NewzIntel.com

Category: Politics

  • MIL-OSI USA: Fact Sheet: President Donald J. Trump Expands Access to In Vitro Fertilization (IVF)

    US Senate News:

    Source: The White House
    LOWERING COSTS AND REDUCING BARRIERS TO IVF: Today, President Donald J. Trump signed an Executive Order expanding access to in vitro fertilization (IVF) for Americans.
    The Order directs policy recommendations to protect IVF access and aggressively reduce out-of-pocket and health plan costs for such treatments.   
    The recommendations will focus on how to ensure reliable access to IVF.
    Priority will also be placed on addressing any current policies, including those that require legislation, that exacerbate the cost of IVF treatments.

    The Order recognizes the importance of family formation and that our Nation’s public policy must make it easier for loving and longing mothers and fathers to have children. 
    SUPPORTING AMERICAN FAMILIES: As many as one in seven couples trying to have a baby are unable to conceive, and many face significant financial hurdles to accessing IVF. 
    Avenues to more affordable IVF treatments are needed.
    The cost can range from $12,000 to $25,000 per cycle and multiple cycles may be needed to get pregnant.  
    IVF is often not fully covered by health insurance.
    Only a quarter of employers report coverage of IVF for their employees.
    Just a handful of states require some sort of coverage for IVF in state-regulated insurance plans.
    The federal government covers IVF in a limited capacity for military personnel, veterans, and federal employees. 

    Department of Health and Human Services data reports that more than 85,000 infants were born as a result of IVF in 2021.
    The general U.S. fertility rate is at another historic low.
    The rate dropped 3% in 2023 from 2022. From 2014-2020, the rate consistently decreased by 2% annually.

    DELIVERING ON PROMISES FOR AMERICAN FAMILIES: President Trump promised to advance IVF and help American families with the associated costs so American families can have more babies, building on his record of supporting family formation and stability.  
    In his first Administration, President Trump doubled the child tax credit and expanded the eligibility of receiving the credit.
    He also signed into law a provision that enables new parents to withdraw up to $5,000 from their retirement accounts without penalty when they give birth to or adopt a child.
    President Trump has long advocated for more babies and expanding American families: “Because we want more babies, to put it very nicely. And for this same reason, we will also allow new parents to deduct major newborn expenses from their taxes, so that parents that have a beautiful baby will be able, so we’re pro family. But the IVF treatments are expensive. It’s very hard for many people to do it and to get it, but I’ve been in favor of IVF, right from the beginning.”

    MIL OSI USA News –

  • MIL-OSI USA: Fact Sheet: President Donald J. Trump Reins in Independent Agencies to Restore a Government that Answers to the American People

    US Senate News:

    Source: The White House
    RESTORING DEMOCRACY AND ACCOUNTABILITY IN GOVERNMENT: Today, President Donald J. Trump signed an Executive Order ensuring that all federal agencies are accountable to the American people, as required by the Constitution. Under this Executive Order:
    The Order notes that Article II of the U.S. Constitution vests all executive power in the President, meaning that all executive branch officials and employees are subject to his supervision.
    Therefore, because all executive power is vested in the President, all agencies must: (1) submit draft regulations for White House review—with no carve-out for so-called independent agencies, except for the monetary policy functions of the Federal Reserve; and (2) consult with the White House on their priorities and strategic plans, and the White House will set their performance standards.
    The Office of Management and Budget will adjust so-called independent agencies’ apportionments to ensure tax dollars are spent wisely.
    The President and the Attorney General (subject to the President’s supervision and control) will interpret the law for the executive branch, instead of having separate agencies adopt conflicting interpretations.
    REINING IN INDEPENDENT AGENCIES: So-called independent agencies like the Federal Trade Commission (FTC), Federal Communications Commission (FCC), and Securities and Exchange Commission (SEC) have exercised enormous power over the American people without Presidential oversight.
    These agencies issue rules and regulations that cost billions of dollars and implicate some of the most controversial policy matters, and they do so without the review of the democratically elected President.
    They also spend American tax dollars and set priorities without consulting the President, while setting their own performance standards.
    Now they will no longer impose rules on the American people without oversight or accountability.
    ENSURING A GOVERNMENT THAT ANSWERS TO THE PEOPLE: This order fulfills President Trump’s promise to restore constitutional governance and accountability to the entire executive branch.
    Executive power without responsibility has no place in our Republic. The United States was founded on the principle that the government should be accountable to the people. That is why the Founders created a single President who is alone vested with “the executive Power” and responsibility to “take Care that the Laws be faithfully executed.”
    Voters and the President can now hold all Federal agencies—not just Cabinet departments—responsible for their decisions, as the Constitution demands.

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Nan Orrock to Hold Press Conference Announcing Legislation on Georgia Anti-Abortion Centers

    Source: US State of Georgia

    ATLANTA (February 18, 2025) — On Wednesday, February 19, at 12:30 p.m., Sen. Nan Orrock (D–Atlanta) will join Rep. Anne Allen Westbrook (D–Savannah) to announce legislation that would ban the state funding of anti-abortion centers. They will be joined by members of the Amplify Georgia Collaborative to discuss the effects of these centers and the goals of the legislation.

    EVENT DETAILS:                      

    • Date: Wednesday, February 19, 2025
    • Time: 12:30 p.m.
    • Where: Georgia State Capitol, South Steps, 206 Washington St., Atlanta, GA 30334
    • This Event is Open to the Public.

    MEDIA OPPORTUNITIES:

    We kindly request that members of the media confirm their attendance in advance by contacting Jantz Womack at SenatePressInquiries@senate.ga.gov.

    “Georgians have a right to understand the full range of pregnancy options and to receive reliable medical information free of political bias,” said Sen. Orrock. “Anti-abortion clinics were found to provide high levels of false and misleading health information. Advertised services do not align with what is actually available and do not comply with prevailing medical guidelines. Georgia continues to have one of the highest maternal mortality rates of any state. Investing in healthy pregnancies and healthy babies must be our top priority. We must act to protect the public’s right to accurate healthcare information. Public funding for these anti-abortion clinics should end. Instead, let’s invest wisely and increase access to real healthcare.”

    # # # #

    Sen. Nan Orrock serves as the Democratic Caucus Secretary. She represents the 36th Senate District which includes portions of Fulton County. She may be reached at 404.463.8054 or by email at nan.orrock@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI: Currency Exchange International, Corp. Announces Strategic Decision to Discontinue Operations of its Subsidiary, Exchange Bank of Canada, Pursue Referral Agreements with Appropriate Parties, and Seek Discontinuance from the Bank Act

    Source: GlobeNewswire (MIL-OSI)

    • Exchange Bank of Canada is to cease operations and refer the majority of its banknote and payments customers and selected employees to interested parties;
    • Currency Exchange International reiterates long-term positive outlook, with strategic focus on high potential U.S. business growth by leveraging its proprietary FX and payment software.

    TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (“CXI” or the “Company”) (TSX: CXI) (OTC: CURN), today announced its decision to cease the operations of its wholly-owned subsidiary, Exchange Bank of Canada (“EBC”), a federally chartered, non-deposit-taking, non-lending Canadian Schedule I bank. Following the cessation of operations, EBC intends to apply to the Minister of Finance (Canada) to discontinue from the Bank Act. The voluntary discontinuance is expected to be completed in the 4th quarter of 2025, subject to receipt of all necessary regulatory approvals.

    On January 7, 2025, CXI announced that a Special Committee of independent directors was actively considering a range of strategic options for EBC with the aim of identifying opportunities to maximize long-term value for shareholders. After the assessment of strategic options, assisted by an independent financial advisor, INFOR Financial Inc., CXI’s Board has decided to discontinue operations of its subsidiary, EBC. As part of this process, the Special Committee actively explored different options and supported a plan to cease EBC’s operations, pursue referral agreements for both the majority of its customers and select employees to well-established Canadian financial businesses, and seek discontinuance from the Bank Act.

    “The decision to seek discontinuance from the Bank Act for EBC was taken very seriously and not made lightly and reflects a difficult business environment in Canada. We are optimistic that the contemplated referral agreements are the best outcome for EBC stakeholders as well as CXI shareholders,” said Randolph Pinna, CEO of CXI. “Importantly, the CXI group continues to perform very well. This strategic move allows CXI to focus resources on its U.S. operations, where we see significant growth potential with both existing and new client relationships.”

    CXI’s long-term outlook remains positive due to the Company’s focus on its growing fintech businesses in the U.S. and anticipated additional new product growth in the U.S. market. The Company will provide further updates as the Canadian business operations are being discontinued. In connection with the cessation of operations and discontinuance, certain one time costs will be incurred, primarily over the next six months, largely driven by restructuring, vendor termination fees, severance obligations, professional fees and other related charges. CXI expects to remain profitable during this period. During this process, EBC is committed to ensuring minimal disruption to all its stakeholders.

    CXI is grateful to all EBC’s team members for their contributions over the years and is committed to providing support and guidance to all employees during this transition to ensure a smooth and respectful process.

    The Company plans to host a conference call on Wednesday, February 19, 2025 at 8:30 AM (EST). To participate in or listen to the call, please dial the appropriate number:

    Toll Free: 1 (800) 717-1738

    Conference ID number: 00133

    About Currency Exchange International, Corp.

    Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Group-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com (“OnlineFX”).

    The Group’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services in Canada and select international foreign jurisdictions. Customers are served through the use of its proprietary software, www.ebcfx.com (“EBCFX”), related APIs to core banking platforms, and personal relationship managers.

    Contact Information

    For further information please contact:
    Bill Mitoulas
    Investor Relations
    (416) 479-9547
    Email: bill.mitoulas@cxifx.com
    Website: www.cxifx.com

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

    This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the voluntary cessation of operations and discontinuance of Exchange Bank of Canada (EBC), the conclusion of referral agreements for customers and selected employees, regulatory approvals required for the discontinuance process, establishing direct correspondent banking relationships to support its U.S. payments business, the management of employee and customer transitions, the Company’s liquidity position during the cessation and discontinuance period, financial performance in fiscal 2025 and 2026, and the associated costs and outcomes of the cessation and discontinuance period in general. Forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “preliminary,” “project,” “will,” “would,” and similar terms and phrases, including references to assumptions.

    Forward-looking information is based on the opinions and estimates of management at the date such information is provided and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, and assumptions that could cause the Company’s actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the inability of the Company to complete the cessation of EBC and discontinuance in accordance with applicable regulatory and legal requirements on a basis which is cost effective and protects the goodwill of the Company, an inability to establish direct correspondent banking relationships to support its U.S. payments business on terms which are economic or at all, the impact of delays or challenges in obtaining regulatory approvals, a failure to obtain the necessary approvals for referral agreements for customers and selected employees or an inability to conclude such arrangements on a basis which is beneficial to the Company and its selected employees, an inability to manage one-time wind-down costs and severance obligations on cost-effective basis, potential disruptions to operations during the transition period. the risk of reduced liquidity during the transition periods and, generally, the potential for unforeseen liabilities arising during or after the cessation of operations and discontinuance of EBC.

    Additional risks include the ability of the Company to comply with regulatory requirements in general, the competitive nature of the foreign exchange industry, the impact of geo political changes, and trade wars on factors relevant to the Company’s business, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, unexpected losses or challenges associated with customer attrition during the discontinuance, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, as well as the factors identified throughout this press release and in the section entitled “Financial Risk Factors” of the Company’s Management’s Discussion and Analysis for the twelve months ended October 31, 2024.

    The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events, or otherwise, except as required under applicable securities laws.

    The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained in this press release.

    The MIL Network –

  • MIL-Evening Report: Australian LGBTIQ+ politicians were hit with vile online abuse at the last federal election. The coming campaign could be even worse

    Source: The Conversation (Au and NZ) – By Elise Stephenson, Deputy Director, Global Institute for Women’s Leadership, Australian National University

    Newly published research has found clear evidence that openly lesbian, gay, bisexual, trans, intersex, and queer+ (LGBTIQ+) Australian politicians were disproportionately targeted with personal abuse on social media at the last federal election. Given global trends, it’s unlikely to be any different this year.

    Simply logging off is not an option for candidates, who need to communicate with voters. As a result, some politicians will continue to face risky online visibility.

    Since Elon Musk acquired Twitter/X, hate speech has surged, particularly for public figures such as parliamentarians.

    So what do these trends mean for queer candidates ahead of this year’s election? And why does it matter for the next generation of politically engaged young people?

    Queer politicians targeted

    We analysed more than 100,000 tweets across the Twitter profiles of eight openly queer politicians and candidates (Penny Wong, Julian Hill, Nita Green, Tim Wilson, Janet Rice, Rachael Jacobs, Claire Garton, Stephen Bates) during the 2022 federal election campaign. We compared them with eight other politicians (Zoe Daniel, Graham Perrett, Lidia Thorpe, Anthony Chisholm, Barbara Pocock, Simon Birmingham, Deborah O’Neill, David Shoebridge) in the same period.

    We suspected that political hopefuls who publicly identified as LGBTIQ+ may have experienced greater levels of abuse and harassment. But what we found surprised us.

    The level of online intimidation was roughly the same for queer and non-queer politicians. However, the type of abuse differed significantly.

    Queer politicians endured highly personal harassment that specifically targeted their gender or physical appearance. They suffered nasty queer-specific slurs, transphobic messages and ableist language. Essentially, nothing that was related to their policies or politics.

    Meanwhile, straight, cisgender politicians received harassment that was typically political in nature. More of it focused on their party or platform. It wasn’t as personal (with the exception of Thorpe, who received high levels of racist abuse). While overtly hostile, for straight politicians in general much of the harassment received might be considered an unavoidable part of the democratic political process in the social media age.

    Our research provides a useful retrospective of some of the vitriol that proliferated during the last election.

    One such event began with YouTube commentator Jordan Shanks breaking a salacious story of repeated sexual misconduct by staffers in Canberra, purportedly in MPs offices and in the parliamentary multi-faith prayer room.

    Our data tracked the way queer male politicians were wrongly affiliated and tagged in the scandal. They were unfairly accused and ridiculed. The unfounded attacks were non-partisan, involving politicians from across the major parties. This indicated a single point of commonality – their sexuality.

    Liberal MP Tim Wilson, who had no involvement in the scandal, received over 2000 tweets explicitly mentioning the incident. Many were overtly homophobic, using terms such as “toy boy”, “rentboy”, “parasite” and “prayer room pervert”.

    How it puts off politically engaged young people

    The data indicates that queer politicians face a double bind. The personal hate they experience negatively impacts them as individuals and also distracts from genuine political debate. Trolling, hate speech, and a prohibitive online environment stymies open and constructive political dialogue.

    Furthermore, identity based harassment discourages queer people from pursuing political careers in the first place. Or staying in politics once they’ve experienced the hate. It erodes their sense of safety when engaging in public discourse and undermines the foundations upon which democracy is built.

    In a follow-up study of 98 politically engaged, young gender and sexuality diverse people, we found that online violence and a lack of workplace safety were some of the biggest barriers for them in considering a career in politics.

    The upcoming election

    We expect the personal harassment of queer politicians will continue to escalate across multiple platforms, including X, Facebook and Instagram.

    For instance, we have seen a sharp rise in anti-LGBTIQ+ hate and extremism across the United States. Online spaces are likely to become even less safe for queer politicians in 2025, than they were in 2022.

    Big tech is making it easier for abuse and harassment to flourish in the online world.

    Musk has fired 80% of engineers responsible for content regulation on X. He has also liked transphobic tweets and deemed the words “cis and “cisgender ” to be slurs, that were subsequently banned on X.

    Meta’s Mark Zuckerberg has also removed protections that prevented hate speech on Facebook.

    More users are deserting X due to the malicious content and lack of safeguards. But with a closely integrated social media environment, online violence can follow politicians across platforms, both social and legacy. There is no escaping the bile.

    Demanding better of online platforms

    Social media regulation is difficult. Tech giants have already threatened to withdraw their services from Australia over laws that would force them to pay for news content.

    Online platforms may claim to only be the “messenger”, but the reality is that design features like anonymity and business decisions like removing content moderation will cause even more harm.

    Until a critical mass of countries demand better protections, some individuals, including queer politicians, will always be at a disadvantage in this asymmetric online war.

    Elise Stephenson receives funding from the Australian Research Council. Elise is part of research projects funded by the eSafety Commissioner on combating online violence. The research quoted in this article received funding from the Gender Institute at the ANU.

    Gosia Mikolajczak collaborates with Women for Election on a project funded by the Australian Government Office for Women, aiming to increase the number and diversity of women running for public office. She has previously worked on an Australian Research Council Linkage project that examined gender inequalities in local government in Victoria.

    Blair Williams and Jack Hayes do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Australian LGBTIQ+ politicians were hit with vile online abuse at the last federal election. The coming campaign could be even worse – https://theconversation.com/australian-lgbtiq-politicians-were-hit-with-vile-online-abuse-at-the-last-federal-election-the-coming-campaign-could-be-even-worse-250039

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Nations: In Day-Long Security Council Debate, Speakers Offer Divergent Views on ‘New’ Global Order, Stress Need to Update Global Governance

    Source: United Nations General Assembly and Security Council

    During a day-long Security Council debate on practicing multilateralism and reforming global governance today, speakers stressed the urgent need to update the United Nations — founded 80 years ago — including reforms to the Council itself and to the global economic order to better address twenty-first-century challenges.

    “One can draw a direct line between the creation of the United Nations and the prevention of a third world war,” said António Guterres, Secretary-General of the United Nations, recalling that the UN was “born out of the ashes” of the second.  The UN remains the “essential, one-of-a-kind meeting ground to advance peace, sustainable development and human rights”, he said.  However, “eight decades is a long time”, he said, emphasizing that while the “hardware” for international cooperation exists, “the software needs an update”.

    As global challenges demand multilateral solutions, he pointed out that the Pact for the Future puts forward concrete solutions to strengthen the machinery of peace, advance coordination with regional organizations and includes the first multilateral agreement on nuclear disarmament in more than a decade.  It also includes efforts to prevent an arms race in outer space, advance discussions on lethal autonomous weapons and recognizes the UN’s role in preventive diplomacy.

    “But the Pact does even more for peace,” he said, as it recognizes that the international community must address the root causes of conflict and tension and that the Council “must reflect the world of today”. Guided by the Pact, he said that multilateralism — “the beating heart of the United Nations” — can became an even more powerful instrument of peace.  “But multilateralism is only as strong as each and every country’s commitment to it,” he added, urging all Member States to continue updating global problem-solving mechanisms to “make them fit for purpose, fit for people and fit for peace”.

    Shift of Power to Global South

    Wang Yi, Minister for Foreign Affairs of China — Council President for February — then spoke in his national capacity to recall that representatives of his country were the first to sign the Charter of the United Nations, “writing with the Chinese calligraphy brush an important chapter in world history”.  Now, though, comprehensive peace and shared prosperity remain elusive.  Noting the rise of the Global South on the world stage, he insisted that “international affairs should no longer be monopolized by a small number of countries” and the fruits of global development should not be enjoyed by only a few countries.  China, as the world’s largest developing country, has become the major trading partner of more than 150 countries and regions and is promoting high-quality Belt and Road cooperation to contribute to global prosperity and development.

    “The continuing inequalities of the global financial system have further aggravated today’s crises,” said Mohammad Ishaq Dar, Deputy Prime Minister and Minister for Foreign Affairs of Pakistan, adding that “the very fabric of the world order established under the UN Charter is in danger of being torn apart”.  Urging reform of the International Monetary Fund (IMF) and the World Bank, he pointed out that the current system favours the rich, while developing nations are trapped in a cycle of poverty and debt.

    Also underlining the need to reform the global economic order, Selma Bakhta Mansouri, Secretary of State to the Minister for Foreign Affairs of Algeria, said that current financial arrangements are largely led by developed States.  It is necessary to ensure a “flexible and sustainable financing mechanism for African States and to work towards improving or easing their debt burden,” she stressed.  She also noted that Africa represents more than a quarter of UN Member States, but continues to be deprived of permanent representation on the Council.

    Similarly, Francess Piagie Alghali, Deputy Minister for Foreign Affairs and International Cooperation of Sierra Leone, said that Africa remains the most glaring victim of inequitable Council composition.  Without structural reform, the organ’s performance and legitimacy will continue to be questioned, she said, also highlighting Africa’s exclusion from multilateral development banks.  Highlighting the African Union’s theme of the year — Justice for Africans and People of African Descent through Reparations — she stressed the need to urgently rectify the historical injustices perpetuated against the continent.

    Push for Two Permanent Security Council Seats for Africa

    Ahmed Moallim Fiqi, Minister for Foreign Affairs and International Cooperation of Somalia, also reiterated the need for a “deep-rooted reform” of the Council, stressing that African States should be granted two permanent seats that include the right to veto.  Stating that the UN Charter must be the “linchpin” and “our lodestar” as the international community embarks on reforming the multilateral system, he also noted that Council resolutions are being trampled upon, calling for effective mechanisms to bolster the UN’s capacity to guarantee international peace and security.

    “It is illogical that Africa does not feature among permanent members,” observed France’s representative, underscoring:  “That must change.”  Two African States must hold permanent seats on the Council, and he added that Africa’s demand for veto power is “legitimate”.  The representative of Denmark, in that vein, stated that the world needs a more-representative Council — “one which redresses the historical injustice done to the African continent”.  She added:  “We cannot seriously tackle the issues facing multilateralism when the Security Council continues to operate in a reality of yesteryear.”

    “The Security Council is arguably the least representative and most undemocratic of global institutions,” added Guyana’s representative, pointing out that the Council faces the risk of becoming irrelevant.  “We have seen repeatedly how the current structure and decision-making format — particularly the use of the veto — have thwarted the will” of the wider membership, she said.  Greece’s representative, for his part, expressed support for “any model of reform that is fair, strengthens the UN as a whole and transforms the Security Council into a more democratic, efficient, representative and accountable body”.

    Russian Federation, China Accused of Being Drivers of Instability

    Meanwhile, the representative of the United States said that “two of the greatest drivers of instability in the world today hold veto power”, spotlighting the Russian Federation’s bloody war in Ukraine and China’s exploitation of its developing-nation status.  “We need to take a close look at where this institution is falling short,” she added.  Therefore, the United States is currently reviewing its support to the UN, and she said that “we will consider whether actions of the Organization are serving American interests, and whether it can be reformed”.

    As to why the UN is falling short of its ambitions, the representative of the United Kingdom observed that “there is more to this than the often-mentioned liquidity crisis”.  While the Organization’s membership has increased, it is not fully representative of today’s “multipolar world”, she said.  Further, the Council is often characterized as “ineffective geopolitical theatre”, and she added that — while reform is needed — “this body has the tools to implement its peace and security mandate”.

    “It is time to rescue multilateralism from ruinous mistrust,” stressed Panama’s representative, urging States to ensure that, rather that floundering, the system flourishes and prospers.  Observing that his country has been reaping the rewards of multilateralism since its independence, he said that diplomatic efforts lead to the end of the colonial enclave and to the recovery of “our Canal”.

