NewzIntel.com

Category: Russian Federation

  • MIL-OSI Russia: A house under the renovation program will appear near the Zyuzino metro station

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    In the Cheryomushki area of the South-West Administrative District, a house will be built under the renovation program. It will be located near the Zyuzino metro station, at the address: Kakhovka Street, Building 20a. This was reported by Juliana Knyazhevskaya, Chairman of the Committee for Architecture and Urban Development of Moscow (Moskomarkhitektura).

    “Moskomarkhitektura has developed a land planning project for a 0.92 hectare site for the construction of a building under the renovation program with a maximum residential development area of 9.5 thousand square meters,” noted Yuliana Knyazhevskaya.

    In addition to the proximity of the transport network, the advantage for residents of the new building will be the presence of developed social and commercial infrastructure around it.

    Previously Mayor of Moscow reported, that 1.2 trillion rubles have been allocated in the draft budget for three years to implement the renovation program.

    Renovation program approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses.

    Sergei Sobyanin instructed to double the pace of implementation of the renovation program.

    Moscow is one of the leaders among regions in terms of construction volumes. High rates of housing construction correspond to the goals and initiatives of the national project “Infrastructure for life”.

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

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

    https: //vv.mos.ru/nevs/ite/149657073/

    MIL OSI Russia News –

  • MIL-OSI Russia: The second stage of the major repairs of the Krasnopresnensky overpass has begun

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The second stage of the major repairs of the Krasnopresnensky overpass has begun. About 100 workers and specialists are employed at the site. Excavators, loaders, manipulators, rollers, asphalt pavers, a beam dismantling unit, compressors and generators are involved in the work.

    There are currently four lanes for cars: two each in the direction of Begovaya Street and 1905 Street. A temporary dividing barrier with red signal lights has been installed between the oncoming directions. Fences, information boards and temporary road signs have also been erected in the work area. Pedestrians can use the sidewalk located outside the work boundaries. The speed limit on the overpass is 40 kilometers per hour.

    “The dismantling of the bridge deck has now been completed. Specialists have begun dismantling the beams of the superstructure. A total of 90 beams will be dismantled. Each weighs over 50 tons, and is 24.3 to 33.7 meters long. The work is being carried out at night and during the day, depending on the process windows, in agreement with the railway workers. At present, 14 beams have already been dismantled, located on the side of 1905 Goda Street and above the railway tracks,” said the deputy head of the capital’s Department of Capital Repairs.

    Anton Akulov.

    To determine which technology to use for the safe dismantling of each beam, specialists conduct laboratory testing of its condition. For this purpose, special openings are made to provide access. If the defects are significant, the beam will be sawn into pieces and dismantled. In this case, supporting underbridge elements can also be used. If the beam is strong, it can be dismantled entirely.

    To dismantle the beams of the superstructure, an assembly unit is used. This is a specially designed lifting crane that moves along the rails laid on the overpass. After the beams are disconnected using a diamond cutting machine, the unit lifts them with special grips and takes them to the storage site. The dismantled beams are crushed and disposed of at special landfills.

    Anton Akulov added that 60 beams out of 90 will be dismantled using an assembly unit. Then the rails will be dismantled, and the remaining beams will be dismantled using truck cranes. After the repair of the bridge structure supports is completed, they will begin installing new beams that meet modern requirements for strength and load resistance. They will be protected from corrosion using special means. Then they will install expansion joints and begin forming the bridge deck. The beams will be covered with monolithic slabs, leveling layers will be applied, and then waterproofing and asphalt will be performed.

    At the final stage, the builders will install a curb and equip sidewalks, along which they will install lighting poles and put the railings in order. In addition, it is planned to repair the staircases and the granite cladding of the overpass. Specialists will also reconstruct the exit onto Bryansky Post Street.

    Tests were successfully conducted on the Krasnopresnensky overpassMajor repairs of Krasnopresnensky overpass are already half complete

    Krasnopresnensky overpass runs over the railway tracks of the Smolensk direction of the Moscow Railway and connects 1905 Goda and Begovaya streets with Khoroshevskoye Highway. It is part of an important city road. It was decided to carry out major repairs in stages, without closing the bridge completely. The first stage was completed in January of this year.

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

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

    https: //vv.mos.ru/nevs/ite/149658073/

    MIL OSI Russia News –

  • MIL-OSI Russia: History in a convenient format: six more audio guides have appeared on the “Discover Moscow” portal

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The Discover Moscow portal has six new audio guides for independent walks around the city. Now residents and guests of the capital can go on an audio-guided tour, during which they will be told about iconic architectural sites.

    “We try to make getting to know the history and architecture of Moscow fascinating and accessible to everyone. It is important to us that everyone can explore the city at any time in a convenient format and at their own pace. Therefore, adding audio guides to thematic routes is one of our traditional areas of work to popularize the cultural heritage of the capital,” said the head of the Moscow City Heritage Department.

    Alexey Emelyanov.

    One of the routes is dedicated to the 240th anniversary of the birth of the architect Osip Bove, who restored the center of Moscow after the fire of 1812. Among his significant works are the Gostiny Dvor building and the Theater Square with the Bolshoi Theater. Another route introduces listeners to the work of Fyodor Shekhtel. It is dedicated to the 165th anniversary of the architect’s birth.

    An audio version has also appeared for the route “From Krasnye Vorota to Chistoprudny Boulevard”, which runs along the historic Myasnitskaya Street – once an important commercial artery of the city. It was home to famous shops, theaters and art galleries, as well as buildings mentioned in the works of Russian classics (for example, Anton Chekhov and Fyodor Dostoevsky).

    Another excursion goes along Varvarka, one of the oldest streets in the capital. According to legend, it was along this street that Dmitry Donskoy returned from Kulikovo Field. The Church of All Saints was consecrated in memory of the fallen soldiers. It became the first church-monument to Russian military glory.

    The audio version of the route “Along Sukharevskaya Square and Sretenka Street” is now also available, introducing the history of one of the most famous corners of Moscow. The legendary Sukharev Tower, which served as a symbol of the city for a long time, was located here. Despite the fact that the structure was demolished in 1934, its history continues to attract the attention of researchers and tourists, remaining an important part of the cultural past of the capital.

    The sixth route passes through the territory of the Novodevichy Convent, which celebrated its 500th anniversary in 2024. This architectural monument, included in the UNESCO World Heritage List, is associated with the fates of Russian monarchs and holds many legends.

    “Get to Know Moscow” is a joint project of the capital’s departments information technology, cultures, cultural heritage, education and science. On portal and in mobile applicationYou can find more than 280 walking routes, photographs and descriptions of over 2.3 thousand buildings, 700 monuments and 400 museums.

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

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

    https: //vv.mos.ru/nevs/ite/149666073/

    MIL OSI Russia News –

  • MIL-OSI Russia: “Electronic House”: platform specialists answered the five most popular questions from Muscovites

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Platform “Electronic House” has become an indispensable tool for Muscovites. It helps to participate in the life of the house, saving time and effort on solving both routine household issues and those that are important for all residents of an apartment building. Thanks to the platform, you can, for example, hold general meetings of owners (GMOs) and surveys, send requests about problems in the house or in the yard, post ads, transmit meter readings, and also pay utility bills.

    The platform’s specialists help Muscovites understand the functionality and intricacies of the “Electronic House”. They answered the most popular questions from users, which they ask on social networks and in the “Feedback” section on the website and in the application.

    Questions about the OSS: what does an administrator do and who can become one

    Questions related to general meetings of owners are most often received from city residents. Last year alone, the platform hosted more than 10 thousand OSS.

    Experts note that when holding a general meeting of owners in an apartment building using the platform, an important role is assigned to the administrator. He creates a new general meeting of owners in the system at the request of the initiator, notifies residents of the upcoming meeting, and also collects paper ballots if the owners do not want or have the opportunity to vote electronically.

    “Any owner of premises in an apartment building or a management organization can become an administrator of the general meeting of owners. At the same time, according to the Housing Code of the Russian Federation, at the first general meeting of owners in the system, the role of the administrator is performed by the initiator of such a meeting, and for subsequent ones, his candidacy is approved by a decision of the owners also within the framework of the general meeting of owners. The owners can change the candidacy of the administrator by including this issue in the agenda of any subsequent meeting,” said Alena Krutakova, head of the Electronic House project.

    Where to view the results after the completion of the general meeting of owners

    Based on the results of the AGM, a protocol is formed with the decisions of the owners on all issues on the agenda, signed with the electronic signature of the operator of the Electronic House system. All users of the platform can get acquainted with it in the section “Polls and meetings of owners” of the personal account (the “Meetings” tab). There, the initiator of the AGM can also download appendices to the protocol, which contain decisions, powers of attorney for representatives of the owners and other documents.

    Is it possible to hold a general meeting of owners in a house with a homeowners association?

    According to experts, if the management method chosen in the house is through a homeowners’ association (HOA), then the meeting can be held in exactly the same way on the “Electronic House” platform. However, it is worth paying attention to the agenda items.

    “It is important to distinguish between the general meeting of owners and the general meeting of members of the HOA: their competence includes different issues, enshrined in Articles 44 and 145 of the Housing Code of the Russian Federation. For example, determining the amount of the contribution for major repairs is an agenda item exclusively for the general meeting of owners; HOA members cannot make such decisions. At the same time, the meeting of HOA members can consider issues of approving the annual plan for the maintenance and repair of common property in an apartment building or changing the chairman of the HOA board. In the “Electronic House”, owners of premises in buildings managed by the HOA can only hold a general meeting of owners; holding a meeting of HOA members on the platform is not provided for,” explained Alena Krutakova.

    Who is responsible for troubleshooting in the house and yard?

    The platform’s specialists explain that the proper condition of the common property in the building is monitored by the management organization or HOA (depending on the chosen management method). They are also responsible for eliminating deficiencies in the yard if the adjacent territory is part of the common property.

    Where to find information about city points received for activity on the platform

    On the platform there are points of the city loyalty program “A Million Prizes” are awarded for active participation in the life of the house. For example, for transmitting meter readings, paying utility bills, holding and participating in the general meeting of owners, or posting an ad for the first time. They are displayed in the user’s personal account in the “My points” section. The total number of city points received for active participation in all electronic projects of the capital is also visible there. It is also convenient to go from this section to the “Million Prizes” website, where city points can be used to receive goods and services from program partners. In addition, points can be donated to charity.

    You can find answers to most questions, as well as get more detailed information about the platform’s capabilities, in the Knowledge Base on the website and in the Electronic Home app. If you cannot find the answer to your question, users can leave a message in the Feedback section on the ed.mos.ru website or in the More tab of the Technical Support section in the mobile app.

    The Electronic Home platform was launched in November 2020. It helps manage your home online using a website or app. Users have the opportunity to receive important notifications about events in the house in a timely manner, such as hot water supply outages or elevator repairs. You can also report problems in your apartment, house, and yard to the management company, pay for utilities, transmit meter readings, communicate with neighbors in a chat, and hold general meetings of owners electronically.

    The project is being developed by the State Institution “New Management Technologies” together withDepartment of Information Technology the city of Moscow.

    The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant, as well as other services and services in electronic form, corresponds to the objectives of the national project “Data Economy and Digital Transformation of the State” and the Moscow regional project “Digital Public Administration”.

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

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

    https: //vv.mos.ru/nevs/ite/149659073/

    MIL OSI Russia News –

  • MIL-OSI Russia: More than 300 ventilation shafts of utility collectors will be modernized in the capital

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    This year, specialists from the city services complex will renew more than 300 ventilation shafts of utility collectors. This was announced by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.

    “The main task was to organically fit these structures into the urban landscape, so the old houses were replaced by modernized lattices,” explained Petr Biryukov.

    Ventilation shafts are above-ground parts of utility manifolds through which air enters. They are necessary for the smooth functioning of underground engineering structures.

    Modernization of ventilation shafts has been carried out in the capital since 2011, when large-scale programs for the improvement of streets and public spaces began to be implemented. Specialists dismantle old metal structures on the shaft heads, thoroughly clean the surfaces, restore the concrete layer and waterproofing. If necessary, they change the fans. At the final stage, the structures are faced with granite. When carrying out the work, the craftsmen use materials and equipment from Russian manufacturers.

    The capital’s collector system is a unique underground city, unparalleled in terms of length, network ramifications, and compactness of the communications laid inside. The total length of the collectors is more than 815 kilometers, and the number of ventilation shafts exceeds 13 thousand.

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

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

    https: //vv.mos.ru/nevs/ite/149677073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Dragon Dance and Painted Lanterns: Moskino Cinema Park Celebrates Chinese New Year

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Last weekend, February 1 and 2, the Moskino Cinema Park hosted a grand celebration of the Chinese New Year, in which more than 10 thousand people took part. A varied program was prepared for visitors, which did not leave either children or adults indifferent.

    Chinese Folklore, Dragon Dancing and Mandarin Throwing

    You could learn about Eastern secrets and myths in the quest “The Coming of the Chinese Spirit”. More than two thousand people took part in it, and their task was to catch the hungry Nyan and get a prize. The guests had to find red objects, and to do this, they had to distract the monster from Chinese mythology, make him laugh and make noise. The participants completed the task and won.

    Fun games in Chinese style were held near a natural green screen in the open air. Children and adults assembled puzzles with images of a dragon, rolled balls through a wooden labyrinth, threw oranges at targets, made cubes from multi-colored figures and played tangerine tic-tac-toe.

    In Chalet No. 1 on the Central Square, master classes were held, where those who wanted to painted white Chinese lanterns with patterns, learned calligraphy under the guidance of masters, and molded a dragon from air plasticine. In addition, street classes were held in Chinese national dance with a dragon. A large head and a long tail on sticks were distributed among the participants. They smoothly moved around the square, creating the illusion that the dragon was hovering in the air.

    The scenery of the Gonzaga Theatre featured Chinese folklore. Drummers performed there: the artists were dressed in traditional costumes and performed rhythmic compositions.

    Master classes, performances and excursions

    For winter sports enthusiasts, the skating rink and tubing hill continued to operate. After skating, you could warm up with hot drinks at the fair.

    At master classes in Chalet No. 2, children painted movie clappers, made “Jolly Snowman” magnets, and decorated a field and sea pebble figures for playing tic-tac-toe. The educational center hosted master classes in acting, dancing, and vocals.

    The weekend also saw the performance of the multimedia play “Cathedral Square”. Spectators saw the performance in the open air, sitting on warm heated seats, and learned a lot about the Time of Troubles. On different days, famous theater and film actors Dmitry Pevtsov, Ekaterina Guseva, Leonid Yakubovich, Anna Bolshova, Elena Zakharova and other artists take part in the play. You can see the production in the historical scenery of “Cathedral Square of Moscow” every weekend until February 23 inclusive. Tickets are available on the play’s page on the website of the Moskino cinema park.

    For those who wanted to see the unique scenery of the cinema park and learn new facts about the cinema professions, the excursion “Cinema Expedition” was held, and during the staged filming based on the Soviet films “Gentlemen of Fortune” and “Varvara-Beauty, Long Braid” it was possible to try on the costumes of the characters, learn the roles and act in front of the camera.

    Nature and scenery. Producer Evgeniya Sholokhova on filming in the Moskino cinema parkSpectators shared their impressions of the play “Cathedral Square”A piece of a plate from an excursion: the Moskino cinema park told about an unusual tradition

    The Moskino Cinema Park is part of Sergei Sobyanin’s Moscow — City of Cinema project and an object of the Moscow film cluster. The first stage of development has already been completed here: 18 natural sites, four pavilions and six infrastructure facilities have been built. Among them are the sets of Moscow Center, Moscow of the 1940s, Vitebsk Station, Yurovo Airport, Moscow Cathedral Square, Deaf Village, Partisan Village, County Town, Cowboy Town, St. Petersburg Bar and other sites.

    The Moscow Film Cluster is an infrastructure facility, services and facilities for filmmakers, which are being developed by the Moscow Government within the framework of the Moscow — City of Cinema project. Its structure includes the Moskino film park, the Gorky Film Studio (sites on Sergei Eisenstein Street and Valdaisky Proyezd), the Moskino film factory, the Moskino cinema chain, the film commission and the Moskino film platform.

    Project “Winter in Moscow”— the main event of the season, which until February 28 brings together various events in the capital. Citizens and tourists are invited to remember traditions and history, warm up with tea and hot buns, go ice skating, watch ice shows, give gifts to people who find themselves in a difficult life situation, and show concern for those who need it.

    Muscovites and guests of the capital are offered a huge selection of events in the open air and in cultural and sports institutions. The atmosphere of winter traditions has engulfed the entire city: more than 1.9 thousand sites are open. The project organically intertwined with the largest festivals of the capital “Moscow Estates”, “Moscow Tea Party”, “City of Light” and many others. All information about the project and events of the winter season can be found in a special section of mos.ru.

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

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

    https: //vv.mos.ru/nevs/ite/149655073/

    MIL OSI Russia News –

  • MIL-OSI Russia: The My Payments service recommended that residents of the capital pay their utility bills safely

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    You can pay your housing and communal services (HCS) bills quickly, conveniently and, most importantly, safely using the My Payments service. It is available atmos.ru portal and in mobile applications “Gosuslugi Moskvy” and “My Moscow”. When making a payment through this official resource, you can be sure of the authenticity of the invoices, the safety of personal data and the absence of malicious links or programs. This is especially important in connection with cases of fraud using fake receipts for payment of housing and communal services – fakes were dropped into mailboxes.

    “Thanks to the My Payments service, residents of the capital can always be aware of new utility bills and pay them on the mos.ru portal without going to third-party resources. City residents save time by using templates and the batch payment function, and do not worry about the timeliness of payment for services by setting up automatic payments and notifications,” said Vladimir Novikov, Director of the Department for Support of Citywide Payment Systems of the Moscow Department of Information Technology.

    Almost half of the payments that residents make online in city services are for housing and communal services. In 2024 alone, residents of the capital paid more than 8.7 million housing and communal services bills on the mos.ru portal and in mobile applications, and over 46 million in total, they said inDepartment of Information Technology of the City of Moscow.

    Finds accounts automatically

    The My Payments service will automatically find all unpaid utility bills if the user has a standard or full account onmos.ru portal, and the personal account contains the address, the payer code of the single payment document (EPD) and the personal accounts of the resource supplying organizations that issue invoices under direct contracts. If the information in the personal account is not enough, you can find the required account and simultaneously enter the information directly in the service using the widget “Documents and data”.

    To avoid missing a payment, Muscovites are being asked to sign up to receive it notifications about new accounts. To do this, in your personal account on the mos.ru portal, you need to select the “Profile” section and go to the “Subscription settings” tab, and in the section categories, check the box next to the form of receiving notifications that is convenient for you.

    Save time: set up templates, auto payments and batch payments

    Save time on paying bills too templates will help. To create them, you need to activate the “Save as template” option when paying for the service. Then the details and amount for making a regular payment will be saved. All templates are displayed in the “My Payments” service on the invoices page, so then you just need to select the one you need and immediately proceed to payment. This is convenient, for example, when regularly paying for solid municipal waste management services. The name and amount of the template can be changed at any time.

    In addition, for convenient and regular payment of bills in the My Payments service, you can set up auto payment on invoice. This function will simplify regular payment of the EPD. You can connect it after the first payment. To do this, you will need to select the frequency and date of the write-off, specify the amount and bank card details, after which the invoice will be paid automatically.

    The service also allows you to use one-time (package) payment function. Simply select the required invoices from the list by ticking them, and then click “Pay”. You will only need to enter one payment confirmation code for the first invoice in the package, which will be sent to your mobile phone number. Payment receipts will be generated separately for each invoice and will be available in the “Payment History” section.

    Payment of water and electricity bills not included in the EPD

    In addition, in the “My Payments” service on mos.ru you can pay bills for water and electricity issued under direct contracts with resource supplying organizations. You will need a standard or full account. To pay for electricity in your personal account on the portal (in the “Real Estate” section), you need to add the personal account of JSC Mosenergosbyt and the number of the electricity meter, and to pay for water consumption, you need to add the subscriber number of JSC Mosvodokanal. The issued bills for water and electricity will be displayed in the “My Payments” service automatically, you will only need to make a payment at any time.

    Fast and easy: how to pay bills via SBP without commission and with cashback

    Paying bills through the fast payment system (FPS) frees city residents from the need to provide bank card details. And until January 10, 2026, when using the FPS in the My Payments service on the mos.ru portal, residents of the capital can pay bills without commission, as well as receive cashback (partial refund) in the amount of one percent of the payment amount when paying for services in certain categories. To do this, you must register in the loyalty program before making a payment onon the website vamprivet.ruCashback in rubles will be automatically returned within a minute to the bank account from which the payment was made through the SBP.

    The promotion is being held by the National Payment Card System. You can find out more about the organizer, terms and rules of the promotion aton the website vamprivet.ru, as well as in the instructions onmos.ru portal. If any questions arise, participants of the action can contact the support service of the mos.ru portal in the section “Feedback” and by calling the hotline: 7 495 539-55-55 (24-hour information and reference service for the provision of government services).

    The My Payments service on the mos.ru portal, as well as in the city mobile applications Moscow State Services and My Moscow, is one of the most popular ways to pay bills for services among residents, legal entities and entrepreneurs of the capital. It allows you to pay for about nine thousand different services. Over the seven years of operation, city residents paid with it over 107 million accounts. More information about all the features of the My Payments service — in the instructions.

    The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant services, as well as other services in electronic form, correspond to the objectives of the national project “Data Economy and Digital Transformation of the State” and the regional project of the city of Moscow “Digital Public Administration”.

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

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

    https: //vv.mos.ru/nevs/ite/149676073/

    MIL OSI Russia News –

  • MIL-OSI Russia: More than 100 thousand gas stoves have been checked in Moscow since the beginning of the year

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Since the beginning of this year, specialists from the city services complex have checked more than 100 thousand gas stoves installed in Muscovites’ apartments. This was reported by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.

