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Category: Politics

  • MIL-OSI USA: Congressman Dan Goldman Hosts Press Conference Announcing Community-Based Gun Violence Intervention Legislation

    Source: US Congressman Dan Goldman (NY-10)

    More Than 17,000 Children and Teenagers Shot Each Year, 4,000 Will Die

    Last Week, Trump Admin Canceled Well Over $180 Million in DOJ Violence Prevention and Grants 

    PROSPER Act Provides Resources and Funding to On-Ground Efforts Already Proven Effective  

     

    See Pictures and Video from Press Conference Here 
    Read the Bill Here

    New York, NY– Congressman Dan Goldman (NY10) held a press conference to announce the reintroduction of his bill, the ‘Prioritizing Resources for Outreach, Safety, Violence Prevention, Youth Empowerment and Resilience’ (PROSPER) Act. This legislation invests in community-based organizations that focus on gun violence intervention and prevention. The bill is intended to ensure these organizations have the support and resources they need to curb gun violence in their local communities.

    Last week, the Trump Administration abruptly canceled hundreds of Department of Justice Grants for gun violence prevention, addiction prevention, and victim advocacy across the country. While Trump and the GOP claim crime prevention and public safety are among their chief concerns, they are kneecapping the very organizations responsible for improving both.

    “As gun violence continues to ravage our communities every year, it’s critical we address this epidemic with a comprehensive, multi-faceted approach,” Congressman Dan Goldman said. “This means not only common-sense gun safety legislation but also investing in community-based intervention and prevention programs that tackle the demand for guns. We have proof of what works, and it’s imperative that we continue to support and strengthen these effective programs. While Trump undermines our public safety by slashing grants for DOJ violence prevention initiatives, legislation like the PROSPER Act is essential to equip local organizations with the resources they need to combat cyclical violence and make our communities safer.”

    The Congressman was joined by representatives from gun violence prevention organizations, as well as New Yorkers who have been personally impacted by gun violence. 

    Rebecca Fischer, Executive Director of New Yorkers Against Gun Violence, said, “While Trump is defunding gun violence prevention initiatives and rolling back public-safety efforts, Congressman Goldman is fighting every day for New Yorkers and leading to save lives. NYAGV knows first-hand how critical community violence intervention programs are for Americans most impacted by gun violence, especially our youth. Gun violence is the leading cause of death for youth nationally and in NYS, and the PROSPER Act is fresh air for all of us who are committed to creating safer environments for our children – in our schools and in our streets. The legislation will authorize substantial funding for the Youth Gun Violence Prevention Grant Program, ensuring a dedicated and consistent source of support for initiatives specifically targeting youth gun violence. This bill ensures that those who are on the ground and understand their communities best will have the necessary resources to implement effective prevention strategies. Thank you Congressman Dan Goldman for your outstanding leadership and for championing this life-saving funding bill.”

    Mark Collins, Director of Federal Policy for Brady: United Against Gun Violence, said, “As gun violence continues to threaten the lives of American youth, it is imperative that we as a nation invest in our children and their future. The Youth Gun Violence Prevention Grant Program under the Department of Justice’s Office of Juvenile Justice and Delinquency Prevention will do just that, providing necessary support to community-oriented violence prevention initiatives and programs aimed at juvenile justice. This investment will strengthen communities across the country and allow our nation’s children to grow into healthy, prosperous members of society. Brady thanks Congressman Goldman for reintroducing the PROSPER Act and for his continued dedication to building up the next generation of Americans.”

    Emma Brown, Executive Director at GIFFORDS, said, “Guns are the leading cause of death for American children, an unacceptable fact. Many young people in this country are continually exposed to community violence. Rep. Goldman’s bill would open an alternate path by funding youth violence prevention programs in communities nationwide, protecting at-risk children and helping to interrupt cycles of violence. We thank Representative Goldman for introducing this crucial legislation, and urge Congress to pass it swiftly.” 

    Dr. Gisele Castro, Chief Executive Officer of exalt, said, “To solve complex problems, we must work with those most proximate to them. This legislation proposes to do exactly that by bringing much needed resources to leaders who are deploying real solutions to youth violence. Our model at exalt provides youth with support through educational progress and pathways to fulfilling careers that enable them to earn a living wage. In this way, exalt empowers justice-involved youth to achieve both academic success and social and economic mobility.  I applaud Congressman Goldman for his thoughtful approach and for introducing this legislation. Together, with the right investments, we can create more resilient, safe, and prosperous communities.” 

    Daniela Gilbert, Director of Redefining Public Safety at the Vera Institute of Justice, said, “Far too many young people—especially Black youth and other young people of color—are growing up in communities where gun violence is a daily threat and opportunity is out of reach. The PROSPER Act is a critical step toward breaking that cycle by investing in what works: community-centered and evidence-based solutions that prevent violence. This bill brings us closer to a future where every young person has the support they need to thrive—not just survive.”

    David Garza, President & CEO of Henry Street Settlement, said, “We are grateful to Representative Dan Goldman for his leadership in providing crucial resources to prevent gun violence among New York City youth. With a 132-year history on the Lower East Side, Henry Street understands that the way to make neighborhoods safe is by ensuring that youth are connected to their communities, and one key way to ensure that is by providing meaningful and responsive human services, including a high-quality, versatile educational, employment, athletics and enrichment, and mental health programming. There is no single answer to violence prevention, but with hope in one hand, opportunity in the other, and someone behind you that believes in you, young people not only can stay safe but can be part of the solution toward moving communities to safety.

    Gun violence is the leading cause of death for American youth. More than 17,000 children are shot each year, resulting in over 4,000 tragic and preventable deaths. Gun violence also has a disproportionate impact on communities of color, with Black children and teens being 20 times more likely to die in a gun-related homicide than their White peers. 

    Young people exposed to gun violence often suffer long-lasting physical, psychological, and emotional trauma. These experiences increase the risk of substance abuse, mental health disorders, and even the perpetuation of violent behavior—creating a tragic cycle of violence that affects future generations. The economic toll of these cycles is staggering, with youth violence costing an estimated $122 billion each year in medical expenses, lost employment opportunities, and diminished quality of life due to injury.

    Evidence-based, community-driven programs have had great success in curbing violence at the local level. For example, Chicago’s Youth Violence Prevention Center reduced local homicides by 17% in one year, even as the city’s overall homicide rate increased. The PROSPER Act will address the demand for guns by reducing the conditions that lead young people into cycles of violence in the first place. This legislation is intended to empower young people, not punish them.

    To address the gun violence epidemic, the  PROSPER Act:

    • Authorizes a new Youth Gun Violence Prevention Program under the Department of Justice’s (DOJ’s) Office of Juvenile Justice and Delinquency Prevention (OJJDP). 

    • This dedicated program would invest in locally tailored and evidence-based violence prevention initiatives by awarding grants to community-based organizations, local, state, and tribal governments.    

    • Provides $100 million in funding for each of the following five fiscal years for Title V Incentive Grants for Local Delinquency Prevention. 

    • This includes $25 million in funding per year for the new Youth Gun Violence Prevention Program. The remaining funding would be allocated for other juvenile justice programs carried out by the DOJ such as gang prevention, opioid affected youth, children exposed to violence, trafficking prevention, etc. 

    Congressman Goldman has made gun violence prevention a centerpiece of his time in office. 

    In March, the Congressman joined colleagues in sending a letter to Meta CEO Mark Zuckerberg highlighting Meta’s failure to adequately regulate advertisements for gun silencers on its platform and requesting clarification around the platform’s ad moderation process.  
    In February, the Congressman joined Rep. DeLauro in introducing ‘Ethan’s Law’, which would set federal standards for safe gun storage and establish incentives for states to create and implement safe gun storage laws. 
    In January, the Congressman joined Reps. Blumenthal, Dean, Raskin, Thompson, and Johnson in leading 43 of his colleagues in an amicus brief to the Supreme Court in Smith & Wesson Brands, Inc. et al., v. Estados Unidos Mexicanos, to hold American gun manufacturers responsible for aiding and abetting illegal arms trafficking to Mexican drug cartels and fueling gun violence across Mexico. 

    Congressman Goldman is the Chair of the Gun Violence Prevention Working Group on Dads Caucus.

    ###

    MIL OSI USA News –

  • MIL-OSI Security: Security News: Nevada Printer and Mailer Pleads Guilty to Participating in Elder Fraud Scheme

    Source: United States Department of Justice 2

    A Nevada woman pleaded guilty today for engaging in a prize notice fraud scheme that defrauded thousands of consumers, many of whom were elderly, across the United States and abroad. Barbara Trickle, 80, of Las Vegas, pleaded guilty to conspiracy to commit mail and wire fraud.

    According to the indictment, Trickle and her co-conspirators prepared and mailed millions of fraudulent prize notices that led their victims to believe that they had been individually selected to receive a large cash prize and would receive their prize if they paid a $20 to $50 fee. In reality, no victim ever received a large cash prize from Trickle or her co-conspirators. Instead, victims received a “report” describing sweepstakes opportunities or a trinket of minimal value. After victims responded to one fraudulent prize notice mailing, Trickle and her co-conspirators inundated them with additional fraudulent mailings. Trickle and her co-conspirators used the scheme to steal more than $15 million from victims.

    The fraud scheme operated from 2012 to February 2018, when the U.S. Postal Inspection Service (USPIS) executed multiple search warrants and the Justice Department obtained a court order shutting down the fraudulent mail operation. Trickle was the owner and operator of a printing and mailing business that produced the fraudulent prize notice mailings for the scheme. Trickle supervised the lasering, printing, and mailing of the fraudulent mailings.

    “The Department of Justice’s Consumer Protection Branch is committed to protecting elderly consumers from fraudulent mass-mailing schemes,” said Acting Assistant Attorney General Yaakov Roth of the Justice Department’s Civil Division. “We are grateful to the Postal Inspection Service for their thorough investigation in this matter.”

    “The defendant and her co-conspirators used the promise of sweepstakes winnings to defraud the most vulnerable members in our communities,” said Inspector in Charge Eric Shen of the  U.S. Postal Inspection Service Criminal Investigations Group. “The U.S. Postal Inspection Service will continue to aggressively investigate mass-mailing schemes and other types of fraud to protect older Americans from financial exploitation and bring criminals to justice.”

    The USPIS conducted the investigation.

    Trial Attorneys Carolyn Rice and Charles Dunn of the Civil Division’s Consumer Protection Branch prosecuted the case, with substantial assistance from the U.S. Attorney’s Office for the District of Nevada.

    The department urges individuals to be on the lookout for fraudulent lottery, prize notification, sweepstakes, and psychic scams. If you receive a phone call, letter or email promising a large prize in exchange for a fee, do not respond. Fraudsters often will use official-sounding names or the names of real lotteries or sweepstakes or pretend to be a government agent purportedly helping to secure a prize.

    If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

    More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov/  or at 877-FTC-HELP. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

    MIL Security OSI –

  • MIL-OSI United Nations: Readout of the Secretary-General’s meeting with H.E. Mr. Asaad Al-Shaibani, interim Minister of Foreign Affairs and Expatriates of the Syrian Arab Republic

    Source: United Nations secretary general

    The Secretary-General met with H.E. Mr. Asaad Al-Shaibani, interim Minister of Foreign Affairs and Expatriates of the Syrian Arab Republic. They discussed UN support for an inclusive political transition in Syria, efforts to increase humanitarian support for civilians in need across Syria, and work towards economic recovery and the progressive removal of sanctions.

    The Secretary-General reiterated the importance of inclusivity of the political process to meet the legitimate aspirations of all Syrians, and enabling them to peacefully, independently and democratically determine the future of their country, in line with the key principles listed in Security Council resolution 2254 (2015).

    The Secretary-General expressed concern about violations of the 1974 Disengagement Agreement.

    MIL OSI United Nations News –

  • MIL-OSI: Brown & Brown, Inc. announces first quarter 2025 results, including total revenues of $1.4 billion, an increase of 11.6%; Organic Revenue growth of 6.5%; diluted net income per share of $1.15; Diluted Net Income Per Share – Adjusted of $1.29; and a quarterly dividend of $0.15 per share

    Source: GlobeNewswire (MIL-OSI)

    DAYTONA BEACH, Fla., April 28, 2025 (GLOBE NEWSWIRE) — Brown & Brown, Inc. (NYSE:BRO) (the “Company”) announced its unaudited financial results for the first quarter 2025.

    Revenues for the first quarter of 2025 under U.S. generally accepted accounting principles (“GAAP”) were $1.4 billion, increasing $146 million, or 11.6%, compared to the first quarter of the prior year, with commissions and fees increasing by 12.0% and Organic Revenue increasing by 6.5%. Income before income taxes was $427 million, increasing 17.3% from the first quarter of the prior year with Income Before Income Taxes Margin increasing to 30.4% from 28.9%. EBITDAC – Adjusted was $535 million, increasing 14.8% from the first quarter of the prior year with EBITDAC Margin – Adjusted increasing to 38.1% from 37.0%. Net income attributable to the Company was $331 million, increasing $38 million, or 13.0%, and diluted net income per share increased to $1.15, or 12.7%, with Diluted Net Income Per Share – Adjusted increasing to $1.29, or 13.2%, each as compared to the first quarter of the prior year.

    J. Powell Brown, president and chief executive officer of the Company, noted, “We continue to execute our plan and are pleased with our performance for the quarter.”

    In addition, the Company today announced that the Board of Directors has declared a regular quarterly cash dividend of $0.15 per share. The dividend is payable on May 21, 2025, to shareholders of record on May 12, 2025.

    Reconciliation of Commissions and Fees
    to Organic Revenue
    (in millions, unaudited)
         
      Three Months Ended March 31,  
      2025     2024  
    Commissions and fees $ 1,385     $ 1,237  
    Profit-sharing contingent commissions   (43 )     (46 )
    Core commissions and fees $ 1,342     $ 1,191  
    Acquisitions   (79 )      
    Dispositions         (3 )
    Foreign Currency Translation         (2 )
    Organic Revenue $ 1,263     $ 1,186  
    Organic Revenue growth $ 77        
    Organic Revenue growth %   6.5 %      
                 

    See information regarding non-GAAP measures presented later in this press release.

    Reconciliation of Diluted Net Income Per Share to
    Diluted Net Income Per Share – Adjusted
    (unaudited)
     
      Three Months Ended March 31,   Change
      2025   2024   $   %
    Diluted net income per share $ 1.15     $ 1.02     $ 0.13       12.7 %
    Change in estimated acquisition earn-out payables   (0.01 )     (0.01 )     —        
    (Gain)/loss on disposal   —       0.01       (0.01 )      
    Amortization   0.15       0.12       0.03        
    Diluted Net Income Per Share – Adjusted $ 1.29     $ 1.14     $ 0.15       13.2 %
                                   

    See information regarding non-GAAP measures presented later in this press release.

    Reconciliation of Income Before Income Taxes to EBITDAC and
    EBITDAC – Adjusted and Income Before Income Taxes Margin(1)to
    EBITDAC Margin and EBITDAC Margin – Adjusted
    (in millions, unaudited)
     
      Three Months Ended March 31,  
      2025   2024
    Total revenues $ 1,404     $ 1,258  
    Income before income taxes $ 427     $ 364  
    Income Before Income Taxes Margin(1)   30.4 %     28.9 %
    Amortization   53       43  
    Depreciation   11       11  
    Interest   46       48  
    Change in estimated acquisition earn-out payables   (4 )     (2 )
    EBITDAC $ 533     $ 464  
    EBITDAC Margin   38.0 %     36.9 %
    (Gain)/loss on disposal   2       2  
    EBITDAC – Adjusted $ 535     $ 466  
    EBITDAC Margin – Adjusted   38.1 %     37.0 %
                   

    (1)  “Income Before Income Taxes Margin” is defined as income before income taxes divided by total revenues.

    See information regarding non-GAAP measures presented later in this press release.

    Brown & Brown, Inc.
    Consolidated Statements of Income
    (in millions, except per share data; unaudited)
     
      Three Months Ended March 31,  
      2025     2024  
    REVENUES          
    Commissions and fees $ 1,385     $ 1,237  
    Investment and other income   19       21  
    Total revenues   1,404       1,258  
    EXPENSES          
    Employee compensation and benefits   683       631  
    Other operating expenses   186       161  
    Loss on disposal   2       2  
    Amortization   53       43  
    Depreciation   11       11  
    Interest   46       48  
    Change in estimated acquisition earn-out payables   (4 )     (2 )
    Total expenses   977       894  
    Income before income taxes   427       364  
    Income taxes   93       71  
    Net income before non-controlling interests   334       293  
    Less: Net income attributable to non-controlling interests   3       —  
    Net income attributable to the Company $ 331     $ 293  
    Net income per share:          
    Basic $ 1.16     $ 1.03  
    Diluted $ 1.15     $ 1.02  
    Weighted average number of shares outstanding:          
    Basic   283       281  
    Diluted   285       283  
                   
    Brown & Brown, Inc.
    Consolidated Balance Sheets
    (in millions, except per share data, unaudited)
     
      March 31,
    2025    		     December 31,
    2024    		  
    ASSETS          
    Current assets:          
    Cash and cash equivalents $ 669     $ 675  
    Fiduciary cash   1,771       1,827  
    Commission, fees, and other receivables   1,083       895  
    Fiduciary receivables   1,136       1,116  
    Reinsurance recoverable   447       1,527  
    Prepaid reinsurance premiums   480       520  
    Other current assets   331       364  
    Total current assets   5,917       6,924  
    Fixed assets, net   327       319  
    Operating lease assets   197       200  
    Goodwill   8,111       7,970  
    Amortizable intangible assets, net   1,821       1,814  
    Other assets   387       385  
    Total assets $ 16,760     $ 17,612  
    LIABILITIES AND EQUITY          
    Current liabilities:          
    Fiduciary liabilities $ 2,907     $ 2,943  
    Losses and loss adjustment reserve   462       1,543  
    Unearned premiums   542       577  
    Accounts payable   481       373  
    Accrued expenses and other liabilities   463       653  
    Current portion of long-term debt   75       225  
    Total current liabilities   4,930       6,314  
    Long-term debt less unamortized discount and debt issuance costs   3,731       3,599  
    Operating lease liabilities   186       189  
    Deferred income taxes, net   701       711  
    Other liabilities   371       362  
    Equity:          
    Common stock, par value $0.10 per share; authorized 560 shares; issued 306 shares and outstanding 287 shares at 2025, issued 306 shares and outstanding 286 shares at 2024, respectively   31       31  
    Additional paid-in capital   1,107       1,118  
    Treasury stock, at cost 20 shares at 2025 and 2024   (748 )     (748 )
    Accumulated other comprehensive loss   15       (109 )
    Non-controlling interests   20       17  
    Retained earnings   6,416       6,128  
    Total equity   6,841       6,437  
    Total liabilities and equity $ 16,760     $ 17,612  
                   
    Brown & Brown, Inc.
    Consolidated Statements of Cash Flows
    (in millions, unaudited)
         
      Three Months Ended March 31,  
      2025   2024
    Cash flows from operating activities:          
    Net income before non-controlling interests $ 334     $ 293  
    Adjustments to reconcile net income before non-controlling interests to net cash provided by operating activities:          
    Amortization   53       43  
    Depreciation   11       11  
    Non-cash stock-based compensation   29       29  
    Change in estimated acquisition earn-out payables   (4 )     (2 )
    Deferred income taxes   (10 )     (1 )
    Net loss on sales/disposals of investments, businesses, fixed assets and customer accounts   2       2  
    Payments on acquisition earn-outs in excess of original estimated payables   —       (13 )
    Other   2       —  
    Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:          
    Commissions, fees and other receivables (increase)/decrease   (180 )     (142 )
    Reinsurance recoverable (increase)/decrease   1,080       60  
    Prepaid reinsurance premiums (increase)/decrease   40       33  
    Other assets (increase)/decrease   35       —  
    Losses and loss adjustment reserve increase/(decrease)   (1,081 )     (59 )
    Unearned premiums increase/(decrease)   (35 )     25  
    Accounts payable increase/(decrease)   126       (86 )
    Accrued expenses and other liabilities increase/(decrease)   (195 )     (186 )
    Other liabilities increase/(decrease)   6       6  
    Net cash provided by operating activities   213       13  
    Cash flows from investing activities:          
    Additions to fixed assets   (17 )     (13 )
    Payments for businesses acquired, net of cash acquired   (67 )     (76 )
    Proceeds from sales of businesses, fixed assets and customer accounts   9       —  
    Other investing activities   (4 )     1  
    Net cash used in investing activities   (79 )     (88 )
    Cash flows from financing activities:          
    Fiduciary receivables and liabilities, net   (90 )     (26 )
    Payments on acquisition earn-outs   (26 )     (39 )
    Payments on long-term debt   (169 )     (13 )
    Borrowings on revolving credit facility   150       150  
    Payments on revolving credit facility   —       (50 )
    Repurchase shares to fund tax withholdings for non-cash stock-based compensation   (40 )     (54 )
    Cash dividends paid   (43 )     (38 )
    Other financing activities   —       3  
    Net cash used in financing activities   (218 )     (67 )
    Effect of foreign exchange rate changes in cash and cash equivalents inclusive of fiduciary cash   22       (11 )
    Net decrease in cash and cash equivalents inclusive of fiduciary cash   (62 )     (153 )
    Cash and cash equivalents inclusive of fiduciary cash at beginning of period   2,502       2,303  
    Cash and cash equivalents inclusive of fiduciary cash at end of period $ 2,440     $ 2,150  
                   

    Conference call, webcast and slide presentation

    A conference call to discuss the results of the first quarter of 2025 will be held on Tuesday, April 29, 2025, at 8:00 AM (EDT). The Company may refer to a slide presentation during its conference call. You can access the webcast and the slides from the “Investor Relations” section of the Company’s website at bbrown.com.

    About Brown & Brown

    Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm providing enhanced customer-centric risk management solutions since 1939. With a global presence spanning 500+ locations and a team of more than 17,000 professionals, we are dedicated to delivering scalable, innovative strategies for our customers at every step of their growth journey. Learn more at bbrown.com.

    Forward-looking statements

    This press release may contain certain statements relating to future results which are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. You can identify these statements by forward-looking words such as “may,” “will,” “should,” “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan” and “continue” or similar words. We have based these statements on our current expectations about potential future events. Although we believe the expectations expressed in the forward-looking statements included in this press release are based upon reasonable assumptions within the bounds of our knowledge of our business, a number of factors could cause actual results to differ materially from those expressed in any forward-looking statements, whether oral or written, made by us or on our behalf. Many of these factors have previously been identified in filings or statements made by us or on our behalf. Important factors which could cause our actual results to differ, possibly materially from the forward-looking statements in this press release include but are not limited to the following items: the Company’s determination as it finalizes its financial results for the first quarter of 2025 that its financial results differ from the current preliminary unaudited numbers set forth herein; the inability to hire, retain and develop qualified employees, as well as the loss of any of our executive officers or other key employees; a cybersecurity attack or any other interruption in information technology and/or data security that may impact our operations or the operations of third parties that support us; acquisition-related risks that could negatively affect the success of our growth strategy, including the possibility that we may not be able to successfully identify suitable acquisition candidates, complete acquisitions, successfully integrate acquired businesses into our operations and expand into new markets; risks related to our international operations, which may result in additional risks or require more management time and expense than our domestic operations to achieve or maintain profitability; the requirement for additional resources and time to adequately respond to dynamics resulting from rapid technological change; the loss of or significant change to any of our insurance company or intermediary relationships, which could result in loss of capacity to write business, additional expense, loss of market share or material decrease in our commissions; the effect of natural disasters on our profit-sharing contingent commissions, insurer capacity or claims expenses within our captive insurance facilities; adverse economic conditions, political conditions, outbreaks of war, disasters, or regulatory changes in states or countries where we have a concentration of our business; the inability to maintain our culture or a significant change in management, management philosophy or our business strategy; fluctuations in our commission revenue as a result of factors outside of our control; the effects of significant or sustained inflation or higher interest rates; claims expense resulting from the limited underwriting risk associated with our participation in capitalized captive insurance facilities; risks associated with our automobile and recreational vehicle dealer services (“F&I”) businesses; changes in, or the termination of, certain programs administered by the U.S. federal government from which we derive revenues; the limitations of our system of disclosure and internal controls and procedures in preventing errors or fraud, or in informing management of all material information in a timely manner; our reliance on vendors and other third parties to perform key functions of our business operations and provide services to our customers; the significant control certain shareholders have; changes in data privacy and protection laws and regulations or any failure to comply with such laws and regulations; improper disclosure of confidential information; our ability to comply with non-U.S. laws, regulations and policies; the potential adverse effect of certain actual or potential claims, regulatory actions or proceedings on our businesses, results of operations, financial condition or liquidity; uncertainty in our business practices and compensation arrangements with insurance carriers due to potential changes in regulations; regulatory changes that could reduce our profitability or growth by increasing compliance costs, technology compliance, restricting the products or services we may sell, the markets we may enter, the methods by which we may sell our products and services, or the prices we may charge for our services and the form of compensation we may accept from our customers, carriers and third-parties; increasing scrutiny and changing laws and expectations from regulators, investors and customers with respect to our environmental, social and governance practices and disclosure; a decrease in demand for liability insurance as a result of tort reform legislation; our failure to comply with any covenants contained in our debt agreements; the possibility that covenants in our debt agreements could prevent us from engaging in certain potentially beneficial activities; fluctuations in foreign currency exchange rates; a downgrade to our corporate credit rating, the credit ratings of our outstanding debt or other market speculation; changes in the U.S.-based credit markets that might adversely affect our business, results of operations and financial condition; changes in current U.S. or global economic conditions, including an extended slowdown in the markets in which we operate; disintermediation within the insurance industry, including increased competition from insurance companies, technology companies and the financial services industry, as well as the shift away from traditional insurance markets; conditions that result in reduced insurer capacity; quarterly and annual variations in our commissions that result from the timing of policy renewals and the net effect of new and lost business production; intangible asset risk, including the possibility that our goodwill may become impaired in the future; changes in our accounting estimates and assumptions; future pandemics, epidemics or outbreaks of infectious diseases, and the resulting governmental and societal responses; other risks and uncertainties as may be detailed from time to time in our public announcements and Securities and Exchange Commission (“SEC”) filings; and other factors that the Company may not have currently identified or quantified. Assumptions as to any of the foregoing, and all statements, are not based upon historical fact, but rather reflect our current expectations concerning future results and events. Forward-looking statements that we make or that are made by others on our behalf are based upon a knowledge of our business and the environment in which we operate, but because of the factors listed above, among others, actual results may differ from those in the forward-looking statements. Consequently, these cautionary statements qualify all of the forward-looking statements we make herein. We cannot assure you that the results or developments anticipated by us will be realized, or even if substantially realized, that those results or developments will result in the expected consequences for us or affect us, our business or our operations in the way we expect. We caution readers not to place undue reliance on these forward-looking statements. All forward-looking statements made herein are made only as of the date of this press release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.

    Non-GAAP supplemental financial information
    This press release contains references to “non-GAAP financial measures” as defined in SEC Regulation G, consisting of Organic Revenue, EBITDAC, EBITDAC Margin, EBITDAC – Adjusted, EBITDAC Margin – Adjusted and Diluted Net Income Per Share – Adjusted. We present these measures because we believe such information is of interest to the investment community and because we believe it provides additional meaningful methods to evaluate the Company’s operating performance from period to period on a basis that may not be otherwise apparent on a GAAP basis due to the impact of certain items that have a high degree of variability, that we believe are not indicative of ongoing performance and that are not easily comparable from period to period. This non-GAAP financial information should be considered in addition to, not in lieu of, the Company’s consolidated income statements and balance sheets as of the relevant date. Consistent with Regulation G, a description of such information is provided below and a reconciliation of such items to GAAP information can be found within this press release as well as in our periodic filings with the SEC.

    We view Organic Revenue and Organic Revenue growth as important indicators when assessing and evaluating our performance on a consolidated basis and for each of our three segments, because it allows us to determine a comparable, but non-GAAP, measurement of revenue growth that is associated with the revenue sources that were a part of our business in both the current and prior year and that are expected to continue in the future. In addition, we believe Diluted Net Income Per Share – Adjusted provides a meaningful representation of our operating performance and improves the comparability of our results between periods by excluding the impact of the change in estimated acquisition earn-out payables, the impact of amortization of intangible assets and certain other non-recurring or infrequently occurring items. We also view EBITDAC, EBITDAC – Adjusted, EBITDAC Margin and EBITDAC Margin – Adjusted as important indicators when assessing and evaluating our performance, as they present more comparable measurements of our operating margins in a meaningful and consistent manner. As disclosed in our most recent proxy statement, we use Organic Revenue growth, Diluted Net Income Per Share – Adjusted and EBITDAC Margin – Adjusted as key performance metrics for our short-term and long-term incentive compensation plans for executive officers and other key employees.

    Non-GAAP Revenue Measures

    • Organic Revenue is our core commissions and fees less: (i) the core commissions and fees earned for the first 12 months by newly acquired operations; (ii) divested business (core commissions and fees generated from offices, books of business or niches sold or terminated during the comparable period); and (iii) Foreign Currency Translation (as defined below). The term “core commissions and fees” excludes profit-sharing contingent commissions and therefore represents the revenues earned directly from specific insurance policies sold and specific fee-based services rendered. Organic Revenue can be expressed as a dollar amount or a percentage rate when describing Organic Revenue growth.