    BRICS Surpasses G7 in Gross Domestic Product

    The representative of the Russian Federation noted that developed countries have siphoned off $62 trillion in resources from the Global South since 1960, highlighting Moscow’s efforts to advance anti-colonial agendas at the UN.  And “there have been tectonic shifts in the global economy”, with BRICS (Brazil, Russian Federation, India, China, South Africa) accounting for 37 per cent of the global gross domestic product (GDP), surpassing 29 per cent represented by the Group of 7 (G7) countries, he added, stressing the need for a more equitable global financial architecture.  Rejecting the West’s domination at the Security Council as “a relic of the past”, he said that his country advocates for indivisible security in Eurasia without infringing on others’ interests.

    “It is extraordinary that 193 Member States — with each of us at different stages of political and economic development, like-minded or even antagonistic — gather every day in this very building to discuss and solve current and future issues,” observed the representative of the Republic of Korea.  “This should not be taken for granted,” he stressed, stating that the UN’s convening role is the “driving engine of multilateralism”.  Slovenia’s representative, similarly, noted that the UN “enabled the power of rules to replace the rule of power”.  Citing former Secretary-General Dag Hammarskjöld, he said:  “It is not big Powers who need the UN for their protection.  It is all the others.”

    Unilateralism Versus Multilateralism

    As the floor opened to the wider membership, Celinda Sosa Lunda, Minister for Foreign Affairs of Bolivia, pointed to the need for radical change within the UN structure in view of the myriad threats to the planet’s very existence.  “We are fighting for the transition towards a multipolar world,” she stressed.  “Today the world is in a state of flux,” said Jeje Odongo Abubakhar, Minister for Foreign Affairs of Uganda, pointing to the “palpable loss of trust” in age-old institutions and mechanisms.  Observing that many world leaders now favour unilateralism, he stressed:  “The future of multilateralism depends on the willingness of State and non-State actors to re-imagine and revitalize the system.”

    On that, Carlos Fernández de Cossío, Vice Minister for Foreign Affairs of Cuba, said that it has become crucial to defend multilateralism given “the withdrawal of the world’s greatest Power from international bodies”.  He also opposed “trends towards the privatization of the Organization, turning it into a tool that represents the interests of major Powers and large transnational capital”.  Meanwhile, Péter Szijjártó, Minister for Foreign Affairs and Trade of Hungary, said that, during the “global dictatorship of the international liberal mainstream”, the UN has failed to be a platform for peace.  He therefore stressed that the UN must adjust itself to the new global political reality or “lose its significance”.

    Waleed Abdul Karim El-Khereiji, Vice Minister for Foreign Affairs of Saudi Arabia, also said that the increasing crisis of confidence in the UN demands reform.  Further, “current bloody incidents” call for firm responses from the multilateral system.  “No people should feel abandoned by the international community,” stressed Fedor Rosocha, Director General of the Directorate for International Organizations and Human Rights in the Ministry for Foreign and European Affairs of Slovakia, stressing that the Council must not be passive in the fact of conflict, crisis and atrocity.

    The fact that “no new world war has happened” is not a consolation to Ukrainians whose towns have been destroyed, observed Mariana Betsa, Deputy Minister for Foreign Affairs of Ukraine.  Multilateral institutions are being undermined from within, she said, urging that permanent Council members be limited in their use of the veto when they have a conflict of interest in the matter under consideration.  She added:  “If the UN begins to resemble a boxing ring — with fighters, their supporters and passive spectators — the prospects for global security will be bleak.”

    MIL OSI United Nations News –

  • MIL-OSI Canada: Expanded critical care at Rockyview Hospital

    Alberta’s government is committed to ensuring Albertans can access the health care services they need, when and where they need them. The completion of this $84-million project is a significant investment in health care infrastructure in Calgary, enhancing the hospital’s intensive care, coronary care and endoscopy services, increasing critical care capacity, and improving access to life-saving treatment.

    “We are committed to ensuring Albertans can access the health care services they need when and where they need them. The completion of this project means Albertans with serious heart conditions will receive prompt and high-quality care, leading to improved health outcomes.”

    Adriana LaGrange, Minister of Health

    In just two months, Rockyview General Hospital will open a new intensive care unit (ICU) and coronary care unit (CCU) that increases staffed bed capacity by almost 50 per cent. By expanding capacity, the new units – purpose-built for efficiency – will ease pressure on emergency resources and ensure faster access to treatment, substantially improving care for critical patients. The expansion also relocates the integrated ICU and CCU into a larger, modernized space to meet the growing demand for critical care services.

    “We’re proud to have completed a project that will greatly enhance health care services available to residents of Calgary and the neighbouring communities. Providing Albertans with the critical infrastructure they need to access healthcare services close to home is a top priority for my ministry.”

    Pete Guthrie, Minister of Infrastructure

    As part of the $84-million investment, the modernization of the Florence and Lloyd Cooper Endoscopy Unit is being supported by $10 million from the Calgary Health Foundation. The expansion includes a new procedure room and a 75 per cent increase in post-procedure recovery bays, improving access to essential procedures to diagnose critical conditions like colon cancer.

    “The expansion and enhancement of the Florence and Lloyd Cooper Endoscopy Unit at Rockyview General Hospital is critical to continue to meet the growing needs of patients in southern Alberta. It is going to have a significant impact on the timely diagnosis and treatment of prevalent digestive disorders, improved patient care and on the ever-growing demands on the health care system. We are incredibly grateful for our donors who made this $10-million gift possible.”

    Murray Sigler, president and CEO, Calgary Health Foundation 

    Alberta Health Services will begin operationalizing the upgraded spaces this winter, with the facilities expected to open to patients in April 2025.

    “We are grateful to the Government of Alberta and the Calgary Health Foundation for their ongoing support and partnership. With the addition of more beds, the new joint ICU and CCU will enhance care for critically ill patients and those with a range of heart conditions. Rockyview’s expanded endoscopy unit will also better serve patients and families with a new procedure room and an increase in recovery bays, resulting in reduced wait times for patients with gastrointestinal or respiratory issues.”

    Jennifer Coulthard, senior operating officer, Rockyview General Hospital

    Alberta’s government continues to invest in health care infrastructure that increases capacity, reduces wait times and ensures timely, high-quality care for all Albertans.

    Quick facts

    • Three beds have been added to the ICU and five beds have been added to the CCU.
    • The number of post-procedure recovery bays in the endoscopy unit has increased to 21 bays from 12 bays.
    • The redeveloped ICU and CCU space was purposefully built in 2010 to accommodate this new expansion.

    Related information

    • Calgary Health Foundation

    Related news

    • Work begins on Rockyview General Hospital (April 25, 2023)
    • Budget 2021: Investing in Calgary’s Rockyview hospital (April 28, 2021)

    MIL OSI Canada News –

  • MIL-OSI Submissions: African Union Summit: African Development Bank President Highlights a Decade of Economic Transformational Impact

    SOURCE: African Development Bank Group (AfDB)

    During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1st September 2025

    ABIDJAN, Ivory Coast, February 18, 2025 – “It’s been my greatest honor to serve you and Africa”—Adesina tells African leaders
    Governments across Africa pay tribute to Adesina’s exceptional leadership
    UN Secretary General Guterres says global financial architecture hampering Africa’s development, calls for reforms

    African Development Bank Group (www.AfDB.org/en) President Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation. Adesina’s participation at the august continental gathering in Addis Ababa ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, a $20 billion facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.

    Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—which has impacted more than half a billion lives across the continent.

    “It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” said Adesina who in February 2022, became the first president of the Bank Group to address the AU Summit.

    During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1st September 2025.

    The February 15–16 Summit saw the election of Djibouti’s Foreign Minister Mahmoud Ali Youssouf as Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Algeria’s Ambassador, Salma Malika Haddadi, was elected the Commission’s Deputy Chairperson.

    Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives, including 231 million women, over the past decade:

    127 million people gained access to better services in terms of health.
    61 million people gained access to clean water.
    33 million people benefited from improved sanitation.
    46 million people gained access to ICT services, and
    25 million people gained access to electricity.

    He cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to adopt bold policies in support of an initiative by the World Bank and the African Development Bank to extend electricity access to 300 million Africans by 2030. That meeting, attended by 21 heads of state, secured $48 billion in commitments from the two institutions and an additional $7 billion from other development partners.

    The Addis Ababa Summit endorsed the Dar Es Salaam Energy Declaration, the Baku Declaration by African Heads of State on Measuring the Green Wealth of Africa. The Assembly also adopted the African Financing Stability Mechanism, a groundbreaking initiative by the African Development Bank to provide $20 billion in debt refinancing for African nations alongside  the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa report which  outlines key actions required to enable Africa to achieve, and sustain an annual growth rate of at least 7% of GDP over the next five decades.

    On food security, Adesina cited the Bank’s Technologies for African Agricultural Transformation (TAAT), the Dakar 2 Food Summit that mobilized $72 billion in 2023, and the $1.5 billion Africa Emergency Food Production Facility that was launched in May 2022 to avert a major food and fertilizer crisis triggered by global conflicts.

    “The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” he stressed. With the support of the Bank, Ethiopia has achieved self-sufficiency in wheat production within four years and is now a wheat-exporting nation.

    A Decade of Transformative Impact

    With a strong focus on job creation, the Bank has trained 1.7 million youth in digital skills and is rolling out Youth Entrepreneurship Investment Banks to drive youth-led economic growth. “Our goal is simple: create youth-based wealth across Africa,” Adesina reiterated.

    Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses, said Adesina.

    Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.

    The Bank has also prioritized healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.

    Historic Financial Mobilization for Africa

    Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.

    The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.

    As he bade farewell, the outgoing Bank chief expressed gratitude to the African Heads of State, the African Union Commission, regional economic communities, and the people of Africa for their unwavering support.

    “As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to use this opportunity to immensely thank your Excellencies Heads of State and Government for your extraordinary support over the past ten years. I am very grateful for your always being there for the African Development Bank—your Bank. I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” he said.

    The 2025 Summit under the theme, “Justice for Africans and People of African Descent Through Reparations,” drew global political leaders and other dignitaries, including UN Secretary-General António Guterres, and the Prime Minister of Barbados, Mia Mottley.

    Guterres reiterated calls for reform of the international financial architecture, which is hampering the development of many African economies, beset by expensive debt repayments and high borrowing costs, which limits their capacity to invest in education, health and other essential needs.

    Prime Minister Mottley emphasized Africa’s strategic role in shaping global economic trends, particularly highlighting the continent’s control of 40% of the world’s minerals. She stressed the importance of addressing emerging challenges like artificial intelligence, urging African nations to take a proactive role in technological advancement rather than becoming “victims of technology.”

    She also underscored the urgency of removing artificial barriers between Africa and the Caribbean, calling for the elimination of transit visa requirements to boost trade and integration. Mottley echoed demands for reparatory justice, noting that both the Caribbean and Africa began their independence journey with “chronic deficits” in resources, fairness, and opportunity.

    Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity among member countries in addressing the challenges.

    “In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa”, he said.

    Dr. Adesina’s speech (https://apo-opa.co/4kiP9Ph)
    AU Summit pictures (https://apo-opa.co/4i03e1S)

    MIL OSI – Submitted News –

  • MIL-OSI USA: Governor Mike Kehoe Issues Executive Order to Eliminate DEI Programs in Missouri State Agencies

    Source: US State of Missouri

    FEBRUARY 18, 2025

    Jefferson City — Today, Governor Mike Kehoe signed Executive Order 25-18, directing all Missouri state agencies to eliminate Diversity, Equity, and Inclusion (DEI) initiatives and ensure compliance with the constitutional principle of equal protection under the law. The order bars the use of state funds for DEI and prevents agencies from considering DEI in their hiring decisions.

    “Missourians deserve a government that treats all individuals equally, without preferential treatment or discrimination based on immutable characteristics,” said Governor Kehoe. “Our state agencies must operate under a framework that ensures fairness, equal opportunity, and merit-based decision-making. This order reaffirms Missouri’s commitment to a constitutional, color-blind approach that serves all citizens fairly.”

    The executive order includes the following key directives:

    • Equal Protection of All People: State agencies must uphold the constitutional principle of equal treatment under the law;
    • Elimination of Public Funds for DEI: State agencies are barred from using public funds for DEI-related positions, organizational structures, policies, procedures, practices, activities, training, programs, or contracts;
    • Prohibition on Considering DEI in State Hiring Decisions: Agencies are prohibited from considering DEI factors in hiring decisions; and
    • Compliance Review: Agencies must conduct a comprehensive review of existing contracts, programs, and policies within 90 days to ensure full compliance with the directive.

    While this order directs the removal of DEI-based programs, it does not apply to any requirements in federal or state statute that uphold the rights and freedoms of Missouri citizens. State agencies will continue to enforce all laws that prohibit discrimination and ensure fairness for all citizens.

    To view Executive Order 25-18, please click here.

    Governor Kehoe Signs EO 25-18.JPG

    ###

    MIL OSI USA News –

  • MIL-OSI Canada: Alberta scores big with major sport events

    Alberta is continuing to build upon the province’s strong reputation as a premier destination for world-class sporting events and sports fans, hosting five major national and international competitions over the next two months. These events will drive thousands of athletes, coaches, officials and spectators to the province, invigorating the local economies of the host communities and showcasing Alberta’s beauty, vibrancy and world-class facilities on the global stage.

    Alberta’s government has committed more than $440,000 through the Major Sport Event grant program to support the success of these five events.

    “Alberta is a rising star in sport tourism, garnering recognition as a must-see destination for sports fans worldwide, and it’s because of the continued success of the major national and international events we host each year. With each event we host, we’re driving economic growth, boosting tourism and supporting local businesses – and, most importantly, we’re creating lasting feelings of pride in our province and our athletes. Alberta’s government is proud to support events that build community, while giving a platform for our athletes to shine.”

    Joseph Schow, Minister of Tourism and Sport

    From Feb. 19 to 22, the 2025 FIS Snowboard Slopestyle and Halfpipe World Cups will be taking place at Winsport in Calgary. The events will feature about 380 of the world’s best snowboarders and are anticipated to generate more than $3 million for Calgary’s economy. Alberta’s government is providing a total of $250,000 in funding to the Canadian Snowboard Federation for the planning, staging and delivery of the two World Cups.

    In addition to the FIS Snowboard World Cups, there are two other major national and international sporting events taking place in Calgary this week: the Western Transmountain Festival and the World Youth Open dodgeball tournament. The Western Transmountain Festival is currently ongoing at Calgary’s Brookfield Residential YMCA, where local swimmers are competing alongside Canada’s top swimming talent, including Team Canada Olympians. The inaugural World Youth Open dodgeball tournament will be taking place from Feb. 18 to 22, with more than 200 participants flocking to Calgary’s MNP Community and Sport Centre to take part in the fun.

    “The impressive lineup of sporting events leading into March underscores the year-round impact that sport tourism brings to our city and province, driving visitation even during traditionally softer months. In February alone, sporting events secured by Tourism Calgary are projected to generate more than $11.2 million in economic impact, reinforcing the vital role these events play in our local economy.” 

    Carson Ackroyd, senior vice-president of sales, Tourism Calgary

    Additionally, the 2025 Nordiq Canada Ski Nationals will return to the Canmore Nordic Centre March 17-23. More than 800 skiers will race in sprints, distance events, and team competitions on Canmore’s iconic trails. Alberta’s government has committed $95,000 in Major Sport Event grants for the planning, staging and delivery of the competition, which is expected to contribute $4.6 million to Alberta’s economy.

    “The Canmore community welcomes the energy of more than 800 athletes and their support teams to our mountain home for the 2025 Nordiq Canada Nationals. Together, we work to grow winter experiences through sport tourism, providing our local businesses with important support during quieter months.”

    Rachel Ludwig, CEO, Tourism Canmore Kananaskis

    Alberta’s Major Sport Event grant program provides up to $250,000 to eligible sport events to help with costs associated with hosting national and international competitions, including facility rentals, venue enhancements, promotional and marketing campaigns, and more. Applications for the next round of Major Sport Event grants are open until April 1, 2025.

    Quick facts

    • International and national sport events funded in this intake:
      • 2025 Western Transmountain Festival – Calgary – Feb. 14-22, 2025
      • World Dodgeball Federation World Youth Open – Calgary – Feb. 18-22, 2025
      • 2025 FIS Snowboard Halfpipe World Cup – Calgary – Feb. 19-21, 2025
      • 2025 FIS Snowboard Slopestyle World Cup – Calgary – Feb. 20-22, 2025
      • 2025 Nordiq Canada Ski Nationals – Canmore – Mar. 17-23, 2025

    Related information

    • FIS Halfpipe and Slopestyle World Cup
    • Western Transmountain Festival 
    • World Dodgeball Federation World Youth Open
    • 2025 Nordiq Canada Ski Nationals
    • Major Sport Event Grant Program

    Related news

    • Strengthening Alberta’s sport legacy (Aug. 8, 2024)

    MIL OSI Canada News –

  • MIL-OSI Canada: Made-in-B.C.: Throne speech focuses on economic security in face of Trump tariffs

    Lt. Gov. Wendy Cocchia has delivered the speech from the throne outlining the B.C. government’s plan to defend British Columbians from the economic impacts of the U.S. presidency and secure a stronger future for the province.

    “We are at a crossroads. The journey ahead won’t be easy but there’s no place I would rather be to face the threat of tariffs than right here in B.C., and nothing I’d want to be more than Canadian,” said Premier David Eby. “We have everything we need to protect ourselves from the economic impacts of the Trump presidency and come out stronger. That includes our most precious resource of all: British Columbians. Our people are hard-working, resilient and ready to meet this moment the same we always have – by looking out for each other and building together.”

    With U.S. President Donald J. Trump’s tariff threats looming over Canada and British Columbia, the throne speech outlined concrete steps the B.C. government will take to grow a more self-reliant economy at home that delivers good-paying jobs. The speech also noted the crucial importance of creating wealth and reorienting the government to meet the challenges of a changing world.

    The B.C. government expects to introduce two bold new laws to get energy and critical infrastructure built faster, and British Columbia’s economy growing.

    A new budget will be introduced that will focus on economic security and carefully managing finances to protect the front-line public services on which people rely.

    Some highlights from the speech from the throne:

    • Standing strong for Canada: with a tough and thoughtful response to any attack on Canada’s economy and sovereignty, as part of a united Team Canada approach.
    • Creating good jobs in a growing economy: by fast-tracking major private-sector resource projects and building on B.C.’s strengths in technology, life sciences and film.
    • Diversifying where B.C. sells its products: with new trade missions to strengthen relationships around the world and by breaking down trade barriers within Canada.
    • Strengthening access to health care: by attaching more people to a family doctor and building new hospitals throughout the province.
    • Helping with costs: by delivering more homes people can afford, locking in child care and car insurance savings, and passing new consumer-protection laws.

    MIL OSI Canada News –

  • MIL-OSI Canada: Spring Sitting of Legislature will Begin with Budget on March 19

    Source: Government of Canada regional news



  • MIL-OSI New Zealand: Rural News – Farmer confidence jumps to 10-year high – Federated Farmers

    Source: Federated Farmers

    Farmer confidence has risen to its highest level in over a decade, rebounding from record lows in recent years.
    Federated Farmers’ latest Farm Confidence Survey shows falling interest rates, rising incomes and more favourable farming rules have all played a major role in that improvement.
    “I’ve definitely noticed a significant shift in the mood of rural New Zealand. Farmers are feeling a lot more positive,” Federated Farmers president Wayne Langford says.
    “The last few years have been bloody tough for a lot of our farming families, with falling incomes, rising interest rates and unpaid bills starting to pile up on the kitchen bench.
    “At the same time, we’ve also been struggling with an incredibly challenging regulatory environment and farming rules that haven’t always been practical, affordable or fair.
    “These survey results paint a clear picture of a sector finally able to breathe a sigh of relief as some of that weight is lifted.”
    The January survey shows farmers’ confidence in current general economic conditions has surged from a deeply negative -66% in July 2024 to a net positive score of 2%.
    This marks the largest one-off improvement since the question was introduced in 2016.
    Meanwhile, a net 23% of farmers now expect better economic conditions over the next year – the highest confidence level since January 2014.
    There has also been a sharp lift in profitability, with 54% of farmers now reporting making a profit – double the number in the last survey six months ago.
    Langford says it’s important to note that, despite confidence being at its highest point in more than a decade, it’s still only just in the positive.
    “It’s been a remarkable recovery in farmer confidence over a short period of time, but I’m very conscious that we were coming off an extremely low base.
    “We’ve come a long way, but there’s a long way to go yet. Federated Farmers will keep pushing hard to cut costs out of farmers’ businesses and reduce some of that regulatory burden.”
    The survey results show regulation and compliance costs remains the greatest concern for farmers, followed by interest rates and banks, and input costs.
    “When it comes to farmer confidence, a lot of it comes down to what’s coming into our bank account, and what’s going out the other side. It’s a simple equation,” Langford says.
    “A lot of that is market driven, and farmers are used to riding those highs and lows, but Government rules and regulations have a significant impact on farmers’ costs.
    “Those compliance costs really can make or break your season and have a significant impact on a farmer’s confidence to keep investing in their business.
    “The Government have made a great start cutting through red tape for farmers and repealing a lot of the most unworkable rules, but there’s still a lot of work to be done.”
    Interest rates and banking issues have consistently been a top concern for farmers, which is why Federated Farmers fought so hard for a banking inquiry, Langford says.
    “Interest payments are a huge cost for most farming businesses and farmers have been under massive pressure from their banks in recent years.
    “We want to see the Government take a much closer look at our banking system and whether farmers are getting a fair deal from their lenders.”
    The survey shows farmers’ highest priorities for the Government are the economy and business environment, fiscal policy, and reducing regulatory burdens.
    “If the Government are serious about their ambitious growth agenda and doubling exports over the next decade, this is where they need to be focusing their energy,” Langford says.
    “For farmers to have the confidence to invest in our businesses, employ more staff, and grow our economy, we need to have confidence in our direction of travel as a nation too.
    “As a country, we’re never going be able to regulate our way to prosperity, but with the right policy settings, we might just be able to farm our way there.”
    The report’s key findings include:
    – General economic conditions (current): Farmer confidence has surged by 68 points since July 2024, rebounding from a deeply negative -66% to a net positive score of 2%. This marks the largest one-off improvement since the question was introduced in 2016.
    – General economic conditions (expectations): Optimism is rising, with net expectations increasing by 29 points since January 2024. A net 23% of farmers now anticipate better conditions over the next year-the highest confidence level seen since January 2014.
    – Farm profitability (current): The number of farmers making a profit has doubled since the last survey, with 54% of farmers now reporting a profit-up from just 27%. The net profitability score has surged by 60 points, the strongest turnaround since July 2022.
    – Farm profitability (expectations): Confidence in future profitability continues to climb, with a net 31% of farmers expecting improvement over the next 12 months-a 41-point increase since July 2024. This is the highest forward-looking profitability score since July 2017.
    – Farm production (expectations): A net 16% of farmers expect production to increase in the next year, extending a positive trend. This marks the first time since 2016/17 that there have been three consecutive periods of predicted growth.
    – Farm spending (expectations): Spending intentions have strengthened, with a net 23% of farmers planning to increase spending over the next 12 months-up 26 points from July 2024. This is the strongest expected rise since January 2023.
    – Farm debt (expectations): 41% of farmers plan to reduce their debt in the next year, up from 23% in July 2024. Lower interest rates, improved confidence, and stronger production forecasts are driving this shift.
    – Ability to recruit (experienced): Hiring challenges persist, with a net 16% of respondents reporting difficulty recruiting skilled staff in the past six months, largely unchanged from July 2024. However, this is the least difficult period for recruitment since July 2012.
    – Greatest concerns (current): The top concerns for farmers remain Regulation & Compliance Costs, Debt, Interest & Banks, and Input Costs.
    – Highest government priorities: Farmers want the Government to prioritise the Economy & Business Environment, Fiscal Policy, and reducing Regulatory Burdens. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Fund to better recognise and support survivors

    Source: New Zealand Government

    The Government is continuing to respond to the Royal Commission of Inquiry into Abuse in Care by establishing a fund to honour those who died in care and are buried in unmarked graves, and strengthen survivor-led initiatives that support those in need.