    “In January, we checked the functionality and compliance with safety requirements of over 100 thousand gas stoves. If violations are detected, gas workers eliminate the safety threat and give recommendations for further operation and repair. Information about the dates and times of inspections is posted on stands installed in entrances and courtyards,” noted Petr Biryukov.

    Gas safety issues are under special control. According to the head of the city economy complex, specialists conduct scheduled maintenance of all gasified housing stock annually.

    In the capital, about 1.8 million families use gas stoves. In order for the equipment to operate safely, it is very important to check it in a timely manner. Responsibility for maintaining and replacing gas equipment lies with the owner or tenant of the residential premises.

    The service life of a gas stove is on average 10-12 years. After that, gas taps wear out, burner diffusers become deformed, and the thermal insulation of the oven is damaged. It is impossible to maintain the safe operation of such devices; replacement is necessary.

    The stove must be equipped with a gas control system that stops the gas supply if the flame in the burner goes out.

    You can find out more about dates and times of gas equipment inspections on the official website of Mosgaz and with the help of a special telegram bot companies. In addition, residents of the capital can subscribe to notifications about an upcoming inspection and then evaluate the specialist’s work.

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

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

    https: //vv.mos.ru/nevs/ite/149693073/

    MIL OSI Russia News –

  • MIL-OSI Russia: A production complex will appear in Yuzhnoye Butovo as part of a large-scale investment project

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The city has leased a plot of land to an investor at a preferential rate of one ruble per year for the construction of an industrial complex in the Yuzhnoye Butovo district. The industrial facility will be built as part of a large-scale investment project (MaIP). This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “Large-scale investment projects allow us to develop infrastructure and create jobs in different areas of the capital. In 2024, a record amount of land was allocated for the implementation of the MaIP — more than 360 hectares. Of these, over 177 are for the construction of industrial facilities. As part of one of the large-scale investment projects, a food equipment manufacturing plant with an area of 10.4 thousand square meters will be built on Bartenevskaya Street. The investor will invest 0.9 billion rubles in the implementation of this project,” said Vladimir Efimov.

    The investor will also be provided with a benefit under the program to stimulate the creation of employment opportunities.

    “By order of Sergei Sobyanin, more than 20 measures to support industry are being implemented in the city. Investors can combine these measures and receive the greatest economic effect from the project. Thus, a production complex for the production of food equipment will appear in Yuzhnoye Butovo thanks to two support measures at once – assigning the status of a large-scale investment project and participation in the program to stimulate the creation of employment opportunities. As a result, 240 jobs will be created at the enterprise,” said the Deputy Mayor of Moscow for Transport and Industry

    Maxim Liksutov.

    Since 2022, by decision of the Mayor of Moscow, the city provides land at a preferential rate of one ruble per year for the development of production. This helps attract investment to the capital’s economy and create jobs.

    According to the Minister of the Moscow Government, head of the capital’s Department of City Property Maxim Gaman, the lease agreement for the 0.77 hectare plot was concluded for five years. During this time, the investor must complete the construction of the production complex. The land is provided at a preferential rate of one ruble per year, which will be valid for the entire term.

    A large-scale investment project is a special status that can be obtained by objects whose creation is aimed at developing the capital’s infrastructure. These are, for example, production, sports and business complexes, innovation centers, social institutions. For their construction, the city provides land plots for lease without bidding.

    Previously Sergei Sobyanin said, that since 2022 Moscow has provided entrepreneurs with about 700 hectares of land without bidding for the implementation of large-scale investment projects.

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

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

    https: //vv.mos.ru/nevs/ite/149665073/

    MIL OSI Russia News –

  • MIL-OSI: WTW Reports Fourth Quarter and Full Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    • Revenue1 increased 4% over prior year to $3.0 billion for the quarter and increased 5% to $9.9 billion for the year
    • Organic Revenue growth of 5% for both the quarter and the year
    • Diluted Earnings per Share was $12.25 for the quarter, up 105% over prior year, and Diluted Loss2 was $0.96 for the year.
    • Adjusted Diluted Earnings per Share was $8.13 for the quarter, up 9% from prior year, and $16.93 for the year, up 17% over prior year 
    • Operating Margin was 29.7% for the quarter, up 300 basis points over prior year, and 6.3% for the year, down 810 basis points from prior year
    • Adjusted Operating Margin was 36.1% for the quarter, up 190 basis points from prior year, and 23.9% for the year, up 190 basis points over prior year

    LONDON, Feb. 04, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the fourth quarter ended December 31, 2024.

    “WTW is entering 2025 with considerable momentum after delivering on our 2024 financial targets through solid revenue growth, robust margin expansion and earnings growth,” said Carl Hess, WTW’s chief executive officer. “The successful completion of our Grow, Simplify and Transform strategy has primed all of our businesses to perform, and we are now stronger, more connected and more efficient than we have ever been. I’m confident our new strategy to accelerate our performance, enhance our efficiency and optimize our portfolio will produce innovative solutions for our customers and create more value for shareholders. I’m proud of our team’s dedication and look forward to executing on our strategic and financial goals in the years ahead.”

    Consolidated Results

    Fourth Quarter 2024, as reported, USD millions, except %

    Key Metrics Q4-24 Q4-23 Y/Y Change
    Revenue1 $3,035 $2,914 Reported 4% | CC 5% | Organic 5%
    Income from Operations $901 $779 16%
    Operating Margin % 29.7% 26.7% 300 bps
    Adjusted Operating Income $1,096 $998 10%
    Adjusted Operating Margin % 36.1% 34.2% 190 bps
    Net Income $1,248 $623 100%
    Adjusted Net Income $827 $775 7%
    Diluted EPS $12.25 $5.97 105%
    Adjusted Diluted EPS $8.13 $7.44 9%

    Revenue was $3.04 billion for the fourth quarter of 2024, an increase of 4% as compared to $2.91 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue increased 5%. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

    Net Income for the fourth quarter of 2024 was $1.25 billion compared to Net Income of $623 million in the prior-year fourth quarter. Adjusted EBITDA for the fourth quarter was $1.2 billion, or 38.6% of revenue, an increase of 9%, compared to Adjusted EBITDA of $1.1 billion, or 37.1% of revenue, in the prior-year fourth quarter. The U.S. GAAP tax rate for the fourth quarter was 26.0%, and the adjusted income tax rate for the fourth quarter used in calculating adjusted diluted earnings per share was 21.3%.

    Full Year 2024, as reported, USD millions, except %

    Key Metrics FY-24 FY-23 Y/Y Change
    Revenue1 $9,930 $9,483 Reported 5% | CC 5% | Organic 5%
    Income from Operations $627 $1,365 (54)%
    Operating Margin % 6.3% 14.4% (810) bps
    Adjusted Operating Income $2,378 $2,082 14%
    Adjusted Operating Margin % 23.9% 22.0% 190 bps
    Net (Loss)/Income2 $(88) $1,064 NM
    Adjusted Net Income $1,730 $1,536 13%
    Diluted EPS2 $(0.96) $9.95 NM
    Adjusted Diluted EPS $16.93 $14.49 17%
    1 The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. This excludes reinsurance revenue which is reported in discontinued operations. The segment discussion is on an organic basis.
    2 Net Loss and Diluted Loss Per Share for the year ended 2024 primarily includes impairment charges of over $1.0 billion related to the sale of TRANZACT.
    NM Not meaningful

    Revenue was $9.93 billion for the year ended December 31, 2024, an increase of 5% as compared to $9.48 billion for the prior year. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

    Net Loss for the year ended December 31, 2024 was $88 million, compared to Net Income of $1.1 billion in the prior year. Adjusted EBITDA for 2024 was $2.7 billion, or 27.3% of revenue, an increase of $278 million, compared to Adjusted EBITDA of $2.4 billion, or 25.6% of revenue, in the prior year.

    The U.S. GAAP tax rate for 2024 was 184.7%, and the adjusted income tax rate for 2024 used in calculating adjusted diluted earnings per share was 21.5%.

    Cash Flow and Capital Allocation 

    Cash flows from operating activities were $1.5 billion for the year ended December 31, 2024, compared to $1.3 billion for the prior year. Free cash flow for the years ended December 31, 2024 and 2023 was $1.4 billion and $1.2 billion, respectively, an increase of $184 million, primarily driven by operating margin expansion, partially offset by cash outflows related to transformation and discretionary compensation payments. During the fourth quarter and year ended December 31, 2024, the Company repurchased $395 million and $901 million of WTW shares, respectively.

    Fourth Quarter 2024 Segment Highlights

    Health, Wealth & Career (“HWC”)

    As reported, USD millions, except %

    Health, Wealth & Career Q4-24 Q4-23 Y/Y Change
    Total Revenue $1,853 $1,798 Reported 3% | CC 3% | Organic 3%
    Operating Income $776 $729 6%
    Operating Margin % 41.9% 40.5% 140 bps

    The HWC segment had revenue of $1.85 billion in the fourth quarter of 2024, an increase of 3% (3% increase constant currency and organic) from $1.80 billion in the prior year. Health had organic revenue growth led by increased project work and brokerage income in North America and the continued expansion of our Global Benefits Management client portfolio in International and Europe. Wealth generated organic revenue growth from higher levels of Retirement work globally, an increase in our Investments business due to growth of our LifeSight solution and capital market improvements. Career had organic revenue growth from increased advisory services and product revenue. Benefits Delivery & Outsourcing (BD&O) had an organic revenue decline for the quarter primarily as a result of deliberately moderating growth in TRANZACT.

    Operating margins in the HWC segment increased 140 basis points from the prior-year fourth quarter to 41.9%, primarily from Transformation savings. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.

    Risk & Broking (“R&B”)

    As reported, USD millions, except %

    Risk & Broking Q4-24 Q4-23 Y/Y Change
    Total Revenue $1,141 $1,076 Reported 6% | CC 7% | Organic 7%
    Operating Income $383 $354 8%
    Operating Margin % 33.5% 32.9% 60 bps

    The R&B segment had revenue of $1.14 billion in the fourth quarter of 2024, an increase of 6% (7% increase constant currency and organic) from $1.08 billion in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention. Insurance Consulting and Technology (ICT) had organic revenue growth for the quarter primarily due to strong software sales in Technology.

    Operating margins in the R&B segment increased 60 basis points from the prior-year fourth quarter to 33.5%, primarily due to operating leverage driven by organic revenue growth and disciplined expense management, as well as Transformation savings which were partially offset by headwinds from book-of-business activity and foreign currency fluctuations.

    Select 2025 Financial Considerations

    Changes to Non-GAAP financial measures:

    • All reported non-GAAP metrics will exclude non-cash net periodic pension and postretirement benefit credits
    • Free cash flow and free cash flow margin will capture cash outflows for capitalized software costs
    • Refer to Supplemental Slides for recast of historical Non-GAAP measures

    Business mix:

    • Divested TRANZACT business, which contributed $1.14 to adjusted diluted earnings per share in 2024, is no longer part of the business portfolio
    • Reinsurance joint venture expected to be a headwind on adjusted diluted earnings per share of approximately $0.25 to $0.35

    Free cash flow:

    • Expect cash outflows in 2025 from the settlement of accrued costs related to the Transformation program which concluded in 2024
    • Cash taxes related to receipt of earnout from reinsurance divestiture will be classified as Cash Flows from Operating Activities on Statement of Cash Flows

    Capital allocation:

    • Expect share repurchases of ~$1.5 billion, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities

    Foreign exchange:

    • Expect a foreign currency headwind on adjusted diluted earnings per share of approximately $0.18 in 2025 at today’s rates

    Adjusted operating margin outlook:

    • ~100 basis points of average annual margin expansion over next 3 years in R&B
    • Incremental annual margin expansion at HWC and enterprise levels

    The 2025 Financial Considerations above include Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained under “WTW Non-GAAP Measures” below.

    Conference Call

    The Company will host a live webcast and conference call to discuss the financial results for the fourth quarter 2024. It will be held on Tuesday, February 4, 2025, beginning at 9:00 a.m. Eastern Time. A live broadcast of the conference call will be available on WTW’s website here. The conference call will include a question-and-answer session. To participate in the question-and-answer session, please register here. An online replay will be available at www.wtwco.com shortly after the call concludes.

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

    WTW Non-GAAP Measures

    In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

    We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

    Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

    • Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
    • Impairment – Adjustment to remove the non-cash goodwill impairment associated with our Benefits, Delivery and Administration reporting unit related to the sale of our TRANZACT business.
    • Provisions for specified litigation matters – We will include provisions for litigation matters which we believe are not representative of our core business operations. Among other things, we determine this by reference to the amount of the loss (net of insurance and other recovery receivables) and by reference to whether the matter relates to an unusual and complex scenario that is not expected to be repeated as part of our ongoing, ordinary business. These amounts are presented net of insurance and other recovery receivables. See the footnotes to the respective reconciliation tables below for more specificity on the litigation matter excluded from adjusted results.
    • Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
    • Pension settlement – Adjustment to remove significant pension settlement to better present how the Company is performing.
    • Tax effect of significant adjustments – Relates to the incremental tax expense or benefit resulting from significant or unusual events including significant statutory tax rate changes enacted in material jurisdictions in which we operate, internal reorganizations of ownership of certain businesses that reduced the investment held by our U.S.-controlled subsidiaries and the recovery of certain refunds or payment of taxes related to businesses in which we no longer participate.

    We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

    We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

    Our non-GAAP measures and their accompanying definitions are presented as follows:

    Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

    Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

    Adjusted Operating Income/Margin – (Loss)/Income from operations adjusted for impairment, amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted EBITDA/Margin – Net (Loss)/Income adjusted for provision for income taxes, interest expense, impairment, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

    Adjusted Net Income – Net (Loss)/Income Attributable to WTW adjusted for impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

    Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted Income Before Taxes – (Loss)/Income from operations before income taxes adjusted for impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

    Adjusted Income Taxes/Tax Rate – Benefit from/(provision for) income taxes adjusted for taxes on certain items of impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, the tax effects of internal reorganizations, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

    Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software for internal use. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations.

    Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

    These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

    WTW Forward-Looking Statements

    This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations or certain considerations relating to our future results. All statements, other than statements of historical facts, that address activities, events, or developments that we expect or anticipate may occur in the future, including such things as our outlook, plans and references to future performance, including our future financial and operating results (including our revenue, costs, or margins), short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to organic revenue growth, free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share; future share repurchases; demand for our services and competitive strengths; strategic goals; existing and evolving business strategies including those related to acquisition and disposition activity; the benefits of new initiatives; the growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational, and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives including our multi-year operational transformation program; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; the impact of changes to tax laws on our financial results; and our recognition of future impairment charges or write-off of receivables, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

    There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to execute strategic transactions, including both acquisitions and dispositions, including our ability to receive adequate consideration or any earnout proceeds in return for any dispositions or integrate or manage acquired businesses or effect internal reorganizations; incremental risks relating to the transitional arrangements in effect subsequent to our previously completed sale of TRANZACT; our ability to successfully manage ongoing organizational changes, investments in improving systems and processes, and in connection with our acquisition and divestiture activities; risks relating to changes in our management structures and in senior leadership; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates and changes in trade policies; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including inflation, changes in interest rates and trade policies, as well as political events, war, such as the Russia-Ukraine and Middle East conflicts, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, which could have a material adverse effect on our business, financial condition, results of operations, and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity, and artificial intelligence; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics changes for internal operations, maintaining industry standards and meeting client preferences; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, any legislative actions from the current U.S. Congress, the recent Final Rule from the Centers for Medicare & Medicaid Services for contract year 2025 and any judicial claims, rulings and appeals related thereto, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our Medicare benefits businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future non-cash pre-tax losses and related impairment charges; risks relating to or arising from environmental, social and governance practices; fluctuation in revenue against our relatively fixed or higher than expected expenses; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

    The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at www.sec.gov or www.wtwco.com.

    Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

    Our forward-looking statements speak only as of the date made, and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

    Contact

    INVESTORS
    Claudia De La Hoz | Claudia.Delahoz@wtwco.com

     

    WTW
    Supplemental Segment Information
    (In millions of U.S. dollars)
    (Unaudited)
     
    REVENUE    
                  Components of Revenue Change(i)
                        Less:       Less:    
        Three Months Ended
     December 31,    		     As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2024     2023     % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 1,847     $ 1,791     3%   0%   3%   0%   3%
    Interest income     6       7                      
    Total     1,853       1,798     3%   0%   3%   0%   3%
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 1,115     $ 1,049     6%   (1)%   7%   0%   7%
    Interest income     26       27                      
    Total     1,141       1,076     6%   (1)%   7%   0%   7%
                                     
    Segment Revenue   $ 2,994     $ 2,874     4%   (1)%   5%   0%   5%
    Corporate, reimbursable expenses and other     37       35                      
    Interest income     4       5                      
    Revenue   $ 3,035     $ 2,914     4%   (1)%   5%   0%   5%(ii)
                  Components of Revenue Change(i)
                        Less:       Less:    
        Years Ended December 31,    As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2024    2023    % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 5,745     $ 5,557     3%   0%   3%   0%   4%
    Interest income     32       25                      
    Total     5,777       5,582     3%   0%   4%   0%   4%
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 3,926     $ 3,656     7%   0%   8%   0%   8%
    Interest income     112       79                      
    Total     4,038       3,735     8%   (1)%   9%   0%   8%
                                     
    Segment Revenue   $ 9,815     $ 9,317     5%   0%   6%   0%   6%
    Corporate, reimbursable expenses and other     93       125                      
    Interest income     22       41                      
    Revenue   $ 9,930     $ 9,483     5%   0%   5%   0%   5%(ii)

    (i)  Components of revenue change may not add due to rounding.
    (ii)  Interest income did not contribute to organic change for the three months and year ended December 31, 2024.

    BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

        Three Months Ended December 31,  
        HWC    R&B    Corporate    Total 
        2024    2023    2024    2023    2024    2023    2024    2023 
    Book-of-business settlements   $ 5     $ 1     $ 6     $ 14     $ —     $ —     $ 11     $ 15  
    Interest income     6       7       26       27       4       5       36       39  
    Total   $ 11     $ 8     $ 32     $ 41     $ 4     $ 5     $ 47     $ 54  
        Years Ended December 31,  
        HWC    R&B    Corporate    Total 
        2024    2023    2024    2023    2024    2023    2024    2023 
    Book-of-business settlements   $ 8     $ 1     $ 14     $ 25     $ —     $ —     $ 22     $ 26  
    Interest income     32       25       112       79       22       41       166       145  
    Total   $ 40     $ 26     $ 126     $ 104     $ 22     $ 41     $ 188     $ 171  


    SEGMENT OPERATING INCOME (i)

        Three Months Ended
    December 31, 
        2024    2023 
                 
    Health, Wealth & Career   $ 776     $ 729  
    Risk & Broking     383       354  
    Segment Operating Income   $ 1,159     $ 1,083  
        Years Ended
    December 31, 
        2024    2023 
                 
    Health, Wealth & Career   $ 1,717     $ 1,565  
    Risk & Broking     958       813  
    Segment Operating Income   $ 2,675     $ 2,378  


    (i)     Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.

    SEGMENT OPERATING MARGINS

        Three Months Ended December 31,
        2024    2023 
    Health, Wealth & Career   41.9%   40.5%
    Risk & Broking   33.5%   32.9%
        Years Ended
    December 31,
        2024    2023 
    Health, Wealth & Career   29.7%   28.0%
    Risk & Broking   23.7%   21.8%


    RECONCILIATIONS OF SEGMENT OPERATING INCOME TO INCOME FROM OPERATIONS BEFORE INCOME TAXES

        Three Months Ended December 31, 
        2024    2023 
                 
    Segment Operating Income   $ 1,159     $ 1,083  
    Amortization     (50 )     (60 )
    Restructuring costs     (32 )     (38 )
    Transaction and transformation(i)     (113 )     (121 )
    Unallocated, net(ii)     (63 )     (85 )
    Income from Operations     901       779  
    Interest expense     (66 )     (63 )
    Other income, net     853       23  
    Income from operations before income taxes   $ 1,688     $ 739  
        Years Ended December 31, 
        2024    2023 
                 
    Segment Operating Income   $ 2,675     $ 2,378  
    Impairment(iii)     (1,042 )     —  
    Amortization     (226 )     (263 )
    Restructuring costs     (61 )     (68 )
    Transaction and transformation(i)     (409 )     (386 )
    Unallocated, net(ii)     (310 )     (296 )
    Income from Operations     627       1,365  
    Interest expense     (263 )     (235 )
    Other (loss)/income, net     (260 )     149  
    Income from operations before income taxes   $ 104     $ 1,279  

     (i) In 2024 and 2023, in addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.
     (ii) Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.
     (iii) Represents the non-cash goodwill impairment associated with our BDA reporting unit related to the completed sale of our TRANZACT business.