    Non-GAAP Earnings Measures

    • EBITDAC is defined as income before interest, income taxes, depreciation, amortization and the change in estimated acquisition earn-out payables.
    • EBITDAC Margin is defined as EBITDAC divided by total revenues.
    • EBITDAC – Adjusted is defined as EBITDAC, excluding (gain)/loss on disposal (as defined below).
    • EBITDAC Margin – Adjusted is defined as EBITDAC – Adjusted divided by total revenues.
    • Diluted Net Income Per Share – Adjusted is defined as diluted net income per share, excluding the after-tax impact of (i) the change in estimated acquisition earn-out payables, (ii) (gain)/loss on disposal, (as defined below) and (iii) amortization.

    Definitions Related to Certain Components of Non-GAAP Measures

    • “Foreign Currency Translation” means the period-over-period impact of foreign currency translation, which is calculated by applying current-year foreign exchange rates to the various functional currencies in our business to our reporting currency of US dollars for the same period in the prior year.
    • “(Gain)/loss on disposal,” a caption on our consolidated statements of income which reflects net proceeds received as compared to net book value related to sales of books of business and other divestiture transactions, such as the disposal of a business through sale or closure.

    Our industry peers may provide similar supplemental non-GAAP information with respect to one or more of these measures, although they may not use the same or comparable terminology and may not make identical adjustments and, therefore comparability may be limited.  This supplemental non-GAAP financial information should be considered in addition to, and not in lieu of, the Company’s condensed consolidated financial statements.

    For more information:

    R. Andrew Watts
    Chief Financial Officer
    (386) 239-5770

    The MIL Network –

  • MIL-OSI: CVR Energy Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • First quarter net loss attributable to CVR Energy stockholders of $123 million; EBITDA loss of $61 million; adjusted EBITDA of $24 million
    • First quarter loss per diluted share of $1.22 and adjusted loss per diluted share of 58 cents
    • CVR Energy will not pay a cash dividend for the first quarter of 2025
    • CVR Partners announced a cash distribution of $2.26 per common unit

    SUGAR LAND, Texas, April 28, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (NYSE: CVI, “CVR Energy” or the “Company”) today announced first quarter 2025 net loss attributable to CVR Energy stockholders of $123 million, or $1.22 per diluted share, compared to first quarter 2024 net income attributable to CVR Energy stockholders of $82 million, or 81 cents per diluted share. Adjusted loss for the first quarter of 2025 was 58 cents per diluted share, compared to adjusted earnings per diluted share of 4 cents in the first quarter of 2024. Net loss for the first quarter of 2025 was $105 million, compared to net income of $90 million in the first quarter of 2024. First quarter 2025 EBITDA loss was $61 million, compared to first quarter 2024 EBITDA of $203 million. Adjusted EBITDA for the first quarter of 2025 was $24 million, compared to adjusted EBITDA of $99 million in the first quarter of 2024.

    “CVR Energy’s 2025 first quarter earnings results for its refining business were impacted by planned and unplanned downtime at the Coffeyville refinery,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “With the turnaround at Coffeyville now completed, we are well-positioned for the upcoming driving season, and we currently have no planned turnarounds at either refinery until 2027.

    “CVR Partners achieved solid operating results for the first quarter of 2025, with a combined ammonia production rate of 101 percent,” Lamp said. “CVR Partners was pleased to declare a first quarter 2025 cash distribution of $2.26 per common unit.”

    Petroleum Segment

    The Petroleum Segment reported a first quarter 2025 net loss of $160 million and EBITDA loss of $119 million, compared to net income of $127 million and EBITDA of $171 million for the first quarter of 2024. Adjusted EBITDA loss for the Petroleum Segment was $30 million for the first quarter of 2025, compared to adjusted EBITDA of $67 million for the first quarter of 2024.

    Combined total throughput for the first quarter of 2025 was approximately 120,000 barrels per day (“bpd”) compared to approximately 196,000 bpd of combined total throughput for the first quarter of 2024. The decrease in throughput was primarily due to the turnaround at the Coffeyville, Kansas, refinery during the first quarter of 2025.

    Refining margin for the first quarter of 2025 was $(5) million, or (42) cents per total throughput barrel, compared to $290 million, or $16.29 per total throughput barrel, during the same period in 2024. Included in our first quarter 2025 refining margin were unfavorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $112 million, favorable unrealized derivative impacts of $3 million primarily related to Canadian crude oil positions, and favorable inventory valuation impacts of $20 million. Excluding these items, adjusted refining margin for the first quarter of 2025 was $7.72 per barrel, compared to an adjusted refining margin per barrel of $10.46 for the first quarter of 2024. 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 beginning with the Company’s Annual Report on Form 10-K 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 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.

    The Renewables Segment reported first quarter 2025 net income of less than $1 million and EBITDA of $6 million, compared to net loss of $10 million and EBITDA loss of $4 million for the first quarter of 2024. Adjusted EBITDA for the Renewables Segment was $3 million for the first quarter of 2025, compared to adjusted EBITDA loss of $5 million for the first quarter of 2024.

    Total vegetable oil throughput for the first quarter of 2025 was approximately 156,000 gallons per day (“gpd”), compared to approximately 76,000 gpd for the first quarter of 2024.

    Renewables margin was $16 million, or $1.13 per vegetable oil throughput gallon, for the first quarter of 2025 compared to $4 million, or 65 cents per vegetable oil throughput gallon, for the first quarter of 2024. Factors contributing to our first quarter 2025 renewables margin were higher net sales of $33 million resulting from increased production and sales volumes in the current period coupled with increased D4 RIN and LCFS credit prices, partially offset by a decrease in average CARB ULSD prices of 26 cents per gallon. Higher net sales were partially offset by higher cost of sales of $22 million due to an increase in throughput and production volumes.

    Nitrogen Fertilizer Segment

    The Nitrogen Fertilizer Segment reported net income of $27 million and EBITDA of $53 million on net sales of $143 million for the first quarter of 2025, compared to net income of $13 million and EBITDA of $40 million on net sales of $128 million for the first quarter of 2024.

    Production at CVR Partners, LP’s (“CVR Partners”) fertilizer facilities increased compared to the first quarter of 2024, producing a combined 216,000 tons of ammonia during the first quarter of 2025, of which 64,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 348,000 tons of urea ammonia nitrate (“UAN”). During the first quarter of 2024, the fertilizer facilities produced a combined 193,000 tons of ammonia, of which 60,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 305,000 tons of UAN.

    For the first quarter 2025, average realized gate prices for ammonia showed an increase compared to the prior year, up 5 percent to $554 per ton, and UAN was down 4 percent over the prior year to $256 per ton. Average realized gate prices for ammonia and UAN were $528 and $267 per ton, respectively, for the first quarter of 2024.

    Corporate and Other

    The Company reported an income tax benefit of $49 million, or 31.8 percent of loss before income taxes, for the three months ended March 31, 2025, compared to an income tax expense of $17 million, or 15.9 percent of income before income taxes, for the three months ended March 31, 2024. The decrease in income tax expense was primarily due to a decrease in overall pretax earnings while the change in the effective tax rate was primarily due to changes in pretax earnings attributable to noncontrolling interest and the impact of federal and state tax credits and incentives in relation to overall pretax earnings.

    Cash, Debt and Dividend

    Consolidated cash and cash equivalents were $695 million at March 31, 2025, a decrease of $292 million from December 31, 2024. Consolidated total debt and finance lease obligations were $1.9 billion at March 31, 2025, including $570 million held by the Nitrogen Fertilizer Segment.

    CVR Energy will not pay a cash dividend for the first quarter of 2025.

    Today, CVR Partners announced that the Board of Directors of its general partner declared a first quarter 2025 cash distribution of $2.26 per common unit, which will be paid on May 19, 2025, to common unitholders of record as of May 12, 2025.

    First Quarter 2025 Earnings Conference Call

    CVR Energy previously announced that it will host its first quarter 2025 Earnings Conference Call on Tuesday, April 29, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

    The first quarter 2025 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/uxpz7jf5. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13752979.

    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; impacts of planned and unplanned downtime; our position for the upcoming driving season; timing of turnarounds and impacts thereof on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; cash flow generation; operating income and net sales, including the factors impacting same; refining margin; crack spreads, including the drivers thereof; impact of costs to comply with the RFS and revaluation of our RFS liability; inventory levels and valuation impacts; derivative gains and losses and the drivers thereof; renewable feedstocks; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; demand trends; RIN generation 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; LCFS credit and CARB ULSD pricing; carbon capture and decarbonization initiatives; demand for refined products; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; 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 and benefits, including the drivers thereof; pretax earnings and our effective tax rate; the availability and impact of tax credits and incentives; 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; turnaround expense; cash reserves; 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 business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. 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 periods ended March 31, 2025 and 2024:

    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

    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 $166 million and $39 million during the three months ended March 31, 2025 and 2024, respectively.

    CVR Energy, Inc.
    (all information in this release is unaudited)

    Consolidated Statement of Operations Data

      Three Months Ended
    March 31,
    (in millions, except per share data)   2025       2024  
    Net sales $ 1,646     $ 1,863  
    Operating costs and expenses:      
    Cost of materials and other   1,517       1,463  
    Direct operating expenses (exclusive of depreciation and amortization)   154       164  
    Depreciation and amortization   66       75  
    Cost of sales   1,737       1,702  
    Selling, general and administrative expenses (exclusive of depreciation and amortization)   37       36  
    Depreciation and amortization   2       1  
    Loss on asset disposal   1       1  
    Operating (loss) income   (131 )     123  
    Other (expense) income:      
    Interest expense, net   (25 )     (20 )
    Other income, net   2       4  
    (Loss) income before income tax benefit   (154 )     107  
    Income tax (benefit) expense   (49 )     17  
    Net (loss) income   (105 )     90  
    Less: Net income attributable to noncontrolling interest   18       8  
    Net (loss) income attributable to CVR Energy stockholders $ (123 )   $ 82  
           
    Basic and diluted (loss) earnings per share $ (1.22 )   $ 0.81  
    Dividends declared per share $ —     $ 0.50  
           
    Adjusted (loss) earnings per share * $ (0.58 )   $ 0.04  
    EBITDA * $ (61 )   $ 203  
    Adjusted EBITDA * $ 24     $ 99  
           
    Weighted-average common shares outstanding – basic and diluted   100.5       100.5  

    _______________
    * See “Non-GAAP Reconciliations” section below.

    Selected Consolidated Balance Sheet Data

    (in millions) March 31, 2025   December 31, 2024
    Cash and cash equivalents $ 695     $ 987  
    Working capital (inclusive of cash and cash equivalents)   395       726  
    Total assets   4,251       4,263  
    Total debt and finance lease obligations, including current portion   1,918       1,919  
    Total liabilities   3,480       3,375  
    Total CVR stockholders’ equity   580       703  
                   

    Selected Consolidated Cash Flow Data

      Three Months Ended
    March 31,
    (in millions)   2025       2024  
    Net cash used in:      
    Operating activities $ (195 )   $ 177  
    Investing activities   (82 )     (55 )
    Financing activities   (15 )     (664 )
    Net decrease in cash, cash equivalents, and restricted cash $ (292 )   $ (542 )
           
    Free cash flow * $ (285 )   $ 121  

    _______________
    * See “Non-GAAP Reconciliations” section below.

    Selected Segment Data

      Three Months Ended March 31,
        2025       2024
    (in millions) Petroleum   Renewables   Nitrogen Fertilizer   Consolidated   Petroleum   Renewables   Nitrogen Fertilizer   Consolidated
    Net sales $ 1,477     $ 66   $ 143   $ 1,646     $ 1,722   $ 33     $ 128   $ 1,863
    Operating (loss) income   (161 )     —     35     (131 )     118     (10 )     20     123
    Net (loss) income   (160 )     —     27     (105 )     127     (10 )     13     90
    EBITDA *   (119 )     6     53     (61 )     171     (4 )     40     203
                                   
    Capital expenditures (1)                              
    Maintenance $ 41     $ —   $ 4   $ 45     $ 22   $ 1     $ 5   $ 30
    Growth   8       —     2     10       14     7       —     21
    Total capital expenditures $ 49     $ —   $ 6   $ 55     $ 36   $ 8     $ 5   $ 51

    _______________
    * See “Non-GAAP Reconciliations” section below.
    (1) Capital expenditures are shown exclusive of capitalized turnaround expenditures.

    Selected Balance Sheet Data

      March 31, 2025   December 31, 2024
    (in millions) Petroleum   Renewables   Nitrogen Fertilizer   Consolidated   Petroleum   Renewables   Nitrogen Fertilizer   Consolidated
    Cash and cash equivalents (1) $ 434   $ 20   $ 122   $ 695   $ 735   $ 13   $ 91   $ 987
    Total assets   3,297     422     1,014     4,251     3,288     420     1,019     4,263
    Total debt and finance lease obligations, including current portion (2)   352     —     570     1,918     354     —     569     1,919

    _______________
    (1) Corporate cash and cash equivalents consisted of $119 million and $148 million at March 31, 2025 and December 31, 2024, respectively.
    (2) Corporate total debt and finance lease obligations, including current portion consisted of $996 million and $996 million at March 31, 2025 and December 31, 2024, respectively.

    Petroleum Segment

    Key Operating Metrics per Total Throughput Barrel

      Three Months Ended
    March 31,
    (in millions)   2025       2024  
    Refining margin * $ (0.42 )   $ 16.29  
    Adjusted refining margin *   7.72       10.46  
    Direct operating expenses *   8.58       5.78  

    _______________
    * See “Non-GAAP Reconciliations” section below.

    Refining Throughput and Production Data by Refinery

    Throughput Data Three Months Ended
    March 31,
    (in bpd)   2025       2024  
    Coffeyville              
    Gathered crude   26,728       62,405  
    Other domestic   12,348       45,925  
    Canadian   640       9,532  
    Condensate   —       7,700  
    Other feedstocks and blendstocks   6,330       12,569  
    Wynnewood              
    Gathered crude   58,420       43,059  
    Other domestic   573       —  
    Condensate   10,152       10,262  
    Other feedstocks and blendstocks   5,186       4,340  
    Total throughput   120,377       195,792  
                   
    Production Data Three Months Ended
    March 31,
    (in bpd)   2025       2024  
    Coffeyville      
    Gasoline   18,940       72,723  
    Distillate   20,233       56,007  
    Other liquid products   6,324       4,554  
    Solids   1,321       4,980  
    Wynnewood      
    Gasoline   39,740       31,984  
    Distillate   24,948       19,166  
    Other liquid products   5,058       5,563  
    Solids   11       6  
    Total production   116,575       194,983  
           
    Crude utilization (1)   52.7 %     86.6 %
    Light product yield (as % of crude throughput) (2)   95.4 %     100.6 %
    Liquid volume yield (as % of total throughput) (3)   95.7 %     97.0 %
    Distillate yield (as % of crude throughput) (4)   41.5 %     42.0 %

    _______________
    (1) Total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oil throughput capacity of 206,500 bpd.
    (2) Total Gasoline and Distillate divided by Total Crude Throughput.
    (3) Total Gasoline, Distillate, and Other liquid products divided by total throughput.
    (4) Total Distillate divided by Total Crude Throughput.

    Key Market Indicators

      Three Months Ended
    March 31,
        2025       2024  
    West Texas Intermediate (WTI) NYMEX $ 71.42     $ 76.91  
    Crude Oil Differentials to WTI:      
    Brent   3.56       4.85  
    WCS (heavy sour)   (12.45 )     (16.91 )
    Condensate   (0.64 )     (0.83 )
    Midland Cushing   1.10       1.59  
    NYMEX Crack Spreads:      
    Gasoline   16.83       22.55  
    Heating Oil   28.46       36.87  
    NYMEX 2-1-1 Crack Spread   22.64       29.71  
    PADD II Group 3 Product Basis:      
    Gasoline   (2.81 )     (9.97 )
    Ultra-Low Sulfur Diesel   (7.19 )     (10.35 )
    PADD II Group 3 Product Crack Spread:      
    Gasoline   14.02       12.58  
    Ultra-Low Sulfur Diesel   21.27       26.51  
    PADD II Group 3 2-1-1   17.65       19.55  
                   

    Renewables Segment

    Key Operating Metrics per Vegetable Oil Throughput Gallon

      Three Months Ended
    March 31,
        2025       2024  
    Renewables margin * $ 1.13     $ 0.65  
    Adjusted renewables margin *   0.94       0.47  
    Direct operating expenses *   0.48       0.84  

    _______________
    * See “Non-GAAP Reconciliations” section below.

    Renewables Throughput and Production Data

      Three Months Ended March 31,
    (in gallons per day)   2025       2024  
    Throughput Data      
    Corn Oil   19,503       31,295  
    Soybean Oil   136,440       44,362  
           
    Production Data      
    Renewable diesel   144,189       62,594  
           
    Renewable utilization (1)   61.9 %     30.0 %
    Renewable diesel yield (as % of corn and soybean oil throughput)   92.5 %     82.7 %

    _______________
    (1) Total corn and soybean oil throughput divided by total renewable throughput capacity of 252,000 gallons per day.

    Key Market Indicators

      Three Months Ended
    March 31,
        2025       2024  
    Chicago Board of Trade (CBOT) soybean oil (dollars per pound) $ 0.44     $ 0.47  
    Midwest crude corn oil (dollars per pound)   0.47       0.55  
    CARB ULSD (dollars per gallon)   2.41       2.66  
    NYMEX ULSD (dollars per gallon)   2.38       2.71  
    California LCFS (dollars per metric ton)   66.12       63.53  
    Biodiesel RINs (dollars per RIN)   0.79       0.58  
                   

    Nitrogen Fertilizer Segment

      Three Months Ended
    March 31,
    (percent of capacity utilization)   2025       2024  
    Ammonia utilization rate (1)   101 %     90 %

    _______________
    (1) Reflects our ammonia utilization rate on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of CVR Partners’ facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three months ended March 31, 2025 and 2024 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
    March 31,
        2025       2024  
    Consolidated sales volumes (thousands of tons):      
    Ammonia   60       70  
    UAN   336       284  
           
    Consolidated product pricing at gate (dollars per ton): (1)      
    Ammonia $ 554     $ 528  
    UAN   256       267  
           
    Consolidated production volume (thousands of tons):      
    Ammonia (gross produced) (2)   216       193  
    Ammonia (net available for sale) (2)   64       60  
    UAN   348       305  
           
    Feedstock:      
    Petroleum coke used in production (thousands of tons)   131       128  
    Petroleum coke used in production (dollars per ton) $ 42.43     $ 75.71  
    Natural gas used in production (thousands of MMBtus) (3)   2,159       2,148  
    Natural gas used in production (dollars per MMBtu) (3) $ 4.62     $ 3.10  
    Natural gas in cost of materials and other (thousands of MMBtus) (3)   1,605       1,765  
    Natural gas in cost of materials and other (dollars per MMBtu) (3) $ 4.63     $ 3.49  

    _______________
    (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
    March 31,
        2025       2024  
    Ammonia — Southern plains (dollars per ton) $ 562     $ 567  
    Ammonia — Corn belt (dollars per ton)   618       598  
    UAN — Corn belt (dollars per ton)   324       292  
           
    Natural gas NYMEX (dollars per MMBtu) $ 3.87     $ 2.10  
                   

    Q2 2025 Outlook

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

      Q2 2025
      Low   High
    Petroleum      
    Total throughput (bpd)   160,000       180,000  
    Crude utilization (1)   82 %     90 %
    Direct operating expenses (in millions) (2) $ 105     $ 115  
    Turnaround (in millions) (3)   15       20  
           
    Renewables      
    Total throughput (in millions of gallons)   16       20  
    Renewable utilization (4)   70 %     87 %
    Direct operating expenses (in millions) (2) $ 8     $ 10  
           
    Nitrogen Fertilizer      
    Ammonia utilization rate   93 %     97 %
    Direct operating expenses (in millions) (2) $ 57     $ 62  
           
    Capital Expenditures (in millions) (3)      
    Petroleum $ 35     $ 40  
    Renewables   2       4  
    Nitrogen Fertilizer   18       22  
    Other   1       3  
    Total capital expenditures $ 56     $ 69  

    _______________
    (1) Represents crude oil throughput divided by consolidated crude oil throughput capacity of 206,500 bpd.
    (2) Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and inventory valuation impacts.
    (3) Turnaround and capital expenditures are disclosed on an accrual basis.
    (4) Represents renewable feedstock throughput divided by total renewable throughput capacity of 252,000 gallons per day.

    Non-GAAP Reconciliations

    Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    March 31,
    (in millions)   2025       2024  
    Net (loss) income $ (105 )   $ 90  
    Interest expense, net   25       20  
    Income tax (benefit) expense   (49 )     17  
    Depreciation and amortization   68       76  
    EBITDA   (61 )     203  
    Adjustments:      
    Revaluation of RFS liability, unfavorable (favorable)   112       (91 )
    Unrealized (gain) loss on derivatives, net   (3 )     24  
    Inventory valuation impacts, favorable   (24 )     (37 )
    Adjusted EBITDA $ 24     $ 99  
                   

    Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted (Loss) Earnings per Share

      Three Months Ended
    March 31,
        2025       2024  
    Basic and diluted (loss) earnings per share $ (1.22 )   $ 0.81  
    Adjustments: (1)      
    Revaluation of RFS liability, unfavorable (favorable)   0.84       (0.67 )
    Unrealized (gain) loss on derivatives, net   (0.03 )     0.18  
    Inventory valuation impacts, favorable   (0.17 )     (0.28 )
    Adjusted (loss) earnings per share $ (0.58 )   $ 0.04  

    _______________
    (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 (Used In) Provided By Operating Activities to Free Cash Flow

      Three Months Ended
    March 31,
    (in millions)   2025       2024  
    Net cash (used in) provided by operating activities $ (195 )   $ 177  
    Less:      
    Capital expenditures   (51 )     (47 )
    Capitalized turnaround expenditures   (43 )     (12 )
    Return of equity method investment   4       3  
    Free cash flow $ (285 )   $ 121  
                   

    Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    March 31,
    (in millions)   2025       2024  
    Petroleum net (loss) income $ (160 )   $ 127  
    Interest (income) expense, net   —       (4 )
    Depreciation and amortization   41       48  
    Petroleum EBITDA   (119 )     171  
    Adjustments:      
    Revaluation of RFS liability, unfavorable (favorable)   112       (91 )
    Unrealized (gain) loss on derivatives, net   (3 )     24  
    Inventory valuation impacts, favorable (1)   (20 )     (37 )
    Petroleum Adjusted EBITDA $ (30 )   $ 67  
                   

    Reconciliation of Petroleum Segment Gross (Loss) Profit to Refining Margin and Adjusted Refining Margin

      Three Months Ended
    March 31,
    (in millions)   2025       2024  
    Net sales $ 1,477     $ 1,722  
    Less:      
    Cost of materials and other   (1,482 )     (1,432 )
    Direct operating expenses (exclusive of depreciation and amortization)   (93 )     (103 )
    Depreciation and amortization   (41 )     (48 )
    Gross (loss) profit   (139 )     139  
    Add:      
    Direct operating expenses (exclusive of depreciation and amortization)   93       103  
    Depreciation and amortization   41       48  
    Refining margin   (5 )     290  
    Adjustments:      
    Revaluation of RFS liability, unfavorable (favorable)   112       (91 )
    Unrealized (gain) loss on derivatives, net   (3 )     24  
    Inventory valuation impacts, favorable (1)   (20 )     (37 )
    Adjusted refining margin $ 84     $ 186  
           
    Total throughput barrels per day   120,377       195,792  
    Days in the period   90       91  
    Total throughput barrels   10,833,969       17,817,099  
           
    Refining margin per total throughput barrel $ (0.42 )   $ 16.29  
    Adjusted refining margin per total throughput barrel   7.72       10.46  
    Direct operating expenses per total throughput barrel   8.58       5.78  

    _______________
    (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 Income (Loss) to EBITDA and Adjusted EBITDA

      Three Months Ended March 31,
    (in millions)   2025       2024  
    Renewables net income (loss) $ —     $ (10 )
    Depreciation and amortization   6       6  
    Renewables EBITDA   6       (4 )
    Adjustments:      
    Inventory valuation impacts, favorable (1)   (3 )     (1 )
    Renewables Adjusted EBITDA $ 3     $ (5 )
                   

    Reconciliation of Renewables Segment Gross Profit (Loss) to Renewables Margin and Adjusted Renewables Margin

      Three Months Ended March 31,
    (in millions, except throughput data)   2025       2024  
    Net sales $ 66     $ 33  
    Less:      
    Cost of materials and other   50       29  
    Direct operating expenses (exclusive of depreciation and amortization)   6       5  
    Depreciation and amortization   6       6  
    Gross profit (loss)   4       (7 )
    Add:      
    Direct operating expenses (exclusive of depreciation and amortization)   6       5  
    Depreciation and amortization   6       6  
    Renewables margin   16       4  
    Inventory valuation impacts, favorable (1)   (3 )     (1 )
    Adjusted renewables margin $ 13     $ 3  
           
    Total vegetable oil throughput gallons per day   155,943       75,657  
    Days in the period   90       91  
    Total vegetable oil throughput gallons   14,034,826       6,884,761  
           
    Renewables margin per vegetable oil throughput gallon $ 1.13     $ 0.65  
    Adjusted renewables margin per vegetable oil throughput gallon   0.94       0.47  
    Direct operating expenses per vegetable oil throughput gallon   0.48       0.84  

    _______________
    (1) The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel and renewable feedstock 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
    March 31,
    (in millions)   2025       2024  
    Nitrogen Fertilizer net income $ 27     $ 13  
    Interest expense, net   8       8  
    Depreciation and amortization   18       19  
    Nitrogen Fertilizer EBITDA and Adjusted EBITDA $ 53     $ 40  
                   

    The MIL Network –

  • MIL-OSI United Kingdom: Youth Mobility Scheme for Uruguayan and British citizens: 2025

    Source: United Kingdom – Executive Government & Departments

    World news story

    Youth Mobility Scheme for Uruguayan and British citizens: 2025

    The Youth Mobility Scheme allows 500 visas, both for Uruguayan and British nationals, to live, study, work and travel in the UK and Uruguay respectively.

    In 2025, 500 British and 500 Uruguayan nationals aged 18 to 30 years old will be able to experience life and culture in each other’s country for up to 2 years, as established in the agreement that came into effect in both countries on 31 January 2024.

    Uruguayan citizens who would like to travel to the UK under this scheme need to apply for a Youth Mobility Scheme (YMS) visa. British citizens who would like to travel to Uruguay should apply for a Working Holiday temporary residency.

    The scheme desires to foster close relations between British and Uruguayan nationals, intending to promote and facilitate access to opportunities that enable youth to gain a better understanding of the other participant’s culture, society, and languages through travel, work, and life experience abroad.

    This is the first YMS between the UK and a South American Country. The agreement was signed in August 2023 at the Uruguayan Ministry of Foreign Affairs, during the visit of FCDO Minister for the Americas and Caribbean David Rutley MP to Uruguay.

    UK has YMS agreements in place with Andorra, Australia, Canada, Republic of Korea, Hong Kong, Iceland, Japan, Monaco, New Zealand, San Marino, Taiwan and Uruguay.

    Uruguay has Working Holiday programmes with Australia, France, Germany, Japan, Netherlands, New Zealand, Sweden, and United Kingdom.

    Find below information about the scheme and how to apply, for British and Uruguayan nationals.

    Information for British nationals

    British citizens interested in applying for a Working Holiday temporary residency must attend the Uruguayan Consulate in London and submit the following documents:

    • valid passport in good condition, with an expiry date at least one year in the future
    • a medical certificate from the country of residence where it states that you do not have medical conditions that would make it impossible for you to reside in Uruguay
    • evidence of a Police Certificate from the country of origin and from any country that you have lived in for the past 5 years. This should be apostilled or legalised, whichever is appropriate. In the UK you can apply for this at: http://www.gov.uk/copy-of-police-records. The six must have been issued within the 6 months prior to the filing of the application
    • documents that demonstrate that they have sufficient financial resources to meet their needs (such as salary payslips, bank statements, pensions, etc.) issued within 30 days of the application date
    • declaration of the intended time they will remain in Uruguay, which will be up to 2 years
    • apostille or legalised birth certificate (whichever is the case, if the person was born outside the UK) and translated (by a certified Uruguayan translator, by Consul or by consular intervention, depending on the case) will be required in Uruguay in order to obtain the Uruguayan National Identity card

    Once the documentation is submitted, the Consulate will inform the Ministry of Foreign Affairs’ International Migration Direction, which will notify the National Migration Office. A decision will be made within a maximum of 15 working days.

    If the application is successful, the Consulate will let you will know. You will then need to enter Uruguay within 180 days from the notification day. If you need a visa, the Consulate will issue a tourist visa without consulting with the National Migration Office, referring to the temporary residency granted.

    Once you are in Uruguay, you will need to go in person to the National Migration Office and the National Civil Identification Office to apply for the National Identity card and pay the required fees. If youneed more information, please contact the Uruguayan Consulate or Uruguayan Embassy: cdlondres@mrree.gub.uy or urureinounido@mree.gub.uy, or call: +44 (0)207 584 4200

    Information for Uruguayan nationals:

    • applications to the Youth Mobility Scheme are online. You can apply from any country in the world, except from the UK
    • you can apply if you are a Uruguayan National aged 18-30 years old and hold a Uruguayan passport
    • you can spend up to 2 years in the UK, with multiple entries
    • you can work but it is not compulsory. You can travel, study short courses or volunteer
    • you do not need any language, job or skill requirements
    • you must apply for a visa and pay the Immigration Health Surcharge
    • you need to demonstrate you have the equivalent to £2,530 in a bank account for at least the past 28 days before applying
    • you need to get a Criminal Record Certificate. Please request it for Consulate- Ministry of Foreign Affairs, not the British Embassy
    • you cannot apply if you have any dependants living with you or who are financially dependent on you at the time of application
    • you must not have not previously taken part in the scheme

    Applicants will usually get a decision on their visa within 3 weeks.