    “The $2 million dual purpose fund will be available for local authorities to care and memorialise unmarked graves associated with psychiatric and psychopaedic sites. The Royal Commission of Inquiry into Abuse in Care found there are at least 4,000 unmarked graves in Auckland, Waikato, Nelson, Rangitikei, Horowhenua, Porirua, Otago, Westland and Canterbury. 

    “Authorities with sites in those areas can apply for funding to memorialise those who are buried, in ways their communities deem appropriate,” Lead Coordination Minister Erica Stanford says. 

    The fund will also support initiatives by non-governmental organisations and community groups to deliver effective support and services to survivors of abuse in care.

    “This includes educational workshops, initiatives to promote awareness and prevention of abuse in care, navigation support, and individual and collective advocacy for survivors,” Ms Stanford says.

    The fund is administered by Community Operations Hāpai Hapori in partnership with the Crown Response Office (CRO).

    “We respect and recognise the significance of these sites, and the work that has gone on locally to ensure they can endure. It’s important survivors are enabled to identify the supports and solutions that are meaningful to them. The fund will be non-contestable, meaning all applicants that meet the criteria will receive funding of up to $50,000 per application,” says Minister for the Community and Voluntary Sector Louise Upston.

    Notes to editors

    The fund responds to recommendations 5, 19 and 20 of Whanaketia.

    Applications can be submitted at www.communitymatters.govt.nz

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Health and Business – The Royal New Zealand College of General Practitioners Partners with Tribal to Transform Learner Management

    Source: Tribal Group

    Wellington,  February 5, 2025 – Tribal Group, a leading provider of education technology, is delighted to announce its partnership with The Royal New Zealand College of General Practitioners (the College). Following an extensive evaluation process, the College has selected Tribal’s ebs learner management system to assist the transformation of their learner experience and streamline operations as part of Te Kāpehu Whetū, their programme for mapping operational needs and identifying suitable tools.

    The College identified the need for a more robust, future-proofed system following their commitment to delivering seamless training experiences to support the next generation of specialist general practitioners and rural hospital doctors.

    Toby Beaglehole, College Chief Executive says, “The change in our system was essential to accommodate our organisation’s growth and future needs. Te Kāpehu Whetū represents our continuous improvement approach to finding the right tools that align with our processes and support our vision for the future.”

    A Rigorous Selection Process

    The College’s search for a new solution began in 2022. After conducting desktop research and gathering recommendations from other organisations in the New Zealand tertiary education and membership sectors, Tribal ebs emerged as an option due to its intuitive functionality and deep integration capability.

    “We needed a solution that was not only advanced in its core capabilities but also came from a provider deeply embedded in the education sector. Tribal stood out not just for its extensive experience but for its ability to future-proof our organisation through ongoing R&D and sector insights,” said Mr Beaglehole.

    The partnership will see Tribal ebs become the central system supporting the College’s learner journeys, from application through their training and into Fellowship, while integrating seamlessly with their other systems.

    Delivering Modern, Learner-Centric Solutions

    The learner and staff portals within Tribal ebs were major factors in the College’s decision, offering intuitive user experiences with powerful behind-the-scenes functionality. The system will also automate many of the College’s operational processes.

    Steve Exley, Tribal’s General Manager in New Zealand, added, “We are proud to partner with the College and support their journey towards a more robust system that enhances their operations and the services they provide. This collaboration signifies the strength of Tribal ebs in the tertiary education sector, particularly here in Aotearoa New Zealand.”

    A Broader Impact on the Tertiary Education and EdTech Sectors

    This collaboration highlights the increasing need for future-ready solutions within the tertiary education sector. The College’s adoption of Tribal ebs not only showcases the adaptability of the platform but also underscores Tribal’s deep commitment to addressing the diverse needs of education organisations, particularly in New Zealand and the wider Asia-Pacific (APAC) region.

    The partnership also celebrates Tribal’s launch of advisory services in APAC, reinforcing its presence and expertise in education technology throughout the region.

    “This partnership with Tribal  enables  us to leverage new technology to enhance our educational infrastructure. By integrating Tribal ebs, we are laying the groundwork for a future-ready institution that aligns with our strategic goals to nurture new generations of specialist GPs and rural hospital doctors,” concludes Mr Beaglehole.

    Mark Pickett, CEO of Tribal Group, remarked, “Our collaboration with the College reaffirms Tribal Group’s commitment to delivering solutions that address the intricate needs of educational institutions. By providing a comprehensive and adaptable learner management system, we are committed to fostering innovation and operational excellence within the College, ensuring they remain at the forefront of medical education.”

    Next Steps for the Partnership

    The College has already initiated workshops with Tribal’s implementation team, and the first project milestone—go-live for applications for the 2026 intake of general practice and rural hospital trainees—is set for March 2025.

    About Tribal

    Tribal Group plc is global leader in education technology, offering solutions that empower institutions to improve efficiency, innovate processes, and enhance the learner experience. Working with Higher Education, Further and Tertiary Education, schools, Government and State bodies, training providers and employers, in over 55 countries; Tribal Group’s mission is to empower the world of education with products and services that underpin learner success.

    About The Royal New Zealand College of General Practitioners  

    The Royal New Zealand College Of General Practitioners is New Zealand’s largest medical college with a membership of over 6,000 GPs, rural hospital doctors, and registrars.  The College sets standards for general practice in New Zealand, providing research, assessment, ongoing education, advocacy and support for general practitioners and general practice. They advocate for equity, access, and sustainable healthcare and believe fundamentally that regardless of who or where they are, every New Zealander should have access to their own GP.

    MIL OSI New Zealand News –

  • MIL-OSI: CVR Energy Reports Fourth Quarter and Full-Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Reported full-year 2024 net income attributable to CVR Energy stockholders of $7 million and EBITDA of $394 million.
    • Paid cumulative cash dividends attributable to 2024 of $1.00 per share.
    • Enhanced liquidity by $408 million in the fourth quarter of 2024 through a Term Loan and the sale of our 50 percent interest in Midway Pipeline.

    SUGAR LAND, Tx, Feb. 18, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced fourth quarter 2024 net income attributable to CVR Energy stockholders of $28 million, or 28 cents per diluted share, compared to fourth quarter 2023 net income attributable to CVR Energy stockholders of $91 million, or 91 cents per diluted share. Adjusted loss for the fourth quarter of 2024 was 13 cents per diluted share compared to adjusted earnings of 65 cents per diluted share in the fourth quarter of 2023. Net income for the fourth quarter of 2024 was $40 million, compared to net income of $97 million in the fourth quarter of 2023. Fourth quarter 2024 EBITDA was $122 million, compared to fourth quarter 2023 EBITDA of $204 million. Adjusted EBITDA for the fourth quarter of 2024 was $67 million, compared to adjusted EBITDA of $170 million in the fourth quarter of 2023.

    For full-year 2024, the Company reported net income attributable to CVR Energy stockholders of $7 million, or 6 cents per diluted share, compared to net income attributable to CVR Energy stockholders for full-year 2023 of $769 million, or $7.65 per diluted share. Adjusted loss for full-year 2024 was 51 cents per diluted share compared to adjusted earnings of $5.64 per diluted share for full-year 2023. Net income for full-year 2024 was $45 million, compared to net income of $878 million for full-year 2023. Full-year 2024 EBITDA was $394 million, compared to full-year 2023 EBITDA of $1.4 billion. Adjusted EBITDA for full-year 2024 was $317 million, compared to adjusted EBITDA of $1.2 billion for full-year 2023.

    “CVR Energy’s 2024 full-year and fourth quarter results for its refining business were lower than the previous year due to reduced crack spreads and, to a lesser degree, decreased throughputs,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “We commenced our planned Coffeyville turnaround early, which should position us well for the improvement in cracks we expect as summer driving season begins and capacity rationalization occurs.

    “CVR Partners operated well during 2024, with consolidated ammonia plant utilization of 96 percent,” Lamp said. “The Partnership is pleased to have declared a fourth quarter 2024 cash distribution of $1.75 per common unit, with cumulative cash distributions of $6.76 per common unit for 2024.”

    Petroleum Segment

    Fourth Quarter 2024 Compared to Fourth Quarter 2023

    The Petroleum Segment reported fourth quarter 2024 net income of $35 million and EBITDA of $72 million, compared to net income of $158 million and EBITDA of $196 million for the fourth quarter of 2023. Adjusted EBITDA for the Petroleum Segment was $9 million for the fourth quarter of 2024, compared to $152 million for the fourth quarter of 2023.

    Combined total throughput for the fourth quarter of 2024 was approximately 214,000 barrels per day (“bpd”), compared to approximately 223,000 bpd of combined total throughput for the fourth quarter of 2023.

    Refining margin for the fourth quarter of 2024 was $165 million, or $8.37 per total throughput barrel, compared to $307 million, or $15.01 per total throughput barrel, during the same period in 2023. Included in our fourth quarter 2024 refining margin were favorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $57 million, unfavorable derivative impacts of $6 million from open crack spread swap positions and unfavorable inventory valuation impacts of $12 million. Excluding these items, adjusted refining margin for the fourth quarter of 2024 was $6.45 per barrel, compared to an adjusted refining margin per barrel of $12.91 for the fourth quarter of 2023. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

    Full-Year 2024 Compared to Full-Year 2023

    The Petroleum Segment reported full-year 2024 net income of $70 million and EBITDA of $223 million, compared to net income of $1.1 billion and EBITDA of $1.2 billion for full-year 2023. Adjusted EBITDA for the Petroleum Segment was $138 million for full-year 2024, compared to $903 million for full-year 2023.

    Combined total throughput for full-year 2024 was approximately 196,000 bpd, compared to approximately 208,000 bpd for full-year 2023.

    Refining margin was $684 million, or $9.53 per total throughput barrel, for full-year 2024 compared to $1.7 billion, or $21.82 per total throughput barrel, for full-year 2023. Included in our full-year 2024 refining margin were favorable mark-to-market impacts on our outstanding RFS obligation of $89 million, unfavorable derivative impacts of $22 million from open crack spread swap positions, and unfavorable inventory valuation impacts of $6 million. Excluding these items, adjusted refining margin for full-year 2024 was $8.67 per barrel, compared to an adjusted refining margin per barrel of $18.11 for full-year 2023. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

    Renewables Segment

    Effective for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, we have revised our reportable segments to reflect a new reportable segment – Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma.

    Fourth Quarter 2024 Compared to Fourth Quarter 2023

    The Renewables Segment reported fourth quarter 2024 net loss of $3 million and EBITDA of $3 million, compared to net loss of $30 million and EBITDA loss of $26 million for the fourth quarter of 2023. Adjusted EBITDA for the Renewables Segment was $9 million for the fourth quarter of 2024, compared to Adjusted EBITDA loss of $17 million for the fourth quarter of 2023.

    Total vegetable oil throughput for the fourth quarter of 2024 was approximately 187,000 gallons per day (“gpd”), compared to approximately 200,000 gpd for the fourth quarter of 2023.

    Renewables margin was $14 million, or 79 cents per vegetable oil throughput gallon, for the fourth quarter of 2024 compared to a loss of $17 million, or 90 cents per vegetable oil throughput gallon, for the fourth quarter of 2023. Factors contributing to our fourth quarter 2024 renewables margin were lower cost of sales of $46 million due to a decrease in vegetable oil feed prices and an increase in the Heating Oil – Bean Oil (“HOBO”) spread of 7 cents per gallon driven by a decrease in soybean oil prices of 9 cents per pound due to increased U.S. soybean oil inventories resulting from higher production levels.

    Full-Year 2024 Compared to Full-Year 2023

    The Renewables Segment reported full-year 2024 net loss of $21 million and EBITDA of $3 million, compared to net loss of $36 million and EBITDA loss of $17 million for full-year 2023. Adjusted EBITDA for the Renewables Segment was $10 million for full-year 2024, compared to Adjusted EBITDA loss of $5 million for full-year 2023.

    Total vegetable oil throughput for full-year 2024 was approximately 151,000 gpd, compared to approximately 226,000 gpd for full-year 2023.

    Renewables margin was $44 million, or 80 cents per vegetable oil throughput gallon, for full-year 2024 compared to $22 million, or 27 cents per vegetable oil throughput gallon, for full-year 2023. Factors contributing to our full-year 2024 renewables margin were favorable cost of sales of $284 million due to lower vegetable oil feed prices, an increase in the HOBO spread of 59 cents per gallon driven by a decrease in soybean oil prices of 14 cents per pound due to increased U.S. soybean oil inventories resulting from higher production levels and an increase in renewable diesel yield due to improved catalyst performance in the current year.

    Nitrogen Fertilizer Segment

    Fourth Quarter 2024 Compared to Fourth Quarter 2023

    The Nitrogen Fertilizer Segment reported net income of $18 million and EBITDA of $50 million on net sales of $140 million for the fourth quarter of 2024, compared to net income of $10 million and EBITDA of $38 million on net sales of $142 million for the fourth quarter of 2023.

    CVR Partners’ fertilizer facilities produced a combined 210,000 tons of ammonia during the fourth quarter of 2024, of which 80,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 310,000 tons of urea ammonia nitrate (“UAN”). During the fourth quarter of 2023, the fertilizer facilities produced 205,000 tons of ammonia, of which 75,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 306,000 tons of UAN.

    For the fourth quarter of 2024, average realized gate prices for UAN declined by 5 percent to $229 per ton and ammonia improved by 3 percent to $475 per ton when compared to the fourth quarter of 2023. Average realized gate prices for UAN and ammonia were $241 per ton and $461 per ton, respectively, for the fourth quarter of 2023.

    Full-Year 2024 Compared to Full-Year 2023

    The Nitrogen Fertilizer Segment reported net income of $61 million and EBITDA of $179 million on net sales of $525 million for full-year 2024, compared to net income of $172 million and EBITDA of $281 million on net sales of $681 million for full-year 2023.

    For full-year 2024, our fertilizer facilities produced a combined 836,000 tons of ammonia, of which 270,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 1,273,000 tons of UAN. For full-year 2023, the fertilizer facilities produced 864,000 tons of ammonia, of which 270,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 1,369,000 tons of UAN.

    For full-year 2024, average realized gate prices for UAN declined by 20 percent to $248 per ton and ammonia declined by 16 percent to $479 per ton when compared to the full-year 2023. Average realized gate prices for UAN and ammonia were $309 per ton and $573 per ton, respectively, for full-year 2023.

    Corporate and Other

    The Company reported income tax benefit of $26 million, or (137.2) percent of income before income taxes, for the year ended December 31, 2024, compared to an income tax expense of $207 million, or 19.1 percent of income before income taxes, for the year ended December 31, 2023. The decrease in income tax expense was due primarily to a decrease in overall pretax earnings for the year ended December 31, 2024, compared to the year ended December 31, 2023. In addition, the change in the effective tax rate was due primarily to changes in pretax earnings attributable to noncontrolling interests and the impact of federal and state tax credits and incentives generated in relation to overall pretax earnings for the year ended December 31, 2024, compared to the year ended December 31, 2023.

    Cash, Debt and Dividend

    During the fourth quarter of 2024, we completed two liquidity enhancing transactions generating net proceeds of $318 million from the senior secured term loan facility (the “Term Loan”) issuance and approximately $90 million of gross proceeds from the sale of our subsidiary’s 50% interest in the Midway Pipeline.

    Consolidated cash and cash equivalents was $987 million at December 31, 2024. Consolidated total debt and finance lease obligations was $1.9 billion at December 31, 2024, including $569 million held by the Nitrogen Fertilizer Segment.

    CVR Partners announced that the Board of Directors of its general partner declared a fourth quarter 2024 cash distribution of $1.75 per common unit, which will be paid on March 10, 2025, to common unitholders of record as of March 3, 2025.

    Fourth Quarter 2024 Earnings Conference Call

    CVR Energy previously announced that it will host its fourth quarter and full-year 2024 Earnings Conference Call on Wednesday, February 19, at 1 p.m. Eastern. This Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

    The fourth quarter and full-year 2024 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/4a2maqba. A repeat of the call can be accessed for 14 days by dialing (877) 660-6853, conference ID 13751234.

    Forward-Looking Statements
    This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; EBITDA and Adjusted EBITDA; asset utilization, capture, production volume, throughput product yield and crude oil gathering rates; cash flow generation; operating income and net sales; throughput; refining margin; crack spreads, including the improvement thereof; capacity rationalization; impact of costs to comply with the RFS and revaluation of our RFS liability; crude oil and refined product pricing impacts on inventory valuation; derivative gains and losses and the drivers thereof; crack spreads, including the drivers thereof; demand trends; RIN generation levels; ethanol and biodiesel blending activities; inventory levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company’s ability to offset the impact thereof; carbon capture and decarbonization initiatives; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; demand for refined products; economic downturns and demand destruction; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense, including the drivers thereof; changes to pretax earnings and our effective tax rate; the availability of tax credits and incentives; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; renewable feedstock throughput; use of proceeds under our debt instruments; debt levels; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization and turnaround expense; cash reserves; timing of turnarounds; impacts of any pandemic; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by a new administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

    About CVR Energy, Inc.
    Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing businesses, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners.

    Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

    Contact Information:

    Investor Relations
    Richard Roberts
    (281) 207-3205
    InvestorRelations@CVREnergy.com

    Media Relations
    Brandee Stephens
    (281) 207-3516
    MediaRelations@CVREnergy.com

    Non-GAAP Measures

    Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

    As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.

    The following are non-GAAP measures we present for the three and twelve months ended December 31, 2024 and 2023:

    EBITDA – Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

    Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA – Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

    Refining Margin – The difference between our Petroleum Segment net sales and cost of materials and other.

    Adjusted Refining Margin – Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Refining Margin and Adjusted Refining Margin, per Throughput Barrel – Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.

    Direct Operating Expenses per Throughput Barrel – Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

    Renewables Margin – The difference between our Renewables Segment net sales and cost of materials and other.

    Adjusted Renewables Margin – Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon – Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

    Direct Operating Expenses per Vegetable Oil Throughput Gallon – Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

    Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA – EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Adjusted Earnings (Loss) per Share – Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

    Free Cash Flow – Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

    We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

    Factors Affecting Comparability of Our Financial Results

    Petroleum Segment

    Major Scheduled Turnaround Activities – Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $58 million and $60 million during the years ended December 31, 2024 and 2023, respectively. The next planned turnaround commenced in January 2025 at the Coffeyville Refinery.

    Midway JV Disposition – On December 23, 2024, a subsidiary of the Company sold the 50% limited liability company interests it owned in the Midway Pipeline, LLC to Plains Pipeline, L.P. in exchange for cash consideration of approximately $90 million. The sale resulted in a gain of $24 million within Other income (expense), net in the Company’s Consolidated Statements of Operations.

    CVR Energy, Inc.
    (unaudited)

    Consolidated Statement of Operations Data

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions, except per share data)  2024     2023     2024     2023 
    Net sales $ 1,947     $ 2,202     $ 7,610     $ 9,247  
    Operating costs and expenses:              
    Cost of materials and other   1,653       1,802       6,448       7,013  
    Direct operating expenses (exclusive of depreciation and amortization)   165       166       667       670  
    Depreciation and amortization   72       75       290       291  
    Cost of sales   1,890       2,043       7,405       7,974  
    Selling, general and administrative expenses (exclusive of depreciation and amortization)   35       34       139       141  
    Depreciation and amortization   2       1       8       7  
    (Gain) loss on asset disposal   (1 )     —       —       2  
    Operating income   21       124       58       1,123  
    Other income (expense):              
    Interest expense, net   (20 )     (9 )     (77 )     (52 )
    Other income, net   27       4       38       14  
    Income before income tax expense   28       119       19       1,085  
    Income tax expense (benefit)   (12 )     22       (26 )     207  
    Net income   40       97       45       878  
    Less: Net income attributable to noncontrolling interest   12       6       38       109  
    Net income attributable to CVR Energy stockholders $ 28     $ 91     $ 7     $ 769  
                   
    Basic and diluted earnings per share $ 0.28     $ 0.91     $ 0.06     $ 7.65  
    Dividends declared per share $ —     $ 2.00     $ 1.50     $ 4.50  
                   
    Adjusted (loss) earnings per share $ (0.13 )   $ 0.65     $ (0.51 )   $ 5.64  
    EBITDA* $ 122     $ 204     $ 394     $ 1,435  
    Adjusted EBITDA* $ 67     $ 170     $ 317     $ 1,164  
                   
    Weighted-average common shares outstanding – basic and diluted   100.5       100.5       100.5       100.5  

    ____________________

    * See “Non-GAAP Reconciliations” section below.

    Selected Consolidated Balance Sheet Data

    (in millions) December 31, 2024   December 31, 2023
    Cash and cash equivalents $ 987   $ 581
    Working capital   726     497
    Total assets   4,263     4,707
    Total debt and finance lease obligations, including current portion   1,919     2,185
    Total liabilities   3,375     3,669
    Total CVR stockholders’ equity   703     847

    Selected Consolidated Cash Flow Data

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions)  2024    2023     2024     2023 
    Net cash flows provided by (used in):              
    Operating activities $ 98   $ (36 )   $ 404     $ 948  
    Investing activities   43     (58 )     (121 )     (239 )
    Financing activities   312     384       (482 )     (40 )
    Net increase (decrease) in cash, cash equivalents and restricted cash $ 453   $ 290     $ (199 )   $ 669  
                   
    Free cash flow * $ 40   $ (94 )   $ 181     $ 708  

    _____________________

    * See “Non-GAAP Reconciliations” section below.

    Selected Segment Data

      Three Months Ended December 31, 2024   Three Months Ended December 31, 2023
    (in millions) Petroleum   Renewables   Nitrogen Fertilizer   Consolidated   Petroleum   Renewables   Nitrogen Fertilizer   Consolidated
    Net sales $ 1,755   $ 93     $ 140   $ 1,947   $ 1,997   $ 110     $ 142   $ 2,202
    Operating income (loss)   4     (3 )     26     21     144     (31 )     17     124
    Net income (loss)   35     (3 )     18     40     158     (30 )     10     97
    EBITDA *   72     3       50     122     196     (26 )     38     204
                                   
    Capital Expenditures: (1)                              
    Maintenance $ 24   $ 1     $ 15   $ 40   $ 24   $ 1     $ 11   $ 36
    Growth   7     —       3     11     5     8       —     13
    Total capital expenditures $ 31   $ 1     $ 18   $ 51   $ 29   $ 9     $ 11   $ 49
      Year Ended December 31, 2024   Year Ended December 31, 2023
    (in millions) Petroleum   Renewables   Nitrogen
    Fertilizer    		   Consolidated   Petroleum   Renewables   Nitrogen
    Fertilizer    		   Consolidated
    Net sales $ 6,920   $ 289     $ 525   $ 7,610   $ 8,287   $ 559     $ 681   $ 9,247
    Operating income (loss)   12     (22 )     90     58     982     (37 )     201     1,123
    Net income (loss)   70     (21 )     61     45     1,071     (36 )     172     878
    EBITDA *   223     3       179     394     1,185     (17 )     281     1,435
                                   
    Capital Expenditures: (1)                              
    Maintenance $ 90   $ 3     $ 30   $ 127   $ 94   $ 2     $ 28   $ 128
    Growth   38     8       7     54     14     54       1     69
    Total capital expenditures $ 128   $ 11     $ 37   $ 181   $ 108   $ 56     $ 29   $ 197

    ______________________

    * See “Non-GAAP Reconciliations” section below.

    (1)   Capital expenditures are shown exclusive of capitalized turnaround expenditures and business combinations.

      

      December 31, 2024   December 31, 2023
    (in millions) Petroleum   Renewables   Nitrogen
    Fertilizer    		   Consolidated   Petroleum   Renewables   Nitrogen
    Fertilizer    		   Consolidated
    Cash and cash equivalents (1) $ 735   $ 13   $ 91   $ 987   $ 375   $ 16   $ 45   $ 581
    Total assets   3,288     420     1,019     4,263     2,978     344     975     4,707
    Total debt and finance lease obligations, including current portion (2)   354     —     569     1,919     44     5     547     2,185

    ___________________________

    (1)   Corporate cash and cash equivalents consisted of $148 million and $145 million at December 31, 2024 and December 31, 2023, respectively.
    (2)   Corporate total debt and finance lease obligations, including current portion consisted of $996 million and $1,594 million at December 31, 2024 and December 31, 2023, respectively.

    Petroleum Segment

    Key Operating Metrics per Total Throughput Barrel

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
       2024    2023    2024    2023
    Refining margin * $ 8.37   $ 15.01   $ 9.53   $ 21.82
    Adjusted refining margin *   6.45     12.91     8.67     18.11
    Direct operating expenses *   5.13     4.69     5.86     5.34

    ___________________

    * See “Non-GAAP Reconciliations” section below.

    Throughput Data by Refinery

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in bpd) 2024   2023   2024   2023
    Coffeyville              
    Gathered crude 69,560   61,733   71,382   62,263
    Other domestic 47,732   57,161   39,360   49,930
    Canadian 3,969   6,109   7,304   3,265
    Condensate —   7,115   3,177   7,566
    Other crude oil 5,709   —   2,546   —
    Other feedstocks and blendstocks 14,997   16,321   12,511   13,490
    Wynnewood              
    Gathered crude 55,507   49,061   46,185   50,900
    Other domestic —   2,974   980   2,112
    Condensate 10,747   17,192   9,165   15,228
    Other feedstocks and blendstocks 5,482   4,888   3,668   3,465
    Total throughput 213,703   222,554   196,278   208,219

    Production Data by Refinery

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in bpd) 2024   2023   2024   2023
    Coffeyville              
    Gasoline         72,868             76,921             69,771             69,847  
    Distillate         61,016             62,570             56,690             57,888  
    Other liquid products         3,775             4,168             5,125             4,388  
    Solids         4,349             4,798             4,762             4,123  
    Wynnewood              
    Gasoline         40,139             42,363             33,106             38,843  
    Distillate         24,473             25,432             20,917             24,978  
    Other liquid products         4,405             5,480             4,551             6,882  
    Solids         12             9             9             10  
    Total production         211,037             221,741             194,931             206,959  
                   
    Light product yield (as % of total crude throughput) (1) 102.7 %   103.0 %   100.2 %   100.2 %
    Liquid volume yield (as % of total throughput) (2) 96.7 %   97.5 %   96.9 %   97.4 %
    Distillate yield (as % of total crude throughput) (3) 44.2 %   43.7 %   43.1 %   43.3 %

    ______________________

    (1)   Total Gasoline and Distillate divided by total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”).
    (2)   Total Gasoline, Distillate, and Other liquid products divided by total throughput.
    (3)   Total Distillate divided by Total Crude Throughput.

    Key Market Indicators

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (dollars per barrel)  2024     2023     2024     2023 
    West Texas Intermediate (WTI) NYMEX $ 70.32     $ 78.53     $ 75.77     $ 77.57  
    Crude Oil Differentials to WTI:              
    Brent   3.69       4.32       4.09       4.60  
    WCS (heavy sour)   (12.25 )     (22.91 )     (13.86 )     (17.97 )
    Condensate   (0.24 )     (0.30 )     (0.48 )     (0.21 )
    Midland Cushing   0.87       1.09       1.10       1.26  
    NYMEX Crack Spreads:              
    Gasoline   13.84       13.69       20.91       27.88  
    Heating Oil   23.40       41.34       26.67       40.60  
    NYMEX 2-1-1 Crack Spread   18.62       27.52       23.79       34.24  
    PADD II Group 3 Product Basis:              
    Gasoline   (4.03 )     (4.75 )     (6.52 )     (2.92 )
    Ultra Low Sulfur Diesel (ULSD)           (4.57 )             (2.96 )             (4.96 )             (1.02 )
    PADD II Group 3 Product Crack Spread:              
    Gasoline   9.81       8.94       14.40       24.96  
    ULSD   18.83       38.38       21.71       39.57  
    PADD II Group 3 2-1-1   14.32       23.66       18.05       32.27  

    Renewables Segment

    Key Operating Metrics per Vegetable Oil Throughput Gallon

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
       2024    2023     2024    2023
    Renewables margin * $ 0.79   $ (0.90 )   $ 0.80   $ 0.27
    Adjusted renewables margin *   1.16     (0.43 )     0.93     0.41
    Direct operating expenses *   0.48     0.37       0.57     0.35

    __________________________

    * See “Non-GAAP Reconciliations” section below.

    Renewables Throughput Data

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in gallons per day) 2024   2023   2024   2023
    Corn Oil 81,497   90,932   52,807   53,661
    Soybean Oil 105,351   109,242   98,439   172,297
    Other feedstocks and blendstocks 91,709   46,210   58,730   51,039
    Total throughput 278,557   246,384   209,976   276,997

    Renewables Production Data

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in gallons per day) 2024    2023    2024    2023 
    Renewable diesel 163,110     176,200     134,399     200,015  
    Renewable naphtha 19,731     32,886     17,101     34,099  
    Renewable light ends 88,938     94,952     62,424     92,802  
    Other 67,293     42,106     41,064     45,552  
    Total production 339,072     346,144     254,988     372,468  
                   
    Renewable diesel yield (as % of corn and soybean oil throughput) 87.8 %   88.0 %   89.2 %   88.5 %

    Key Market Indicators

      Three Months Ended December 31,   Year Ended
    December 31,
       2024    2023    2024    2023
    Chicago Board of Trade (CBOT) soybean oil (dollars per pound) $ 0.43   $ 0.52   $ 0.44   $ 0.58
    Midwest crude corn oil (dollars per pound)   0.46     0.62     0.50     0.61
    CARB ULSD (dollars per gallon)   2.28     2.90     2.47     2.89
    NYMEX ULSD (dollars per gallon)   2.23     2.85     2.44     2.81
    California LCFS (dollars per metric ton)   72.05     68.71     60.07     72.52
    Biodiesel RINs (dollars per RIN)   0.66     0.84     0.59     1.35

    Nitrogen Fertilizer Segment

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (percent of capacity utilization) 2024   2023   2024   2023
    Ammonia utilization rate (1) 96 %   94 %   96 %   100 %

    _____________________

    (1)   Reflects our ammonia utilization rates on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of the Nitrogen Fertilizer Segment’s facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and twelve months ended December 31, 2024 and 2023, respectively, and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.

    Sales and Production Data

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
       2024    2023    2024    2023
    Consolidated sales (thousands of tons):              
    Ammonia   97     98     271     281
    UAN   310     320     1,260     1,395
                   
    Consolidated product pricing at gate (dollars per ton): (1)              
    Ammonia $ 475   $ 461   $ 479   $ 573
    UAN   229     241     248     309
                   
    Consolidated production volume (thousands of tons):              
    Ammonia (gross produced) (2)   210     205     836     864
    Ammonia (net available for sale) (2)   80     75     270     270
    UAN   310     306     1,273     1,369
                   
    Feedstock:              
    Petroleum coke used in production (thousands tons)   123     131     517     518
    Petroleum coke used in production (dollars per ton) $ 55.71   $ 77.09   $ 59.69   $ 78.14
    Natural gas used in production (thousands of MMBtus) (3)   2,224     2,033     8,667     8,462
    Natural gas used in production (dollars per MMBtu) (3) $ 3.00   $ 2.95   $ 2.56   $ 3.42
    Natural gas in cost of materials and other (thousands of MMBtus) (3)   2,352     2,317     7,755     8,671
    Natural gas in cost of materials and other (dollars per MMBtu) (3) $ 2.50   $ 2.83   $ 2.50   $ 3.84

    ______________________

    (1)   Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
    (2)   Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
    (3)   The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

    Key Market Indicators

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024    2023    2024    2023
    Ammonia — Southern plains (dollars per ton) $ 526   $ 648   $ 526   $ 564
    Ammonia — Corn belt (dollars per ton)   595     704     573     644
    UAN — Corn belt (dollars per ton)   274     301     277     311
                   
    Natural gas NYMEX (dollars per MMBtu) $ 2.98   $ 2.92   $ 2.41   $ 2.67

    Q1 2025 Outlook

    The table below summarizes our outlook for certain refining statistics and financial information for the first quarter of 2025. See “Forward-Looking Statements” above.

      Q1 2025
      Low   High
    Petroleum      
    Total throughput (bpd)   120,000       135,000  
    Direct operating expenses (in millions) (1) $ 95     $ 105  
    Turnaround (2)   150       165  
           
    Renewables      
    Total throughput (in millions of gallons)   13       16  
    Direct Operating expenses (in millions) (1) $ 8     $ 10  
           
    Nitrogen Fertilizer      
    Ammonia utilization rate   95 %     100 %
    Direct operating expenses (in millions) (1) $ 55     $ 65  
           
    Capital Expenditures (in millions) (2)      
    Petroleum $ 30     $ 40  
    Renewables   2       5  
    Nitrogen Fertilizer   12       16  
    Other   —       2  
    Total capital expenditures $ 44     $ 63  

    ____________________

    (1)   Direct operating expenses are shown exclusive of depreciation and amortization and, for the Nitrogen Fertilizer Segment, turnaround expenses and inventory valuation impacts.
    (2)   Turnaround and capital expenditures are disclosed on an accrual basis.

    Non-GAAP Reconciliations

    Reconciliation of Consolidated Net Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions)  2024     2023     2024     2023 
    Net income $ 40     $ 97     $ 45     $ 878  
    Interest expense, net   20       9       77       52  
    Income tax (benefit) expense   (12 )     22       (26 )     207  
    Depreciation and amortization   74       76       298       298  
    EBITDA   122       204       394       1,435  
    Adjustments:              
    Revaluation of RFS liability, favorable   (57 )     (57 )     (89 )     (284 )
    Unrealized loss (gain) on derivatives   6       (67 )     22       (32 )
    Inventory valuation impacts, unfavorable   20       90       14       45  
    Gain on sale of equity method investment   (24 )     —       (24 )     —  
    Adjusted EBITDA $ 67     $ 170     $ 317     $ 1,164  

    Reconciliation of Basic and Diluted Earnings per Share to Adjusted Earnings per Share

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
       2024     2023     2024     2023 
    Basic and diluted earnings per share $ 0.28     $ 0.91     $ 0.06     $ 7.65  
    Adjustments: (1)              
    Revaluation of RFS liability, favorable   (0.43 )     (0.42 )     (0.67 )     (2.12 )
    Unrealized loss (gain) on derivatives   0.04       (0.50 )     0.16       (0.23 )
    Inventory valuation impacts, unfavorable   0.16       0.66       0.12       0.34  
    Gain on sale of equity method investment   (0.18 )     —       (0.18 )     —  
    Adjusted (loss) earnings per share $ (0.13 )   $ 0.65     $ (0.51 )   $ 5.64  

    ___________________

    (1)   Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

    Reconciliation of Net Cash Provided By (Used In) Operating Activities to Free Cash Flow

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions)  2024     2023     2024     2023 
    Net cash provided by (used in) operating activities $ 98     $ (36 )   $ 404     $ 948  
    Less:              
    Capital expenditures   (55 )     (55 )     (179 )     (205 )
    Capitalized turnaround expenditures   (7 )     (4 )     (53 )     (57 )
    Return on equity method investment   4       1       9       22  
    Free cash flow $ 40     $ (94 )   $ 181     $ 708  

    Reconciliation of Petroleum Segment Net Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions)  2024     2023     2024     2023 
    Petroleum net income $ 35     $ 158     $ 70     $ 1,071  
    Interest income, net   (4 )     (10 )     (21 )     (75 )
    Depreciation and amortization   41       48       174       189  
    Petroleum EBITDA   72       196       223       1,185  
    Adjustments:              
    Revaluation of RFS liability, favorable   (57 )     (57 )     (89 )     (284 )
    Unrealized loss (gain) on derivatives, net   6       (67 )     22       (30 )
    Inventory valuation impact, unfavorable (1)   12       80       6       32  
    Gain on sale of equity method investment   (24 )     —       (24 )     —  
    Petroleum Adjusted EBITDA   9       152       138       903  

    Reconciliation of Petroleum Segment Gross Profit to Refining Margin and Adjusted Refining Margin

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions, except throughput data)   2024     2023     2024     2023 
    Net sales $ 1,755     $ 1,997     $ 6,920     $ 8,287  
    Less:              
    Cost of materials and other   (1,590 )     (1,690 )     (6,236 )     (6,629 )
    Direct operating expenses (exclusive of depreciation and amortization)   (101 )     (96 )     (421 )     (406 )
    Depreciation and amortization   (41 )     (47 )     (174 )     (185 )
    Gross profit   23       164       89       1,067  
    Add:              
    Direct operating expenses (exclusive of depreciation and amortization)   101       96       421       406  
    Depreciation and amortization   41       47       174       185  
    Refining margin   165       307       684       1,658  
    Adjustments:              
    Revaluation of RFS liability, favorable   (57 )     (57 )     (89 )     (284 )
    Unrealized loss (gain) on derivatives, net   6       (67 )     22       (30 )
    Inventory valuation impact, unfavorable (1)   12       80       6       32  
    Adjusted refining margin $ 126     $ 263     $ 623     $ 1,376  
                   
    Total throughput barrels per day   213,703       222,554       196,278       208,219  
    Days in the period   92       92       366       365  
    Total throughput barrels   19,660,650       20,474,980       71,837,644       75,999,905  
                   
    Refining margin per total throughput barrel $ 8.37     $ 15.01     $ 9.53     $ 21.82  
    Adjusted refining margin per total throughput barrel   6.45       12.91       8.67       18.11  
    Direct operating expenses per total throughput barrel   5.13       4.69       5.86       5.34  

    _____________________

    (1)   The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

    Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions)  2024     2023     2024     2023 
    Renewables net loss $ (3 )   $ (30 )   $ (21 )   $ (36 )
    Interest expense, net   —       (1 )     (1 )     (1 )
    Depreciation and amortization   6       5       25       20  
    Renewables EBITDA   3       (26 )     3       (17 )
    Adjustments:              
    Unrealized (gain) loss on derivatives, net   —       —       —       (2 )
    Inventory valuation, (favorable) unfavorable (1)   6       9       7       14  
    Renewables Adjusted EBITDA $ 9     $ (17 )   $ 10     $ (5 )

    Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions, except throughput data)   2024     2023     2024     2023 
    Net sales $ 93     $ 110     $ 289     $ 559  
    Less:              
    Cost of materials and other   (79 )     (127 )     (245 )     (537 )
    Direct operating expenses (exclusive of depreciation and amortization)   (8 )     (7 )     (31 )     (28 )
    Depreciation and amortization   (6 )     (5 )     (25 )     (20 )
    Gross loss   —       (29 )     (12 )     (26 )
    Add:              
    Direct operating expenses (exclusive of depreciation and amortization)   8       7       31       28  
    Depreciation and amortization   6       5       25       20  
    Renewables margin   14       (17 )     44       22  
    Unrealized (gain) loss on derivatives, net   —       —       —       (2 )
    Inventory valuation, (favorable) unfavorable (1)   6       9       7       14  
    Adjusted renewables margin $ 20     $ (8 )   $ 51     $ 34  
                   
    Total vegetable oil throughput gallons per day   186,970       200,174       151,278       225,957  
    Days in the period   92       92       366       365  
    Total vegetable oil throughput gallons   17,201,274       18,416,045       55,367,620       82,474,473  
                   
    Renewables margin per vegetable oil throughput gallon $ 0.79     $ (0.90 )   $ 0.80     $ 0.27  
    Adjusted renewables margin per vegetable oil throughput gallon   1.16       (0.43 )     0.93       0.41  
    Direct operating expenses per vegetable oil throughput gallon   0.48       0.37       0.57       0.35  

    ____________________

    (1)   The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

    Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    (in millions)  2024    2023    2024    2023
    Nitrogen Fertilizer net income $ 18   $ 10   $ 61   $ 172
    Add:              
    Interest expense, net   7     7     30     29
    Depreciation and amortization   25     21     88     80
    Nitrogen Fertilizer EBITDA and Adjusted EBITDA $ 50   $ 38   $ 179   $ 281

    The MIL Network –

  • MIL-OSI: Interfield Global Software Inc. Plans Transitioning to Canadian Securities Exchange

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Feb. 18, 2025 (GLOBE NEWSWIRE) — Further to its previously announced strategic alternatives review, Interfield Global Software Inc. (CBOE CA: IFSS) (the “Company”) announces that its board of directors has approved a proposed listing of the Company’s common shares (“Common Shares”) on the Canadian Securities Exchange (“CSE”) and delisting of the Common Shares from the Cboe Canada Exchange (“Cboe Canada”).

    The Company’s management believes that the transition of the Company to a growth equity market will continue to position the Company to take full advantage of the Company’s previously announced joint venture with Abhi (the “Abhi JV”) and to streamline the business of the Company in preparation for the Abhi JV. The proposed listing on CSE is also intended to address the concerns of Cboe Canada in relation to the ability of the Company to maintain Cboe Canada’s continuous listing requirements, further to which, effective February 11, 2025, the Company was placed on delisting review by Cboe Canada. If the non-compliance matters are not satisfactorily addressed, the Company’s Common Shares will be delisted from Cboe Canada at the closing of trading on May 12, 2025.

    While the Company currently anticipates the proposed listing of its Common Shares on CSE to be completed prior to May 12, 2025, the proposed listing remains subject to the review of CSE and is contingent on the satisfaction of all listing and regulatory requirements by the Company. There can be no assurance that the CSE will approve the listing application or that the Company will complete the transition to CSE as currently proposed. Additionally, the delisting from Cboe Canada remains subject to the approval of Cboe Canada. The Company will provide further updates, as necessary, at the appropriate time.

    About Abhi

    Abhi is a prominent fintech company, earning recognition as one of the Future 100 companies in the UAE. It was also the first to receive the Technology Pioneer 2023 Award by the World Economic Forum, making fintech history in the MENAP region. Abhi offers a comprehensive suite of products and services, including EWA, payroll solutions, and SME financing.

    About Interfield Global Software Inc.

    The Company is a publicly listed company, with its common shares listed on Cboe Canada. (Cboe CA: IFSS), operating out of Dubai, U.A.E through its wholly owned subsidiary, Interfield Solutions.

    Interfield Solutions is a software company that services numerous industrial segments worldwide including oil and gas, mining and renewables. Interfield Solutions has two operating divisions, E-commerce and Software as a Service. Equipment Hound, the company’s flagship product of its E-commerce division, is an industrial equipment marketplace that connects buyers and suppliers around the globe. Equipment Hound manages a catalogue of equipment from various suppliers and provides procurement solutions for buyers. It includes features such as requests for quotes, logistics support and third-party verification. ToolSuite, the company’s flagship product of its Software as a Service division, is a cloud based data collection and management platform that digitizes industrial processes and provides real-time auditable data for clients.

    For more information about the Company, please refer to the Company’s profile on SEDAR+ at www.sedarplus.ca.

    ON BEHALF OF THE BOARD OF DIRECTORS

    “Harold Hemmerich”

    Harold Hemmerich, Chief Executive Officer & Director
    Phone: +971 50 558 8349

    Bruce Nurse, Investor Relations
    Phone: +1 303 919 2913

    Forward-Looking Statements Disclaimer and Reader Advisory

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements, and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance often using phrases such as “expects”, “anticipates”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends”, or variations of such words and phrases, or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved, are not statements of historical fact and may be forward-looking statements. Forward looking statements in this release include: the anticipated implementation of the Abhi JV and restructuring in preparation for the Abhi JV, including the anticipated listing of Common Shares on CSE and the proposed delisting from Cboe.

    Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors, which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include: general business, economic, competitive, political and social uncertainties; delay or failure to receive any necessary board, shareholder or regulatory approvals, including the approval of the relevant stock exchange(s) and any applicable regulatory authority; and that factors may occur which impede or prevent the Company’s future business plans. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company does not assume any obligation to update the forward-looking statements, whether they change as a result of new information, future events or otherwise, except as required by law.

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

    The MIL Network –

  • MIL-OSI Security: Former Great Falls woman sentenced to prison for 2021 crash on the Blackfeet Indian Reservation that seriously injured passenger

    Source: Office of United States Attorneys

    GREAT FALLS — A former Great Falls woman who was convicted by a federal judge for a December 2021 crash on the Blackfeet Indian Reservation in which a juvenile passenger suffered serious injuries was sentenced on Feb. 12 to 14 months in prison, to be followed by three years of supervised release, Acting U.S. Attorney Timothy J. Racicot said today.

    After a one-day bench trial on Aug. 27, 2024, Chief U.S. District Judge Brian M. Morris found the defendant, Noblee Rose Littledog, 23, currently of Aberdeen, Washington, guilty of assault resulting in serious bodily injury as charged in an indictment. At sentencing, the court allowed Littledog to self-report to prison.

    In court documents and at trial, the government alleged that on Dec. 1, 2021, Littledog was driving a 2019 Jeep Cherokee on the Blackfeet Indian Reservation with the victim, a passenger identified as Jane Doe, who was 17 years old. While driving on Badger Creek Road, Littledog attempted to pass two vehicles at the same time while driving 105 mph. Littledog lost control of the vehicle and overcorrected, causing the vehicle to leave the roadway and roll several times before coming to rest right side up. Both Littledog and the victim were seriously injured. Jane Doe suffered severe trauma to her lower extremities, underwent multiple surgeries and has permanent damage.

    The government presented evidence at trial that seconds before the crash, Littledog was traveling at a minimum speed of 105 mph. The evidence also showed that both occupants were restrained at the time of the crash. Jane Doe reported that Littledog had consumed alcohol on the drive, and Littledog told law enforcement at the hospital that she had consumed two alcoholic beverages approximately 30 to 40 minutes before the crash.

    The U.S. Attorney’s Office prosecuted the case. Blackfeet Law Enforcement Services, the Montana Highway Patrol and the FBI, with assistance from the Cut Bank Police Department, conducted the investigation.

    XXX

    MIL Security OSI –

  • MIL-OSI Security: Will Thompson Concludes His Service as United States Attorney

    Source: Office of United States Attorneys

    CHARLESTON, W.Va. – Will Thompson announced today that he has concluded his tenure as the United States Attorney for the Southern District of West Virginia, effective immediately.

    “Serving as the United States Attorney has genuinely been a career highlight,” Thompson said. “Thinking that a boy who grew up in Boone County, West Virginia, would be able to serve his country in such a prestigious and vital role leaves me in awe. I am proud of the office’s work under my leadership and that my team has strengthened its relationship and reputation with our federal, state, and local law enforcement partners, as well as with the judiciary and general public.”

    Thompson was nominated by President Joseph R. Biden, Jr., on August 10, 2021. The United States Senate confirmed Thompson by voice vote on October 5, 2021. After taking his oath of office on October 13, 2021, Thompson led an office of 34 attorneys and 41 non-attorney personnel located in offices in Charleston, Huntington, and Beckley.

    Thompson appreciates the role that former Senator Joe Manchin played in securing his nomination from President Biden, and the role that Manchin and Senator Shelley Moore Capito played in getting him confirmed by the United States Senate. Thompson also appreciates the relationships he built and strengthened with state officials and the district’s state prosecutors, sheriffs, and chiefs of police.

    Thompson commends the Assistant United States Attorneys and support personnel who served with him. He appreciates the career people who there when he entered the office and the employees he hired during his tenure.

    “The people of this office are the true backbone of federal prosecution and representation in this district,” Thompson said. “They all serve with dignity and respect for the rule of law.  They are vital to the mission of the Department of Justice, which is to keep our communities safe.”

    Thompson is most proud of three accomplishments while he was in office. The first is the significant decline in overdose deaths. He attributes that to his office’s change of strategy from targeting street-level drug dealers to mid- and upper-level drug distributors. This strategy has removed hundreds of pounds of this poison from communities throughout the district. His office has disrupted supply chains of fentanyl that were coming directly into the district from China and methamphetamine that was coming directly from the cartels in Mexico. As part of his plan to lower the overdose rates, Thompson also championed prevention and treatment opportunities across the district.

    Thompson is also proud of his work in reducing violent crime and overall crime in the district. Thompson attributes this reduction to several factors. He improved communications and relationships with the office’s law enforcement partners. Thompson also worked with state and local partners to obtain federal grants to give them more resources to their jobs more. Finally, given that the majority of crimes in West Virginia are connected to the drug trade, the office’s revised strategy has helped reduce the crime rate.

    The third accomplishment that Thompson is proud of is using his skills as a former trial court judge to instigate a vigorous review process of cases to ensure there were no evidentiary issues. Thompson met with law enforcement partners throughout the district and informed them of this new review process. He had his office work more closely with the officers to address the issues, assist with writing search warrants, and help with other search and seizure issues.

    As United States Attorney, Thompson was the chief federal law enforcement officer in the southern half of West Virginia. The office is responsible for prosecuting federal crimes in the district, including crimes related to terrorism, public corruption, child exploitation, firearms, and narcotics. The office also defends the United States in civil cases and collects debts owed to the United States.

    The results of the revised approach to drug cases under Thompson include Operation Smoke and Mirrors, which dismantled a high-volume drug trafficking organization (DTO) that operated in the Charleston area and yielded the largest methamphetamine seizure in West Virginia history.

    Following the trail of methamphetamine in West Virginia back to Los Angeles, California, and the U.S. southern border, investigators seized well over 400 pounds of methamphetamine, 40 pounds of cocaine, 3 pounds of fentanyl, 19 firearms, and $935,000 in cash. The DTO was directly involved in price fixing in the methamphetamine trade by raising the price of methamphetamine coming into the United States from Mexico based on fluctuations in the currency conversion rate.

    Four separate indictments led to the convictions of 31 defendants, including the DTO’s in-state leaders and California-based suppliers. Over 20 defendants have been sentenced to prison, including eight to terms of more than 10 years. Three low-level defendants were referred to the Alternative Treatment Court (ATC). Thompson also supported the ATC program, which provides a blend of treatment that focuses on drug and mental health treatment, and alternative sanctions to effectively address offender behavior, rehabilitation, and education and job skills training.

    Thompson also led the prosecution of a Kanawha County man who was sentenced to 14 years in prison for possession with the intent to distribute fentanyl. The defendant set up a workshop in a rented St. Albans apartment were he made fake 30-milligram oxycodone pills. The defendant admitted that the fentanyl came from a source outside the United States and that the pill press came from China. Investigators seized over 10,000 pills and nearly $80,000 in this case.

    Thompson’s office also obtained guilty verdicts against a Logan County physician for four counts of distribution of a controlled substance. The defendant had previously pleaded guilty to using a registration number in violation of federal law and engaging in monetary transactions in property derived from specified unlawful activity. His medical license and office are subject to forfeit to the government as a result of the latest convictions.

    The office under Thompson also secured convictions against the majority of the defendants in prosecutions that dismantled a Huntington-area DTO responsible for distributing large quantities of methamphetamine and fentanyl and a Beckley-area DTO that distributed methamphetamine, fentanyl, and cocaine base, also known as “crack.”

    While having the utmost respect for law enforcement officers, Thompson had zero tolerance for officers who break the law and violate people’s civil rights. In what Thompson considered the most critical civil rights case during his tenure, he personally participated in the investigation and prosecution of eight former West Virginia correctional officers who were charged and convicted in connection with a March 1, 2022, assault that resulted in the death of a Southern Regional Jail inmate and the subsequent cover-up. After four days of trial, the final defendant was found guilty on January 27, 2025.

    A former Fayette County law enforcement officer was sentenced to 25 years in prison, to be followed by 10 years of supervised release, and ordered to pay $80,000 in restitution for sex trafficking a 17-year-old minor female and obstructing the resulting investigation. Following four days of trial, a federal jury found the defendant guilty on April 28, 2023, of conspiracy to engage in sex trafficking of a minor via coercion, sex trafficking of a minor via coercion, and two counts of obstruction of justice.

    A former Nicholas County deputy sheriff was convicted of the production of child pornography and sentenced to 20 years in prison. The defendant took two videos of the child victim, who was under the age of 12 and was sleeping on a couch. In the first video, he walked toward her and zoomed in on her buttocks.  In the second video, he recorded his exposed penis and him masturbating near the sleeping girl. He then used Snapchat to distribute the videos to multiple users. When Snapchat shut down his account, he created another Snapchat account to distribute child pornography.

    A former Logan police officer was sentenced to nine years in prison after a jury convicted him of using excessive force against an arrestee.  At the trial, the jury heard evidence that he assaulted the victim in a bathroom, then dragged him into another room and rammed his head against a door frame, leaving the victim unconscious and lying in a pool of his own blood.

    The office successfully prosecuted 18 individuals in connection with a scheme to traffic over 140 firearms from southern West Virginia to Philadelphia, Pennsylvania. Over 50 of the firearms were recovered at crime scenes, primarily in Philadelphia, and were connected to two homicides, crimes of domestic violence, and other violent offenses. The ringleader was sentenced to 25 years in prison, to be followed by three years of supervised release.

    The Southern District of West Virginia became a national leader in prosecuting bankruptcy fraud under Thompson’s leadership. Among those cases, a Charleston developer was sentenced to one year and one day in prison, followed by three years of supervised release, and ordered to pay $730,326.43 in restitution for falsifying bankruptcy records. The former chief executive officer of the entity that operated the West Virginia Courtesy Patrol was sentenced to five years of federal probation and ordered to pay $205,802.49 for fraudulent receipt of property from a debtor. A Putnam County man was sentenced to 30 days in prison to be followed by three years of supervised release, including five months on home detention, and ordered to pay $24,662.56 in restitution for knowingly and fraudulently making a false declaration in a bankruptcy case.

    The office successfully prosecuted other forms of white-collar crime under Thompson. A Kentucky businessman pleaded guilty on behalf of himself and two limited liability companies for their roles in the January 2018 discharge of oil into the Big Sandy River. The defendants were sentenced to terms of probation and also ordered to pay $1,856,957.92 in restitution. The LLC defendants cannot conduct or operate any business during their five-year terms of corporate probation.

    Nine defendants were convicted in connection with multiple internet-based fraud schemes operated in the Huntington area that defrauded hundreds of individuals across the country. The schemes defrauded at least 200 victims, many of whom are elderly, of at least $2.5 million. The final convicted defendant was sentenced to one year and one day in prison, followed by three years of supervised release, ordered to pay $904,126.96 in restitution, and participated in a digital awareness campaign to alert West Virginians to online fraud scams.

    The office also secured 20 convictions related to COVID-19 benefits fraud under Thompson, with court-ordered restitution and a civil penalty in these cases exceeding $1,330,000.

    Under Thompson’s leadership, the office secured a 15-count indictment charging a Kanawha County man with wire fraud, money laundering, and obstruction. The indictment alleges the defendant conceived and carried out two real estate-related investment fraud schemes that caused losses of between $395,000 and $434,501.42. The defendant’s mother pleaded guilty late last year to aiding and abetting the sale and offer of unregistered securities as a result of the investigation in this case.

    The office also secured an 18-count indictment charging the former maintenance director for Boone County Schools with mail fraud, conspiracy to commit mail fraud, theft concerning programs receiving federal funds, and money laundering. The indictment alleges the defendant used his position to defraud the Boone County Board of Education out of approximately $3,400,000. To date, three other individuals have been charged as a result of this investigation.

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

    Before taking office as United States Attorney, Thompson was a Circuit Court Judge in West Virginia’s 25th Judicial Circuit. He was appointed to that position in 2007 and re-elected in 2008 and 2016. Thompson presided over several treatment courts, including the first family treatment court in West Virginia. Before becoming a Circuit Court Judge, Thompson practiced law at the Cook and Cook law firm in Boone County.  There, he focused on litigation, which included representing several hundred indigent clients in criminal defense and other matters. Thompson also previously served as President of Madison Healthcare, Inc. and as Vice President of Danville Lumber Company.

    Thompson was born in Charleston and raised in Boone County, West Virginia.  He earned a degree in civil engineering from West Virginia University and a law degree from West Virginia University College of Law.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia.

    ###

     

     

    MIL Security OSI –

  • MIL-OSI: SiriusPoint reports ninth consecutive quarter of underwriting profits with FY Core combined ratio of 91.0%

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, Feb. 18, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its fourth quarter ended December 31, 2024

    • Combined ratio of 90.2% in the fourth quarter for Core business, representing a 3.2 point improvement versus prior year, resulting in a full year 2024 Core combined ratio of 91.0% and Core underwriting income of $200 million
    • Growth in the quarter of 21% on gross premiums written for continuing lines business (excluding 2023 exited programs), contributing to 10% growth for the full year
    • Fourth quarter net loss of $21 million, materially impacted by three significant items linked to our efforts to reposition the Company, including the CM Bermuda repurchase transaction, closure of previously announced LPT transaction with Enstar, and the write-down of a single MGA investment. This marks the end of the significant reshaping of the Company
    • Underlying net income of $44 million in the fourth quarter contributing to $304 million for the full year, up 14% versus prior year
    • Return on equity for 2024 of 9.1%, or 14.6% on an underlying basis and at the upper end of the target range of 12-15%
    • Book value per diluted common share (ex. AOCI) of $14.64, up 2.7% in the quarter and up 9.8% from December 31, 2023. Balance sheet remains strong post CM Bermuda transaction with Q4’24 BSCR estimate at 214%
    • Permanent retirement of the 45.7 million common shares repurchased from CM Bermuda on closure of the transaction, driving greater than 20% earnings per share accretion

    Scott Egan, Chief Executive Officer, said: “2024 has been a remarkable year of delivery for SiriusPoint. Despite increased catastrophe activity, our Core combined ratio has improved meaningfully from last year to 91.0%, excluding the impact from the loss portfolio transfer in 2023. Our 4.2 point improvement in attritional loss ratio demonstrates our focus on improving the quality of our underwriting. We saw 21% growth of gross premiums written for the quarter and 10% for the full year for our continuing lines business.

    Our underlying return on equity of 14.6% is at the upper end of the 12-15% target range set out a year ago. In optimizing our capital position, we have returned over $1 billion to investors during 2024 while maintaining robust capital ratios, due to our strong performance, reshaping actions, and capital generation over the past two years.

    We have strengthened our underlying business performance year-over-year, providing a strong basis for 2025. While this quarter our net income was impacted by several one-off items, we see 2024 as the end of the repositioning and reshaping of the Company. Our efforts are now fully focused on both growing the business and continuing to enhance performance.

    I take great pride in the accomplishments of the SiriusPoint team, who have worked with commitment and dedication to produce improvements in our underlying results, quarter after quarter. I am immensely grateful for all that they do every day for our customers, partners and shareholders.”

    Fourth Quarter 2024 Highlights

    • Net loss attributable to SiriusPoint common shareholders of $21.3 million, or $0.13 per diluted common share
    • Core income of $66.7 million, including underwriting income of $56.3 million, Core combined ratio of 90.2%
    • Core net services fee income of $10.4 million, with service margin of 20.2%
    • Net investment income of $68.9 million and total investment result of $29.0 million
    • Book value per diluted common share decreased $0.13 per share, or 0.9%, from September 30, 2024 to $14.60
    • Annualized return on average common equity of (4.0)%

    Year Ended December 31, 2024

    • Net income available to SiriusPoint common shareholders of $183.9 million, or $1.04 per diluted common share
    • Core income of $244.6 million, including underwriting income of $200.0 million, Core combined ratio of 91.0%
    • Core net services fee income of $46.7 million, with service margin of 21.0%
    • Net investment income of $303.6 million and total investment result of $224.6 million
    • Book value per diluted common share increased $1.25 per share, or 9.4%, from December 31, 2023 to $14.60
    • Return on average common equity of 9.1%
    • Debt to capital ratio increased to 24.8% compared to 23.8% as of December 31, 2023

    Key Financial Metrics

    The following table shows certain key financial metrics for the three and twelve months ended December 31, 2024 and 2023:

           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
      ($ in millions, except for per share data and ratios)
    Combined ratio   94.4 %     93.6 %     88.3 %     84.5 %
    Core underwriting income (1) $ 56.3     $ 37.0     $ 200.0     $ 250.2  
    Core net services income (1) $ 10.4     $ 9.3     $ 44.6     $ 41.2  
    Core income (1) $ 66.7     $ 46.3     $ 244.6     $ 291.4  
    Core combined ratio (1)   90.2 %     93.4 %     91.0 %     89.1 %
    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders (4.0 )%     17.1 %     9.1 %     16.2 %
    Book value per common share $ 14.92     $ 13.76     $ 14.92     $ 13.76  
    Book value per diluted common share $ 14.60     $ 13.35     $ 14.60     $ 13.35  
    Book value per diluted common share ex. AOCI (1) $ 14.64     $ 13.33     $ 14.64     $ 13.33  
    Tangible book value per diluted common share (1) $ 13.42     $ 12.47     $ 13.42     $ 12.47  
    (1) Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definition and reconciliation in “Non-GAAP Financial Measures.”
       

    Fourth Quarter 2024 Summary

    Consolidated underwriting income for the three months ended December 31, 2024 was $32.7 million compared to $36.7 million for the three months ended December 31, 2023. The decrease was primarily driven by higher catastrophe losses, partially offset by an increase in favorable prior year loss reserve development. Catastrophe losses, net of reinsurance and reinstatement premiums, were $38.6 million, or 6.5 percentage points on the combined ratio, for the three months ended December 31, 2024 mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Favorable prior year reserve development was $37.3 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as in Insurance & Services, mainly due to lower than expected reported attritional losses in A&H, compared to $11.1 million for the three months ended December 31, 2023 which included reserve strengthening for specific areas of uncertainty for the loss reserves.

    Consolidated underwriting income for the year ended December 31, 2024 was $276.4 million compared to $375.9 million for the year ended December 31, 2023. The decrease was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $127.8 million driven by reserving analyses performed in connection with the loss portfolio transfer transaction with Pallas Reinsurance Company Ltd that closed on June 30, 2023 (“2023 LPT”). Excluding the favorable development linked to the 2023 LPT, underwriting income increased by $15.8 million primarily driven by favorable development in Reinsurance, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses. Catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.3 percentage points on the combined ratio, for the year ended December 31, 2024, primarily driven by Hurricanes Milton and Helene, compared to $24.8 million, or 1.0 percentage points on the combined ratio, for the year ended December 31, 2023, primarily driven by the Turkey Earthquake and Chile Wildfire.

    Reportable Segments

    The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments – Reinsurance and Insurance & Services.

    Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

    Three months ended December 31, 2024 and 2023

    Core Premium Volume

    Gross premiums written increased by $42.7 million, or 5.9%, to $762.5 million for the three months ended December 31, 2024 compared to $719.8 million for the three months ended December 31, 2023. Net premiums earned increased by $23.2 million, or 4.2%, to $581.6 million for the three months ended December 31, 2024 compared to $558.4 million for the three months ended December 31, 2023. The increases in premium volume were primarily driven by increases in Insurance & Services from strategic organic and new program growth, as well higher A&H premiums, and in Reinsurance in Specialty and Property from new business and renewal growth. These increases were partially offset by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023.

    Core Results

    Core results for the three months ended December 31, 2024 included income of $66.7 million compared to $46.3 million for the three months ended December 31, 2023. Income for the three months ended December 31, 2024 consists of underwriting income of $56.3 million (90.2% combined ratio) and net services income of $10.4 million, compared to underwriting income of $37.0 million (93.4% combined ratio) and net services income of $9.3 million for the three months ended December 31, 2023. The improvement in net underwriting results was primarily driven by increased favorable prior year loss reserve development and lower attritional losses, partially offset by higher catastrophe losses.

    Losses incurred included $58.1 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $37.7 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

    Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $38.6 million, or 6.6 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Despite increased catastrophe losses for the three months ended December 31, 2024, catastrophe losses for the year ended December 31, 2024 were in line with our expectations evidencing our actions to reduce our catastrophe exposed business during the last two years.

    Year ended December 31, 2024 and 2023

    Core Premium Volume

    Gross premiums written decreased by $134.3 million, or 4.1%, to $3,176.4 million for the year ended December 31, 2024 compared to $3,310.7 million for the year ended December 31, 2023. Net premiums earned decreased by $81.5 million, or 3.6%, to $2,199.1 million for the year ended December 31, 2024 compared to $2,280.6 million for the year ended December 31, 2023. The decreases in premium volume were primarily due to the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, with the most significant offset being strategic organic and new program growth within Insurance & Services.

    Core Results

    Core results for the year ended December 31, 2024 included income of $244.6 million compared to $291.4 million for the year ended December 31, 2023. Income for the year ended December 31, 2024 consists of underwriting income of $200.0 million (91.0% combined ratio) and net services income of $44.6 million, compared to underwriting income of $250.2 million (89.1% combined ratio) and net services income of $41.2 million for the year ended December 31, 2023. The decrease in net underwriting results was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $104.8 million driven by reserving analyses performed in connection with the 2023 LPT.

    Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by $49.0 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses.

    For the year ended December 31, 2024 catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.5 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $13.5 million, or 0.6 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia, for the year ended December 31, 2023.

    Reinsurance Segment

    Three months ended December 31, 2024 and 2023

    Reinsurance gross premiums written were $312.2 million for the three months ended December 31, 2024, an increase of $60.5 million, or 24.0%, compared to the three months ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

    Reinsurance generated underwriting income of $18.3 million (93.2% combined ratio) for the three months ended December 31, 2024, compared to underwriting income of $27.8 million (88.6% combined ratio) for the three months ended December 31, 2023. The decrease in net underwriting results was primarily due to higher catastrophe losses, partially offset by increased favorable development. Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $35.2 million, or 13.2 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Losses incurred included $41.8 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $21.1 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

    Year ended December 31, 2024 and 2023

    Reinsurance gross premiums written were $1,335.6 million for the year ended December 31, 2024, an increase of $64.6 million, or 5.1%, compared to the year ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

    Reinsurance generated underwriting income of $124.8 million (88.0% combined ratio) for the year ended December 31, 2024, compared to underwriting income of $206.2 million (80.0% combined ratio) for the year ended December 31, 2023. The decrease in net underwriting results was primarily due to decreased favorable prior year loss reserve development and higher catastrophe losses, partially offset by lower attritional losses. Net favorable prior year loss reserve development was $75.0 million for the year ended December 31, 2024 primarily driven by favorable development in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $140.8 million for the year ended December 31, 2023, which included $93.0 million driven by reserving analyses performed in connection with the 2023 LPT.

    For the year ended December 31, 2024, catastrophe losses, net of reinsurance and reinstatement premiums, were $49.5 million, or 4.7 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $12.2 million, or 1.2 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia for the year ended December 31, 2023.

    Insurance & Services Segment

    Three months ended December 31, 2024 and 2023

    Insurance & Services gross premiums written were $450.3 million for the three months ended December 31, 2024, a decrease of $17.8 million, or 3.8%, compared to the three months ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023, partially offset by strategic organic and new program growth, as well higher A&H premiums.

    Insurance & Services generated segment income of $48.4 million for the three months ended December 31, 2024, compared to $16.8 million for the three months ended December 31, 2023. Segment income for the three months ended December 31, 2024 consists of underwriting income of $38.0 million (87.9% combined ratio) and net services income of $10.4 million, compared to underwriting income of $9.2 million (97.0% combined ratio) and net services income of $7.6 million for the three months ended December 31, 2023. The improvement in underwriting results was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

    Year ended December 31, 2024 and 2023

    Insurance & Services gross premiums written were $1,840.8 million for the year ended December 31, 2024, a decrease of $198.9 million, or 9.8%, compared to the year ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, as well as lower A&H premiums, partially offset by strategic organic and new program growth.