    WTW
    Reconciliations of Non-GAAP Measures
    (In millions of U.S. dollars, except per share data)
    (Unaudited)

    RECONCILIATIONS OF NET INCOME/(LOSS) ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE

        Three Months Ended December 31, 
        2024    2023 
                 
    Net income attributable to WTW   $ 1,246     $ 622  
    Adjusted for certain items:            
    Amortization     50       60  
    Restructuring costs     32       38  
    Transaction and transformation     113       121  
    Pension settlement     23       —  
    (Gain)/loss on disposal of operations     (853 )     1  
    Tax effect on certain items listed above(i)     216       (67 )
    Adjusted Net Income   $ 827     $ 775  
                 
    Weighted-average ordinary shares, diluted     102       104  
                 
    Diluted Earnings Per Share   $ 12.25     $ 5.97  
    Adjusted for certain items:(ii)            
    Amortization     0.49       0.58  
    Restructuring costs     0.31       0.36  
    Transaction and transformation     1.11       1.16  
    Pension settlement     0.23       —  
    (Gain)/loss on disposal of operations     (8.39 )     0.01  
    Tax effect on certain items listed above(i)     2.12       (0.64 )
    Adjusted Diluted Earnings Per Share(ii)   $ 8.13     $ 7.44  
        Years Ended December 31, 
        2024    2023 
                 
    Net (loss)/income attributable to WTW   $ (98 )   $ 1,055  
    Adjusted for certain items:            
    Impairment     1,042       —  
    Amortization     226       263  
    Restructuring costs     61       68  
    Transaction and transformation     409       386  
    Provision for specified litigation matter(iii)     13       —  
    Pension settlement     23       —  
    Loss/(gain) on disposal of operations     337       (43 )
    Tax effect on certain items listed above(i)     (276 )     (195 )
    Tax effect of significant adjustments     (7 )     2  
    Adjusted Net Income   $ 1,730     $ 1,536  
                 
    Weighted-average ordinary shares, diluted(iv)     102       106  
                 
    Diluted (Loss)/Earnings Per Share(iv)   $ (0.96 )   $ 9.95  
    Adjusted for certain items:(ii)            
    Impairment     10.20       —  
    Amortization     2.21       2.48  
    Restructuring costs     0.60       0.64  
    Transaction and transformation     4.00       3.64  
    Provision for specified litigation matter(iii)     0.13       —  
    Pension settlement     0.23       —  
    Loss/(gain) on disposal of operations     3.30       (0.41 )
    Tax effect on certain items listed above(i)     (2.70 )     (1.84 )
    Tax effect of significant adjustments     (0.07 )     0.02  
    Adjusted Diluted Earnings Per Share(ii)   $ 16.93     $ 14.49  

     (i) The tax effect was calculated using an effective tax rate for each item.
    (ii) Per share values and totals may differ due to rounding.
    (iii) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. We believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (iv) When there is a net loss attributable to WTW for the period, basic and diluted shares and earnings per share are the same values.

    RECONCILIATIONS OF NET INCOME/(LOSS) TO ADJUSTED EBITDA

        Three Months Ended December 31,    
        2024    2023   
                   
    Net Income   $ 1,248   41.1% $ 623   21.4%
    Provision for income taxes     440       116    
    Interest expense     66       63    
    Depreciation     54       58    
    Amortization     50       60    
    Restructuring costs     32       38    
    Transaction and transformation     113       121    
    Pension settlement     23       —    
    (Gain)/loss on disposal of operations     (853 )     1    
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 1,173   38.6% $ 1,080   37.1%
        Years Ended December 31,    
        2024    2023   
                   
    Net (Loss)/Income   $ (88 ) (0.9)% $ 1,064   11.2%
    Provision for income taxes     192       215    
    Interest expense     263       235    
    Impairment     1,042       —    
    Depreciation     230       242    
    Amortization     226       263    
    Restructuring costs     61       68    
    Transaction and transformation     409       386    
    Provision for specified litigation matter(i)     13       —    
    Pension settlement     23       —    
    Loss/(gain) on disposal of operations     337       (43 )  
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 2,708   27.3% $ 2,430   25.6%

     (i) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. We believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

    RECONCILIATIONS OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

        Three Months Ended December 31,    
        2024     2023    
                   
    Income from operations and Operating margin   $ 901   29.7% $ 779   26.7%
    Adjusted for certain items:              
    Amortization     50       60    
    Restructuring costs     32       38    
    Transaction and transformation     113       121    
    Adjusted operating income and Adjusted operating income margin   $ 1,096   36.1% $ 998   34.2%
        Years Ended December 31,    
        2024     2023    
                   
    Income from operations and Operating margin   $ 627   6.3% $ 1,365   14.4%
    Adjusted for certain items:              
    Impairment     1,042       —    
    Amortization     226       263    
    Restructuring costs     61       68    
    Transaction and transformation     409       386    
    Provision for specified litigation matter(i)     13       —    
    Adjusted operating income and Adjusted operating income margin   $ 2,378   23.9% $ 2,082   22.0%

    (i) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. We believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

    RECONCILIATIONS OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE

        Three Months Ended December 31, 
        2024    2023 
                 
    Income from operations before income taxes   $ 1,688     $ 739  
                 
    Adjusted for certain items:            
    Amortization     50       60  
    Restructuring costs     32       38  
    Transaction and transformation     113       121  
    Pension settlement     23       —  
    (Gain)/loss on disposal of operations     (853 )     1  
    Adjusted income before taxes   $ 1,053     $ 959  
                 
    Provision for income taxes   $ 440     $ 116  
    Tax effect on certain items listed above(ii)     (216 )     67  
    Adjusted income taxes   $ 224     $ 183  
                 
    U.S. GAAP tax rate     26.0 %     15.7 %
    Adjusted income tax rate     21.3 %     19.1 %
        Years Ended December 31, 
        2024    2023 
                 
    Income from operations before income taxes   $ 104     $ 1,279  
                 
    Adjusted for certain items:            
    Impairment     1,042       —  
    Amortization     226       263  
    Restructuring costs     61       68  
    Transaction and transformation     409       386  
    Provision for specified litigation matter(i)     13       —  
    Pension settlement     23       —  
    Loss/(gain) on disposal of operations     337       (43 )
    Adjusted income before taxes   $ 2,215     $ 1,953  
                 
    Provision for income taxes   $ 192     $ 215  
    Tax effect on certain items listed above(ii)     276       195  
    Tax effect of significant adjustments     7       (2 )
    Adjusted income taxes   $ 475     $ 408  
                 
    U.S. GAAP tax rate     184.7 %     16.8 %
    Adjusted income tax rate     21.5 %     20.9 %

    (i) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. We believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (ii) The tax effect was calculated using an effective tax rate for each item.

    RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

        Years Ended December 31, 
        2024    2023 
                 
    Cash flows from operating activities   $ 1,512     $ 1,345  
    Less: Additions to fixed assets and software for internal use     (136 )     (153 )
    Free Cash Flow   $ 1,376     $ 1,192  
                 
    Revenue   $ 9,930     $ 9,483  
    Free Cash Flow Margin     13.9 %     12.6 %

     

    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Income
    (In millions of U.S. dollars, except per share data)
    (Unaudited)
                 
        Three Months Ended
     December 31,     		   Years Ended
     December 31, 
        2024    2023    2024    2023 
    Revenue   $ 3,035     $ 2,914     $ 9,930     $ 9,483  
                             
    Costs of providing services                        
    Salaries and benefits     1,367       1,325       5,502       5,344  
    Other operating expenses     518       533       1,833       1,815  
    Impairment     —       —       1,042       —  
    Depreciation     54       58       230       242  
    Amortization     50       60       226       263  
    Restructuring costs     32       38       61       68  
    Transaction and transformation     113       121       409       386  
    Total costs of providing services     2,134       2,135       9,303       8,118  
                             
    Income from operations     901       779       627       1,365  
                             
    Interest expense     (66 )     (63 )     (263 )     (235 )
    Other income/(loss), net     853       23       (260 )     149  
                             
    INCOME FROM OPERATIONS BEFORE INCOME TAXES   1,688       739       104       1,279  
                             
    Provision for income taxes     (440 )     (116 )     (192 )     (215 )
                             
    NET INCOME/(LOSS)   1,248       623       (88 )     1,064  
                             
    Income attributable to non-controlling interests     (2 )     (1 )     (10 )     (9 )
                             
    NET INCOME/(LOSS) ATTRIBUTABLE TO WTW   $ 1,246     $ 622     $ (98 )   $ 1,055  
                             
    EARNINGS/(LOSS) PER SHARE                        
    Basic earnings/(loss) per share   $ 12.32     $ 6.02     $ (0.96 )   $ 10.01  
    Diluted earnings/(loss) per share   $ 12.25     $ 5.97     $ (0.96 )   $ 9.95  
                             
    Weighted-average ordinary shares, basic     101       103       102       105  
    Weighted-average ordinary shares, diluted     102       104       102       106  

     

    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Balance Sheets
    (In millions of U.S. dollars, except share data)
    (Unaudited)
     
        December 31,    December 31, 
        2024    2023 
    ASSETS            
    Cash and cash equivalents   $ 1,890     $ 1,424  
    Fiduciary assets     9,504       9,073  
    Accounts receivable, net     2,494       2,572  
    Prepaid and other current assets     1,217       364  
    Total current assets     15,105       13,433  
    Fixed assets, net     661       720  
    Goodwill     8,799       10,195  
    Other intangible assets, net     1,295       2,016  
    Right-of-use assets     485       565  
    Pension benefits assets     530       588  
    Other non-current assets     806       1,573  
    Total non-current assets     12,576       15,657  
    TOTAL ASSETS   $ 27,681     $ 29,090  
    LIABILITIES AND EQUITY            
    Fiduciary liabilities   $ 9,504     $ 9,073  
    Deferred revenue and accrued expenses     2,211       2,104  
    Current debt     —       650  
    Current lease liabilities     118       125  
    Other current liabilities     793       678  
    Total current liabilities     12,626       12,630  
    Long-term debt     5,309       4,567  
    Liability for pension benefits     615       563  
    Deferred tax liabilities     45       542  
    Provision for liabilities     341       365  
    Long-term lease liabilities     502       592  
    Other non-current liabilities     226       238  
    Total non-current liabilities     7,038       6,867  
    TOTAL LIABILITIES     19,664       19,497  
    COMMITMENTS AND CONTINGENCIES            
    EQUITY(i)            
    Additional paid-in capital     10,989       10,910  
    Retained earnings     109       1,466  
    Accumulated other comprehensive loss, net of tax     (3,158 )     (2,856 )
    Total WTW shareholders’ equity     7,940       9,520  
    Non-controlling interests     77       73  
    Total Equity     8,017       9,593  
    TOTAL LIABILITIES AND EQUITY   $ 27,681     $ 29,090  

    ________________________
    (i)  Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 99,805,780 (2024) and 102,538,072 (2023); Outstanding 99,805,780 (2024) and 102,538,072 (2023) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2024 and 2023.

     

    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Cash Flows
    (In millions of U.S. dollars)
    (Unaudited)
         
        Years Ended December 31, 
        2024    2023 
    CASH FLOWS FROM OPERATING ACTIVITIES            
    NET (LOSS)/INCOME   $ (88 )   $ 1,064  
    Adjustments to reconcile net income to total net cash from operating activities:            
    Depreciation     230       242  
    Amortization     226       263  
    Impairment     1,042       —  
    Non-cash restructuring charges     41       38  
    Non-cash lease expense     98       105  
    Net periodic benefit of defined benefit pension plans     4       (26 )
    Provision for doubtful receivables from clients     13       6  
    Benefit from deferred income taxes     (213 )     (109 )
    Share-based compensation     121       125  
    Net loss/(gain) on disposal of operations     337       (43 )
    Non-cash foreign exchange (gain)/loss     (31 )     20  
    Other, net     58       31  
    Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:            
    Accounts receivable     (233 )     (206 )
    Other assets     (373 )     (185 )
    Other liabilities     301       16  
    Provisions     (21 )     4  
    Net cash from operating activities     1,512       1,345  
                 
    CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES            
    Additions to fixed assets and software for internal use     (136 )     (153 )
    Capitalized software costs     (109 )     (89 )
    Acquisitions of operations, net of cash acquired     (107 )     (6 )
    Proceeds from sale of operations     619       89  
    Cash and fiduciary funds transferred in sale of operations     (5 )     (922 )
    Purchase of investments     (12 )     (4 )
    Net cash from/(used in) investing activities     250       (1,085 )
                 
    CASH FLOWS USED IN FINANCING ACTIVITIES            
    Senior notes issued     746       748  
    Debt issuance costs     (9 )     (7 )
    Repayments of debt     (655 )     (254 )
    Repurchase of shares     (901 )     (1,000 )
    Net proceeds/(payments) from fiduciary funds held for clients     785       (234 )
    Payments of deferred and contingent consideration related to acquisitions     (2 )     (12 )
    Cash paid for employee taxes on withholding shares     (56 )     (26 )
    Dividends paid     (354 )     (352 )
    Acquisitions of and dividends paid to non-controlling interests     (13 )     (63 )
    Net cash used in financing activities     (459 )     (1,200 )
                 
    INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED
       CASH    		     1,303       (940 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     (97 )     11  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF
       PERIOD (i)    		     3,792       4,721  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (i)   $ 4,998     $ 3,792  

    ________________________
    (i)  The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosures of Cash Flow Information section.

    SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

        Years Ended December 31, 
        2024    2023 
                 
    Supplemental disclosures of cash flow information:            
    Cash and cash equivalents   $ 1,890     $ 1,424  
    Fiduciary funds (included in fiduciary assets)     3,108       2,368  
    Total cash, cash equivalents and restricted cash   $ 4,998     $ 3,792  
                 
    Increase/(decrease) in cash, cash equivalents and other restricted cash   $ 510     $ 163  
    Increase/(decrease) in fiduciary funds     793       (1,103 )
    Total (i)   $ 1,303     $ (940 )

    (i) Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

    The MIL Network –

  • MIL-OSI Europe: Written question – Competitiveness of the European coking industry – E-000264/2025

    Source: European Parliament

    Question for written answer  E-000264/2025
    to the Commission
    Rule 144
    Mirosława Nykiel (PPE)

    One of the Commission’s main priorities, as set out in its political guidelines, is ensuring the competitiveness of European industry.

    Many sectors, including the coking sector, are facing unfair competition from global players, as is the case with Jastrzębska Spółka Węglowa. In 2023 alone, Indonesia’s coking coal exports increased by over 400%, seriously disrupting the European market.

    In light of the above:

    • 1.How will the Commission learn from its mistake in relying too heavily on Russian gas and prevent Europe from becoming reliant on imports of a strategic raw material that is essential for steel production, including in the context of industrial security and defence?
    • 2.What specific measures will the Commission take to protect the European market and local jobs in the context of the dire situation of European coking factories caused, among other things, by unfair competition from Indonesia and China?
    • 3.Considering that European coking factories, including Polish factories, adhere to strict environmental standards, in stark contrast to the very different approach to environmental protection in the Far East, what action will the Commission take to ensure the competitiveness of the European market, while also protecting the environment and ensuring high ecological standards?

    Submitted: 22.1.2025

    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Russia: Metropolitan of Pskov and Porkhov Matthew visited the Polytechnic University

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    On February 3, the Polytechnic University was visited by Metropolitan of Pskov and Porkhov, Abbot of the Holy Dormition Pskov-Pechersky Monastery Matfey (Kopylov). The visit was part of the events in honor of the 125th anniversary of the Polytechnic University. The guest got acquainted with the history of the university and its current activities, and discussed opportunities for cooperation.

    The tour of the university began with the Main Academic Building, where Metropolitan Matfey of Pskov and Porkhov got acquainted with the gallery of outstanding polytechnic scientists. In the SPbPU History Museum, its director Valery Klimov spoke about the most important events in the history of the Polytechnic, presented interesting facts and showed key exhibits. In the Technopolis Polytechnic research building, the university’s scientific secretary Dmitry Karpov demonstrated a model of the SPbPU campus.

    During the visit, the bishop met with the rector of SPbPU Andrey Rudskoy. The meeting was also attended by the vice-rector for youth policy and communication technologies Maxim Pasholikov and a member of the initiative group to save the church in Belskoye Ustye Valery Silin.

    The Church of the Ascension of the Lord is located in the village of Belskoye Ustye in the Porkhov District, where the grave of Prince Andrei Gagarin, an outstanding Russian scientist and engineer, the first director of the Polytechnic University, is also located. The 18th-century church is the largest patrimonial church in the Pskov land, which has no analogues in the architectural heritage of the region. It is an integral part of the cultural and historical complex, which includes the estate of Prince A. G. Gagarin in Kholomki, the main building of which was restored by the Polytechnic University in 2013, as well as the outskirts of Porkhov with their unique fortresses, churches and temples.

    The Church of the Ascension of the Lord is one of the pearls of the Pskov region for tourists, especially for pilgrims. It is important to develop tourist routes around Pskov. Together we contribute to the great cause of the revival of Russian history, Andrey Rudskoy emphasized.

    The meeting participants considered possible areas of cooperation in the reconstruction of the church, ways of attracting benefactors, organizing a board of trustees for the implementation of the project, as well as the possibility of opening a Sunday school at the church.

    The first Church of the Ascension of the Lord was built in 1796 with funds from Colonel Artemon Kozhin in his estate Belskoye Ustye in Porkhov district. In the early 1860s, Artemon Osipovich’s son, Pyotr, decided to build a new church, as the old one had fallen into disrepair. The new building was erected according to the design of the St. Petersburg architect Shestakov in the style of early classicism with elements of baroque. In October 1898, a church-parish trusteeship was founded, and in November 1887, a church-parish school began operating.

    A. G. Gagarin often visited the church, and after his death on December 22, 1921, he was buried in this church and buried in the local cemetery. In 1921-1922, a colony of the House of Arts was opened in the estate of Prince Gagarin. Among its participants were famous writers and artists K. I. Chukovsky, E. I. Zamyatin, M. L. Lozinsky, M. L. Slonimsky, M. M. Zoshchenko, V. F. Khodasevich, O. E. Mandelstam and others. All of them regularly visited the Church of the Ascension of the Lord. In 1921, the colony held a memorial service for Alexander Blok there. In the 1960s, the church was closed due to its emergency condition.

    In 2014, an initiative group was created, which included the heads of SPbPU, representatives of the Pskov Region Committee on Culture, Pskov State University, the administration of the Porkhov District, and the St. Petersburg branch of the All-Russian public movement “Orthodox Russia”. Since 2017, active work has been underway to restore and rebuild the church.

    Photo archive

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Registration for the business ideas competition has started at the Polytechnic University

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The Polytechnic University has opened registration for the fifth youth competition of entrepreneurial and business ideas, The Blue Ocean Open Polytech Entrepreneurship Competition — 2025. The event is aimed at developing strategies for creating markets free from competition.

    Blue Ocean Strategy was developed in the early 2000s by INSEAD business school professors Chan Kim and Renee Mauborgne. Contestants study six basic analytical tools of Blue Ocean Strategy in a special platform, apply them to solve a practical case and develop an entrepreneurial idea.

    Since 2020, the event has been gathering students from different countries who want to understand how to create a product based on the concept of value innovation, when the consumer gets new value and the manufacturer reduces costs.

    During the competition, more than 850 representatives from Russia and foreign countries took part in it. These are teams of 1 to 4 people, consisting of university students and postgraduates, as well as college students and high school students.

    The organizers are the Foundation for the Support and Development of Innovations “Polytech”, the Higher School of Industrial Management of the Institute of Industrial Management, Economics and Trade of SPbPU, the Higher School of Technological Entrepreneurship of the Advanced Engineering School “Digital Engineering” of SPbPU.

    The competition is held remotely and includes the following stages:

    registration — team formation from February 1 to 28; study of the basics of the Blue Ocean strategy — solving a practical case from March 1 to 31, summing up the results is planned from April 1 to 7 with further announcement of the results of the second stage on April 8; development of a Blue Ocean strategy for a startup, entrepreneurial idea or idea generation from scratch by April 20, summing up the results will take place from April 21 to 28, announcement of the competition results is planned for April 29.

    This year, the case for the second stage was proposed by the company “Profilans IT”. Participants need to propose IT projects for the development and training of students. The company is ready to assist the best authors who present real and marketable projects in their implementation. The results of the competition will be shown in the format of a video presentation.

    The award ceremony will take place in May. All teams that pass three stages of the competition will receive certificates of participation. Winners and prize winners will be awarded diplomas and additional points for admission to the Polytechnic University’s master’s program in the IPMEiT areas without exams based on winning the portfolio competition: 60 points will be awarded to winners, 40 points to prize winners.

    The prize fund of the competition is 160,000 rubles. The general partner (Profilans IT) provided 140,000 rubles.

    For first place the team will receive 60,000 rubles, for second place – 40,000 rubles, for third place – 20,000 rubles.

    The prize for the most technologically advanced project is 20,000 rubles.

    A special prize “To the captain of the winning team” (20,000 rubles) was provided by the competition partner, General Director of PSS LLC Pavel Balobanov.

    Registration can be done on the portal Leader Idand in social networks “Vkontakte”.

    Contacts

    The chairman of the jury is associate professor of the Higher School of Industrial Management Anastasiy Klimin, Klimin_ai@spbsta.ru.

    Manager – student of the bachelor’s program “Marketing” of the Higher School of Industrial Management, winner of the competition for the 2021-2022 academic year Kristina Shabalina, Shabalin2.Koy@ed.Sspbstst.ru.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Marat Khusnullin: A new research and production building was built for the marine technical university in St. Petersburg

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    The construction of a new research and production building for the Saint Petersburg State Marine Technical University has been completed. This was announced by Deputy Prime Minister Marat Khusnullin. This is the only university in Russia that trains specialists in the entire spectrum of shipbuilding specialties.

    “Creating comfortable conditions for students to study and live is one of the priorities of our construction complex. On the instructions of the President, a network of world-class university campuses is being created. Some of these projects are being implemented by the public-law company “Single Customer in Construction”. At the same time, the infrastructure of other universities is being developed. For example, for students of the St. Petersburg State Marine Technical University, the construction of a new building of the research and production building has been completed. We have already received a certificate of conformity. The construction of this building will give students the opportunity to acquire practical skills and in-depth knowledge in the field of marine technology,” said the Deputy Prime Minister.

    The building will provide the material resources necessary for students to acquire industrial skills.

    “Construction work in the new building for the maritime university was carried out within the framework of the comprehensive state program “Construction”, supervised by the Ministry of Construction of Russia. The research and production building consists of two blocks – production and administrative. The first part of the building is represented by three functional zones, where the Institute of Laser and Welding Technologies, training rooms for mechanical processing and a training shipyard will be located,” said Deputy Minister of Construction and Housing and Public Utilities Yuri Gordeev.

    Overall, the construction of the new facility will ensure the development of the university’s research potential.

    “The total area of the new educational building is more than 2.6 thousand square meters. It is planned to put it into operation in 2025,” said Karen Oganesyan, General Director of the Unified Customer PPC.