    For more information, please go to Youth Mobility Scheme visa: Overview – GOV.UK or contact: public.enquiries@homeoffice.gov.uk.

    Updates to this page

    Published 28 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Rep. Pettersen Leads CO Democratic Delegation in Calling on President Trump to Fund Head Start Amid Child Care Crisis

    Source: United States House of Representatives – Representative Brittany Pettersen (Colorado 7th District)

    WASHINGTON — Today, U.S. Representative Brittany Pettersen (CO-07) led the Colorado Democratic Congressional Delegation in a letter urging President Trump to fully fund Head Start in the upcoming budget. The letter follows alarming reports that the Trump administration is considering a proposal to eliminate funding for the program.

    In Colorado alone, more than 11,600 children rely on Head Start services every year, and the program supports over 5,000 jobs. Head Start provides child care, early education, nutrition, and health services to children in low-income households, while also offering parents opportunities for employment and education.

    “As a mom, I know firsthand how difficult it is to find safe, affordable childcare, and for far too many families, it is nearly impossible,” said Pettersen. “Head Start is an essential support for our kids and families to help bring financial independence and give our kids the best shot at success. Gutting funding for this program will have a cascading impact on our local economy, workforce, and our kids’ future and disproportionately impact our rural communities.”

    In a letter, the Members shared, “Colorado families face a child care crisis: child care is neither affordable nor accessible, and most families face a lengthy enrollment waitlist. The elimination of Head Start funding would further imperil an already fragile state of affairs – particularly for rural communities, where local child care facilities are often oversubscribed or nonexistent. Head Start facilities often serve as the only affordable option.”

    The Members continued, “Since the 1990s, the cost of child care has more than tripled, outpacing wages, the cost of groceries, and even housing. Reducing critical funding for Head Start would reverse decades of bipartisan investment in children amidst a cost-of-living crisis, compounding potential harm for working families.”

    “This isn’t about politics. It’s about kids,” said Heather Frenz, executive director of the Colorado Head Start Association. “Colorado’s families need Head Start now more than ever. Eliminating this program would be a devastating blow — and it’s simply unacceptable.”

    Signers of the letter include Senators Michael Bennet and John Hickenlooper and Representatives Diana DeGette (CO-01), Joe Neguse (CO-02), and Jason Crow (CO-06). 

    Full text of the letter can be found HERE. 

    MIL OSI USA News –

  • MIL-OSI USA: Congresswoman Tenney Unveils Legislation to Back Rochester PD and Support Law Enforcement Officers

    Source: United States House of Representatives – Congresswoman Claudia Tenney (NY-22)

    Washington, DC – Congresswoman Tenney (NY-24) today unveiled the Law Enforcement Solidarity Act, which conditions federal funds on state and localities, allowing local law enforcement to cooperate with federal law enforcement, including the Department of Homeland Security.

    In March, members of the Rochester police department responded to a call for emergency backup from federal law enforcement. Rochester police valiantly responded, yet they have faced backlash from liberal city officials due to Rochester’s sanctuary city policies. This bill will ensure that all law enforcement officers, at the federal, state, and local levels, can provide support to one another in emergency circumstances.

    “Law enforcement officers who respond to the emergency call from their fellow officers should be celebrated, not chastised. Yet, Rochester city officials are seeking to penalize the RPD officers who quickly responded to assist ICE during a traffic stop, simply because of Rochester’s unlawful sanctuary city policies. That’s why I’m introducing the Law Enforcement Solidarity Act to make federal funding conditional on allowing local law enforcement to cooperate with federal law enforcement. No law enforcement officer, local or federal, should be abandoned because of reckless policies driven by the Left’s political agenda,” said Congresswoman Tenney.

    “The Locust Club is grateful for Congresswoman Tenney’s support and encouragement. Our members will always answer the call when other agencies ask for our help. The Locust Club supports this legislation which protects our officers from being punished for responding when our assistance is requested,” said the Rochester Locust Club.

    ###

    MIL OSI USA News –

  • MIL-OSI Canada: Governments of Canada and Manitoba extend deadline for agricultural supports

    Source: Government of Canada News (2)

    April 25, 2025 – Winnipeg, Manitoba – Agriculture and Agri-Food Canada

    The federal, provincial, and territorial governments including Manitoba have extended the enrolment deadline for the 2025 AgriStability program to July 31, 2025, in response to tariffs in the agriculture sector and to allow producers time to enroll in the program as they manage the impact of current market disruptions.

    AgriStability is a business risk management program under the Sustainable Canadian Agricultural Partnership that helps famers manage income risk by providing financial assistance when their farm business experiences a large margin decline. The deadline will be extended from April 30, 2025, to July 31, 2025.

    Minister Kostyshyn is also encouraging producers to learn more about the business risk management programs available through the Manitoba Agricultural Services Corporation (MASC).

    MIL OSI Canada News –

  • MIL-Evening Report: New survey shows business outlook is weakening and uncertainty rising as the trade war bites

    Source: The Conversation (Au and NZ) – By John Simon, Adjunct Fellow in Economics, Macquarie University

    Vivid Brands/Shutterstock

    Uncertainty is everywhere these days.

    There is even uncertainty about the uncertainty.

    The Reserve Bank of Australia, for example, noted in the minutes from its April 1 meeting:

    The most significant development in the period leading up to the meeting had been the significant rise in uncertainty about global trade policy, although the effect of this on sentiment and economic developments in Australia was not yet clear.

    A new monthly business survey, developed by a team of researchers at Macquarie University, the Business Outlook Scenarios Survey (BOSS), provides some clarity.

    A key feature of the survey, which distinguishes it from other business surveys, is its focus on uncertainty about the future, not just expectations about the most likely outcome.

    The most recent survey was conducted between April 10–17, after the announcement of the US “liberation day” tariffs on April 2. The results are concerning, but not yet alarming.

    Big rise in uncertainty

    The results suggest there has been a significant increase in business uncertainty stemming from the tariff and geopolitical tensions.

    Our survey asks roughly 500 Australian businesses about their expectations for, and perceptions of uncertainty about, key business and macroeconomic conditions.

    Running since June 2024, it tracks a sample that is representative of Australian businesses. It surveys key decision makers, such as chief financial officers and business owners, who have a detailed knowledge of their own business, and a general knowledge of the broader economy.

    The jump in uncertainty is leading to an increase in pessimistic views about businesses’ prospects. Moreover, these expectations are surrounded by elevated uncertainty.

    While this has yet to translate into plans to reduce employment and investment, businesses on average expect their costs will rise, and plan to counter the effect through increasing prices.

    More importantly, uncertainty generally leads people to defer decisions, and we see evidence of that in the April survey. Firms on average are not expecting to reduce investment or employment – but neither are they planning on increasing it.

    Inflation worries are off the boil

    When asked about the main source of uncertainty over the next 12 months, businesses used to point to inflation. In June 2024, more than 65% of businesses cited inflation as the main source of business uncertainty. While this is still a significant concern, it has fallen to 48% of respondents.

    More dramatically, however, geopolitical risk and tariffs combined were nominated by 52% of businesses in April as one of the main sources of uncertainty. This is up from about 20% of firms in June last year.

    This global uncertainty is translating into uncertainty about individual business conditions. There is an increase in the percentage of businesses that expect deteriorating conditions for their business. And there is also an increase in uncertainty about the likely outcomes for their industry conditions, product demand, and access to credit and business inputs.

    Risks for hiring and investment

    While deteriorating expectations are a source of concern, the rise in uncertainty is like a one-two punch. Businesses that are uncertain about the future will stop hiring or investing until they have a better idea of what the future holds.

    Indeed, during the Great Depression in the 1930s, uncertainty about the future exacerbated the initial downturn and helped turn it from a recession into a depression. This paralysing uncertainty is what led US President Franklin D. Roosevelt to utter the famous line “the only thing we have to fear is fear itself.”

    While the situation in Australia is not nearly that dire, you can see the consequences of the uncertainty in businesses’ expectations for both their own businesses and the economy more generally.

    In light of the tariff tensions, the majority of businesses are adopting a “wait and see” approach and expect to keep employment and investment unchanged in the next 12 months. The majority (62%) also expect their costs will be higher and, consequently, that they will have to raise their prices.

    What it means for the RBA

    Most businesses surveyed also anticipate higher inflation and lower economic growth in Australia. That is, stagflation.

    This has important consequences for the next Reserve Bank board meeting in May.

    The March quarter consumer price index, to be released on April 30, is unlikely to show the effects of the trade tensions. But monetary policy needs to be set in a forward-looking manner. That means business expectations of higher costs, prices and inflation over the next 12 months could argue for higher interest rates than otherwise.

    Complicating the picture is the expectation of slower economic growth, which would usually argue for lower interest rates.

    On balance, the majority of businesses surveyed in April expect the Reserve Bank to lower the cash rate in response to the trade war.

    Regardless, what is undeniable is that uncertainty has increased in the last few months. And that means that policymakers need to deal with the uncertainty itself. Slightly lower interest rates or a little extra government spending cannot, of themselves, overcome the paralysing effects of uncertainty.

    As such, the Reserve Bank and the government need to talk about not just their central expectations, but their strategy for dealing with the uncertainty around those expectations.

    The authors 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. New survey shows business outlook is weakening and uncertainty rising as the trade war bites – https://theconversation.com/new-survey-shows-business-outlook-is-weakening-and-uncertainty-rising-as-the-trade-war-bites-255101

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Honoring Fallen New York State Workers

    Source: US State of New York

    overnor Kathy Hochul today announced the New York State Department of Labor marked Workers’ Memorial Day by holding a ceremony to pay tribute to public service employees who passed away while serving New York State. The New York State Department of Health is launching a social media and awareness campaign in May to remind employers and employees about strategies to stay safe on the job. Additionally, the New York State Department of Transportation and Thruway Authority, joined by State and local partners, will host a Workers Memorial Day ceremony to honor fallen highway and transportation workers Tuesday at the New York State Fairgrounds.

    “Our shared commitment to public service is the foundation of who we are as New Yorkers, and today we pay tribute to the men and women who gave their lives for a better world,” Governor Hochul said. “From laborers to law enforcement, and from firefighters, health care workers to transportation employees, our public servants hold together the fabric of our society. We owe an extraordinary debt of gratitude for their sacrifice to New York State.”

    The New York State Department of Labor (NYSDOL) marked Workers’ Memorial Day by holding a ceremony to pay tribute to public service employees who passed away while serving New York State. The families of the deceased met privately with NYSDOL Commissioner Roberta Reardon prior to the ceremony and then joined her at the event. The names of the fallen workers can be viewed on this online memorial webpage. The memorial serves as a permanent reminder of the importance of NYSDOL’s mission to enforce safety and health protections to all public sector employees.

    New York State Department of Labor Commissioner Roberta Reardon said, “We honor our colleagues who lost their lives while serving the people of New York by vowing to remain vigilant in our work to keep workers safe. The Department of Labor will continue to ensure proper safety precautions and practices are in place to protect our public workers while on the job at worksites across New York State.”

    NYSDOL enforces standards to protect public sector employers, which includes State, county and local governments. It also covers public authorities, school districts and fire departments. Additionally, NYSDOL responds to deaths related to occupational safety and health, accidents that send two or more public employees to the hospital, and investigates complaints from public employees or their representatives. The bureau also inspects public employer work sites and provides technical assistance during statewide emergencies. For more information about services, including its free on-site consultations, visit this webpage. If a public worker or their representatives feel a safety of health violation is present at their workplace, they are encouraged to file a complaint.

    New York State Health Commissioner Dr. James McDonald said, “Even though fatality rates are improving, work-related illnesses, injuries and deaths still happen far too often. These preventable tragedies are devastating for the impacted families, friends, coworkers, and communities. By taking proactive safety prevention measures, employers can better ensure the overall health and safety of their workers.

    The New York State Department of Health is launching a social media and awareness campaign in May to remind employers and employees about strategies to stay safe on the job. This year’s campaign focuses on fall prevention and ladder safety. To help prevent injuries, employers are encouraged to take steps to prioritize safety as a core value and establish clear health and safety policies and training programs. Effective worker safety programs identify on-the-job hazards and establish proper controls and comply with New York State Occupational Safety and Health (OSHA) regulations.

    According to the most recent fatality data for New York State for 2023, the fatality rate for workers in New York State continues on the downward trend with 2.8 deaths per 100,000 full-time workers.

    There were a total of 246 fatal traumatic work injuries in New York State in 2023, many of which were preventable. A traumatic work injury is an injury sustained on the job due to an acute, identifiable event, such as a fall, machinery accident, assault or exposure.

    Research data indicates that there were also more than 7,000 deaths that occurred in 2023 from work-related diseases and illnesses, such as work-related cancers, circulatory diseases related to desk work. Additionally, more than 190,000 recordable nonfatal injuries occur each year in New York State workplaces which can potentially become precursors to future fatal incidents.

    The leading events contributing to deaths in all of New York State in 2023 were transportation incidents, which accounted for more than one-third of all work-related deaths. This includes motor vehicle collisions and incidents where pedestrian workers were struck by vehicles. Other major events included falls (especially from heights) and exposures to harmful substances or environments, such as unintentional drug overdoses, exposures to extreme heat or cold, electrocutions and exposures to chemicals.

    Out of the 246 deaths in New York State in 2023, 220 were male (89 percent) and 26 (11 percent) were female. Older workers aged 55 and over made up 40 percent of all fatal occupational injuries in 2023. The fatal injury rate for workers aged 65 and over is almost double that for all workers.

    Foreign-born workers make up almost 35 percent of all worker deaths in New York State. Hispanic and Latino workers represented 26 percent of all worker deaths in New York State in 2023. The fatal injury rate for this group is 1.4 times the rate for all workers.

    The New York State Department of Health collects this information to help researchers gain a better understanding of occupational fatalities and to provide employers and workers with the knowledge they need to stay safe on the job. Staff conduct in-depth investigations of worker deaths to determine what went wrong and to develop better injury prevention guidance and training programs that will assist in hazard identification and assessment procedures.

    Staff at the State Health Department collaborate with vulnerable workers, employers and worker advocates to develop guidelines and training programs to help reduce worker injury and fatalities. Learn more at health.ny.gov/worksafe.

    New York State Department of Transportation Commissioner Marie Therese Dominguez said, “Our dedicated highway and transportation workers perform their jobs in dangerous situations so that all New Yorkers can go about our daily travels safely and efficiently. Tragically, some of them never returned home. It is entirely appropriate that on Workers Memorial Day we honor their service and their sacrifice and recommit ourselves to doing everything we can to keep these public servants safe. Why? Because safety is everyone’s responsibility, and I urge all New Yorkers to please, put your phone down and pay attention when you are driving and slow down and move over in work zones. Lives are literally at stake.”

    New York State Thruway Authority Executive Director Frank G. Hoare said, “In its 70+ year history, the Thruway Authority has lost 22 dedicated employees while on the job, two in the last year. Our Maintenance employees embody the heart and soul of this organization. Roadside workers risk their lives every day to ensure the safety of all drivers on the road, and on this Workers’ Memorial Day, we remember the fallen and honor their commitment and sacrifice to the State of New York.”

    The New York State Department of Transportation and Thruway Authority, joined by State and local partners, will host a Workers Memorial Day ceremony to honor fallen highway and transportation workers Tuesday at the New York State Fairgrounds. A total of 58 members of the NYSDOT family and 22 Thruway employees have been killed while on the job over the course of the history of the two organizations. The memorial event will include the ceremonial unveiling of hat and vest displays for Vincent “Vinny” Giammarva and Stephen “Steve” Ebling, two New York State Thruway Authority employees who lost their lives in highway work zone incidents in 2024.

    The AFL-CIO first declared April 28 “Workers’ Memorial Day” in 1989 in remembrance of the working people killed and injured on the job every year. The Occupational Safety and Health Act of 1970, which established the OSHA, went into effect on April 28, 1971.

    New York State AFL-CIO President Mario Cilento said, “On Workers Memorial Day, we pause to remember and honor the workers who lost their lives on the job and reaffirm our unwavering promise to fight to improve workplace safety. Workers have a fundamental right to a safe job as promised when the Occupational Safety and Health Act was enacted. No worker should lose their life or become ill while performing their job, and no family should have to grieve the loss of a loved one due to preventable and avoidable hazardous working conditions. The New York State AFL-CIO is committed to fighting with every ounce of its existence to ensure that every worker is as safe as possible in every workplace throughout our state. That is the only way we can truly honor those we have lost.”

    Civil Service Employees Association President Mary E. Sullivan said, “Today, all of CSEA stands together to honor the public employees who made the ultimate sacrifice in service to our communities. Their dedication, courage, and commitment to the people of New York will never be forgotten. As we remember them, we renew our promise to fight for safer workplaces, respect for all workers, and the dignity they so deeply deserve. In their memory, we move forward, stronger and more determined than ever.”

    New York State Public Employees Federation President Wayne Spence said, “There is no such thing as a workplace accident – nearly all on-the-job fatalities could and should be prevented. On this Workers’ Memorial Day, we honor and remember those who died or suffered injury or illness while at work, and we continue the call to action to fight for safer jobs. PEF has always been on the front lines of protecting worker health and safety and we remain committed to making sure every worker goes home at the end of their shift.”

    MIL OSI USA News –

  • MIL-OSI: NXP Semiconductors Reports First Quarter 2025 Results, Announces Management Transition

    Source: GlobeNewswire (MIL-OSI)

    EINDHOVEN, The Netherlands, April 28, 2025 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the first quarter, which ended March 30, 2025. “NXP delivered quarterly revenue of $2.84 billion, in-line with the midpoint of guidance. NXP’s first-quarter results and guidance for the second quarter underpin a cautious optimism that NXP continues to effectively navigate through a challenging set of market conditions. We are operating in a very uncertain environment influenced by tariffs with volatile direct and indirect effects. Considering these external factors, we are redoubling our efforts to manage what is in our direct control, enabling NXP to drive solid profitability and earnings,” said Kurt Sievers, NXP President and Chief Executive Officer.

    The company announced that Mr. Sievers has informed the Board of Directors of his intention to retire from NXP at the end of 2025. “Kurt has been a dynamic, visionary, and highly effective CEO of NXP since May 2020,” said Julie Southern, NXP’s Chair of the Board of Directors. “He has been instrumental in leading the definition and implementation of NXP’s strategy to be the leader in intelligent systems at the edge within the Automotive and Industrial & IoT end markets. After a successful 30-year career with NXP, we are saddened to see Kurt retire. We and the entire NXP community thank him for his leadership and wish him the absolute best in his retirement.”

    Following a comprehensive and thorough succession planning process, NXP’s Board of Directors announced that it has unanimously approved Mr. Rafael Sotomayor to succeed Mr. Sievers as President, effective April 28, 2025. Messrs. Sievers and Sotomayor will work closely to orchestrate a smooth leadership transition until October 28, 2025, when Mr. Sotomayor will assume the role of President and Chief Executive Officer. “Rafael has been an integral part of creating and shaping NXP’s strategy and enabling the company’s success. We are confident he is ideally suited to assume the role of President and CEO at NXP, and to execute the company’s vision for leadership in the intelligent systems at the edge within the Automotive and Industrial & IoT end markets,” said Ms. Southern.

    Mr. Sievers’ departure is a purely personal decision and is not related to any disagreement with the Board of Directors, or any issues relating to the strategic or financial performance of the company.

    Key Highlights for the First Quarter 2025:

    • Revenue was $2.84 billion, down 9 percent year-on-year;
    • GAAP gross margin was 55.0 percent, GAAP operating margin was 25.5 percent and GAAP diluted Net Income per Share was $1.92;
    • Non-GAAP gross margin was 56.1 percent, non-GAAP operating margin was 31.9 percent, and non-GAAP diluted Net Income per Share was $2.64;
    • Cash flow from operations was $565 million, with net capex investments of $138 million, resulting in non-GAAP free cash flow of $427 million;
    • Capital return during the quarter was $561 million, representing 131 percent of first quarter non-GAAP free cash flow. Share buybacks were $303 million and dividends paid during the quarter were $258 million. After the end of the first quarter, between March 31, 2025, and April 25, 2025, NXP executed via a 10b5-1 program additional share repurchases totaling $90 million;
    • On January 7, 2025, NXP announced the MCX L14x and MCX L25x, the first families in the ultra-low-power L Series of the MCX microcontroller portfolio. The MCX L series features a dual-core architecture with an independent ultra-low-power sense domain to enable challenging battery-limited applications, such as sensors for industrial monitoring, building management, and flow metering;
    • On January 8, 2025, Honeywell and NXP announced an expansion of its partnership that will accelerate aviation product development and chart the path for autonomous flight. The Honeywell Anthem cockpit is powered by NXP’s i.MX 8 applications processors to help improve operational efficiency, safety and unlock value for pilots and operators. This builds on the companies’ existing relationship, which is focused on helping optimize how building management systems sense and securely control energy consumption;
    • On January 15, 2025, NXP announced it has secured a €1 billion loan from the European Investment Bank (EIB) to advance the company’s RDI investments across its broad portfolio of semiconductor solutions. The €1 billion loan facility carries a weighted average interest rate of 4.54 percent when drawn in dollar denominated tranches, under the current market conditions and has a duration of six years;
    • On February 10, 2025, NXP announced the agreement to acquire Kinara Inc., an industry leader in high performance, energy-efficient and programmable discrete neural processing units (NPUs) to enable intelligence at the edge solutions. The all-cash transaction was valued at $307 million and is expected to close in the first half of 2025, subject to customary closing conditions, including regulatory clearances;
    • On March 11, 2025, NXP announced the new S32K5 family of automotive microcontrollers (MCU), the automotive industry’s first 16nm FinFET MCU with embedded magnetic RAM (MRAM). The S32K5 MCU family will extend the NXP CoreRide platform with pre-integrated zonal and electrification system solutions for scalable software-defined vehicle (SDV) architectures.

    Summary of Reported First Quarter 2025 ($ millions, unaudited) (1)

      Q1 2025 Q4 2024 Q1 2024 Q – Q Y – Y
    Total Revenue $ 2,835   $ 3,111   $ 3,126   -9 % -9 %
    GAAP Gross Profit $ 1,560   $ 1,678   $ 1,783   -7 % -13 %
    Gross Profit Adjustments (i) $ (31 ) $ (111 ) $ (35 )    
    Non-GAAP Gross Profit $ 1,591   $ 1,789   $ 1,818   -11 % -12 %
    GAAP Gross Margin   55.0 %   53.9 %   57.0 %    
    Non-GAAP Gross Margin   56.1 %   57.5 %   58.2 %    
    GAAP Operating Income (Loss) $ 723   $ 675   $ 856   7 % -16 %
    Operating Income Adjustments (i) $ (181 ) $ (390 ) $ (224 )    
    Non-GAAP Operating Income $ 904   $ 1,065   $ 1,080   -15 % -16 %
    GAAP Operating Margin   25.5 %   21.7 %   27.4 %    
    Non-GAAP Operating Margin   31.9 %   34.2 %   34.5 %    
    GAAP Net Income (Loss) attributable to Stockholders $ 490   $ 495   $ 639   -1 % -23 %
    Net Income Adjustments (i) $ (183 ) $ (322 ) $ (201 )    
    Non-GAAP Net Income (Loss) Attributable to Stockholders $ 673   $ 817   $ 840   -18 % -20 %
    GAAP diluted Net Income (Loss) per Share (ii) $ 1.92   $ 1.93   $ 2.47   — % -22 %
    Non-GAAP diluted Net Income (Loss) per Share (ii) $ 2.64   $ 3.18   $ 3.24   -17 % -19 %
    Additional information          
      Q1 2025 Q4 2024 Q1 2024 Q – Q Y – Y
    Automotive $ 1,674 $ 1,790 $ 1,804 -6 % -7 %
    Industrial & IoT $ 508 $ 516 $ 574 -2 % -11 %
    Mobile $ 338 $ 396 $ 349 -15 % -3 %
    Comm. Infra. & Other $ 315 $ 409 $ 399 -23 % -21 %
    DIO   169   151   144    
    DPO   62   65   65    
    DSO   34   30   26    
    Cash Conversion Cycle   141   116   105    
    Channel Inventory (weeks)   9   8   7    
    Gross Financial Leverage (iii) 2.4x 2.1x 1.9x    
    Net Financial Leverage (iv) 1.6x 1.5x 1.3x    
               
    1. Additional Information for the First Quarter 2025:
      1. For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.
      2. Refer to Table 1 below for the weighted average number of diluted shares for the presented periods.
      3. Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.
      4. Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA.

        5. Guidance for the Second Quarter 2025: ($ millions, except Per Share data) (1)

           
          GAAP   Reconciliation   non-GAAP
          Low   Mid   High       Low   Mid   High
        Total Revenue $2,800   $2,900   $3,000       $2,800   $2,900   $3,000
        Q-Q -1%   2%   6%       -1%   2%   6%
        Y-Y -10%   -7%   -4%       -10%   -7%   -4%
        Gross Profit $1,533   $1,604   $1,675   $(29)   $1,562   $1,633   $1,704
        Gross Margin 54.8%   55.3%   55.8%       55.8%   56.3%   56.8%
        Operating Income (loss) $680   $741   $802   $(182)   $862   $923   $984
        Operating Margin 24.3%   25.6%   26.7%       30.8%   31.8%   32.8%
        Financial Income (expense) $(100)   $(100)   $(100)   $(12)   $(88)   $(88)   $(88)
        Tax rate 18.5%-19.5%       17.0%-18.0%
        Equity-accounted investees $(8)   $(8)   $(8)   $(6)   $(2)   $(2)   $(2)
        Non-controlling interests $(9)   $(9)   $(9)       $(9)   $(9)   $(9)
        Shares – diluted 255.0   255.0   255.0       255.0   255.0   255.0
        Earnings Per Share – diluted $1.78   $1.97   $2.16       $2.46   $2.66   $2.86


        Note (1) Additional Information:

        1. GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(7) million; Share-based Compensation, $(15) million; Other Incidentals, $(7) million;
        2. GAAP Operating Income (loss) is expected to include PPA effects, $(33) million; Share-based Compensation, $(115) million; Restructuring and Other Incidentals, $(34) million;
        3. GAAP Financial Income (expense) is expected to include Other financial expense $(12) million;
        4. GAAP Results relating to equity-accounted investees is expected to include results relating to non-foundry equity-accounted investees $(6) million;
        5. GAAP diluted EPS is expected to include the adjustments noted above for PPA effects, Share-based Compensation, Restructuring and Other Incidentals in GAAP Operating Income (loss), the adjustment for Other financial expense, the adjustment for results relating to non-foundry equity-accounted investees and the adjustment on Tax due to the earlier mentioned adjustments.

        NXP has based the guidance included in this release on judgments and estimates that management believes are reasonable given its assessment of historical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP’s control. The guidance included in this release should not be regarded as representations by NXP that the estimated results will be achieved. Actual results may vary materially from the guidance we provide today. In relation to the use of non-GAAP financial information see the note regarding “Non-GAAP Financial Measures” below. For the factors, risks, and uncertainties to which judgments, estimates and forward-looking statements generally are subject see the note regarding “Forward-looking Statements.” We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.

        Non-GAAP Financial Measures

        In managing NXP’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures, that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (“GAAP”). In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to core operating performance, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.

        These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at https://investors.nxp.com for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP’s operations.

        In addition to providing financial information on a basis consistent with GAAP, NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Amortization of acquisition-related intangible assets, (vi) Other income, (vii) Operating income (loss), (viii) Operating margin, (ix) Financial Income (expense), (x) Income tax benefit (provision), (xi) Results relating to non-foundry equity-accounted investees, (xii) Net income (loss) attributable to stockholders, (xiii) Earnings per Share – Diluted, (xiv) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xv) free cash flow, trailing 12 month free cash flow and trailing 12 month free cash flow as a percent of Revenue. The non-GAAP information excludes, where applicable, the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, extinguishment of debt, foreign exchange gains and losses, income tax effect on adjustments described above and results from non-foundry equity-accounted investments.

        The difference in the benefit (provision) for income taxes between our GAAP and non-GAAP results relates to the income tax effects of the GAAP to non-GAAP adjustments that we make and the income tax effect of any discrete items that occur in the interim period. Discrete items primarily relate to unexpected tax events that may occur as these amounts cannot be forecasted (e.g., the impact of changes in tax law and/or rates, changes in estimates or resolved tax audits relating to prior year tax provisions, the excess or deficit tax effects on share-based compensation, etc.).

        Conference Call and Webcast Information

        The company will host a conference call with the financial community on Tuesday, April 29, 2025 at 8:00 a.m. U.S. Eastern Daylight Time (EDT) to review the first quarter 2025 results in detail.

        Interested parties may preregister to obtain a user-specific access code for the call here.

        The call will be webcast and can be accessed from the NXP Investor Relations website at www.nxp.com. A replay of the call will be available on the NXP Investor Relations website within 24 hours of the actual call.

        About NXP Semiconductors

        NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP’s “Brighter Together” approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $2.84 billion in 2024. Find out more at www.nxp.com.

