     $ 34,211     $ 187,170     $ 122,065  
    Wind   11,063       7,817       35,648       23,574  
    Total revenues   66,655       42,028       222,818       145,639  
                                   
    Cost of revenues   48,964       31,598       160,964       110,356  
                                   
    Gross margin   17,691       10,430       61,854       35,283  
                                   
    Operating expenses:                              
    Research and development   3,493       2,298       11,425       7,991  
    Selling, general and administrative   12,101       7,953       43,091       31,600  
    Amortization of acquisition related intangibles   444       538       1,733       2,152  
    Change in fair value of contingent consideration         1,870       6,682       4,922  
    Restructuring                     (14 )
    Total operating expenses   16,038       12,659       62,931       46,651  
                                   
    Operating income (loss)   1,653       (2,229 )     (1,077 )     (11,368 )
                                   
    Interest income, net   807       784       3,708       1,302  
    Other expense, net   (49 )     (117 )     (265 )     (736 )
    Income (loss) before income tax (benefit) expense   2,411       (1,562 )     2,366       (10,802 )
                                   
    Income tax (benefit) expense   1,204       17       (3,667 )     309  
                                   
    Net income (loss) $ 1,207     $ (1,579 )   $ 6,033     $ (11,111 )
                                   
    Net income (loss) per common share                              
    Basic $ 0.03     $ (0.05 )   $ 0.16     $ (0.37 )
    Diluted $ 0.03     $ (0.05 )   $ 0.16     $ (0.37 )
                                   
    Weighted average number of common shares outstanding                              
    Basic   37,672       33,139       36,990       29,825  
    Diluted   38,516       33,139       37,718       29,825  
     
    CONSOLIDATED BALANCE SHEET
    (In thousands, except per share data)
      March 31,     March 31,  
      2025     2024  
    ASSETS              
    Current assets:              
    Cash and cash equivalents $ 79,494     $ 90,522  
    Accounts receivable, net   46,186       26,325  
    Inventory, net   71,169       41,857  
    Prepaid expenses and other current assets   8,055       7,295  
    Restricted cash   1,613       468  
    Total current assets   206,517       166,467  
                   
    Property, plant and equipment, net   38,572       10,861  
    Intangibles, net   5,916       6,369  
    Right-of-use assets   3,829       2,557  
    Goodwill   48,164       43,471  
    Restricted cash   4,274       1,290  
    Deferred tax assets   1,178       1,119  
    Equity-method Investments   1,113        
    Other assets   958       637  
    Total assets $ 310,521     $ 232,771  
                   
                   
    LIABILITIES AND STOCKHOLDERS’ EQUITY              
                   
    Current liabilities:              
    Accounts payable and accrued expenses $ 32,282     $ 24,235  
    Lease liability, current portion   685       716  
    Debt, current portion         25  
    Contingent consideration         3,100  
    Deferred revenue, current portion   66,797       50,732  
    Total current liabilities   99,764       78,808  
                   
    Deferred revenue, long term portion   9,336       7,097  
    Lease liability, long term portion   2,684       1,968  
    Deferred tax liabilities   1,595       300  
    Other liabilities   28       27  
    Total liabilities   113,407       88,200  
                   
    Stockholders’ equity:              
    Common stock, $0.01 par value, 75,000,000 shares authorized; 39,887,536 and 37,343,812 shares issued and 39,484,185 and 36,946,181 shares outstanding at March 31, 2025 and 2024, respectively   399       373  
    Additional paid-in capital   1,259,540       1,212,913  
    Treasury stock, at cost, 403,351 and 397,631 at March 31, 2025 and 2024, respectively   (3,765 )     (3,639 )
    Accumulated other comprehensive income   1,565       1,582  
    Accumulated deficit   (1,060,625 )     (1,066,658 )
    Total stockholders’ equity   197,114       144,571  
    Total liabilities and stockholders’ equity $ 310,521     $ 232,771  
     
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
      Year Ended March 31,  
      2025     2024  
    Cash flows from operating activities:              
    Net income (loss) $ 6,033     $ (11,111 )
    Adjustments to reconcile net income (loss) to net cash provided by operations:              
    Depreciation and amortization   5,560       4,494  
    Stock-based compensation expense   7,794       4,652  
    Provision for excess and obsolete inventory   1,532       1,970  
    Amortization of operating lease right-of-use assets   976       321  
    Deferred income taxes   (4,304 )     65  
    Earnings from equity method investments   132        
    Change in fair value of contingent consideration   6,682       4,922  
    Other non-cash items   (587 )     44  
    Unrealized foreign exchange gain on cash and cash equivalents   (41 )     (2 )
    Changes in operating asset and liability accounts:              
    Accounts receivable   (3,213 )     4,340  
    Inventory   (7,707 )     (6,841 )
    Prepaid expenses and other current assets   543       5,992  
    Operating leases   (1,563 )     (327 )
    Accounts payable and accrued expenses   3,209       (13,498 )
    Deferred revenue   13,239       7,117  
    Net cash provided by operating activities   28,285       2,138  
                   
    Cash flows from investing activities:              
    Purchases of property, plant and equipment   (2,415 )     (934 )
    Cash paid to settle NWL contingent consideration liability   (3,278 )      
    Cash paid for NWL Acquisition, net of cash acquired   (29,577 )      
    Change in other assets   64       (27 )
    Net cash used in investing activities   (35,206 )     (961 )
                   
    Cash flows from financing activities:              
    Repurchase of treasury stock   (126 )      
    Repayment of debt   (25 )     (65 )
    Cash paid related to registration of common stock shares   (148 )      
    Proceeds from public equity offering, net         65,227  
    Proceeds from exercise of employee stock options and ESPP   307       279  
    Net cash provided by financing activities   8       65,441  
                   
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   14       (13 )
                   
    Net (decrease) increase in cash, cash equivalents and restricted cash   (6,899 )     66,605  
    Cash, cash equivalents and restricted cash at beginning of year   92,280       25,675  
    Cash, cash equivalents and restricted cash at end of year $ 85,381     $ 92,280  
     
    RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME
    (In thousands, except per share data)
      Three Months Ended March 31,     Year Ended March 31,  
      2025     2024     2025     2024  
    Net income (loss) $ 1,206     $ (1,579 )   $ 6,033     $ (11,111 )
    Stock-based compensation   2,855       1,044       7,794       4,652  
    Amortization of acquisition-related intangibles   706       538       2,433       2,158  
    Change in fair value of contingent consideration         1,870       6,682       4,922  
    Acquisition costs               1,095        
    Non-GAAP net income   4,767       1,873       24,037       621  
                                   
    Non-GAAP net income per share – basic $ 0.13     $ 0.06     $ 0.65     $ 0.02  
    Non-GAAP net income per share – diluted $ 0.12     $ 0.05     $ 0.64     $ 0.02  
    Weighted average shares outstanding – basic   37,672       33,139       36,990       29,825  
    Weighted average shares outstanding – diluted   38,516       34,447       37,718       30,909  
     
    Reconciliation of Forecast GAAP Net Income to Non-GAAP Net Income
    (In millions, except per share data)
      Three months ending  
      June 30, 2025  
    Net income $ 1.0  
    Stock-based compensation   2.6  
    Amortization of acquisition-related intangibles   0.4  
    Non-GAAP net income $ 4.0  
    Non-GAAP net income per share $ 0.10  
    Shares outstanding   38.7  
     

    Note: Non-GAAP net income (loss) is defined by the Company as net income (loss) before; stock-based compensation; amortization of acquisition-related intangibles; changes in fair value of contingent consideration; acquisition costs; other non-cash or unusual charges, and the tax effect of adjustments calculated at the relevant rate for our non-GAAP metric. The Company believes non-GAAP net income (loss) and non-GAAP net income (loss) per share assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring or other charges that it does not believe are indicative of its core operating performance. Actual GAAP and non-GAAP net income (loss) and net income (loss) per share for the fiscal quarter ending June 30, 2025, including the above adjustments, may differ materially from those forecasted in the table above, including as a result of changes in the fair value of contingent consideration.

    Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measures included in this release, however, should be considered in addition to, and not as a substitute for or superior to, operating income or other measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP net income (loss) is set forth in the table above. Non-GAAP net income (loss) per share is defined as non-GAAP net income (loss) divided by shares outstanding.

    AMSC Contacts
    Investor Relations Contact:
    Carolyn Capaccio, CFA
    Phone: 212-838-3777
    amscIR@allianceadvisors.com

    AMSC Director, Communications:
    Nicol Golez
    978-399-8344
    Nicol.Golez@amsc.com

    Public Relations Contact:
    RooneyPartners
    Joe Luongo
    (914) 906-5903
    jluongo@rooneypartners.com

    The MIL Network

  • MIL-OSI Europe: Written question – Can the Commission guarantee that citizens’ deposits will stay untouched under the Savings and Investments Union during emergencies such as nearby conflicts or new pandemics? – E-001893/2025

    Source: European Parliament

    Question for written answer  E-001893/2025
    to the Commission
    Rule 144
    Tiago Moreira de Sá (PfE), Hans Neuhoff (ESN), Filip Turek (PfE), Jorge Buxadé Villalba (PfE), Branko Grims (PPE), Dominik Tarczyński (ECR), Petr Bystron (ESN), Petar Volgin (ESN), Gheorghe Piperea (ECR), Stanislav Stoyanov (ESN), António Tânger Corrêa (PfE), Fernand Kartheiser (ECR), Petra Steger (PfE)

    The Savings and Investments Union (SIU) is a new strategy by the Commission aimed at ‘directing savings towards productive investments’. Given the public information, which has never been denied, that the SIU could involve channelling citizens’ deposits, we would like to ask for the following clarifications:

    • 1.Given that around EUR 10 trillion in low-yielding bank deposits could be transferred to higher-risk capital markets, how does the Commission intend to ensure that small savers and pensioners are not exposed to significant losses, and what concrete mechanisms will be implemented to prevent the marketing of high-risk investment products to these less informed citizens?
    • 2.In view of the undisputed information about the possibility of the ‘confiscation’ of savings to finance the defence sector, what measures is the Commission taking to clarify the real objectives of the SIU? Can the Commission guarantee that citizens’ deposits will not be mobilised, even in emergency situations such as armed conflicts in the vicinity of the EU or new pandemics, and how will the Commission ensure that this strategy fully respects national and individual sovereignty?

    Submitted: 12.5.2025

    Last updated: 21 May 2025

    MIL OSI Europe News

  • MIL-OSI: LiveRamp Announces Fourth Quarter and Fiscal Year 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Q4 Revenue up 10% year-over-year

    FY25 Operating Cash Flow increases 46% year-over-year

    FY25 Share Repurchases totaled $101 million

    SAN FRANCISCO, May 21, 2025 (GLOBE NEWSWIRE) — LiveRamp® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2025.

    Q4 Financial Highlights1

    • Total revenue was $189 million, up 10%.
    • Subscription revenue was $145 million, up 9%.
    • Marketplace & Other revenue was $44 million, up 14%.
    • GAAP gross profit was $131 million, up 5%. GAAP gross margin of 69% compressed by 3 percentage points. Non-GAAP gross profit was $136 million, up 5%. Non-GAAP gross margin of 72% compressed by 3 percentage points.
    • GAAP operating loss was $12 million compared to $14 million. GAAP operating margin of negative 6% expanded by 2 percentage points. Non-GAAP operating income was $23 million compared to $16 million. Non-GAAP operating margin of 12% expanded by 3 percentage points.
    • GAAP diluted loss per share was $0.10 and non-GAAP diluted earnings per share was $0.30.
    • Net cash provided by operating activities was $63 million compared to $28 million.
    • Share repurchases in the fourth quarter totaled approximately 950 thousand shares for $25 million.

    Fiscal Year Financial Highlights1

    • Total revenue was $746 million, up 13%.
    • Subscription revenue was $569 million, up 11%, and represented 76% of total revenue.
    • Marketplace & Other revenue was $177 million, up 21%.
    • GAAP gross profit was $530 million, up 10%, and GAAP gross margin of 71% compressed by 2 percentage points. Non-GAAP gross profit was $550 million, up 12%, and non-GAAP gross margin of 74% compressed by 1 percentage point.
    • GAAP operating income was $5 million compared to $11 million. GAAP operating margin of 1% compressed by 1 percentage point. Non-GAAP operating income was $136 million compared to $105 million. Non-GAAP operating margin of 18% expanded by 2 percentage points.
    • GAAP diluted loss per share was $0.01, and non-GAAP diluted EPS was $1.70.
    • Net cash provided by operating activities was $154 million compared to $106 million.
    • Share repurchases in fiscal 2025 totaled approximately 3.8 million shares for $101 million. As of March 31, 2025, there was $256 million in remaining capacity under the share repurchase authorization that expires on December 31, 2026.

    A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

    Commenting on the results, CEO Scott Howe said: “We had a strong finish to fiscal 2025, with fourth quarter revenue and operating income exceeding our expectations, revenue growing at a double-digit rate and operating cash flow reaching a record high. As we enter fiscal 2026, more so than ever, we are focused on controlling what we can control: Making our platform faster and easier to use; rolling out new functionality, such as our new Cross Media Intelligence measurement solution; helping customers optimize ad spend by harnessing the power of our Data Collaboration Network; and, finally, prudently managing our own costs and growth investments. The near-term macro environment may be uncertain, but we remain confident that in the long-run we can drive sustained growth and shareholder value creation.”

    GAAP and Non-GAAP Results
    The following table summarizes the Company’s financial results for the fiscal 2025 fourth quarter and full year ended March 31, 2025 ($ in millions, except per share amounts):

           
      GAAP   Non-GAAP
      Q4 FY25 FY25   Q4 FY25 FY25
    Subscription revenue $145 $569  
    YoY change 9% 11%  
    Marketplace & Other revenue $44 $177  
    YoY change 14% 21%  
    Total revenue $189 $746  
    YoY change 10% 13%  
               
    Gross profit $131 $530   $136 $550
    % Gross margin 69% 71%   72% 74%
    YoY change (3 pts) (2 pts)   (3 pts) (1 pt)
               
    Operating income (loss) ($12) $5   $23 $136
    % Operating margin (6%) 1%   12% 18%
    YoY change 2 pts (1 pt)   3 pts 2 pts
               
    Net earnings (loss) ($6) ($1)   $20 $115
    Diluted earnings (loss) per share ($0.10) ($0.01)   $0.30 $1.70
               
    Shares to calculate diluted EPS 66.0 66.1   67.5 67.5
    YoY change (1%) (3%)   (1%) (1%)
               
    Net operating cash flow $63 $154  
    Free cash flow   $62 $153
               
    Totals may not sum due to rounding.
     
     

    A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules attached to this press release.

    Additional Business Highlights & Metrics

    • On February 25 we hosted an investor day presentation in San Francisco. The video replay, slide presentation and transcript are available on our investor relations website. Additionally, please see our investor day recap that highlights 10 interesting slides from the presentation, available here.
    • On February 25-27 we hosted our annual customer and partner conference, RampUp, in San Francisco, bringing together more than 2,500 leaders at the intersection of marketing, technology and data science. The event featured product demonstrations and 40+ panels and presentations featuring 110 leaders from some of the largest brands in the world, including Disney, Home Depot, P&G and Uber – to name a few. Video replays of these sessions are available here and an event recap for investors is available here.
    • On February 25 we announced Cross-Media Intelligence, a new capability that enables marketers to better measure and optimize campaigns anywhere their customers are. LiveRamp’s Cross-Media Intelligence is a premier solution for next-generation cross-media measurement, unifying insights across partners and datasets, and delivering actionable, repeatable insights with unmatched speed and precision. With Cross-Media Intelligence, marketers for the first time can access unified, deduplicated reporting across screens and platforms (additional information).
    • On April 22 Google announced that it will no longer roll out a new standalone prompt for consumers to opt-in to third-party cookie tracking on Chrome. LiveRamp’s mission remains the same: Enable best-in-class addressable reach and connectivity across every consumer experience by continuing to develop the largest and most useful data collaboration network. We will use cookies to extend reach on Chrome, while continuing to invest and expand our authenticated ecosystem across cookieless browsers (Safari, Firefox, and Edge), direct publisher integrations, CTV, mobile/gaming, and new AI integrations. Please see our blog post for additional information.
    • On March 6 we announced a workforce restructuring involving approximately 5% of our full-time employees. The restructuring is part of a broader strategic reprioritization to build a stronger, more profitable company by tightening our focus and simplifying and driving efficiency into our business processes. In the fourth quarter we incurred $7.2 million of restructuring and related charges primarily related to employee severance and benefits.
    • LiveRamp ended the year with 128 customers whose annualized subscription revenue exceeds $1 million, compared to 115 in the prior year.
    • LiveRamp ended the year with 840 direct subscription customers, compared to 900 in the prior year.
    • Fourth quarter subscription net retention was 104% and platform net retention was 106%.
    • Fourth quarter annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $504 million, up 8% compared to the prior year period.
    • Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $471 million, up 14% compared to the prior year period.

    Financial Outlook

    LiveRamp’s non-GAAP operating income guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring and related charges.

    For the first quarter of fiscal 2026, LiveRamp expects to report:

    • Revenue of $191 million, an increase of 9%
    • GAAP operating loss of $33 million
    • Non-GAAP operating income of $6 million

    For fiscal 2026, LiveRamp expects to report:

    • Revenue of between $787 million and $817 million, an increase of between 6% and 10%
    • GAAP operating loss of between $178 million and $182 million
    • Non-GAAP operating income of between $85 million and $89 million

    Conference Call

    LiveRamp will hold a conference call today at 1:30 p.m. PT (4:30 p.m. ET) to further discuss this information. Interested parties are invited to listen to a webcast of the conference, which can be accessed on LiveRamp’s investor site. A slide presentation will be referenced during the call and is available here.

    About LiveRamp

    LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.

    Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.

    LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof, but the absence of these words does not mean that a statement is not forward-looking. These statements, which are not statements of historical fact, include, but are not limited to, the Company’s guidance regarding revenue, GAAP operating loss and Non-GAAP operating income for the first quarter and full year of fiscal 2026 and other similar estimates, assumptions, forecasts, projections and expectations regarding market position, product development, growth opportunities, economic conditions and other future events and trends.

    These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

    Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are economic uncertainties that could impact us or our suppliers, customers and partners, including, geo-political circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of our customers to renew their agreements with us upon their expiration; our ability to add new customers and upsell within our subscription business; our reliance upon partners, including data suppliers, who may withdraw or withhold data from us; increased competition and rapidly changing technology that could impact our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating acquired businesses; and our inability to attract, motivate and retain talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center or cloud hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting our business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

    For a discussion of these and other risks and uncertainties that could affect LiveRamp’s business, reputation, results of operation, financial condition and stock price, please refer to LiveRamp’s filings with the U.S. Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of LiveRamp’s most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings.

    The financial information set forth in this press release reflects estimates based on information available at this time.

    LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

    To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

    For more information, contact:

    LiveRamp Investor Relations
    Investor.Relations@LiveRamp.com

    LiveRamp® and RampID™ and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

    ________________________
    1 Unless otherwise indicated, all comparisons are to the prior year period.

                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
      For the three months ended March 31,
              $ %
      2025     2024     Variance Variance
                 
    Revenues 188,724     171,852     16,872   9.8 %
    Cost of revenue 57,929     47,722     10,207   21.4 %
    Gross profit 130,795     124,130     6,665   5.4 %
    % Gross margin 69.3 %   72.2 %      
                 
    Operating expenses            
    Research and development 45,926     45,161     765   1.7 %
    Sales and marketing 56,961     60,476     (3,515 ) (5.8 )%
    General and administrative 32,175     30,252     1,923   6.4 %
    Gains, losses and other items, net 7,241     2,516     4,725   187.8 %
    Total operating expenses 142,303     138,405     3,898   2.8 %
                 
    Loss from operations (11,508 )   (14,275 )   2,767   19.4 %
    % Margin (6.1 )%   (8.3 )%      
                 
    Total other income, net 4,762     5,070     (308 ) (6.1 )%
    Loss from continuing operations before income taxes (6,746 )   (9,205 )   2,459   26.7 %
    Income tax benefit (479 )   (3,027 )   2,548   84.2 %
    Net earnings from continuing operations (6,267 )   (6,178 )   (89 ) (1.4 )%
                 
    Earnings from discontinued operations, net of tax     805     (805 ) (100.0 )%
                 
    Net loss (6,267 )   (5,373 )   (894 ) (16.6 )%
                 
    Basic loss per share:            
    Continuing operations (0.10 )   (0.09 )   (0.00 ) (2.0 )%
    Discontinued operations 0.00     0.01     (0.01 ) (100.0 )%
    Basic loss per share (0.10 )   (0.08 )   (0.01 ) (17.3 )%
                 
    Diluted loss per share:            
    Continuing operations (0.10 )   (0.09 )   (0.00 ) (2.0 )%
    Discontinued operations 0.00     0.01     (0.01 ) (100.0 )%
    Diluted loss per share (0.10 )   (0.08 )   (0.01 ) (17.3 )%
                 
    Basic weighted average shares 65,957     66,323        
    Diluted weighted average shares 65,957     66,323        
                 
    Some totals may not sum due to rounding.            
                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
      For the twelve months ended March 31,
              $ %
      2025     2024     Variance Variance
                 
    Revenues 745,580     659,661     85,919   13.0 %
    Cost of revenue 215,910     179,489     36,421   20.3 %
    Gross profit 529,670     480,172     49,498   10.3 %
    % Gross margin 71.0 %   72.8 %      
                 
    Operating expenses            
    Research and development 176,668     151,201     25,467   16.8 %
    Sales and marketing 213,106     195,693     17,413   8.9 %
    General and administrative 126,499     110,166     16,333   14.8 %
    Gains, losses and other items, net 7,993     11,708     (3,715 ) (31.7 )%
    Total operating expenses 524,266     468,768     55,498   11.8 %
                 
    Income from operations 5,404     11,404     (6,000 ) (52.6 )%
    % Margin 0.7 %   1.7 %      
                 
    Total other income, net 17,436     22,957     (5,521 ) (24.0 )%
    Income from continuing operations before income taxes 22,840     34,361     (11,521 ) (33.5 )%
    Income tax expense 25,342     24,270     1,072   4.4 %
    Net earnings (loss) from continuing operations (2,502 )   10,091     (12,593 ) (124.8 )%
                 
    Earnings from discontinued operations, net of tax 1,688     1,790     (102 ) (5.7 )%
                 
    Net earnings (loss) (814 )   11,881     (12,695 ) (106.9 )%
                 
    Basic earnings (loss) per share:            
    Continuing operations (0.04 )   0.15     (0.19 ) (124.8 )%
    Discontinued operations 0.03     0.03     (0.00 ) (5.5 )%
    Basic earnings (loss) per share (0.01 )   0.18     (0.19 ) (106.9 )%
                 
    Diluted earnings (loss) per share:            
    Continuing operations (0.04 )   0.15     (0.19 ) (125.5 )%
    Discontinued operations 0.03     0.03     (0.00 ) (3.1 )%
    Diluted earnings (loss) per share (0.01 )   0.17     (0.19 ) (107.0 )%
                 
    Basic weighted average shares 66,126     66,266        
    Diluted weighted average shares 66,126     67,918        
                 
    Some totals may not sum due to rounding.            
                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                   
      For the three months
    ended March 31,
      For the twelve months
    ended March 31,
      2025     2024     2025     2024
                   
    Income (loss) from continuing operations before income taxes (6,746 )   (9,205 )   22,840     34,361
    Income tax expense (benefit) (479 )   (3,027 )   25,342     24,270
    Net earnings from continuing operations (6,267 )   (6,178 )   (2,502 )   10,091
    Earnings from discontinued operations, net of tax     805     1,688     1,790
    Net earnings (loss) (6,267 )   (5,373 )   (814 )   11,881
                   
    Basic earnings (loss) per share (0.10 )   (0.08 )   (0.01 )   0.18
    Diluted earnings (loss) per share (0.10 )   (0.08 )   (0.01 )   0.17
                   
    Excluded items:              
    Purchased intangible asset amortization (cost of revenue) 3,135     3,097     14,415     8,785
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708
    Transformation costs (general and administrative)             1,875
    Total excluded items from continuing operations 34,542     30,393     130,387     93,672
                   
    Income from continuing operations before income taxes and excluding items 27,796     21,188     153,227     128,033
    Income tax expense (2) 7,759     3,947     38,296     29,882
    Non-GAAP net earnings (loss) from continuing operations 20,037     17,241     114,931     98,151
                   
    Non-GAAP earnings per share from continuing operations              
    Basic 0.30     0.26     1.74     1.48
    Diluted 0.30     0.25     1.70     1.45
                   
    Basic weighted average shares 65,957     66,323     66,126     66,266
    Diluted weighted average shares 67,479     68,471     67,499     67,918
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    (2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusting for discrete tax items in the period. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with the valuation allowance and smaller pre-tax income for GAAP purposes.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
    (Unaudited)
    (Dollars in thousands)
                   
      For the three months
    ended March 31,
      For the twelve months
    ended March 31,
      2025     2024     2025     2024  
                   
    Income (loss) from operations (11,508 )   (14,275 )   5,404     11,404  
    Operating income (loss) margin (6.1 )%   (8.3 )%   0.7 %   1.7 %
                   
    Excluded items:              
    Purchased intangible asset amortization (cost of revenue) 3,135     3,097     14,415     8,785  
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304  
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708  
    Transformation costs (general and administrative)             1,875  
    Total excluded items 34,542     30,393     130,387     93,672  
                   
    Income from operations before excluded items 23,034     16,118     135,791     105,076  
    Non-GAAP operating income margin 12.2 %   9.4 %   18.2 %   15.9 %
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF ADJUSTED EBITDA (1)
    (Unaudited)
    (Dollars in thousands)
                   
      For the three months
    ended March 31,
      For the twelve months
    ended March 31,
      2024     2023     2024     2023  
                   
    Net earnings (loss) from continuing operations (6,267 )   (6,178 )   (2,502 )   10,091  
    Income tax expense (benefit) (479 )   (3,027 )   25,342     24,270  
    Total other expense, net (4,762 )   (5,070 )   (17,436 )   (22,957 )
                   
    Income (loss) from operations (11,508 )   (14,275 )   5,404     11,404  
    Depreciation and amortization 3,803     3,823     17,207     11,508  
                   
    EBITDA (7,705 )   (10,452 )   22,611     22,912  
                   
    Other adjustments:              
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304  
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708  
    Transformation costs (general and administrative)             1,875  
                   
    Other adjustments 31,407     27,296     115,972     84,887  
                   
    Adjusted EBITDA 23,702     16,844     138,583     107,799  
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands)
                 
      March 31   March 31   $ %
      2025     2024     Variance Variance
    Assets            
    Current assets:            
    Cash and cash equivalents 413,331     336,867     76,464   22.7 %
    Restricted cash 595     2,604     (2,009 ) (77.2 )%
    Short-term investments 7,500     32,045     (24,545 ) (76.6 )%
    Trade accounts receivable, net 186,169     190,313     (4,144 ) (2.2 )%
    Refundable income taxes, net 9,708     8,521     1,187   13.9 %
    Other current assets 38,886     31,682     7,204   22.7 %
    Total current assets 656,189     602,032     54,157   9.0 %
                 
    Property and equipment 23,813     25,394     (1,581 ) (6.2 )%
    Less – accumulated depreciation and amortization 17,629     17,213     416   2.4 %
    Property and equipment, net 6,184     8,181     (1,997 ) (24.4 )%
                 
    Intangible assets, net 20,167     34,583     (14,416 ) (41.7 )%
    Goodwill 501,756     501,756       %
    Deferred commissions, net 44,452     48,143     (3,691 ) (7.7 )%
    Other assets, net 30,623     36,748     (6,125 ) (16.7 )%
      1,259,371     1,231,443     27,928   2.3 %
                 
    Liabilities and Stockholders’ Equity            
    Current liabilities:            
    Trade accounts payable 112,271     81,202     31,069   38.3 %
    Accrued payroll and related expenses 50,776     61,575     (10,799 ) (17.5 )%
    Other accrued expenses 38,586     42,857     (4,271 ) (10.0 )%
    Deferred revenue 45,885     30,942     14,943   48.3 %
    Total current liabilities 247,518     216,576     30,942   14.3 %
                 
    Other liabilities 62,994     65,732     (2,738 ) (4.2 )%
                 
    Stockholders’ equity:            
    Preferred stock           n/a
    Common stock 15,918     15,594     324   2.1 %
    Additional paid-in capital 2,045,316     1,933,776     111,540   5.8 %
    Retained earnings 1,313,358     1,314,172     (814 ) (0.1 )%
    Accumulated other comprehensive income 4,295     3,964     331   8.4 %
    Treasury stock, at cost (2,430,028 )   (2,318,371 )   (111,657 ) 4.8 %
    Total stockholders’ equity 948,859     949,135     (276 ) (0.0 )%
      1,259,371     1,231,443     27,928   2.3 %
                 
           
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
      For the three months
    ended March 31,
      2025     2024  
    Cash flows from operating activities:      
    Net loss (6,267 )   (5,373 )
    Earnings from discontinued operations, net of tax     (805 )
    Non-cash operating activities:      
    Depreciation and amortization 3,803     3,823  
    Loss on disposal or impairment of assets 44     6  
    Lease-related impairment and restructuring charges (28 )   (546 )
    Gain on sale of strategic investments (515 )    
    Loss on marketable equity securities 206      
    Provision for doubtful accounts (453 )   1,947  
    Deferred income taxes (496 )   (498 )
    Non-cash stock compensation expense 24,166     24,780  
    Changes in operating assets and liabilities:      
    Accounts receivable, net 25,187     8,700  
    Deferred commissions 46     (3,971 )
    Other assets 4,703     8,514  
    Accounts payable and other liabilities 11,738     (246 )
    Income taxes (523 )   (7,285 )
    Deferred revenue 969     (1,403 )
    Net cash provided by operating activities 62,580     27,643  
    Cash flows from investing activities:      
    Capital expenditures (293 )   (1,791 )
    Cash paid in acquisitions, net of cash received     (170,281 )
    Purchases of investments     (24,509 )
    Proceeds from sales of investments     25,000  
    Proceeds from sale of strategic investment 763      
    Net cash provided by (used in) investing activities 470     (171,581 )
    Cash flows from financing activities:      
    Proceeds related to the issuance of common stock under stock and employee benefit plans 202     1  
    Shares repurchased for tax withholdings upon vesting of stock-based awards (1,026 )   (719 )
    Acquisition of treasury stock (25,447 )   (15,177 )
    Net cash used in financing activities (26,271 )   (15,895 )
    Net cash provided by (used in) continuing operations 36,779     (159,833 )
    Cash flows from discontinued operations:      
    From operating activities (798 )   805  
    Net cash provided by (used in) discontinued operations (798 )   805  
    Net cash provided by (used in) continuing and discontinued operations 35,981     (159,028 )
    Effect of exchange rate changes on cash 580     (447 )
           
    Net change in cash, cash equivalents and restricted cash 36,561     (159,475 )
    Cash, cash equivalents and restricted cash at beginning of period 377,365     498,946  
    Cash, cash equivalents and restricted cash at end of period 413,926     339,471  
           
    Supplemental cash flow information:      
    Cash paid for income taxes, net from continuing operations 558     4,905  
    Cash received for income taxes, net from discontinued operations     (1,258 )
    Cash paid for operating lease liabilities 2,426     2,594  
           
           
    Operating lease assets obtained in exchange for operating lease liabilities     148  
    Operating lease assets, and related lease liabilities, relinquished in lease terminations (40 )    
    Purchases of property, plant and equipment remaining unpaid at period end 20     104  
    Marketable equity securities obtained in disposition of strategic investment 652      
    Excise tax payable on net stock repurchases 64      
           
           
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
      For the twelve months
    ended March 31,
      2025     2024  
    Cash flows from operating activities:      
    Net earnings (loss) (814 )   11,881  
    Earnings from discontinued operations, net of tax (1,688 )   (1,790 )
    Non-cash operating activities:      
    Depreciation and amortization 17,207     11,508  
    Loss on disposal or impairment of assets 85     1,219  
    Lease-related impairment and restructuring charges 14     1,769  
    Gain on sale of strategic investments (515 )    
    Loss on marketable equity securities 206      
    Provision for doubtful accounts 695     2,254  
    Impairment of goodwill     2,875  
    Deferred income taxes (447 )   (458 )
    Non-cash stock compensation expense 107,979     71,304  
    Changes in operating assets and liabilities:      
    Accounts receivable, net 3,547     (32,336 )
    Deferred commissions 3,691     (11,113 )
    Other assets 2,105     9,426  
    Accounts payable and other liabilities 3,573     8,508  
    Income taxes 3,430     22,275  
    Deferred revenue 14,897     8,334  
    Net cash provided by operating activities 153,965     105,656  
    Cash flows from investing activities:      
    Capital expenditures (1,042 )   (4,255 )
    Cash paid in acquisitions, net of cash received (1,951 )   (170,281 )
    Purchases of investments (1,967 )   (48,894 )
    Proceeds from sales of investments 26,989     50,750  
    Proceeds from sale of strategic investment 763      
    Purchases of strategic investments (1,400 )   (1,000 )
    Net cash provided by (used in) investing activities 21,392     (173,680 )
    Cash flows from financing activities:      
    Proceeds related to the issuance of common stock under stock and employee benefit plans 8,833     7,222  
    Shares repurchased for tax withholdings upon vesting of stock-based awards (10,331 )   (5,835 )
    Acquisition of treasury stock (101,198 )   (60,502 )
    Net cash used in financing activities (102,696 )   (59,115 )
    Net cash provided by (used in) continuing operations 72,661     (127,139 )
    Cash flows from discontinued operations:      
    From operating activities 1,688     1,790  
    Net cash provided by discontinued operations 1,688     1,790  
    Net cash provided by (used in) continuing and discontinued operations 74,349     (125,349 )
    Effect of exchange rate changes on cash 106     372  
           
    Net change in cash, cash equivalents and restricted cash 74,455     (124,977 )
    Cash, cash equivalents and restricted cash at beginning of period 339,471     464,448  
    Cash, cash equivalents and restricted cash at end of period 413,926     339,471  
           
    Supplemental cash flow information:      
    Cash paid for income taxes, net from continuing operations 22,548     2,465  
    Cash received for income taxes, net from discontinued operations (2,486 )   (2,765 )
    Cash received for tenant improvement allowances (2,628 )    
    Cash paid for operating lease liabilities 9,798     10,293  
           
           
    Operating lease assets obtained in exchange for operating lease liabilities 2,327     11,825  
    Operating lease assets, and related lease liabilities, relinquished in lease terminations (595 )   (4,486 )
    Purchases of property, plant and equipment remaining unpaid at period end 20     104  
    Marketable equity securities obtained in disposition of strategic investment 652      
    Excise tax payable on net stock repurchases 128      
           
    LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
    CALCULATION OF FREE CASH FLOW (1)
    (Unaudited)
    (Dollars in thousands)
                           
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
                           
    Net cash provided by (used in) operating activities $ 25,693   $ 35,764   $ 16,556   $ 27,643   $ 105,656     $ (9,328 ) $ 55,596   $ 45,117   $ 62,580   $ 153,965  
                           
    Less:                      
    Capital expenditures   (53 )   (200 )   (2,211 )   (1,791 )   (4,255 )     (226 )   (241 )   (282 )   (293 )   (1,042 )
                           
    Free Cash Flow $ 25,640   $ 35,564   $ 14,345   $ 25,852   $ 101,401     $ (9,554 ) $ 55,355   $ 44,835   $ 62,287   $ 152,923  
                           
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                              Yr-to-Yr
      FY2024   FY2025   FY2025 to FY2024
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025   % $
                                 
    Revenues   154,069     159,871     173,869     171,852     659,661       175,961     185,483     195,412     188,724     745,580     13.0 % 85,919  
    Cost of revenue   45,621     41,212     44,934     47,722     179,489       51,749     51,234     54,998     57,929     215,910     20.3 % 36,421  
    Gross profit   108,448     118,659     128,935     124,130     480,172       124,212     134,249     140,414     130,795     529,670     10.3 % 49,498  
    % Gross margin   70.4 %   74.2 %   74.2 %   72.2 %   72.8 %     70.6 %   72.4 %   71.9 %   69.3 %   71.0 %      
                                 
    Operating expenses                            
    Research and development   34,519     33,733     37,788     45,161     151,201       44,118     43,889     42,735     45,926     176,668     16.8 % 25,467  
    Sales and marketing   44,879     44,135     46,203     60,476     195,693       54,175     51,107     50,863     56,961     213,106     8.9 % 17,413  
    General and administrative   26,664     26,009     27,241     30,252     110,166       30,961     31,369     31,994     32,175     126,499     14.8 % 16,333  
    Gains, losses and other items, net   116     6,574     2,502     2,516     11,708       206     397     149     7,241     7,993     (31.7 )% (3,715 )
    Total operating expenses   106,178     110,451     113,734     138,405     468,768       129,460     126,762     125,741     142,303     524,266     11.8 % 55,498  
                                 
    Income (loss) from operations   2,270     8,208     15,201     (14,275 )   11,404       (5,248 )   7,487     14,673     (11,508 )   5,404     (52.6 )% (6,000 )
    % Margin   5.0 %   24.3 %   40.2 %   (31.6 )%   1.7 %     (3.0 )%   4.0 %   7.5 %   (6.1 )%   0.7 %      
                                 
    Total other income, net   4,849     6,431     6,607     5,070     22,957       4,444     4,197     4,033     4,762     17,436     (24.0 )% (5,521 )
                                 
    Income (loss) from continuing operations before income taxes   7,119     14,639     21,808     (9,205 )   34,361       (804 )   11,684     18,706     (6,746 )   22,840     (33.5 )% (11,521 )
    Income tax expense (benefit)   8,705     10,163     8,429     (3,027 )   24,270       6,685     9,952     9,184     (479 )   25,342     4.4 % 1,072  
    Net earnings (loss) from continuing operations   (1,586 )   4,476     13,379     (6,178 )   10,091       (7,489 )   1,732     9,522     (6,267 )   (2,502 )   (124.8 )% (12,593 )
                                 
    Earnings from discontinued operations, net of tax       387     598     805     1,790               1,688         1,688     (5.7 )% (102 )
                                 
    Net earnings (loss) $ (1,586 ) $ 4,863   $ 13,977   $ (5,373 ) $ 11,881     $ (7,489 ) $ 1,732   $ 11,210   $ (6,267 ) $ (814 )   (106.9 )% (12,695 )
                                 
    Basic earnings (loss) per share:                            
    Continuing Operations   (0.02 )   0.07     0.20     (0.09 )   0.15       (0.11 )   0.03     0.15     (0.10 )   (0.04 )   (124.8 )% (0.19 )
    Discontinued Operations   0.00     0.01     0.01     0.01     0.03       0.00     0.00     0.03     0.00     0.03     (5.5 )% (0.00 )
    Basic earnings (loss) per share   (0.02 )   0.07     0.21     (0.08 )   0.18       (0.11 )   0.03     0.17     (0.10 )   (0.01 )   (106.9 )% (0.19 )
                                 
    Diluted earnings (loss) per share:                            
    Continuing Operations   (0.02 )   0.07     0.20     (0.09 )   0.15       (0.11 )   0.03     0.14     (0.10 )   (0.04 )   (125.5 )% (0.19 )
    Discontinued Operations   0.00     0.01     0.01     0.01     0.03       0.00     0.00     0.03     0.00     0.03     (3.1 )% (0.00 )
    Diluted earnings (loss) per share   (0.02 )   0.07     0.21     (0.08 )   0.17       (0.11 )   0.03     0.17     (0.10 )   (0.01 )   (107.0 )% (0.19 )
                                 
                                 
    Basic weighted average shares   66,497     66,284     65,961     66,323     66,266       66,621     66,294     65,631     65,957     66,126        
    Diluted weighted average shares   66,497     67,868     67,943     66,323     67,918       66,621     67,309     66,743     65,957     66,126        
                                 
    Some earnings (loss) per share amounts may not add due to rounding.         
                                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
    (Unaudited)
    (Dollars in thousands)
      FY2024   FY2025
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
    Expenses:                      
    Cost of revenue 45,621   41,212   44,934   47,722   179,489     51,749   51,234   54,998   57,929   215,910  
    Research and development 34,519   33,733   37,788   45,161   151,201     44,118   43,889   42,735   45,926   176,668  
    Sales and marketing 44,879   44,135   46,203   60,476   195,693     54,175   51,107   50,863   56,961   213,106  
    General and administrative 26,664   26,009   27,241   30,252   110,166     30,961   31,369   31,994   32,175   126,499  
    Gains, losses and other items, net 116   6,574   2,502   2,516   11,708     206   397   149   7,241   7,993  
                           
    Gross profit, continuing operations: 108,448   118,659   128,935   124,130   480,172     124,212   134,249   140,414   130,795   529,670  
    % Gross margin 70.4 % 74.2 % 74.2 % 72.2 % 72.8 %   70.6 % 72.4 % 71.9 % 69.3 % 71.0 %
                           
    Excluded items:                      
    Purchased intangible asset amortization (cost of revenue) 3,290   1,217   1,181   3,097   8,785     3,846   3,748   3,686   3,135   14,415  
    Non-cash stock compensation (cost of revenue) 629   629   817   1,478   3,553     1,596   1,499   1,455   1,615   6,165  
    Non-cash stock compensation (research and development) 5,077   5,293   6,960   9,859   27,189     10,205   10,920   10,085   10,494   41,704  
    Non-cash stock compensation (sales and marketing) 3,736   4,786   4,089   6,337   18,948     7,093   7,383   7,278   5,716   27,470  
    Non-cash stock compensation (general and administrative) 3,850   5,027   5,631   7,106   21,614     9,091   9,266   7,942   6,341   32,640  
    Restructuring charges (gains, losses, and other) 116   6,574   2,502   2,516   11,708     206   397   149   7,241   7,993  
    Transformation costs (general and administrative) 1,875         1,875              
    Total excluded items 18,573   23,526   21,180   30,393   93,672     32,037   33,213   30,595   34,542   130,387  
                           
    Expenses, excluding items:                      
    Cost of revenue 41,702   39,366   42,936   43,147   167,151     46,307   45,987   49,857   53,179   195,330  
    Research and development 29,442   28,440   30,828   35,302   124,012     33,913   32,969   32,650   35,432   134,964  
    Sales and marketing 41,143   39,349   42,114   54,139   176,745     47,082   43,724   43,585   51,245   185,636  
    General and administrative 20,939   20,982   21,610   23,146   86,677     21,870   22,103   24,052   25,834   93,859  
                           
    Gross profit, excluding items: 112,367   120,505   130,933   128,705   492,510     129,654   139,496   145,555   135,545   550,250  
    % Gross margin 72.9 % 75.4 % 75.3 % 74.9 % 74.7 %   73.7 % 75.2 % 74.5 % 71.8 % 73.8 %
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
      FY2024   FY2025
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
                           
    Income (loss) from continuing operations before income taxes 7,119   14,639 21,808 (9,205 ) 34,361   (804 ) 11,684 18,706 (6,746 ) 22,840  
    Income tax expense (benefit) 8,705   10,163 8,429 (3,027 ) 24,270   6,685   9,952 9,184 (479 ) 25,342  
    Net earnings (loss) from continuing operations (1,586 ) 4,476 13,379 (6,178 ) 10,091   (7,489 ) 1,732 9,522 (6,267 ) (2,502 )
                           
    Earnings from discontinued operations, net of tax   387 598 805   1,790     1,688   1,688  
                           
    Net earnings (loss) (1,586 ) 4,863 13,977 (5,373 ) 11,881   (7,489 ) 1,732 11,210 (6,267 ) (814 )
                           
    Earnings (loss) per share:                      
    Basic (0.02 ) 0.07 0.21 (0.08 ) 0.18   (0.11 ) 0.03 0.17 (0.10 ) (0.01 )
    Diluted (0.02 ) 0.07 0.21 (0.08 ) 0.17   (0.11 ) 0.03 0.17 (0.10 ) (0.01 )
                           
    Excluded items:                      
    Purchased intangible asset amortization (cost of revenue) 3,290   1,217 1,181 3,097   8,785   3,846   3,748 3,686 3,135   14,415  
    Non-cash stock compensation (cost of revenue and operating expenses) 13,292   15,735 17,497 24,780   71,304   27,985   29,068 26,760 24,166   107,979  
    Restructuring and merger charges (gains, losses, and other) 116   6,574 2,502 2,516   11,708   206   397 149 7,241   7,993  
    Transformation costs (general and administrative) 1,875     1,875        
    Total excluded items from continuing operations 18,573   23,526 21,180 30,393   93,672   32,037   33,213 30,595 34,542   130,387  
                           
    Income from continuing operations before income taxes and excluding items 25,692   38,165 42,988 21,188   128,033   31,233   44,897 49,301 27,796   153,227  
    Income tax expense (2) 6,167   9,036 10,732 3,947   29,882   7,371   10,745 12,421 7,759   38,296  
    Non-GAAP net earnings from continuing operations 19,525   29,129 32,256 17,241   98,151   23,862   34,152 36,880 20,037   114,931  
                           
    Non-GAAP earnings per share from continuing operations                      
    Basic 0.29   0.44 0.49 0.26   1.48   0.36   0.52 0.56 0.30   1.74  
    Diluted 0.29   0.43 0.47 0.25   1.45   0.35   0.51 0.55 0.30   1.70  
                           
    Basic weighted average shares 66,497   66,284 65,961 66,323   66,266   66,621   66,294 65,631 65,957   66,126  
    Diluted weighted average shares 67,388   67,868 67,943 68,471   67,918   68,463   67,309 66,743 67,479   67,499  
                           
    Some totals may not add due to rounding           
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME GUIDANCE (1)
    (Unaudited)
    (Dollars in thousands)
      For the   For the
      quarter ending   year ending
      June 30,
    2025
      March 31,
    2026
               
          Low   High
               
    GAAP income from operations $ 6,000   $ 85,000   $ 89,000
               
    Excluded items:          
    Purchased intangible asset amortization   3,000     11,000     11,000
    Non-cash stock compensation   24,000     82,000     82,000
    Total excluded items   27,000     93,000     93,000
               
    Non-GAAP income from operations $ 33,000   $ 178,000   $ 182,000
               
               
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
               
    APPENDIX A
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    Q4 FISCAL 2025 FINANCIAL RESULTS
    EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS
     
    To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.
     
    Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:
     
    Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.
     
    Non-cash stock compensation: Non-cash stock compensation consists of charges for employee restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.
     
    Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.
     
    Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company’s announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment.  Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information.
     
    Our non-GAAP financial schedules are:
     
    Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, Non-GAAP operating income margin, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable.
     
    Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other income and expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company’s performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance.
     
    Free Cash Flow: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow is defined as operating cash flow less capital expenditures. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company’s discretionary spending. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.
     

    PDF available: http://ml.globenewswire.com/Resource/Download/f10eae40-8315-4829-8708-f54db5dee34b

    The MIL Network

  • MIL-OSI United Nations: Experts of the Committee on the Rights of the Child Commend Romania on Deinstitutionalisation Process, Raise Questions on Corporal Punishment and Segregation in Education

    Source: United Nations – Geneva

    The Committee on the Rights of the Child today concluded its review of the combined sixth and seventh periodic reports of Romania, with Committee Experts commending the State on the deinstitutionalisation process of alternative care centres, while raising questions on the prevalence of corporal punishment and measures taken to combat segregation in education. 

    A Committee Expert said she was happy to hear about the programme for the deinstitutionalisation of alternative care centres; this was something Romania should be proud of, as well as all the foster arrangements being made, especially for children with disabilities. 

    Juliana Scerri Ferrante, Committee Expert and Country Taskforce Member, said there seemed to be a lack of parental education programmes around corporal punishment. How could the views of the child be respected if violence was accepted as a disciplinary measure?  Could the Romanian Government take clear steps to train staff and promote child education?  Philip Jaffe, Committee Vice-Chair and Country Taskforce Member, also noted that corporal punishment appeared to remain quite widespread despite being banned in 2004.  What efforts were being made to lower the prevalence and change attitudes among parents and adults? 

    Mr. Jaffe asked what was being done to combat school segregation based on disability, special education needs, and family economic status?  What improvements were being made to increase the improvement of vocational training for older children who may be leaving the school system?  Were there any programmes which specifically targeted economically disadvantaged children?

    The delegation said Romanian legislation completely prohibited violence against children, regardless of the environment.  However, despite the legislation, which was fully aligned with United Nations Conventions, the State needed to fight against mentalities and traditions and to practically change the minds of parents and caregivers, who believed corporal punishment would discipline children better.  Awareness-raising campaigns were being conducted for parents, and mechanisms including hotlines had been developed to support children, including the helpline 119.  Authorities were obligated to launch investigations immediately concerning any allegations of violence against children. 

    The delegation said the Ministry of Education had taken steps to assist children with special educational needs, with the creation of frameworks offering them different kinds of support, based on the type of disability.  Adaptive measures had been taken for Roma children, including stimulating their participation in early education and in summer kindergartens, supporting education in their current language, and translating schoolbooks in their mother tongue, among others.  An increasing number of contracts between schools and the business sector had been recorded, including around 6,000 contracts in the school year 2023/2024. 

    Introducing the report, Helena Omna-Raicu, President of the National Authority for the Protection of Child Rights and Adoption of Romania and head of the delegation, said Romania’s path in recent years had been shaped by profound changes and emerging pressures, including the war in Ukraine and the arrival of thousands of children and families fleeing conflict.  As a neighbouring country, Romania had mobilised rapidly to provide emergency care, protection, psychosocial support, and schooling to children regardless of their nationality. 

    Ms. Omna-Raicu said Romania had made significant progress in certain areas, including in the deinstitutionalisation process.  Of the 167 residential placement centres operating in 2017, 149 had already been closed by the end of March 2025 and over 6,000 children were now benefiting from family-type alternative care.  The remaining 18 placement centres would be closed soon. 

    In closing remarks, Rinchen Chophel, Committee Expert and Country Taskforce Coordinator, reiterated the Committee’s appreciation for the Government of Romania’s support to Ukrainian refugees, particularly children.  Significant progress had been made from the last reporting period to the current one, with many looking forward beyond the dialogue. 

    In her closing remarks, Ms. Omna-Raicu, expressed deep gratitude for the dialogue.  The Committee’s concerns regarding urban disparities were noted.  Romania would treat the Committee’s recommendations as an opportunity for deeper transformation. 

     

    The delegation of Romania was comprised of representatives from the National Authority for the Protection of Child Rights and Adoption; the Ministry of Education and Research; the Ministry of Justice; the Ministry of Health; the Ministry of Labour, Family, Youth and Social Security; the Ministry of Foreign Affairs; the General Inspectorate of the Romanian Police; the General Inspectorate for Immigration; the National Administration of Penitentiaries; the Prosecutor’s Office; the National Health Insurance Authority; and the Permanent Mission of Romania to the United Nations Office at Geneva. 

    Summaries of the public meetings of the Committee can be found here, while webcasts of the public meetings can be found here. The programme of work of the Committee’s ninety-ninth session and other documents related to the session can be found here.

    The Committee will next meet in public at 3 p.m. on Wednesday, 21 May to begin its consideration of the combined fifth and sixth periodic reports of Qatar (CRC/C/QAT/5-6).

    Report

    The Committee has before it the combined sixth and seventh periodic reports of Romania (CRC/C/ROU/6-7).

    Presentation of Report

    HELENA OMNA-RAICU, President of the National Authority for the Protection of Child Rights and Adoption of Romania and head of the delegation, said Romania’s path in recent years had been shaped by profound changes and emerging pressures, including the war in Ukraine and the arrival of thousands of children and families fleeing conflict.  As a neighbouring country, Romania had mobilised rapidly to provide emergency care, protection, psychosocial support, and schooling to children regardless of their nationality.  The State was proud to have established the first Blue Dot in the region at the border crossing with Ukraine and launched the use of the Child Protection Information Management System Primero in only a couple of months after the onset of the refugee crisis, ensuring registration and case management for almost 40,000 refugee children.

    Several new national strategies had been developed for 2021-2027 which aimed to address child poverty and wellbeing, including the national strategy for the protection and promotion of children’s rights “protected children, safe Romania” 2023-2027, and the national strategy on social inclusion and poverty reduction 2022-2027, among others.   Romania had also adopted and begun the implementation of the child guarantee national action plan 2023-2030, which aimed to reduce the number of children at risk of poverty or social exclusion by at least 500,000 by 2030. Romania had seen a measurable decline in the proportion of children at risk of poverty and social exclusion from 41.5 per cent in 2022 to 33.8 per cent in 2024. 

    In April 2024, law 100/2024 was approved which included specific amendments to several laws relevant for social assistance.  The new emergency ordinance no. 96/2024, approved in June 2024 regarding the provision of humanitarian support and assistance by the Romanian State to foreign citizens or stateless persons in special situations coming from the area of the armed conflict in Ukraine, established the legal framework providing refugees with access to a wide range of key national statutory services. Another significant legislative change was enacted by amending law 272/2004 in December 2024, which now mandated the participation of children in public decision-making processes. 

    There had also been several significant programmes launched, including modernising the unique national number 119 for reporting cases of abuse, neglect, exploitation and any other form of violence against children; the development of community services for children and families to prevent separation and support the family reintegration of children from the special protection system; and the development of 200 integrated community centres and 150 daycare centres for children, among others.  Despite these advances, challenges remained, including disparities between rural and urban areas. 

    However, Romania had made significant progress in certain areas, including in the deinstitutionalisation process.  Of the 167 residential placement centres operating in 2017, 149 had already been closed by the end of March 2025 and over 6,000 children were now benefiting from family-type alternative care.  The remaining 18 placement centres would be closed soon.  The use of European Union structural funds had also supported the training of over 11,000 foster carers.  A new programme had also been introduced, aimed to scale-up integrated community-services in 2,000 marginalised rural communities, combining social assistance, health, education, and other types of social support.  Over 800 million euros of European Social Funds were planned for enhancing access to social services for the most vulnerable, including children and their families.

    The State had also expanded support for children at risk of early school leaving by using the early warning mechanism in education, of which around 50,000 participants from 6,950 institutions had completed the training programme.  Targeted policies had been developed that supported the reintegration of children who dropped out during the pandemic, and more resources were reaching schools in deprived communities.  In health, the role of community nurses and Roma health mediators had grown, and work continued to improve access to services for vulnerable groups. 

    Pilot projects on mental health for children had laid the groundwork for more systemic change, with mental health services for children and adolescents being expanded. However, challenges remained in ensuring equitable access to quality services in rural and marginalised areas, addressing shortages of specialised personnel, and improving early identification and intervention for children with developmental delays or disabilities.

    Romania was committed to reducing the number of children affected by poverty and social exclusion by at least 500,000.  The State would also pursue the complete closure of old-type residential centres, with every child in alternative care placed in family-based or community settings. Romania was committed to translating the pledges made during the first-ever global ministerial conference on ending violence against children held at the end of 2024 in Bogota, Columbia, into realities for children. 

    In education, the State aimed to increase the early childhood education enrolment rate by at least 22 per cent for children aged zero to three and at least 95 per cent for children aged four to six.  There would be a focus on improving mental health services for children and linking schools, families, and health providers more effectively, aiming to reduce preventable mortality by 20 per cent compared to 2021 levels for children of all ages.   Finally, Romania would ensure that children had a role in shaping systems through participatory budgeting, monitoring, and children and youth-led policy platforms. Romania remained committed to fully implementing the Convention and to contributing to the global effort to advance child rights everywhere.

    Questions by Committee Experts

    RINCHEN CHOPHEL, Committee Expert and Country Taskforce Coordinator, said Romania had achieved a lot since the last report, which the Committee was happy about. Romania’s assistance to the Ukrainian refugees and children should be noted.  There had been significant legislative achievements, particularly the amendments to law 272.  What measures were in place to ensure effective implementation of the law?  The national strategy on social inclusion and poverty reduction 2022-2027, and the child guarantee national action plan 2023-2030 were very welcome developments.  How had these impacted on measures to promote and protect children? Had an assessment been undertaken to evaluate the impact of the national strategy. 

    While welcoming increased allocations to certain sectors, the Coordinator asked what measures were in place to develop a child-friendly budgeting process?  What was the current status of the complaints mechanism in the country for reporting all forms of abuse and violence for children? What had been done to inform children of their right to file a complaint?  Had professionals working with children been trained on receiving complaints concerning children and the Convention? 

    The establishment of the child Ombudsman in 2018 was a crucial step in the right direction, and the Government should be congratulated for that.  What was the current status of the institution?  How did it connect with children?  The Committee noted the State party’s awareness raising activities on the Convention with appreciation, including the translation of the Committee’s general comments into Romanian.  How did these efforts extend to rural children? 

    JULIANA SCERRI FERRANTE, Committee Expert and Country Taskforce Member, asked if the national strategy for school de-segregation been adopted?  If not, then when would this occur?  What measures had been taken to address hate speech? Did the permanent committee set up in every education unit offer a complaints mechanism to children?  If not, how could children complain in schools? 

    What had been done to decrease discrimination against the Roma population?  What efforts had been made to promote the inclusion of Roma in mainstream schooling?  How was discrimination against children with disabilities tackled in education?  There was concern that Romanian law did not define valid reasons on which minor marriages could be authorised and this was left to the discretion of the authorities.  What training was provided to apply the best interests of the child? What approaches had been taken to reduce the preventable mortality of children under five years old?  What was the position of the Romanian Government on the proposed amendment to law 272 regarding lesbian, gay, bisexual, transgender and intersex children?

    There seemed to be a lack of parental education programmes around corporal punishment. How could the views of the child be respected if violence was accepted as a disciplinary measure?  Could the Romanian Government take clear steps to train staff and promote child education?  How were child labour laws enforced?  How would the Romanian Government establish a child participation mechanism?  Were refugee and asylum-seeking children involved in decisions which affected them? Were children provided information on their rights? 

    What measures were being taken to strengthen the capacity of the social welfare services? How were children with disabilities prioritised in reform measures?  What was being done to combat the illicit transfer of children abroad?  Had bilateral agreements been conducted in this regard?  Was the Romanian Government carrying out measures to understand the impact of prison on children?  How were they supported when their parents were incarcerated?  What support was available for young people leaving institutional care? 

    SOPHIE KILADZE, Committee Chair and Country Taskforce Member, said the adoption of law 105/22 providing for automatic birth registration should be considered as positive.  Could more information be provided about how the law worked in practice?  Were there any plans to introduce a statelessness determination procedure?  Was data on statelessness which concerned children disaggregated?  What measures were in place to protect children from excessive screen use?  How did Romania deal with artificial intelligence as a European Union member? Romania had one of the lowest levels of digital skills in the European Union; what measures were being undertaken to promote digital literacy among children, as well as parents? 

    PHILIP JAFFE, Committee Vice-Chair and Country Taskforce Member, said it was wonderful that strong pledges had been made at the global ministerial conference on ending violence against children in Bogota.  How was Romania implementing its mission as a pathfinding global alliance country?  It seemed Romanian children were in need of protection against high levels of physical and sexual violence.  One of the pledges made in Bogota was to conduct a prevalence study on sexual abuse; had the State moved forward with this study?  Were there dedicated teams drawing up the comprehensive framework and strategy which had been promised?  One pledge had been to enhance children’s participation regarding issues of violence.  What efforts had the Government made to ensure that there was a clear public understanding that all forms of violence against children needed to be reported? 

    Corporal punishment appeared to remain quite widespread despite being banned in 2004. What efforts were made to lower the prevalence and change attitudes among parents and adults?  It was encouraging that Romania had been one of 40 countries to recently join a statement of the Human Rights Council, expressing children’s right to protection from corporal punishment.  How was bullying and cyber bullying being addressed at all levels of legislative policy?  Could more information about the child helplines be provided? 

    Was it true that around seven to eight per cent of girls in Romania were married before the age of 18, with that percentage rising to around 20 per cent in the Roma community? What was being done in response to this? Was it true that charges had been dropped against a 17-year-old boy who entered into a non-formal marriage with an 11-year-old girl?  What policy was in practice in the health sector regarding surgical interventions and intersex children?  What were the guidelines to protect their bodily integrity until these children were capable of providing consent? 

    Responses by the Delegation

    The delegation said the law on child protection now included clear provisions which made it compulsory for public administrative bodies to involve children in consultations regarding issues which concerned them.  The national strategy on children’s rights was recently adopted and another national action plan was elaborated; these plans were complimentary. This was a comprehensive package which would help the Government to better implement all necessary measures. An assessment of the national strategy had been undertaken.  The State was now piloting a system which would indicate how to establish a model of financing where children would be considered as a different group that would benefit from a different budget. 

    The national programme for schooling in Romania ensured children received food support at schools to increase the enrolment rate and participation.  School supplies were also provided for all school grades. Two hundred euros were provided for the purchase of technology, and remedial lessons were provided to students coming from disadvantaged communities.  Recently, the scholarship system had been extended to encompass more disadvantaged groups. 

    Funds allocated to primary medical care had registered a continuous annual increase.  Just last year, the fund allocated to primary care increased by 24 per cent.  The national observatory was a big achievement for Romania and aimed to identify the children most at risk of being separated from their families, based on indicators.  Training was being conducted on the use of the observatory to ensure the data provided was reliable.   

    The hearing of minors in justice proceedings took place in special rooms, and a psychologist was always required to be present.  The new national strategy for the development of the judicial system provided for another 10 hearing rooms across the country.  There were specially designated prosecutors to handle cases involving minors.  The child Ombudsman was fully operational and cooperated with all institutions.  It had a functioning complaints mechanism.  If an incident was notified to the Ombudsman, an investigation started, which concluded with a set of recommendations sent to the institution responsible to correct the situation.  

    Civil society representatives were part of the consultative groups established at the national level.  A methodology had been issued and piloted regarding identifying and banning segregation within the educational sector.  The measures focused on ensuring an inclusive education.  Any kind of discrimination on criteria such as ethnicity, religion or sex was completely forbidden within the educational system.  Specific places in high schools were allocated for Roma students and students with disabilities.  To ensure access to high quality education, educational services had been developed starting from early education to prevent early dropout and absenteeism.     

    A set of programmes had been introduced, including a monthly allowance for children up to the age of 18, as well as parental leave.  There was also a minimum income support which supported families with children. Emergency ordinance no.96 was developed specifically for children from Ukraine and their families. 

    There was a dedicated intergovernmental group which addressed the subject of forced marriage, with the aim of drafting legislative projects in this regard.  Concerning infant mortality and the number of deaths under one year of age, a regionalised system of care had been introduced to ensure each neonate was born in a medical unit which could provide the services necessary for their care, thereby reducing infant mortality.  An important national programme was in place which contained around 15 interventions, established in partnership with the United Nations Children’s Fund.  Another programme provided 900 neonatal incubators around the country. 

    A significant number of services had been established to help families in vulnerable situations. A special programme was launched last year on the minimum inclusion income, which focused on how to assist parents within the labour market.  The State was aware of a lack of social assistance in rural areas, which was where the most vulnerable communities lived.  Interventions were directed, including food packages, and local administrative capacities would be developed. 

    A programme had been developed which aimed to establish hearing rooms for children in courts, and 29 hearing rooms were completed in April 2024.  The rooms were used by the Prosecutors and police officers when they had victims who were minors.  The rooms were child-friendly and specially designed with toys.  The child did not see the other people participating in the hearing.  A new strategy adopted in 2025 provided for the need for an additional 10 hearing rooms in the near future. 

    All social services were functioning based on a set of minimum quality standards, which were verified by the national agency for social inspection.   With the United Nations Children’s Fund, Romania was piloting a project which would identify and train foster families to care specifically for children with disabilities.  A child entering the special protection system was prioritised to be reintegrated in a family environment.  Adoption was considered the best solution in this regard, and this could only be decided by a court.  Priority was offered to domestic adoption, but international adoption could be considered after one year. 

    Amendments had been made to allow special spaces for visits in prison with children.  Such spaces were now available in all prison facilities within the Romanian penitentiary system.  There were cooperation protocols in place with the United Nations Children’s Fund and Save the Children which supported parents to develop their parental skills and improve their relationship with their children. The State was aware of the need to develop programmes which addressed the needs of children and adults and improved the relationship within the family.

    The Ministry of Education aimed to develop digital competencies among students and parents. During the pandemic, all students were provided with laptops and digital devices to keep up with the educational process.  In a new initiative launched in partnership with Microsoft, the Ministry of Education had announced the development of a project concerning artificial intelligence for increasing the school performance of students.  A project was also being implemented aimed at improving the digital skills of civil servants. 

    Romania had a dedicated national child help line.  It was toll-free and operational 24/7.  Those operating the calls were specialised counsellors who could refer the cases to the relevant authorities.  Another helpline just referred cases to social services.  The 119 helpline was a recent development, operational from any place in Romania and accessible to children and adults.  After the first year, it had been well received and was being regularly used to inform on any situation concerning a child. 

    Rape of a minor and sexual assault against a minor had been introduced as acts within the Criminal Code.  Rape committed by an adult against a minor under the age of 18 was punished by a prison sentence of between seven to 12 years.

    Questions by Committee Experts

    PHILIP JAFFE, Committee Vice-Chair and Country Taskforce Member, said one in 20 people in Romania held a disability certificate, with around 80,000 being children. What were the difficulties faced by certain groups of children to receive this certificate, including rural children?  Were there any awareness-raising campaigns for rural minorities and poor families regarding their entitlement to services?  Could more information be provided about Romania’s strategy for persons with disabilities?  How were the number and expertise of professionals being scaled up?  To what degree had the State embraced a human-rights approach to disability, as opposed to a medical model of disability?  How many children were still left in institutions? When would such institutions all be closed? 

    There were two recent laws on pre-university education and higher education; could more information be provided about the implementation of these laws?  What was the level of gross domestic product dedicated to education in Romania?  Was there a direct pipeline to hear about the concerns of children within the education system and were these concerns taken seriously?  What was being done to combat school segregation based on disability, special education needs, and family economic status?  Figures suggested that 40 per cent of children with disabilities had limited access to education.  What steps were being made to improve education for children under the age of three? What improvements were being made to increase the improvement of vocational training for older children who may be leaving the school system?  Were there any programmes which specifically targeted economically disadvantaged children?  What was the mission of the Ministry of Youth? 

    SOPHIE KILADZE, Committee Chair and Country Taskforce Member, asked if sufficient resources were dedicated to the capacity building of medical personnel? Did all children have access to health care, including health insurance?  How were vaccinations promoted in the country?  How was breast feeding promoted?  Child obesity was an issue of concern; how was this combatted? Was there a hot meals programme? 

    Mental health was a very important issue.  Was data on mental health being disaggregated, including on suicide?  Was there a comprehensive strategy and action plan regarding the issue of mental health?  Were quality mental health services available in rural and remote areas? According to alarming information, the country had the highest number of adolescent mothers across the European Union. What steps would the State undertake to prevent adolescent pregnancies and subsequent abortions?  Would Romania make reproductive education part of the curriculum? 

    What measures were in place to address drugs or substance abuse?  Were there treatments available for children?  Romania had made substantial efforts for Ukrainian children and other groups of refugees.  How would the State integrate these children long-term?  Were there delays in the enrolment of refugee children and their families into the social services system?  Would amendments be considered in the asylum law to end the detention of families at the legislative level?  Did unaccompanied migrant children have access to services, including psychosocial support and disability services?  Were there any barriers which could hinder access to education? 

    What measures were being undertaken to end child labour, including begging?  What was being done to assist children in street situations?  How were perpetrators investigated and brought to justice?  Were there quality services for child victims of trafficking in place? Was the system of child justice established across the country?  Were adequate financial resources allocated to it?  Was free legal aid available to children in conflict with the law?  Was the detention of children used only as a last resort?  If yes, did it comply with international standards? 

    RINCHEN CHOPHEL, Committee Expert and Country Taskforce Coordinator, said one in five children were affected by severe material and social deprivation, which was concerning.  What was the reality on the ground?  The minimum social assistance package had been introduced; could more information be provided on it?  Romania was increasingly vulnerable to droughts, heatwaves, floods and landslides, and it was also grappling with water pollution.  How had the national strategies pertaining to climate change helped to address the challenges of the environment and climate change in the country? What measures were being adopted to take into account children’s needs and views in the development of specific policies, including disaster-preparedness plans?  Were child rights impact assessments carried out when dealing with the business sector? 

    A Committee Expert asked what the national coverage of vaccinations was in the country?  Romania had an epidemic of measles; how did the population react to vaccinations?  How was confidence being built in vaccines?  Were people familiar with the law on rape?  What happened once the 30-day limit for registering births had elapsed? 

    Responses by the Delegation

    Romanian legislation completely prohibited violence against children, regardless of the environment.  However, despite the legislation, which was fully aligned with United Nations Conventions, the State needed to fight against mentalities and traditions and to practically change the minds of parents and caregivers, who believed corporal punishment would discipline children better.  Awareness-raising campaigns were being conducted for parents, and mechanisms including hotlines had been developed to support children, including the helpline 119. 

    Authorities were obligated to launch investigations immediately concerning any allegations of violence against children.  Romania was committed to continuing these efforts and to changing social norms and mentalities.  The numbers of cases of violence against children was increasing, which meant people were becoming more aware of the issue and reporting it. 

    Since 2016, the methodology applied in Romania clearly distinguished between the concept of disability and special education needs.  In Romania, the deinstitutionalisation process was one of the most important commitments of the Government, and the process was now concluding. Currently, out of the 167 residential centres operating in 2017, 149 had already been closed, and more than 6,000 children were benefiting from alternative care.  The legal framework stated that no placement centre could operate without the approved closure plan.  The deinstitutionalisation process also involved finding better alternative and family-based care for children.   Only 18 placement centres remained in the process of being closed, and by 2026 no such centre would be operating in Romania.  The State was still aiming to find family-style solutions for children with disabilities, and a project was being developed with the United Nations Children’s Fund to this end.

    If a birth was declared after the 30-day deadline but less than one year after the birth, the birth certificate could be issued based on approval from the mayor.  If the birth declaration was made more than one year after the birth, the certificate needed to be approved by the mayor and other administrative bodies. 

    More than 2.8 million students were enrolled in the 2023/2024 school year in Romania.  For high school, there had been a significant decrease in dropouts from 2.5 per cent in 2017 to 0.8 per cent in 2024. Around 4.5 per cent of the budget was allocated to education.  The Ministry of Education had taken steps to assist children with special educational needs, with the creation of frameworks offering them different kinds of support, based on the type of disability.  For students with temporary special needs, the law of education presented special measures, including the implementation of schooling hospitals, or schooling at home for those who were required to be in hospital or at home for medical reasons. 

    Adaptive measures had been taken for Roma children, including stimulating their participation in early education and in summer kindergartens, supporting education in their current language, and translating schoolbooks in their mother tongue, among others.  More than 66,000 teachers had been trained in digital and multimedia use.  An increasing number of contracts between schools and the business sector had been recorded, around 6,000 contracts in the school year 2023/2024.  Most teachers had been trained to create open educational resources.  Significant funds had been allocated to modernising rest room facilities in schools. 

    Any student could submit complaints of discrimination via an established framework.  Students benefitted from representation in the school system through several platforms.  The national strategy for sustainable development issued the methodology of the “green week programme”, which contributed to preschoolers and students’ competence in understanding basic concepts of climate change, to initiate individual and protective action to protect the environment.  Teachers were obliged to obtain 90 transferrable professional credits every five years, through attending courses offered by Romanian training houses.

    In recent years, infant mortality had remained relatively stable in Romania.  From 2023 to 2024, the number of doctors treating children increased by five per cent.  Regarding children’s access to medical services, all children were insured in Romania and benefitted from basic medical services across all sectors of health care.  The national health insurance fund also reimbursed certain services.  The Ministry of Health had launched a vaccination campaign in partnership with the Red Cross, to raise awareness of parents; this had been accompanied by a “catch-up” vaccination schedule, resulting in 1,500 children being vaccinated.  A protocol had been signed with the Orthodox Church to establish an active partnership to create a framework for anyone facing a possible cancer diagnosis, offering support.   

    World Breastfeeding Week was celebrated in August each year, as breastfeeding remained one of the most effective ways to provide children with the best start in life. Breast feeding recommendations had been developed with partners, including the World Health Organization, and were relayed to medical practitioners at the local level.  Around 200 integrated community centres would be restructured, elevated and equipped.  A television broadcast had been created to promote the importance of breastfeeding in the first six months of a child’s life.   

    Information and education campaigns had been carried out for children, parents and teachers about the benefits of a healthy diet and the consequences of unhealthy eating. Around 1,000 people had benefited from the campaign.  Substance abuse could be detected by family doctors and psychological services could be recommended.  The national health insurance house implemented the national mental health programme, providing treatment for persons with substance abuses, and ensuring specific treatment for patients with depressive disorders. 

    Questions by Committee Experts 

    RINCHEN CHOPHEL, Committee Expert and Country Taskforce Coordinator, said the Government had approved a social assistance programme in 2011 which targeted all communes, but was underfinanced; could more information be provided?  The Environment Week presented was an excellent initiative; how was it being utilised? 

    JULIANA SCERRI FERRANTE, Committee Expert and Country Taskforce Member, asked if there were any supervision orders, where children remained with their family but were supervised?  Were there age assessment procedures during the asylum procedure?  What rights did children applying for asylum have?  Could they appeal any decisions? 

    PHILIP JAFFE, Committee Vice-Chair and Country Taskforce Member, said according to research by the United Nations Children’s Fund, Romanian girls felt much lonelier than Romanian boys.  Was there a reason for this gap? 

    SOPHIE KILADZE, Committee Chair and Country Taskforce Member, asked for clarification on case management coordination? 

    A Committee Expert noted the prevalence of women among the large delegation and asked if women generally had an important and high-profile position in Romania, or if this only occurred when discussing children?  Had there been any programmes to prevent violence?  Had the concept of gender been fully institutionalised? Were teachers trained in detecting signs of violence?  What was the prevalence of child marriage in the country?  What about figures for marriages which were not officially recorded? Had there been any programmes to prevent the phenomenon or sanctions? 

    Was there any mapping of the at-risk populations in the country of female genital mutilation? Was female genital mutilation prohibited in law?  What was the most updated action on sexual exploitation?  Was there any cross-border cooperation between Romania and neighbouring countries?  Did Ukrainian children born in Romania have access to Romanian citizenship?  Did rape victims have access to emergency contraception?

    Another Expert asked about vaccinations from children aged zero to 12; was there distrust in the population when it came to vaccines?  It seemed that tuberculosis was a public health issue.  What was being done in the field of treatment? Were there children whose births had not been declared, particularly among refugees, Roma and migrants?

    A Committee Expert asked about the new concept introduced by the Parliament on parental alienation.  How had this concept been consulted on, particularly with children?  How would the best interests of the child be ensured? What specific measures were being taken to reduce school dropout and improve access to quality education for Roma children?  What mechanisms were in place to monitor and support Roma children who were at risk of dropping out? 

    Another Committee Expert said she was happy to hear about the programme for the deinstitutionalisation of alternative care centres; this was something Romania should be proud of, as well as all the foster arrangements being made, especially for children with disabilities.  What was the State doing to support the families of children with disabilities, particularly those with severe disabilities? 

    Responses by the Delegation 

    The delegation said emergency contraception was available to those who had experienced sexual assault and could be obtained without a prescription.  Adolescent pregnancies were a major concern for the Romanian public health system.  Contraceptives and medical devices were provided free of charge through family centres and through gynaecological departments, where abortions were performed upon request.  Romania was one of the first European countries to offer non-discriminatory HIV/AIDS treatment. 

    Refugees were granted a monthly allowance, one-month’s accommodation, and access to education for minors.  Legislation in the field of asylum provided for beneficiaries to apply for family reunification when family members were not in Romania.  Identity documents needed to be provided to prove family links. Family reunification of unaccompanied minors was carried out with the best interest of the child in mind. Minors from immigrant backgrounds benefitted from the same rights as minors who were Romanian citizens. Romanian language courses provided teaching support, textbooks and workbooks developed on linguistic levels according to the European Union framework.  Priority for asylum applications was given to unaccompanied minors. 

    Medical forensic expertise was used when an asylum applicant could not prove their age and there were serious doubts about their ethnicity.  The declared age of the asylum applicant was accepted if their refusal to undergo the medical expertise was based on compelling reasons.  The assessment was performed with full respect for the minor’s dignity and in as least invasive way as possible. 

    Investigations in child and human trafficking were undertaken by specialists with supervision from specialised prosecutors.  Through law 229/2024, the Romanian Parliament aimed to discourage sex tourism and the pimping of minors.  More than 1,200 criminal cases had been identified regarding child trafficking. The General Inspectorate of Romanian Police organised regular sessions for border police and 

    non-governmental organizations, with the purpose of identifying victims.  More than 125 trainings had been carried out to over 4,000 workers who may encounter trafficking victims through their work. The National Agency against Trafficking in Persons and the Directorate for Investigating Organised Crime had implemented a national action plan in the fight against human trafficking to improve the awareness of at-risk groups. 

    In 2024, prosecutors from the Directorate for Investigating Organised Crime took part in 35 seminars regarding identifying child victims, compensation for victims, international cooperation, and online sexual exploitation of children, among other topics.  A public awareness campaign had been launched relating to sexual acts between adults and minors.  The message stated that a sexual act committed against a minor of 16 years or under constituted rape, if the age gap was more than five years, and punishments applied. 

    According to Romanian legislation, minors benefited from free legal aid, whether they committed a crime, or if they were victims of a crime.  The Romanian penal system limited sanctions in regard to minors, and measures for deprivation of liberty were only given as a last resort and could only be ordered by a court. 

    The integrated social services project aimed to develop the academic knowledge of professionals working in the social assistance field, and to develop concrete measures for vulnerable groups of people. 

    During “green week”, schools organised activities around several topics relating to the environment.  These were uploaded on a specialised platform dedicated to education on climate change and varied from one educational cycle to another.  The Ministry of Education had developed a programme, the mechanism of early-living alert, which focused on early education for Roma children. 

    In Romania, social services were obligated to identify children in a risk situation.  Children could remain within families and be monitored by social services until the risks were removed.  The parental alienation provision was introduced in all cases relating to violence and neglect.  It was recommended that this provision be removed, as these measures should only be applied by the courts.  There were many trainings offered to judges on methods relating to children’s rights.  Social workers were also trained to provide necessary assistance to visiting parents. Social services could only assist; they could not intervene and solve disputes between parents. 

    Closing Remarks

    RINCHEN CHOPHEL, Committee Expert and Country Taskforce Coordinator, reiterated the Committee’s appreciation for the Government of Romania’s support to Ukrainian refugees, particularly children.  The State was encouraged to continue to undertake these activities which were important for solidarity for children.  Significant progress had been made from the last reporting period to the current one, with many looking forward beyond the dialogue.  This was an indication of the Government’s commitment towards children.  As the country moved forward, it was important to put emphasis on implementation and ensure vulnerable children did not miss out. 

    HELENA OMNA-RAICU, President of the National Authority for the Protection of Child Rights and Adoption of Romania and head of the delegation, expressed deep gratitude for the dialogue.  The delegation welcomed the Committee’s emphasis on equality, accountability and sustainability, and would underpin the next stage of the State’s deinstitutionalisation journey.  The Committee’s concerns regarding urban disparities were noted.  It was recognised that rights delayed were rights denied, and the State was committed to accelerating affirmative action. Romania would treat the Committee’s recommendations as an opportunity for deeper transformation. 

    SOPHIE KILADZE, Committee Chair, thanked the delegation for the fruitful dialogue and commended its members for their clear and comprehensive answers.  Ms. Kiladze extended her best regards to the children of Romania. 

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

     

    CRC25.013E

    MIL OSI United Nations News

  • MIL-OSI Global: Universal vaccines could reshape how we fight future outbreaks – but a broad approach is needed

    Source: The Conversation – UK – By Antony Black, Lecturer, Life Sciences, University of Westminster

    raker/Shutterstock.com

    Every year, the race begins anew. Scientists scramble to track mutating viruses, pharmaceutical companies reformulate vaccines and public health systems brace for another season of jabs and logistics.

    This relentless cycle is our frontline defence against threats like flu and COVID – but it comes at a steep price. Globally, billions are poured into strain and variant surveillance, vaccine development and distribution, leaving already-stretched health systems — particularly in lower-income countries – struggling to keep pace.

    That’s why scientists have long aimed to develop universal vaccines – ones that protect against all major forms of a virus, including both seasonal and pandemic types. But designing these vaccines has proved to be tricky.

    The difficulty lies in the way viruses mutate. Influenza and SARS-CoV-2 (the virus that causes COVID) change rapidly, allowing them to escape the immune system’s memory responses triggered by past infections or vaccinations. To make a universal vaccine, researchers must identify parts of the virus that stay the same across different strains and variants – known as “conserved regions”.


    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.


    These conserved regions are harder for the immune system to recognise, so scientists are developing strategies to enhance the body’s response to them. One approach removes the rapidly mutating parts of the virus from the vaccine entirely, helping the immune system focus on the parts that don’t change.

    Another strategy involves “mosaic” vaccines, which combine elements from many virus strains to trigger a broad, protective immune response.

    Several technologies used to deliver these vaccines are at various stages of development. For example, mRNA vaccines use lab-made strands of messenger RNA (a type of genetic material) to instruct cells to produce viral proteins to trigger an immune response.

    Another type relies on “viral vectors” – harmless viruses that deliver genetic material into human cells to stimulate immunity. Both types of vaccines were gamechangers during the COVID pandemic.

    Other technologies include nanoparticles, which use synthetic biological particles to improve delivery and immune response. And “virus-like particles”, which trigger immune responses by imitating the structure of viruses, but don’t contain any genetic material.

    Researchers are also using powerful computational tools to design vaccines that could work across multiple strains.

    These platforms aren’t just being explored for flu and COVID – similar efforts are underway for other fast-evolving viruses, such as HIV.

    Cash injection

    Earlier this month, the US government announced a US$500 million (£377 million) investment to accelerate research into universal vaccines. After years of underfunding, experts say this backing is long overdue – especially following the COVID pandemic, which temporarily shifted focus to emergency vaccine production.

    The rapid development of COVID vaccines showed how targeted funding and global collaboration can lead to scientific breakthroughs. A similar approach could now help bring universal vaccines closer to reality by supporting early research, funding clinical trials and improving manufacturing and distribution systems.

    However, the investment has not been without controversy. Some scientists have raised concerns that the funding may be overly directed toward a narrow set of researchers or outdated methods, rather than being open to the most promising technologies.

    Critics argue that a broad, flexible portfolio of vaccine strategies – rather than a single approach – is the key to success.

    Ultimately, the goal of a universal vaccine is not just scientific. It’s also practical and global: reducing the burden on health systems, lowering costs and transforming how the world responds to future outbreaks.

    Antony Black 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. Universal vaccines could reshape how we fight future outbreaks – but a broad approach is needed – https://theconversation.com/universal-vaccines-could-reshape-how-we-fight-future-outbreaks-but-a-broad-approach-is-needed-256656

    MIL OSI – Global Reports

  • MIL-OSI Global: Teachers knew what children needed to recover from the pandemic – but their insights were ignored

    Source: The Conversation – UK – By Alice Bradbury, Professor of Sociology of Education, UCL

    PeopleImages.com – Yuri A/Shutterstock

    Five years have passed since schools and nurseries closed in England as a result of COVID-19 lockdowns. This unprecedented disruption to children’s normal routines created considerable concern – both at the time and in the years since.

    But based on our research into the impact of school closures on children, we believe that many of the long-term effects have been misdiagnosed or ignored. Funding has been channelled in the wrong direction, hampering real recovery.

    We researched what was happening in primary schools during the pandemic. We used surveys, interviews and school-based case studies to collect insights from school staff and parents.

    Our survey data and case studies showed that teachers recognised straight away how the pandemic was affecting the children they taught and their families.


    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.


    Schools knew that not receiving free school meals and being confined to inadequate housing during lockdown would affect children’s health and nutrition. They saw that some children would be exposed to greater risk from being at home, and that they needed to take action. They also recognised that children living in poverty would be affected the most.

    We also conducted two systematic literature reviews which assessed the findings of a large range of scholarly research. In one, we reviewed the evidence for how schools recover from sudden closures due to natural disasters or epidemics. In the other, we assessed studies published towards the end of the pandemic on the harm done to pupils.

    Priorities for recovery

    We wanted to know the key areas to focus on to help children recover from the disruption of lockdown. Our own research in schools arrived at similar answers to the review of research on school closures associated with natural disasters.

    First, it is important to recognise the value of local knowledge. Recovery strategies that are decided without insight into the local context may be poorly designed and unable to address the actual issues facing particular schools.

    Second, schools need to have the freedom to reset the pace at which the curriculum is taught, as both pupils and staff needed time to process what had happened during the pandemic. Rushing to catch up would prove counter-productive. And third, government responses need to make staff and pupil welfare a priority, and help repair wellbeing.

    Our review of the evidence of harm to pupils, published as the pandemic ended, found negative effects on physical health and nutrition, mixed effects on mental health and uncertainty about effects on learning.

    We saw how far the impact of COVID-19 on employment, and the prevalence of household bereavements, varied from place to place. We advised the Department for Education that insights from local communities were needed to help recovery, and that without them, centrally designed schemes might be unsuccessful.

    But instead, the government focused its immediate efforts on a time-limited national tutoring programme, intended to counter “learning loss” – to help pupils recover the knowledge they missed out on learning during school closures and to close the attainment gap.

    But the programme was poorly reviewed. Funding for tutors with no knowledge of the school or its pupils led to disappointing uptake and an early switch to a school-led funding route.

    The government’s appointed “catch-up tsar”, Kevan Collins, resigned early on. He commented that the “support announced by government so far does not come close to meeting the scale of the challenge”. This has proved true.

    Lasting consequences

    Five years on, it is not in the areas of learning loss that the long-term effects are being most felt. Evidence of learning loss is mixed, with exam results showing near recovery to pre-pandemic standards.

    Rather, it is the complex interactions between pupil absence and exclusions, the ongoing impacts on children with special educational needs and disabilities (as the strongest predictor of persistent absence) and the impacts on wellbeing that are most clearly indicative of an ongoing problem.

    Children’s wellbeing should be a key focus of continuing pandemic recovery.
    New Africa/Shutterstock

    A recent report from the charities The Institute For Public Policy Research and The Difference has found that absence and suspensions are two-thirds higher in England than before the pandemic. The findings suggest that this is the “lost learning” we should be concerned about.

    This has been compounded by a cost-of-living crisis that is deepening child poverty.

    Schools need support to help get past the consequences of the pandemic. This means a better funding formula that resources them properly for what they do – including the role they play in addressing child poverty. Teachers’ expertise needs to be recognised, and they need to feel valued.

    What’s more, the social value of primary school matters. It should not be seen only as preparation for an academic secondary school curriculum. Room for play, for physical activity, for arts and self-expression would greatly enrich this phase and set good foundations for the later years.

    While it may be many years until we really understand what the pandemic meant for children, we can at least use what we know now to inform the long process of recovery.

    Alice Bradbury receives funding from the Helen Hamlyn Trust which funds the Helen Hamlyn Centre for Pedagogy at UCL. She has also received research funding from the Economic and Social Research Council and Department of Education/SAGE for the research discussed here. She is a member of the Labour Party and the Universities and College Union.

    Gemma Moss receives funding from the Economic and Social Research Council for the research discussed here.

    Sinead Harmey receives funding from the Economic and Social Research Council for the research discussed here.

    ref. Teachers knew what children needed to recover from the pandemic – but their insights were ignored – https://theconversation.com/teachers-knew-what-children-needed-to-recover-from-the-pandemic-but-their-insights-were-ignored-253181

    MIL OSI – Global Reports

  • MIL-OSI China: Foreign, health ministers call on WHO to facilitate Taiwan’s participation

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    May 16, 2025  
    No. 157  

    During a joint press conference on May 16, Minister of Foreign Affairs Lin Chia-lung and Minister of Health and Welfare Chiu Tai-yuan called on the World Health Organization (WHO) to facilitate Taiwan’s participation. They said that Taiwan would demonstrate self-confidence and work with the world while showcasing the professionalism of Taiwan’s medical diplomacy team.

     

    The 78th World Health Assembly (WHA) is set to open in Geneva on May 19. Minister Lin and Minister Chiu held a joint press conference at the Ministry of Foreign Affairs (MOFA) on the morning of May 16, at which they underscored Taiwan’s willingness to contribute to better global health. The two ministers said that the WHO should not brook political interference but rather should promptly invite Taiwan to participate as an observer in the WHA as well as WHO technical meetings and thus realize WHO’s goal of “One World for Health.” 

     

    Making a special appearance at the press conference was the Puzangalan Children’s Choir of Pingtung County, which performed “Ualjaiyui,” a traditional song of blessing of the Paiwan indigenous community. The song speaks of good fortune and of passing on traditions. Taiwan shares such sentiments for its WHA Action Team headed to Geneva as well as to the world at large. Minister Lin pointed out that the choir would also be traveling to Geneva to show that Taiwan was not just a land of technology but also home to cultural soft power. 

     

    Minister Lin shared that this year’s WHA slogan is “One World for Health” and that the government was calling on WHO to “Chip in with Taiwan” so that no nation or people would be left behind, allowing Taiwan to work with other nations toward a healthier world. Adding that health and disease knew no borders, he said that in addressing COVID-19 Taiwan showed great resilience and was able to assist other nations. Excluding Taiwan from the WHA and WHO therefore represented a loss for the international community.

     

    Minister Lin further commented that Taiwan’s national health insurance program has enrolled 99 percent of residents and that no matter where people lived, they had access to Taiwan’s quality medical services and social security net, an accomplishment praised worldwide. Acknowledging WHO’s Global Action Plan for Health of Indigenous Peoples, the minister said that Taiwan was ready to share its experience providing quality medical care to indigenous people. 

     

    In the AI era, Minister Lin stated, utilizing digital technology could improve access to medical care. Reflecting this, MOFA would for the first time hold a forum on smart medicine in Geneva, at which both Acer Medical and Quanta Computer would share their experience in order to promote a Taiwan model of smart medicine. Taiwan, he said, would continue to show how it could help and underscore its role as a global leader in semiconductors and related technology. 

     

    Minister Lin said that to realize President Lai Ching-te’s vision of a healthy Taiwan, MOFA had implemented the Diplomatic Allies Prosperity Project and eight flagship projects, which included the smart medicine and healthcare industries. He said thats MOFA had worked with the Ministry of Health and Welfare (MOHW) to establish a Taiwan medical diplomacy team as well as a medical consultation team that included professionals from medical firms and organizations. Through the “One Country, One Center” project, medical cooperation would be strengthened with New Southbound Policy partner countries. Such efforts would also bring Taiwan’s healthcare industry—comprising its biotech, pharmaceutical, and information technology sectors—to the world. 

     

    Minister Lin thanked the nation’s diplomatic allies for making proposals in favor of Taiwan’s participation, as well as like-minded countries for taking such concrete steps as sending letters and conducting joint demarches in support of Taiwan. Such actions underscored the strength of international support for Taiwan. However, China’s distortion of UN General Assembly Resolution 2758 and its pressure on the WHO Secretariat meant that Taiwan had yet to be invited to attend the WHA.

     

    Minister Lin stressed that Taiwan had established a government firmly rooted in popular support by conducting many democratic elections. As such, only the popularly elected government of Taiwan could represent the people of Taiwan at the United Nations, WHO, and other multilateral organizations. Many nations’ executive and legislative branches had publicly stated that UNGA Resolution 2758 did not preclude Taiwan’s participation in international organizations such as WHO. He then expressed hope that more nations would work together in support of Taiwan’s participation in WHO and oppose China’s international efforts at lawfare and cognitive warfare. 

     

    In addition, Minister Lin said that this year’s WHA slogan was “One World for Health” and that a Pandemic Agreement would be signed during the meeting. Taiwan had, he said, already shown the humanitarian spirit of “Taiwan can help” during COVID-19 and proved itself a valuable resource to WHO. However, Taiwan’s absence left a gap in the global public health and disease prevention network, said Minister Lin, who called on the WHO Secretariat to not brook political interference, to maintain professionalism and neutrality, and to facilitate Taiwan’s membership in the global public health and disease prevention network so as to create greater welfare for the world.

     

    In closing, Minister Lin said that Taiwan’s WHA Action Team would conduct publicity efforts in Geneva starting from May 16 and that MOFA and the MOHW would work together with self-confidence and engage the world. Moreover, the ministries would be proactive in making Taiwan’s voice heard and ensure that Taiwan responded to “One World for Health” and appealed to others to “Chip in with Taiwan” by making greater contributions to global public health. (E)

    MIL OSI China News

  • MIL-OSI China: Former Vice President Chen attends inauguration of Pope Leo XIV

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    May 18, 2025  

    No. 161  

    Former Vice President Chen Chien-jen, serving as special envoy of President Lai Ching-te, together with his wife and Deputy Minister of Foreign Affairs François Chihchung Wu, attended the inauguration of Pope Leo XIV on the morning of May 18. In an audience with the pontiff following the ceremony, Mr. Chen conveyed greetings from President Lai and the sincere congratulations of the government, people, and Catholic community of Taiwan.

     

    Upon arriving for the ceremony in St. Peter’s Square, Mr. Chen was received by a ceremonial officer for the Holy See. The inauguration, a grand and solemn occasion, took around two hours. According to statistics released by the Holy See, more than 150 delegations attended. Before the ceremony commenced, Mr. Chen exchanged greetings with Paraguayan Chamber of Deputies Speaker Raúl Latorre; Guatemalan Special Envoy and Ambassador to the Holy See Alfredo Vásquez Rivera; other officials from diplomatic allies; and delegates from the United States, Japan, Europe, and numerous other friendly countries. He also extended felicitations to and shared cordial interactions with several high-ranking members of the Vatican clergy, including Secretary of State Cardinal Pietro Parolin and Secretary of the Dicastery for Interreligious Dialogue Monsignor Indunil Janakaratne Kodithuwakku Kankanamalage. 

     

    After the inauguration, Pope Leo received the heads of national delegations. Mr. Chen presented the pontiff with a congratulatory letter from President Lai, a commemorative set of postage stamps depicting four of Taiwan’s Catholic churches—St. Joseph’s Church in Jinlun Village, Taitung County; the Holy Family Catholic Church in Taipei City; the Basilica of the Immaculate Conception in Wanjin Village, Pingtung County; and the Holy Rosary Cathedral Basilica in Kaohsiung City—and a collection of postcards on Holy See artifacts jointly produced by Taiwan and the Apostolic Nunciature in Taiwan, highlighting the close connection between the Catholic Church in Taiwan and the Holy See. Mr. Chen also presented Pope Leo with a photo taken in 2020, when the pontiff was serving as bishop of the Chiclayo Diocese in Peru. The picture showed him accepting antipandemic supplies donated by Taiwan. The materials, delivered in cartons labeled “Taiwan Box,” were donated to Cáritas Chiclayo and other Peruvian healthcare and charitable organizations by the Pingtung County Government and Dr. Lai Hsien-yung of Hualien County’s Mennonite Christian Hospital. The government and people of Taiwan provided proactive assistance to the international community throughout the COVID-19 pandemic, fulfilling their international responsibilities and demonstrating that Taiwan could help and that Taiwan was helping.

     

    When Mr. Chen arrived at the airport in Rome on May 17, he met with Eswatini Prime Minister Russell Dlamini, who had also made the trip to attend the papal inauguration. Mr. Chen also attended a mass and prayer service for peace led by Bishop John Lee Keh-mien, President of the Chinese Regional Bishops’ Conference of Taiwan, at St. Benedict’s Monastery. On May 18, Mr. Chen had dinner with 16 prominent members of the Catholic clergy and several key officials and ambassadors of diplomatic allies, including Special Delegate of the Holy See to the Sovereign Military Order of Malta Cardinal Silvano Tomasi and Haitian Special Envoy and former Minister of Foreign Affairs Alrich Nicolas. 

     

    Since establishing diplomatic ties 83 years ago, Taiwan and the Holy See have enjoyed a profound diplomatic alliance and shared the core values of religious freedom, human rights, peace, and benevolence. The two sides will build on their existing friendship and solid foundation of cooperation in humanitarian assistance and other domains to further deepen bilateral relations and together make even greater contributions to the world. (E)

    MIL OSI China News

  • MIL-OSI Asia-Pac: Foreign, health ministers call on WHO to facilitate Taiwan’s participation

    Source: Republic of China Taiwan

    May 16, 2025  No. 157  

    During a joint press conference on May 16, Minister of Foreign Affairs Lin Chia-lung and Minister of Health and Welfare Chiu Tai-yuan called on the World Health Organization (WHO) to facilitate Taiwan’s participation. They said that Taiwan would demonstrate self-confidence and work with the world while showcasing the professionalism of Taiwan’s medical diplomacy team.
     
    The 78th World Health Assembly (WHA) is set to open in Geneva on May 19. Minister Lin and Minister Chiu held a joint press conference at the Ministry of Foreign Affairs (MOFA) on the morning of May 16, at which they underscored Taiwan’s willingness to contribute to better global health. The two ministers said that the WHO should not brook political interference but rather should promptly invite Taiwan to participate as an observer in the WHA as well as WHO technical meetings and thus realize WHO’s goal of “One World for Health.” 
     
    Making a special appearance at the press conference was the Puzangalan Children’s Choir of Pingtung County, which performed “Ualjaiyui,” a traditional song of blessing of the Paiwan indigenous community. The song speaks of good fortune and of passing on traditions. Taiwan shares such sentiments for its WHA Action Team headed to Geneva as well as to the world at large. Minister Lin pointed out that the choir would also be traveling to Geneva to show that Taiwan was not just a land of technology but also home to cultural soft power. 
     
    Minister Lin shared that this year’s WHA slogan is “One World for Health” and that the government was calling on WHO to “Chip in with Taiwan” so that no nation or people would be left behind, allowing Taiwan to work with other nations toward a healthier world. Adding that health and disease knew no borders, he said that in addressing COVID-19 Taiwan showed great resilience and was able to assist other nations. Excluding Taiwan from the WHA and WHO therefore represented a loss for the international community.
     
    Minister Lin further commented that Taiwan’s national health insurance program has enrolled 99 percent of residents and that no matter where people lived, they had access to Taiwan’s quality medical services and social security net, an accomplishment praised worldwide. Acknowledging WHO’s Global Action Plan for Health of Indigenous Peoples, the minister said that Taiwan was ready to share its experience providing quality medical care to indigenous people. 
     
    In the AI era, Minister Lin stated, utilizing digital technology could improve access to medical care. Reflecting this, MOFA would for the first time hold a forum on smart medicine in Geneva, at which both Acer Medical and Quanta Computer would share their experience in order to promote a Taiwan model of smart medicine. Taiwan, he said, would continue to show how it could help and underscore its role as a global leader in semiconductors and related technology. 
     
    Minister Lin said that to realize President Lai Ching-te’s vision of a healthy Taiwan, MOFA had implemented the Diplomatic Allies Prosperity Project and eight flagship projects, which included the smart medicine and healthcare industries. He said thats MOFA had worked with the Ministry of Health and Welfare (MOHW) to establish a Taiwan medical diplomacy team as well as a medical consultation team that included professionals from medical firms and organizations. Through the “One Country, One Center” project, medical cooperation would be strengthened with New Southbound Policy partner countries. Such efforts would also bring Taiwan’s healthcare industry—comprising its biotech, pharmaceutical, and information technology sectors—to the world. 
     
    Minister Lin thanked the nation’s diplomatic allies for making proposals in favor of Taiwan’s participation, as well as like-minded countries for taking such concrete steps as sending letters and conducting joint demarches in support of Taiwan. Such actions underscored the strength of international support for Taiwan. However, China’s distortion of UN General Assembly Resolution 2758 and its pressure on the WHO Secretariat meant that Taiwan had yet to be invited to attend the WHA.
     
    Minister Lin stressed that Taiwan had established a government firmly rooted in popular support by conducting many democratic elections. As such, only the popularly elected government of Taiwan could represent the people of Taiwan at the United Nations, WHO, and other multilateral organizations. Many nations’ executive and legislative branches had publicly stated that UNGA Resolution 2758 did not preclude Taiwan’s participation in international organizations such as WHO. He then expressed hope that more nations would work together in support of Taiwan’s participation in WHO and oppose China’s international efforts at lawfare and cognitive warfare. 
     
    In addition, Minister Lin said that this year’s WHA slogan was “One World for Health” and that a Pandemic Agreement would be signed during the meeting. Taiwan had, he said, already shown the humanitarian spirit of “Taiwan can help” during COVID-19 and proved itself a valuable resource to WHO. However, Taiwan’s absence left a gap in the global public health and disease prevention network, said Minister Lin, who called on the WHO Secretariat to not brook political interference, to maintain professionalism and neutrality, and to facilitate Taiwan’s membership in the global public health and disease prevention network so as to create greater welfare for the world.
     
    In closing, Minister Lin said that Taiwan’s WHA Action Team would conduct publicity efforts in Geneva starting from May 16 and that MOFA and the MOHW would work together with self-confidence and engage the world. Moreover, the ministries would be proactive in making Taiwan’s voice heard and ensure that Taiwan responded to “One World for Health” and appealed to others to “Chip in with Taiwan” by making greater contributions to global public health. (E)

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Former Vice President Chen attends inauguration of Pope Leo XIV

    Source: Republic of China Taiwan

    May 18, 2025  
    No. 161  

    Former Vice President Chen Chien-jen, serving as special envoy of President Lai Ching-te, together with his wife and Deputy Minister of Foreign Affairs François Chihchung Wu, attended the inauguration of Pope Leo XIV on the morning of May 18. In an audience with the pontiff following the ceremony, Mr. Chen conveyed greetings from President Lai and the sincere congratulations of the government, people, and Catholic community of Taiwan.
     
    Upon arriving for the ceremony in St. Peter’s Square, Mr. Chen was received by a ceremonial officer for the Holy See. The inauguration, a grand and solemn occasion, took around two hours. According to statistics released by the Holy See, more than 150 delegations attended. Before the ceremony commenced, Mr. Chen exchanged greetings with Paraguayan Chamber of Deputies Speaker Raúl Latorre; Guatemalan Special Envoy and Ambassador to the Holy See Alfredo Vásquez Rivera; other officials from diplomatic allies; and delegates from the United States, Japan, Europe, and numerous other friendly countries. He also extended felicitations to and shared cordial interactions with several high-ranking members of the Vatican clergy, including Secretary of State Cardinal Pietro Parolin and Secretary of the Dicastery for Interreligious Dialogue Monsignor Indunil Janakaratne Kodithuwakku Kankanamalage. 
     
    After the inauguration, Pope Leo received the heads of national delegations. Mr. Chen presented the pontiff with a congratulatory letter from President Lai, a commemorative set of postage stamps depicting four of Taiwan’s Catholic churches—St. Joseph’s Church in Jinlun Village, Taitung County; the Holy Family Catholic Church in Taipei City; the Basilica of the Immaculate Conception in Wanjin Village, Pingtung County; and the Holy Rosary Cathedral Basilica in Kaohsiung City—and a collection of postcards on Holy See artifacts jointly produced by Taiwan and the Apostolic Nunciature in Taiwan, highlighting the close connection between the Catholic Church in Taiwan and the Holy See. Mr. Chen also presented Pope Leo with a photo taken in 2020, when the pontiff was serving as bishop of the Chiclayo Diocese in Peru. The picture showed him accepting antipandemic supplies donated by Taiwan. The materials, delivered in cartons labeled “Taiwan Box,” were donated to Cáritas Chiclayo and other Peruvian healthcare and charitable organizations by the Pingtung County Government and Dr. Lai Hsien-yung of Hualien County’s Mennonite Christian Hospital. The government and people of Taiwan provided proactive assistance to the international community throughout the COVID-19 pandemic, fulfilling their international responsibilities and demonstrating that Taiwan could help and that Taiwan was helping.
     
    When Mr. Chen arrived at the airport in Rome on May 17, he met with Eswatini Prime Minister Russell Dlamini, who had also made the trip to attend the papal inauguration. Mr. Chen also attended a mass and prayer service for peace led by Bishop John Lee Keh-mien, President of the Chinese Regional Bishops’ Conference of Taiwan, at St. Benedict’s Monastery. On May 18, Mr. Chen had dinner with 16 prominent members of the Catholic clergy and several key officials and ambassadors of diplomatic allies, including Special Delegate of the Holy See to the Sovereign Military Order of Malta Cardinal Silvano Tomasi and Haitian Special Envoy and former Minister of Foreign Affairs Alrich Nicolas. 
     
    Since establishing diplomatic ties 83 years ago, Taiwan and the Holy See have enjoyed a profound diplomatic alliance and shared the core values of religious freedom, human rights, peace, and benevolence. The two sides will build on their existing friendship and solid foundation of cooperation in humanitarian assistance and other domains to further deepen bilateral relations and together make even greater contributions to the world. (E)

    MIL OSI Asia Pacific News