    Saint Petersburg State Marine Technical University is a leading center of advanced scientific, technical and educational technologies.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Marat Khusnullin: More than 2 thousand km of utility networks have been updated under a program with the participation of the federal budget since 2023

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    In 2023, a program to modernize public utilities infrastructure with support from the federal budget was launched. Under it, over 2,000 utility networks were built and modernized in Russian regions, Deputy Prime Minister Marat Khusnullin reported.

    “One of the key areas of work of the Russian construction complex in the coming years is the modernization of the public utility infrastructure. This is an extremely important area that directly affects the comfort, mood and well-being of our citizens. At the same time, housing and communal services are one of the most sensitive industries, requiring a lot of attention and work. On the instructions of the President, by 2030, Russia needs to improve the quality of public utilities for 20 million citizens. To achieve this goal, within the framework of the national project “Infrastructure for Life”, we will actively engage in the modernization of the industry. At the same time, there are already certain results. Under the program, with the involvement of the federal budget, over 1.1 thousand events in the public utility sector have been implemented in two years. Since 2023, major repairs, construction and reconstruction of more than 2 thousand km of public utility networks, as well as industrial facilities, including boiler houses, water intake, wastewater treatment facilities have been carried out,” said Marat Khusnullin.

    According to the Deputy Prime Minister, the largest volume of work was carried out by Smolensk Region, where 209.2 km of networks were updated and 6 facilities were put into operation, Sverdlovsk (189.3 km), Chelyabinsk (137.8 km and two facilities) Regions, the Republics of Tatarstan (128 km) and Bashkortostan (115 km).

    “Renovation of housing and communal services is extremely important for improving the quality of life of people, ensuring the safety and energy efficiency of residential buildings. It is important to increase the pace of this work. In 2024 alone, 704 events were implemented under the program with the participation of support from the federal budget, including the construction and modernization of 1.5 thousand km of networks and the commissioning of 11 industrial facilities,” said Minister of Construction and Housing and Communal Services Irek Faizullin.

    Ilshat Shagiakhmetov, CEO of the Territorial Development Fund, the operator of this program, reported that the modernization of the communal infrastructure in the country will be based on data from the automated information system (AIS) of the FRT.

    “It is impossible to improve what cannot be measured. Therefore, the first thing is accounting. It is necessary to understand where and what specific problems need to be solved as a matter of priority. Therefore, in the AIS FRT, we have formed a database of all key elements of the public utility infrastructure. It includes 240 thousand objects, about 1 million km of utility networks and about 12 thousand resource-supplying organizations. Based on this data, together with the Ministry of Construction and the regions, we are preparing a comprehensive plan for the modernization of the public utility infrastructure. We will make every effort to successfully achieve the goals of the national project “Infrastructure for Life”, – noted Ilshat Shagiakhmetov.

    The program for the modernization of public utilities infrastructure is being implemented within the framework of Government Resolution of December 8, 2022 No. 2253Under this mechanism, regions receive subsidies for the renovation of public utility facilities and networks.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: From Scanning to Digital Twin: SUM Research on 3D Modeling in Action

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    Employees of the Reverse Engineering Laboratory of the State University of Management conducted research on the issues of 3D modeling.

    The authors of the article “The Impact of 3D Scanning Data Processing Methods on the Quality of Final Solid 3D Models” are young scientists from the State University of Management: – Leading Researcher (Head of the Laboratory), Candidate of Technical Sciences, Associate Professor Vladimir Filatov; – Researcher, Candidate of Technical Sciences, Associate Professor Ilya Nefelov; – Specialist, Postgraduate Student Denis Yudin.

    “As is known, with the help of 3D scanners, it is possible to scan the surfaces of any physical objects and make their virtual 3D models – digital twins,” says Vladimir Filatov. “This model can then be changed, and a new product can be printed or manufactured on machines, and it will take significantly less time compared to doing it from scratch. Such scanning is the first stage of reverse engineering.”

    Some characteristics of a real object may prevent the correct transfer of its parameters to digital space. It may be transparent, glossy, mirror-like, have different textures or colors, have deep pockets (depressions) where light hardly penetrates or is reflected from surfaces inside it. For more accurate scanning, matting is used – the application of single-color anti-glare sprays that eliminate the properties of objects that are inconvenient for scanning.

    Scientists from the State University of Management studied the deviations of the sizes of the obtained 3D model of the scanned object from its sizes measured in reality, and the influence of various sprays on this error. The studies showed how accurately the obtained 3D model coincides with the real object after scanning.

    The authors reviewed methods for processing 3D scanning data, including primary processing, filling in missing surfaces, smoothing, splitting into primitives, and measurements in a virtual environment. Their impact on the quality of final solid-state electronic 3D models of scanned objects was assessed. Measurements of final length measures were performed in a virtual environment with subsequent analysis of the data obtained.

    In the future, research will be aimed at studying algorithms and methods for processing the surfaces of scanned objects in order to improve the quality of digital twins of agricultural machinery.

    The study can be read about in an article published in the November 2024 issue of the Standards and Quality journal.

    Subscribe to the TG channel “Our GUU” Date of publication: 02/04/2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Return to the roots: 145 years of the historical foundation of the State University of Management!

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    In 2024, the State University of Management celebrated the 105th anniversary of its foundation. On April 30, 1919, according to the decree of the People’s Commissariat of Industry and Trade of the USSR, the Moscow Industrial and Economic Practical Institute (MPEPI) received the status of an institution equal to an institution of higher education. From that moment on, the official chronicle of our university has been kept. But, as often happens in times of change, some pages of history were forgotten. This happened with the biography of the First Management University of the country. We invite you to dive deep into the history of the SUM, rediscover it, and learn its origins.

    MPEPI did not appear out of nowhere. Before the proclaimed power of the Soviets, the address Staraya Basmannaya, 21/4 housed the Aleksandrovskoye and Nikolaevskoye commercial schools, as well as the Trade Schools named after the Emperor of Russia Nicholas II.

    On February 19, 1880 (March 3, new style), exactly 145 years ago, in honor of the 25th anniversary of the reign of Emperor Alexander II, the Moscow stock exchange merchants decided to found a commercial school in the capital for people of the trade and industrial class. Alexander II was not only a tsar-liberator (the Manifesto on the liberation of the peasants from serfdom was also signed on February 19 (March 3), 1861), but also a champion of education. Thus began the first chapter in the life of the Aleksandrovsky Commercial School, which years later acquired its current name – the State University of Management.

    The curricula approved by the Ministry of Finance in agreement with the Ministry of Public Education of the Russian Empire were adopted on July 11, 1885. The first academic season began at the same time.

    The Aleksandrovsk Commercial School was located at 21 Staraya Basmannaya in the building of the palace of Prince A.B. Kurakin. For decades to come, the school received significant support from the state and business, whose representatives joined the Board of Trustees of the “useful institution.” The members of this board and the teaching staff of the school were famous people of their time: P.M. Tretyakov, D.V. Tsvetaev, S.V. Alekseev, A.K. Trapeznikov, N.A. Naidenov, A.V. Letnikov. All of them were outstanding figures of that era, whose influence went far beyond the Moscow stock exchange community.

    The initiator of the creation of the school was a well-known entrepreneur, banker, chairman of the Stock Exchange Committee and chairman of the Board of Trustees of the school – Nikolai Aleksandrovich Naidenov. Its first director was a corresponding member of the St. Petersburg Academy of Sciences, an outstanding mathematician, and an organizer of science – Alexei Vasilyevich Letnikov.

    During that era, such scientists as mathematician V. Ya. Tsinger, historians V. I. Picheta and D. V. Tsvetaev, astronomer P. K. Sternberg and others taught. Incidentally, the exhibits of the school, which characterized the educational base and educational process, were awarded a medal at the World Exhibition in Paris in 1900. Some of the artifacts and photographs from those years are kept at the disposal of the Museum of the State University of Management, where you can also read literature and get acquainted with the exhibition stands telling about the first steps of the university at the turn of the 19th and 20th centuries.

    After the October Revolution of 1917, the existence of any institutions bearing the imperial name was no longer possible. New educational institutions with a practical focus – technical schools – were created in the country. The new historical form of the Aleksandrovsky Commercial School was the Moscow Industrial and Economic Technical School (MPET).

    The Soviet MPET was located in the same complex of buildings on Staraya Basmannaya. The teaching and student staff also remained almost unchanged. A letter calling for applications for work at the newly created technical school, published in the Izvestia newspaper on July 20, 1918, was answered by 53 teachers from the Aleksandrovsky, 23 from the Nikolaevsky commercial schools, and 21 teachers from the Women’s Trade School. Students who transferred from the Aleksandrovsky school continued their education at the MPET and years later received Soviet diplomas. The first heads of the technical school were teachers from the school and the trade school, Paisiy Ivanovich Shelkov and Arkady Grigorievich Arkhangelsky.

    Let us emphasize once again that most of the teachers and students of the Alexandrovsky Commercial School transferred to the MPET, even the address remained the same, only the statutory documents changed. The continuity of the intellectual heritage in the field of financial, economic, technical knowledge and the glorious traditions of the imperial school is direct and obvious.

    During the Soviet years, the idea of this continuity was abandoned based on the principle of “We are ours, we will build a new world.” In 1919, the MPET was transformed into the Moscow Industrial and Economic Practical Institute (MPEPI). Later, in the 1930s, the institute began to be called the Moscow Engineering and Economic Institute. And it bore this name until 1975, when, having gained a scientific, academic and pedagogical base of the new management order, it received a completely recognizable name – MIU, Moscow Institute of Management, which later became the State University of Management.

    Thus, we would like to pay tribute to historical justice. It is time to recognize and openly declare – the State University of Management turns 145 in 2025! The Aleksandrovsk Commercial School is the historical foundation of our university. It is impossible to forget and remain silent about this fact. It expresses the connection between generations and the university spirit of the first management academic institution in Russia.

    Happy anniversary, dear university! Happy 145th anniversary!

    Subscribe to the TG channel “Our GUU” Date of publication: 02/04/2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: The government has defined a list of industries that will not be subject to restrictions on floating interest rates on loans

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Microenterprises operating in the construction, warehousing, hotel business, rental and leasing, as well as health resort services, will be able to take out loans without restrictions on the application of a floating rate. The order to this effect was signed by Prime Minister Mikhail Mishustin.

    The decision will support housing construction, which plays a decisive role in the economy, as well as retailers and the hotel industry, which is especially important in the context of sanctions restrictions.

    Often projects in these areas are implemented on the basis of separate, specially created organizations that can be classified as microenterprises. It is advantageous for such enterprises to take out a loan at floating rates, since in this case the interest rate will be lower than the market rate due to the risk of its possible increase.

    For example, for developers, the fixed interest rate on loans today can reach 27-28% per annum. At the same time, the floating rate is about 20% per annum.

    In June 2024, State Duma deputies adopted amendments to a number of current laws that limited the use of floating rates on loans. These same amendments gave the Government the right to determine industries that would not be subject to such restrictions.

    The document will be published.

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

    MIL OSI Russia News –

  • MIL-OSI USA: Senator Coons’ resolution reaffirming USAID’s role in safeguarding U.S. national security blocked on the Senate floor

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – Tonight, U.S. Senator Chris Coons (D-Del.) went to the Senate floor to introduce and ask for unanimous consent on a resolution reaffirming the sense of Congress that the U.S. Agency for International Development (USAID)’s independence is essential for advancing the national security interests of the United States.

    The resolution is a direct response to President Donald Trump’s and Elon Musk’s potential elimination of USAID and pause to the vast majority of U.S. foreign assistance programs, including reports that President Trump would sign an executive order folding the agency into the State Department— moves that are illegal without congressional approval. 

    “We know that diplomacy and development stand alongside defense in being critical to our national security,” Senator Coons said on the Senate floor. “Who wins if we do in fact shut this all down? It’s our adversaries. It’s terrorists, it’s drug cartels, it’s Russia, it’s China, it’s those we’ve held at bay through the great work of this organization and its dedicated servants for decades.”

    Senator Coons spoke on the unlawful efforts to defund and destroy USAID by President Trump and Musk and demanded clarity amid purges of USAID’s top personnel, aid freezes, and chaos. He highlighted USAID’s vital humanitarian assistance work during global conflicts and other crises, including efforts to counter terrorism recruitment in the Philippines and to reduce the number of children pulled into gangs supporting organized crime and human trafficking. He also pointed out that while Republicans claim to be concerned about cutting costs, our entire foreign aid budget accounts for less than one percent of the federal budget.

    U.S. Senator Jim Risch (R-Idaho) objected.

    The resolution introduced by Senator Coons expressed “the sense of the Senate that [USAID] is essential for advancing the national security interests of the United States.” The resolution has 42 cosponsors. The full text of the resolution is available here. 

    Earlier today, the Washington Post published an op-ed from Senator Coons highlighting the dangers posed but the Trump administration’s efforts to dismantle USAID.

    A video and partial transcript of Senator Coons’ comments are available below.

    WATCH HERE.

    SENATOR COONS: “Mr. President, if I might further expound on the resolution and respond to the comments by my colleague, the Chairman of the Foreign Relations Committee on which I serve. The resolution I sought to advance today is a simple statement of fact. It reviews the history of USAID, its creation as an independent agency, and its recognition in a law I helped write just last year—that to reorganize it explicitly requires congressional consultation and notification in advance.

    The statement of the resolution, the core point, is that USAID is essential to the national security of the United States, because it mitigates threats abroad before they reach us here, it promotes global stability, it addresses the root causes of migration and extremism, and secures the leadership and influence of the United States in an era of strategic competition with the People’s Republic of China. 

    Let me speak to a few points, if I might: the power of the purse, process matters, one percent, and who wins. Rolling back the decades of work and relationships that the nonprofits and AID do around the world is creating a vacuum – a vacuum that will be filled by bad actors. So in a country where we’ve long-funded the PEPFAR program, started by President Bush, long-supported on a bipartisan basis, that provides anti-retrovirals and testing and nurses and support and clinics; to abandon that, to defund that, to shut that down, simply creates an opening for a bad actor to come in and say ‘The Americans abandoned you. Sorry for your luck. Here we are. We want to help.’ The Chinese have invested hundreds and hundreds of billions of dollars advancing their interests through investing in infrastructure, building partnerships in critical minerals, becoming the leads on port operations, and delivering humanitarian aid. We should not shut down our assistance to the world in a way that creates this vacuum. Who wins is the first question. My concern is our adversaries.

    Second, process matters. As those of us who are lawyers know, it’s backwards to start with an executive order that shuts down the funding for an organization and entity, to invade and occupy its headquarters, to have an unelected department get into its systems, to lay off and furlough its senior leadership, and then notify Congress of the intent to begin a conversation about reorganization. I welcome a chance to have a conversation about the future of our development assistance around the world, and my hope is that it will continue, because I have case after case to review here about the good work it does. But to shut down the funding and to cause lots of our partners to lay off their key staff, then begin a conversation about reorganization, is to get it backwards in terms of process and the law.

    I’m an appropriator. Why should we bother coming to an agreement on appropriations here in the Senate, pass a law, send it to the president, he signs it – and then in the next Congress and the next president, they can shut it down and claw it back? It gets to the very question of the power of the purse, which in Article 1 of the Constitution is the power of this body. Going forward, of course, as my colleague said, elections have consequences. It is true that President Trump and the new majority here will put their imprimatur on the policy priorities across a wide range of agencies and programs, absolutely. I expect that discussion and that fight – but this is reaching back and shutting down. 

    One percent – one percent, actually, less than one percent of the total federal budget goes to these vital humanitarian programs around the world. I’ll give you a few examples of what has been stopped in its tracks: a U.S. organization funded through AID has stopped its counterterrorism work in the Philippines that was reducing recruitment and radicalization. We walked away from that work. In Mexico, an organization that reduces the number of children recruited by gangs to help move drugs and migrants across our border has had its funding cut off. I remember trips I took, bipartisan delegations I was a part of, that went and visited AID-funded work where folks were delivering critical care. St. Mary’s clinic in Kibera – in Nairobi, in Kenya: one of the worst informal settlements – slums – I’ve ever been in in my life, and these dedicated, caring, capable folks delivering vital life assistance. In Liberia during Ebola, I will never forget meeting with the nurses, doctors, volunteers, the Liberians who were helping save lives. Why does this matter? Today there is an Ebola outbreak in Kampala, Uganda, and it’s the disease monitoring and testing, it’s the clinics and the nurses that keep these diseases controlled and managed on the other side of the world before they come here.

    Failing to sustain this work in an efficient and effective way is to fail to show the values of the United States, to show we’re not a reliable partner, it’s to show that the decades of bipartisan support for critical initiatives like PEPFAR have been abandoned because they’re no longer considered a smarter strategic investment by one party, while the other party will fight for it.

    My fondest hope is that we will yet find there is bipartisan support for continuing and sustaining these investments, but it’s unclear, because the unelected leader of DOGE, Elon Musk, is even now tweeting, ‘shut it down, close it off.’ My hope is that Secretary Rubio’s comments today on television about sustaining many of the critical functions of AID will win out, but I’m not confident – because it’s unclear to me who’s really driving this initiative. 

    Let me close: We know that diplomacy and development stand alongside defense in being critical to our national security. President Trump’s first defense secretary, General James Mattis, said to us in a hearing that if foreign aid were to get cut, he would need to buy more bullets, because foreign aid around the world helps us build relationships of support, combat terrorism and extremism, advance our values and priorities, and make us safer and more secure. I cannot think of a more troubling development than this long-trusted, capable, bipartisan effort at helping bring our values to the world and helping secure our nation would be cut off, abruptly, roughly, in a way that violates the law and the spirit of our long bipartisan compromise.

    Who wins if we do in fact shut this all down? It’s our adversaries. It’s terrorists, it’s drug cartels, it’s Russia, it’s China, it’s those we’ve held at bay through the great work of this organization and its dedicated servants for decades. My hope is that even though this resolution was opposed and thus defeated tonight, that the determination to support this great work will survive and thrive and prevail.”

    Senator Coons is a member of the Senate Foreign Relations Committee and Ranking Member of the Senate Appropriations Subcommittee on Defense. He is the former Chair of the Senate Appropriations Subcommittee on State and Foreign Operations.

    MIL OSI USA News –

  • MIL-OSI Russia: At NSU, vice-rectors of Novosibirsk universities discussed issues of network interaction and diplomas in the format of startups

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    NSU
    News and Events
    News
    At NSU, vice-rectors of Novosibirsk universities discussed issues of network interaction and diplomas in the format of startups

    04.02.2025

    Material prepared by: Elena Panfilo, NSU press service

    Latest news

    03/03/2025

    NSU Master’s student studies new materials for spin-polarized electron sources

    Nadezhda Solovoy’s research is aimed at studying the conditions for the formation of single-crystal films of multi-alkali compounds of antimony and bismuth. This material is of interest for creating photocathodes in sources of spin-polarized electrons of particle accelerators. In addition, the results of the study can help improve the characteristics of photoelectronic converters based on such photocathodes.

    All news

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

    MIL OSI Russia News –

  • MIL-OSI China: Pro-Russian paramilitary leader dies in Moscow blast

    Source: China State Council Information Office

    A pro-Russian paramilitary leader from eastern Ukraine, Armen Sarkisyan, has died from his injuries in a blast at a residential building in Moscow, local media reported Monday.

    Sarkisyan was the head of the Donetsk People’s Republic Boxing Federation and founder of the Arbat volunteer battalion.

    One person was killed and four others were injured in the explosion at the entrance of the residential building in Moscow on Monday, the Russian Investigative Committee said.

    The committee later said that one of the injured died in hospital. Local media confirmed that person to be Sarkisyan.

    MIL OSI China News –

  • MIL-OSI China: Russia to deploy Oreshnik missile systems in Belarus

    Source: China State Council Information Office

    Russia will deploy its Oreshnik missile systems in Belarus in accordance with the agreements reached between the leaders of the two countries, a senior Russian diplomat confirmed on Tuesday.

    “In line with our allied commitments … Russia is ready to provide Minsk with the necessary support and take measures to protect our common defense space,” Alexey Polishchuk, head of the Second Department of the Commonwealth of Independent States at the Russian Foreign Ministry, said in an interview with TASS news agency.

    He emphasized that the medium-range ballistic Oreshnik missiles will be stationed in Belarus as part of these agreements.

    Polishchuk added that Belarus already hosts a joint Regional Forces Group, modern Russian defense systems, and non-strategic nuclear weapons, emphasizing that the country’s armed forces and security agencies are capable of handling both external and internal threats independently.

    In late January, Belarusian President Alexander Lukashenko announced that Russia’s Oreshnik hypersonic missile system would arrive in Belarus “any day now,” adding that the system may be deployed closer to the Smolensk region.

    MIL OSI China News –

  • MIL-OSI Russia: MIL Analysis – Five best articles in Russian for 03.02.2025

    MIL Analysis : Here are the top five Russian language articles published today. The analysis consists of five articles that are prioritized at the moment.

    As a result of today’s analysis, the Moscow Exchange provides us with its opportunities and results. Education is evolving, increasing attention to the personalities of students, and utilizing new modern learning technologies.

    Dmitry Chernyshenko met with volunteers in Anapa to discuss the latest news on emergencies on the coast. The social sphere is actively involved.

    Below you can read one of the articles.

    1. Financial news: Moscow Exchange has entered the top of the NRA ESG ranking.

    Moscow Exchange has been included in the updated ESG ranking of Russian financial organizations compiled by the National Rating Agency (NRA). The Exchange was included in the first, highest group of the ranking in terms of the degree of implementation of sustainability principles in its strategic and operational activities.

    2. Financial news: Moscow Exchange is the winner of the Project of the Year 2024 contest.

    Moscow Exchange won the “Project of the Year – 2024” contest organized by the Global CIO community. The aim of the competition is to develop the competencies of the professional community and broadcast the best practices in the field of digitalization.