        Forward-looking Statements

        This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; our ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to NXP’s established supply chains; the impact of government actions and regulations, including restrictions on the export of US-regulated products and technology; increasing and evolving cybersecurity threats and privacy risks, including theft of sensitive or confidential data; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity to meet both NXP’s debt service and research and development and capital investment requirements; our ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers to meet demand; our access to production capacity from third-party outsourcing partners, and any events that might affect their business or NXP’s relationship with them; our ability to secure adequate and timely supply of equipment and materials from suppliers; our ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; our ability to form strategic partnerships and joint ventures and to successfully cooperate with our alliance partners; our ability to win competitive bid selection processes; our ability to develop products for use in customers’ equipment and products; the ability to successfully hire and retain key management and senior product engineers; global hostilities, including the invasion of Ukraine by Russia and resulting regional instability, sanctions and any other retaliatory measures taken against Russia and the continued hostilities and the armed conflict in the Middle East, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our primary end markets; the ability to maintain good relationships with NXP’s suppliers; and a change in tax laws could have an effect on our estimated effective tax rate. In addition, this document contains information concerning the semiconductor industry, our end markets and business generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, our end markets and business will develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

        For further information, please contact:

        Investors:
        Jeff Palmer 
        jeff.palmer@nxp.com
        +1 408 205 0687        		 Media:
        Paige Iven
        paige.iven@nxp.com
        +1 817 975 0602
           
        NXP-CORP


        NXP Semiconductors
        Table 1: Condensed consolidated statement of operations (unaudited)

        ($ in millions except share data) Three months ended
          March 30,
        2025        		   December 31,
        2024        		   March 31,
        2024
                   
        Revenue $ 2,835     $ 3,111     $ 3,126  
        Cost of revenue   (1,275 )     (1,433 )     (1,343 )
        Gross profit   1,560       1,678       1,783  
        Research and development   (547 )     (612 )     (564 )
        Selling, general and administrative   (281 )     (323 )     (306 )
        Amortization of acquisition-related intangible assets   (27 )     (28 )     (51 )
        Total operating expenses   (855 )     (963 )     (921 )
        Other income (expense)   18       (40 )     (6 )
        Operating income (loss)   723       675       856  
        Financial income (expense):          
        Other financial income (expense)   (92 )     (91 )     (70 )
        Income (loss) before income taxes   631       584       786  
        Benefit (provision) for income taxes   (130 )     (77 )     (141 )
        Results relating to equity-accounted investees   (4 )     (2 )     (1 )
        Net income (loss)   497       505       644  
        Less: Net income (loss) attributable to non-controlling interests   7       10       5  
        Net income (loss) attributable to stockholders   490       495       639  
                   
        Earnings per share data:          
        Net income (loss) per common share attributable to stockholders in $
        Basic $ 1.93     $ 1.95     $ 2.49  
        Diluted $ 1.92     $ 1.93     $ 2.47  
                   
        Weighted average number of shares of common stock outstanding during the period (in thousands):
        Basic   253,709       254,349       256,567  
        Diluted   255,018       256,628       258,954  
                   

        NXP Semiconductors
        Table 2: Condensed consolidated balance sheet (unaudited)

          ($ in millions) As of
            March 30,
        2025        		   December 31,
        2024        		   March 31,
        2024
        ASSETS          
        Current assets:          
          Cash and cash equivalents $         3,988           $         3,292           $         2,908        
          Short-term deposits           —                     —                     400        
          Accounts receivable, net           1,060                     1,032                     881        
          Inventories, net           2,350                     2,356                     2,102        
          Other current assets           627                     625                     603        
        Total current assets           8,025                     7,305                     6,894        
                     
        Non-current assets:          
          Deferred tax assets           1,284                     1,251                     1,048        
          Other non-current assets           1,942                     1,796                     1,290        
          Property, plant and equipment, net           3,210                     3,267                     3,304        
          Identified intangible assets, net           777                     836                     839        
          Goodwill           9,942                     9,930                     9,945        
        Total non-current assets           17,155                     17,080                     16,426        
                     
        Total assets           25,180                     24,385                     23,320        
                     
        LIABILITIES AND EQUITY          
        Current liabilities:          
          Accounts payable           863                     1,017                     954        
          Restructuring liabilities-current           75                     147                     68        
          Other current liabilities           1,412                     1,434                     1,906        
          Short-term debt           1,499                     500                     —        
        Total current liabilities           3,849                     3,098                     2,928        
                     
        Non-current liabilities:          
          Long-term debt           10,226                     10,354                     10,178        
          Restructuring liabilities           4                     10                     9        
          Other non-current liabilities           1,424                     1,392                     1,055        
        Total non-current liabilities           11,654                     11,756                     11,242        
                     
          Non-controlling interests           355                     348                     321        
          Stockholders’ equity           9,322                     9,183                     8,829        
        Total equity           9,677                     9,531                     9,150        
                   
        Total liabilities and equity           25,180                     24,385                     23,320        
                     

        NXP Semiconductors
        Table 3: Condensed consolidated statement of cash flows (unaudited)

        ($ in millions) Three months ended
          March 30,
        2025        		   December 31,
        2024        		   March 31,
        2024
        Cash flows from operating activities:          
        Net income (loss) $ 497     $ 505     $ 644  
        Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:          
        Depreciation and amortization   209       259       235  
        Share-based compensation   127       117       115  
        Amortization of discount (premium) on debt, net   1       1       1  
        Amortization of debt issuance costs   1       2       2  
        Net (gain) loss on sale of assets   (22 )     (1 )     (2 )
        Results relating to equity-accounted investees   4       2       1  
        (Gain) loss on equity securities, net   6       6       2  
        Deferred tax expense (benefit)   (27 )     (145 )     (64 )
        Changes in operating assets and liabilities:          
        (Increase) decrease in receivables and other current assets   (29 )     (25 )     (25 )
        (Increase) decrease in inventories   6       (122 )     32  
        Increase (decrease) in accounts payable and other liabilities   (110 )     16       (102 )
        (Increase) decrease in other non-current assets   (106 )     (218 )     6  
        Exchange differences   4       (1 )     3  
        Other items   4       (5 )     3  
        Net cash provided by (used for) operating activities   565       391       851  
                   
        Cash flows from investing activities:          
        Purchase of identified intangible assets   (25 )     (36 )     (32 )
        Capital expenditures on property, plant and equipment   (139 )     (130 )     (226 )
        Insurance recoveries received for equipment damage   —       —       2  
        Proceeds from the disposals of property, plant and equipment   1       1       2  
        Advance payment from sale of property, plant and equipment   —       30       —  
        Proceeds of short-term deposits   —       400       9  
        Purchase of investments   (53 )     (67 )     (34 )
        Proceeds from the sale of investments   —       —       5  
        Net cash provided by (used for) investing activities   (216 )     198       (274 )
                   
        Cash flows from financing activities:          
        Repurchase of long-term debt   —       —       (1,000 )
        Proceeds from the issuance of long-term debt   370       670       —  
        Cash paid for debt issuance costs   —       (1 )     —  
        Proceeds from the issuance of commercial paper notes   646       —       —  
        Repayment of commercial paper notes   (146 )     —       —  
        Dividends paid to common stockholders   (258 )     (258 )     (261 )
        Proceeds from issuance of common stock through stock plans   37       3       37  
        Purchase of treasury shares and restricted stock unit withholdings   (303 )     (455 )     (303 )
        Other, net   (1 )     —       (1 )
        Net cash provided by (used for) financing activities   345       (41 )     (1,528 )
                   
        Effect of changes in exchange rates on cash positions   2       (4 )     (3 )
        Increase (decrease) in cash and cash equivalents   696       544       (954 )
        Cash and cash equivalents at beginning of period   3,292       2,748       3,862  
        Cash and cash equivalents at end of period   3,988       3,292       2,908  
                   
        Net cash paid during the period for:          
        Interest   41       92       38  
        Income taxes, net of refunds   96       280       198  
        Net gain (loss) on sale of assets:          
        Cash proceeds from the sale of assets   31       1       2  
        Book value of these assets   (9 )     —       —  
        Non-cash investing activities:          
        Non-cash capital expenditures   108       161       223  
                   

        NXP Semiconductors
        Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)

        ($ in millions except share data) Three months ended
          March 30,
        2025        		   December 31,
        2024        		   March 31,
        2024
        GAAP Gross Profit $ 1,560     $ 1,678     $ 1,783  
        PPA Effects   (8 )     (11 )     (12 )
        Restructuring   (4 )     (21 )     (3 )
        Share-based compensation   (16 )     (15 )     (15 )
        Other incidentals   (3 )     (64 )     (5 )
        Non-GAAP Gross Profit $ 1,591     $ 1,789     $ 1,818  
        GAAP Gross margin   55.0 %     53.9 %     57.0 %
        Non-GAAP Gross margin   56.1 %     57.5 %     58.2 %
        GAAP Research and development $ (547 )   $ (612 )   $ (564 )
        Restructuring   (7 )     (50 )     (3 )
        Share-based compensation   (64 )     (60 )     (58 )
        Other incidentals   (1 )     (5 )     (1 )
        Non-GAAP Research and development $ (475 )   $ (497 )   $ (502 )
        GAAP Selling, general and administrative $ (281 )   $ (323 )   $ (306 )
        Restructuring   (3 )     (41 )     (1 )
        Share-based compensation   (47 )     (42 )     (42 )
        Other incidentals   (20 )     (12 )     (29 )
        Non-GAAP Selling, general and administrative $ (211 )   $ (228 )   $ (234 )
        GAAP Operating income (loss) $ 723     $ 675     $ 856  
        PPA effects   (40 )     (39 )     (63 )
        Restructuring   (14 )     (112 )     (7 )
        Share-based compensation   (127 )     (117 )     (115 )
        Other incidentals   —       (122 )     (39 )
        Non-GAAP Operating income (loss) $ 904     $ 1,065     $ 1,080  
        GAAP Operating margin   25.5 %     21.7 %     27.4 %
        Non-GAAP Operating margin   31.9 %     34.2 %     34.5 %
        GAAP Income tax benefit (provision) $ (130 )   $ (77 )   $ (141 )
        Income tax effect   13       87       30  
        Non-GAAP Income tax benefit (provision) $ (143 )   $ (164 )   $ (171 )
        GAAP Net income (loss) attributable to stockholders $ 490     $ 495     $ 639  
        PPA Effects   (40 )     (39 )     (63 )
        Restructuring   (14 )     (112 )     (7 )
        Share-based compensation   (127 )     (117 )     (115 )
        Other incidentals   —       (122 )     (39 )
        Other adjustments:          
        Adjustments to financial income (expense)   (12 )     (17 )     (6 )
        Income tax effect   13       87       30  
        Results relating to equity-accounted investees, excluding Foundry investees1   (3 )     (2 )     (1 )
        Non-GAAP Net income (loss) attributable to stockholders $ 673     $ 817     $ 840  
                   
                   
        Additional Information:          
        1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.
                   
        GAAP net income (loss) per common share attributable to stockholders – diluted $ 1.92     $ 1.93     $ 2.47  
        PPA Effects   (0.16 )     (0.15 )     (0.24 )
        Restructuring   (0.05 )     (0.44 )     (0.03 )
        Share-based compensation   (0.50 )     (0.46 )     (0.44 )
        Other incidentals   —       (0.47 )     (0.15 )
        Other adjustments:          
        Adjustments to financial income (expense)   (0.05 )     (0.07 )     (0.02 )
        Income tax effect   0.05       0.34       0.11  
        Results relating to equity-accounted investees, excluding Foundry investees1   (0.01 )     —       —  
        Non-GAAP net income (loss) per common share attributable to stockholders – diluted $ 2.64     $ 3.18     $ 3.24  
                   
                   
        Additional Information:          
        1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.

        NXP Semiconductors
        Table 5: Financial Reconciliation of GAAP to non-GAAP Financial income (expense) (unaudited)

          ($ in millions) Three months ended
            March 30,
        2025        		   December 31,
        2024        		   March 31,
        2024
        GAAP Financial income (expense) $ (92 )   $ (91 )   $ (70 )
          Foreign exchange loss   (3 )     3       (1 )
          Other financial expense   (9 )     (20 )     (5 )
        Non-GAAP Financial income (expense) $ (80 )   $ (74 )   $ (64 )
                     

        NXP Semiconductors
        Table 6: Financial Reconciliation of GAAP to non-GAAP Other income (expense) (unaudited)

          ($ in millions) Three months ended
            March 30,
        2025        		   December 31,
        2024        		   March 31,
        2024
        GAAP Other income (expense) $ 18     $ (40 )   $ (6 )
          PPA effects   (5 )     —       —  
          Other incidentals   24       (41 )     (4 )
        Non-GAAP Other income (expense) $ (1 )   $ 1     $ (2 )
                   

        NXP Semiconductors
        Table 7: Financial Reconciliation of GAAP to non-GAAP Results relating to equity-accounted investees (unaudited)

          ($ in millions) Three months ended
            March 30,
        2025        		   December 31,
        2024        		   March 31,
        2024
        GAAP Results relating to equity-accounted investees $ (4 )   $ (2 )   $ (1 )
          Results of equity-accounted investees, excluding Foundry investees1   (3 )     (2 )     (1 )
        Non-GAAP Results relating to equity-accounted investees $ (1 )   $ —     $ —  
                   
        Additional Information:
        1. We adjust our results relating to equity-accounted investees for those results from investments over which NXP has significant influence, but not control, and whose business activities are not related to the core operating performance of NXP. Our equity-investments in foundry partners are part of our long-term core operating performance and accordingly those results comprise the Non-GAAP Results relating to equity-accounted investees.


        NXP Semiconductors
        Table 8: Adjusted EBITDA and Free Cash Flow (unaudited)

        ($ in millions) Three months ended
          March 30,
        2025        		   December 31,
        2024        		   March 31,
        2024
        GAAP Net income (loss) $ 497     $ 505     $ 644  
        Reconciling items to EBITDA (Non-GAAP)          
        Financial (income) expense   92       91       70  
        (Benefit) provision for income taxes   130       77       141  
        Depreciation and impairment   143       190       145  
        Amortization   66       69       90  
        EBITDA (Non-GAAP) $ 928     $ 932     $ 1,090  
        Reconciling items to adjusted EBITDA (Non-GAAP)          
        Results of equity-accounted investees, excluding Foundry investees1   3       2       1  
        Purchase accounting effect on asset sale   5       —       —  
        Restructuring   14       112       7  
        Share-based compensation   127       117       115  
        Other incidental items2   (4 )     77       39  
        Adjusted EBITDA (Non-GAAP) $ 1,073     $ 1,240     $ 1,252  
        Trailing twelve month adjusted EBITDA (Non-GAAP) $ 4,885     $ 5,064     $ 5,395  
                   
        Additional Information:          
        1. Refer to Table 7 above for further information regarding the results relating to equity-accounted investees.
        2. Excluding from total other incidental items, charges included in depreciation, amortization or impairment reconciling items:
        – other incidental items   4       45       —  
                   
                   
                   
        ($ in millions) Three months ended
          March 30,
        2025        		   December 31,
        2024        		   March 31,
        2024
        Net cash provided by (used for) operating activities $ 565     $ 391     $ 851  
        Net capital expenditures on property, plant and equipment   (138 )     (99 )     (224 )
        Non-GAAP free cash flow $ 427     $ 292     $ 627  
        Trailing twelve month non-GAAP free cash flow $ 1,889     $ 2,089     $ 2,933  
        Trailing twelve month non-GAAP free cash flow as percent of Revenue   15 %     17 %     22 %
                   

      The MIL Network –

  • MIL-OSI: Two Senior Executives Join the Diginex Team to Drive Sustainable Finance Initiatives and strategic M&A

    Source: GlobeNewswire (MIL-OSI)

    LONDON, April 28, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex”) (NASDAQ: DGNX), a leading impact technology company focused on solving pressing environmental, social, and governance (ESG) challenges, is thrilled to announce the appointment of two senior executives to the Diginex team. This builds off recent news of strategic alliances signed with Russell Bedford International, Forvis Mazars, and Baker Tilly Singapore, marking a significant step for Diginex to support a sustainable and innovation-driven economy.

    Dan Campion was appointed as Diginex’s Global Chief Commercial Officer. With a distinguished career in strategic leadership and business development, Mr. Campion will spearhead Diginex’s efforts to expand its ESG solutions and sustainable finance offerings, reinforcing the Diginex’s commitment to creating a more responsible and resilient global economy.  

    Mr. Campion brings a wealth of experience to Diginex, having held senior leadership roles across multiple industries, including most recently as Global Head of “Markets” Sales at S&P Global. His expertise in navigating complex markets and delivering client-focused solutions aligns seamlessly with Diginex’s mission to empower organizations with cutting-edge tools for sustainability and ethical governance. In his new role, Mr. Campion will oversee Diginex’s global commercial strategy, help to accelerate market penetration, and strengthen Diginex’s position as a trusted partner in ESG and sustainable finance.  

    Lorenzo Romano was appointed as Diginex’s Lead Strategic Advisor on M&A. Mr. Romano is a seasoned banking executive with a distinguished track record in private banking, wealth management, and strategic growth advisory. Formerly Head of Private Banking at EFG Bank, Geneva, Mr. Romano spearheaded key initiatives to elevate client experience and expand the bank’s footprint. Prior to that, Mr. Romano served as Head of Switzerland, Europe, and the Middle East at Syz Bank, where he successfully led cross-border operations and business development across multiple regions. Leveraging over two decades of leadership in the financial sector, Mr. Romano will help to identify and execute accretive transactions across the Sustainability RegTech sector as the Company pursues a strategy of growth through acquisitions to complement the organic growth of its existing product lines.

    “We are delighted to welcome both Dan Campion and Lorenzo Romano to the Diginex team,” said Miles Pelham, Chairman and Founder of Diginex. “Their deep understanding of commercial dynamics and passion for sustainable innovation makes them the ideal leaders to advance our Sustainable RegTech solutions. Their appointments mark an exciting step forward as we continue to support businesses worldwide in achieving their sustainability goals as well as look to grow through accretive M&A transactions.”  

    About Diginex Limited

    Diginex Limited (Nasdaq: DGNX; ISIN KYG286871044), headquartered in London, is a sustainable RegTech business that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. The Company utilizes blockchain, AI, machine learning and data analysis technology to lead change and increase transparency in corporate regulatory reporting and sustainable finance. Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. 

    The award-winning diginexESG platform supports 17 global frameworks, including GRI (the “Global Reporting Initiative”), SASB (the “Sustainability Accounting Standards Board”), and TCFD (the “Task Force on Climate-related Financial Disclosures”). Clients benefit from end-to-end support, ranging from materiality assessments and data management to stakeholder engagement, report generation and an ESG Ratings Support Service.

    For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results disclosed in the Company’s filings with the SEC.

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email: ir@diginex.com  

    IR Contact – Europe
    Anna Höffken
    Phone: +49.40.609186.0
    Email: diginex@kirchhoff.de

    IR Contact – US
    Kincade Ayers
    Lambert by LLYC
    Phone: +1 (616) 258-5794
    Email: kincade.ayers@llyc.global

    IR Contact – Asia
    Shelly Cheng
    Strategic Public Relations Group Ltd.
    Phone: +852 2864 4857
    Email: sprg_diginex@sprg.com.hk

    The MIL Network –

  • MIL-OSI: Transocean Ltd. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

      Three months ended         Three months ended      
      March 31,   December 31,   sequential   March 31,   year-over-year
      2025   2024   change   2024   change
    (In millions, except per share amounts, percentages and backlog)                            
    Contract drilling revenues $ 906     $ 952     $ (46 )   $ 763     $ 143  
    Revenue efficiency (1)   95.5 %     93.5 %           92.9 %      
    Operating and maintenance expense $ 618     $ 579     $ (39 )   $ 523     $ (95 )
    Net income (loss) attributable to controlling interest $ (79 )   $ 7     $ (86 )   $ 98     $ (177 )
    Basic earnings (loss) per share $ (0.09 )   $ 0.01     $ (0.10 )   $ 0.12     $ (0.21 )
    Diluted earnings (loss) per share $ (0.11 )   $ (0.11 )   $ —     $ 0.11     $ (0.22 )
                                 
    Adjusted EBITDA $ 244     $ 323     $ (79 )   $ 199     $ 45  
    Adjusted EBITDA margin   26.9 %     33.9 %           26.0 %      
    Adjusted net income (loss) $ (65 )   $ 27     $ (92 )   $ (22 )   $ (43 )
    Adjusted diluted loss per share $ (0.10 )   $ (0.09 )   $ (0.01 )   $ (0.03 )   $ (0.07 )
                                 
                                 
    Backlog as of the April 2025 Fleet Status Report $ 7.9  billion      
                                 

    STEINHAUSEN, Switzerland, April 28, 2025 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $79 million, or loss of $0.11 per diluted share, for the three months ended March 31, 2025.

    First quarter results included $14 million, $0.01 per diluted share, for unfavorable discrete tax items, net. After consideration of these discrete items, first quarter 2025 adjusted net loss was $65 million, or loss of $0.10 per diluted share.

    Contract drilling revenues for the three months ended March 31, 2025, decreased sequentially by $46 million to $906 million, primarily due to lower revenues generated by one rig that was undergoing contract preparation and mobilization activities during the quarter, lower revenues generated by one rig that was idle in between contracts and two fewer days in the quarter, partially offset by higher revenue efficiency and average daily revenues across the fleet.

    Operating and maintenance expense was $618 million, compared with $579 million in the prior quarter. The sequential increase was the result of an unfavorable legal outcome in the first quarter, a favorable legal settlement in the fourth quarter and increased costs related to a rig in shipyard, partially offset by lower in-service maintenance costs across our fleet.

    General and administrative expense was $50 million, down from $56 million in the fourth quarter due primarily to decreased legal and professional fees.

    Interest expense was $152 million in the first and fourth quarter, excluding the favorable adjustment of $36 million and $61 million, respectively, for the fair value of the bifurcated exchange feature related to the 4.625% exchangeable bonds. Interest income was $8 million, compared to $10 million in the prior quarter.

    The Effective Tax Rate(2) was (95.8)%, down from 89.0% in the prior quarter. The decrease was primarily due to lower operating income in the current quarter compared to the prior quarter. The Effective Tax Rate excluding discrete items was (62.3)% compared to 56.7% in the previous quarter.  In the first quarter, cash paid for taxes was $13 million.

    Cash provided by operating activities was $26 million during the first quarter of 2025, representing a decrease of $180 million compared to the prior quarter. The sequential decrease was in large part due to reduced collections from customers and increased payroll-related payments that regularly occur in the first quarter of each year.

    First quarter 2025 capital expenditures of $60 million, compared to $29 million in the prior quarter, were related to capital upgrades for certain rigs in our fleet.

    “The Transocean team delivered a solid quarter, with an adjusted EBITDA of $244 million on revenues of $906 million,” said Chief Executive Officer, Jeremy Thigpen. “We also improved our balance sheet with the repayment of $210 million in outstanding debt.”

    Thigpen concluded, “While uncertain macroeconomic conditions have resulted in near-term market volatility, including commodity prices, Transocean is very well-positioned to navigate this evolving landscape. In addition to continuing to deliver strong operating performance across our highly contracted fleet, we remain engaged in constructive conversations with our customers on opportunities several years in the future.”

    Non-GAAP Financial Measures

    We present our operating results in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). We believe certain financial measures, such as EBITDA, Adjusted EBITDA, Adjusted Net Income and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.

    All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

    About Transocean

    Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world.

    Transocean owns or has partial ownership interests in and operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.

    For more information about Transocean, please visit: www.deepwater.com.

    Conference Call Information

    Transocean will conduct a teleconference starting at 10 a.m. EDT, 4 p.m. CEST, on Tuesday, April 29, 2025, to discuss the results. To participate, dial +1 785-424-1619 and refer to conference code 119877 approximately 15 minutes prior to the scheduled start time.

    The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. Supplemental materials that may be referenced during the teleconference will be available at: www.deepwater.com, by selecting Investors, Financial Reports.

    A replay of the conference call will be available after 1 p.m. EDT, 7 p.m. CEST, on Tuesday, April 29, 2025. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-7202, passcode 119877. The replay will also be available on the company’s website.

    Forward-Looking Statements

    The statements described herein that are not historical facts are 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. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2024, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

    This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

    Notes

    (1)   Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. See the accompanying schedule entitled “Revenue Efficiency.”
         
    (2)   Effective Tax Rate is defined as income tax expense or benefit divided by income or loss before income taxes. See the accompanying schedule entitled “Supplemental Effective Tax Rate Analysis.”
         

    Analyst Contact:
    Alison Johnson
    +1 713-232-7214

    Media Contact:
    Pam Easton
    +1 713-232-7647

     
    TRANSOCEAN LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In millions, except per share data)
    (Unaudited)
     
      Three months ended
      March 31, 
      2025   2024
               
    Contract drilling revenues $ 906     $ 763  
               
    Costs and expenses          
    Operating and maintenance   618       523  
    Depreciation and amortization   176       185  
    General and administrative   50       52  
        844       760  
               
    Gain (loss) on disposal of assets, net   2       (6 )
    Operating income (loss)   64       (3 )
               
    Other income (expense), net          
    Interest income   8       15  
    Interest expense, net of amounts capitalized   (116 )     (117 )
    Other, net   4       12  
        (104 )     (90 )
    Loss before income tax expense (benefit)   (40 )     (93 )
    Income tax expense (benefit)   39       (191 )
               
    Net income (loss)   (79 )     98  
    Net income attributable to noncontrolling interest   —       —  
    Net income (loss) attributable to controlling interest $ (79 )   $ 98  
               
    Earnings (loss) per share          
    Basic $ (0.09 )   $ 0.12  
    Diluted $ (0.11 )   $ 0.11  
               
    Weighted-average shares outstanding          
    Basic   883       819  
    Diluted   958       955  
     
     TRANSOCEAN LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions, except share data)
    (Unaudited)
     
      March 31,   December 31,
      2025   2024
    Assets          
    Cash and cash equivalents $ 263     $ 560  
    Accounts receivable, net of allowance of $2 at March 31, 2025 and December 31, 2024   551       564  
    Materials and supplies, net of allowance of $184 and $178 at March 31, 2025 and December 31, 2024, respectively   453       439  
    Assets held for sale   344       343  
    Restricted cash and cash equivalents   428       381  
    Other current assets   165       165  
    Total current assets   2,204       2,452  
               
    Property and equipment   22,460       22,417  
    Less accumulated depreciation   (6,746 )     (6,586 )
    Property and equipment, net   15,714       15,831  
               
    Deferred tax assets, net   50       45  
    Other assets   1,051       1,043  
    Total assets $ 19,019     $ 19,371  
               
    Liabilities and equity          
    Accounts payable $ 273     $ 255  
    Accrued income taxes   24       31  
    Debt due within one year   712       686  
    Other current liabilities   647       691  
    Total current liabilities   1,656       1,663  
               
    Long-term debt   5,936       6,195  
    Deferred tax liabilities, net   519       499  
    Other long-term liabilities   697       729  
    Total long-term liabilities   7,152       7,423  
               
    Commitments and contingencies          
               
    Shares, $0.10 par value, 1,057,879,029 authorized, 141,262,093 conditionally authorized, 940,828,901 issued          
    and 883,261,456 outstanding at March 31, 2025, and $0.10 par value, 1,057,879,029 authorized,          
    141,262,093 conditionally authorized, 940,828,901 issued and 875,830,772 outstanding at December 31, 2024   88       87  
    Additional paid-in capital   14,887       14,880  
    Accumulated deficit   (4,624 )     (4,545 )
    Accumulated other comprehensive loss   (141 )     (138 )
    Total controlling interest shareholders’ equity   10,210       10,284  
    Noncontrolling interest   1       1  
    Total equity   10,211       10,285  
    Total liabilities and equity $ 19,019     $ 19,371  
     
    TRANSOCEAN LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In millions)
    (Unaudited)
     
      Three months ended
      March 31,
      2025   2024
    Cash flows from operating activities          
    Net income (loss) $ (79 )   $ 98  
    Adjustments to reconcile to net cash provided by (used in) operating activities:          
    Amortization of contract intangible asset   —       4  
    Depreciation and amortization   176       185  
    Share-based compensation expense   8       11  
    (Gain) loss on disposal of assets, net   (2 )     6  
    Amortization of debt-related balances, net   13       13  
    Gain on adjustment to bifurcated compound exchange feature   (36 )     (10 )
    Loss on impairment of investment in unconsolidated affiliates   —       1  
    Deferred income tax expense (benefit)   15       (164 )
    Other, net   4       —  
    Changes in deferred revenues, net   (38 )     77  
    Changes in deferred costs, net   (12 )     (38 )
    Changes in other operating assets and liabilities, net   (23 )     (269 )
    Net cash provided by (used in) operating activities   26       (86 )
               
    Cash flows from investing activities          
    Capital expenditures   (60 )     (83 )
    Investment in loan to unconsolidated affiliate   —       (2 )
    Proceeds from disposal of assets, net of costs to sell   2       44  
    Net cash used in investing activities   (58 )     (41 )
               
    Cash flows from financing activities          
    Repayments of debt   (210 )     (151 )
    Other, net   (8 )     (1 )
    Net cash used in financing activities   (218 )     (152 )
               
    Net decrease in unrestricted and restricted cash and cash equivalents   (250 )     (279 )
    Unrestricted and restricted cash and cash equivalents, beginning of period   941       995  
    Unrestricted and restricted cash and cash equivalents, end of period $ 691     $ 716  
                       
    TRANSOCEAN LTD. AND SUBSIDIARIES
    FLEET OPERATING STATISTICS
                       
                       
        Three months ended
        March 31,   December 31,   March 31,
    Contract Drilling Revenues (in millions)   2025   2024   2024
    Ultra-deepwater floaters   $ 658   $ 675   $ 569
    Harsh environment floaters     248     277     194
    Total contract drilling revenues   $ 906   $ 952   $ 763
        Three months ended
        March 31,   December 31,   March 31,
    Average Daily Revenue (1)   2025   2024   2024
    Ultra-deepwater floaters   $ 443,600   $ 428,200   $ 422,900
    Harsh environment floaters     443,600     452,600     367,900
    Total fleet average daily revenue   $ 443,600   $ 434,700   $ 408,200
          Three months ended
          March 31,   December 31,   March 31,
    Revenue Efficiency (2)     2025   2024   2024
    Ultra-deepwater floaters     94.3 %   92.0 %   92.7 %
    Harsh environment floaters     99.3 %   97.6 %   93.3 %
    Total fleet average revenue efficiency     95.5 %   93.5 %   92.9 %
          Three months ended
          March 31,   December 31,   March 31,
    Utilization (3)     2025   2024   2024
    Ultra-deepwater floaters     61.5 %   64.3 %   51.2 %
    Harsh environment floaters     69.5 %   75.0 %   62.0 %
    Total fleet average rig utilization     63.4 %   66.8 %   53.7 %
                         
                         
    (1) Average daily revenue is defined as operating revenues, excluding revenues for contract terminations, reimbursements and contract intangible amortization, earned per operating day. An operating day is defined as a day for which a rig is contracted to earn a dayrate during the firm contract period after operations commence.
                         