    Insurance & Services generated segment income of $119.8 million for the year ended December 31, 2024, compared to income of $86.3 million for the year ended December 31, 2023. Segment income for the year ended December 31, 2024 consists of underwriting income of $75.2 million (93.5% combined ratio) and net services income of $44.6 million, compared to underwriting income of $44.0 million (96.5% combined ratio) and net services income of $42.3 million for the year ended December 31, 2023. The improvement in underwriting income of $31.2 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

    As of December 31, 2024, we have equity stakes in 20 entities (managing general agents (“MGAs”), Insurtech and Other) compared to 36 at the start of 2023. We continue to rationalize our MGA equity stakes and realize the significant off-balance sheet value of our consolidated MGAs, with 6 of these rationalized in 2024. Book value for our three consolidated MGAs was $90.1 million as of December 31, 2024, compared to $76.3 million at December 31, 2023, when adjusted to exclude Arcadian Risk Capital Ltd. which we deconsolidated on June 30, 2024.

    Investments

    Three months ended December 31, 2024 and 2023

    Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt portfolio of $61.2 million, partially offset by unrealized losses resulting from fair value analyses on our strategic investment portfolio.

    Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2023 was primarily attributable to investment results from our debt and short-term investment portfolio of $68.5 million. This result was driven by interest income primarily on securitized assets and corporate debt positions, which made up 65.6% of our total investments as of December 31, 2023.

    Year ended December 31, 2024 and 2023

    Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $289.7 million, partially offset by unrealized losses on other long-term investments of $70.0 million. Increased investment income is primarily due to the rotation of the portfolio from cash and cash equivalents and U.S. government and government agency positions to high-grade corporate debt and other securitized assets, in an effort to better diversify our portfolio. Losses on private other long-term investments were the result of updated fair value analyses consistent with the current insurtech market trends and disposals of positions as we execute our strategy to focus on underwriting relationships with MGAs.

    Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $277.0 million.

    Webcast Details

    The Company will hold a webcast to discuss its fourth quarter 2024 results at 8:30 a.m. Eastern Time on February 19, 2025. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. fourth quarter 2024 earnings call.

    The online replay will be available on the Company’s website immediately following the call at www.siriuspt.com under the “Investor Relations” section.

    Safe Harbor Statement Regarding Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “guidance,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Specific forward-looking statements in this press release include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the success of our strategic transaction with CMIG International Holding Pte. Ltd., the current insurtech market trends, our ability to generate shareholder value and whether we will continue to have momentum in our business in the future. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improve underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events, including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations; our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes, including wildfires, and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the new presidential administration in the U.S.; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s Board of Directors or any committee thereof; and other risks and factors listed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.

    All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

    Non-GAAP Financial Measures and Other Financial Metrics

    In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Book value per diluted common share excluding accumulated other comprehensive income (loss) (“AOCI”) and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Management believes the effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses. Management believes it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP figures are included in the attached financial information in accordance with Regulation G and Item 10(e) of Regulation S-K, as applicable.

    About the Company

    SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $2.6 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Stable) from AM Best, S&P and Fitch, and A3 (Stable) from Moody’s. For more information please visit www.siriuspt.com.

    Contacts

    Investor Relations
    Liam Blackledge – Investor Relations and Strategy Manager
    Liam.Blackledge@siriuspt.com
    + 44 203 772 3082

    Media
    Natalie King – Global Head of Marketing and External Communications
    Natalie.King@siriuspt.com
    + 44 20 3772 3102

           
    SIRIUSPOINT LTD.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    As of December 31, 2024 and December 31, 2023
    (expressed in millions of U.S. dollars, except per share and share amounts)
           
      December 31,
    2024    		   December 31,
    2023
    Assets      
    Debt securities, available for sale, at fair value, net of allowance for credit losses of $1.1 (2023 – $0.0) (cost – $5,143.8; 2023 – $4,754.6) $ 5,131.0     $ 4,755.4  
    Debt securities, trading, at fair value (cost – $187.3; 2023 – $568.1)   162.2       534.9  
    Short-term investments, at fair value (cost – $95.3; 2023 – $370.8)   95.8       371.6  
    Investments in related party investment funds, at fair value   116.5       105.6  
    Other long-term investments, at fair value (cost – $317.8; 2023 – $358.1) (includes related party investments at fair value of $100.7 (2023 – $173.7))   200.0       310.1  
    Total investments   5,705.5       6,077.6  
    Cash and cash equivalents   682.0       969.2  
    Restricted cash and cash equivalents   212.6       132.1  
    Redemption receivable from related party investment fund   —       3.0  
    Due from brokers   11.2       5.6  
    Interest and dividends receivable   44.0       42.3  
    Insurance and reinsurance balances receivable, net   2,054.4       1,966.3  
    Deferred acquisition costs, net   327.5       308.9  
    Unearned premiums ceded   463.9       449.2  
    Loss and loss adjustment expenses recoverable, net   2,315.3       2,295.1  
    Deferred tax asset   297.0       293.6  
    Intangible assets   140.8       152.7  
    Other assets   270.7       175.9  
    Total assets $ 12,524.9     $ 12,871.5  
    Liabilities      
    Loss and loss adjustment expense reserves $ 5,653.9     $ 5,608.1  
    Unearned premium reserves   1,639.2       1,627.3  
    Reinsurance balances payable   1,781.6       1,736.7  
    Deposit liabilities   17.4       134.4  
    Deferred gain on retroactive reinsurance   8.5       27.9  
    Debt   639.1       786.2  
    Due to brokers   18.0       6.2  
    Deferred tax liability   76.2       68.7  
    Liability-classified capital instruments   —       67.3  
    Share repurchase liability   483.0       —  
    Accounts payable, accrued expenses and other liabilities   269.2       278.1  
    Total liabilities   10,586.1       10,340.9  
    Commitments and contingent liabilities      
    Shareholders’ equity      
    Series B preference shares (par value $0.10; authorized and issued: 8,000,000)   200.0       200.0  
    Common shares (issued and outstanding: 116,429,057; 2023 – 168,120,022)   11.6       16.8  
    Additional paid-in capital   945.0       1,693.0  
    Retained earnings   784.9       601.0  
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1  
    Shareholders’ equity attributable to SiriusPoint shareholders   1,937.4       2,513.9  
    Noncontrolling interests   1.4       16.7  
    Total shareholders’ equity   1,938.8       2,530.6  
    Total liabilities, noncontrolling interests and shareholders’ equity $ 12,524.9     $ 12,871.5  
                   
    SIRIUSPOINT LTD.
    CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
    For the three and twelve months ended December 31, 2024 and 2023
    (expressed in millions of U.S. dollars, except per share and share amounts)
           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Revenues              
    Net premiums earned $ 590.3     $ 578.0     $ 2,343.5     $ 2,426.2  
    Net investment income   68.9       78.4       303.6       283.7  
    Net realized and unrealized investment losses   (40.7 )     (12.4 )     (88.7 )     (10.0 )
    Net realized and unrealized investment gains (losses) from related party investment funds   0.8       (1.0 )     9.7       (1.0 )
    Net investment income and net realized and unrealized investment gains (losses)   29.0       65.0       224.6       272.7  
    Other revenues   19.4       17.8       184.2       97.8  
    Loss on settlement and change in fair value of liability-classified capital instruments   (25.9 )     (15.0 )     (148.5 )     (59.4 )
    Total revenues   612.8       645.8       2,603.8       2,737.3  
    Expenses              
    Loss and loss adjustment expenses incurred, net   369.1       365.4       1,368.5       1,381.3  
    Acquisition costs, net   134.6       111.7       516.9       472.7  
    Other underwriting expenses   53.9       64.2       181.7       196.3  
    Net corporate and other expenses   58.1       64.5       232.1       258.2  
    Intangible asset amortization   3.0       2.9       11.9       11.1  
    Interest expense   19.6       19.8       69.6       64.1  
    Foreign exchange (gains) losses   (12.9 )     19.2       (10.0 )     34.9  
    Total expenses   625.4       647.7       2,370.7       2,418.6  
    Income (loss) before income tax (expense) benefit   (12.6 )     (1.9 )     233.1       318.7  
    Income tax (expense) benefit   (4.4 )     101.6       (30.7 )     45.0  
    Net income (loss)   (17.0 )     99.7       202.4       363.7  
    Net income attributable to noncontrolling interests   (0.3 )     (2.2 )     (2.5 )     (8.9 )
    Net income (loss) available to SiriusPoint   (17.3 )     97.5       199.9       354.8  
    Dividends on Series B preference shares   (4.0 )     (4.0 )     (16.0 )     (16.0 )
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Earnings (loss) per share available to SiriusPoint common shareholders              
    Basic earnings (loss) per share available to SiriusPoint common shareholders $ (0.13 )   $ 0.52     $ 1.06     $ 1.93  
    Diluted earnings (loss) per share available to SiriusPoint common shareholders $ (0.13 )   $ 0.50     $ 1.04     $ 1.85  
    Weighted average number of common shares used in the determination of earnings (loss) per share              
    Basic   161,378,360       166,640,624       166,537,394       163,341,448  
    Diluted   161,378,360       173,609,940       169,470,681       169,607,348  
                                   
    SIRIUSPOINT LTD.
    SEGMENT REPORTING
       
      Three months ended December 31, 2024
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
     (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 312.2     $ 450.3     $ 762.5     $ —     $ (3.0 )   $ —     $ 759.5  
    Net premiums written   237.5       322.7       560.2       —       4.8       —       565.0  
    Net premiums earned   265.9       315.7       581.6       —       8.7       —       590.3  
    Loss and loss adjustment expenses incurred, net   148.3       175.3       323.6       (1.4 )     46.9       —       369.1  
    Acquisition costs, net   73.1       77.8       150.9       (27.6 )     11.3       —       134.6  
    Other underwriting expenses   26.2       24.6       50.8       —       3.1       —       53.9  
    Underwriting income (loss)   18.3       38.0       56.3       29.0       (52.6 )     —       32.7  
    Services revenues   —       51.6       51.6       (31.4 )     —       (20.2 )     —  
    Services expenses   —       41.2       41.2       —       —       (41.2 )     —  
    Net services income   —       10.4       10.4       (31.4 )     —       21.0       —  
    Segment income (loss)   18.3       48.4       66.7       (2.4 )     (52.6 )     21.0       32.7  
    Net investment income                   68.9       —       68.9  
    Net realized and unrealized investment losses     (40.7 )     —       (40.7 )
    Net realized and unrealized investment gains from related party investment funds     0.8       —       0.8  
    Other revenues                   (0.8 )     20.2       19.4  
    Loss on settlement and change in fair value of liability-classified capital instruments     (25.9 )     —       (25.9 )
    Net corporate and other expenses                   (16.9 )     (41.2 )     (58.1 )
    Intangible asset amortization                   (3.0 )     —       (3.0 )
    Interest expense                   (19.6 )     —       (19.6 )
    Foreign exchange gains                   12.9       —       12.9  
    Income (loss) before income tax expense $ 18.3     $ 48.4       66.7       (2.4 )     (76.9 )     —       (12.6 )
    Income tax expense           —       —       (4.4 )     —       (4.4 )
    Net income (loss)           66.7       (2.4 )     (81.3 )     —       (17.0 )
    Net income attributable to noncontrolling interest     —       —       (0.3 )     —       (0.3 )
    Net income (loss) available to SiriusPoint   $ 66.7     $ (2.4 )   $ (81.6 )   $ —     $ (17.3 )
                               
    Attritional losses $ 154.9     $ 188.2     $ 343.1     $ (1.4 )   $ 26.1     $ —     $ 367.8  
    Catastrophe losses   35.2       3.4       38.6       —       —       —       38.6  
    Prior year loss reserve development   (41.8 )     (16.3 )     (58.1 )     —       20.8       —       (37.3 )
    Loss and loss adjustment expenses incurred, net $ 148.3     $ 175.3     $ 323.6     $ (1.4 )   $ 46.9     $ —     $ 369.1  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   58.3 %     59.6 %     59.0 %                 62.3 %
    Catastrophe loss ratio   13.2 %     1.1 %     6.6 %                 6.5 %
    Prior year loss development ratio (15.7 )%   (5.2 )%   (10.0 )%               (6.3 )%
    Loss ratio   55.8 %     55.5 %     55.6 %                 62.5 %
    Acquisition cost ratio   27.5 %     24.6 %     25.9 %                 22.8 %
    Other underwriting expenses ratio   9.9 %     7.8 %     8.7 %                 9.1 %
    Combined ratio   93.2 %     87.9 %     90.2 %                 94.4 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Three months ended December 31, 2023
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
     (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 251.7     $ 468.1     $ 719.8     $ —     $ (4.2 )   $ —     $ 715.6  
    Net premiums written   194.9       263.3       458.2       —       (3.6 )     —       454.6  
    Net premiums earned   243.2       315.2       558.4       —       19.6       —       578.0  
    Loss and loss adjustment expenses incurred, net   121.8       206.6       328.4       (1.4 )     38.4       —       365.4  
    Acquisition costs, net   65.5       66.8       132.3       (31.6 )     11.0       —       111.7  
    Other underwriting expenses   28.1       32.6       60.7       —       3.5       —       64.2  
    Underwriting income (loss)   27.8       9.2       37.0       33.0       (33.3 )     —       36.7  
    Services revenues   1.7       54.0       55.7       (40.0 )     —       (15.7 )     —  
    Services expenses   —       43.6       43.6       —       —       (43.6 )     —  
    Net services fee income   1.7       10.4       12.1       (40.0 )     —       27.9       —  
    Services noncontrolling income   —       (2.8 )     (2.8 )     —       —       2.8       —  
    Net services income   1.7       7.6       9.3       (40.0 )     —       30.7       —  
    Segment income (loss)   29.5       16.8       46.3       (7.0 )     (33.3 )     30.7       36.7  
    Net investment income                   78.4       —       78.4  
    Net realized and unrealized investment losses     (12.4 )     —       (12.4 )
    Net realized and unrealized investment losses from related party investment funds     (1.0 )     —       (1.0 )
    Other revenues                   2.1       15.7       17.8  
    Loss on settlement and change in fair value of liability-classified capital instruments     (15.0 )     —       (15.0 )
    Net corporate and other expenses                   (20.9 )     (43.6 )     (64.5 )
    Intangible asset amortization                   (2.9 )     —       (2.9 )
    Interest expense                   (19.8 )     —       (19.8 )
    Foreign exchange losses                   (19.2 )     —       (19.2 )
    Income (loss) before income tax benefit $ 29.5     $ 16.8       46.3       (7.0 )     (44.0 )     2.8       (1.9 )
    Income tax benefit           —       —       101.6       —       101.6  
    Net income           46.3       (7.0 )     57.6       2.8       99.7  
    Net (income) loss attributable to noncontrolling interest     —       —       0.6       (2.8 )     (2.2 )
    Net income available to SiriusPoint   $ 46.3     $ (7.0 )   $ 58.2     $ —     $ 97.5  
                               
    Attritional losses $ 143.5     $ 222.8     $ 366.3     $ (1.4 )   $ 11.7     $ —     $ 376.6  
    Catastrophe losses   (0.6 )     0.4       (0.2 )     —       0.1       —       (0.1 )
    Prior year loss reserve development   (21.1 )     (16.6 )     (37.7 )     —       26.6       —       (11.1 )
    Loss and loss adjustment expenses incurred, net $ 121.8     $ 206.6     $ 328.4     $ (1.4 )   $ 38.4     $ —     $ 365.4  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   59.0 %     70.7 %     65.6 %                 65.2 %
    Catastrophe loss ratio (0.2 )%     0.1 %     — %                 — %
    Prior year loss development ratio (8.7 )%   (5.3 )%   (6.8 )%               (1.9 )%
    Loss ratio   50.1 %     65.5 %     58.8 %                 63.2 %
    Acquisition cost ratio   26.9 %     21.2 %     23.7 %                 19.3 %
    Other underwriting expenses ratio   11.6 %     10.3 %     10.9 %                 11.1 %
    Combined ratio   88.6 %     97.0 %     93.4 %                 93.6 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Twelve months ended December 31, 2024
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
    (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 1,335.6     $ 1,840.8     $ 3,176.4     $ —     $ 68.2     $ —     $ 3,244.6  
    Net premiums written   1,104.7       1,236.2       2,340.9       —       11.2       —       2,352.1  
    Net premiums earned   1,045.1       1,154.0       2,199.1       —       144.4       —       2,343.5  
    Loss and loss adjustment expenses incurred, net   554.3       714.1       1,268.4       (5.5 )     105.6       —       1,368.5  
    Acquisition costs, net   279.9       284.7       564.6       (121.4 )     73.7       —       516.9  
    Other underwriting expenses   86.1       80.0       166.1       —       15.6       —       181.7  
    Underwriting income (loss)   124.8       75.2       200.0       126.9       (50.5 )     —       276.4  
    Services revenues   —       222.9       222.9       (132.8 )     —       (90.1 )     —  
    Services expenses   —       176.2       176.2       —       —       (176.2 )     —  
    Net services fee income   —       46.7       46.7       (132.8 )     —       86.1       —  
    Services noncontrolling income   —       (2.1 )     (2.1 )     —       —       2.1       —  
    Net services income   —       44.6       44.6       (132.8 )     —       88.2       —  
    Segment income (loss)   124.8       119.8       244.6       (5.9 )     (50.5 )     88.2       276.4  
    Net investment income                   303.6       —       303.6  
    Net realized and unrealized investment losses     (88.7 )     —       (88.7 )
    Net realized and unrealized investment gains from related party investment funds     9.7       —       9.7  
    Other revenues                   94.1       90.1       184.2  
    Loss on settlement and change in fair value of liability-classified capital instruments     (148.5 )     —       (148.5 )
    Net corporate and other expenses                   (55.9 )     (176.2 )     (232.1 )
    Intangible asset amortization                   (11.9 )     —       (11.9 )
    Interest expense                   (69.6 )     —       (69.6 )
    Foreign exchange gains                   10.0       —       10.0  
    Income (loss) before income tax expense $ 124.8     $ 119.8       244.6       (5.9 )     (7.7 )     2.1       233.1  
    Income tax expense           —       —       (30.7 )     —       (30.7 )
    Net income (loss)           244.6       (5.9 )     (38.4 )     2.1       202.4  
    Net income attributable to noncontrolling interest     —       —       (0.4 )     (2.1 )     (2.5 )
    Net income (loss) available to SiriusPoint   $ 244.6     $ (5.9 )   $ (38.8 )   $ —     $ 199.9  
                               
    Attritional losses $ 579.8     $ 734.5     $ 1,314.3     $ (5.5 )   $ 112.8     $ —     $ 1,421.6  
    Catastrophe losses   49.5       5.3       54.8       —       —       —       54.8  
    Prior year loss reserve development   (75.0 )     (25.7 )     (100.7 )     —       (7.2 )     —       (107.9 )
    Loss and loss adjustment expenses incurred, net $ 554.3     $ 714.1     $ 1,268.4     $ (5.5 )   $ 105.6     $ —     $ 1,368.5  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   55.5 %     63.6 %     59.8 %                 60.7 %
    Catastrophe loss ratio   4.7 %     0.5 %     2.5 %                 2.3 %
    Prior year loss development ratio (7.2 )%   (2.2 )%   (4.6 )%               (4.6 )%
    Loss ratio   53.0 %     61.9 %     57.7 %                 58.4 %
    Acquisition cost ratio   26.8 %     24.7 %     25.7 %                 22.1 %
    Other underwriting expenses ratio   8.2 %     6.9 %     7.6 %                 7.8 %
    Combined ratio   88.0 %     93.5 %     91.0 %                 88.3 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       
      Twelve months ended December 31, 2023
      Reinsurance   Insurance &
    Services    		   Core   Eliminations
    (2)    		   Corporate   Segment
    Measure
    Reclass    		   Total
    Gross premiums written $ 1,271.0     $ 2,039.7     $ 3,310.7     $ —     $ 116.7     $ —     $ 3,427.4  
    Net premiums written   1,061.0       1,282.7       2,343.7       —       94.2       —       2,437.9  
    Net premiums earned   1,031.4       1,249.2       2,280.6       —       145.6       —       2,426.2  
    Loss and loss adjustment expenses incurred, net   490.3       815.4       1,305.7       (5.4 )     81.0       —       1,381.3  
    Acquisition costs, net   252.2       295.5       547.7       (137.2 )     62.2       —       472.7  
    Other underwriting expenses   82.7       94.3       177.0       —       19.3       —       196.3  
    Underwriting income (loss)   206.2       44.0       250.2       142.6       (16.9 )     —       375.9  
    Services revenues   (1.1 )     238.6       237.5       (149.6 )     —       (87.9 )     —  
    Services expenses   —       187.8       187.8       —       —       (187.8 )     —  
    Net services fee income (loss)   (1.1 )     50.8       49.7       (149.6 )     —       99.9       —  
    Services noncontrolling income   —       (8.5 )     (8.5 )     —       —       8.5       —  
    Net services income (loss)   (1.1 )     42.3       41.2       (149.6 )     —       108.4       —  
    Segment income (loss)   205.1       86.3       291.4       (7.0 )     (16.9 )     108.4       375.9  
    Net investment income                   283.7       —       283.7  
    Net realized and unrealized investment losses     (10.0 )     —       (10.0 )
    Net realized and unrealized investment losses from related party investment funds     (1.0 )     —       (1.0 )
    Other revenues                   9.9       87.9       97.8  
    Loss on settlement and change in fair value of liability-classified capital instruments     (59.4 )     —       (59.4 )
    Net corporate and other expenses                   (70.4 )     (187.8 )     (258.2 )
    Intangible asset amortization                   (11.1 )     —       (11.1 )
    Interest expense                   (64.1 )     —       (64.1 )
    Foreign exchange losses                   (34.9 )     —       (34.9 )
    Income before income tax benefit $ 205.1     $ 86.3       291.4       (7.0 )     25.8       8.5       318.7  
    Income tax benefit           —       —       45.0       —       45.0  
    Net income           291.4       (7.0 )     70.8       8.5       363.7  
    Net income attributable to noncontrolling interest     —       —       (0.4 )     (8.5 )     (8.9 )
    Net income available to SiriusPoint   $ 291.4     $ (7.0 )   $ 70.4     $ —     $ 354.8  
                               
    Attritional losses $ 618.9     $ 840.7     $ 1,459.6     $ (5.4 )   $ 76.5     $ —     $ 1,530.7  
    Catastrophe losses   12.2       1.3       13.5       —       11.3       —       24.8  
    Prior year loss reserve development   (140.8 )     (26.6 )     (167.4 )     —       (6.8 )     —       (174.2 )
    Loss and loss adjustment expenses incurred, net $ 490.3     $ 815.4     $ 1,305.7     $ (5.4 )   $ 81.0     $ —     $ 1,381.3  
                               
    Underwriting Ratios: (1)                          
    Attritional loss ratio   60.0 %     67.3 %     64.0 %                 63.1 %
    Catastrophe loss ratio   1.2 %     0.1 %     0.6 %                 1.0 %
    Prior year loss development ratio (13.7 )%   (2.1 )%   (7.3 )%               (7.2 )%
    Loss ratio   47.5 %     65.3 %     57.3 %                 56.9 %
    Acquisition cost ratio   24.5 %     23.7 %     24.0 %                 19.5 %
    Other underwriting expenses ratio   8.0 %     7.5 %     7.8 %                 8.1 %
    Combined ratio   80.0 %     96.5 %     89.1 %                 84.5 %
    (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.
    (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
       

    SIRIUSPOINT LTD.
    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS & OTHER FINANCIAL MEASURES

    Non-GAAP Financial Measures

    Core Results

    Collectively, the sum of the Company’s two segments, Reinsurance and Insurance & Services, constitute “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

    Core underwriting income – calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.

    Core net services income – consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, and services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company’s services provided.

    Core income – consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.

    Core combined ratio – calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.

    Book Value Per Diluted Common Share Metrics

    Book value per diluted common share excluding AOCI and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Tangible book value per diluted common share excludes intangible assets. Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

    The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of December 31, 2024 and December 31, 2023:

           
      December 31,
    2024    		   December 31,
    2023
      ($ in millions, except share and per share amounts)
    Common shareholders’ equity attributable to SiriusPoint common shareholders $ 1,737.4     $ 2,313.9  
           
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1  
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI   1,741.5       2,310.8  
           
    Intangible assets   140.8       152.7  
    Tangible common shareholders’ equity attributable to SiriusPoint common shareholders $ 1,596.6     $ 2,161.2  
           
    Common shares outstanding   116,429,057       168,120,022  
    Effect of dilutive stock options, restricted share units and warrants   2,559,359       5,193,920  
    Book value per diluted common share denominator   118,988,416       173,313,942  
           
    Book value per common share $ 14.92     $ 13.76  
    Book value per diluted common share $ 14.60     $ 13.35  
    Book value per diluted common share ex. AOCI $ 14.64     $ 13.33  
    Tangible book value per diluted common share $ 13.42     $ 12.47  
                   

    Underlying Net Income

    Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses, including realized and unrealized gains (losses) on strategic and other investments and liability-classified capital instruments, income (expense) related to loss portfolio transfers, deferred tax assets attributable to the enactment of the Bermuda corporate income tax, development on COVID-19 reserves resulting from the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024, and foreign exchange gains (losses). We believe it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates.

    The following table sets forth the computation of underlying net income for the three and twelve months ended December 31, 2024 and 2023:

           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Non-recurring adjustments:              
    Gains on sale or deconsolidation of consolidated MGAs   —       —       (96.0 )     —  
    Losses on strategic and other investments   34.3       15.4       90.5       40.2  
    MGA & Strategic Investment Rationalization   34.3       15.4       (5.5 )     40.2  
                   
    Losses on settlement and change in fair value of liability-classified capital instruments (“CMIG Merger Instruments”)   25.9       15.0       148.5       59.4  
    COVID-19 favorable reserve development (1)   —       —       (19.9 )     —  
    CMIG Instruments & Transactions   25.9       15.0       128.6       59.4  
                   
    (Income) expense related to loss portfolio transfers   28.9       2.1       44.6       (101.6 )
    Bermuda corporate income tax enactment   —       (100.8 )     —       (100.8 )
    Foreign exchange (gains) losses   (12.9 )     19.2       (10.0 )     34.9  
    Income tax expense on adjustments (2)   (11.4 )     (7.8 )     (38.1 )     (4.9 )
                   
    Underlying net income available to SiriusPoint common shareholders $ 43.5     $ 36.6     $ 303.5     $ 266.0  
                                   
    Return on average common shareholders’ equity attributable to SiriusPoint common shareholders   (4.0 )%     17.1 %     9.1 %     16.2 %
                   
    Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period $ 2,494.9     $ 2,050.0     $ 2,313.9     $ 1,874.7  
    Accumulated other comprehensive income (loss), net of tax   81.5       (135.4 )     3.1       (45.0 )
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – beginning of period   2,413.4       2,185.4       2,310.8       1,919.7  
                   
    Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period   1,737.4       2,313.9       1,737.4       2,313.9  
    Impact of adjustments from above   64.8       (56.9 )     119.6       (72.8 )
    Accumulated other comprehensive income (loss), net of tax   (4.1 )     3.1       (4.1 )     3.1  
    Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – end of period   1,806.3       2,253.9       1,861.1       2,238.0  
                   
    Average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI $ 2,109.9     $ 2,219.7     $ 2,086.0     $ 2,078.9  
                   
    Underlying return on average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI   8.2 %     6.6 %     14.5 %     12.8 %
    (1) This development, which is primarily related to business written by legacy Third Point Reinsurance Ltd., is the result of the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024.
    (2) An effective tax rate of 15% is applied to the adjustments to calculate the income tax expense, where applicable.
       

    Other Financial Measures

    Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders

    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income (loss) available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and twelve months ended December 31, 2024 and 2023 was calculated as follows:

           
      Three months ended   Twelve months ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
      ($ in millions)
    Net income (loss) available to SiriusPoint common shareholders $ (21.3 )   $ 93.5     $ 183.9     $ 338.8  
    Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period   2,494.9       2,050.0       2,313.9       1,874.7  
    Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period   1,737.4       2,313.9       1,737.4       2,313.9  
    Average common shareholders’ equity attributable to SiriusPoint common shareholders $ 2,116.2     $ 2,182.0     $ 2,025.7     $ 2,094.3  
    Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders (4.0 )%     17.1 %     9.1 %     16.2 %
                               

    The MIL Network –

  • MIL-OSI: Bel Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., Feb. 18, 2025 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2024.

    Fourth Quarter 2024 Highlights

    • Net sales of $149.9 million compared to $140.0 million in Q4-23. Excluding $20.8 million of contribution from Enercon, organic sales down 7.8% from Q4-23.
    • Gross profit margin of 37.5%, up from 36.6% in Q4-23  
    • GAAP net loss attributable to Bel shareholders of $1.8 million versus GAAP net earnings attributable to Bel shareholders of $12.0 million in Q4-23  
    • Non-GAAP net earnings attributable to Bel shareholders of $19.0 million versus $19.5 million in Q4-23  
    • Adjusted EBITDA of $30.3 million (20.2% of sales) as compared to $27.3 million (19.5% of sales) in Q4-23  
    • Completed acquisition of Enercon, making aerospace and defense Bel’s largest end market served

    Full Year 2024 Highlights

    • Net sales of $534.8 million compared to $639.8 million in 2023. Excluding contribution from Enercon, organic sales down 19.7%.  
    • Gross profit margin of 37.8%, up from 33.7% in 2023  
    • GAAP net earnings attributable to Bel shareholders of $41.0 million versus $73.8 million in 2023  
    • Non-GAAP net earnings attributable to Bel shareholders of $72.1 million versus $89.6 million in 2023  
    • Adjusted EBITDA of $101.9 million (19.0% of sales), down from $116.8 million (18.3% of sales) in 2023

    “Bel’s profitability levels remained strong throughout 2024 despite a challenging top line environment,” said Daniel Bernstein, President and CEO. “Our recent initiatives in operational efficiencies and global mindset of financial discipline has strengthened Bel’s foundation, enabling us to thrive despite the macro conditions we faced. We could not be more pleased with our acquisition of Enercon, both operationally and from a team perspective. We are excited to embark on 2025 as a new team, working together to progress on revenue synergy opportunities that we have identified across our two businesses. On a personal note, as recently announced, I look forward to working with Farouq in the coming months as I transition the roles of President and CEO to the next generation,” concluded Mr. Bernstein.

    Farouq Tuweiq, CFO, added, “Our priority for 2024 was to take actions to drive future top line growth and further refine our organizational structure to enhance operational efficiencies. In this regard, we were successful in achieving a series of initiatives. During the fourth quarter, we closed on our acquisition of Enercon, the largest transaction in Bel’s history. Enercon adds scale, diversity and a strong financial profile to Bel’s legacy business. Further, in October 2024, Uma Pingali joined Bel as our first Global Head of Sales. Under Uma’s leadership, we are laying the foundation of a new cohesive global sales structure and strategy aimed at driving top line growth across all product groups, geographies and end markets. On the internal initiative side, we announced two additional facility consolidation projects in 2024 and have initiated a strategic focus on global procurement with the hiring of Anubhav Gothi. Each of these actions completed in 2024 will serve to support Bel’s growth and profitability objectives for 2025.

    “Looking ahead, we are encouraged to see the tide turning in terms of demand from our networking and distribution partners. We anticipate the rebound in these areas will be slow and steady throughout 2025. Based on information available today, GAAP net sales in the first quarter of 2025 are expected to be in the range of $144 to $154 million, with gross margin in the range of 36% to 38%. We are excited entering 2025 as a more nimble organization and look forward to executing on the growth opportunities in the year ahead,” concluded Mr. Tuweiq.

    Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, impairment charges, noncontrolling interest (“NCI”) adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Non-GAAP adjusted net sales exclude expedite fee revenue. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.

     

    Conference Call
    Bel has scheduled a conference call for 8:30 a.m. ET on Wednesday, February 19, 2025 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13750153 after 12:30 pm ET, also for 30 days.

    About Bel
    Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, general industrial, high-speed data transmission, defense, commercial aerospace, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.

    Company Contact:
    Farouq Tuweiq  
    Chief Financial Officer  
    ir@belf.com

    Investor Contact:
    Three Part Advisors
    Jean Marie Young, Managing Director or Steven Hooser, Partner
    631-418-4339
    jyoung@threepa.com; shooser@threepa.com

    Cautionary Language Concerning Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the first quarter of 2025; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2025 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, gross margin, products, product groups, customers, geographies and end markets; statements about the anticipated benefits of the recently-closed Enercon acquisition, including our beliefs about the potential future advantages of the acquisition for Bel’s operations, team, and with respect to revenue synergy opportunities; statements expressing management’s optimism for 2025 and for the future generally; statements about the process of transitioning the roles of President and CEO to the next generation; statements regarding Bel’s plans and intentions in respect of corporate projects and objectives, including plans for initiatives and efficiencies, and including statements about the intention to drive future top line growth and refine the organizational structure to enhance operational efficiencies; statements about the anticipated future contributions of new employees recently joining Bel and the role of such newly-created positions in the corporate team; statements about Bel’s sales structure and strategy aimed at driving top line growth across product groups, geographies and end markets; statements about facility consolidation projects and strategic focus on global procurement, and the anticipated benefits thereof including with respect to supporting Bel’s growth and profitability objectives for 2025; Anticipated demand from networking and distribution partners; size and capabilities of the organization; statements about executing on growth opportunities; statements regarding our expectations and beliefs regarding trends in the Company’s business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company’s positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to the Enercon acquisition which closed in November 2024, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions that may result to Bel’s business and our currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect our products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing our customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or our industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with our international operations, including our substantial manufacturing operations in China, and following Bel’s acquisition of Enercon which closed in November 2024, risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of trade restrictions that may impact Bel, its customers and/or its suppliers; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies, such as any new or increase in tariffs imposed either by the U.S. government on foreign imports or by a foreign government on US. exports related to the countries in which Bel transacts business; and the risks detailed in Bel’s most recent Annual Report on Form 10-K and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting our business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release.

    Non-GAAP Financial Measures
    The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program for 2023, please see the Executive Compensation discussion appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 1, 2024.

    Website Information
    We routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

    [Financial tables follow]

     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
                                     
    Net sales   $ 149,859     $ 140,010     $ 534,792     $ 639,813  
    Cost of sales     93,652       88,827       332,434       423,964  
    Gross profit     56,207       51,183       202,358       215,849  
    As a % of net sales     37.5 %     36.6 %     37.8 %     33.7 %
                                     
    Research and development costs     6,934       5,966       23,586       22,487  
    Selling, general and administrative expenses     34,831       24,942       110,616       99,091  
    As a % of net sales     23.2 %     17.8 %     20.7 %     15.5 %
    Impairment of CUI tradename     400       –       400       –  
    Restructuring charges     1,669       3,808       3,459       10,114  
    Gain on sale of property     –       –       –       (3,819 )
    Income from operations     12,373       16,467       64,297       87,976  
    As a % of net sales     8.3 %     11.8 %     12.0 %     13.8 %
                                     
    Gain on sale of Czech Republic business     –       –       –       980  
    Interest expense     (2,815 )     (448 )     (4,078 )     (2,850 )
    Interest income     1,013       –       4,754       –  
    Other expense, net     (3,186 )     (2,520 )     (3,165 )     (2,806 )
    Earnings before income taxes     7,385       13,499       61,808       83,300  
                                     
    Provision for income taxes     953       1,463       12,616       9,469  
    Effective tax rate     12.9 %     10.8 %     20.4 %     11.4 %
    Net earnings   $ 6,432     $ 12,036     $ 49,192     $ 73,831  
    As a % of net sales     4.3 %     8.6 %     9.2 %     11.5 %
                                     
    Less: Net earnings attributable to noncontrolling interest     484       –       484       –  
    Redemption value adjustment attributable to noncontrolling interest     7,748       –       7,748       –  
    Net (loss) earnings attributable to Bel Fuse Shareholders   $ (1,800 )   $ 12,036     $ 40,960     $ 73,831  
                                     
    Weighted average number of shares outstanding:                                
    Class A common shares – basic and diluted     2,115       2,142       2,124       2,142  
    Class B common shares – basic and diluted     10,429       10,628       10,491       10,634  
                                     
    Net (loss) earnings per common share:                                
    Class A common shares – basic and diluted   $ (0.14 )   $ 0.90     $ 3.09     $ 5.52  
    Class B common shares – basic and diluted   $ (0.14 )   $ 0.95     $ 3.28     $ 5.83  
                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Balance Sheets
    (in thousands, unaudited)
                 
        December 31, 2024     December 31, 2023  
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 68,253     $ 89,371  
    Held to maturity U.S. Treasury securities     950       37,548  
    Accounts receivable, net     111,376       84,129  
    Inventories     161,370       136,540  
    Other current assets     31,581       33,890  
    Total current assets     373,530       381,478  
    Property, plant and equipment, net     47,879       36,533  
    Right-of-use assets     25,125       20,481  
    Related-party note receivable     2,937       2,152  
    Equity method investment     9,265       10,282  
    Goodwill and other intangible assets, net     439,984       76,033  
    Other assets     51,069       44,672  
    Total assets   $ 949,789     $ 571,631  
                     
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity                
    Current liabilities:                
    Accounts payable   $ 49,182     $ 40,441  
    Operating lease liability, current     7,954       6,350  
    Other current liabilities     70,933       63,818  
    Total current liabilities     128,069       110,609  
    Long-term debt     287,500       60,000  
    Operating lease liability, long-term     17,763       14,212  
    Other liabilities     75,295       46,252  
    Total liabilities     508,627       231,073  
    Redeemable noncontrolling interests     80,586       –  
    Stockholders’ equity     360,576       340,558  
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity   $ 949,789     $ 571,631  
                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
           
        Year Ended  
        December 31,  
        2024     2023  
                     
    Cash flows from operating activities:                
    Net earnings   $ 49,192     $ 73,831  
    Adjustments to reconcile net earnings to net cash provided by operating activities:                
    Depreciation and amortization     16,457       13,312  
    Stock-based compensation     3,738       3,486  
    Amortization of deferred financing costs     151       33  
    Deferred income taxes     (6,267 )     (3,872 )
    Net unrealized losses on foreign currency revaluation     1,456       1,356  
    Gain on sale of property     –       (2,117 )
    Gain on sale of Czech Republic business     –       (980 )
    Other, net     2,347       (1,037 )
    Changes in operating assets and liabilities:                
    Accounts receivable, net     (6,817 )     22,500  
    Unbilled receivables     7,800       5,451  
    Inventories     15,121       33,613  
    Accounts payable     139       (22,745 )
    Accrued expenses     (7,068 )     5,356  
    Accrued restructuring costs     215       (1,228 )
    Income taxes payable     (1,009 )     (4,976 )
    Other operating assets/liabilities, net     2,199       (13,634 )
    Net cash provided by operating activities     77,654       108,349  
                     
    Cash flows from investing activities:                
    Purchases of property, plant and equipment     (14,108 )     (12,126 )
    Purchases of held to maturity U.S. Treasury securities     (131,309 )     (59,992 )
    Proceeds from held to maturity securities     167,907       19,918  
    Payment for equity method investment     –       (10,282 )
    Investment in related party notes receivable     (785 )     (2,152 )
    Proceeds from sale of property, plant and equipment     883       6,036  
    Payment of acquisition, net of cash acquired     (324,071 )        
    Proceeds from sale of business     –       5,063  
    Net cash used in investing activities     (301,483 )     (53,535 )
                     
    Cash flows from financing activities:                
    Dividends paid to common stockholders     (3,453 )     (3,492 )
    Deferred financing costs     (1,736 )     –  
    Repayments under revolving credit line     (15,000 )     (40,000 )
    Borrowings under revolving credit line     242,500       5,000  
    Purchases of common stock     (16,053 )     (105 )
    Net cash provided by (used in) financing activities     206,258       (38,597 )
                     
    Effect of exchange rate changes on cash and cash equivalents     (3,547 )     2,888  
                     
    Net (decrease) increase in cash and cash equivalents     (21,118 )     19,105  
    Cash and cash equivalents – beginning of period     89,371       70,266  
    Cash and cash equivalents – end of period   $ 68,253     $ 89,371  
                     
                     
    Supplementary information:                
    Cash paid during the period for:                
    Income taxes, net of refunds received   $ 22,952     $ 25,056  
    Interest payments   $ 5,795     $ 4,729  
    ROU assets obtained in exchange for lease obligations   $ 6,870     $ 5,999  
                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Product Group Highlights
    (dollars in thousands, unaudited)
                 
        Sales     Gross Margin  
        Q4-24     Q4-23     % Change     Q4-24     Q4-23     Basis Point Change  
    Power Solutions and Protection   $ 78,073     $ 68,971       13.2 %     40.6 %     40.2 %     40  
    Connectivity Solutions     52,548       50,562       3.9 %     36.6 %     29.3 %     730  
    Magnetic Solutions     19,238       20,477       -6.1 %     29.1 %     17.1 %     1,200  
    Total   $ 149,859     $ 140,010       7.0 %     37.5 %     36.6 %     90  
        Sales     Gross Margin  
        FY 2024     FY 2023     % Change     FY 2024     FY 2023     Basis Point Change  
    Power Solutions and Protection   $ 245,551       314,105       -21.8 %     42.4 %     38.1 %     430  
    Connectivity Solutions     220,370       210,572       4.7 %     37.1 %     34.2 %     290  
    Magnetic Solutions     68,871       115,136       -40.2 %     25.3 %     22.0 %     330  
    Total   $ 534,792     $ 639,813       -16.4 %     37.8 %     33.7 %     410  
                                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Net Sales to Non-GAAP Adjusted Net Sales(2)
    Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA(2)(3)
    (in thousands, unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
                                     
    GAAP net sales   $ 149,859     $ 140,010     $ 534,792     $ 639,813  
    Expedite fee revenue     –       425       57       14,850  
    Non-GAAP adjusted net sales   $ 149,859     $ 139,585     $ 534,735     $ 624,963  
        Three Months Ended     Year Ended  
        December 31,     December 31,  
                             
        2024     2023     2024     2023  
                                     
    GAAP Net earnings   $ 6,432     $ 12,036     $ 49,192     $ 73,831  
    Provision for income taxes     953       1,463       12,616       9,469  
    Other income/expense, net     3,186       2,520       3,165       2,806  
    Interest income     (1,013 )     –       (4,754 )     –  
    Interest expense     2,815       448       4,078       2,850  
    GAAP Operating Income   $ 12,373     $ 16,467     $ 64,297     $ 88,956  
    Restructuring charges     1,669       3,808       3,459       10,114  
    Acquisition related costs     8,592       –       12,884       –  
    Amortization of inventory step-up     639       –       639       –  
    Impairment of CUI tradename     400       –       400       –  
    Loss on liquidation of foreign subsidiary     –       2,724       –       2,724  
    MPS litigation costs     –       128       –       3,031  
    Gain on sale of Czech Republic business     –       –       –       (980 )
    Gain on sale of properties     –       –       –       (3,819 )
    Stock compensation     956       774       3,738       3,486  
    Non-GAAP Operating Income   $ 24,629     $ 23,901     $ 85,417     $ 103,512  
    Depreciation and amortization     5,698       3,350       16,457       13,312  
    Adjusted EBITDA   $ 30,327     $ 27,251     $ 101,874     $ 116,824  
    % of net sales     20.2 %     19.5 %     19.0 %     18.3 %
                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)
    (in thousands, except per share data) (unaudited)
     
    The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.
                 
        Three Months Ended December 31, 2024     Three Months Ended December 31, 2023  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 7,385     $ 953     $ (1,800 )   $ (0.14 )   $ (0.14 )   $ 13,499     $ 1,463     $ 12,036     $ 0.90     $ 0.95  
    Restructuring charges     1,669       270       1,399       0.11       0.11       3,808       675       3,133       0.24       0.25  
    Acquisition related costs     8,592       1,516       7,076       0.54       0.57       –       –       –       –       –  
    Redemption value adjustment on redeemable NCI     –       –       7,748       0.59       0.62       –       –       –       –       –  
    Amortization of inventory step-up     639       147       492       0.04       0.04       –       –       –       –       –  
    Impairment of CUI tradename     400       92       308       0.02       0.02       –       –       –       –       –  
    Loss on liquidation of foreign subsidiary     –       –       –       –       –       2,724       681       2,043       0.15       0.16  
    MPS litigation costs     –       –       –       –       –       128       29       99       0.01       0.01  
    Share-based compensation     956       197       759       0.06       0.06       774       160       614       0.05       0.05  
    Amortization of intangibles     2,843       493       2,349       0.18       0.19       1,160       254       906       0.07       0.07  
    Unrealized foreign currency exchange (gains) losses     908       201       707       0.05       0.06       829       203       626       0.05       0.05  
    Non-GAAP measures   $ 23,392     $ 3,869     $ 19,039     $ 1.45     $ 1.53     $ 22,922     $ 3,465     $ 19,457     $ 1.46     $ 1.54  
        Year Ended December 31, 2024     Year Ended December 31, 2023  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 61,808     $ 12,616     $ 40,960     $ 3.09     $ 3.28     $ 83,300     $ 9,469     $ 73,831     $ 5.52     $ 5.83  
    Restructuring charges     3,459       587       2,872       0.22       0.23       10,114       1,682       8,432       0.63       0.67  
    Acquisition related costs     12,884       2,503       10,381       0.79       0.83       –       –       –       –       –  
    Redemption value adjustment on redeemable NCI     –       –       7,748       0.59       0.62       –       –       –       –       –  
    Amortization of inventory step-up     639       147       492       0.04       0.04       –       –       –       –       –  
    Impairment of CUI tradename     400       92       308       0.02       0.02       –       –       –       –       –  
    MPS litigation costs     –       –       –       –       –       3,031       696       2,335       0.18       0.18  
    Gain on sale of Czech Republic business     –       –       –       –       –       (980 )     (49 )     (931 )     (0.07 )     (0.07 )
    Gain on sale of properties     –       –       –       –       –       (3,819 )     (763 )     (3,056 )     (0.23 )     (0.24 )
    Loss on liquidation of foreign subsidiary     –       –       –       –       –       2,724       681       2,043       0.15       0.16  
    Share-based compensation     3,738       770       2,968       0.23       0.24       3,486       718       2,768       0.21       0.22  
    Amortization of intangibles     6,537       1,236       5,301       0.40       0.42       4,663       1,019       3,644       0.28       0.29  
    Unrealized foreign currency exchange (gains) losses     1,455       340       1,115       0.08       0.09       831       270       561       0.04       0.04  
    Non-GAAP measures   $ 90,919     $ 18,291     $ 72,144     $ 5.47     $ 5.77     $ 103,350     $ 13,723     $ 89,627     $ 6.72     $ 7.08  
                                                                                     
    (1)The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
    (2)In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3)Individual amounts of earnings per share may not agree to the total due to rounding.
    (4)In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
     

    The MIL Network –

  • MIL-OSI: Occidental Announces Further Progress on Debt Reduction

    Source: GlobeNewswire (MIL-OSI)

    • Achieved near-term debt repayment target of $4.5 billion in the fourth quarter of 2024
    • Announced proceeds from $1.2 billion of divestitures signed in the first quarter of 2025 will go toward current year debt maturities

    HOUSTON, Feb. 18, 2025 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced it achieved its near-term debt repayment target of $4.5 billion in the fourth quarter of 2024 and signed two agreements in the first quarter of 2025 to divest upstream assets to undisclosed buyers for a combined total of $1.2 billion.

    The divestiture transactions, which are expected to close in the first quarter of 2025, include Rockies non-operated assets and Permian Basin assets not included in Occidental’s near-term development plan. The resulting proceeds will be applied to the company’s remaining 2025 debt maturities.

    “We were pleased to reach the near-term deleveraging milestone in the fourth quarter of 2024, within five months of closing the CrownRock acquisition, and seven months ahead of our goal,” said President and CEO Vicki Hollub. “The transactions announced today continue to high grade our portfolio and accelerate the progress toward achieving both our medium-term balance sheet deleveraging target and shareholder return pathway.”

    Occidental will continue to advance deleveraging via free cash flow and divestitures.

    About Occidental
    Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “will,” “should,” “could,” “may,” “anticipate,” “plan,” “intend,” “expect,” “goal,” “target,” “advance,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

    Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause actual results to differ include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental’s ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; government actions (including geopolitical, trade, tariff and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes and deep-water and onshore drilling and permitting regulations; Occidental’s ability to recognize intended benefits from its business strategies and initiatives, such as Occidental’s low-carbon ventures businesses or announced GHG emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics, and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental’s control.

    Additional information concerning these and other factors that may cause Occidental’s results of operations and financial position to differ from expectations can be found in Occidental’s filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Contacts

    The MIL Network –

  • MIL-OSI USA: Peters Reintroduces Bipartisan Bill to Authorize FEMA to Accept Tribal Government Requests for Fire Management Assistance Grants

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

    WASHINGTON, D.C. –U.S. Senator Gary Peters(D-MI), Ranking Member of the Homeland Security and Governmental Affairs Committee, reintroduced bipartisan legislation that requires FEMA to accept requests from Tribal governments to receive a Fire Management Assistance Grant (FMAG) Declaration. FEMA can currently accept Emergency and Major Disaster Declaration requests from Tribal governments, but the agency cannot accept FMAG requests directly from Tribes. This limitation impedes Tribes’ capacity to access federal resources for wildfire management and undermines Tribal independence by forcing them to work through state governments rather than having the option to interact directly with federal authorities for this specific type of assistance.    

    “When wildfires threaten Tribal communities, Tribal governments must receive the assistance they need quickly,” said Senator Peters. “This bipartisan legislation allows FEMA to directly provide Tribal governments with federal resources to combat wildfires.”  

    Tribal governments currently face unnecessary limitations in accessing FEMA’s wildfire disaster assistance. While the Sandy Recovery Improvement Act granted federally recognized Tribal governments the authority to directly request Emergency and Major Disaster Declarations from the President or to go through a state request, Tribes cannot do the same for Fire Management Assistance Grant (FMAG) Declarations. Instead, they must work through state governments to receive FMAG assistance, despite their status as sovereign nations.  

    The Fire Management Assistance Grants for Tribal Governments Act aims to address this gap. This bipartisan legislation would modify the Robert T. Stafford Disaster Relief and Emergency Assistance Act to give Tribal governments the same options for FMAG Declarations that they already have for other FEMA declarations: either requesting assistance directly from FEMA or to work through their state. This change would create consistency across all three types of FEMA disaster declarations: Fire Management Assistance Grant (FMAG) Declarations, Emergency Declarations, and Major Disaster Declarations.  

    The bill has been endorsed by the National Congress of American Indians (NCAI), the National Native American Law Enforcement Association, and the National Association of Counties.  

    MIL OSI USA News –

  • MIL-OSI USA: Senator Peters Helps Lead Legislation to Protect Access to Contraception

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

    WASHINGTON, DC – U.S. Senator Gary Peters (MI) helped reintroduce legislation to guarantee Americans the right to access contraceptives. The Right to Contraception Act would prohibit government from restricting the use of – and health care providers’ ability to prescribe – contraception. Peters cosponsored the Right to Contraception Act in response to continued efforts across the U.S. to limit access to reproductive health care, including efforts to ban some or all forms of contraception despite overwhelming support among Americans.

    “Republican lawmakers across the country are actively working to strip women of their reproductive freedoms, despite more than 90 percent of Americans believing everyone should be able to access the contraceptives that they need,” said Senator Peters. “This legislation is simple. It would guarantee every single American the right to access contraception and ensure that health care professionals can do their jobs without interference from extreme politicians.” 

    Peters has been a strong advocate for protecting access to essential care and the right of all Americans to make health care decisions privately with their doctors and family. Peters spoke on the Senate floor last year in support of the Right to Contraception Act. Peters also spoke on the Senate floor last year to urge his colleagues to support the Access to Family Building Act, legislation Peters cosponsored that would protect every American’s right to access in vitro fertilization (IVF) treatment, as well as other assisted reproductive technology (ART) services that families depend on to start a family. In previous years, Peters joined his colleagues in introducing the Women’s Health Protection Act of 2023, legislation seeking to restore the right to comprehensive health care for millions of Americans following the U.S. Supreme Court’s decision in Dobbs v. Jackson Women’s Health Organization which repealed Roe v. Wade. In 2020, Peters was the first U.S. Senator to publicly share his family’s personal abortion story. 

    MIL OSI USA News –

  • MIL-OSI USA: Baldwin, Colleagues Tell Trump and Republicans: Hands Off Medicare and Medicaid

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) member of the Senate Health, Education, Labor and Pensions (HELP) Committee, and a group of her colleagues are demanding the Trump administration, Elon Musk, and the Department of Government Efficiency (DOGE) make no cuts to Medicare and Medicaid to pay for tax cuts for billionaires. This follows reports that Elon Musk and DOGE officials gained access to key payment and contracting systems at the Centers for Medicaid & Medicare Services (CMS). CMS is in charge of Medicare and Medicaid.

    “We write to say no to Elon Musk and DOGE, and demand hands off Medicare or Medicaid. We strongly oppose any efforts by Musk – or anyone else in your administration – cutting or damaging these vital programs,” wrote Baldwin and the lawmakers. “Medicare and Medicaid must not be raided to pay for tax cuts for billionaires. Every cut risks Americans paying more, waiting longer, and wading through more insurance red tape for care. Every cut risks hospitals and community health centers struggling harder to keep their doors open and forcing health providers and workers out of their jobs.”

    In 2024, 68 million seniors and people with disabilities relied on Medicare coverage for essential health care, including hospital visits, screenings for cancer, diabetes, and depression, and prescription drugs. This includes the nearly 1.2 million Wisconsin veterans, children, and seniors who rely on Medicaid for health care.

    “We continue to fight for a health care system that works better for all Americans, so they experience lower costs, shorter wait times, and receive better care. But your Administration, Elon Musk, and DOGE have already made that harder,” continued the lawmakers. “Your Administration is already responsible for the shut-down of Medicaid portals across all 50 states, disruptions to vital health care communication, closures of community health centers, and significant delays in funding for life-saving health research. Cuts to Medicare and Medicaid will only serve to deepen the harm.”

    “It is dangerously unacceptable that an unelected Musk and his unqualified acolytes have access to sensitive CMS systems and are ready to bypass Congress to make life and death decisions affecting millions of Americans,” Baldwin and the lawmakers urged. “No one asked for this lawless approach to our critical government health care systems. We urge you to stop this threat to Americans’ health care, now.”

    A full version of this letter is available here and below.

    Dear President Trump:

    We write with alarm at recent actions by your Administration that put Medicare and Medicaid at risk – threatening access to care for 140 million Americans. On February 5, Elon Musk and representatives of his Department of Government Efficiency (DOGE) gained access to key payment and contracting systems at the Centers for Medicare & Medicaid Services (CMS), the agency that administers these vital programs. Masquerading as a false crusade against waste, fraud, and abuse, Musk appears intent to break the programs that seniors, people with disabilities, children, and families rely on to get their health care. We write to say no to Elon Musk and DOGE, and demand hands off Medicare or Medicaid. We strongly oppose any efforts by Musk – or anyone else in your administration – cutting or damaging these vital programs.

    Medicare and Medicaid must not be raided to pay for tax cuts for billionaires. Medicare and Medicaid are lifelines for millions of Americans. In 2024, 68 million seniors and people with disabilities seniors relied on Medicare coverage for essential health care, including hospital visits, screenings for cancer, diabetes, and depression, and prescription drugs. Nearly 80 million Americans relied on Medicaid, making it the largest public health insurance program in the United States. Medicaid provides funding to states for services at nursing homes, hospitals, rural health clinics as well as home health services, addiction and mental health services, and family planning. Americans rely on Medicaid for pregnancy and childbirth, as well as long-term services and supports to care for people with disabilities, older adults, and chronically ill Americans.

    But now, DOGE is invading CMS, posing immeasurable risks to Americans’ health care. DOGE representatives, with no training or expertise, could make unilateral, politically motivated decisions to target both beneficiaries and health care providers while blocking access to care and essential payments for services. Every cut risks Americans paying more, waiting longer, and wading through more insurance red tape for care. Every cut risks hospitals and community health centers struggling harder to keep their doors open and forcing health providers and workers out of their jobs.

    We continue to fight for a health care system that works better for all Americans, so they experience lower costs, shorter wait times, and receive better care. But your Administration, Elon Musk, and DOGE have already made that harder. Your Administration is already responsible for the shut-down of Medicaid portals across all 50 states, disruptions to vital health care communication, closures of community health centers, and significant delays in funding for life-saving health research. Cuts to Medicare and Medicaid will only serve to deepen the harm.

    It is dangerously unacceptable that an unelected Musk and his unqualified acolytes have access to sensitive CMS systems and are ready to bypass Congress to make life and death decisions affecting millions of Americans. No one asked for this lawless approach to our critical government health care systems. We urge you to stop this threat to Americans’ health care, now.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Baldwin Calls on Trump Administration to Contain Avian Flu, Protect Farmers and Consumers From Price Hikes

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin (D-WI) called on President Trump to quickly develop a plan to contain the avian flu outbreak that is devastating the nation’s poultry flocks and dairy herds and driving egg costs to reach record highs. Baldwin’s letter follows the U.S. Department of Health and Human Services (HHS) refusing to provide updated information to the public and the Centers for Disease Control (CDC) failing to publish the Morbidity and Mortality Weekly Report (MMWR) for the first time in decades due to the pause on all public health communications.

    “In the last 30 days, 22.43 million birds, including 153 total poultry flocks, have been affected by avian flu. Last week, the average wholesale price for large, white shell eggs reached $8 a dozen, a 218 percent increase from the $2.51 average consumers were paying in December 2023. The number of avian flu detections, and increases in egg prices, are far surpassing previous records and will not slow down anytime soon unless your Administration commits to a robust response,” said Senator Baldwin.

    Senator Baldwin has long led in supporting the agriculture community and consumers from the impacts of avian flu outbreaks. In February 2023, she called on the Biden Administration to take swift action to address the ongoing outbreak of avian influenza and use the resources she helped pass in government funding bills to address the situation. In April 2024, Senator Baldwin pushed the Biden administration to quickly deploy additional resources to contain the spread of the ongoing avian flu outbreak in dairy cattle. In May 2024, she called on the United States Department of Agriculture to strengthen interagency coordination to continue to provide the public and state agencies with coordinated, up-to-date and accurate information on the spread of HPAI, particularly around the safety of the U.S. commercial milk or meat supply, and the risk to farmworker health.

    “Your Administration is responsible for ensuring that data and available resources reach stakeholders on the ground responding to the outbreak. When the CDC, United States Department of Agriculture (USDA), and the Food and Drug Administration (FDA) coordinate with each other and their counterparts across the country, stakeholders working on the ground can make informed decisions. The CDC and USDA, specifically, should prioritize communicating and deploying resources to farmers, ranchers, and veterinarians to strengthen biosecurity measures that protect workers and livestock. Without these measures in place, we will not be able to contain the spread of the virus, further exacerbating the risk to our nation’s farmers and driving up food costs,” Baldwin continued.

    The full letter is available here and below.

    Dear Mr. President:

    I write regarding the highly pathogenic avian influenza (HPAI) outbreak that is devastating our nation’s poultry flocks and dairy herds. The outbreak is putting a strain on the livelihoods of American farmers and driving up prices for consumers. I ask that you task your Administration with creating and announcing a plan to contain the virus through robust agency engagement and coordination with stakeholders.

    In the last 30 days, 22.43 million birds, including 153 total poultry flocks, have been affected by avian flu. Last week, the average wholesale price for large, white shell eggs reached $8 a dozen, a 218 percent increase from the $2.51 average consumers were paying in December 2023. The number of avian flu detections, and increases in egg prices, are far surpassing previous records and will not slow down anytime soon unless your Administration commits to a robust response.

    In the first few weeks of your Administration, the U.S. Department of Health and Human Services (HHS) refused to provide updated information to the public on HPAI. For the first time in decades, the Centers for Disease Control and Prevention (CDC) failed to publish the Morbidity and Mortality Weekly Report (MMWR), including data on the HPAI outbreak, due to the pause on all public health communications. While I am relieved that the CDC has now resumed releasing the reports, I am alarmed by the message your Administration is sending to the public: that avian flu is not a priority.

    The HPAI MMWR released this week suggests that the disease is capable of spreading undetected to humans, and that it is more prevalent than we previously understood. Now is not the time to delay federal guidance and funding for research, biosecurity, and testing, yet I am hearing directly from Wisconsinites concerned about their access to federal resources. Farmers, veterinarians, food processors, and local health officials are seeking federal leadership on the outbreak, and I request that your Administration execute a plan that includes these stakeholders in the avian flu response.

    Your Administration is responsible for ensuring that data and available resources reach stakeholders on the ground responding to the outbreak. When the CDC, United States Department of Agriculture (USDA), and the Food and Drug Administration (FDA) coordinate with each other and their counterparts across the country, stakeholders working on the ground can make informed decisions. The CDC and USDA, specifically, should prioritize communicating and deploying resources to farmers, ranchers, and veterinarians to strengthen biosecurity measures that protect workers and livestock. Without these measures in place, we will not be able to contain the spread of the virus, further exacerbating the risk to our nation’s farmers and driving up food costs.

    The FDA must be an active partner in addressing the outbreak, including continuing research and publishing guidance on the HPAI outbreak. I hope your Administration will continue FDA funding for the Animal and Veterinary Innovation Center that is tasked with studying the virus at the University of Wisconsin-Madison. FDA should also prioritize its duty to keep consumers safe by enforcing the current rigorous food safety protocols, including pasteurization of dairy and egg products. In doing so, your Administration will reduce the risk to the public’s safety and safeguard their confidence in the nation’s food supply.

    Over the last few years, I pressed the Biden Administration to address the avian flu outbreak that began in early 2022. I weighed in with Secretary Vilsack and Secretary Beccera, and I plan to do the same with Secretary Kennedy and Secretary Rollins.  Again, I request that your Administration prioritize its response to the HPAI outbreak, and I look forward to working with you on this issue.

                   

    MIL OSI USA News –

  • MIL-OSI Security: New Kensington Felon Sentenced to Prison for Theft of Two Dozen Firearms

    Source: Office of United States Attorneys

    PITTSBURGH, Pa. – A former resident of New Kensington, Pennsylvania, has been sentenced in federal court to 20 months of imprisonment, to be followed by three years of supervised release, on his conviction of federal firearms charges, Acting United States Attorney Troy Rivetti announced today.

    Senior United States District Judge Nora Barry Fischer imposed the sentence on Michael Guin, 27.

    According to information presented to the Court, on or about January 22, 2024, Guin and his co-defendant, Steyn Sarduy, conspired to steal a truck and used the stolen vehicle to crash into and gain access to a firearms store in New Kensington. The defendants broke multiple display cases and stole 24 firearms. As a previously convicted felon, Guin was prohibited from possessing a firearm.

    Assistant United States Attorney Jonathan D. Lusty prosecuted this case on behalf of the government.

    Acting United States Attorney Rivetti commended the Bureau of Alcohol, Tobacco, Firearms and Explosives for the investigation leading to the successful prosecution of Guin.

    MIL Security OSI –

  • MIL-OSI Security: Violations of the False Claims Act as the Result of Fraudulent Payment Protection Program Loans Settled in United States District Court

    Source: Office of United States Attorneys

    LAFAYETTE, La. – Acting United States Attorney Alexander C. Van Hook announced that the United States has obtained consent or default judgments in five civil fraud lawsuits alleging the individuals obtained loans for fictitious companies or fictitious self-employment under the Paycheck Protection Program (“PPP”). The defendants named in the lawsuits are Antoinette Kennedy, Andre Lane, Dieudonne Nlend, Tracey Thompson and Rashinda Harris. These defendants obtained forgiveness of their loans in violation of the False Claims Act. This litigation resulted in judgments in favor of the United States in the total amount of $138,413.72.  

    The PPP was an emergency loan program established by Congress in March 2020 under the Coronavirus Aid, Relief and Economic Security (“CARES”) Act and administered by the Small Business Administration (“SBA”).  The PPP was created to provide forgivable loans to support small businesses struggling to pay employees and other business expenses during the COVID-19 pandemic. When applying for PPP loans, borrowers were required to certify that they were eligible for the requested loan and that the information provided in the loan application was true and accurate.  To receive forgiveness, borrowers were required to submit signed loan forgiveness applications and documents containing certain information and certifications. 

    The case involving defendant Kennedy began in May 2024 when agents began investigating a fraudulent PPP loan received by her. Investigators with the Army Criminal Investigation Unit learned that Kennedy had no business, business income, or business expenses as she falsely stated on her application for the PPP loan. Their investigation further revealed that Kennedy had learned about a scheme on Instagram and obtained loans on her own behalf and prepared the false paperwork. The government filed a complaint to recover damages and civil penalties under the False Claims Act for PPP funds which Kennedy received which she was not entitled to. A default judgment was obtained by the United States against Kennedy in the amount of $48,813.72.

    Thompson and Harris were small business owners and allowed someone to assist them with the creating of their false PPP loan applications. Their applications exaggerated the amount of business income that each of them actually had. Both defendants were responsible for submitting false loan applications and received PPP loans to which they would have not been entitled to receive. Similarly, Lane was self-employed and submitted a false self-employment income claim. Lane’s application exaggerated his self-employment income.  A settlement was reached with each of these three defendants, and consent judgments were obtained by the United States in the amounts of $23,516, $23,415, and $23,435, respectively.

    During the investigation of Dieudonne Nlend, agents interviewed him, and he admitted to falsifying self-employment income amounts. Nlend told agents that he used the proceeds from the PPP loan to assist a family member with a medical issue in another country. A consent judgment in the amount of $19,234 was obtained by the United States against Nlend.

    “The United States Attorney’s Office will use every tool at our disposal – to include civil litigation – to root out fraud, waste, and abuse of taxpayer money,” said Acting U.S. Attorney Alexander C. Van Hook. “We are proud to work with our law enforcement partners to hold these wrongdoers accountable.”

    The resolutions obtained were the result of a coordinated effort between the Civil Division of the U.S. Attorney’s Office, Small Business Administration’s Office of Inspector General, and for certain defendants, the Department of Army Criminal Investigation Division. The cases were handled by Assistant U.S. Attorney Melissa L. Theriot.

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    MIL Security OSI –

  • MIL-OSI Security: East Conemaugh Man Pleads Guilty to Methamphetamine and Firearms Charges

    Source: Office of United States Attorneys

    JOHNSTOWN, Pa. – A resident of East Conemaugh, Pennsylvania, pleaded guilty in federal court to charges of violating federal narcotics and firearms laws, Acting United States Attorney Troy Rivetti announced today.

    Kari Ameen Wheeler, 38, pleaded guilty to Counts One and Two of the Indictment before United States District Judge Stephanie L. Haines.

    In connection with the guilty plea, the Court was advised that, on or about August 21, 2024, in the Western District of Pennsylvania, Wheeler distributed and possessed with intent to distribute 500 grams or more of methamphetamine. Further, on August 23, 2024, Wheeler possessed two firearms and ammunition after previously having been convicted of a felony. Federal law prohibits possession of a firearm or ammunition by a convicted felon.

    Judge Haines scheduled sentencing for June 30, 2025. The law provides for a total sentence of not less than 10 years and up to life in prison, a fine of up to $10 million, or both. Under the federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offenses and the prior criminal history of the defendant.

    Assistant United States Attorney Arnold P. Bernard Jr. is prosecuting this case on behalf of the government.

    The Federal Bureau of Investigation, FBI Safe Streets Task Force, and Cambria County Drug Task Force conducted the investigation that led to the prosecution of Wheeler.

    MIL Security OSI –

  • MIL-OSI: Susan Campfield to Retire as Director of Norwood Financial Corp and Wayne Bank

    Source: GlobeNewswire (MIL-OSI)

    HONESDALE, Pa., Feb. 18, 2025 (GLOBE NEWSWIRE) — Susan Campfield has announced her retirement from the Board of Directors of Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, effective February 18, 2025.

    After serving the companies for 19 years, Campfield announced her retirement stating, “I have enjoyed supporting this great bank and all of the good it has done and is doing in the communities that we serve. It has been one of the real honors of my professional life.”

    Campfield joined the Board of Directors in 2006 as a fixture in the Wayne County, Pennsylvania business community. For over 33 years, she served as President and Chief Executive Officer of Gumble Brothers, Inc., a building material supplier located in Paupack, Pennsylvania. In her role, Campfield worked with numerous contractors and builders, which gave her an extensive knowledge of the local construction market. She brought expertise on the local economy and business opportunities for the bank during her time as Director.

    Norwood Financial Corp is the parent company of Wayne Bank, which operates from thirty offices throughout Northeastern Pennsylvania and Upstate New York, including those offices operating under the Bank of Cooperstown and Bank of the Finger Lakes brands. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.

    Forward-Looking Statements

    The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, “bode”, “future performance” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    Contact:   John M. McCaffery
        Executive Vice President &
        Chief Financial Officer
        NORWOOD FINANCIAL CORP
        272-304-3003
        www.waynebank.com

    The MIL Network –