    3. Polytechnic held an advanced training course on “RISC-V Ecosystem”

    At the end of January, the Higher School of Electronics and Microsystems Engineering of the Institute of Electronics and Telecommunications of SPbPU held a unique advanced training course on “RISC-V ecosystem: development and system programming”.

    The course was devoted to the development of hardware and software for modern extensible open instruction systems and RISC-V processor architectures, which are widely used in rapidly developing areas of information technology, including the Internet of Things and artificial intelligence.

    4. Polytechnic students reached the semifinals of the XI All-Russian Engineering Competition.

    The qualifying stage of the XI All-Russian Engineering Competition has been completed. Experts evaluated over 12,000 projects and scientific research. 751 graduates from universities from all over the country, including SPbPU, reached the semi-finals. The All-Russian Engineering Competition is an annual intellectual competition that has been held since 2014. It is organized by the Ministry of Science and Higher Education of the Russian Federation. The contest operator is the National Research Nuclear University MEPhI.

    5. Dmitry Chernyshenko met in Anapa with volunteers involved in emergency response on the coast.

    Deputy Prime Minister Dmitry Chernyshenko met with representatives of the united volunteer headquarters #WeWeMeet, who are cleaning the Black Sea coast from fuel oil, on the shore of Anapa. During the meeting the volunteers shared their experience and results of their work.

    The meeting was also attended by the head of the Federal Agency for Youth Affairs (Rosmolodezh), Grigory Gurov, and the governor of the Krasnodar Region, Veniamin Kondratiev.

    Learn more about MIL’s content and data services by visiting milnz.co.nz.

    Regards MIL!

    MIL OSI Russia News –

  • MIL-OSI USA: ICYMI: Warren Sounds Alarm on Threat Elon Musk Poses to Government Payment Systems

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 03, 2025

    “Donald Trump and his billionaire buddies are determined to take over this government to make it work better for themselves and worse for everyone else.” 

    “[T]his is not business as usual…We are living a nightmare created by Donald Trump and Elon Musk, and we need to wake up.” 

    Video of Press Conference (YouTube) 

    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs (BHUA), delivered remarks on the danger of Elon Musk having access to the federal government’s critical payment systems, which includes the sensitive personal information of millions of Americans.

    Transcript: Press Conference – Democrats Sound Alarm Over Musk Forcing Way into Highly Sensitive Central Government Payment System
    February 3, 2025
    As Delivered

    Senator Elizabeth Warren: I want to be clear about what’s going on here.

    The system that makes sure that your granddad gets his Social Security check. The system that makes sure your mom’s doctor gets a Medicare payment to cover her medical appointment. And the system that makes sure you get the tax refund you’re owed, has been taken over by Elon Musk. And every organization from your state government that uses federal money on that bridge project to the local Head Start that takes care of little kids while their mommies and daddies go to work is now at the mercy of Elon Musk. Maybe you get paid, or maybe you don’t—because now it appears that all of us work for Elon Musk.

    Elon just grabbed the controls of that whole payment system, demanding the power to turn it on for his friends or turn it off for anyone he doesn’t like. One guy deciding who gets paid and who doesn’t. It is not the law, but it is the reality. 

    Now, there’s a second problem here. It’s not just payments from the federal government that are now in Elon’s control. Elon and his handful of friends now have full access to your personal and financial information that’s in the system. Your payment history. Your social security number. Your bank account numbers. Elon now has the power to suck out all that information for his own use. Now, whether it’s to boost his finances or expand his political power, it is all up to Elon. 

    And there’s a third problem. In order for this handful of programmers to gain access to our $6 trillion payment system, we don’t know what safeguards were pulled down. Are the gates wide open now for hackers from China, from North Korea, from Iran, from Russia? Heck, who knows what black hat hackers all around the world are finding out about each one of us and copying that information for their own criminal uses. 

    Donald Trump and his billionaire buddies are determined to take over this government to make it work better for themselves and worse for everyone else. And this is just the start. As we gear up for the tax fight, it will become even clearer that Trump will open the doors for billionaires and giant corporations to find more ways to loot the government at your expense. Meanwhile, everyone else pays more for groceries, more for housing, more for prescription drugs, and more for healthcare.

    When unelected billionaires start ransacking our government offices, this is not business as usual. Nope. Nothing is normal. We are living a nightmare created by Donald Trump and Elon Musk, and we need to wake up. We need to use every tool we have to fight back, and in the Senate, we can start by saying NO to dangerous Trump nominees like Tulsi Gabbard or Russ Vought. 

    MIL OSI USA News –

  • MIL-OSI USA: Murphy At USAID: Trump And Musk Are Shuttering Agencies To Turn Government Over To Billionaires

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    February 03, 2025

    WASHINGTON— U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Foreign Relations Committee, on Monday joined a press conference in front of the shuttered United States Agency for International Development (USAID) to raise the alarm about how President Trump’s decision – at the behest of Elon Musk – to illegally shut down the agency will have disastrous impacts on national security while strengthening China and Russia.

    Murphy highlighted USAID’s crucial role in global security and support for democracy: “USAID fights terrorist groups all across this world making sure that we address the underlying causes that lead to terrorism. USAID chases China all around the world, making sure China doesn’t monopolize contracts for critical minerals and port infrastructure all around the world. It supports freedom fighters everywhere in this world, up until yesterday, delivering firewood, for instance, to the brave Ukrainian defenders on the eastern front.”

    Murphy called out Trump’s closure of USAID as a play by Elon Musk and the billionaire class to hijack U.S. foreign policy for profit: “Elon Musk makes billions of dollars based off of his business with China. And China is cheering at this action today. There is no question that the billionaire class trying to take over our government right now is doing it based on self-interest–their belief that if they can make us weaker in the world, if they can elevate their business partners all around the world, that they will gain the benefit.”

    Murphy continued: “They are shuttering agencies and sending employees home in order to create the illusion that they are saving money in order to do what? Pass a giant tax cut for billionaires and corporations, right? This is all a smokescreen, a shell game, in order to turn this government over to a handful of unelected billionaires and corporate interests, and we are not going to let them do that.”

    Murphy concluded: “So we will use every power that we have in our disposal in the United States Senate. My colleagues will do the same thing in the House. This is a constitutional crisis that we are in today.  Let’s call it what it is. The people get to decide how we defend the United States of America. The people get to decide how their taxpayer money is spent. Elon Musk does not get to decide. We are weaker today than we were yesterday. China sees that, Russia sees that, and they will take advantage. Our job, and your job together, is to raise our voices, raise the alarm, so that this crisis, this emboldening of our enemies, doesn’t last a second longer than it has to.”

    A full transcript of his remarks can be found below:

    MURPHY: “So, Elon Musk has been floating all sorts of awful, terrible conspiracy theories about what happens at USAID. Let’s make it very clear that every single day America is safer because of what happens at USAID. 

    “USAID fights terrorist groups all across this world making sure that we address the underlying causes that lead to terrorism. USAID chases China all around the world, making sure China doesn’t monopolize contracts for critical minerals and port infrastructure all around the world. It supports freedom fighters everywhere in this world, up until yesterday, delivering firewood, for instance, to the brave Ukrainian defenders on the eastern front. 

    “But let’s not pull any punches about why this is happening. Elon Musk makes billions of dollars based off of his business with China. And China is cheering at this action today. There is no question that the billionaire class trying to take over our government right now is doing it based on self-interest–their belief that if they can make us weaker in the world, if they can elevate their business partners all around the world, that they will gain the benefit. 

    “But there is another reason this is happening. They are shuttering agencies and sending employees home in order to create the illusion that they are saving money in order to do what? Pass a giant tax cut for billionaires and corporations, right? This is all a smokescreen, a shell game, in order to turn this government over to a handful of unelected billionaires and corporate interests, and we are not going to let them do that. 

    “So we will use every power that we have in our disposal in the United States Senate. My colleagues will do the same thing in the House. This is a constitutional crisis that we are in today.  Let’s call it what it is. The people get to decide how we defend the United States of America. The people get to decide how their taxpayer money is spent. Elon Musk does not get to decide. 

    “We are weaker today than we were yesterday. China sees that, Russia sees that, and they will take advantage. Our job, and your job together, is to raise our voices, raise the alarm, so that this crisis, this emboldening of our enemies, doesn’t last a second longer than it has to. Thank you everybody for being here today. Really, really important.”

    MIL OSI USA News –

  • MIL-OSI: RBB Bancorp Reports Fourth Quarter and Fiscal Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 03, 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 and fiscal year ended December 31, 2024.

    Fourth Quarter 2024 Highlights

    • Net income totaled $4.4 million, or $0.25 diluted earnings per share
    • Return on average assets of 0.44%, compared to 0.72% for the quarter ended September 30, 2024
    • Net interest margin of 2.76% compared to 2.68% for the quarter ended September 30, 2024
    • Book value and tangible book value per share(1) of $28.66 and $24.51 at December 31, 2024, compared to $28.81 and $24.64 at September 30, 2024

    The Company reported net income of $4.4 million, or $0.25 diluted earnings per share, for the quarter ended December 31, 2024, compared to net income of $7.0 million, or $0.39 diluted earnings per share, for the quarter ended September 30, 2024. Net income for the year ended December 31, 2024 totaled $26.7 million, or $1.47 diluted earnings per share, compared to net income of $42.5 million, or $2.24 diluted earnings per share, for the year ended December 31, 2023.

    “Declining funding costs and stable interest income drove net interest income and net interest margin higher in the fourth quarter,” said Johnny Lee, President of the Company and President and Chief Executive Officer of the Bank. “We continue to make good progress on our growth initiatives and expect we will resume loan growth in the first quarter and for the remainder of the year.  We did see an increase in nonperforming loans mainly due to one credit relationship that was downgraded late in the fourth quarter.  We are actively working to resolve our nonperforming loans as quickly as possible while minimizing the impact to earnings and capital.”

    “We are saddened by the devastation caused by the recent fires in Los Angeles,” said David Morris, Chief Executive Officer of the Company. “We stand ready to support our community and neighbors as they begin the process of rebuilding.”

    (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 $26.0 million for the fourth quarter of 2024, compared to $24.5 million for the third quarter of 2024. The $1.4 million increase was due to a $130,000 increase in interest income and a $1.3 million decrease in interest expense. The increase in interest income was mostly due to higher interest income on cash and investment securities of $1.1 million offset by lower interest income on total loans of $952,000. The decrease in loan interest income was mostly due to lower average loans of $9.8 million and a 10 basis point decrease in the average loan yield due to decreases in market rates and a change in the loan mix. The increase in cash and investment interest income was attributed to higher average balances and a higher investment portfolio yield, offset by a lower yield on cash. The decrease in interest expense was mostly due to a 33 basis point decrease in total average interest-bearing deposit rates offset by higher average interest-bearing deposits of $33.8 million in the fourth quarter of 2024.

    Net interest margin (“NIM”) was 2.76% for the fourth quarter of 2024, an increase of 8 basis points from 2.68% for the third quarter of 2024. The increase was due to a 25 basis point decrease in the overall cost of funds, partially offset by a 15 basis point decrease in the yield on average interest-earning assets. The yield on average interest-earning assets decreased to 5.79% for the fourth quarter of 2024 from 5.94% for the third quarter of 2024 due mainly to a 55 basis point decrease in the yield on average cash and cash equivalents to 5.02%, a decrease in the loan yield of 10 basis points and the impact of a change in the mix of average-earnings assets. Average loans represented 82% of average interest-earning assets in the fourth quarter of 2024, a 2% decrease from the third quarter of 2024. The decrease in the loan yield was attributed mostly to a decrease in market rates and a change in the loan mix. 

    The overall cost of funds decreased to 3.32% in the fourth quarter of 2024 from 3.57% in the third quarter of 2024 due to a lower average cost of interest-bearing deposits. The overall funding mix for the fourth quarter of 2024 remained relatively unchanged from the third quarter of 2024 with the ratio of average noninterest-bearing deposits to average total funding sources of 16%. The all-in average spot rate for total deposits was 3.15% at December 31, 2024.

    Net interest income was $99.4 million for the year ended December 31, 2024, compared to $119.3 million for the year ended December 31, 2023. The $19.9 million decrease was due to a $15.4 million increase in interest expense and a $4.5 million decrease in interest income. The decrease in interest income was mostly due to lower interest income on total loans of $9.7 million offset by higher interest income on interest-earning deposits of $4.7 million. The decrease in loan interest income was mostly due to lower average loans of $164.3 million. The increase in cash and investment interest income was attributed to higher average cash balances and a higher investment portfolio yield, offset by a lower average of investment securities. The increase in interest expense was mostly due to a 72 basis point increase in total average interest-bearing deposit rates and higher average interest-bearing deposits of $30.1 million in the year ended December 31, 2024.

    NIM was 2.70% for the year ended December 31, 2024, a decrease of 46 basis points from 3.16% for the year ended December 31, 2023. The decrease was due to a 55 basis point increase in the overall cost of funds, partially offset by a 2 basis point increase in the yield on average interest-earning assets. The yield on average interest-earning assets increased to 5.88% for the year ended December 31, 2024 compared to the prior year due mainly to a 12 basis point increase in the yield on average cash and cash equivalents to 5.53%, an 18 basis point increase in the investment portfolio yield, offset by the impact of lower average loan balances. Average loans represented 83% of average interest-earning assets during 2024, and 85% during 2023.

    The overall cost of funds increased to 3.49% in the year ended December 31, 2024 from 2.94% in the year ended December 31, 2023 due to a higher average cost of interest-bearing deposits in response to higher average market interest rates. The overall funding mix for December 31, 2024 remained relatively unchanged from the prior year with a ratio of average noninterest-bearing deposits to average total funding sources of 16%.

    Provision for Credit Losses

    The provision for credit losses was $6.0 million for the fourth quarter of 2024 compared to $3.3 million for the third quarter of 2024. The fourth quarter of 2024 provision for credit losses was due to an increase in specific reserves of $4.3 million and net charge-offs of $2.0 million, partially offset by lower general reserves. The fourth quarter increase in specific reserves included $4.5 million for a construction loan secured by a partially completed mixed-use commercial project. Fourth quarter net charge-offs included $1.8 million for nonaccrual loans that were moved to held for sale (“HFS”). Net charge-offs on an annualized basis represented 0.26% of average loans for the fourth quarter of 2024 compared to 0.16% for the third quarter of 2024. The fourth 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 higher nonperforming loans, and changes in special mention and substandard loans during the period.

    The provision for credit losses was $9.9 million for the year ended December 31, 2024 compared to $3.4 million for the year ended December 31, 2023. The 2024 provision included the impact from an increase in specific reserves of $6.1 million and net charge-offs of $3.9 million. Net charge-offs totaled $3.9 million for the year ended December 31, 2024, compared to $3.1 million for the year ended December 31, 2023. Net charge-offs represented 0.13% of average loans for the fiscal year 2024 compared to 0.10% for the fiscal year 2023.

    Noninterest Income

    Noninterest income for the fourth quarter of 2024 was $2.7 million, a decrease of $3.0 million from $5.7 million for the third quarter of 2024. This decrease was mostly due to the third quarter of 2024 including a $2.8 million recovery of a fully charged off loan acquired in a bank acquisition.

    Noninterest income for the year ended December 31, 2024 was $15.3 million, an increase of $317,000 from $15.0 million for the year ended December 31, 2023. This increase was mostly due to a $2.9 million increase in recoveries on purchased loans, a $1.2 million increase in gain on sale of loans and an $883,000 increase in gain on OREO, offset by income from a $5.0 million Community Development Financial Institution Equitable Recovery Program award that was recognized during 2023.

    Noninterest Expense

    Noninterest expense for the fourth quarter of 2024 was $17.6 million, an increase of $228,000 from $17.4 million for the third quarter of 2024. This increase was mostly due to higher legal and professional expenses of $397,000, partially offset by lower occupancy and equipment expenses of $115,000. The annualized noninterest expenses to average assets ratio was 1.76% for the fourth quarter of 2024, down from 1.78% for the third quarter of 2024. The efficiency ratio was 61.5% for the fourth quarter of 2024, up from 57.5% for the third quarter of 2024 due mostly to lower noninterest income as the third quarter included a $2.8 million recovery of a fully charged off loan acquired in a bank acquisition.

    Noninterest expense for the year ended December 31, 2024 was $69.2 million, a decrease of $1.5 million from $70.7 million for the year ended December 31, 2023. This decrease was mostly due to lower legal and professional expenses of $3.7 million, partially offset by higher salaries and employee benefits of $1.6 million. The noninterest expenses to average assets ratio was 1.76% for the fiscal year 2024 and 2023. The efficiency ratio was 60.3% for the year ended December 31, 2024, up from 52.6% for the year ended December 31, 2023 due mostly to lower net interest income for 2024.

    Income Taxes

    The effective tax rate was 13.3% for the fourth quarter of 2024 and 26.9% for the third quarter of 2024. The decrease in the effective tax rate for the fourth quarter was due primarily to higher tax credits relative to pre-tax net income as compared to the prior quarter.

    The effective tax rate was 25.3% for the year ended December 31, 2024 and 29.5% for the year ended December 31, 2023. The decrease in the effective tax rate for 2024 was due primarily to higher tax credits as compared to the prior year.

    Balance Sheet

    At December 31, 2024, total assets were $4.0 billion, a $2.0 million increase compared to September 30, 2024, and a $33.5 million decrease compared to December 31, 2023.

    Loan and Securities Portfolio

    Loans held for investment (“HFI”) totaled $3.1 billion as of December 31, 2024, a decrease of $38.7 million compared to September 30, 2024 and a $21.4 million increase compared to December 31, 2023. The decrease from September 30, 2024 was primarily due to a $51.3 million decrease in commercial real estate (“CRE”) loans, a $6.9 million decrease in construction and land development (“C&D”) loans and an $826,000 decrease in Small Business Administration (“SBA”) loans, partially offset by a $20.6 million increase in single-family residential (“SFR”) mortgages and a $724,000 increase in commercial and industrial (“C&I”) loans. The loan to deposit ratio was 97.5% at December 31, 2024, compared to 98.6% at September 30, 2024 and 94.2% at December 31, 2023. 

    As of December 31, 2024, available-for-sale securities totaled $420.2 million, an increase of $114.5 million from September 30, 2024, primarily related to the purchase of $79.2 million in short-term commercial paper. As of December 31, 2024, net unrealized losses totaled $29.2 million, a $6.0 million increase due mostly to increases in treasury rates, when compared to net unrealized losses of $23.2 million as of September 30, 2024.

    Deposits

    Total deposits were $3.1 billion as of December 31, 2024, an $8.4 million decrease compared to September 30, 2024 and a $91.0 million decrease compared to December 31, 2023. The decrease during the fourth quarter of 2024 was due to a $27.8 million decrease in interest-bearing deposits, while noninterest-bearing deposits increased $19.4 million to $563.0 million as of December 31, 2024 compared to $543.6 million as of September 30, 2024. The decrease in interest-bearing deposits included a decrease in time deposits of $24.7 million and non-maturity deposits of $3.1 million. Wholesale deposits remained relatively unchanged at $147.5 million at December 31, 2024 compared to $147.3 million at September 30, 2024. Noninterest-bearing deposits represented 18.3% of total deposits at December 31, 2024 compared to 17.6% at September 30, 2024.

    Credit Quality

    Nonperforming assets totaled $81.0 million, or 2.03% of total assets, at December 31, 2024, compared to $60.7 million, or 1.52% of total assets, at September 30, 2024. The $20.4 million increase in nonperforming assets was due to the addition of one $26.4 million C&D loan, $2.0 million in SFR loans and $890,000 in SBA loans that migrated to nonaccrual status during the fourth quarter of 2024, partially offset by payoffs and paydowns of $6.7 million and partial charge-offs of $2.0 million.

    Nonperforming assets at December 31, 2024 include loans HFS with a total fair value of $11.2 million, which were transferred from HFI during the fourth quarter of 2024 after a $1.8 million charge-off against the allowance for credit losses. These loans were reported as nonperforming loans at September 30, 2024.

    Special mention loans totaled $65.3 million, or 2.14% of total loans, at December 31, 2024, compared to $77.5 million, or 2.51% of total loans, at September 30, 2024. The $12.2 million decrease was primarily due to CRE loans totaling $11.8 million that were upgraded to pass-rated and $1.8 million in payoffs and paydowns, offset by CRE loans totaling $1.4 million downgraded during the fourth quarter of 2024. All special mention loans are paying current.

    Substandard loans totaled $100.3 million, of which $11.2 million were HFS at December 31, 2024, compared to $79.8 million at September 30, 2024. This $20.5 million increase was primarily due to downgrades of one $26.4 million C&D loan, SFR loans totaling $2.0 million, C&I loans totaling $1.9 million and SBA loans totaling $747,000. These downgrades were offset by payoffs and paydowns totaling $6.5 million, upgrades totaling $2.0 million and partial charge-offs totaling $2.0 million. Of the total substandard loans at December 31, 2024, there are $19.3 million on accrual status, including an $11.7 million C&D loan that was in the process of renewal and also included in the 30-89 day delinquent category below.

    30-89 day delinquent loans, excluding nonperforming loans, totaled $22.1 million at December 31, 2024, compared to $10.6 million at September 30, 2024. The $11.5 million increase was mostly due to one $11.7 million C&D loan in process of renewal for a completed multifamily project at December 31, 2024, and since year end, it has been brought current and paid down by $1.5 million. Other changes in delinquent loans included additions totaling $5.5 million, offset by $3.2 million that returned to current status, $1.8 million that migrated to nonaccrual status and $735,000 in payoffs.