    (2) Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations.
                         
    (3) Rig utilization is defined as the total number of operating days divided by the total number of rig calendar days in the measurement period, expressed as a percentage.
         
    TRANSOCEAN LTD. AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE
    (in millions, except per share data)
         
         
      YTD
      03/31/25
    Adjusted Net Loss    
    Net loss attributable to controlling interest, as reported $ (79 )
    Discrete tax items   14  
    Net loss, as adjusted $ (65 )
         
    Adjusted Diluted Loss Per Share:    
    Diluted loss per share, as reported $ (0.11 )
    Discrete tax items   0.01  
    Diluted loss per share, as adjusted $ (0.10 )
        YTD   QTD   YTD   QTD   YTD   QTD   YTD
        12/31/24   12/31/24   09/30/24   09/30/24   06/30/24   06/30/24   03/31/24
    Adjusted Net Income (Loss)                                          
    Net income (loss) attributable to controlling interest, as reported   $ (512 )   $ 7     $ (519 )   $ (494 )   $ (25 )   $ (123 )   $ 98  
    Loss on impairment of assets, net of tax     755       —       755       617       138       138       —  
    Loss on impairment of investment in unconsolidated affiliates     5       —       5       —       5       4       1  
    Gain on retirement of debt     (161 )     —       (161 )     (21 )     (140 )     (140 )     —  
    Discrete tax items     (141 )     20       (161 )     (38 )     (123 )     (2 )     (121 )
    Net income (loss), as adjusted   $ (54 )   $ 27     $ (81 )   $ 64     $ (145 )   $ (123 )   $ (22 )
                                               
    Adjusted Diluted Earnings (Loss) Per Share:                                          
    Diluted earnings (loss) per share, as reported   $ (0.76 )   $ (0.11 )   $ (0.65 )   $ (0.58 )   $ (0.03 )   $ (0.15 )   $ 0.11  
    Loss on impairment of assets, net of tax     0.82       —       0.82       0.64       0.17       0.17       —  
    Loss on impairment of investment in unconsolidated affiliates     0.01       —       0.01       —       —       —       —  
    Gain on retirement of debt     (0.18 )     —       (0.18 )     (0.02 )     (0.17 )     (0.17 )     —  
    Discrete tax items     (0.15 )     0.02       (0.18 )     (0.04 )     (0.15 )     —       (0.14 )
    Diluted earnings (loss) per share, as adjusted   $ (0.26 )   $ (0.09 )   $ (0.18 )   $ —     $ (0.18 )   $ (0.15 )   $ (0.03 )
         
    TRANSOCEAN LTD. AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    ADJUSTED CONTRACT DRILLING REVENUES
    EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION AND RELATED MARGINS
    (in millions, except percentages)
         
         
      YTD
      03/31/25
         
    Contract drilling revenues $ 906  
         
    Net loss $ (79 )
    Interest expense, net of interest income   108  
    Income tax expense   39  
    Depreciation and amortization   176  
    EBITDA   244  
         
    Adjusted EBITDA $ 244  
         
         
    Loss margin   (8.7 )%
    EBITDA margin   26.9 %
    Adjusted EBITDA margin   26.9 %
                                               
        YTD   QTD   YTD   QTD   YTD   QTD   YTD
        12/31/24   12/31/24   09/30/24   09/30/24   06/30/24   06/30/24   03/31/24
                                                           
    Contract drilling revenues   $ 3,524     $ 952   $ 2,572     $ 948     $ 1,624     $ 861     $ 763  
    Contract intangible asset amortization     4       —     4       —       4       —       4  
    Adjusted Contract Drilling Revenues   $ 3,528     $ 952   $ 2,576     $ 948     $ 1,628     $ 861     $ 767  
                                                           
    Net income (loss)   $ (512 )   $ 7   $ (519 )   $ (494 )   $ (25 )   $ (123 )   $ 98  
    Interest expense, net of interest income     312       81     231       69       162       60       102  
    Income tax expense (benefit)     (11 )     55     (66 )     (31 )     (35 )     156       (191 )
    Depreciation and amortization     739       180     559       190       369       184       185  
    Contract intangible asset amortization     4       —     4       —       4       —       4  
    EBITDA     532       323     209       (266 )     475       277       198  
                                                           
    Loss on impairment of assets     772       —     772       629       143       143       —  
    Loss on impairment of investment in unconsolidated affiliates     5       —     5       —       5       4       1  
    Gain on retirement of debt     (161 )     —     (161 )     (21 )     (140 )     (140 )     —  
    Adjusted EBITDA   $ 1,148     $ 323   $ 825     $ 342     $ 483     $ 284     $ 199  
                                                           
                                                           
    Profit (loss) margin     (14.5 )%     0.7 %   (20.2 )%     (52.0 )%     (1.5 )%     (14.3 )%     12.9 %
    EBITDA margin     15.1 %     33.9 %   8.1 %     (28.1 )%     29.2 %     32.2 %     25.8 %
    Adjusted EBITDA margin     32.5 %     33.9 %   32.0 %     36.0 %     29.7 %     33.0 %     26.0 %
                                                           
                                                           
                       
                       
    TRANSOCEAN LTD. AND SUBSIDIARIES
    SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS
    (in millions, except tax rates)
                       
                       
        Three months ended
        March 31,   December 31,   March 31,
        2025   2024   2024
                       
    Income (loss) before income taxes   $ (40 )   $ 62     $ (93 )
    Loss on impairment of investment in unconsolidated affiliates     —       —       1  
    Adjusted income (loss) before income taxes   $ (40 )   $ 62     $ (92 )
                       
                       
    Income tax expense (benefit)   $ 39     $ 55     $ (191 )
    Loss on impairment of investment in unconsolidated affiliates     —       —       —  
    Changes in estimates (1)     (14 )     (20 )     121  
    Adjusted income tax expense (benefit)   $ 25     $ 35     $ (70 )
                       
    Effective Tax Rate (2)     (95.8 )%     89.0 %     206.0 %
                       
    Effective Tax Rate, excluding discrete items (3)     (62.3 )%     56.7 %     76.9 %
                       
                       
    (1) Our estimates change as we file tax returns, settle disputes with tax authorities, or become aware of changes in laws, operational changes and rig movements that have an effect on our (a) deferred taxes, (b) valuation allowances on deferred taxes and (c) other tax liabilities.
                       
    (2) Our effective tax rate is calculated as income tax expense or benefit divided by income or loss before income taxes.
                       
    (3) Our effective tax rate, excluding discrete items, is calculated as income tax expense or benefit, excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes), divided by income or loss before income taxes, excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes related to estimating the annual effective tax rate.
                                               
    TRANSOCEAN LTD. AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    FREE CASH FLOW AND LEVERED FREE CASH FLOW
    (in millions)
                                               
                                               
                                YTD
                                03/31/25
                                               
    Cash provided by operating activities                                       $ 26  
    Capital expenditures                                         (60 )
    Free Cash Flow                                         (34 )
    Debt repayments                                         (210 )
    Debt repayments, paid from debt proceeds                                         –  
    Levered Free Cash Flow                                       $ (244 )
                                               
                                               
                                               
        YTD   QTD   YTD   QTD   YTD   QTD   YTD
        12/31/24   12/31/24   09/30/24   09/30/24   06/30/24   06/30/24   03/31/24
                                               
    Cash provided by (used in) operating activities   $ 447     $ 206     $ 241     $ 194     $ 47     $ 133     $ (86 )
    Capital expenditures     (254 )     (29 )     (225 )     (58 )     (167 )     (84 )     (83 )
    Free Cash Flow     193       177       16       136       (120 )     49       (169 )
    Debt repayments     (2,103 )     (30 )     (2,073 )     (258 )     (1,815 )     (1,664 )     (151 )
    Debt repayments, paid from debt proceeds     1,748       –       1,748       99       1,649       1,649       –  
    Levered Free Cash Flow   $ (162 )   $ 147     $ (309 )   $ (23 )   $ (286 )   $ 34     $ (320 )
                                               
                                               
                                               
        YTD   QTD   YTD   QTD   YTD   QTD   YTD
        12/31/23   12/31/23   09/30/23   09/30/23   06/30/23   06/30/23   03/31/23
                                               
    Cash provided by (used in) operating activities   $ 164     $ 98     $ 66     $ (44 )   $ 110     $ 157     $ (47 )
    Capital expenditures     (427 )     (220 )     (207 )     (50 )     (157 )     (76 )     (81 )
    Free Cash Flow     (263 )     (122 )     (141 )     (94 )     (47 )     81       (128 )
    Debt repayments     (1,717 )     (10 )     (1,707 )     (139 )     (1,568 )     (4 )     (1,564 )
    Debt repayments, paid from debt proceeds     1,156       –       1,156       –       1,156       –       1,156  
    Levered Free Cash Flow   $ (824 )   $ (132 )   $ (692 )   $ (233 )   $ (459 )   $ 77     $ (536 )

    The MIL Network –

  • MIL-OSI: RBB Bancorp Reports First Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, April 28, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as the “Company,” announced financial results for the quarter ended March 31, 2025.

    First Quarter 2025 Highlights

    • Net income totaled $2.3 million, or $0.13 diluted earnings per share
    • Return on average assets of 0.24%, compared to 0.44% for the quarter ended December 31, 2024
    • Net interest margin expanded to 2.88%, up from 2.76% for the quarter ended December 31, 2024
    • Net loans held for investment growth of $89.8 million, or 12% annualized 
    • Nonperforming assets decreased $16.5 million, or 20.3%, to $64.6 million at March 31, 2025, down from $81.0 million at December 31, 2024
    • Book value and tangible book value per share(1) increased to $28.77 and $24.63 at March 31, 2025, up from $28.66 and $24.51 at December 31, 2024 

    The Company reported net income of $2.3 million, or $0.13 diluted earnings per share, for the quarter ended March 31, 2025, compared to net income of $4.4 million, or $0.25 diluted earnings per share, for the quarter ended December 31, 2024. First quarter of 2025 net income included $6.7 million in pre-tax provision for credit losses mostly related to reducing exposure to nonperforming loans, including higher specific reserves.

    “First quarter net income declined to $2.3 million, or 13 cents per share, as we took decisive action to address our nonperforming loans,” said David Morris, Chief Executive Officer of RBB Bancorp. “We reduced our net exposure to nonperforming loans to $51 million, including specific reserves, or 32% since year end. We remain focused on resolving our nonperforming loans as quickly as possible while minimizing the impact to earnings and capital and we think our actions in the first quarter reflect this.”

    “Our loan production was relatively strong during the first quarter driven by continued execution of our initiatives, which resulted in 12% annualized net loan growth. Our loan prospect pipeline continues to be healthy, and we anticipate loan growth to continue in the second quarter, albeit likely at a more moderate pace,” said Johnny Lee, President of RBB Bancorp and President and Chief Executive Officer of the Bank. “While the market environment is volatile, we have not observed significant signs of financial impact to our clients at this time.”

    (1 ) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

    Net Interest Income and Net Interest Margin

    Net interest income was $26.2 million for the first quarter of 2025, compared to $26.0 million for the fourth quarter of 2024. The $186,000 increase was due to a $2.4 million decrease in interest expense, offset by a $2.2 million decrease in interest income. The decrease in interest income was mostly due to the impact of fewer days in the quarter of $1.2 million and lower average excess liquidity (cash and cash equivalents and investment securities) of $1.5 million. The decrease in interest expense was mostly due to the impact of lower average funding rates of $1.5 million, fewer days in the quarter of $621,000 and lower average interest-bearing liabilities of $336,000. The $1.5 million attributed to lower average funding rates included $1.8 million due to a 29 basis point decrease in the average cost of interest-bearing deposits.

    The net interest margin (“NIM”) was 2.88% for the first quarter of 2025, an increase of 12 basis points from 2.76% for the fourth quarter of 2024. The NIM expansion was due to a 17 basis point decrease in the overall cost of funds, partially offset by a 3 basis point decrease in the yield on average interest-earning assets. The yield on average interest-earning assets decreased to 5.76% for the first quarter of 2025 from 5.79% for the fourth quarter of 2024 due mainly to a decrease in the yield on average cash and cash equivalents of 32 basis points and average loans of 2 basis points, partially offset by the benefit of a change in the mix in average-earning assets. Average loans represented 84% of average interest-earning assets in the first quarter of 2025, as compared to 82% in the fourth quarter of 2024.

    The average cost of funds decreased to 3.15% for the first quarter of 2025 from 3.32% for the fourth quarter of 2024, driven by a 29 basis point decrease in the average cost of interest-bearing deposits, partially offset by a 38 basis point increase in the average cost of borrowings. The average cost of interest-bearing deposits decreased to 3.77% for the first quarter of 2025 from 4.06% for the fourth quarter of 2024. During the first quarter of 2025, $150.0 million in Federal Home Loan Bank (“FHLB”) advances with an average cost of 1.18% matured and were largely replaced with $110.0 million in FHLB advances with various terms at an average rate of 3.88%. The overall funding mix for the first quarter of 2025 remained relatively unchanged from the fourth quarter of 2024 with total deposits representing 90% of the funding mix and average noninterest-bearing deposits representing 17% of average total deposits. The all-in average spot rate for total deposits was 3.06% at March 31, 2025.

    Provision for Credit Losses

    The provision for credit losses was $6.7 million for the first quarter of 2025 compared to $6.0 million for the fourth quarter of 2024. The first quarter of 2025 provision for credit losses was due to an increase in specific reserves of $2.8 million, net charge-offs of $2.6 million and an increase in general reserves of $1.3 million due mainly to net loan growth. The first quarter increase in specific reserves related mostly to two lending relationships. Net charge-offs included $1.4 million related to a bulk sale of $10.8 million in underperforming single-family residential (“SFR”) mortgage loans, of which $6.5 million were on nonaccrual at the end of the year, and $1.2 million related to an $8.8 million loan transferred to other real estate owned (“OREO”) and subsequently sold. Net charge-offs on an annualized basis represented 0.35% of average loans for the first quarter of 2025 compared to 0.26% for the fourth quarter of 2024. The first quarter provision also took into consideration factors such as changes in loan balances, the loan portfolio mix, the outlook for economic conditions and market interest rates, and changes in credit quality metrics, including changes in nonperforming loans, special mention and substandard loans during the period.

    Noninterest Income

    Noninterest income for the first quarter of 2025 was $2.3 million, a decrease of $434,000 from $2.7 million for the fourth quarter of 2024. This decrease was mostly due to the fourth quarter of 2024 including $258,000 of income from a Bank Enterprise Award grant (included in other income) and lower net gain on sale of loans as compared to the fourth quarter of 2024.

    Noninterest Expense

    Noninterest expense for the first quarter of 2025 was $18.5 million, an increase of $873,000 from $17.6 million for the fourth quarter of 2024. This increase was mostly due to higher salaries and employee benefits expense of $716,000 attributed to higher payroll taxes and annual pay increases, which are typically reflected in the first quarter of the year. The annualized noninterest expenses to average assets ratio was 1.90% for the first quarter of 2025, up from 1.76% for the fourth quarter of 2024. The efficiency ratio was 65.1% for the first quarter of 2025, up from 61.5% for the fourth quarter of 2024 due mostly to higher noninterest expense.

    Income Taxes

    The effective tax rate was 28.2% for the first quarter of 2025 and 13.3% for the fourth quarter of 2024. The increase in the effective tax rate for the first quarter was due in part to lower tax credits combined with higher estimated pre-tax net income for the full year of 2025 as compared to the prior quarter.2

    Balance Sheet

    At March 31, 2025, total assets were $4.0 billion, a $16.9 million increase compared to December 31, 2024, and a $131.4 million increase compared to March 31, 2024.

    Loan and Securities Portfolio

    Loans held for investment (“HFI”) totaled $3.1 billion as of March 31, 2025, an increase of $89.8 million, or 12% annualized, compared to December 31, 2024 and an increase of $115.7 million, or 3.8%, compared to March 31, 2024. The first quarter of 2025 net loan growth included $201 million in new production with an average yield of 6.77%. When loan sales, charge-offs, and foreclosures totaling $28.6 million are considered, the annualized first quarter net loan growth rate was 16%. The increase from December 31, 2024 was primarily due to a $51.8 million increase in SFR mortgage loans, a $44.0 million increase in commercial real estate (“CRE”) loans, a $6.0 million increase in commercial and industrial (“C&I”) loans and a $3.4 million increase in Small Business Administration (“SBA”) loans, partially offset by a $14.4 million decrease in construction and land development (“C&D”) loans. The loan to deposit ratio was 98.4% at March 31, 2025, compared to 97.5% at December 31, 2024 and 98.6% at March 31, 2024. 

    As of March 31, 2025, available for sale securities totaled $378.2 million, a decrease of $42.0 million from December 31, 2024, primarily related to the net decrease in short-term commercial paper of $41.4 million due to maturity and purchase activity during the first quarter of 2025. As of March 31, 2025, net unrealized losses totaled $25.0 million, a $4.2 million decrease, when compared to net unrealized losses of $29.2 million as of December 31, 2024.

    Deposits

    Total deposits were $3.1 billion as of March 31, 2025, an increase of $58.8 million, or 7.7% annualized, compared to December 31, 2024 and an increase of $114.3 million, or 3.8%, compared to March 31, 2024. The increase during the first quarter of 2025 was due to a $93.6 million increase in interest-bearing deposits, while noninterest-bearing deposits decreased $34.8 million. The increase in interest-bearing deposits included increases in non-maturity deposits of $58.2 million and time deposits of $35.5 million. Wholesale deposits totaled $158.5 million at March 31, 2025, and $147.5 million at December 31, 2024. Noninterest-bearing deposits totaled $528.2 million and represented 16.8% of total deposits at March 31, 2025 compared to $563.0 million and 18.3% at December 31, 2024.

    Credit Quality

    Nonperforming assets totaled $64.6 million, or 1.61% of total assets, at March 31, 2025, down from $81.0 million, or 2.03% of total assets, at December 31, 2024. The $16.5 million decrease in nonperforming assets was due to sales totaling $20.0 million and payoffs or paydowns of $1.8 million, partially offset by the addition of one $5.3 million CRE loan placed on nonaccrual status in the first quarter of 2025. Nonperforming assets included one $4.2 million OREO (included in “Accrued interest and other assets”) at March 31, 2025, which was a nonaccrual loan at December 31, 2024.

    Special mention loans totaled $64.3 million, or 2.05% of total loans, at March 31, 2025, down from $65.3 million, or 2.14% of total loans, at December 31, 2024. The $1.1 million decrease was primarily due to the upgrade of one $1.7 million CRE loan to a pass-rated loan, offset by the addition of one $578,000 C&I loan. All special mention loans are paying current.

    Substandard loans totaled $76.4 million at March 31, 2025, down from $100.3 million at December 31, 2024. This $24.0 million decrease was primarily due to loan sales totaling $11.7 million, transfers to OREO totaling $12.8 million, of which $8.8 million was subsequently sold during the first quarter of 2025, and payoffs and paydowns totaling $5.4 million, partially offset by the downgrade of two loans totaling $6.2 million. Of the total substandard loans at March 31, 2025, there were $16.0 million on accrual status.

    30-89 day delinquent loans, excluding nonperforming loans, totaled $5.9 million, or 0.19% of total loans, at March 31, 2025, down from $22.1 million, or 0.72% of total loans, at December 31, 2024. The $16.2 million decrease was mostly due to $16.3 million in loans returning to current status, $2.9 million in SFR mortgage loans included in the bulk sale of several underperforming SFR mortgage loans and $398,000 in paydowns and payoffs, offset by $3.5 million in new delinquent loans.3

    As of March 31, 2025, the allowance for credit losses totaled $52.6 million and was comprised of an allowance for loan losses of $51.9 million and a reserve for unfunded commitments of $629,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $48.5 million, comprised of an allowance for loan losses of $47.7 million and a reserve for unfunded commitments of $729,000 at December 31, 2024. The $4.1 million increase in the allowance for credit losses for the first quarter of 2025 was due to a $6.7 million provision for credit losses offset by net charge-offs of $2.6 million. Net charge-offs included $1.4 million related to a bulk sale of $10.8 million in underperforming SFR mortgage loans, of which $6.5 million were on nonaccrual at the end of the year, and $1.2 million related to an $8.8 million loan transferred to OREO and subsequently sold. The allowance for loan losses as a percentage of loans HFI increased to 1.65% at March 31, 2025, compared to 1.56% at December 31, 2024, due to an increase in specific reserves. The allowance for loan losses as a percentage of nonperforming loans HFI was 86% at March 31, 2025, an increase from 68% at December 31, 2024. 

        For the Three Months Ended March 31, 2025  
    (dollars in thousands)   Allowance for
    loan losses    		     Reserve for
    unfunded loan
    commitments    		     Allowance for
    credit losses    		  
    Beginning balance   $ 47,729     $ 729     $ 48,458  
    Provision for (reversal of) credit losses     6,846       (100 )     6,746  
    Less loans charged-off     (2,727 )     —       (2,727 )
    Recoveries on loans charged-off     84       —       84  
    Ending balance   $ 51,932     $ 629     $ 52,561  

    Shareholders’ Equity

    At March 31, 2025, total shareholders’ equity was $510.3 million, a $2.4 million increase compared to December 31, 2024, and a $3.7 million decrease compared to March 31, 2024. The increase in shareholders’ equity for the first quarter of 2025 was due to lower net unrealized losses on available for sale securities of $3.0 million, net income of $2.3 million and equity compensation activity of $43,000, offset by common stock cash dividends paid of $2.9 million. The decrease in shareholders’ equity for the last twelve months was due to common stock repurchases of $19.2 million and dividends paid of $11.6 million on common stock, offset by net income of $20.9 million, lower net unrealized losses on available for sale securities of $3.7 million, and equity compensation activity of $2.5 million. Book value per share and tangible book value per share(1) increased to $28.77 and $24.63 at March 31, 2025, up from $28.66 and $24.51 at December 31, 2024 and up from $27.67 and $23.68 at March 31, 2024.

    (1 ) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

    Corporate Overview

    RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of March 31, 2025, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

    Conference Call

    Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, April 29, 2025, to discuss the Company’s first quarter 2025 financial results.

    To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 534591, conference ID RBBQ125. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 52277, approximately one hour after the conclusion of the call and will remain available through May 13, 2025.

    The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

    Disclosure

    This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

    Safe Harbor

    Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, including direct and indirect costs and impacts on clients, the Company and its employees from the January 2025 Los Angeles County wildfires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; tariffs, trade policies, and related tensions, which could impact our clients, specific industry sectors, and/or broader economic conditions and financial market; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system and increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the impact of changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2024, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
     
        March 31,     December 31,     September 30,     June 30,     March 31,  
        2025     2024     2024     2024     2024  
    Assets                                        
    Cash and due from banks   $ 25,315     $ 27,747     $ 26,388     $ 23,313     $ 21,887  
    Interest-earning deposits with financial institutions     213,508       229,998       323,002       229,456       247,356  
    Cash and cash equivalents     238,823       257,745       349,390       252,769       269,243  
    Interest-earning time deposits with financial institutions     600       600       600       600       600  
    Investment securities available for sale     378,188       420,190       305,666       325,582       335,194  
    Investment securities held to maturity     5,188       5,191       5,195       5,200       5,204  
    Loans held for sale     655       11,250       812       3,146       3,903  
    Loans held for investment     3,143,063       3,053,230       3,091,896       3,047,712       3,027,361  
    Allowance for loan losses     (51,932 )     (47,729 )     (43,685 )     (41,741 )     (41,688 )
    Net loans held for investment     3,091,131       3,005,501       3,048,211       3,005,971       2,985,673  
    Premises and equipment, net     24,308       24,601       24,839       25,049       25,363  
    Federal Home Loan Bank (FHLB) stock     15,000       15,000       15,000       15,000       15,000  
    Cash surrender value of bank owned life insurance     60,699       60,296       59,889       59,486       59,101  
    Goodwill     71,498       71,498       71,498       71,498       71,498  
    Servicing assets     6,766       6,985       7,256       7,545       7,794  
    Core deposit intangibles     1,839       2,011       2,194       2,394       2,594  
    Right-of-use assets     26,779       28,048       29,283       30,530       31,231  
    Accrued interest and other assets     87,926       83,561       70,644       63,416       65,608  
    Total assets   $ 4,009,400     $ 3,992,477     $ 3,990,477     $ 3,868,186     $ 3,878,006  
    Liabilities and shareholders’ equity                                        
    Deposits:                                        
    Noninterest-bearing demand   $ 528,205     $ 563,012     $ 543,623     $ 542,971     $ 539,517  
    Savings, NOW and money market accounts     721,216       663,034       666,089       647,770       642,840  
    Time deposits, $250,000 and under     1,000,106       1,007,452       1,052,462       1,014,189       1,083,898  
    Time deposits, greater than $250,000     893,101       850,291       830,010       818,675       762,074  
    Total deposits     3,142,628       3,083,789       3,092,184       3,023,605       3,028,329  
    FHLB advances     160,000       200,000       200,000       150,000       150,000  
    Long-term debt, net of issuance costs     119,624       119,529       119,433       119,338       119,243  
    Subordinated debentures     15,211       15,156       15,102       15,047       14,993  
    Lease liabilities – operating leases     28,483       29,705       30,880       32,087       32,690  
    Accrued interest and other liabilities     33,148       36,421       23,150       16,818       18,765  
    Total liabilities     3,499,094       3,484,600       3,480,749       3,356,895       3,364,020  
    Shareholders’ equity:                                        
    Common stock     260,284       259,957       259,280       266,160       271,645  
    Additional paid-in capital     3,360       3,645       3,520       3,456       3,348  
    Retained earnings     263,885       264,460       262,946       262,518       259,903  
    Non-controlling interest     72       72       72       72       72  
    Accumulated other comprehensive loss, net     (17,295 )     (20,257 )     (16,090 )     (20,915 )     (20,982 )
    Total shareholders’ equity     510,306       507,877       509,728       511,291       513,986  
    Total liabilities and shareholders’ equity   $ 4,009,400     $ 3,992,477     $ 3,990,477     $ 3,868,186     $ 3,878,006  
     
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (In thousands, except share and per share data) 
     
        For the Three Months Ended  
        March 31, 2025     December 31, 2024     March 31, 2024  
    Interest and dividend income:                        
    Interest and fees on loans   $ 45,621     $ 46,374     $ 45,547  
    Interest on interest-earning deposits     2,014       3,641       5,040  
    Interest on investment securities     4,136       3,962       3,611  
    Dividend income on FHLB stock     330       330       331  
    Interest on federal funds sold and other     235       248       266  
    Total interest and dividend income     52,336       54,555       54,795  
    Interest expense:                        
    Interest on savings deposits, NOW and money market accounts     4,468       4,671       4,478  
    Interest on time deposits     19,084       21,361       23,322  
    Interest on long-term debt and subordinated debentures     1,632       1,660       1,679  
    Interest on FHLB advances     989       886       439  
    Total interest expense     26,173       28,578       29,918  
    Net interest income before provision for credit losses     26,163       25,977       24,877  
    Provision for credit losses     6,746       6,000       —  
    Net interest income after provision for credit losses     19,417       19,977       24,877  
    Noninterest income:                        
    Service charges and fees     1,017       988       992  
    Gain on sale of loans     81       376       312  
    Loan servicing fees, net of amortization     588       492       589  
    Increase in cash surrender value of life insurance     403       407       382  
    Gain on OREO     —       —       724  
    Other income     206       466       373  
    Total noninterest income     2,295       2,729       3,372  
    Noninterest expense:                        
    Salaries and employee benefits     10,643       9,927       9,927  
    Occupancy and equipment expenses     2,407       2,403       2,443  
    Data processing     1,602       1,499       1,420  
    Legal and professional     1,515       1,355       880  
    Office expenses     408       399       356  
    Marketing and business promotion     197       251       172  
    Insurance and regulatory assessments     730       677       982  
    Core deposit premium     172       182       201  
    Other expenses     848       956       588  
    Total noninterest expense     18,522       17,649       16,969  
    Income before income taxes     3,190       5,057       11,280  
    Income tax expense     900       672       3,244  
    Net income   $ 2,290     $ 4,385     $ 8,036  
                             
    Net income per share                        
    Basic   $ 0.13     $ 0.25     $ 0.43  
    Diluted   $ 0.13     $ 0.25     $ 0.43  
    Cash dividends declared per common share   $ 0.16     $ 0.16     $ 0.16  
    Weighted-average common shares outstanding                        
    Basic     17,727,712       17,704,992       18,601,277  
    Diluted     17,770,588       17,796,840       18,666,683  
                             