    As of December 31, 2024, the allowance for credit losses totaled $48.5 million and was comprised of an allowance for loan losses of $47.7 million and a reserve for unfunded commitments of $729,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $44.5 million comprised of an allowance for loan losses of $43.7 million and a reserve for unfunded commitments of $779,000 at September 30, 2024. The $4.0 million increase in the allowance for credit losses for the fourth quarter of 2024 was due to a $6.0 million provision for credit losses offset by net charge-offs of $2.0 million. The increase in charge-offs in the fourth quarter of 2024 was primarily due to a decrease in the estimated fair value of collateral dependent loans and loans moved to HFS. The allowance for loan losses as a percentage of loans HFI increased to 1.56% at December 31, 2024, compared to 1.41% at September 30, 2024, due to an increase in specific reserves on one C&D loan mentioned previously. The allowance for loan losses as a percentage of nonperforming loans HFI was 68% at December 31, 2024, a decrease from 72% at September 30, 2024.

               
      For the Three Months Ended December 31, 2024     For the Year Ended December 31, 2024  
    (dollars in thousands) Allowance for loan losses     Reserve for unfunded loan commitments     Allowance for credit losses     Allowance for loan losses     Reserve for unfunded loan commitments   Allowance for credit losses  
    Beginning balance $ 43,685     $ 779     $ 44,464     $ 41,903     $ 640   $ 42,543  
    Provision for (reversal of) credit losses   6,050       (50 )     6,000       9,768       89     9,857  
    Less loans charged-off   (2,092 )     —       (2,092 )     (4,083 )     —     (4,083 )
    Recoveries on loans charged-off   86       —       86       141       —     141  
    Ending balance $ 47,729     $ 729     $ 48,458     $ 47,729     $ 729   $ 48,458  
                                                 

    Shareholders’ Equity

    At December 31, 2024, total shareholders’ equity was $507.9 million, a $1.9 million decrease compared to September 30, 2024, and a $3.4 million decrease compared to December 31, 2023. The decrease in shareholders’ equity for the fourth quarter of 2024 was due to higher net unrealized losses on available-for-sale securities of $4.2 million and common stock cash dividends paid of $2.9 million, offset by net income of $4.4 million, and equity compensation activity of $794,000. The decrease in shareholders’ equity for the year ended 2024 was due to common stock repurchases of $20.7 million, common stock cash dividends paid of $11.7 million and higher net unrealized losses on available-for-sale securities of $744,000, offset by net income of $26.7 million, and equity compensation activity of $3.1 million. Book value per share and tangible book value per share(1) decreased to $28.66 and $24.51 at December 31, 2024, down from $28.81 and $24.64 at September 30, 2024 and up from $27.47 and $23.48 at December 31, 2023.

    Contact:
    Lynn Hopkins, Chief Financial Officer
    (213) 716-8066
    lhopkins@rbbusa.com

    (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 December 31, 2024, 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, February 4, 2025, to discuss the Company’s fourth quarter 2024 financial results.

    To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 834092, conference ID RBBQ424. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 51830, approximately one hour after the conclusion of the call and will remain available through February 5, 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; our ability to attract and retain deposits and access other sources of liquidity; 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; 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; 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; 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; the impact of future or recent 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, including Accounting Standards Update 2016-13 (Topic 326, “Measurement of Current Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses Model, which changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; market disruption and volatility; 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; issuances of preferred stock; 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, 2023, 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)
                                 
      December 31,     September 30,     June 30,     March 31,     December 31,  
      2024     2024     2024     2024     2023  
    Assets                                      
    Cash and due from banks $ 27,747     $ 26,388     $ 23,313     $ 21,887     $ 22,671  
    Interest-earning deposits with financial institutions   229,998       323,002       229,456       247,356       408,702  
    Cash and cash equivalents   257,745       349,390       252,769       269,243       431,373  
    Interest-earning time deposits with financial institutions   600       600       600       600       600  
    Investment securities available for sale   420,190       305,666       325,582       335,194       318,961  
    Investment securities held to maturity   5,191       5,195       5,200       5,204       5,209  
    Loans held for sale   11,250       812       3,146       3,903       1,911  
    Loans held for investment   3,053,230       3,091,896       3,047,712       3,027,361       3,031,861  
    Allowance for loan losses   (47,729 )     (43,685 )     (41,741 )     (41,688 )     (41,903 )
    Net loans held for investment   3,005,501       3,048,211       3,005,971       2,985,673       2,989,958  
    Premises and equipment, net   24,601       24,839       25,049       25,363       25,684  
    Federal Home Loan Bank (FHLB) stock   15,000       15,000       15,000       15,000       15,000  
    Cash surrender value of bank owned life insurance   60,296       59,889       59,486       59,101       58,719  
    Goodwill   71,498       71,498       71,498       71,498       71,498  
    Servicing assets   6,985       7,256       7,545       7,794       8,110  
    Core deposit intangibles   2,011       2,194       2,394       2,594       2,795  
    Right-of-use assets   28,048       29,283       30,530       31,231       29,803  
    Accrued interest and other assets   83,561       70,644       63,416       65,608       66,404  
    Total assets $ 3,992,477     $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025  
    Liabilities and shareholders’ equity                                      
    Deposits:                                      
    Noninterest-bearing demand $ 563,012     $ 543,623     $ 542,971     $ 539,517     $ 539,621  
    Savings, NOW and money market accounts   663,034       666,089       647,770       642,840       632,729  
    Time deposits, $250,000 and under   1,007,452       1,052,462       1,014,189       1,083,898       1,190,821  
    Time deposits, greater than $250,000   850,291       830,010       818,675       762,074       811,589  
    Total deposits   3,083,789       3,092,184       3,023,605       3,028,329       3,174,760  
    FHLB advances   200,000       200,000       150,000       150,000       150,000  
    Long-term debt, net of issuance costs   119,529       119,433       119,338       119,243       119,147  
    Subordinated debentures   15,156       15,102       15,047       14,993       14,938  
    Lease liabilities – operating leases   29,705       30,880       32,087       32,690       31,191  
    Accrued interest and other liabilities   36,421       23,150       16,818       18,765       24,729  
    Total liabilities   3,484,600       3,480,749       3,356,895       3,364,020       3,514,765  
    Shareholders’ equity:                                      
    Common stock   259,957       259,280       266,160       271,645       271,925  
    Additional paid-in capital   3,645       3,520       3,456       3,348       3,623  
    Retained earnings   264,460       262,946       262,518       259,903       255,152  
    Non-controlling interest   72       72       72       72       72  
    Accumulated other comprehensive loss, net   (20,257 )     (16,090 )     (20,915 )     (20,982 )     (19,512 )
    Total shareholders’ equity   507,877       509,728       511,291       513,986       511,260  
    Total liabilities and shareholders’ equity $ 3,992,477     $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025  
                                           
                                           
             
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (In thousands, except share and per share data) 
             
      For the Three Months Ended     For the Year Ended
      December 31, 2024   September 30, 2024   December 31, 2023     December 31, 2024   December 31, 2023
    Interest and dividend income:                              
    Interest and fees on loans $ 46,374   $ 47,326   $ 45,895     $ 184,567   $ 194,264
    Interest on interest-earning deposits   3,641     3,388     4,650       15,422     10,746
    Interest on investment securities   3,962     3,127     3,706       14,331     14,028
    Dividend income on FHLB stock   330     326     312       1,314     1,125
    Interest on federal funds sold and other   248     258     269       1,027     985
    Total interest and dividend income   54,555     54,425     54,832       216,661     221,148
    Interest expense:                              
    Interest on savings deposits, NOW and money market accounts   4,671     5,193     4,026       19,295     12,205
    Interest on time deposits   21,361     22,553     22,413       89,086     76,837
    Interest on long-term debt and subordinated debentures   1,660     1,681     2,284       6,699     9,951
    Interest on FHLB advances   886     453     440       2,217     2,869
    Total interest expense   28,578     29,880     29,163       117,297     101,862
    Net interest income before provision for credit losses   25,977     24,545     25,669       99,364     119,286
    Provision for (reversal of) credit losses   6,000     3,300     (431 )     9,857     3,362
    Net interest income after provision for (reversal of) credit losses   19,977     21,245     26,100       89,507     115,924
    Noninterest income:                              
    Service charges and fees   988     1,071     972       4,115     4,172
    Gain on sale of loans   376     447     116       1,586     374
    Loan servicing fees, net of amortization   492     605     616       2,265     2,576
    Increase in cash surrender value of life insurance   407     403     374       1,577     1,409
    (Loss) gain on OREO   —     —     (57 )     1,016     133
    Other income   466     3,220     5,373       4,776     6,354
    Total noninterest income   2,729     5,746     7,394       15,335     15,018
    Noninterest expense:                              
    Salaries and employee benefits   9,927     10,008     8,860       39,395     37,795
    Occupancy and equipment expenses   2,403     2,518     2,387       9,803     9,629
    Data processing   1,499     1,472     1,357       5,857     5,326
    Legal and professional   1,355     958     1,291       4,453     8,198
    Office expenses   399     348     349       1,455     1,512
    Marketing and business promotion   251     252     241       864     1,132
    Insurance and regulatory assessments   677     658     1,122       3,298     3,165
    Core deposit premium   182     200     215       784     923
    Other expenses   956     1,007     571       3,254     3,016
    Total noninterest expense   17,649     17,421     16,393       69,163     70,696
    Income before income taxes   5,057     9,570     17,101       35,679     60,246
    Income tax expense   672     2,571     5,028       9,014     17,781
    Net income $ 4,385   $ 6,999   $ 12,073     $ 26,665   $ 42,465
                                   
    Net income per share                              
    Basic $ 0.25   $ 0.39   $ 0.64     $ 1.47   $ 2.24
    Diluted $ 0.25   $ 0.39   $ 0.64     $ 1.47   $ 2.24
    Cash dividends declared per common share $ 0.16   $ 0.16   $ 0.16     $ 0.64   $ 0.64
    Weighted-average common shares outstanding                              
    Basic   17,704,992     17,812,791     18,887,501       18,121,764     18,965,346
    Diluted   17,796,840     17,885,359     18,900,351       18,183,319     18,985,233
                                   
                                   
         
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
         
      For the Three Months Ended  
      December 31, 2024     September 30, 2024     December 31, 2023  
     (tax-equivalent basis, dollars in thousands) Average   Interest   Yield /     Average   Interest   Yield /     Average   Interest   Yield /  
    Balance   & Fees   Rate     Balance   & Fees   Rate     Balance   & Fees   Rate  
    Interest-earning assets                                                    
    Cash and cash equivalents (1) $ 308,455   $ 3,890   5.02 %   $ 260,205   $ 3,646   5.57 %   $ 333,940   $ 4,919   5.84 %
    FHLB Stock   15,000     330   8.75 %     15,000     326   8.65 %     15,000     312   8.25 %
    Securities                                                    
    Available for sale (2)   361,253     3,939   4.34 %     298,948     3,105   4.13 %     329,426     3,684   4.44 %
    Held to maturity (2)   5,194     48   3.68 %     5,198     46   3.52 %     5,212     46   3.50 %
    Total loans   3,059,786     46,374   6.03 %     3,069,578     47,326   6.13 %     3,055,232     45,895   5.96 %
    Total interest-earning assets   3,749,688   $ 54,581   5.79 %     3,648,929   $ 54,449   5.94 %     3,738,810   $ 54,856   5.82 %
    Total noninterest-earning assets   244,609                 242,059                 253,385            
    Total average assets $ 3,994,297               $ 3,890,988               $ 3,992,195            
                                                         
    Interest-bearing liabilities                                                    
    NOW   53,879     254   1.88 %   $ 55,757   $ 277   1.98 %   $ 54,378   $ 214   1.56 %
    Money market   463,850     3,735   3.20 %     439,936     4,093   3.70 %     422,582     3,252   3.05 %
    Saving deposits   162,351     682   1.67 %     164,515     823   1.99 %     148,354     560   1.50 %
    Time deposits, $250,000 and under   1,034,946     11,583   4.45 %     1,037,365     12,312   4.72 %     1,162,014     13,244   4.52 %
    Time deposits, greater than $250,000   835,583     9,778   4.66 %     819,207     10,241   4.97 %     781,833     9,169   4.65 %
    Total interest-bearing deposits   2,550,609     26,032   4.06 %     2,516,780     27,746   4.39 %     2,569,161     26,439   4.08 %
    FHLB advances   200,000     886   1.76 %     150,543     453   1.20 %     150,000     440   1.16 %
    Long-term debt   119,466     1,295   4.31 %     119,370     1,295   4.32 %     155,536     1,895   4.83 %
    Subordinated debentures   15,121     365   9.60 %     15,066     386   10.19 %     14,902     389   10.36 %
    Total interest-bearing liabilities   2,885,196     28,578   3.94 %     2,801,759     29,880   4.24 %     2,889,599     29,163   4.00 %
    Noninterest-bearing liabilities                                                    
    Noninterest-bearing deposits   539,900                 528,081                 535,554            
    Other noninterest-bearing liabilities   56,993                 52,428                 61,858            
    Total noninterest-bearing liabilities   596,893                 580,509                 597,412            
    Shareholders’ equity   512,208                 508,720                 505,184            
    Total liabilities and shareholders’ equity $ 3,994,297               $ 3,890,988               $ 3,992,195            
    Net interest income / interest rate spreads       $ 26,003   1.85 %         $ 24,569   1.70 %         $ 25,693   1.82 %
    Net interest margin             2.76 %               2.68 %               2.73 %
                                                         
    Total cost of deposits $ 3,090,509   $ 26,032   3.35 %   $ 3,044,861   $ 27,746   3.63 %   $ 3,104,715   $ 26,439   3.38 %
    Total cost of funds $ 3,425,096   $ 28,578   3.32 %   $ 3,329,840   $ 29,880   3.57 %   $ 3,425,153   $ 29,163   3.38 %
                                                         

    ____________________

    (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 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
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
         
      For the Year Ended  
      December 31, 2024     December 31, 2023  
     (tax-equivalent basis, dollars in thousands) Average   Interest   Yield /     Average   Interest   Yield /  
    Balance   & Fees   Rate     Balance   & Fees   Rate  
    Interest-earning assets                                  
    Cash and cash equivalents (1) $ 297,331   $ 16,449   5.53 %   $ 216,851   $ 11,731   5.41 %
    FHLB Stock   15,000     1,314   8.76 %     15,000     1,125   7.50 %
    Securities                                  
    Available for sale (2)   324,644     14,242   4.39 %     331,357     13,928   4.20 %
    Held to maturity (2)   5,200     188   3.62 %     5,509     198   3.59 %
    Total loans   3,041,337     184,567   6.07 %     3,205,625     194,264   6.06 %
    Total interest-earning assets   3,683,512   $ 216,760   5.88 %     3,774,342   $ 221,246   5.86 %
    Total noninterest-earning assets   243,258                 246,980            
    Total average assets $ 3,926,770               $ 4,021,322            
                                       
    Interest-bearing liabilities                                  
    NOW $ 56,158     1,105   1.97 %   $ 58,191   $ 725   1.25 %
    Money market   436,925     15,231   3.49 %     429,102     10,565   2.46 %
    Saving deposits   162,243     2,959   1.82 %     126,062     915   0.73 %
    Time deposits, $250,000 and under   1,074,291     50,059   4.66 %     1,146,513     47,150   4.11 %
    Time deposits, greater than $250,000   803,187     39,027   4.86 %     742,839     29,687   4.00 %
    Total interest-bearing deposits   2,532,804     108,381   4.28 %     2,502,707     89,042   3.56 %
    FHLB advances   162,705     2,217   1.36 %     172,219     2,869   1.67 %
    Long-term debt   119,324     5,182   4.34 %     169,182     8,477   5.01 %
    Subordinated debentures   15,039     1,517   10.09 %     14,821     1,474   9.95 %
    Total interest-bearing liabilities   2,829,872     117,297   4.14 %     2,858,929     101,862   3.56 %
    Noninterest-bearing liabilities                                  
    Noninterest-bearing deposits   531,458                 602,291            
    Other noninterest-bearing liabilities   53,970                 59,562            
    Total noninterest-bearing liabilities   585,428                 661,853            
    Shareholders’ equity   511,470                 500,540            
    Total liabilities and shareholders’ equity $ 3,926,770               $ 4,021,322            
    Net interest income / interest rate spreads       $ 99,463   1.74 %         $ 119,384   2.30 %
    Net interest margin             2.70 %               3.16 %
                                       
    Total cost of deposits $ 3,064,262   $ 108,381   3.54 %   $ 3,104,998   $ 89,042   2.87 %
    Total cost of funds $ 3,361,330   $ 117,297   3.49 %   $ 3,461,220   $ 101,862   2.94 %
                                       

    ____________________

    (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 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     At or for the Year Ended December 31,  
      December 31,   September 30,     December 31,                  
        2024     2024     2023     2024     2023  
    Per share data (common stock)                                  
    Book value $ 28.66     $ 28.81     $ 27.47     $ 28.66     $ 27.47  
    Tangible book value (1) $ 24.51     $ 24.64     $ 23.48     $ 24.51     $ 23.48  
    Performance ratios                                  
    Return on average assets, annualized   0.44 %     0.72 %     1.20 %     0.68 %     1.06 %
    Return on average shareholders’ equity, annualized   3.41 %     5.47 %     9.48 %     5.21 %     8.48 %
    Return on average tangible common equity, annualized (1)   3.98 %     6.40 %     11.12 %     6.09 %     9.97 %
    Noninterest income to average assets, annualized   0.27 %     0.59 %     0.73 %     0.39 %     0.37 %
    Noninterest expense to average assets, annualized   1.76 %     1.78 %     1.63 %     1.76 %     1.76 %
    Yield on average earning assets   5.79 %     5.94 %     5.82 %     5.88 %     5.86 %
    Yield on average loans   6.03 %     6.13 %     5.96 %     6.07 %     6.06 %
    Cost of average total deposits (2)   3.35 %     3.63 %     3.38 %     3.54 %     2.87 %
    Cost of average interest-bearing deposits   4.06 %     4.39 %     4.08 %     4.28 %     3.56 %
    Cost of average interest-bearing liabilities   3.94 %     4.24 %     4.00 %     4.14 %     3.56 %
    Net interest spread   1.85 %     1.70 %     1.82 %     1.74 %     2.30 %
    Net interest margin   2.76 %     2.68 %     2.73 %     2.70 %     3.16 %
    Efficiency ratio (3)   61.48 %     57.51 %     49.58 %     60.30 %     52.64 %
    Common stock dividend payout ratio   64.00 %     41.03 %     25.00 %     43.54 %     28.57 %
                                           

    ____________________

    (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  
      December 31,     September 30,     December 31,  
      2024     2024     2023  
    Credit Quality Data:                      
    Special mention loans $ 65,329     $ 77,501     $ 32,842  
    Special mention loans to total loans   2.14 %     2.51 %     1.08 %
    Substandard loans HFI $ 89,141     $ 79,831     $ 61,099  
    Substandard loans HFS $ 11,195     $ —     $ —  
    Substandard loans HFI to total loans HFI   2.92 %     2.58 %     2.02 %
    Loans 30-89 days past due, excluding nonperforming loans $ 22,086     $ 10,625     $ 16,803  
    Loans 30-89 days past due, excluding nonperforming loans, to total loans   0.72 %     0.34 %     0.55 %
    Nonperforming loans HFI $ 69,843     $ 60,662     $ 31,619  
    Nonperforming loans HFS $ 11,195     $ —     $ —  
    OREO $ —     $ —     $ —  
    Nonperforming assets $ 81,038     $ 60,662     $ 31,619  
    Nonperforming loans HFI to total loans HFI   2.29 %     1.96 %     1.04 %
    Nonperforming assets to total assets   2.03 %     1.52 %     0.79 %
                           
    Allowance for loan losses $ 47,729     $ 43,685     $ 41,903  
    Allowance for loan losses to total loans HFI   1.56 %     1.41 %     1.38 %
    Allowance for loan losses to nonperforming loans HFI   68.34 %     72.01 %     132.52 %
    Net charge-offs $ 2,006     $ 1,201     $ 109  
    Net charge-offs to average loans   0.26 %     0.16 %     0.01 %
                           
    Capital ratios (1)                      
    Tangible common equity to tangible assets (2)   11.08 %     11.13 %     11.06 %
    Tier 1 leverage ratio   11.92 %     12.19 %     11.99 %
    Tier 1 common capital to risk-weighted assets   17.94 %     18.16 %     19.07 %
    Tier 1 capital to risk-weighted assets   18.52 %     18.75 %     19.69 %
    Total capital to risk-weighted assets   24.49 %     24.80 %     25.92 %
                           

    ____________________

    (1 ) December 31, 2024 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 December 31, 2024   As of September 30, 2024     As of December 31, 2023  
    (dollars in thousands) $   %   $     %     $     %  
    Loans:                                    
    Commercial and industrial $ 129,585   4.2 %   $ 128,861     4.2 %   $ 130,096     4.3 %
    SBA   47,263   1.5 %     48,089     1.6 %     52,074     1.7 %
    Construction and land development   173,290   5.7 %     180,196     5.8 %     181,469     6.0 %
    Commercial real estate (1)   1,201,420   39.3 %     1,252,682     40.5 %     1,167,857     38.5 %
    Single-family residential mortgages   1,494,022   48.9 %     1,473,396     47.7 %     1,487,796     49.1 %
    Other loans   7,650   0.4 %     8,672     0.2 %     12,569     0.4 %
    Total loans (2) $ 3,053,230   100.0 %   $ 3,091,896     100.0 %   $ 3,031,861     100.0 %
    Allowance for loan losses   (47,729 )       (43,685 )           (41,903 )      
    Total loans, net $ 3,005,501       $ 3,048,211           $ 2,989,958        
                                         

    _____________________

    (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 $488, $467, and $542 as of December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
       
                   
    Deposits As of December 31, 2024   As of September 30, 2024     As of December 31, 2023  
    (dollars in thousands) $   %   $   %     $   %  
    Deposits:                                
    Noninterest-bearing demand $ 563,012   18.3 %   $ 543,623   17.6 %   $ 539,621   17.0 %
    Savings, NOW and money market accounts   663,034   21.5 %     666,089   21.5 %     632,729   19.9 %
    Time deposits, $250,000 and under   882,438   28.6 %     926,877   30.0 %     876,918   27.6 %
    Time deposits, greater than $250,000   827,854   26.8 %     808,304   26.1 %     719,892   22.7 %
    Wholesale deposits (1)   147,451   4.8 %     147,291   4.8 %     405,600   12.8 %
    Total deposits $ 3,083,789   100.0 %   $ 3,092,184   100.0 %   $ 3,174,760   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 December 31, 2024, September 30, 2024, and December 31, 2023.

                         
    (dollars in thousands, except share and per share data) December 31, 2024     September 30, 2024     December 31, 2023  
    Tangible common equity:                      
    Total shareholders’ equity $ 507,877     $ 509,728     $ 511,260  
    Adjustments                      
    Goodwill   (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible   (2,011 )     (2,194 )     (2,795 )
    Tangible common equity $ 434,368     $ 436,036     $ 436,967  
    Tangible assets:                      
    Total assets-GAAP $ 3,992,477     $ 3,990,477     $ 4,026,025  
    Adjustments                      
    Goodwill   (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible   (2,011 )     (2,194 )     (2,795 )
    Tangible assets $ 3,918,968     $ 3,916,785     $ 3,951,732  
    Common shares outstanding   17,720,416       17,693,416       18,609,179  
    Common equity to assets ratio   12.72 %     12.77 %     12.70 %
    Tangible common equity to tangible assets ratio   11.08 %     11.13 %     11.06 %
    Book value per share $ 28.66     $ 28.81     $ 27.47  
    Tangible book value per share $ 24.51     $ 24.64     $ 23.48  
                           
                           

    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     Year Ended December 31,  
    (dollars in thousands) December 31, 2024     September 30, 2024     December 31, 2023     2024     2023  
    Net income available to common shareholders $ 4,385     $ 6,999     $ 12,073     $ 26,665     $ 42,465  
    Average shareholders’ equity   512,208       508,720       505,184       511,470       500,540  
    Adjustments:                                      
    Average goodwill   (71,498 )     (71,498 )     (71,498 )     (71,498 )     (71,498 )
    Average core deposit intangible   (2,129 )     (2,326 )     (2,935 )     (2,425 )     (3,282 )
    Adjusted average tangible common equity $ 438,581     $ 434,896     $ 430,751     $ 437,547     $ 425,760  
    Return on average common equity   3.41 %     5.47 %     9.48 %     5.21 %     8.48 %
    Return on average tangible common equity   3.98 %     6.40 %     11.12 %     6.09 %     9.97 %

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    EINDHOVEN, The Netherlands, Feb. 03, 2025 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the fourth quarter and full-year, which ended December 31, 2024. “NXP delivered full-year 2024 revenue of $12.61 billion, a decrease of 5 percent year-on-year. In the fourth quarter, revenue was $3.11 billion, a decrease of 9 percent year-on-year, modestly above the mid-point of our guidance range. In review, NXP delivered resilient results throughout 2024, reflecting solid execution, consistent gross margin, and healthy free cash flow generation despite a challenging market environment. We rigorously focus on managing what is in our control, to navigate a soft landing while executing our growth strategy,” said Kurt Sievers, NXP President and Chief Executive Officer.

    Key Highlights for the Fourth Quarter and Full-year 2024:

    • Fourth quarter revenue was $3.11 billion, down 9 percent year-on-year. Full-year revenue was 12.61 billion, down 5 percent year-on-year;
    • Fourth quarter GAAP gross margin was 53.9 percent, GAAP operating margin was 21.7 percent and GAAP diluted Net Income per Share was $1.93. Full year GAAP gross margin was 56.4 percent, GAAP operating margin was 27.1 percent and GAAP diluted Net Income per Share was $9.73;
    • Fourth quarter Non-GAAP gross margin was 57.5 percent, non-GAAP operating margin was 34.2 percent, and non-GAAP diluted Net Income per Share was $3.18. Full-year Non-GAAP gross margin was 58.1 percent, non-GAAP operating margin was 34.6 percent, and non-GAAP diluted Net Income per Share was $13.09;
    • Fourth quarter cash flow from operations was $391 million, with net capex investments of $99 million, resulting in non-GAAP free cash flow of $292 million. Full-year cash flow from operations was $2,782 million, with net capex investments of $693 million, resulting in non-GAAP free cash flow of $2,089 million;
    • During the fourth quarter of 2024, NXP continued to execute its capital return policy with the payment of $258 million in cash dividends, and the repurchase of $455 million of its common shares. The total capital return of $713 million in the quarter represented 244 percent of fourth quarter non-GAAP free cash flow. On a trailing twelve month basis, capital return to shareholders represented $2.4 billion or 115 percent of non-GAAP free cash flow. The interim dividend for the fourth quarter 2024 was paid in cash on January 8, 2025 to shareholders of record as of December 5, 2024. Subsequent to the end of the fourth quarter, between January 1, 2025 and January 31, 2025, NXP executed via a 10b5-1 program additional share repurchases totaling $101 million;
    • On October 15, 2024, NXP introduced the S32J family of high-performance automotive Ethernet switches and network controllers to enable the next generation of software-defined vehicle development (SDV). The S32J family shares a common switch core with the NXP S32 portfolio of automotive processing devices to maximize software re-use and simplify network configuration and integration;
    • On October 23, 2024, NXP announced Audi has adopted the Trimension® NCJ29Dx Ultra Wide Band (UWB) product family in its advanced UWB platform delivering precise and secure real-time localization to enable hands-free secure car access via smart mobile device and other UWB-based features. Cars featuring NXP’s Trimension UWB devices, including the Audi Q6 e-tron, will hit the road in 2024;
    • On November 12, 2024, NXP announced the i.MX 94 family, the newest addition to its i.MX 9 series of applications processors, designed for industrial control, telematics, gateways, and building and energy control. The i.MX94 family includes Ethernet Time Sensitive Networking (TSN) switching capabilities;
    • On November 12, 2024, NXP announced industry-first wireless battery management system (BMS) based on Ultra-Wideband (UWB) connectivity, expanding its “FlexCom” family of wired and wireless BMS solutions. The new UWB-based BMS solutions enable increased battery energy density, decoupling the mechanical and electrical development for faster time to market;
    • On December 17, 2024, NXP announced it had entered into an definitive agreement to acquire Aviva Links, a provider of Automotive SerDes Alliance (ASA) compliant in-vehicle connectivity solutions in an all-cash transaction valued at $242.5 million. The acquisition of Aviva Links expands NXP’s market leading in-vehicle networking (IVN) portfolio with the industry’s most advanced ASA compliant portfolio, supporting SerDes point-to-point (ASA-ML) and Ethernet-based connectivity (ASA-MLE) with data rates up to 16 Gbps;
    • On January 7, 2025, NXP announced it had entered into an definitive agreement to acquire TT Tech Auto, a leader in safety-critical systems and middleware for software-defined vehicles (SDVs). The all-cash transaction is valued at $625 million, and accelerates the NXP CoreRide platform, enabling automakers to reduce complexity, maximize system performance and shorten time to market. TT Tech Auto’s MotionWise middleware platform has a proven industry track record and is designed to manage the interconnected systems in SDVs, prioritizing safety-critical functions while ensuring seamless integration.

    Summary of Reported Fourth Quarter and Full-year 2024 ($ millions, unaudited) (1)

      Q4 2024 Q3 2024 Q4 2023 Q – Q Y – Y 2024 2023 Y – Y
    Total Revenue $ 3,111   $ 3,250   $ 3,422   -4 % -9 % $ 12,614   $ 13,276   -5 %
    GAAP Gross Profit $ 1,678   $ 1,866   $ 1,937   -10 % -13 % $ 7,119   $ 7,553   -6 %
    Gross Profit Adjustments (i) $ (111 ) $ (26 ) $ (73 )     $ (213 ) $ (209 )  
    Non-GAAP Gross Profit $ 1,789   $ 1,892   $ 2,010   -5 % -11 % $ 7,332   $ 7,762   -6 %
    GAAP Gross Margin   53.9 %   57.4 %   56.6 %       56.4 %   56.9 %  
    Non-GAAP Gross Margin   57.5 %   58.2 %   58.7 %       58.1 %   58.5 %  
    GAAP Operating Income (Loss) $ 675   $ 990   $ 907   -32 % -26 % $ 3,417   $ 3,661   -7 %
    Operating Income Adjustments (i) $ (390 ) $ (163 ) $ (312 )     $ (952 ) $ (1,001 )  
    Non-GAAP Operating Income $ 1,065   $ 1,153   $ 1,219   -8 % -13 % $ 4,369   $ 4,662   -6 %
    GAAP Operating Margin   21.7 %   30.5 %   26.5 %       27.1 %   27.6 %  
    Non-GAAP Operating Margin   34.2 %   35.5 %   35.6 %       34.6 %   35.1 %  
    GAAP Net Income (Loss) attributable to Stockholders $ 495   $ 718   $ 697       $ 2,510   $ 2,797    
    Net Income Adjustments (i) $ (322 ) $ (172 ) $ (269 )     $ (866 ) $ (864 )  
    Non-GAAP Net Income (Loss) Attributable to Stockholders $ 817   $ 890   $ 966       $ 3,376   $ 3,661    
    GAAP diluted Net Income (Loss) per Share (ii) $ 1.93   $ 2.79   $ 2.68       $ 9.73   $ 10.70    
    Non-GAAP diluted Net Income (Loss) per Share (ii) $ 3.18   $ 3.45   $ 3.71       $ 13.09   $ 14.01    
    Additional information                
      Q4 2024 Q3 2024 Q4 2023 Q – Q Y – Y 2024 2023 Y – Y
    Automotive $ 1,790 $ 1,829 $ 1,899 -2 % -6 % $ 7,151 $ 7,484 -4 %
    Industrial & IoT $ 516 $ 563 $ 662 -8 % -22 % $ 2,269 $ 2,351 -3 %
    Mobile $ 396 $ 407 $ 406 -3 % -2 % $ 1,497 $ 1,327 13 %
    Comm. Infra. & Other $ 409 $ 451 $ 455 -9 % -10 % $ 1,697 $ 2,114 -20 %
    DIO   151   149   132          
    DPO   65   60   72          
    DSO   30   30   24          
    Cash Conversion Cycle   116   119   84          
    Channel Inventory (weeks)   8   8   7          
    Gross Financial Leverage (iii) 2.1x 1.9x 2.1x          
    Net Financial Leverage (iv) 1.5x 1.3x 1.3x          
                     
    1. Additional Information for the Fourth Quarter and Full-year 2024:
      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 First Quarter 2025: ($ millions, except Per Share data) (1)

          Guidance Range
          GAAP   Reconciliation   non-GAAP
          Low   Mid   High       Low   Mid   High
        Total Revenue $2,725   $2,825   $2,925       $2,725   $2,825   $2,925  
        Q-Q -12%   -9%   -6%       -12%   -9%   -6%  
        Y-Y -13%   -10%   -6%       -13%   -10%   -6%  
        Gross Profit $1,489   $1,559   $1,630   $(31)   $1,520   $1,590   $1,661  
        Gross Margin 54.6%   55.2%   55.7%       55.8%   56.3%   56.8%  
        Operating Income (loss) $652   $712   $773   $(178)   $830   $890   $951  
        Operating Margin 23.9%   25.2%   26.4%       30.5%   31.5%   32.5%  
        Financial Income (expense) $(90)   $(90)   $(90)   $(10)   $(80)   $(80)   $(80)  
        Tax rate 18.0%-19.0%       17.0%-18.0%
        Equity-accounted investees $(4)   $(4)   $(4)   $(3)   $(1)   $(1)   $(1)  
        Non-controlling interests $(5)   $(5)   $(5)       $(5)   $(5)   $(5)  
        Shares – diluted 256.0   256.0   256.0       256.0   256.0   256.0  
        Earnings Per Share – diluted $1.75   $1.95   $2.14       $2.39   $2.59   $2.79  
                                     

        Note (1) Additional Information:

        1. GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(7) million; Share-based Compensation, $(16) million; Other Incidentals, $(8) million;
        2. GAAP Operating Income (loss) is expected to include PPA effects, $(35) million; Share-based Compensation, $(128) million; Restructuring and Other Incidentals, $(15) million;
        3. GAAP Financial Income (expense) is expected to include Other financial expense $(10) million;
        4. GAAP Results relating to equity-accounted investees is expected to include results relating to non-foundry equity-accounted investees $(3) 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 Non-controlling interests & Other 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, February 4, 2025 at 8:00 a.m. U.S. Eastern Standard Time (EST) to review the fourth quarter 2024 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 $12.61 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:

        NXP-CORP

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

        ($ in millions except share data) Three months ended   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
                           
        Revenue $ 3,111     $ 3,250     $ 3,422     $ 12,614     $ 13,276  
        Cost of revenue   (1,433 )     (1,384 )     (1,485 )     (5,495 )     (5,723 )
        Gross profit   1,678       1,866       1,937       7,119       7,553  
        Research and development   (612 )     (577 )     (651 )     (2,347 )     (2,418 )
        Selling, general and administrative   (323 )     (265 )     (311 )     (1,164 )     (1,159 )
        Amortization of acquisition-related intangible assets   (28 )     (29 )     (63 )     (136 )     (300 )
        Total operating expenses   (963 )     (871 )     (1,025 )     (3,647 )     (3,877 )
        Other income (expense)   (40 )     (5 )     (5 )     (55 )     (15 )
        Operating income (loss)   675       990       907       3,417       3,661  
        Financial income (expense):                  
        Extinguishment of debt   —       —       —       —       —  
        Other financial income (expense)   (91 )     (82 )     (78 )     (318 )     (309 )
        Income (loss) before income taxes   584       908       829       3,099       3,352  
        Benefit (provision) for income taxes   (77 )     (173 )     (124 )     (545 )     (523 )
        Results relating to equity-accounted investees   (2 )     (6 )     (2 )     (12 )     (7 )
        Net income (loss)   505       729       703       2,542       2,822  
        Less: Net income (loss) attributable to non-controlling interests   10       11       6       32       25  
        Net income (loss) attributable to stockholders   495       718       697       2,510       2,797  
                           
        Earnings per share data:                  
        Net income (loss) per common share attributable to stockholders in $        
        Basic $ 1.95     $ 2.82     $ 2.71     $ 9.84     $ 10.83  
        Diluted $ 1.93     $ 2.79     $ 2.68     $ 9.73     $ 10.70  
                           
        Weighted average number of shares of common stock outstanding during the period (in thousands):        
        Basic   254,349       254,458       257,285       255,208       258,381  
        Diluted   256,628       257,717       260,298       257,848       261,370  
                           

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

          ($ in millions) As of
            December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023
        ASSETS          
        Current assets:          
          Cash and cash equivalents $ 3,292   $ 2,748   $ 3,862
          Short-term deposits   —     400     409
          Accounts receivable, net   1,032     1,070     894
          Inventories, net   2,356     2,234     2,134
          Other current assets   625     574     565
        Total current assets   7,305     7,026     7,864
                     
        Non-current assets:          
          Deferred tax assets   1,251     1,131     992
          Other non-current assets   1,796     1,510     1,297
          Property, plant and equipment, net   3,267     3,309     3,323
          Identified intangible assets, net   836     735     922
          Goodwill   9,930     9,958     9,955
        Total non-current assets   17,080     16,643     16,489
                     
        Total assets   24,385     23,669     24,353
                     
        LIABILITIES AND EQUITY          
        Current liabilities:          
          Accounts payable   1,017     899     1,164
          Restructuring liabilities-current   147     52     92
          Other current liabilities   1,434     1,542     1,855
          Short-term debt   500     499     1,000
        Total current liabilities   3,098     2,992     4,111
                     
        Non-current liabilities:          
          Long-term debt   10,354     9,683     10,175
          Restructuring liabilities   10     4     9
          Other non-current liabilities   1,392     1,246     1,098
        Total non-current liabilities   11,756     10,933     11,282
                     
          Non-controlling interests   348     338     316
          Stockholders’ equity   9,183     9,406     8,644
        Total equity   9,531     9,744     8,960
                   
        Total liabilities and equity   24,385     23,669     24,353
                     

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

        ($ in millions) Three months ended   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        Cash flows from operating activities:                  
        Net income (loss) $ 505     $ 729     $ 703     $ 2,542     $ 2,822  
        Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:                  
        Depreciation, amortization and impairment   259       218       269       925       1,106  
        Share-based compensation   117       115       107       461       411  
        Amortization of discount (premium) on debt, net   1       —       —       3       2  
        Amortization of debt issuance costs   2       2       2       7       8  
        Net (gain) loss on sale of assets   (1 )     —       —       (3 )     (1 )
        Results relating to equity-accounted investees   2       6       2       12       7  
        (Gain) loss on equity securities, net   6       7       —       18       (1 )
        Deferred tax expense (benefit)   (145 )     (40 )     (97 )     (272 )     (267 )
        Changes in operating assets and liabilities:                  
        (Increase) decrease in receivables and other current assets   (25 )     (167 )     (20 )     (207 )     (138 )
        (Increase) decrease in inventories   (122 )     (86 )     6       (222 )     (353 )
        Increase (decrease) in accounts payable and other liabilities   16       118       101       (188 )     (119 )
        (Increase) decrease in other non-current assets   (218 )     (134 )     65       (306 )     16  
        Exchange differences   (1 )     7       7       14       22  
        Other items   (5 )     4       (8 )     (2 )     (2 )
        Net cash provided by (used for) operating activities   391       779       1,137       2,782       3,513  
                           
        Cash flows from investing activities:                  
        Purchase of identified intangible assets   (36 )     (26 )     (44 )     (149 )     (179 )
        Capital expenditures on property, plant and equipment   (130 )     (186 )     (175 )     (727 )     (827 )
        Insurance recoveries received for equipment damage   —       —       —       2       —  
        Proceeds from the disposals of property, plant and equipment   1       —       —       4       1  
        Advance payment from sale of property, plant and equipment   30       —       —       30       —  
        Investment in short-term deposits   —       —       (409 )     —       (409 )
        Proceeds of short-term deposits   400       —       —       409       —  
        Purchase of investments   (67 )     (159 )     (1 )     (260 )     (94 )
        Proceeds from the sale of investments   —       —       —       5       —  
        Net cash provided by (used for) investing activities   198       (371 )     (629 )     (686 )     (1,508 )
                           
        Cash flows from financing activities:                  
        Repurchase of long-term debt   —       —       —       (1,000 )     —  
        Proceeds from the issuance of long-term debt   670       —       —       670       —  
        Cash paid for debt issuance costs   (1 )     —       —       (1 )     —  
        Dividends paid to common stockholders   (258 )     (259 )     (261 )     (1,038 )     (1,006 )
        Proceeds from issuance of common stock through stock plans   3       39       1       82       71  
        Purchase of treasury shares and restricted stock unit
        withholdings        		   (455 )     (305 )     (434 )     (1,373 )     (1,053 )
        Other, net   —       (1 )     —       (2 )     (2 )
        Net cash provided by (used for) financing activities   (41 )     (526 )     (694 )     (2,662 )     (1,990 )
                           
        Effect of changes in exchange rates on cash positions   (4 )     7       6       (4 )     2  
        Increase (decrease) in cash and cash equivalents   544       (111 )     (180 )     (570 )     17  
        Cash and cash equivalents at beginning of period   2,748       2,859       4,042       3,862       3,845  
        Cash and cash equivalents at end of period   3,292       2,748       3,862       3,292       3,862  
                           
        Net cash paid during the period for:                  
        Interest   92       27       83       243       261  
        Income taxes, net of refunds   280       196       221       867       919  
        Net gain (loss) on sale of assets:                  
        Cash proceeds from the sale of assets   1       —       —       4       1  
        Book value of these assets   —       —       —       (1 )     —  
        Non-cash investing activities:                  
        Non-cash capital expenditures   161       125       266       161       266  
                           

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

        ($ in millions except share data) Three months ended   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Gross Profit $ 1,678     $ 1,866     $ 1,937     $ 7,119     $ 7,553  
        PPA Effects   (11 )     (12 )     (13 )     (47 )     (53 )
        Restructuring   (21 )     —       (13 )     (28 )     (11 )
        Share-based compensation   (15 )     (14 )     (14 )     (59 )     (54 )
        Other incidentals   (64 )     —       (33 )     (79 )     (91 )
        Non-GAAP Gross Profit $ 1,789     $ 1,892     $ 2,010     $ 7,332     $ 7,762  
        GAAP Gross margin   53.9 %     57.4 %     56.6 %     56.4 %     56.9 %
        Non-GAAP Gross margin   57.5 %     58.2 %     58.7 %     58.1 %     58.5 %
        GAAP Research and development $ (612 )   $ (577 )   $ (651 )   $ (2,347 )   $ (2,418 )
        Restructuring   (50 )     —       (49 )     (57 )     (59 )
        Share-based compensation   (60 )     (58 )     (55 )     (234 )     (211 )
        Other incidentals   (5 )     —       (1 )     (6 )     (5 )
        Non-GAAP Research and development $ (497 )   $ (519 )   $ (546 )   $ (2,050 )   $ (2,143 )
        GAAP Selling, general and administrative $ (323 )   $ (265 )   $ (311 )   $ (1,164 )   $ (1,159 )
        PPA effects   —       (1 )     (1 )     (2 )     (3 )
        Restructuring   (41 )     —       (22 )     (40 )     (28 )
        Share-based compensation   (42 )     (43 )     (38 )     (168 )     (146 )
        Other incidentals   (12 )     (2 )     (5 )     (45 )     (32 )
        Non-GAAP Selling, general and administrative $ (228 )   $ (219 )   $ (245 )   $ (909 )   $ (950 )
        GAAP Operating income (loss) $ 675     $ 990     $ 907     $ 3,417     $ 3,661  
        PPA effects   (39 )     (42 )     (77 )     (185 )     (356 )
        Restructuring   (112 )     —       (84 )     (125 )     (98 )
        Share-based compensation   (117 )     (115 )     (107 )     (461 )     (411 )
        Other incidentals   (122 )     (6 )     (44 )     (181 )     (136 )
        Non-GAAP Operating income (loss) $ 1,065     $ 1,153     $ 1,219     $ 4,369     $ 4,662  
        GAAP Operating margin   21.7 %     30.5 %     26.5 %     27.1 %     27.6 %
        Non-GAAP Operating margin   34.2 %     35.5 %     35.6 %     34.6 %     35.1 %
        GAAP Income tax benefit (provision) $ (77 )   $ (173 )   $ (124 )   $ (545 )   $ (523 )
        Income tax effect   87       9       54       141       170  
        Non-GAAP Income tax benefit (provision) $ (164 )   $ (182 )   $ (178 )   $ (686 )   $ (693 )
        GAAP Net income (loss) attributable to stockholders $ 495     $ 718     $ 697       2,510       2,797  
        PPA Effects   (39 )     (42 )     (77 )     (185 )     (356 )
        Restructuring   (112 )     —       (84 )     (125 )     (98 )
        Share-based compensation   (117 )     (115 )     (107 )     (461 )     (411 )
        Other incidentals   (122 )     (6 )     (44 )     (181 )     (136 )
        Other adjustments:                      
        Adjustments to financial income (expense)   (17 )     (12 )     (9 )     (43 )     (26 )
        Income tax effect   87       9       54       141       170  
        Results relating to equity-accounted investees, excluding Foundry investees1   (2 )     (6 )     (2 )     (12 )     (7 )
        Non-GAAP Net income (loss) attributable to stockholders $ 817     $ 890     $ 966     $ 3,376     $ 3,661  
                           