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
     
        For the Three Months Ended  
        March 31, 2025     December 31, 2024     March 31, 2024  
    (tax-equivalent basis,    Average     Interest     Yield /     Average     Interest     Yield /     Average     Interest     Yield /  
      dollars in thousands)   Balance     & Fees     Rate     Balance     & Fees     Rate     Balance     & Fees     Rate  
    Interest-earning assets                                                                        
    Cash and cash equivalents (1)   $ 194,236     $ 2,249       4.70 %   $ 308,455     $ 3,890       5.02 %   $ 364,979     $ 5,306       5.85 %
    FHLB Stock     15,000       330       8.92 %     15,000       330       8.75 %     15,000       331       8.88 %
    Securities                                                                        
    Available for sale (2)     390,178       4,113       4.28 %     361,253       3,939       4.34 %     320,015       3,589       4.51 %
    Held to maturity (2)     5,189       49       3.83 %     5,194       48       3.68 %     5,207       46       3.55 %
    Total loans (3)     3,079,224       45,621       6.01 %     3,059,786       46,374       6.03 %     3,018,423       45,547       6.07 %
    Total interest-earning assets     3,683,827     $ 52,362       5.76 %     3,749,688     $ 54,581       5.79 %     3,723,624     $ 54,819       5.92 %
    Total noninterest-earning assets     260,508                       244,609                       246,341                  
    Total average assets   $ 3,944,335                     $ 3,994,297                     $ 3,969,965                  
                                                                             
    Interest-bearing liabilities                                                                        
    NOW     61,222       321       2.13 %   $ 53,879     $ 254       1.88 %   $ 58,946     $ 298       2.03 %
    Money market     463,443       3,625       3.17 %     463,850       3,735       3.20 %     411,751       3,526       3.44 %
    Saving deposits     155,116       522       1.36 %     162,351       682       1.67 %     157,227       654       1.67 %
    Time deposits, $250,000 and under     989,622       10,046       4.12 %     1,034,946       11,583       4.45 %     1,175,804       13,805       4.72 %
    Time deposits, greater than $250,000     864,804       9,038       4.24 %     835,583       9,778       4.66 %     785,172       9,517       4.88 %
    Total interest-bearing deposits     2,534,207       23,552       3.77 %     2,550,609       26,032       4.06 %     2,588,900       27,800       4.32 %
    FHLB advances     176,833       989       2.27 %     200,000       886       1.76 %     150,000       439       1.18 %
    Long-term debt     119,562       1,295       4.39 %     119,466       1,295       4.31 %     119,180       1,295       4.37 %
    Subordinated debentures     15,175       337       9.01 %     15,121       365       9.60 %     14,957       384       10.33 %
    Total interest-bearing liabilities     2,845,777       26,173       3.73 %     2,885,196       28,578       3.94 %     2,873,037       29,918       4.19 %
    Noninterest-bearing liabilities                                                                        
    Noninterest-bearing deposits     520,145                       539,900                       528,346                  
    Other noninterest-bearing liabilities     66,151                       56,993                       55,795                  
    Total noninterest-bearing liabilities     586,296                       596,893                       584,141                  
    Shareholders’ equity     512,262                       512,208                       512,787                  
    Total liabilities and shareholders’ equity   $ 3,944,335                     $ 3,994,297                     $ 3,969,965                  
    Net interest income / interest rate spreads           $ 26,189       2.03 %           $ 26,003       1.85 %           $ 24,901       1.73 %
    Net interest margin                     2.88 %                     2.76 %                     2.69 %
                                                                             
    Total cost of deposits   $ 3,054,352     $ 23,552       3.13 %   $ 3,090,509     $ 26,032       3.35 %   $ 3,117,246     $ 27,800       3.59 %
    Total cost of funds   $ 3,365,922     $ 26,173       3.15 %   $ 3,425,096     $ 28,578       3.32 %   $ 3,401,383     $ 29,918       3.54 %
    (1 ) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2 ) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3 ) Average loan balances relate to loans held for investment and loans held for sale and include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
     
        At or for the Three Months Ended  
        March 31,     December 31,     March 31,  
        2025     2024     2024  
    Per share data (common stock)                        
    Book value   $ 28.77     $ 28.66     $ 27.67  
    Tangible book value (1)   $ 24.63     $ 24.51     $ 23.68  
    Performance ratios                        
    Return on average assets, annualized     0.24 %     0.44 %     0.81 %
    Return on average shareholders’ equity, annualized     1.81 %     3.41 %     6.30 %
    Return on average tangible common equity, annualized (1)     2.12 %     3.98 %     7.37 %
    Noninterest income to average assets, annualized     0.24 %     0.27 %     0.34 %
    Noninterest expense to average assets, annualized     1.90 %     1.76 %     1.72 %
    Yield on average earning assets     5.76 %     5.79 %     5.92 %
    Yield on average loans     6.01 %     6.03 %     6.07 %
    Cost of average total deposits (2)     3.13 %     3.35 %     3.59 %
    Cost of average interest-bearing deposits     3.77 %     4.06 %     4.32 %
    Cost of average interest-bearing liabilities     3.73 %     3.94 %     4.19 %
    Net interest spread     2.03 %     1.85 %     1.73 %
    Net interest margin     2.88 %     2.76 %     2.69 %
    Efficiency ratio (3)     65.09 %     61.48 %     60.07 %
    Common stock dividend payout ratio     123.08 %     64.00 %     37.21 %
                             
    (1 ) Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
    (2 ) Total deposits include non-interest bearing deposits and interest-bearing deposits.
    (3 ) Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
     
        At or for the quarter ended  
        March 31,     December 31,     March 31,  
        2025     2024     2024  
    Credit Quality Data:                        
    Special mention loans   $ 64,279     $ 65,329     $ 20,580  
    Special mention loans to total loans     2.05 %     2.14 %     0.68 %
    Substandard loans HFI   $ 76,372     $ 89,141     $ 57,170  
    Substandard loans HFS   $ —     $ 11,195     $ —  
    Substandard loans HFI to total loans HFI     2.43 %     2.92 %     1.89 %
    Loans 30-89 days past due, excluding nonperforming loans   $ 5,927     $ 22,086     $ 20,950  
    Loans 30-89 days past due, excluding nonperforming loans, to total loans     0.19 %     0.72 %     0.69 %
    Nonperforming loans HFI   $ 60,380     $ 69,843     $ 35,935  
    Nonperforming loans HFS   $ —     $ 11,195     $ —  
    OREO   $ 4,170     $ —     $ 1,071  
    Nonperforming assets   $ 64,550     $ 81,038     $ 37,006  
    Nonperforming loans HFI to total loans HFI     1.92 %     2.29 %     1.19 %
    Nonperforming assets to total assets     1.61 %     2.03 %     0.95 %
                             
    Allowance for loan losses   $ 51,932     $ 47,729     $ 41,688  
    Allowance for loan losses to total loans HFI     1.65 %     1.56 %     1.38 %
    Allowance for loan losses to nonperforming loans HFI     86.01 %     68.34 %     116.01 %
    Net charge-offs   $ 2,643     $ 2,006     $ 184  
    Net charge-offs to average loans     0.35 %     0.26 %     0.02 %
                             
    Capital ratios (1)                        
    Tangible common equity to tangible assets (2)     11.10 %     11.08 %     11.56 %
    Tier 1 leverage ratio     12.07 %     11.92 %     12.16 %
    Tier 1 common capital to risk-weighted assets     17.87 %     17.94 %     19.10 %
    Tier 1 capital to risk-weighted assets     18.45 %     18.52 %     19.72 %
    Total capital to risk-weighted assets     24.41 %     24.49 %     25.91 %
    (1 ) March 31, 2025 capital ratios are preliminary.
    (2 ) Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
     
    Loan Portfolio Detail   As of March 31, 2025   As of December 31, 2024     As of March 31, 2024  
    (dollars in thousands)   $   %   $     %     $     %  
    Loans:                                          
    Commercial and industrial   $ 135,538   4.3 %   $ 129,585       4.2 %   $ 121,441       4.0 %
    SBA     50,651   1.6 %     47,263       1.5 %     54,677       1.8 %
    Construction and land development     158,883   5.1 %     173,290       5.7 %     198,070       6.5 %
    Commercial real estate (1)     1,245,402   39.6 %     1,201,420       39.3 %     1,178,498       38.9 %
    Single-family residential mortgages     1,545,822   49.2 %     1,494,022       48.9 %     1,463,497       48.4 %
    Other loans     6,767   0.2 %     7,650       0.4 %     11,178       0.4 %
    Total loans (2)   $ 3,143,063   100.0 %   $ 3,053,230       100.0 %   $ 3,027,361       100.0 %
    Allowance for loan losses     (51,932 )       (47,729 )             (41,688 )        
    Total loans, net   $ 3,091,131       $ 3,005,501             $ 2,985,673          
    (1 ) Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
    (2 ) Net of discounts and deferred fees and costs of $808, $488, and $474 as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
    Deposits   As of March 31, 2025   As of December 31, 2024     As of March 31, 2024  
    (dollars in thousands)   $   %   $     %     $     %  
    Deposits:                                          
    Noninterest-bearing demand   $ 528,205   16.8 %   $ 563,012       18.3 %   $ 539,517       17.8 %
    Savings, NOW and money market accounts     721,216   22.9 %     663,034       21.5 %     642,840       21.2 %
    Time deposits, $250,000 and under     863,962   27.5 %     882,438       28.6 %     901,738       29.8 %
    Time deposits, greater than $250,000     870,708   27.8 %     827,854       26.8 %     746,611       24.7 %
    Wholesale deposits (1)     158,537   5.0 %     147,451       4.8 %     197,623       6.5 %
    Total deposits   $ 3,142,628   100.0 %   $ 3,083,789       100.0 %   $ 3,028,329       100.0 %
    (1 ) Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

    Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of March 31, 2025, December 31, 2024, and March 31, 2024.

                           
    (dollars in thousands, except share and per share data)   March 31, 2025     December 31, 2024     March 31, 2024  
    Tangible common equity:                        
    Total shareholders’ equity   $ 510,306     $ 507,877     $ 513,986  
    Adjustments                        
    Goodwill     (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible     (1,839 )     (2,011 )     (2,594 )
    Tangible common equity   $ 436,969     $ 434,368     $ 439,894  
    Tangible assets:                        
    Total assets-GAAP   $ 4,009,400     $ 3,992,477     $ 3,878,006  
    Adjustments                        
    Goodwill     (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible     (1,839 )     (2,011 )     (2,594 )
    Tangible assets   $ 3,936,063     $ 3,918,968     $ 3,803,914  
    Common shares outstanding     17,738,628       17,720,416       18,578,132  
    Common equity to assets ratio     12.73 %     12.72 %     13.25 %
    Tangible common equity to tangible assets ratio     11.10 %     11.08 %     11.56 %
    Book value per share   $ 28.77     $ 28.66     $ 27.67  
    Tangible book value per share   $ 24.63     $ 24.51     $ 23.68  

    Return on Average Tangible Common Equity

    Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights) and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

        Three Months Ended  
    (dollars in thousands)   March 31, 2025     December 31, 2024     March 31, 2024  
    Net income available to common shareholders   $ 2,290     $ 4,385     $ 8,036  
    Average shareholders’ equity     512,262       512,208       512,787  
    Adjustments:                        
    Average goodwill     (71,498 )     (71,498 )     (71,498 )
    Average core deposit intangible     (1,951 )     (2,129 )     (2,726 )
    Adjusted average tangible common equity   $ 438,813     $ 438,581     $ 438,563  
    Return on average common equity, annualized     1.81 %     3.41 %     6.30 %
    Return on average tangible common equity, annualized     2.12 %     3.98 %     7.37 %

    The MIL Network –

  • MIL-OSI United Kingdom: Universal Periodic Review 49: UK Statement on Kiribati

    Source: United Kingdom – Executive Government & Departments

    World news story

    Universal Periodic Review 49: UK Statement on Kiribati

    UK Statement on Kiribati, delivered at Kiribati’s Universal Periodic Review at the Human Rights Council in Geneva.

    Thank you, Mr President,

    The United Kingdom warmly welcomes the delegation. We recognise the Government of Kiribati’s positive engagement with this process and progress made since the last Universal Periodic Review. The United Kingdom commends ambitious reforms to social protection systems, including support provided to senior citizens and persons with disabilities. 

    We urge the Government to enhance efforts to address the high levels of gender-based violence, advance work to end discrimination, and guarantee the protection of all individuals.

    We recommend that Kiribati:

    1. Ratify the Optional Protocol to the Convention against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment.

    2. Ratify the Optional Protocol to the Convention on the Elimination of All Forms of Discrimination against Women.

    3. Renew efforts to enshrine protection from discrimination on the basis of gender, gender identity and expression and sexual orientation; and to decriminalise consensual sexual relations between adults of the same sex within the Constitution.

    Thank you.

    Updates to this page

    Published 28 April 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Democracy on display or a public eyesore? The case for cracking down on election corflutes

    Source: The Conversation (Au and NZ) – By Andrew Hughes, Lecturer in Marketing, Research School of Management, Australian National University

    In my time researching political advertising, one common communication method that often generates complaints is the proliferation of campaign corflutes.

    Politicians love them. Not so, many members of the general public. People are so fed up with candidate posters that there are numerous tales of late night vandalism, including deliberate acts of road rage aimed at destroying them.

    And yet, at every single election – local, state and federal – the hated signs spring up once again to populate front gardens, streetscapes and open spaces.

    Given how divisive they are, why do politicians persist with them? What are the laws around their use? And is South Australia on the right track by banning corflutes in public places?

    It’s a jungle out there

    To begin with, all corflutes must comply with the Australian Electoral Commission (AEC), which includes displaying a “written and authorised” statement

    that enables voters to know the source of the electoral or political communication.

    Posters can’t mislead voters regarding candidates’ political affiliation. In 2022, corflutes authorised by Advance Australia in the ACT were ruled misleading because they strongly implied independent Senate candidate David Pocock was running for the Greens.

    But in terms of size, number, and placement – welcome to the wild west of Australian political communications.

    Size varies from the standard 60cm x 90cm corflute, to much larger signs like the one promoting Liberal candidate Amelia Hamer that was stolen by the husband of Teal MP Monique Ryan in the seat of Kooyong.

    Neither the number nor the placement of signs are regulated by electoral law, other than a requirement they not be placed within 6 metres of a polling place.

    Corflutes are governed by local council laws and regulations relating to political signage. This leads to a wide variation around Australia. Some areas have no rules on number or placement, which is where you usually find the issues.

    By contrast, corflutes are strictly regulated in South Australia. Laws passed last year banned election posters from public infrastructure, though they are still permitted on private property.

    Democracy on show

    Corflutes have several purposes, especially for new candidates.

    Independent Jessie Price, who is running for Bean in the ACT, tells me corflutes are important for her to quickly achieve name and face recognition in the campaign.

    Then there is their design. Campaign corflutes have traditionally incorporated faces, colours and slogans. These days, they can also include QR codes, URLs, and social media handles. These formal elements also aid differentiation and awareness.

    Next is the strategy of placement. Being an offline method, you can’t hit “skip” when you see one. And they are often used as a way of marking out turf, especially when placed in front yards.

    For minor parties and independents, they are an affordable way to help level the playing field against Labor and the Coalition. In a way, they act as a basic barometer of the strength of our democracy.

    Do they work?

    Yes. And no.

    When it comes to design, corflutes that closely follow the same principles used for road signs work the most effectively. This is because of the speed at which we process information.

    Research has found that around two seconds is needed to absorb the details printed on signs. Up to five seconds’ exposure is needed to commit the information to short-term memory. Repeated exposure to the same sign helps when it comes to recall.

    That is why colour, font size and word count are all important. The bigger the font, the better the chances of it being seen from further away, and hitting that two-second count. For example, on a 100km/h road, letters need to be at least 35cm in size.

    The same rules apply to election posters. Ideally, an effective corflute would have a single name in 70cm white font on a red background. Two colours for contrast, large lettering and using only two or three words, would have the best chance of being remembered.

    Being novel with design, such as independent candidate Kim Huynh’s striking corflute in the 2016 ACT election, can also boost awareness and differentiation.

    Just an eyesore

    Corflutes will only work if the voter is already predisposed to the candidate being promoted. If that’s not the case, the sign may have the opposite affect by repeatedly reminding the voter of a person they don’t like.

    For some, they will hate corflutes regardless of the candidates. That is because the outdoors is the last true escape from political communications in an era of digital and online advertising that runs up until election day. Some also dislike how politicians can get away with it, while most others would be fined.

    Do they actually change behaviour? Not directly, but they raise awareness and change perceptions towards candidates and parties, which is their ultimate objective.

    Time for a rethink

    There is a case to reform the electoral laws to regulate the size, placement, and number of corflutes.

    One proposal worth considering would be a strict limit of 50 standard-sized signs per candidate, per electorate and erected in designated places. This would mean more equal opportunity for minor parties and independents, and help reduce public anger over the visual pollution we see at election time.

    No matter how much people hate corflutes, they do serve a higher purpose post election. Come Sunday, they will be much sought after as tomato stakes and flooring for chook pens.

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

    – ref. Democracy on display or a public eyesore? The case for cracking down on election corflutes – https://theconversation.com/democracy-on-display-or-a-public-eyesore-the-case-for-cracking-down-on-election-corflutes-255219

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: How ICE is becoming a secret police force under the Trump administration

    Source: The Conversation (Au and NZ) – By Lee Morgenbesser, Associate Professor, School of Government and International Relations, Griffith University

    Secret police are a quintessential feature of authoritarian regimes. From Azerbaijan’s State Security Service to Zimbabwe’s Central Intelligence Organisation, these agencies typically target political opponents and dissidents through covert surveillance, imprisonment and physical violence.

    In contrast to the regular police and armed forces, secret police primarily use preemptive repression to thwart threats to the government.

    In Nazi Germany, for example, Gestapo informants penetrated all levels of society, producing an atmosphere of distrust among those against Adolf Hitler. In Uganda, Idi Amin’s State Research Bureau employed sophisticated spying equipment and intercepted mail at the post office to root out supposed saboteurs.

    In Syria, Bashar al-Assad relied on the General Intelligence Directorate to oversee a network of torture centres. And in Venezuela, Nicolás Maduro has used the Bolivarian National Intelligence Service (Sebin) to spy on opponents overseas, often running operations out of diplomatic missions.

    Since US President Donald Trump took power in January, Immigration and Customs Enforcement (ICE) has become a far more visible and fearsome force on American streets.

    Though ICE is ostensibly still bound by constitutional limits, the way it has been operating bears the hallmarks of a secret police force in the making.

    As an expert on authoritarian regimes, I’ve studied historical and contemporary secret police forces extensively across Africa, Asia and Europe. They typically meet five criteria:

    • they’re a police force targeting political opponents and dissidents

    • they’re not controlled by other security agencies and answer directly to the dictator

    • the identity of their members and their operations are secret

    • they specialise in political intelligence and surveillance operations

    • they carry out arbitrary searches, arrests, interrogations, indefinite detentions, disappearances and torture.

    How close is ICE to becoming a secret police force? Let’s consider each of these criteria.

    Targeting dissidents

    ICE has used the pretext of combating antisemitism to target dissidents. A branch of the agency previously used to target drug smugglers and human traffickers has reportedly been directed to scan social media for posts sympathetic to Hamas.

    On March 8, ICE arrested the prominent pro-Palestinian activist Mahmoud Khalil, a legal resident. It was a similar story for Rumeysa Ozturk, a university student grabbed off the street on March 25 by ICE agents.

    Trump has cited the Immigration and Nationality Act of 1952 as the legal pretext for ICE’s actions in these cases and others. The law allows the US government to deport anyone whose presence has “adverse foreign policy consequences” for the country.

    Because Khalil and others are being targeted for their activism, legal scholars say the government appears to be “retaliating” against constitutionally protected free speech it disagrees with.

    Directly controlled by a dictator

    While ICE does not report directly to Trump, the agency is controlled by people who have shown intense loyalty to him.

    ICE is part of the Department of Homeland Security, which is overseen by stalwart Trump ally Kristi Noem. She is supported by Tom Homan, a former ICE director who Trump appointed as his “border czar” in November 2024.

    Despite a court order barring the deportations of alleged Venezuelan gang members to a prison in El Salvador, Homan has remained defiant:

    We are not stopping. I don’t care what the judges think.

    The pertinent question now is whether Noem or Homan would refuse to follow a dictate from Trump in the face of a direct court order.

    Opaque operations

    ICE agents are increasingly operating in secret. The individuals who took Ozturk off the street in a widely shared video claimed to be police officers, even though they were in plain clothes and face marks.

    Similarly, ICE agents in plain clothes detained two men during a raid on a courthouse in Charlottesville, Virginia, on April 22. When two bystanders asked to see a warrant, they were ordered not to “impede” the agents’ lawful duties. ICE later said the two women would be prosecuted.

    Also last week, ICE agents attempted to arrest a man at a Wisconsin courthouse without a warrant. After a judge intervened, she was arrested herself by the FBI and charged with two felonies.

    This shroud of opacity has been accompanied by an end to local agency liaison meetings aimed at helping people seek answers to ICE’s actions.

    Surveillance capabilities

    ICE is organised into two distinct law enforcement components, giving it both political intelligence gathering and surveillance capabilities.

    Its Homeland Security Investigations arm includes an intelligence division, while its Enforcement and Removal Operations arm uses third-party companies such as Geo Group, Giant Oak, and Palantir to conduct mass surveillance.

    Most worryingly, ICE is trying to procure greater intelligence and surveillance capabilities by soliciting pitches from private companies to monitor threats across the internet.

    According to a procurement document, contractors would be directed to focus on the backgrounds of social media users and use facial recognition capabilities to gather information on people. Criticisms of ICE itself would be monitored, too.

    Unlawful policing

    There has been a stream of reports exposing how ICE is conducting arbitrary searches, arrests, interrogations, and indefinite detentions.

    Some of the most egregious reported examples include:

    Since Trump’s inauguration, at least three people have died in ICE detention facilities, the latest in a string of fatalities in recent years.

    Prolonged solitary confinement is reportedly widespread. UN experts say this can amount to torture.

    Potentially expanded scope

    Overall, the evidence shows ICE meets most of the criteria for being a secret police force. It has yet to target political opponents, which I define narrowly as members of the Democratic Party. And it is not directly controlled by Trump, although the current structure provides him with plausible deniability.

    While the agency is far from resembling history’s most feared secret police forces, there have so far been few constraints on how it operates.

    The worst may be yet to come. A budget bill making its way through Congress would provide ICE with up to US$175 billion (A$274 billion) in funding over the next decade. (Its current annual budget is US$9 billion, or A$14 billion.) This would supercharge its use of surveillance, imprisonment and physical violence.

    When combined with a potential shift towards targeting US citizens for dissent and disobedience, ICE is fast becoming a key piece in the repressive apparatus of American authoritarianism.

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

    – ref. How ICE is becoming a secret police force under the Trump administration – https://theconversation.com/how-ice-is-becoming-a-secret-police-force-under-the-trump-administration-255019

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: Making every drop of water count

    Demand for water is rising and Alberta is looking at ways to make more water available for farmers, ranchers, businesses and growing communities. The Water Act has not been updated in 25 years and with more families, agri-businesses, food processing plants and many others coming to Alberta, it is important that the system makes every drop count.

    While most of the Water Act is working well, government recently heard from over a thousand Albertans who suggested improvements that could potentially help make the system stronger. Alberta’s government is now seeking public feedback on some of the targeted changes put forward by Albertans to maximize the water supply and make more water available to those who need it.

    “We need to ensure we have the water we need for people, our environment and our major industries for today, tomorrow and for generations to come. Albertans have given us clear feedback on the Water Act, that it can and should be reviewed, and suggested specific updates for further discussion. We know there are many different views and perspectives, and we’re grateful for the participation and engagement to help us get this right.”

    Rebecca Schulz, Minister of Environment and Protected Areas

    Critical areas are not up for discussion

    The foundation of Alberta’s water management system is already working successfully. For example, Alberta’s priority system will continue to be based on principles of first-in-time, first-in-right – a system that has worked well for more than 100 years. There will be no changes considered that reduce anyone’s current water allocations, nor add any new royalties, bulk or volumetric pricing for water.

    Alberta’s Water for Life strategy will keep guiding the province’s water system, ensuring healthy, secure and sustainable water supply for communities, economy and aquatic ecosystems. Alberta will also continue to support water allocation transfers in basins with approved water management plans and will continue to require a special act of the legislature for any high-risk inter-basin transfers.

    Targeted improvements proposed by Albertans

    Having heard from Albertans directly, government is seeking feedback on some of the most commonly raised, or practical, changes that were proposed. The updates could:

    • Streamline regulatory decisions on licence amendments and transfers.
    • Enhance water use information to support licence and transfer decisions.
    • Enable lower risk inter-basin transfers where it is safe and appropriate to do so.
    • Enable management of alternative water sources, such as rainwater, stormwater and wastewater reuse.

    Albertans can provide feedback on the specific proposals until June 30.  

    There will also be targeted in-person sessions across the province with Indigenous communities and water using sectors in May. No decisions have been made, and government will review all the feedback before determining what changes, if any, move forward.

    This engagement builds off the first phase undertaken in fall 2024 and winter 2025, but there is more work to do. Engagement on other ideas for regulatory, policy and program changes put forward by Albertans to improve water availability may also take place in the future as government works to strengthen the water management system.

    Quick facts

    • Alberta’s government engaged with Albertans to hear ideas about how to strengthen and modernize the water system.
      • Phase one occurred October 2024 through January 2025 with more than 1,400 people participating and sharing ideas.
    • Alberta continues to improve water management across the province, including:
      • $5 million over three years for the Alberta Water Storage Assessment Program.
      • $12 million over two years for Bow River Reservoir (with Transportation and Economic Corridors).
      • $25 million investment this year through the Drought and Flood Protection Program.
      • $8.7 million for wetlands through the Wetlands Replacement Program
      • $3.5 million through the Watershed Resiliency and Restoration Program.

    Related information

    • Water availability engagement

    MIL OSI Canada News –

  • MIL-OSI USA: Nigerian National Sentenced to Prison for International Fraud Scheme that Defrauded Elderly U.S. Victims

    Source: US State of California

    A Nigerian national was sentenced on Friday to 97 months in prison for his role in a transnational inheritance fraud scheme.

    According to court documents, Okezie Bonaventure Ogbata, 36, was a member of a group of fraudsters that sent personalized letters to elderly victims in the United States over the course of several years. The letters falsely claimed that the sender was a representative of a bank in Spain and that the recipient was entitled to receive a multimillion-dollar inheritance left for the recipient by a family member who had died overseas years before. Ogbata and his co-conspirators told a series of lies to victims, including that, before they could receive their purported inheritance, they were required to send money for delivery fees, taxes, and other payments to avoid questioning from government authorities. Ogbata and his co-conspirators collected money victims sent in response to the fraudulent letters through a complex web of U.S.-based former victims, whom the defendants convinced to receive money and forward to the defendants or persons associated with them. Victims who sent money never received any purported inheritance funds. In pleading guilty, Ogbata admitted to defrauding over $6 million from more than 400 victims, many of whom were elderly or otherwise vulnerable.

    “The Justice Department’s Consumer Protection Branch will continue to pursue, prosecute, and bring to justice transnational criminals responsible for defrauding U.S. consumers, wherever they are located,” said Acting Assistant Attorney General Yaakov M. Roth of the Justice Department’s Civil Division. “This case is a testament to the critical role of international collaboration in tackling transnational crime. I want to thank our U.S. law enforcement partners, as well as those who assisted across the globe, including the Portuguese Judicial Police and Public Prosecution Service of Portugal, for their outstanding contributions to this case.”

    “The long arm of the American justice system has no limits when it comes to reaching fraudsters who prey on our nation’s most vulnerable populations, to include the elderly,” said U.S. Attorney Hayden P. Byrne for the Southern District of Florida. “We will not allow transnational criminals to steal money from the public we serve. Individuals who defraud American consumers will be brought to justice, no matter where they are located.”

    “The U.S. Postal Inspection Service (USPIS) has a long history of protecting American citizens from these types of schemes and bringing those responsible to justice,” said Acting Postal Inspector in Charge Steven Hodges of the USPIS Miami Division. “Today’s sentencing is a testament to the dedicated partnership between the Department of Justice’s Consumer Protection Branch, HSI and USPIS to protect our citizens from these scams.”

    “It’s inconceivable to imagine any human being robbing from those who’ve spent a lifetime working and building a life, and then are duped out of it all,” said Special Agent in Charge Fransisco B. Burrola of Homeland Security Investigations (HSI) Arizona. “Together, with our law enforcement partners, we will not tolerate this kind of behavior – we will bring justice to those who have wronged and stolen from so many people.”

    Senior Trial Attorney and Transnational Criminal Litigation Coordinator Phil Toomajian and Trial Attorneys Josh Rothman and Brianna Gardner of the Civil Division’s Consumer Protection Branch are prosecuting the case. USPIS and HSI investigated the case. The Justice Department’s Office of International Affairs, the U.S. Attorney’s Office for the Southern District of Florida, Europol, and authorities from the UK, Spain, and Portugal all provided critical assistance.

    If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

    More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov/  or at 877-FTC-HELP. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

    MIL OSI USA News –

  • MIL-OSI Security: Nigerian National Sentenced to Prison for International Fraud Scheme that Defrauded Elderly U.S. Victims

    Source: United States Attorneys General 6

    A Nigerian national was sentenced on Friday to 97 months in prison for his role in a transnational inheritance fraud scheme.

    According to court documents, Okezie Bonaventure Ogbata, 36, was a member of a group of fraudsters that sent personalized letters to elderly victims in the United States over the course of several years. The letters falsely claimed that the sender was a representative of a bank in Spain and that the recipient was entitled to receive a multimillion-dollar inheritance left for the recipient by a family member who had died overseas years before. Ogbata and his co-conspirators told a series of lies to victims, including that, before they could receive their purported inheritance, they were required to send money for delivery fees, taxes, and other payments to avoid questioning from government authorities. Ogbata and his co-conspirators collected money victims sent in response to the fraudulent letters through a complex web of U.S.-based former victims, whom the defendants convinced to receive money and forward to the defendants or persons associated with them. Victims who sent money never received any purported inheritance funds. In pleading guilty, Ogbata admitted to defrauding over $6 million from more than 400 victims, many of whom were elderly or otherwise vulnerable.

    “The Justice Department’s Consumer Protection Branch will continue to pursue, prosecute, and bring to justice transnational criminals responsible for defrauding U.S. consumers, wherever they are located,” said Acting Assistant Attorney General Yaakov M. Roth of the Justice Department’s Civil Division. “This case is a testament to the critical role of international collaboration in tackling transnational crime. I want to thank our U.S. law enforcement partners, as well as those who assisted across the globe, including the Portuguese Judicial Police and Public Prosecution Service of Portugal, for their outstanding contributions to this case.”

    “The long arm of the American justice system has no limits when it comes to reaching fraudsters who prey on our nation’s most vulnerable populations, to include the elderly,” said U.S. Attorney Hayden P. Byrne for the Southern District of Florida. “We will not allow transnational criminals to steal money from the public we serve. Individuals who defraud American consumers will be brought to justice, no matter where they are located.”

    “The U.S. Postal Inspection Service (USPIS) has a long history of protecting American citizens from these types of schemes and bringing those responsible to justice,” said Acting Postal Inspector in Charge Steven Hodges of the USPIS Miami Division. “Today’s sentencing is a testament to the dedicated partnership between the Department of Justice’s Consumer Protection Branch, HSI and USPIS to protect our citizens from these scams.”

    “It’s inconceivable to imagine any human being robbing from those who’ve spent a lifetime working and building a life, and then are duped out of it all,” said Special Agent in Charge Fransisco B. Burrola of Homeland Security Investigations (HSI) Arizona. “Together, with our law enforcement partners, we will not tolerate this kind of behavior – we will bring justice to those who have wronged and stolen from so many people.”

    Senior Trial Attorney and Transnational Criminal Litigation Coordinator Phil Toomajian and Trial Attorneys Josh Rothman and Brianna Gardner of the Civil Division’s Consumer Protection Branch are prosecuting the case. USPIS and HSI investigated the case. The Justice Department’s Office of International Affairs, the U.S. Attorney’s Office for the Southern District of Florida, Europol, and authorities from the UK, Spain, and Portugal all provided critical assistance.

    If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

    More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov/  or at 877-FTC-HELP. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

    MIL Security OSI –

  • MIL-OSI: Financial Institutions, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., April 28, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company,” “we” or “us”), parent company of Five Star Bank (the “Bank”) and Courier Capital, LLC (“Courier Capital”), today reported financial and operational results for the first quarter ended March 31, 2025.

    The Company reported net income of $16.9 million in the first quarter of 2025, compared to a net loss of $82.8 million in the fourth quarter of 2024 and net income of $2.1 million in the first quarter of 2024. After preferred dividends, net income available to common shareholders was $16.5 million, or $0.81 per diluted share, in the first quarter of 2025, compared to net loss of $83.2 million, or $(5.07) per diluted share, in the fourth quarter of 2024, and net income of $1.7 million, or $0.11 per diluted share, in the first quarter of 2024. The Company recorded a provision for credit losses of $2.9 million in the current quarter, compared to a provision of $6.5 million in the linked quarter and a benefit of $5.5 million in the prior year quarter.

    First Quarter 2025 Key Results:

    • Net interest margin and net interest income expanded meaningfully in the first quarter of 2025, primarily reflecting the impact of the investment portfolio restructuring that was executed at the end of 2024. Net interest margin of 3.35% for first quarter of 2025 was up 44 and 57 basis points from the linked and year-ago quarters, respectively, while net interest income of $46.9 million for first quarter of 2025 increased $5.2 million, or 12.6%, and $6.8 million, or 16.9%, from the linked and year-ago quarters, respectively.
    • Noninterest income was $10.4 million in the first quarter of 2025, compared to noninterest loss of $91.0 million in the linked quarter, which reflected the previously disclosed investment securities loss, and noninterest income of $10.9 million in the year-ago quarter, when the Company’s results included income from its former insurance subsidiary. First quarter 2025 noninterest income benefited from higher income from company owned life insurance (“COLI”) as a result of a surrender and redeploy strategy initiated in January 2025, in addition to higher swap fees and investment advisory income relative to comparable prior periods.
    • Noninterest expense in the first quarter of 2025 totaled $33.7 million, compared to noninterest expense including non-operating items in the linked and year-ago quarters of $59.4 million and $54.0 million, respectively.
    • Total loans were $4.55 billion at March 31, 2025, reflecting an increase of $74.1 million, or 1.7%, during the quarter, and an increase of $111.2 million, or 2.5%, from one year prior, driven by both commercial business and commercial mortgage lending.
    • Total deposits were $5.37 billion at March 31, 2025, up $268.2 million, or 5.3%, from December 31, 2024, driven by seasonal public deposit inflows as well as an increase in brokered deposits, and down $23.8 million, or 0.4%, from one year prior, due in part to lower reciprocal deposits and the previously announced wind-down of the Company’s Banking-as-a-Service, or BaaS, offering.
    • The Company reported improved credit quality metrics, as measured by quarterly net charge-offs to average loans of 0.21% for the first quarter of 2025, down from both the linked and year-ago quarters.
    • In February, the Company’s Board of Directors approved a 3.3% increase in its quarterly cash dividend to $0.31 per common share, a reflection of both its ongoing commitment to building shareholder value and its confidence in the Company’s long-term sustainable growth strategy.

    “Our first quarter results were highlighted by improved earnings and profitability metrics, and reflected the full benefit of the strategic investment securities restructuring we undertook in December, as well as our team’s ability to meet the banking, credit and investment advisory needs of our customers amid a challenging environment,” said President and Chief Executive Officer Martin K. Birmingham. “Our focus on performance resulted in a more than 12% increase in net interest income from the linked quarter, as well as a 44-basis-point expansion of net interest margin, an efficiency ratio below 60% and solid return on average assets of 1.10% and return on average equity of 11.82%.

    “Our pipelines carried momentum with credit-disciplined lending heading into 2025 and supported a 1.7% quarterly increase in total loans, with stable-to-improved credit metrics for the first quarter. Amid the uncertain economic landscape, coupled with our current pipelines and discussions with customers, we believe that loan growth will be concentrated in the first half of the year.”

    Chief Financial Officer and Treasurer W. Jack Plants II added, “Our successful fourth quarter public equity offering not only allowed us to restructure our investment securities portfolio to drive stronger earnings potential, evident in our first quarter results, but also provided additional dry powder that we have sought to thoughtfully deploy. To that end, earlier this month we called $10 million of fixed-to-floating sub-debt that was issued in April 2015. We also took steps to enhance noninterest revenue by restructuring a portion of our COLI portfolio into a higher-yielding credit fund, which contributed to higher COLI income in the first quarter. We continue to remain confident that our stronger capital position and improved earnings outlook position us well to drive sustainable and profitable growth, as we seek to support our customers amid a challenging operating environment and prudently manage expenses.”

    Net Interest Income and Net Interest Margin

    Net interest income was $46.9 million for the first quarter of 2025, an increase of $5.2 million from the fourth quarter of 2024, and an increase of $6.8 million from the first quarter of 2024.

    Average interest-earning assets for the current quarter were $5.65 billion, reflecting decreases of $64.5 million from the fourth quarter of 2024 and $153.6 million from the first quarter of 2024. The linked quarter decrease was due to a $74.2 million decrease in the average balance of investment securities and a $49.8 million decrease in the average balance of Federal Reserve interest-earning cash, partially offset by a $59.5 million increase in average loans. The year-over-year decrease in average interest-earning assets was due to a $97.3 million decrease in the average balance of investment securities and an $86.3 million decrease in the average balance of Federal Reserve interest-earning cash, partially offset by a $30.0 million increase in average loans.

    Average interest-bearing liabilities for the current quarter were $4.51 billion, reflecting an increase of $31.1 million from the linked quarter and a decrease of $108.0 million from the year-ago quarter. The increase from the fourth quarter of 2024 was primarily due to a $38.7 million increase in average short-term borrowings and a $19.9 million increase in average time deposits, partially offset by a $15.6 million decrease in average savings and money market deposits and a $12.0 million decrease in average interest-bearing demand deposits. The year-over-year decrease was due to a $105.3 million decrease in average savings and money market deposits, along with an $84.2 million decrease in average borrowings and a $4.3 million decrease in average interest-bearing demand deposits, partially offset by a $85.9 million increase in average time deposits. The outflow of BaaS-related deposits following the Company’s September 2024 announcement that it would wind-down its BaaS platform by mid-2025 was the primary driver of the reduction in average savings and money market deposits from the linked and year-ago periods.

    Net interest margin was 3.35% in the current quarter as compared to 2.91% in the fourth quarter of 2024, and 2.78% in the first quarter of 2024. Expansion from both the linked and prior year quarters was primarily due to an increase in the average yield on investment securities, following the previously disclosed restructuring of the available-for-sale portfolio, which supported an increase in the average yield on interest-earning assets. Margin expansion was also supported by lower cost of interest-bearing liabilities, driven by the repricing across public, non-public and reciprocal deposits.

    Noninterest Income (Loss)

    The Company reported noninterest income of $10.4 million for the first quarter of 2025, compared to noninterest loss of $91.0 million in the fourth quarter of 2024, and noninterest income of $10.9 million in the first quarter of 2024.

    • A net loss on investment securities of $100.1 million was recognized in the fourth quarter of 2024 related to the previously disclosed securities portfolio restructuring.
    • Noninterest income no longer includes contributions from the Company’s insurance agency, which generated first quarter 2024 insurance income of $2.1 million prior to its sale on April 1, 2024.
    • Investment advisory income of $2.7 million was $182 thousand higher than the fourth quarter of 2024 and up $155 thousand from the first quarter of 2024.
    • Income from COLI of $2.8 million was $1.4 million higher than the fourth quarter of 2024 and $1.5 million higher than the first quarter of 2024, due to the previously mentioned surrender and redeploy strategy initiated in January 2025.
    • Income from investments in limited partnerships of $415 thousand was $422 thousand lower than the fourth quarter of 2024 and $73 thousand higher than the first quarter of 2024. The Company has made several investments in limited partnerships, primarily small business investment companies, and accounts for these investments under the equity method. Income from these investments fluctuates based on the maturity and performance of the underlying investments.
    • Income from derivative instruments, net was $250 thousand in the current quarter, compared to a loss of $37 thousand in the fourth quarter of 2024, and income of $174 thousand in the first quarter of 2024. Income from derivative instruments, net is based on the number and value of interest rate swap transactions executed during the quarter combined with the impact of changes in the fair value of borrower-facing trades.

    Noninterest Expense

    Noninterest expense was $33.7 million in the first quarter of 2025, compared to $59.4 million in the fourth quarter of 2024, and $54.0 million in the first quarter of 2024.

    • Salaries and employee benefits expense of $16.9 million was $261 thousand lower than the fourth quarter of 2024 and $442 thousand lower than the first quarter of 2024. The decrease from the linked quarter was primarily due to a $1.3 million nonrecurring settlement accounting adjustment in the Company’s pension plan recorded in the fourth quarter of 2024, while the year-over-year decrease was primarily due to the timing of the insurance subsidiary asset sale.
    • Professional services expenses of $1.7 million were $120 thousand higher than the fourth quarter of 2024 and $681 thousand lower than the first quarter of 2024, with the year-over-year variance primarily attributable to legal expenses incurred in the first quarter of 2024 related to the Company’s previously disclosed deposit-related fraud event.
    • Computer and data processing expense of $5.5 million was $1.1 million lower than the fourth quarter of 2024 and $101 thousand higher than the first quarter of 2024. The linked quarter variance was primarily due to nonrecurring project related expenses incurred in the fourth quarter of 2024.
    • As previously disclosed, the Company recorded a $23.0 million provision for litigation settlement in its fourth quarter 2024 financial results related to a long-standing auto lending litigation.
    • The Company recorded deposit-related recoveries of $294 thousand, primarily driven by insurance proceeds related to a past commercial deposit charged-off item, compared to charged-off items of $354 thousand in the fourth quarter of 2024 and $19.2 million in the first quarter of 2024, the majority of which related to the Company’s previously disclosed deposit-related fraud event.
    • Other expense of $3.8 million was down $484 thousand from the linked quarter, due in part to the timing of both New York State capital base tax and charitable contributions impacting the fourth quarter of 2024, while year-over-year other expense was relatively flat.

    Income Taxes

    Income tax expense was $3.7 million for the first quarter of 2025, compared to a benefit of $32.5 million in the fourth quarter of 2024, reflective of the net loss reported in that period, and expense of $356 thousand in the first quarter of 2024. The Company also recognized federal and state tax benefits related to tax credit investments placed in service and/or amortized during the first quarter of 2025, fourth quarter of 2024, and first quarter of 2024, resulting in income tax expense reductions of $1.1 million, $1.2 million, and $785 thousand, respectively.

    The effective tax rate was 18.2% for the first quarter of 2025, -28.2% for the fourth quarter of 2024, and 18.7% for the first quarter of 2024. The effective tax rate fluctuates on a quarterly basis primarily due to the level of pre-tax (loss) earnings and may differ from statutory rates because of interest income from tax-exempt securities, earnings on COLI and the impact of tax credit investments.

    Balance Sheet and Capital Management

    Total assets were $6.34 billion at March 31, 2025, up $223.4 million from December 31, 2024, and up $41.9 million from March 31, 2024.

    Investment securities were $1.04 billion at March 31, 2025, up $13.0 million from December 31, 2024, and down $27.4 million from March 31, 2024.

    Total loans were $4.55 billion at March 31, 2025, an increase of $74.1 million, or 1.7%, from December 31, 2024, and an increase of $111.2 million, or 2.5%, from March 31, 2024.

    • Commercial business loans totaled $709.1 million, up $43.8 million, or 6.6%, from December 31, 2024, and up $1.5 million, or 0.2%, from March 31, 2024.
    • Commercial mortgage loans totaled $2.23 billion, up $28.7 million, or 1.3%, from December 31, 2024, and up $183.2 million, or 9.0%, from March 31, 2024.
    • Residential real estate loans totaled $644.0 million, down $6.2 million, or 1.0%, from December 31, 2024, and down $4.2 million, or 0.6%, from March 31, 2024.
    • Consumer indirect loans totaled $853.2 million, up $7.4 million, or 0.9%, from December 31, 2024, and down $67.3 million, or 7.3%, from March 31, 2024.

    Total deposits were $5.37 billion at March 31, 2025, up $268.2 million, or 5.3%, from December 31, 2024, and down $23.8 million, or 0.4%, from March 31, 2024. The increase from December 31, 2024 was primarily due to seasonally higher public deposit balances in addition to an increase in brokered deposits between period ends. The decrease from March 31, 2024 was driven in part by reductions in BaaS-related and reciprocal deposits. Public deposit balances represented 23% of total deposits at March 31, 2025, 20% at December 31, 2024, and 22% at March 31, 2024.

    Short-term borrowings were $55.0 million at March 31, 2025, compared to $99.0 million at December 31, 2024, and $133.0 million at March 31, 2024. Short-term borrowings and brokered deposits have historically been utilized to manage the seasonality of public deposits.

    Shareholders’ equity was $589.9 million at March 31, 2025, compared to $569.0 million at December 31, 2024, and $445.7 million at March 31, 2024. Both the linked quarter and year-over-year period end increases were primarily driven by additional paid-in-capital resulting from the common stock capital raise executed in the fourth quarter of 2024 and decreases in accumulated other comprehensive loss between period ends following the investment securities restructuring.

    Common book value per share was $28.48 at March 31, 2025, an increase of $1.00, or 3.6%, from $27.48 at December 31, 2024, and an increase of $0.74, or 2.7%, from $27.74 at March 31, 2024. Tangible common book value per share(1) was $25.46 at March 31, 2025, an increase of $1.01, or 4.1%, from $24.45 at December 31, 2024, and an increase of $2.40, or 10.4%, from $23.06 at March 31, 2024. The common equity to assets ratio was 9.03% at March 31, 2025, compared to 9.02% at December 31, 2024, and 6.80% at March 31, 2024. Tangible common equity to tangible assets(1), or the TCE ratio, was 8.15%, 8.11% and 5.72% at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The year-over-year increases in both ratios were attributable to the additional capital raised in the fourth quarter and the decrease in accumulated other comprehensive loss.

    During the first quarter of 2025, the Company declared a common stock dividend of $0.31 per common share, an increase of $0.01, or 3.3%, over the linked and year-ago quarters. The dividend returned more than 37% of first quarter net income to common shareholders.

    The Company’s regulatory capital ratios at March 31, 2025 continued to exceed all regulatory capital requirements to be considered well capitalized.

    • Leverage Ratio was 9.24% compared to 9.15% and 8.03% at December 31, 2024, and March 31, 2024, respectively.
    • Common Equity Tier 1 Capital Ratio was 10.38% compared to 10.54% and 9.43% at December 31, 2024, and March 31, 2024, respectively.
    • Tier 1 Capital Ratio was 10.71% compared to 10.87% and 9.76% at December 31, 2024, and March 31, 2024, respectively.
    • Total Risk-Based Capital Ratio was 13.09% compared to 13.25% and 12.04% at December 31, 2024, and March 31, 2024, respectively.

    In April 2025, the Company called $10.0 million of its $40.0 million of fixed-to-floating rate subordinated debt that was originally issued in April 2015. These notes initially bore interest at a fixed rate of 6.00% and were scheduled to reprice at a rate equal to the then-current three-month term SOFR plus 4.20561% after the April 2025 call date. The Company’s subordinated debt is now comprised of $30.0 million of April 2015 notes, as well as the separate $35.0 million of fixed-to-floating rate subordinated notes that were issued in October 2020, which currently bear interest at a fixed rate of 4.375%, and are set to reprice at a rate of the then-current three-month term SOFR plus 4.265% beginning in October 2025. The April 2015 notes are callable on a quarterly basis going forward and the October 2020 notes become callable beginning in October 2025. The Company will continue to evaluate options relative to the subordinated debt which may include redemption in part or in full, as well as replacing or refinancing the facilities.

    Credit Quality

    Non-performing loans were $40.0 million, or 0.88% of total loans, at March 31, 2025, as compared to $41.4 million, or 0.92% of total loans, at December 31, 2024, and $26.7 million, or 0.60% of total loans, at March 31, 2024. The increase in non-performing loans from March 31, 2024 was primarily driven by one commercial loan relationship that was placed on nonaccrual during the third quarter of 2024. Net charge-offs were $2.4 million, representing 0.21% of average loans on an annualized basis, for the current quarter, as compared to $2.8 million, or an annualized 0.25% of average loans, in the fourth quarter of 2024 and $3.1 million, or an annualized 0.28%, in the first quarter of 2024.

    At March 31, 2025, the allowance for credit losses on loans to total loans ratio was 1.08%, compared to 1.07% at December 31, 2024 and 0.97% at March 31, 2024.

    Provision for credit losses was $2.9 million in the current quarter, compared to a provision of $6.5 million in the linked quarter and a benefit of $5.5 million in the prior year quarter. Provision for credit losses on loans was $3.3 million in the current quarter, compared to a provision of $6.1 million in the fourth quarter of 2024, and a benefit of $4.9 million in the first quarter of 2024. The allowance for unfunded commitments, also included in provision for credit losses as required by the current expected credit loss standard (“CECL”), totaled a provision of $364 thousand in the first quarter of 2025, a provision of $321 thousand in the fourth quarter of 2024, and a credit of $570 thousand in the first quarter of 2024. The provision for credit losses for the first quarter of 2025 was driven by a combination of factors, including the impact of loan growth and an increase in specific reserves, partially offset by modest improvement in forecasted losses and qualitative factors, primarily reflecting a reduction in consumer indirect delinquencies. Specific reserves increased by $932,000 for the first quarter, primarily driven by a $1.3 million specific reserve related to the Bank’s participation in a non-owner occupied commercial mortgage loan, which it moved to nonaccrual in the fourth quarter of 2023.

    The Company has remained strategically focused on the importance of credit discipline, allocating resources to credit and risk management functions as the loan portfolio has grown. The ratio of allowance for credit losses on loans to non-performing loans was 122% at March 31, 2025, 116% at December 31, 2024, and 161% at March 31, 2024, with the year-over-year decrease reflective of the higher level of nonperforming loans reported at March 31, 2025.

    Subsequent Events

    The Company is required, under generally accepted accounting principles (“GAAP”), to evaluate subsequent events through the filing of its consolidated financial statements for the quarter ended March 31, 2025, on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of March 31, 2025, and will adjust amounts preliminarily reported, if necessary.

    Conference Call

    The Company will host an earnings conference call and audio webcast on April 29, 2025 at 8:30 a.m. Eastern Time. The call will be hosted by Martin K. Birmingham, President and Chief Executive Officer, and W. Jack Plants II, Chief Financial Officer and Treasurer. The live webcast will be available in listen-only mode on the Company’s website at www.FISI-investors.com. Within the United States, listeners may also access the call by dialing 1-833-470-1428 and providing the access code 737945. The webcast replay will be available on the Company’s website for at least 30 days.

    About Financial Institutions, Inc.

    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.3 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    Non-GAAP Financial Information

    In addition to results presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. A reconciliation of these non-GAAP measures to GAAP measures is included in Appendix A to this document.

    The Company believes that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, performance trends and financial position. Our management uses these measures for internal planning and forecasting purposes and we believe that our presentation and discussion, together with the accompanying reconciliations, allows investors, security analysts and other interested parties to view our performance and the factors and trends affecting our business in a manner similar to management. These non-GAAP measures should not be considered a substitute for GAAP measures, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure to evaluate the Company. Non-GAAP financial measures have inherent limitations, are not uniformly applied and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    Safe Harbor Statement

    This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “focus,” “forecast,” “intend,” “may,” “plan,” “preliminary,” “should,” “target” or “will.” Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: additional information regarding the deposit fraudulent activity; changes in interest rates; inflation; tariffs; changes in deposit flows and the cost and availability of funds; the Company’s ability to implement its strategic plan, including by expanding its commercial lending footprint and integrating its acquisitions; whether the Company experiences greater credit losses than expected; whether the Company experiences breaches of its, or third party, information systems; the attitudes and preferences of the Company’s customers; legal and regulatory proceedings and related matters, including any action described in our reports filed with the SEC, could adversely affect us and the banking industry in general; the competitive environment; fluctuations in the fair value of securities in its investment portfolio; changes in the regulatory environment and the Company’s compliance with regulatory requirements; and general economic and credit market conditions nationally and regionally; and the macroeconomic volatility related to global political unrest. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language and risk factors included in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.

    (1) See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.

    For additional information contact:
    Kate Croft
    Director of Investor and External Relations
    (716) 817-5159
    klcroft@five-starbank.com


    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands, except per share amounts)

        2025     2024  
    SELECTED BALANCE SHEET DATA:   March 31,     December 31,     September 30,     June 30,     March 31,  
    Cash and cash equivalents   $ 167,352     $ 87,321     $ 249,569     $ 146,347     $ 237,038  
    Investment securities:                              
    Available for sale     926,992       911,105       886,816       871,635       923,761  
    Held-to-maturity, net     113,105       116,001       121,279       128,271       143,714  
    Total investment securities     1,040,097       1,027,106       1,008,095       999,906       1,067,475  
    Loans held for sale     387       2,280       2,495       2,099       504  
    Loans:                              
    Commercial business     709,101       665,321       654,519       713,947       707,564  
    Commercial mortgage–construction     566,359       582,619       533,506       518,013       528,694  
    Commercial mortgage–multifamily     475,867       470,954       467,527       463,171       453,027  
    Commercial mortgage–non-owner occupied     899,679       857,987       814,392       814,953       798,637  
    Commercial mortgage–owner occupied     286,391       288,036       290,216       289,733       264,698  
    Residential real estate loans     643,983       650,206       648,241       647,675       648,160  
    Residential real estate lines     74,769       75,552       76,203       75,510       75,668  
    Consumer indirect     853,176       845,772       874,651       894,596       920,428  
    Other consumer     43,953       42,757       43,734       43,870       45,170  
    Total loans     4,553,278       4,479,204       4,402,989       4,461,468       4,442,046  
    Allowance for credit losses – loans     48,964       48,041       44,678       43,952       43,075  
    Total loans, net     4,504,314       4,431,163       4,358,311       4,417,516       4,398,971  
    Total interest-earning assets     5,733,743       5,602,570       5,666,972       5,709,148       5,857,616  
    Goodwill and other intangible assets, net     60,651       60,758       60,867       60,979       72,287  
    Total assets     6,340,492       6,117,085       6,156,317       6,131,772       6,298,598  
    Deposits:                              
    Noninterest-bearing demand     945,182       950,351       978,660       939,346       972,801  
    Interest-bearing demand     773,475       705,195       793,996       711,580       798,831  
    Savings and money market     2,033,323       1,904,013       2,027,181       2,007,256       2,064,539  
    Time deposits     1,620,930       1,545,172       1,506,764       1,475,139       1,560,586  
    Total deposits     5,372,910       5,104,731       5,306,601       5,133,321       5,396,757  
    Short-term borrowings     55,000       99,000       55,000       202,000       133,000  
    Long-term borrowings, net     124,917       124,842       124,765       124,687       124,610  
    Total interest-bearing liabilities     4,607,645       4,405,912       4,507,706       4,520,662       4,681,566  
    Shareholders’ equity     589,928       568,984       500,342       467,667       445,734  
    Common shareholders’ equity     572,643       551,699       483,050       450,375       428,442  
    Tangible common equity (1)     511,992       490,941       422,183       389,396       356,155  
    Accumulated other comprehensive loss   $ (41,995 )   $ (52,604 )   $ (102,029 )   $ (125,774 )   $ (126,264 )
                                   
    Common shares outstanding     20,110       20,077       15,474       15,472       15,447  
    Treasury shares     590       623       625       627       653  
    CAPITAL RATIOS AND PER SHARE DATA:                              
    Leverage ratio     9.24 %     9.15 %     8.98 %     8.61 %     8.03 %
    Common equity Tier 1 capital ratio     10.38 %     10.54 %     10.28 %     10.03 %     9.43 %
    Tier 1 capital ratio     10.71 %     10.87 %     10.62 %     10.36 %     9.76 %
    Total risk-based capital ratio     13.09 %     13.25 %     12.95 %     12.65 %     12.04 %
    Common equity to assets     9.03 %     9.02 %     7.85 %     7.34 %     6.80 %
    Tangible common equity to tangible assets (1)     8.15 %     8.11 %     6.93 %     6.41 %     5.72 %
                                   
    Common book value per share   $ 28.48     $ 27.48     $ 31.22     $ 29.11     $ 27.74  
    Tangible common book value per share (1)   $ 25.46     $ 24.45     $ 27.28     $ 25.17     $ 23.06  

    1. See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.


    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands, except per share amounts)

        2025     2024  
        First     Fourth     Third     Second     First  
    SELECTED STATEMENT OF OPERATIONS DATA:   Quarter     Quarter     Quarter     Quarter     Quarter  
    Interest income   $ 81,051     $ 78,119     $ 77,911     $ 78,788     $ 78,413  
    Interest expense     34,187       36,486       37,230       37,595       38,331  
    Net interest income     46,864       41,633       40,681       41,193       40,082  
    Provision (benefit) for credit losses     2,928       6,461       3,104       2,041       (5,456 )
    Net interest income after provision (benefit) for credit losses     43,936       35,172       37,577       39,152       45,538  
    Noninterest income:                              
    Service charges on deposits     1,052       1,074       1,103       979       1,077  
    Insurance income     3       3       3       4       2,134  
    Card interchange income     1,840       2,045       1,900       2,008       1,902  
    Investment advisory     2,737       2,555       2,797       2,779       2,582  
    Company owned life insurance     2,777       1,425       1,404       1,360       1,298  
    Investments in limited partnerships     415       837       400       803       342  
    Loan servicing     123       295       88       158       175  
    Income (loss) from derivative instruments, net     250       (37 )     212       377       174  
    Net gain on sale of loans held for sale     117       186       220       124       88  
    Net loss on investment securities     –       (100,055 )     –       –       –  
    Net (loss) gain on other assets     –       (19 )     138       13,508       (13 )
    Net (loss) gain on tax credit investments     (514 )     (636 )     (170 )     406       (375 )
    Other     1,573       1,291       1,345       1,508       1,517  
    Total noninterest income (loss)     10,373       (91,036 )     9,440       24,014       10,901  
    Noninterest expense:                              
    Salaries and employee benefits     16,898       17,159       15,879       15,748       17,340  
    Occupancy and equipment     3,590       3,791       3,370       3,448       3,752  
    Professional services     1,691       1,571       1,965       1,794       2,372  
    Computer and data processing     5,487       6,608       5,353       5,342       5,386  
    Supplies and postage     578       504       519       437       475  
    FDIC assessments     1,467       1,551       1,092       1,346       1,295  
    Advertising and promotions     342       465       371       440       297  
    Amortization of intangibles     107       109       112       114       217  
    Provision for litigation settlement     –       23,022       –       –       –  
    Deposit-related charged-off items (recoveries) expense     (294 )     354       410       398       19,179  
    Restructuring charges     68       35       –       –       –  
    Other     3,751       4,235       3,398       3,953       3,700  
    Total noninterest expense     33,685       59,404       32,469       33,020       54,013  
    Income (loss) before income taxes     20,624       (115,268 )     14,548       30,146       2,426  
    Income tax expense (benefit)     3,746       (32,457 )     1,082       4,517       356  
    Net income (loss)     16,878       (82,811 )     13,466       25,629       2,070  
    Preferred stock dividends     365       365       365       364       365  
    Net income (loss) available to common shareholders   $ 16,513     $ (83,176 )   $ 13,101     $ 25,265     $ 1,705  
    FINANCIAL RATIOS:                              
    Earnings (loss) per share – basic   $ 0.82     $ (5.07 )   $ 0.85     $ 1.64     $ 0.11  
    Earnings (loss) per share – diluted   $ 0.81     $ (5.07 )   $ 0.84     $ 1.62     $ 0.11  
    Cash dividends declared on common stock   $ 0.31     $ 0.30     $ 0.30     $ 0.30     $ 0.30  
    Common dividend payout ratio     37.80 %     -5.92 %     35.29 %     18.29 %     272.73 %
    Dividend yield (annualized)     5.05 %     4.37 %     4.69 %     6.25 %     6.41 %
    Return on average assets (annualized)     1.10 %     -5.38 %     0.89 %     1.68 %     0.13 %
    Return on average equity (annualized)     11.82 %     -63.70 %     11.08 %     22.93 %     1.83 %
    Return on average common equity (annualized)     11.92 %     -66.19 %     11.18 %     23.51 %     1.57 %
    Return on average tangible common equity (annualized) (1)     13.36 %     -75.36 %     12.87 %     27.51 %     1.88 %
    Efficiency ratio (2)     58.79 %     117.13 %     64.70 %     50.58 %     105.77 %
    Effective tax rate     18.2 %     -28.2 %     7.4 %     15.0 %     18.7 %

    1. See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
    2. The efficiency ratio is calculated by dividing noninterest expense by net revenue, i.e., the sum of net interest income (fully taxable equivalent) and noninterest income before net gains on investment securities. This is a banking industry measure not required by GAAP.


    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands)

        2025     2024  
        First     Fourth     Third     Second     First  
    SELECTED AVERAGE BALANCES:   Quarter     Quarter     Quarter     Quarter     Quarter  
    Federal funds sold and interest-earning deposits   $ 71,767     $ 121,530     $ 49,476     $ 134,123     $ 158,075  
    Investment securities(1)     1,085,649       1,159,863       1,147,052       1,194,808       1,182,993  
    Loans:                              
    Commercial business     677,700       658,038       673,830       704,272       722,720  
    Commercial mortgage–construction     562,724       558,200       513,768       495,177       470,115  
    Commercial mortgage–multifamily     475,262       458,691       467,801       466,501       468,028  
    Commercial mortgage–non-owner occupied     879,387       843,034       826,275       837,209       843,526  
    Commercial mortgage–owner occupied     286,526       288,502       285,061       260,495       248,172  
    Residential real estate loans     647,005       649,549       647,844       648,099       648,921  
    Residential real estate lines     74,709       76,164       75,671       75,575       76,396  
    Consumer indirect     848,282       858,854       881,133       905,056       934,380  
    Other consumer     42,230       43,333       43,789       44,552       51,535  
    Total loans     4,493,825       4,434,365       4,415,172       4,436,936       4,463,793  
    Total interest-earning assets     5,651,241       5,715,758       5,611,700       5,765,867       5,804,861  
    Goodwill and other intangible assets, net     60,717       60,824       60,936       62,893       72,409  
    Total assets     6,220,187       6,121,449       6,018,390       6,153,429       6,225,760  
    Interest-bearing liabilities:                              
    Interest-bearing demand     745,210       757,221       691,412       741,006       749,512  
    Savings and money market     1,976,483       1,992,059       1,938,935       2,036,772       2,081,815  
    Time deposits     1,564,987       1,545,071       1,515,745       1,505,665       1,479,133  
    Short-term borrowings     95,223       56,513       129,130       140,110       179,747  
    Long-term borrowings, net     124,871       124,795       124,717       124,640       124,562  
    Total interest-bearing liabilities     4,506,774       4,475,659       4,399,939       4,548,193       4,614,769  
    Noninterest-bearing demand deposits     926,696       947,428       952,970       950,819       962,522  
    Total deposits     5,213,376       5,241,779       5,099,062       5,234,262       5,272,982  
    Total liabilities     5,640,981       5,604,249       5,535,112       5,703,929       5,770,725  
    Shareholders’ equity     579,206       517,200       483,278       449,500       455,035  
    Common equity     561,921       499,910       465,986       432,208       437,743  
    Tangible common equity(2)     501,204       439,086       405,050       369,315       365,334  
    Common shares outstanding:                              
    Basic     20,073       16,415       15,464       15,444       15,403  
    Diluted     20,285       16,415       15,636       15,556       15,543  
    SELECTED AVERAGE YIELDS:
    (Tax equivalent basis)    		                              
    Investment securities     4.25 %     2.38 %     2.14 %     2.17 %     2.09 %
    Loans     6.20 %     6.28 %     6.42 %     6.40 %     6.33 %
    Total interest-earning assets     5.80 %     5.45 %     5.53 %     5.50 %     5.43 %
    Interest-bearing demand     1.15 %     1.34 %     1.05 %     1.18 %     1.11 %
    Savings and money market     2.75 %     2.94 %     3.07 %     3.01 %     3.08 %
    Time deposits     4.31 %     4.53 %     4.72 %     4.72 %     4.68 %
    Short-term borrowings     2.09 %     0.15 %     2.64 %     2.75 %     3.42 %
    Long-term borrowings, net     5.00 %     5.03 %     5.03 %     5.02 %     5.02 %
    Total interest-bearing liabilities     3.07 %     3.24 %     3.37 %     3.32 %     3.34 %
    Net interest rate spread     2.73 %     2.21 %     2.16 %     2.18 %     2.09 %
    Net interest margin     3.35 %     2.91 %     2.89 %     2.87 %     2.78 %

    1. Includes investment securities at adjusted amortized cost.
    2. See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
    3. The interest on tax-exempt securities is calculated on a tax-equivalent basis assuming a Federal income tax rate of 21%.


    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands)

        2025     2024  
        First     Fourth     Third     Second     First  
    ASSET QUALITY DATA:   Quarter     Quarter     Quarter     Quarter     Quarter  
    Allowance for Credit Losses – Loans                              
    Beginning balance   $ 48,041     $ 44,678     $ 43,952     $ 43,075     $ 51,082  
    Net loan charge-offs (recoveries):                              
    Commercial business     57       131       (3 )     7       (37 )
    Commercial mortgage–construction     –       –       –       –       –  
    Commercial mortgage–multifamily     –       –       13       –       –  
    Commercial mortgage–non-owner occupied     (1 )     (5 )     (1 )     (1 )     (1 )
    Commercial mortgage–owner occupied     (1 )     (1 )     (2 )     (2 )     –  
    Residential real estate loans     41       (4 )     (1 )     96       4  
    Residential real estate lines     –       –       –       –       –  
    Consumer indirect     2,149       2,557       1,553       844       2,973  
    Other consumer     124       100       106       178       182  
    Total net charge-offs (recoveries)     2,369       2,778       1,665       1,122       3,121  
    Provision (benefit) for credit losses – loans     3,292       6,141       2,391       1,999       (4,886 )
    Ending balance   $ 48,964     $ 48,041     $ 44,678     $ 43,952     $ 43,075  
                                   
    Net charge-offs (recoveries) to average loans (annualized):                              
    Commercial business     0.03 %     0.80 %     0.00 %     0.00 %     -0.02 %
    Commercial mortgage–construction     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Commercial mortgage–multifamily     0.00 %     0.00 %     0.01 %     0.00 %     0.00 %
    Commercial mortgage–non-owner occupied     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Commercial mortgage–owner occupied     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Residential real estate loans     0.03 %     0.00 %     0.00 %     0.06 %     0.00 %
    Residential real estate lines     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Consumer indirect     1.03 %     1.18 %     0.70 %     0.38 %     1.28 %
    Other consumer     1.19 %     0.91 %     0.95 %     1.62 %     1.41 %
    Total loans     0.21 %     0.25 %     0.15 %     0.10 %     0.28 %
                                   
    Supplemental information(1)                              
    Non-performing loans:                              
    Commercial business   $ 5,672     $ 5,609     $ 5,752     $ 5,680     $ 5,956  
    Commercial mortgage–construction     19,684       20,280       20,280       4,970       5,320  
    Commercial mortgage–multifamily     –       –       71       183       185  
    Commercial mortgage–non-owner occupied     4,766       4,773       4,903       4,919       4,929  
    Commercial mortgage–owner occupied     349       354       366       380       392  
    Residential real estate loans     6,035       6,918       5,790       5,961       6,797  
    Residential real estate lines     316       253       232       183       235  
    Consumer indirect     2,917       3,157       3,291       2,897       2,880  
    Other consumer     279       62       57       36       36  
    Total non-performing loans     40,018       41,406       40,742       25,209       26,730  
    Foreclosed assets     196       60       109       63       140  
    Total non-performing assets   $ 40,214     $ 41,466     $ 40,851     $ 25,272     $ 26,870  
                                   
    Total non-performing loans to total loans     0.88 %     0.92 %     0.93 %     0.57 %     0.60 %
    Total non-performing assets to total assets     0.63 %     0.68 %     0.66 %     0.41 %     0.43 %
    Allowance for credit losses – loans to total loans     1.08 %     1.07 %     1.01 %     0.99 %     0.97 %
    Allowance for credit losses – loans to non-performing loans     122 %     116 %     110 %     174 %     161 %

    1. At period end.


    FINANCIAL INSTITUTIONS, INC.
    Appendix A — Reconciliation to Non-GAAP Financial Measures (Unaudited)
    (In thousands, except per share amounts)

        2025     2024  
        First     Fourth     Third     Second     First  
        Quarter     Quarter     Quarter     Quarter     Quarter  
    Ending tangible assets:                              
    Total assets   $ 6,340,492     $ 6,117,085     $ 6,156,317     $ 6,131,772     $ 6,298,598  
    Less: Goodwill and other intangible assets, net     60,651       60,758       60,867       60,979       72,287  
    Tangible assets   $ 6,279,841     $ 6,056,327     $ 6,095,450     $ 6,070,793     $ 6,226,311  
                                   
    Ending tangible common equity:                              
    Common shareholders’ equity   $ 572,643     $ 551,699     $ 483,050     $ 450,375     $ 428,442  
    Less: Goodwill and other intangible assets, net     60,651       60,758       60,867       60,979       72,287  
    Tangible common equity   $ 511,992     $ 490,941     $ 422,183     $ 389,396     $ 356,155  
                                   
    Tangible common equity to tangible assets (1)     8.15 %     8.11 %     6.93 %     6.41 %     5.72 %
                                   
    Common shares outstanding     20,110       20,077       15,474       15,472       15,447  
    Tangible common book value per share (2)   $ 25.46     $ 24.45     $ 27.28     $ 25.17     $ 23.06  
                                   
    Average tangible assets:                              
    Average assets   $ 6,220,187     $ 6,121,449     $ 6,018,390     $ 6,153,429     $ 6,225,760  
    Less: Average goodwill and other intangible assets, net     60,717       60,824       60,936       62,893       72,409  
    Average tangible assets   $ 6,159,470     $ 6,060,625     $ 5,957,454     $ 6,090,536     $ 6,153,351  
                                   
    Average tangible common equity:                              
    Average common equity   $ 561,921     $ 499,910     $ 465,986     $ 432,208     $ 437,743  
    Less: Average goodwill and other intangible assets, net     60,717       60,824       60,936       62,893       72,409  
    Average tangible common equity   $ 501,204     $ 439,086     $ 405,050     $ 369,315     $ 365,334  
                                   
    Net income (loss) available to common shareholders   $ 16,513     $ (83,176 )   $ 13,101     $ 25,265     $ 1,705  
    Return on average tangible common equity (3)     13.36 %     -75.36 %     12.87 %     27.51 %     1.88 %

    1. Tangible common equity divided by tangible assets.
    2. Tangible common equity divided by common shares outstanding.
    3. Net income available to common shareholders (annualized) divided by average tangible common equity.

    The MIL Network –

  • MIL-OSI: Rigetti Computing to Report First Quarter 2025 Financial Results and Host Conference Call on May 12, 2025

    Source: GlobeNewswire (MIL-OSI)

    BERKELEY, Calif., April 28, 2025 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (“Rigetti” or the “Company”) (Nasdaq: RGTI), a pioneer in hybrid quantum-classical computing, announced today that it will release first quarter 2025 results on May 12, 2025 after market close. The Company will host a conference call to discuss its financial results and provide an update on its business operations at 5:00 p.m. ET the same day.

    Key details regarding the call are as follows:

    Call Date: Monday, May 12, 2025
    Call Time: 5:00 p.m. ET / 2:00 p.m. PT
    Webcast Link: https://edge.media-server.com/mmc/p/5w8qggnn/
    Live Call Participant Link: https://register-conf.media-server.com/register/BIa01e2c81dc8f4031b25c1ce89653b15e

    Webcast Instructions
    You can listen to a live audio webcast of the conference call by visiting the “Webcast Link” above or the “Events & Presentations” section of the Company’s Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.

    Live Call Participant Instructions
    To participate in the live call, you must register using the “Live Call Participant Link” above. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.

    About Rigetti
    Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera™ QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.

    Rigetti Computing Media Contact:
    press@rigetti.com
    Rigetti Computing Investor Relations Contact:
    IR@Rigetti.com

    The MIL Network –

  • MIL-OSI Global: Juggling dynamite? At 100 days in office, Donald Trump is no Franklin D. Roosevelt

    Source: The Conversation – Canada – By Ronald W. Pruessen, Emeritus Professor of History, University of Toronto

    Watching United States President Donald Trump weave and chainsaw his way through the first 100 days of his second term in office, I’ve been reminded of what Anthony Eden, the United Kingdom’s foreign secretary in the 1930s and later its prime minister, once said about Franklin D. Roosevelt.

    FDR, Eden recalled in his memoirs, was “too like a conjurer, skilfully juggling balls of dynamite, whose nature he failed to understand.”

    The image fits the 47th president much better than the 32nd.

    The dynamite-wielding Trump

    Dynamite has certainly been exploding regularly since Trump took office in January. His actions include:



    Read more:
    How Project 2025 became the blueprint for Donald Trump’s second term

    For non-MAGA enthusiasts, it is easy to surmise — similar to Eden’s remarks on FDR — that Trump does not understand the potential damage of the dynamite he is not just juggling, but hurling.

    A case might be made that some lobs align with Trump’s personal penchant for retribution, or that the chainsaw is being wielded to make room in the federal budget for new tax cuts for the one per cent.

    But such calculations disregard deeply rooted American values like respect for the rule of law and the separation of powers.

    Trump’s actions could suggest a lust for mayhem apparently aimed at dismantling a century of efforts to shape a government that serves global security while also meeting the economic, social and health care needs of American citizens, including safety net provisions for senior citizens, children, farmers, veterans and others.

    Threats today, damage tomorrow

    His apparent fondness for dynamite is already having negative consequences, with seemingly little grasp of the likelihood of worse to come: today, he’s upending the lives of civil servants; tomorrow’s disruptions will likely include an attack on the services provided by agencies like the Social Security Administration and disruption of the flow of funds to many poor school districts.

    Today, the U.S. is struggling with a measles outbreak. But the personal beliefs of Health and Human Services Director Robert F. Kennedy, Jr., a notorious vaccination and public health skeptic, doesn’t bode well for a fight against a rapidly evolving avian flu threat on the near horizon.

    Today’s stock and bond market volatility creates the possibility of a trade war catastrophe and damage to economic stability as the U.S. appears poised to disregard its longtime status as the world economy’s “safe haven.”

    The current tensions in what were once ironclad partnerships with allies that include Canada, the European Union and Ukraine — along with the whiplash reversal of American-Russian dynamics — are reminiscent of the global disruption in the 1930s that featured the Great Depression and the eruption of the Second World War.

    How FDR coped with explosions around him

    If Eden’s image of FDR as a dangerous juggler of dynamite might also apply to Trump, it fails to capture the essential attributes of the 32nd president’s White House career. Eden’s ego seems to have undercut his appraisal of FDR — compounded by his own failure to understand the historical developments that profoundly weakened the British Empire and brought his own career to an end.

    There’s no question dynamite was exploding in 1933, the start of FDR’s 12 years in the White House. But the Depression and its evolving consequences, not FDR’s personal impulses and misconceptions, created a tinderbox decade.

    One of Roosevelt’s great strengths, in fact, was his ability to recognize the acute dangers emanating from a fearful cortege of flaming fuses. Another was his success in turning insights into meaningful actions.

    Roosevelt knew — far better than his predecessor, Herbert Hoover — that the onset of the Depression would require dramatic actions and fundamental reforms.

    His New Deal expanded the government’s role in stimulating the economy (for example, the Public Works Administration), regulation (the Securities Exchange Commission), social welfare initiatives (the Social Security program) and infrastructure development (for example, the Tennessee Valley Authority).

    The Depression wasn’t fully eradicated — that didn’t happen until after war broke out — but the lives of millions of Americans still improved significantly.

    Of equal importance, FDR’s creative thinking and government transformations created building blocks for further post-war reforms, including Lyndon Johnson’s Great Society efforts three decades later.



    Read more:
    The Great Society: the forgotten reform movement

    Roosevelt also knew that the devastation of the Depression and the unparalleled destruction of the Second World War required a transformation of the global arena. He believed technology — air power especially — had created an integrated world. In his January 1943 State of the Union address, he said:

    “Wars grow in size, in death and destruction, and in the inevitability of engulfing all nations, in inverse ratio to the shrinking size of the world as a result of the conquest of the air.”

    Sharing responsibilities

    FDR believed the world he worked to create would be safer and more prosperous because multilateral organizations would encourage greater emphasis on shared resources and responsibilities. The United Nations, the International Monetary Fund and the World Bank took shape during FDR’s presidency — as did long-term plans for decolonization and human rights initiatives.

    Roosevelt knew too — better than many of his White House successors — that the U.S. needed to share leadership responsibilities. He believed emphatically in multilateralism, recognizing the limits of American resources and power, and the pragmatism of compromising with the priorities of others, whether they were powerful states or colonial peoples.

    His “Four Policemen” approach to maintaining peace — comprising the U.S., the U.K., the Soviet Union and China — would sometimes create unpalatable situations. He was criticized harshly, for example, for naively opening the door to Soviet domination of eastern Europe via the Yalta agreement. Nonetheless, FDR focused on efforts he believed would avert another destructive cataclysm.

    FDR was an imperfect leader in various ways — in not appreciating, for example, how global leadership could result in arrogance. He did, however, understand the explosive domestic and international developments of the 20th century and sought constructive solutions to grave challenges.

    Trump, on the contrary, is seemingly prioritizing destruction over construction. Propelled by a “move fast and break things” mantra, there’s little evidence that he understands its pain nor the damaging consequences of his impulses.

    Ronald W. Pruessen has received funding from the Social Sciences and Humanities Research Council of Canada.

    – ref. Juggling dynamite? At 100 days in office, Donald Trump is no Franklin D. Roosevelt – https://theconversation.com/juggling-dynamite-at-100-days-in-office-donald-trump-is-no-franklin-d-roosevelt-254773

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Allister writes to organisers of the Glastonbury Festival to ask them to drop Kneecap

    Source: Traditional Unionist Voice – Northern Ireland

    Jim Allister had today written the following letter to the organisers of the Glastonbury Festival:

    Dear Sir / Madam,

    Re: Booking of ‘Kneecap’ for Glastonbury Festival

    I write as a Member of Parliament for North Antrim and leader of TUV to express deep concern over the decision to host the group “Kneecap” at this year’s Glastonbury Festival.

    Kneecap is a group that derives its name from one of the most vicious forms of paramilitary violence used in Northern Ireland — the so-called “kneecapping” of innocent civilians. Their choice of name alone is an affront to the countless victims maimed by terrorist brutality.

    However, the concerns go deeper. Kneecap has repeatedly glorified the actions of the Provisional IRA and promoted a narrative that seeks to romanticise a terrorist campaign which caused immense suffering across our United Kingdom.

    More recently, this group has been embroiled in fresh controversy — publicly advocating that people should “kill your local Tory MP,” an utterly abhorrent incitement to political violence.

    Furthermore, Kneecap has made inflammatory and deeply offensive comments about Israel, during a time when antisemitism and violent rhetoric against the Jewish community are a growing and serious concern.

    That Glastonbury would offer a platform to a group which glorifies terrorism, advocates the murder of elected representatives, and engages in inflammatory rhetoric against the State of Israel is nothing short of a disgrace. It stands wholly at odds with the values of tolerance, peace, and inclusivity which your Festival claims to promote.

    It is wholly unacceptable for a mainstream, UK-wide cultural event to be seen to endorse — even by implication — messages of political violence and terror glorification.

    Accordingly, I call upon you to immediately rescind the invitation to Kneecap to perform at this year’s Festival.

    To allow them to proceed would seriously damage the reputation of Glastonbury Festival and cast doubt on its commitment to basic democratic and moral principles.

    I trust you will give this matter urgent and serious consideration.

    Yours sincerely,
    Jim Allister KC MP

    MIL OSI United Kingdom –

  • MIL-OSI USA: Cortez Masto, Storey County Leaders Tour New Lockwood Senior Center

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

     Cortez Masto Secured $2.5 Million for Senior Center in Bipartisan Government Funding Package for FY23

    Reno, Nev. – Last week, U.S. Senator Catherine Cortez Masto (D-Nev.) joined Storey County Commissioner Donald Gilman and Storey County Director of Health and Community Services Stacy York to highlight the new Lockwood Senior Center – set to open in late 2025. In 2022, Cortez Masto secured $2,500,000 in bipartisan government funding legislation for this project.

    “Here in rural Nevada, you don’t always have access to community services like this in your backyard, but I’m thrilled that will soon change,” said Senator Cortez Masto. “I’m proud to have secured $2.5 million to bring this senior center to life, and I’m sure it will be a future cornerstone of our Lockwood community.”

    The Lockwood Senior Center will provide resources and services to seniors in Lockwood, including meals on wheels, transportation services, a food pantry, case management, and mental health services. The senior center also plans to serve the greater Lockwood community by providing county services, school meals, and a health office.

    Senators Cortez Masto and Jacky Rosen (D-Nev.) secured $167.62 million in Community Project Funding to support 85 programs and projects across Nevada as part of the FY2023 bipartisan funding package. A full list of projects in Nevada that received community project funding can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Juan Vargas, Democratic Colleagues Defend Department of Education in Court

    Source: United States House of Representatives – Congressman Juan Vargas (CA-51)

    April 28, 2025

    WASHINGTON – U.S. Representative Juan Vargas (D-CA) joined nearly 200 House Democrats in filing an amicus brief challenging the Trump Administration’s efforts to close the Department of Education in State of New York v. Linda McMahon. Twenty states, including California, have moved to sue the Administration for its plans to place fifty percent of the Department’s workforce on administrative leave, effectively shuttering a congressionally authorized agency. 

    In their filing, the lawmakers argued that the Trump Administration cannot unilaterally create, dismantle, or reorganize the Education Department, nor can executive officials make solitary decisions regarding the agency’s organization and assignment of functions. The lawmakers also cited executive overreach, noting that efforts to strip support for the federal agency violate Congress’s power of the purse. 

    “The U.S. Department of Education—the federal agency representing the U.S. government’s commitment to improving educational opportunity—administers and coordinates most federal education activities, ensuring that federal funding reaches its intended recipients and serves Congress’s legally mandated goals,” the lawmakers wrote in their amicus brief. “Defying Congress’s clear mandate, President Trump and other Defendants have begun dismantling the Department part by part—not through legislation, but through executive fiat.”

    “By taking steps to restructure, defund, and ultimately dismantle a federal agency that Congress created, the Trump administration has unlawfully overstepped the bounds of executive power. The administration’s actions not only contravene congressional will, they strike at the heart of the separation of powers which serve as the foundation of our constitutional American democracy,” the lawmakers continued. 

    Read the full brief HERE. 

    ###

    MIL OSI USA News –

  • MIL-OSI Security: California Truck Driver Sentenced to Eleven Years in Prison for Trafficking $2.5 Million Worth of Cocaine

    Source: Office of United States Attorneys

    ROCKFORD — A California truck driver was sentenced today to eleven years in federal prison for trafficking $2.5 million worth of cocaine that was destined for Chicago. 

    RONALD COLEMAN, 45, of Barstow, Calif., pleaded guilty earlier this year to one count of possession with intent to distribute five kilograms or more of cocaine.  U.S. District Judge Iain D. Johnston imposed the sentence during a hearing in federal court in Rockford.

    Coleman admitted in a plea agreement that in April 2023 he was the driver of a semi-truck and trailer traveling through Whiteside County, Ill. on Interstate 88. Inside his semi-trailer, he knowingly and intentionally possessed with the intent to distribute more than 91 kilograms of cocaine with a street value of $2.5 million. Coleman was transporting the cocaine to a warehouse in Chicago, where he was to exchange the drugs for cash and transport the money back to California.  Inside his semi-truck, Coleman also possessed a firearm to protect himself, the cocaine, and the cash during the transport.  Coleman expected to be paid for transporting the cocaine from California to Chicago.

    The sentence was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, and Sheila G. Lyons, Special Agent-in-Charge of the Chicago Field Division of the U.S. Drug Enforcement Administration. The Illinois State Police provided assistance in the investigation.

    The government was represented by Assistant U.S. Attorneys Robert S. Ladd.

    MIL Security OSI –

  • MIL-OSI USA: VIDEO: On Fox, Cornyn Discusses Arrested Wisconsin Judge, Pres. Trump’s Border Security Success in First 100 Days

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – Today on Fox News’ The Faulkner Focus, U.S. Senator John Cornyn (R-TX) discussed the Wisconsin judge who was arrested by the Federal Bureau of Investigation (FBI) for allegedly obstructing the arrest of an illegal migrant by U.S. Immigration and Customs Enforcement (ICE), called out Democrat governors for giving unemployment benefits to migrants present in the U.S. illegally, and praised President Trump for successfully working to secure the southern border in less than 100 days after four years of failure under Joe Biden. Excerpts of Sen. Cornyn’s remarks are below, and video can be found here.
    On Judge Arrested for Allegedly Obstructing Arrest of an Illegal Migrant:
    “In America, no one is above the law, including public officials and judges.”
    “President Trump is following through on his campaign promise and for which he received a mandate on November the 5th to enforce our immigration laws, and I support that wholeheartedly. If it means that people, including elected officials like judges, are obstructing the law and obstructing that process, they should be investigated and they should be prosecuted.”
    On the Administration Warning Governors to Stop Giving Unemployment Benefits to Illegal Migrants:
    “There are people who are actively opposed and resisting each and every thing that President Trump and this administration is doing.”
    “Democrats aren’t doing themselves any favor by resisting even commonsense measures like this.”
    “They are digging their own political grave.”
    On President Trump Working to Secure the Southern Border in Less Than 100 Days:
    “The border is finally under control. And we found out that it didn’t require the passage of new laws like Democrats, including President Biden, had said previously. It just required a new President and somebody committed to enforcing the law.”

    MIL OSI USA News –

  • MIL-OSI USA: AFSCME’s Saunders: A historic and relentless assault on working people and unions underscore the first 100 days of this administration

    Source: American Federation of State, County and Municipal Employees Union

    WASHINGTON – AFSCME President Lee Saunders released the following statement marking the first 100 days of the second Trump administration this week:

    “During the campaign, Trump promised to put working people first, lower rising costs on groceries and gas and preserve our earned benefits and health care. Instead, the first one 100 days of this billionaire-run administration have been fueled by lies, broken promises, and a relentless assault on working people and unions.

    “He has handed over the reins of government to billionaires — appointing the wealthiest cabinet in American history, kicking off a trade war that is raising prices on everyday goods, attacking Social Security and Medicaid, cutting wages for workers, and stripping collective bargaining rights from more than 1 million federal employees. The White House claimed it had nothing to do with Project 2025, yet it has already implemented over one-third of the anti-worker agenda, often sidestepping Congress and the courts to do so.

    “The fallout has been immediate. Retirees are left wondering how to navigate Social Security as staff are laid off, offices are closed, and services are cut. People are watching their retirement savings shrink. Lifesaving health and safety regulations have been put on hold. Students with disabilities are losing vital support from the Department of Education. The Department of Health and Human Services is clawing back funding from states, cities and towns to fight infectious diseases as measles is on the rise, and it’s just the beginning. It is clear that Medicaid cuts are next on the agenda, kicking millions of retirees, children and working people off their health care and upending our entire health care system.

    “This administration refuses to reverse course, because its No. 1 goal is to hand out massive tax breaks to billionaires by robbing our communities of public services and workers of our power. Make no mistake — this will devastate our economy.

    “In response, workers across the country are organizing with AFSCME to build real people power. Tens of thousands of public service workers have joined AFSCME since the start of the year. They are getting organized — hosting town halls, mobilizing their co-workers, and flooding Congress with thousands of letters, calls and petitions demanding action to rein in this hostile takeover.

    “In the courts, AFSCME is fighting to stop the mass firings of federal employees, safeguard Americans’ Social Security data, block the unlawful shutdown of federal agencies, challenge cuts of federal grants to state and local governments that fund essential public services, contest the elimination of collective bargaining rights, and more.

    “No matter how this administration attempts to reframe and erase history, we will never forget: It is working people who are the backbone of this nation. We built the middle-class. We built this country, and we will fight to protect our freedom to thrive.”

    MIL OSI USA News –