                           
        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 $ 1.93     $ 2.79     $ 2.68     $ 9.73     $ 10.70  
        PPA Effects   (0.15 )     (0.16 )     (0.30 )     (0.72 )     (1.36 )
        Restructuring   (0.44 )     —       (0.32 )     (0.48 )     (0.38 )
        Share-based compensation   (0.46 )     (0.45 )     (0.41 )     (1.79 )     (1.57 )
        Other incidentals   (0.47 )     (0.02 )     (0.17 )     (0.70 )     (0.52 )
        Other adjustments:                  
        Adjustments to financial income (expense)   (0.07 )     (0.05 )     (0.03 )     (0.17 )     (0.10 )
        Income tax effect   0.34       0.04       0.21       0.55       0.65  
        Results relating to equity-accounted investees, excluding Foundry investees1   —       (0.02 )     (0.01 )     (0.05 )     (0.03 )
        Non-GAAP net income (loss) per common share attributable to stockholders – diluted $ 3.18     $ 3.45     $ 3.71     $ 13.09     $ 14.01  
                           
                           
        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   Full-year
            December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Financial income (expense) $ (91 )   $ (82 )   $ (78 )   $ (318 )   $ (309 )
          Foreign exchange loss   3       (3 )     (6 )     (3 )     (15 )
          Other financial expense   (20 )     (9 )     (3 )     (40 )     (11 )
        Non-GAAP Financial income (expense) $ (74 )   $ (70 )   $ (69 )   $ (275 )   $ (283 )
                             

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

          ($ in millions) Three months ended   Full-year
            December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Other income (expense) $ (40 )   $ (5 )   $ (5 )   $ (55 )   $ (15 )
          Other incidentals   (41 )     (4 )     (5 )     (51 )     (8 )
        Non-GAAP Other income (expense) $ 1     $ (1 )   $ —     $ (4 )   $ (7 )
                           

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

          ($ in millions) Three months ended   Full-year
            December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Results relating to equity-accounted investees $ (2 )   $ (6 )   $ (2 )   $ (12 )   $ (7 )
          Results of equity-accounted investees, excluding Foundry investees1   (2 )     (6 )     (2 )     (12 )     (7 )
        Non-GAAP Results relating to equity-accounted investees $ —     $ —     $ —     $ —     $ —  
                           
        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   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Net income (loss) $ 505     $ 729     $ 703     $ 2,542     $ 2,822  
        Reconciling items to EBITDA (Non-GAAP)                  
        Financial (income) expense   91       82       78       318       309  
        (Benefit) provision for income taxes   77       173       124       545       523  
        Depreciation and impairment   190       149       167       630       652  
        Amortization   69       69       102       295       454  
        EBITDA (Non-GAAP) $ 932     $ 1,202     $ 1,174     $ 4,330     $ 4,760  
        Reconciling items to adjusted EBITDA (Non-GAAP)                  
        Results of equity-accounted investees, excluding Foundry investees1   2       6       2       12       7  
        Restructuring   112       —       84       125       98  
        Share-based compensation   117       115       107       461       411  
        Other incidental items2   77       6       44       136       134  
        Adjusted EBITDA (Non-GAAP) $ 1,240     $ 1,329     $ 1,411     $ 5,064     $ 5,410  
        Trailing twelve month adjusted EBITDA (Non-GAAP) $ 5,064     $ 5,235     $ 5,410     $ 5,064     $ 5,410  
                           
        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   45       —       —       45       2  
                           
                           
                           
        ($ in millions) Three months ended   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        Net cash provided by (used for) operating activities $ 391     $ 779     $ 1,137     $ 2,782     $ 3,513  
        Net capital expenditures on property, plant and equipment   (99 )     (186 )     (175 )     (693 )     (826 )
        Non-GAAP free cash flow $ 292     $ 593     $ 962     $ 2,089     $ 2,687  
        Trailing twelve month non-GAAP free cash flow $ 2,089     $ 2,759     $ 2,687     $ 2,089     $ 2,687  
        Trailing twelve month non-GAAP free cash flow as percent of Revenue   17 %     21 %     20 %     17 %     20 %
                           

      The MIL Network –

  • MIL-Evening Report: Whether Biden Or Trump, US’ Latin American Policy Will Be Contemptible

    Source: Council on Hemispheric Affairs – Analysis-Reportage

    By John Perry and Roger D. Harris

    Migration, Drugs, and Tariffs.

    With Donald Trump as the new US president, pundits are speculating about how US policy towards Latin America might change.

    In this article, we look at some of the speculation, then address three specific instances of how the US’s policy priorities may be viewed from a progressive, Latin American perspective. This leads us to a wider argument: that the way these issues are dealt with is symptomatic of Washington’s paramount objective of sustaining the US’s hegemonic position. In this overriding preoccupation, its policy towards Latin America is only one element, of course, but always of significance because the US hegemon still treats the region as its “backyard.”

    First, some examples of what the pundits are saying. In Foreign Affairs, Brian Winter argues that Trump’s return signals a shift away from Biden’s neglect of the region. “The reason is straightforward,” he says. “Trump’s top domestic priorities of cracking down on unauthorized immigration, stopping the smuggling of fentanyl and other illicit drugs, and reducing the influx of Chinese goods into the United States all depend heavily on policy toward Latin America.”

    Ryan Berg, who is with the thinktank, Center for Strategic and International Studies, funded by the US defense industry, is also hopeful. Trump will “focus U.S. policy more intently on the Western Hemisphere,” he argues, “and in so doing, also shore up its own security and prosperity at home.”

    According to blogger James Bosworth, Biden’s “benign neglect” could be replaced by an “aggressive Monroe Doctrine – deportations, tariff wars, militaristic security policies, demands of fealty towards the US, and a rejection of China.” However, notwithstanding the attention of Trump’s Secretary of State, Marco Rubio, Bosworth thinks there is still a good chance of policy lapsing into benign neglect as the new administration focuses elsewhere.

    The wrong end of the telescope

    What these and similar analyses share is a concern with problems of importance to the US, including domestic ones, and how they might be tackled by shifts in policy towards Latin America. They view the region from the end of a US-mounted telescope.

    Trump’s approach may be the more brazen “America first!,” but the basic stance is much the same as these pundits. The different scenarios will be worked out in Washington, with Latin America’s future seen as shaped by how it handles US policy changes over which it has little influence. Analyses by these supposed experts are constrained by their adopting the same one-dimensional perspective as Washington’s, instead of questioning it.

    Here’s one example. The word “neglect” is superficial because it hides the immense involvement of the US in Latin America even when it is “neglecting” it: from deep commercial ties to a massive military presence. It is also superficial because, in a real sense, the US constantly neglects the problems that concern most Latin Americans: low wages, inequality, being safe in the streets, the damaging effects of climate change, and many more. “Neglect” would be seen very differently on the streets of a Latin American city than it is inside the Washington beltway.

    Who has the “drug problem”?

    The vacuum in US thinking is nowhere more apparent than in responses to the drug problem. Trump threatens to declare Mexican drug cartels to be terrorist organizations and to invade Mexico to attack them.

    But, as academic Carlos Pérez-Ricart told El Pais: “This is a problem that does not originate in Mexico. The source, the demand, and the vectors are not Mexican. It is them.” Mexican President Claudia Sheinbaum also points out that it is consumption in the US that drives drug production and trafficking in Mexico.

    Trump could easily make the same mistake as his predecessor Clinton did two decades ago. Back then, billions were poured into “Plan Colombia” but still failed to solve the “drug problem,” while vastly augmenting violence and human rights violations in the target country.

    A foretaste of what might happen, if Trump carries out his threat, occurred last July, when Biden’s administration captured Ismael “El Mayo” Zambada. That caused an all-out war between cartels in the Mexican state of Sinaloa.

    Sheinbaum rightly turns questions about drug production and consumption back onto the US. Rhetorically, she asks: “Do you believe that fentanyl is not manufactured in the United States?…. Where are the drug cartels in the United States that distribute fentanyl in US cities? Where does the money from the sale of that fentanyl go in the United States?”

    If Trump launches a war on cartels, he will not be the first US president to the treat drug consumption as a foreign issue rather than a concomitantly domestic one.

    Where does the “migration problem” originate?

    Trump is also not the first president to be obsessed by migration. Like drugs, it is seen as a problem to be solved by the countries where the migrants originate, while both the “push” and “pull” factors under US control receive less attention.

    Exploitation of migrant labor, complex asylum procedures, and schemes such as “humanitarian parole” to encourage migration are downplayed as reasons. Biden intensified US sanctions on various Latin American countries, which have been shown conclusively to provoke massive emigration. Meanwhile Trump threatens to do the same.

    Many Latin American countries have been made unsafe by crime linked to drugs or other problems in which the US is implicated. About 392,000 Mexicans were displaced as a result of conflict in 2023 alone, their problem aggravated by the massive, often illegal, export of firearms from the US to Mexico.

    Costa Rica, historically a safe country, had a record 880 homicides in 2023, many of which were related to drug trafficking. In Brazil and other countries, US-trained security forces contribute directly to the violence, rather than reducing it.

    Mass deportations from the US, promised by Trump, could worsen these problems, as happened in El Salvador in the late 1990s. They would also affect remittances sent home by migrant workers, exacerbating regional poverty. The threatened use of tariffs on exports to the US could also have serious consequences if Latin America does not stand up to Trump’s threats. Economist Michael Hudson argues that countries will have to jointly retaliate by refusing to pay dollar-based debts to bond holders if export earnings from the US are summarily cut.

    China in the US “backyard”

    Trump also joins the Washington consensus in its preoccupation with China’s influence in Latin America. Monica de Bolle is with the Peterson Institute for International Economics, a thinktank partly funded by Pentagon contractors. She told the BBC: “You have got the backyard of America engaging directly with China. That’s going to be problematic.”

    Recently retired US Southern Command general, Laura Richardson, was probably the most senior frequent visitor on Washington’s behalf to Latin American capitals, during the Biden administration. She accused China of “playing the ‘long game’ with its development of dual-use sites and facilities throughout the region, “adding that those sites could serve as “points of future multi-domain access for the PLA [People’s Liberation Army] and strategic naval chokepoints.”

    As Foreign Affairs points out, Latin America’s trade with China has “exploded” from $18 billion in 2002 to $480 billion in 2023. China is also investing in huge infrastructure projects, and seemingly its only political condition is a preference for a country to recognize China diplomatically (not Taiwan). Even here, China is not absolute as with Guatemala, Haiti, and Paraguay, which still recognize Taiwan. China still has direct investments in those holdouts, though relatively more modest than with regional countries that fully embrace its one-China policy.

    Peru, currently a close US ally, has a new, Chinese-funded megaport at Chancay, opened in November by President Xi Jinping himself. Even right-wing Argentinian president Milei said of China, “They do not demand anything [in return].”

    What does the US offer instead? While Antony Blinken proudly displayed old railcars that were gifted to Peru, the reality is that most US “aid” to Latin America is either aimed at “promoting democracy” (i.e. Washington’s political agenda) or is conditional or exploitative in other ways.

    The BBC cites “seasoned observers” who believe that Washington is paying the price for “years of indifference” towards the region’s needs. Where the US sees a loss of strategic influence to China and to a lesser extent to Russia, Iran, and others, Latin American countries see opportunities for development and economic progress.

    Remember the Monroe Doctrine

    Those calling for a more “benign” policy are forgetting that, in the two centuries since President James Monroe announced the “doctrine,” later given his name, US policy towards Latin America has been aggressively self-interested.

    Its troops have intervened thousands of times in the region and have occupied its countries on numerous occasions. Just since World War II, there have been around 50 significant interventions or coup attempts, beginning with Guatemala in 1954. The US has 76 military bases across the region, while other major powers like China and Russia have none.

    The doctrine is very much alive. In Foreign Affairs, Brian Winter warns: “Many Republicans perceive these linkages [with China], and the growing Chinese presence in Latin America more broadly, as unacceptable violations of the Monroe Doctrine, the 201-year-old edict that the Western Hemisphere should be free of interference from outside powers.”

    Bosworth adds that Trump wants Latin America to decisively choose a side in the US vs China scrimmage, not merely underplay the role of China in the hemisphere. Any country courting Trump, he suggests, “needs to show some anti-China vibes.”

    Will Freeman is with the Council on Foreign Relations, whose major sponsors are also Pentagon contractors. He thinks that a new Monroe Doctrine and what he calls Trump’s “hardball” diplomacy may partially work, but only with northern Latin America countries, which are more dependent on US trade and other links.

    Trump has two imperatives: while one is stifling China’s influence (e.g. by taking possession of the Panama Canal), another is gaining control of mineral resources (a reason for his wanting to acquire Greenland). The desire for mineral resources is not new, either. General Richardson gave an interview in 2023 to another defense-industry-funded thinktank in which she strongly insinuated that Latin American minerals rightly belong to the US.

    Maintaining hegemonic power against the threat of multipolarity

    Neoconservative Charles Krauthammer, writing 20 years ago for yet another thinktank funded by the  defense industry, openly endorsed the US’s status as the dominant hegemonic power and decried multilateralism, at least when not in US interests. “Multipolarity, yes, when there is no alternative,” he said. “But not when there is. Not when we have the unique imbalance of power that we enjoy today.”

    Norwegian commentator Glen Diesen, writing in 2024, contends that the US is still fighting a battle – although perhaps now a losing one – against multipolarity and to retain its predominant status. Trump’s “America first!” is merely a more blatant expression of sentiments held by his other presidential predecessors for clinging on to Washington’s contested hegemony.

    The irony of Biden’s presidency was that his pursuit of the Ukraine war has led to warmer relations between his two rivals, Russia and China. In this context, the growth of BRICS has been fostered – an explicitly multipolar, non-hegemonic partnership. As Glen Diesen says, “The war intensified the global decoupling from the West.”

    Other steps to maintain US hegemony – its support for Israel’s genocide in Gaza, the regime-change operation in Syria and the breakdown of order in Haiti – suggest that, in Washington’s view, according to Diesen, “chaos is the only alternative to US global dominance.” Time and again, Yankee “beneficence” has meant ruination, not development.

    These have further strengthened desires in the global south for alternatives to US dominance, not least in Latin America. Many of its countries (especially those vulnerable to tightening US sanctions) now want to follow the alternative of BRICS.

    Unsurprisingly, Trump has been highly critical of this perceived erosion of hegemonic power on Biden’s watch. Thomas Fazi argues in UnHerd that this is realism on Trump’s part; he knows the Ukraine war cannot be conclusively won, and that China’s power is difficult to contain. Accordingly, this is leading to a “recalibrating of US priorities toward a more manageable ‘continental’ strategy — a new Monroe Doctrine — aimed at reasserting full hegemony over what it deems to be its natural sphere of influence, the Americas and the northern Atlantic,” stretching from Greenland and the Arctic to Tierra del Fuego and Antarctica.

    The pundits may not agree on quite what Trump’s approach towards Latin America will be, but they concur with Winter’s judgment that the region “is about to become a priority for US foreign policy.” His appointment of Marco Rubio is a signal of this. The new secretary of state is a hawk, just like Blinken, but one with a dangerous focus on Latin America.

    However, the mere fact that such pundits hark back to the Monroe Doctrine indicates that this is only, so to speak, old wine in new bottles. Even in the recent past, an aggressive application of the 201-year-old Monroe Doctrine has never seen a hiatus.

    Recall US-backed coups that deposed Honduran President Manuel Zelaya (2009) and Bolivian Evo Morales (2019), plus the failed coup against Daniel Ortega in Nicaragua (2018), along with the parliamentary coup that ousted Paraguayan Fernando Lugo (2012). To these, US-backed regime change by “lawfare” included Dilma Rousseff in Brazil (2016) and Pedro Castillo in Peru (2023). Currently presidential elections have simply been suspended in Haiti and Peru with US backing.

    Even if Trump is more blatant than his predecessors in making clear that his policymaking is based entirely on what he perceives to be US interests, rather than those of Latin Americans, this is not new.

    As commentator Caitlin Johnstone points out, the main difference between Trump and his predecessors is that he “makes the US empire much more transparent and unhidden.” From the other end of the political spectrum, a former John McCain adviser echoes the same assessment: “there will likely be far more continuity between the two administrations than meets the eye.”

    Regardless, Latin America will continue to struggle to set its own destiny, patchily and with setbacks, and this will likely draw it away from the hegemon, whatever the US does.

    Nicaragua-based John Perry is with the Nicaragua Solidarity Coalition and writes for the London Review of Books, FAIR, and CovertAction.

    Roger D. Harris is with the Task Force on the Americas, the US Peace Council, and the Venezuela Solidarity Network

    Featured image courtesy of Cornell University/Wikimedia Commons

    First published by Popular Resistance: https://popularresistance.org/whether-biden-or-trump-us-latin-american-policy-will-still-be-contemptible/

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Russian and Uzbek Nationals Charged with Conspiracy to File False Voter Registration Applications

    Source: US State of Vermont

    A Russian national and an Uzbek national, both residing in Florida, were arrested for their alleged participation in a scheme to submit false and fraudulent voter registration applications to the Pinellas County, Florida, Supervisor of Elections.

    According to court filings, Dmitry Shushlebin, 45, a citizen of Russia living in Miami Beach, and Sanjar Jamilov, 33, a citizen of Uzbekistan living in St. Petersburg, conspired to submit 132 fraudulent voter registration applications to the Pinellas County Supervisor of Elections in February and March 2023. These applications were submitted in names other than their own, in envelopes with return and address labels that were identically formatted, including containing the same typographical error, and bore various indicia of fraud including, among other things, repeating dates of birth and addresses and nearly sequential social security numbers. Change of address forms were also submitted to the U.S. Postal Service to route mail to the names and addresses on the fraudulent applications to three locations that Shushlebin and Jamilov allegedly controlled.

    Shushlebin and Jamilov are each charged with one count of conspiring to submit fraudulent voter registration applications and give false information in registering to vote. If convicted, each faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, U.S. Attorney Roger B. Handberg for the Middle District of Florida, Acting Inspector in Charge Steven Hodges of the U.S. Postal Inspection Service (USPIS) Miami Division, and Special Agent in Charge Matthew W. Fodor of the FBI Tampa Field Office made the announcement.

    USPIS, FBI, and the Florida Department of Law Enforcement are investigating the case. This case began after a referral from the Florida Department of State, Office of Election Crime and Security.

    Trial Attorney Leo J. Wise of the Criminal Division’s Public Integrity Section and Assistant U.S. Attorney Daniel J. Marcet for the Middle District of Florida are prosecuting the case.

    A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

  • MIL-OSI Security: Russian and Uzbek Nationals Charged with Conspiracy to File False Voter Registration Applications

    Source: United States Attorneys General 4

    A Russian national and an Uzbek national, both residing in Florida, were arrested for their alleged participation in a scheme to submit false and fraudulent voter registration applications to the Pinellas County, Florida, Supervisor of Elections.

    According to court filings, Dmitry Shushlebin, 45, a citizen of Russia living in Miami Beach, and Sanjar Jamilov, 33, a citizen of Uzbekistan living in St. Petersburg, conspired to submit 132 fraudulent voter registration applications to the Pinellas County Supervisor of Elections in February and March 2023. These applications were submitted in names other than their own, in envelopes with return and address labels that were identically formatted, including containing the same typographical error, and bore various indicia of fraud including, among other things, repeating dates of birth and addresses and nearly sequential social security numbers. Change of address forms were also submitted to the U.S. Postal Service to route mail to the names and addresses on the fraudulent applications to three locations that Shushlebin and Jamilov allegedly controlled.

    Shushlebin and Jamilov are each charged with one count of conspiring to submit fraudulent voter registration applications and give false information in registering to vote. If convicted, each faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, U.S. Attorney Roger B. Handberg for the Middle District of Florida, Acting Inspector in Charge Steven Hodges of the U.S. Postal Inspection Service (USPIS) Miami Division, and Special Agent in Charge Matthew W. Fodor of the FBI Tampa Field Office made the announcement.

    USPIS, FBI, and the Florida Department of Law Enforcement are investigating the case. This case began after a referral from the Florida Department of State, Office of Election Crime and Security.

    Trial Attorney Leo J. Wise of the Criminal Division’s Public Integrity Section and Assistant U.S. Attorney Daniel J. Marcet for the Middle District of Florida are prosecuting the case.

    A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –