NewzIntel.com

Category: Taxation

  • MIL-OSI Security: Illegal alien sentenced in multimillion-dollar elder fraud ring

    Source: Office of United States Attorneys

    HOUSTON – The second ringleader in an international fraud scheme victimizing the elderly has been ordered to prison, announced U.S. Attorney Nicholas J. Ganjei for the Southern District of Texas (SDTX).

    Hardik Jayantilal Patel, 37, illegally resided in Lexington, Kentucky. He pleaded guilty Dec. 1, 2023.

    U.S. District Judge Andrew S. Hanen has now sentenced Patel to serve 46 months in federal prison to be immediately followed by three years of supervised release. Patel will also pay a combined $3,203,478 in restitution to 85 identified victims. In handing down the sentence, Judge Hanen noted the large number of victims and the significant harm Patel and his conspirators caused. Not a U.S. citizen, Patel is expected to face removal proceedings following the sentence.

    “We have an obligation to protect our seniors from the predations of scammers,” said Ganjei. “SDTX will tirelessly pursue those that seek to profit by swindling the elderly.”

    From March through November 2019, Patel led a team of domestic money mules aka “runners.” They laundered money tied to telemarketing fraud schemes originating from call centers in India. Most victims were elderly.

    Scammers pretended to work for the U.S. government and claimed the victims were under investigation. They claimed the only way to clear their name was to send cash by mail. Runners in the United States would then pick up the packages and launder the cash.

    At least three runners worked under Patel in 2019. He also collaborated with an associate, Sohil Usmangani Vahora, who managed his own team of four runners. Together, they coordinated efforts to launder fraud proceeds.

    Runners under both Patel and Vahora picked up hundreds of packages between 2019 and 2020 nationwide. These packages contained millions of dollars in cash that victims in multiple states had sent.

    Patel was the last of seven to be sentenced in related cases in the SDTX. Vahora, 40, Des Plaines, Illinois, received more than 15 years in prison and was ordered to pay over $3.5 million in restitution.

    Zaheen Malvi, 30, Heber Springs, Arkansas, initially worked as a runner in the scheme. He later assisted Vahora in managing two other individuals involved in the operation. He received a 54-month sentence and was ordered to pay more than $1.6 million in restitution.

    Dhirenkumar Patel, 33, Richmond, Kentucky, was a runner who worked for Patel. He was ordered to serve 18 months in prison and pay $225,221 in restitution to his victims.

    Three other runners received sentences ranging from 29-60 months.

    With the exception of Vahora, who was a legal permanent resident, Patel and his co-conspirators were all illegally in the country when they committed their crimes.

    Patel will remain in custody pending transfer to a Federal Bureau of Prisons facility to be determined in the near future.

    The Social Security Administration – Office of Inspector General (SSA-OIG), Treasury Inspector General for Tax Administration, U.S. Postal Inspection Service and Immigration and Customs Enforcement – Homeland Security Investigations conducted the investigation with the assistance of the FBI, Kentucky State Police and police departments in Heber Springs, Arkansas, and Frankfort, Kentucky. Assistant U.S. Attorneys Stephanie Bauman and Kate Suh are prosecuting the case. 

    The SSA and its OIG consistently warns people of similar scams. Protect yourself! 

    MIL Security OSI –

  • MIL-OSI USA: Congressman Nick Langworthy Announces $50,000 Grant for the City of Elmira for Planning and Zoning Projects

    Source: US Congressman Nick Langworthy (NY-23)

    WASHINGTON, D.C. – Today, Congressman Nick Langworthy (NY-23) announced a $50,000 grant from the Appalachian Regional Commission (ARC) and New York State to the City of Elmira for the city’s Planning and Zoning Updated project. 

     

    This grant funding will help the city of Elmira rezone and develop a zoning process that is in line with the needs of the city. This investment will contribute to a ten-year Comprehensive Plan, as well as updated long-term zoning methods. In addition to the ARC funding, New York State sources will provide $180,000, bringing the total project funding to $230,000. 

     

    “I’m proud to announce the $50,000 ARC grant for the City of Elmira,”  said Congressman Langworthy. “Elmira’s Comprehensive Plan and Zoning Regulations were last updated in 2016 and 1998. By updating these two projects, Elmira will be able to access new funding sources, ensure economic growth opportunities, and streamline development.”

    “I want to thank Congressman Nick Langworthy and our great team at City Hall for working together to secure this $50,000 grant towards our city planning and zoning updates,”  said Mayor Daniel Mandel, City of Elmira. “Every dollar we can get through grant funding means savings for our Elmira Taxpayers, and that is why I have put an emphasis on working with our Congressman and State Representatives to seize as many opportunities as we can find. The funds here will help pay for our 10-year comprehensive plan which will be a great tool to guide construction, growth and investment across our city.”

     

    ###

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Greens call for end to King’s property tax break

    Source: Scottish Greens

    23 Apr 2025 Finance

    The Monarchy is an costly and archaic institution.

    More in Finance

    Scottish Green MSP Ross Greer has tabled proposals to end the King’s exclusive 100% tax exemption when buying property in Scotland.

    Mr Greer has lodged proposals to the Housing (Scotland) Bill that would close the loophole allowing the King to purchase property in Scotland without paying any Land and Buildings Transaction Tax (LBTT).

    Any other family buying a property worth over £145,000 would pay LBTT at 5-12%, depending on the value of the property.

    This is one of several tax exemptions enjoyed by the monarchy. They are also exempt from taxes reserved to the UK Government including corporation tax, capital gains tax and inheritance tax.

    Mr Greer said:

    “It’s simply unjustifiable that one of the richest men in the country gets a free pass from paying tax because of the family he was born into.

    “The Scottish Greens would obviously scrap the monarchy in a heartbeat, but even royalists must agree that this is an absurd and undeserved perk for someone more than capable of paying his fair share towards our public services.

    “The Crown is an expensive relic, and an insult to democracy. One family should not be allowed to exempt itself from whichever laws it doesn’t want to follow.

    “The Scottish Parliament may not have the power to end every tax perk enjoyed by the Windsors, but we can end this one and set an example for the UK Government to follow.

    “My proposals are a modest but important step towards a fairer Scotland. If Parliament agrees, it would be a powerful statement against entrenched power and privilege.

    “It’s long past time that we challenged rather than pandered to elites who want one rule for themselves and another for the rest of us.”

    MIL OSI United Kingdom –

  • MIL-OSI: FlexShopper, Inc. Reports 2024 Fourth-Quarter and Year-End Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Ongoing DTC and B2B growth strategies drove a 19.5% year-over-year increase in annual revenue

    Operating income for 2024 increased 66% to $22.8 million, and adjusted EBITDA increased 43.1% to $33.3 million, as a result of higher revenue, controlled expenses and favorable asset quality

    BOCA RATON, Fla., April 23, 2025 (GLOBE NEWSWIRE) — FlexShopper, Inc. (Nasdaq: FPAY) (“FlexShopper”), a leading national online lease-to-own (“LTO”) retailer and payment solution provider for underserved consumers, today announced its unaudited financial results for the quarter and full year ended December 31, 2024.

    Russ Heiser, Jr, Chief Executive Officer, stated, “As expected, 2024 was a transformative year for FlexShopper highlighting the successful technology investments we made over the past two years and the progress of our DTC and B2B growth strategies. During 2024, we grew our market share and expanded FlexShopper’s LTO offerings to 7,900 locations, a ~250% increase. In addition, 2024 was the first year of our retail revenue strategy on our flexshopper.com marketplace, which added incremental revenues and profits to our model. The success of our growth strategies generated $22.8 million of operating income, a 66% year-over-year increase.

    “We pursued opportunities that leverage our expanding financial performance to improve our balance sheet. This included raising $12.2 million in proceeds since the beginning of November 2024 through the beginning of 2025 through our previously mentioned rights offering. We continue to look for strategic opportunities to repurchase 91% of our series 2 convertible preferred stock at a 50+% discount to its liquidation preference, which we believe will be highly accretive to FlexShopper’s common shareholders,” Mr. Heiser continued.

    “We expect our growth strategies to continue to drive positive momentum in 2025, and for the first quarter of 2025, lease originations increased 49.7%, relative to the same period in 2024. In addition, we believe profitability will improve further in 2025 as we benefit from higher sales on flexshopper.com, stable operating expenses and credit quality, and the contribution of payments on leases that were originated in 2024,” concluded Mr. Heiser.

    Results for the Fourth Quarter Ended December 31, 2024(1)vs. the Fourth Quarter Ended December 31, 2023 (unaudited):

    • Total lease funding approvals increased 65.6% to $142.4 million from $86 million
    • Total revenues increased 17.3% to $35.5 million from $30.3 million
    • Gross profit increased 29.8% to $20.4 million from $15.7 million
    • Gross profit margin increased from 52% to 58%
    • Operating income of $5.8 million, compared with operating income of $5.6 million
    • Adjusted EBITDA(2) increased by 5.7% to $8.6 million from $8.2 million
    • Net loss attributable to common stockholders of ($1.9) million, or ($0.09) per diluted share, compared to net loss attributable to common stockholders of ($715) thousand or ($0.03) per diluted share

    Results for the Twelve Months Ended December 31, 2024(1)vs. the Twelve Months Ended December 31, 2023 (unaudited):

    • Total lease funding approvals increased 79.3 % to $382.8 million from $213.5 million
    • Total revenues increased 19.5% to $139.8 million from $117.0 million
    • Gross profit increased 40.3% to $76.7 million from $54.7 million
    • Gross profit margin increased from 47% to 55%
    • Operating income of $22.8 million, compared with operating income of $13.7 million
    • Adjusted EBITDA(2) increased 43.1% to $33.3 million, compared to $23.2 million
    • Net loss attributable to common stockholders of ($4.7) million, or ($0.22) per diluted share, compared to net loss attributable to common stockholders of ($8.3) million, or ($0.38) per diluted share

    (1)  FlexShopper’s independent auditor, Grant Thornton LLP, is still in the process of finalizing the review of management’s position on the lease classification of the lease portfolio and whether it meets the definition of an operating lease.  Management believes that, regardless of Grant Thorton LLP’s determination regarding this classification, there will be no material impact to FlexShopper’s gross profit or net loss.

    (2)Adjusted EBITDA is a non-GAAP financial measure. Refer to the definition and reconciliation of this measure under “Non-GAAP Measures”.

    2025 Forward Guidance
    FlexShopper remains committed to executing its strategic plan, which centers on scaling its lease and loan business while maintaining strong asset performance and capitalizing on the growing opportunity within the online retail space. This strategy has already begun to deliver meaningful results.

    Throughout 2024, FlexShopper achieved consistent year-over-year revenue growth, driven by improving asset quality and a reduction in bad debt. Additionally, FlexShopper enhanced product margins, which has had a material positive impact on its income statement. FlexShopper is also realizing operating leverage across both marketing and general expenses, contributing to improved overall efficiency.

    As a result of these disciplined efforts, the company generated significant year-over-year EBITDA growth in 2024. Building on this momentum, FlexShopper anticipates continued progress in 2025, with the following performance expectations:

    • 2025 full year gross profit between $90 million and $100 million which is a 17% to 30% increase from 2024
    • 2025 full year adjusted EBITDA of $40 million to $45 million which is a 20% to 35% increase from 2024

    10-K Filing and Nasdaq Compliance
    FlexShopper plans to issue audited financial results as soon as it receives approval from Grant Thorton LLP. As a result of the delay in the audit, the Company received a notification from Nasdaq on April 17, 2025 that it is no longer in compliance with Nasdaq’s listing rules. The Company intends to file the Form 10-K as soon as practicable and, if necessary, to submit a plan with Nasdaq to regain compliance. If Nasdaq accepts the Company’s plan, then Nasdaq may, at its discretion, grant the Company up to 180 days from the prescribed due date for filing the Form 10-K, or until October 13, 2025, to regain compliance.   This notification has no immediate effect on the listing of the Company’s common stock on Nasdaq.  

    About FlexShopper
    FlexShopper, Inc. is a leading national financial technology company that offers innovative payment options to consumers. FlexShopper provides a variety of flexible funding options for underserved consumers through its direct-to-consumer online marketplace at Flexshopper.com and in partnership with merchants both online and at brick-and-mortar locations. FlexShopper’s solutions are crafted to meet the needs of a wide range of consumer segments through lease-to-own and lending products.

    Forward-Looking Statements

    The consolidated financial statements and related information contained in this press release for the year ended December 31, 2023, are audited. For the year ended December 31, 2024, they are unaudited and, although we believe they accurately reflect the values of each item, no assurance thereof can be given, or that our independent auditor may not adjust one or more of such values to be set forth in our completed 2024 audited consolidated financial statements. Grant Thornton LLP has not audited or reviewed, in accordance with standards established by the American Institute of Certified Public Accountants, any of the 2024 financial or other information contained in this press release.

    All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” or other comparable terms. Examples of forward-looking statements include, among others, statements we make regarding expectations of lease originations, the expansion of our lease-to-own program; expectations concerning our partnerships with retail partners; investments in, and the success of, our underwriting technology and risk analytics platform; our ability to collect payments due from customers; expected future operating results and expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including, among others, the following: our ability to obtain adequate financing to fund our business operations in the future; the failure to successfully manage and grow our FlexShopper.com e-commerce platform; our ability to maintain compliance with financial covenants under our credit agreement; our dependence on the success of our third-party retail partners and our continued relationships with them; our compliance with various federal, state and local laws and regulations, including those related to consumer protection; the failure to protect the integrity and security of customer and employee information; and the other risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. The forward-looking statements made in this release speak only as of the date of this release, and FlexShopper assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

    FLEXSHOPPER, INC.
    CONSOLIDATED BALANCE SHEETS
    (unaudited)
      December 31,
    2024    		   December 31,
    2023
           
    ASSETS      
    CURRENT ASSETS:      
    Cash $ 10,402,637     $ 4,413,130  
    Lease receivables, net   72,191,028       44,795,090  
    Loan receivables at fair value   54,330,006       35,794,290  
    Prepaid expenses and other assets   4,433,570       3,300,677  
    Lease merchandise, net   29,358,305       29,131,440  
    Total current assets   170,715,546       117,434,627  
           
    Property and equipment, net   9,692,396       9,308,859  
    Right of use asset, net   1,042,954       1,237,010  
    Intangible assets, net   12,259,413       13,391,305  
    Other assets, net   2,589,533       2,175,215  
    Deferred tax asset, net   13,208,652       12,943,361  
    Total assets $ 209,508,494     $ 156,490,377  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    CURRENT LIABILITIES:      
    Accounts payable $ 5,589,866     $ 7,139,848  
    Accrued payroll and related taxes   467,596       578,197  
    Promissory notes to related parties, including accrued interest, and net of unamortized issuance costs of $191,163 at December 31, 2024   10,730,853       198,624  
    Accrued expenses   6,955,810       3,972,397  
    Lease liability – current portion   287,412       245,052  
    Total current liabilities   24,031,537       12,134,118  
    Loan payable under credit agreement to beneficial shareholder, net of unamortized issuance costs of $1,007,182 at December 31, 2024 and $70,780 at December 31, 2023   143,934,508       96,384,220  
    Promissory notes to related parties, net of unamortized issuance costs of $649,953 at December 31, 2023 and net of current portion   —       10,100,047  
    Loan payable under Basepoint credit agreement, net of unamortized issuance costs of $54,496 at December 31, 2024 and $92,963 at December 31, 2023   7,358,109       7,319,641  
    Lease liabilities, net of current portion   1,034,166       1,321,578  
    Total liabilities   176,358,320       127,259,604  
           
    STOCKHOLDERS’ EQUITY      
    Series 1 Convertible Preferred Stock, $0.001 par value – authorized 250,000 shares, issued and outstanding 170,332 shares at $5.00 stated value   851,660       851,660  
    Series 2 Convertible Preferred Stock, $0.001 par value – authorized 25,000 shares, issued and outstanding 21,952 shares at $1,000 stated value   21,952,000       21,952,000  
    Common stock, $0.0001 par value – authorized 100,000,000 shares at December 31, 2024 and 40,000,000 shares at December 31, 2023, issued 25,138,251 shares at December 31, 2024 and 21,752,304 shares at December 31, 2023   2,515       2,176  
    Treasury shares, at cost- 527,222 shares at December 31, 2024 and 164,029 shares at December 31, 2023   (563,991 )     (166,757 )
    Additional paid in capital   46,911,459       42,415,894  
    Accumulated deficit   (36,003,469 )     (35,824,200 )
    Total stockholders’ equity   33,150,174       29,230,773  
      $ 209,508,494     $ 156,490,377  
                   
    FLEXSHOPPER, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)
     
      For the year ended
    December 31,
        2024       2023  
    Revenues:      
    Lease revenues and fees, net $ 106,959,906     $ 91,943,729  
    Loan revenues and fees, net of changes in fair value   28,539,495       25,031,278  
    Retail revenue   4,301,331       –  
    Total revenues   139,800,732       116,975,007  
           
    Costs and expenses:      
    Depreciation and impairment of lease merchandise   56,634,623       56,288,128  
    Loan origination costs and fees   3,063,012       6,007,598  
    Cost of retail revenue   3,383,704       –  
    Marketing   8,571,696       7,620,795  
    Salaries and benefits   16,977,744       12,499,099  
    Operating expenses   28,391,424       24,547,729  
    Net change in fair value of promissory note related to acquisition   –       (3,678,689 )
    Total costs and expenses   117,022,203       103,284,660  
    Operating income   22,778,529       13,690,347  
    Interest expense including amortization of debt issuance costs   (22,136,448 )     (18,913,773 )
    Income/ (loss) before income taxes   642,081       (5,223,426 )
    Income taxes (expense)/ benefit   (821,350 )     989,809  
    Net loss   (179,269 )     (4,233,617 )
           
    Dividends on Series 2 Convertible Preferred Shares   (4,514,001 )     (4,103,638 )
    Net loss attributable to common and Series 1 Convertible Preferred shareholders $ (4,693,270 )   $ (8,337,255 )
           
    Basic and diluted loss per common share:      
    Basic $ (0.22 )   $ (0.38 )
    Diluted $ (0.22 )   $ (0.38 )
           
    WEIGHTED AVERAGE COMMON SHARES:      
    Basic   21,534,674       21,705,406  
    Diluted   21,534,674       21,705,406  
    FLEXSHOPPER, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    For the years ended December 31, 2024 and 2023
    (unaudited)
     
     
        2024       2023  
    CASH FLOWS FROM OPERATING ACTIVITIES:      
    Net loss $ (179,269 )   $ (4,233,617 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and impairment of lease merchandise   56,634,623       56,288,128  
    Other depreciation and amortization   9,607,044       7,881,110  
    Amortization of debt issuance costs   1,166,302       571,538  
    Amortization of discount on the promissory note related to acquisition   –       236,952  
    Compensation expense related to stock-based compensation   888,380       1,677,708  
    Provision for doubtful accounts   34,333,462       42,505,647  
    Deferred income tax   (265,291 )     (929,533 )
    Net change in fair value of promissory note related to acquisition   –       (3,678,689 )
    Net changes in the fair value of loans receivables at fair value   (17,046,488 )     (10,217,854 )
    Changes in operating assets and liabilities:      
    Lease receivables   (61,729,400 )     (51,760,694 )
    Loans receivables at fair value   (1,489,228 )     7,356,068  
    Prepaid expenses and other assets   (1,254,627 )     177,169  
    Lease merchandise   (56,861,488 )     (53,869,127 )
    Purchase consideration payable related to acquisition   –       208,921  
    Promissory note related to acquisition   –       283,266  
    Lease liabilities   (46,395 )     (30,268 )
    Accounts payable   (1,549,982 )     627,905  
    Accrued payroll and related taxes   (110,601 )     267,377  
    Accrued expenses   2,956,805       (26,527 )
    Net cash used in operating activities   (34,946,153 )     (6,664,520 )
           
    CASH FLOWS FROM INVESTING ACTIVITIES      
    Purchases of property and equipment, including capitalized software costs   (6,728,218 )     (6,335,276 )
    Additions of intangible assets   (643,080 )     –  
    Purchases of data costs   (1,779,976 )     (1,225,983 )
    Net cash used in investing activities   (9,151,274 )     (7,561,259 )
           
    CASH FLOWS FROM FINANCING ACTIVITIES      
    Proceeds from loan payable under credit agreement   48,486,690       18,050,000  
    Repayment of loan payable under credit agreement   –       (2,795,000 )
    Repayment of promissory notes to related parties   –       (1,000,000 )
    Repayment of loan payable under Basepoint credit agreement   –       (1,500,000 )
    Debt issuance related costs   (1,605,446 )     (115,403 )
    Proceeds from exercise of stock options   –       1,185  
    Principal payment under finance lease obligation   (4,601 )     (8,465 )
    Tax payments associated with equity-based compensation transactions   (103,487 )     –  
    Proceeds from rights offering, net of transaction costs   3,711,012       –  
    Purchase of treasury stock   (397,234 )     (166,757 )
    Net cash provided by financing activities   50,086,934       12,465,560  
           
    INCREASE/ (DECREASE) IN CASH   5,989,507       (1,760,219 )
           
    CASH, beginning of period   4,413,130       6,173,349  
           
    CASH, end of period $ 10,402,637     $ 4,413,130  
           
    Supplemental cash flow information:      
    Interest paid $ 20,252,454     $ 17,337,292  
    Noncash investing and financing activities      
    Due date extension of warrants $ –     $ 917,581  
                   

    Non-GAAP Financial Measures
    We regularly review a number of metrics, including the following key metrics, to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions.

    Adjusted EBITDA represents net income before interest, stock-based compensation, taxes, depreciation (other than depreciation of leased merchandise), amortization, and one-time or non-recurring items. We believe that Adjusted EBITDA provides us with an understanding of one aspect of earnings before the impact of investing and financing charges and income taxes.

    Key performance metrics for the years ended December 31, 2024 and 2023 are as follows:

        2024       2023     $ Change   % Change
    Gross Profit:              
    Gross lease billings and fees $ 140,887,693     $ 131,634,768     $ 9,252,925     7.0  
    Provision for doubtful accounts   (34,333,462 )     (42,505,647 )     8,172,185     (19.2 )
    Gain on sale of lease receivables   98,179       2,814,608       (2,716,429 )   (96.5 )
    Lease placement collections   307,496       –       307,496     –  
    Net lease billing and fees $ 106,959,906     $ 91,943,729     $ 15,016,177     16.3  
    Loan revenues and fees   11,493,007       14,813,424       (3,320,417 )   (22.4 )
    Net changes in the fair value of loans receivable   17,046,488       10,217,854       6,828,634     66.8  
    Net loan revenues $ 28,539,495     $ 25,031,278     $ 3,508,217     14.0  
    Retail revenue   4,301,331       –       4,301,331     –  
    Total revenues $ 139,800,732     $ 116,975,007     $ 22,825,725     19.5  
    Depreciation and impairment of lease merchandise   (56,634,623 )     (56,288,128 )     (346,495 )   0.6  
    Loans origination costs and fees   (3,063,012 )     (6,007,598 )     2,944,586     (49.0 )
    Cost of retail revenue   (3,383,704 )     –       (3,383,704 )   –  
    Gross profit $ 76,719,393     $ 54,679,281     $ 22,423,816     40.3  
    Gross profit margin   55%       47%          
                   
        2024       2023     $ Change   % Change
    Adjusted EBITDA:              
    Net loss $ (179,269 )   $ (4,233,617 )   $ 4,054,348     (95.8 )
    Income taxes expense/ (benefit)   821,350       (989,809 )     1,811,159     (183.0 )
    Amortization of debt issuance costs   1,166,302       571,538       594,764     104.1  
    Amortization of discount on the promissory note related to acquisition   –       236,952       (236,952 )   (100.0 )
    Other amortization and depreciation   9,607,044       7,881,110       1,725,934     21.9  
    Interest expense   20,970,146       18,105,282       2,864,864     15.8  
    Stock-based compensation   888,380       1,677,708       (789,328 )   (47.0 )
    Adjusted EBITDA $ 33,273,953     $ 23,249,164     $ 10,024,789     43.1  
                                 

    Key performance metrics for the three months ended December 31, 2024 and 2023 are as follows:

      Three Months Ended
    December 31,    		        
        2024       2023     $ Change   % Change
    Gross Profit:              
    Gross lease billings and fees $ 34,534,844     $ 33,611,362     $ 923,482     2.7  
    Provision for doubtful accounts   (8,959,977 )     (10,381,697 )     1,421,720     (13.7 )
    Gain on sale of lease receivables   20,954       10,863       10,091     92.9  
    Lease placement collections   92,112       –       92,112     –  
    Net lease billing and fees $ 25,687,933     $ 23,240,528     $ 2,447,405     10.5  
    Loan revenues and fees   2,965,564       3,070,646       (105,082 )   (3.4 )
    Net changes in the fair value of loans receivable   5,881,114       3,959,575       1,921,359     48.5  
    Net loan revenues $ 8,846,678     $ 7,030,221     $ 1,816,457     25.8  
    Retail revenue   973,683       –       973,863     –  
    Total revenues $ 35,508,474     $ 30,270,749     $ 5,237,725     17.3  
    Depreciation and impairment of lease merchandise   (13,613,272 )     (13,394,865 )     (218,307 )   1.6  
    Loans origination costs and fees   (667,232 )     (1,129,440 )     462,208     (40.9 )
    Cost of retail revenue   (790,199 )     –       (790,199 )   –  
    Gross profit $ 20,437,771     $ 15,746,344     $ 4,691,427     29.8  
    Gross profit margin   58%       52%          
                   
      Three Months Ended
    December 31,    		        
        2024       2023     $ Change   % Change
    Adjusted EBITDA:              
    Net loss $ (728,416 )   $ 354,152     ($1,082,568 )   (305.7 )
    Income taxes expense/ (benefit)   605,800       195,438       410,362     210.0  
    Amortization of debt issuance costs   341,803       194,681       147,122     75.6  
    Amortization of discount on the promissory note related to acquisition   –       59,238       (59,238 )   (100.0 )
    Other amortization and depreciation   2,472,471       2,206,179       266,292     12.1  
    Interest expense   5,580,802       4,813,168       767,634     15.9  
    Stock-based compensation   359,460       341,341       18,119     5.3  
    Adjusted EBITDA $ 8,631,920     $ 8,164,197     $ 467,723     5.7  
                                 

    The Company refers to Adjusted EBITDA in the above tables as the Company uses this measure to evaluate operating performance and to make strategic decisions about the Company. Management believes that Adjusted EBITDA provides relevant and useful information which is widely used by analysts, investors and competitors in its industry in assessing performance.

    The MIL Network –

  • MIL-OSI: DeFi Tax Uncovers Systemic Failures in Crypto Tax Reporting Leaving Millions of U.S. Taxpayers at Risk Ahead of New IRS 1099-DA Regulations

    Source: GlobeNewswire (MIL-OSI)

    SHERIDAN, Wyo., April 23, 2025 (GLOBE NEWSWIRE) — A multi-year investigation by crypto tax experts revealed pervasive, critical flaws in the current crypto tax reporting ecosystem in a newly published report, warning of dire consequences for traders, investors, and miners as the IRS prepares to enforce new 1099-DA regulations.

    Researchers at DeFi Tax conducted an extensive, multi-year effort involving data validation, platform testing, and direct engagement with regulatory bodies. Their findings point to a widespread “systemic failure” across popular crypto tax platforms, including IRS-endorsed tools, in accurately calculating gains, losses, and taxable income.

    Crypto Tax Tools Falling Short

    From 2021 to 2024, DeFi Tax researchers manually reviewed hundreds of transactions using raw blockchain data and IRS cost accounting rules. Their analysis uncovered consistent miscalculations by leading platforms. These issues stem from incomplete data collection, flawed asset disposal methodologies, and incorrect transaction classifications.

    Mainstream exchanges will likely further complicate matters when they issue inaccurate or contradictory 1099 forms, resulting in users unknowingly submitting false income tax returns.

    “None of the platforms we reviewed could produce audit-ready reports with consistent accuracy,” said Janna Scott, Head of DeFi Tax. “This exposes taxpayers to enormous financial and legal risk.”

    Scott reports that despite concerted outreach efforts to multiple crypto tax platforms and exchanges in an effort to sound the alarm, the responses were either dismissive or entirely absent. She explains that in mid-2023 many of the solutions quietly made tweaks to their algorithms in response to the feedback, but adds that these changes did not correct the errors. They did, however, change the numbers for all previous reports without ever informing their clients.

    She adds that while federal agencies, including the SEC and IRS, acknowledged the accuracy of DeFi’s findings in multiple lengthy private meetings, they took no public action and instead contracted with a third-party provider to assist with crypto tracing, sidestepping the tax compliance issue altogether. They also tacitly acknowledged the strength of the research by suspending crypto audits in 2023 and 2024.

    Unfortunately, one of the largest exchanges did not respond to DeFi Tax’s recent detailed Request for Comment. Coincidentally, however, that exchange did take action within 24 hours to update its terms of service, attempting to bar users of the platform from participating in class action lawsuits against the company. Tellingly, a search of our available records revealed that this is the first such emailed terms update for this exchange since prior to 2017.

    Taxpayers Defenseless against Billions of Faulty 1099-DA Forms

    As the IRS mandates new 1099-DA forms for 2025, it is clear that platforms are poised to distribute billions of documents, most of which are expected to be severely flawed. Worse, upon receiving one of these flawed 1099-DA forms, users of the exchanges will be faced with limited support, no clear mechanisms for correction, and very little accountability from the issuers. Alone, with nothing but their faulty DA-1099s and the unreliable data printed thereon, taxpayers will face audits they are guaranteed to fail, with automatic penalties and even criminal prosecution all but assured..

    “It’s a perfect storm,” said Scott. “The IRS is arming itself with flawed data and aggressive enforcement tools, while taxpayers are left with platforms that can’t get it right.”

    The Solution: A Transparent, Immutable, Blockchain-Driven Platform

    To address these systemic vulnerabilities in crypto tax reporting, DeFi Tax has developed a groundbreaking, blockchain-driven platform that draws immutable data directly from APIs, eliminating the possibility of transaction manipulation and generating audit-ready reports.

    This solution has been independently reviewed and validated by leading university professors who help shape national crypto tax policy, reinforcing its accuracy and integrity.

    With billions in taxpayer dollars at stake and the 1099-DA form rollout approaching, DeFi Tax is calling on regulators, policymakers, and journalists to scrutinize the crypto tax software ecosystem before taxpayers begin to pay the consequences for the negligence of others.

    Join the DeFi Tax waitlist today and be part of a solution built for transparency, security, and accountability.

    About DeFi Tax:

    DeFi Tax is a groundbreaking tax software platform created to address the widespread inaccuracies of digital asset tax filing tools. By utilizing rigorously validated blockchain data and custom-built APIs, DeFi Tax offers an audit defense guarantee and eliminates the inaccuracies commonly found in all the currently available mainstream tax solutions for digital asset trading. DeFi Tax supports individuals, businesses, and accountants with audit-proof reports, smart categorization of transactions (like NFTs and staking), and unmatched precision and legal compliance. DeFi Tax is the go-to solution for anyone looking to navigate the world of crypto taxes with confidence and transparency. Visit defitax.us to learn more.

    Contact:

    Mark Crawford

    press@defitax.us

    The MIL Network –

  • MIL-OSI Global: From help to harm: How the government is quietly repurposing everyone’s data for surveillance

    Source: The Conversation – USA – By Nicole M. Bennett, Ph.D. Candidate in Geography and Assistant Director at the Center for Refugee Studies, Indiana University

    DOGE has been key to attempts to consolidate Americans’ personal data for the government. Jim Watson/AFP via Getty Images

    A whistleblower at the National Labor Relations Board reported an unusual spike in potentially sensitive data flowing out of the agency’s network in early March 2025 when staffers from the Department of Government Efficiency, which goes by DOGE, were granted access to the agency’s databases. On April 7, the Department of Homeland Security gained access to Internal Revenue Service tax data.

    These seemingly unrelated events are examples of recent developments in the transformation of the structure and purpose of federal government data repositories. I am a researcher who studies the intersection of migration, data governance and digital technologies. I’m tracking how data that people provide to U.S. government agencies for public services such as tax filing, health care enrollment, unemployment assistance and education support is increasingly being redirected toward surveillance and law enforcement.

    Originally collected to facilitate health care, eligibility for services and the administration of public services, this information is now shared across government agencies and with private companies, reshaping the infrastructure of public services into a mechanism of control. Once confined to separate bureaucracies, data now flows freely through a network of interagency agreements, outsourcing contracts and commercial partnerships built up in recent decades.

    These data-sharing arrangements often take place outside public scrutiny, driven by national security justifications, fraud prevention initiatives and digital modernization efforts. The result is that the structure of government is quietly transforming into an integrated surveillance apparatus, capable of monitoring, predicting and flagging behavior at an unprecedented scale.

    Executive orders signed by President Donald Trump aim to remove remaining institutional and legal barriers to completing this massive surveillance system.

    DOGE and the private sector

    Central to this transformation is DOGE, which is tasked via an executive order to “promote inter-operability between agency networks and systems, ensure data integrity, and facilitate responsible data collection and synchronization.” An additional executive order calls for the federal government to eliminate its information silos.

    By building interoperable systems, DOGE can enable real-time, cross-agency access to sensitive information and create a centralized database on people within the U.S. These developments are framed as administrative streamlining but lay the groundwork for mass surveillance.

    Key to this data repurposing are public-private partnerships. The DHS and other agencies have turned to third-party contractors and data brokers to bypass direct restrictions. These intermediaries also consolidate data from social media, utility companies, supermarkets and many other sources, enabling enforcement agencies to construct detailed digital profiles of people without explicit consent or judicial oversight.

    Palantir, a private data firm and prominent federal contractor, supplies investigative platforms to agencies such as Immigration and Customs Enforcement, the Department of Defense, the Centers for Disease Control and Prevention and the Internal Revenue Service. These platforms aggregate data from various sources – driver’s license photos, social services, financial information, educational data – and present it in centralized dashboards designed for predictive policing and algorithmic profiling. These tools extend government reach in ways that challenge existing norms of privacy and consent.

    The role of AI

    Artificial intelligence has further accelerated this shift.

    Predictive algorithms now scan vast amounts of data to generate risk scores, detect anomalies and flag potential threats.

    These systems ingest data from school enrollment records, housing applications, utility usage and even social media, all made available through contracts with data brokers and tech companies. Because these systems rely on machine learning, their inner workings are often proprietary, unexplainable and beyond meaningful public accountability.

    Data privacy researcher Justin Sherman explains the astonishing amount of information data brokers have about you.

    Sometimes the results are inaccurate, generated by AI hallucinations – responses AI systems produce that sound convincing but are incorrect, made up or irrelevant. Minor data discrepancies can lead to major consequences: job loss, denial of benefits and wrongful targeting in law enforcement operations. Once flagged, individuals rarely have a clear pathway to contest the system’s conclusions.

    Digital profiling

    Participation in civic life, applying for a loan, seeking disaster relief and requesting student aid now contribute to a person’s digital footprint. Government entities could later interpret that data in ways that allow them to deny access to assistance. Data collected under the banner of care could be mined for evidence to justify placing someone under surveillance. And with growing dependence on private contractors, the boundaries between public governance and corporate surveillance continue to erode.

    Artificial intelligence, facial recognition systems and predictive profiling systems lack oversight. They also disproportionately affect low-income individuals, immigrants and people of color, who are more frequently flagged as risks.

    Initially built for benefits verification or crisis response, these data systems now feed into broader surveillance networks. The implications are profound. What began as a system targeting noncitizens and fraud suspects could easily be generalized to everyone in the country.

    Eyes on everyone

    This is not merely a question of data privacy. It is a broader transformation in the logic of governance. Systems once designed for administration have become tools for tracking and predicting people’s behavior. In this new paradigm, oversight is sparse and accountability is minimal.

    AI allows for the interpretation of behavioral patterns at scale without direct interrogation or verification. Inferences replace facts. Correlations replace testimony.

    The risk extends to everyone. While these technologies are often first deployed at the margins of society – against migrants, welfare recipients or those deemed “high risk” – there’s little to limit their scope. As the infrastructure expands, so does its reach into the lives of all citizens.

    With every form submitted, interaction logged and device used, a digital profile deepens, often out of sight. The infrastructure for pervasive surveillance is in place. What remains uncertain is how far it will be allowed to go.

    Nicole Bennett is affiliated with Indiana University’s Center for Refugee Studies and the Indiana University Refugee Task Force.

    – ref. From help to harm: How the government is quietly repurposing everyone’s data for surveillance – https://theconversation.com/from-help-to-harm-how-the-government-is-quietly-repurposing-everyones-data-for-surveillance-254690

    MIL OSI – Global Reports –

  • MIL-OSI Global: VAT hikes can raise tax without hurting the poor: an economist sets out the evidence

    Source: The Conversation – Africa – By Imraan Valodia, Pro Vice-Chancellor, Climate, Sustainability and Inequality and Director, Southern Centre for Inequality Studies, University of the Witwatersrand

    South Africa’s 2025-6 budget has been subjected to more comment than usual. This is due to the political tensions generated by a proposed increase in value added tax (VAT).

    South Africa’s choices on how it manages the revenue and expenditure issues in the budget are critical for how the larger issues of the country’s debt and its economic policies are handled. As things stand, the economy is locked into a low-growth trajectory which make the debt, revenue and expenditure issues more difficult to deal with.

    This piece draws on a longer article which explores these issues in greater detail. Here, I focus only on the VAT issue.

    The finance minister originally tabled an increase of 2 percentage points, then changed it to 0.5 percentage points. Still, it is threatening to end the country’s government of national unity, which was set up after elections in 2024.



    Read more:
    South Africa’s finance minister wanted to raise VAT: the pros and cons of a tricky tax

    Most commentators, including the political parties that have opposed the proposal, many academics, and non-governmental organisations claiming to represent low-income groups, have argued that an increase in VAT places an undue burden on low-income groups. This would make it regressive.

    Based on work as an academic economist over the past three decades, I believe that the debate has been based largely on conjecture and ideological opposition to VAT, rather than on the evidence of its impact.

    This is a pity as there is empirical evidence rooted in research that a VAT increase is, in fact, not regressive and is therefore a good policy decision.

    Tax experts usually refer to the three Es in taxes – equity, efficiency and ease of administration – for evaluating tax policy proposals. New taxes should ideally promote equity (they should be progressive and not regressive), be efficient and be easy to administer.

    An increase in VAT in South Africa ticks all these boxes.

    First, contrary to what many commentators have been arguing, VAT isn’t always regressive – it depends on how it’s implemented. As proposed by the finance minister it would not be regressive because, while it would add to the burden of low-income households, most of the VAT would be collected from higher-income households. Added to this is that the proposed expansion of the existing list of zero-rated items would protect the lowest-income households.

    Second, VAT is a very efficient tax. For relatively low increases in the rate, government is able to raise a large amount of revenue.

    Finally, the system is easy to administer and adds very little cost to collection.

    Key to its efficacy is the way VAT is implemented, including the choice of products to zero rate, and the political credibility of government.

    The case for a VAT increase

    VAT is a consumption tax, so it only affects the income that a household consumes.

    According to the International Monetary Fund (IMF), VAT is now the mainstay of tax systems in over 160 countries, raising on average one-third of total government revenues.

    In theory, there are good reasons to be concerned about the impact of VAT. First, it can place a high burden on low-income households because they spend a large proportion of their incomes on consumption goods such as food.

    Second, VAT may also place a heavy burden of tax on women. In South Africa and many other countries, women-led households tend to be clustered in the lower end of the income distribution. And women disproportionately take responsibility for feeding and caring for family members.

    So, at least in theory, VAT is a regressive tax. But is it really so in practice?

    Three studies that have explored this issue in some detail have concluded that, in South Africa, VAT is not regressive.

    In 2008, I worked with colleagues in eight countries (South Africa, Ghana, Uganda, Morocco, Mexico, Argentina, India and the United Kingdom) on the gender issues related to tax. In particular we looked at the burden of VAT on low-income and women-headed households.

    Our findings were that, in general, VAT is regressive and discriminates against women, but it depends on how it is implemented.

    In South Africa, the zero-rating of basic consumption goods is very effective, protecting low-income and female-headed households from VAT. It’s an example of a VAT system that is neutral – neither regressive nor progressive.

    A more recent study by South African economist Ingrid Woolard and colleagues reached a similar conclusion in 2018.

    A third study was done in the same year when VAT was increased from 14% to 15%. Following a similar emotive debate, the finance minister appointed an independent committee which I served on and which was chaired by Woolard, to advise on further zero-rating.

    Our conclusion – again – was that zero-rating is highly effective at protecting low-income groups from the deleterious effects of VAT.

    How it’s done matters

    The challenge with zero-rating is that while low-income households benefit, high-income households benefit more (because they spend more, in absolute terms, on zero-rated goods). Large amounts of potential VAT revenue are lost to high-income groups that don’t need protection.

    The trick is to find a basket of goods that low-income households consume a lot of, but which high-income households don’t consume in large quantities. Some typical examples are beans, canned pilchards and cabbage. These are all goods that low-income households consume and high-income households do not.

    National Treasury’s proposals for increasing the basket of goods to be zero-rated are based on solid research.

    A good example of the trade-offs to consider is the case of chicken. Chicken is an important source of protein for low-income households, but also for high-income households. So, if all chicken were zero-rated, this would protect poor households, but a large amount of VAT revenue would be lost.

    In our 2018 zero-rating report, at 2018 prices and consumption patterns, we calculated that zero-rating all chicken products would be equivalent to R1.3 billion (US$67.6 million) but government would lose R4.6 billion (US$244.4 million) to high income households.

    Not a good trade-off.

    However, some chicken products, such as chicken heads and feet, are mostly consumed by low-income groups, and are therefore good candidates for zero-rating.

    The two other Es – efficiency and ease of administration – of taxes are also key to consider.

    On these two considerations, VAT has big advantages.

    It’s very difficult to avoid or evade VAT because it’s collected along the chain of production. There’s evidence that South Africa has very little leakage in the system.

    So it is relatively easy to increase the VAT rate without needing to invest additional resources to collect the tax.

    Credibility is key

    Apart from the economic considerations, tax policy has to be politically credible. People should believe that their tax contributions are being used effectively, and government should be seen to be acting in line with this.

    If people don’t believe in government’s ability to spend wisely, resistance to taxes increases. Then tax avoidance and evasion increases.

    It would be fair to say that, with the high levels of corruption in South Africa’s political system, government’s credibility is low.

    Thus, if VAT is to be increased, government has to do a lot more to improve its credibility and reassure South Africans that the tax revenues will be well spent.

    Imraan Valodia receives funding from a number of foundations and governments that support academic research.

    – ref. VAT hikes can raise tax without hurting the poor: an economist sets out the evidence – https://theconversation.com/vat-hikes-can-raise-tax-without-hurting-the-poor-an-economist-sets-out-the-evidence-254213

    MIL OSI – Global Reports –

  • MIL-OSI Global: Why Hollywood is finally taking horror films seriously

    Source: The Conversation – UK – By Reece Goodall, Director of Student Experience and Progression for the Faculty of Arts, University of Warwick

    Horror films have always held an interesting place in cultural and cinematic circles. Despite proving consistently profitable and boasting a considerable fanbase, the genre has also been the target in several moments of cultural crisis. Think the video nasties of the 1970s and 80s, or the implied conservatism of the violence in torture porn films of the 2000s.

    Though the genre has been one of the industry’s most profitable genres since the 1930s, due to its perceived low status, horror has largely been unrecognised by award bodies, mainstream critics and the gatekeepers of more “legitimate” cinema. There’s an implied sense that the genre is somewhat different from respectable film-making – that it is low status, trashy and in some cases outright nasty.

    Only seven horror films have been nominated for best picture at the Oscars since the first ceremony in 1929. Two of those nominations were in the last decade, and there was widespread conversation about the bias against the genre after Toni Collette failed to receive an Oscar nomination for her performance in the 2018 film Hereditary.

    Even then, Collette’s excellent performance was in an auteur film released by indie studio A24. Far from the more conventional forms of horror that tend to be overlooked year on year by bodies recognising the year’s achievements in film-making. However, if we leap ahead to 2025 and look at the horror films that took the past year by storm – The Substance, Nosferatu, Terrifier 3 – all forms of the genre are represented.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    The Substance and Nosferatu could both be described as “elevated horror”, a sub-genre that focuses on negative moods rather than explicit gore (although both films certainly get bloody, especially in The Substance’s monstrous climax).

    On the other end of the scale, Terrifier 3 is particularly brutal, aligning itself more with grindhouse and slasher films and celebrating the practical effects that bring violence to the big screen. In another era, there is no doubt that Terrifier 3 would have been a target of censors and the cultural critics over its depictions of violence, with brutal deaths and the murder of several children. But in 2025, it is celebrated by genre fans and an object of serious academic interest.

    The films were all successes. Both The Substance and Nosferatu received multiple nominations at the 2025 Academy Awards. Along with Alien: Romulus, the horror genre picked up ten nominations, its best performance since 1974.

    Nosferatu was nominated for several Academy Awards.

    Elsewhere, Terrifier 3 broke records as the highest-grossing unrated film (a movie not given a rating by film censors, normally because of offensive content) of all time. Terrifier 3 never seemed likely to receive an Oscar nomination, even despite its success and a sustained and entertaining marketing campaign. Nonetheless, both fans and industry figures alike have suggested that its practical make-up effects warranted recognition.

    So why is horror becoming more widely appreciated in the 21st century? The “elevated horror” dimension is certainly one factor, presenting works that align more with the conventions of art cinema, which is essentially easier to sell as legitimate.

    Alongside this, we have the political dimension. Horror films have always been political, representing the fears and marginal identities of a particular country and time period. But in an era characterised by increased instability, pandemics, wars and all manner of social crises, the need for the genre might be more prevalent than ever.

    The terrifying trailer for Terrifier 3.

    In light of the industry’s continuing struggle with declining cinema attendance numbers, horror remains one of the rare genres that consistently draws audiences to theatr. Although films like Terrifier 3 might be looked down on by the cinema establishment, it was event cinema and widely discussed in a way that few films in the past five years have managed to be.

    Audiences have always loved horror, and in a tough period for the cinema industry, the genre continues to prove financially stable and appealing to film-goers. That the gatekeepers of the industry are tentatively starting to recognise the genre is a new development, and although it remains to be seen whether this recognition will be sustained in future years, we’re in a moment when horror of all varieties is being praised like never before.

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

    – ref. Why Hollywood is finally taking horror films seriously – https://theconversation.com/why-hollywood-is-finally-taking-horror-films-seriously-253687

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Deputy President calls for transparency, inclusivity in SA’s budget process

    Source: South Africa News Agency

    Deputy President Paul Mashatile has emphasised the importance of collaborative action and transparency in shaping South Africa’s fiscal future. 

    “We have learnt that the current budgetary process is not transparent and inclusive enough, making it difficult for citizens to understand how government goes about the process of taking some of the most critical decisions in allocation of resources, albeit limited resources because of the competing needs,” Masahtile said. 

    Speaking during a virtual address at the 2025 Budget Roundtable, held at the Financial and Fiscal Commission (FFC) offices in Cape Town, on Wednesday, the Deputy President emphasised the need to revisit the concept of a “people’s budget” advocated by anti-apartheid activists, the late Ben Turok and Joanamarrie Fubbs. 

    “What this means is that we need fiscal planning that is inclusive from the start, in terms of the Medium-Term Expenditure Framework and in line with government’s priorities,” he explained.

    “In this case, the budget process as part of fiscal planning must focus on how we address the issues of poverty, unemployment, and inequality specifically.” 

    The country’s second-in-command highlighted the necessity for the budget to reflect fairness and equity, ensuring that vulnerable sectors are not overlooked in the planning process.

    The Deputy President also stressed the critical role of the National Budget as the government’s primary tool for translating policy into action. 

    He noted the historic context of this year’s budget process, highlighting the unprecedented postponement of the Budget Speech, and the subsequent adoption of the 2025 Fiscal Framework and Revenue Proposals by the National Assembly this month. 

    The Deputy President told the attendees about the Cabinet Committee’s formation, which he chairs, tasked with addressing the contentious proposal from the Minister of Finance regarding a VAT increase. 

    The Deputy President acknowledged that, in contrast to other governments around the world that have collapsed due to fiscal disputes, South Africa successfully navigated the challenges and he believesthis underscores South Africa’s strong democracy that is functioning effectively. 

    “Government remains committed to expanding economic growth while improving the quality of life for all citizens.” 

    The Deputy President said equitable resource allocation was particularly timely as South Africa grapples with economic disparities. 

    “Public allocations should be fair, just, and available to all citizens,” he said, reinforcing the government’s commitment to serving all members of society.

    As the budgeting process continues with the looming deadlines for the Division of Revenue Bill and the Appropriation Bill in May and June, Mashatile reiterated the importance of thoughtful engagement and transparent decision-making. 

    He acknowledged the challenges of balancing competing needs, but maintained that, through diligence and collaborative effort, government can chart a path toward a more equitable socio-economic landscape.

    The Deputy President described the 2025 Budget Roundtable as a pivotal moment for shaping a more equitable future. 

    He also touched on another important task that requires fiscal planning and implementing financial strategies to achieve specific economic goals, which is often related to debt management, government spending, and tax policies. 

    This includes considering factors, such as interest rates, economic growth, and structural reforms to ensure a stable and transparent macroeconomic environment. 

    “The goal here is to create a sustainable fiscal position that supports economic growth and manages risks effectively.” – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: VAT hikes can raise tax without hurting the poor: an economist sets out the evidence

    Source: The Conversation – Africa – By Imraan Valodia, Pro Vice-Chancellor, Climate, Sustainability and Inequality and Director, Southern Centre for Inequality Studies, University of the Witwatersrand

    South Africa’s 2025-6 budget has been subjected to more comment than usual. This is due to the political tensions generated by a proposed increase in value added tax (VAT).

    South Africa’s choices on how it manages the revenue and expenditure issues in the budget are critical for how the larger issues of the country’s debt and its economic policies are handled. As things stand, the economy is locked into a low-growth trajectory which make the debt, revenue and expenditure issues more difficult to deal with.

    This piece draws on a longer article which explores these issues in greater detail. Here, I focus only on the VAT issue.

    The finance minister originally tabled an increase of 2 percentage points, then changed it to 0.5 percentage points. Still, it is threatening to end the country’s government of national unity, which was set up after elections in 2024.

    Read more: South Africa’s finance minister wanted to raise VAT: the pros and cons of a tricky tax

    Most commentators, including the political parties that have opposed the proposal, many academics, and non-governmental organisations claiming to represent low-income groups, have argued that an increase in VAT places an undue burden on low-income groups. This would make it regressive.

    Based on work as an academic economist over the past three decades, I believe that the debate has been based largely on conjecture and ideological opposition to VAT, rather than on the evidence of its impact.

    This is a pity as there is empirical evidence rooted in research that a VAT increase is, in fact, not regressive and is therefore a good policy decision.

    Tax experts usually refer to the three Es in taxes – equity, efficiency and ease of administration – for evaluating tax policy proposals. New taxes should ideally promote equity (they should be progressive and not regressive), be efficient and be easy to administer.

    An increase in VAT in South Africa ticks all these boxes.

    First, contrary to what many commentators have been arguing, VAT isn’t always regressive – it depends on how it’s implemented. As proposed by the finance minister it would not be regressive because, while it would add to the burden of low-income households, most of the VAT would be collected from higher-income households. Added to this is that the proposed expansion of the existing list of zero-rated items would protect the lowest-income households.

    Second, VAT is a very efficient tax. For relatively low increases in the rate, government is able to raise a large amount of revenue.

    Finally, the system is easy to administer and adds very little cost to collection.

    Key to its efficacy is the way VAT is implemented, including the choice of products to zero rate, and the political credibility of government.

    The case for a VAT increase

    VAT is a consumption tax, so it only affects the income that a household consumes.

    According to the International Monetary Fund (IMF), VAT is now the mainstay of tax systems in over 160 countries, raising on average one-third of total government revenues.

    In theory, there are good reasons to be concerned about the impact of VAT. First, it can place a high burden on low-income households because they spend a large proportion of their incomes on consumption goods such as food.

    Second, VAT may also place a heavy burden of tax on women. In South Africa and many other countries, women-led households tend to be clustered in the lower end of the income distribution. And women disproportionately take responsibility for feeding and caring for family members.

    So, at least in theory, VAT is a regressive tax. But is it really so in practice?

    Three studies that have explored this issue in some detail have concluded that, in South Africa, VAT is not regressive.

    In 2008, I worked with colleagues in eight countries (South Africa, Ghana, Uganda, Morocco, Mexico, Argentina, India and the United Kingdom) on the gender issues related to tax. In particular we looked at the burden of VAT on low-income and women-headed households.

    Our findings were that, in general, VAT is regressive and discriminates against women, but it depends on how it is implemented.

    In South Africa, the zero-rating of basic consumption goods is very effective, protecting low-income and female-headed households from VAT. It’s an example of a VAT system that is neutral – neither regressive nor progressive.

    A more recent study by South African economist Ingrid Woolard and colleagues reached a similar conclusion in 2018.

    A third study was done in the same year when VAT was increased from 14% to 15%. Following a similar emotive debate, the finance minister appointed an independent committee which I served on and which was chaired by Woolard, to advise on further zero-rating.

    Our conclusion – again – was that zero-rating is highly effective at protecting low-income groups from the deleterious effects of VAT.

    How it’s done matters

    The challenge with zero-rating is that while low-income households benefit, high-income households benefit more (because they spend more, in absolute terms, on zero-rated goods). Large amounts of potential VAT revenue are lost to high-income groups that don’t need protection.

    The trick is to find a basket of goods that low-income households consume a lot of, but which high-income households don’t consume in large quantities. Some typical examples are beans, canned pilchards and cabbage. These are all goods that low-income households consume and high-income households do not.

    National Treasury’s proposals for increasing the basket of goods to be zero-rated are based on solid research.

    A good example of the trade-offs to consider is the case of chicken. Chicken is an important source of protein for low-income households, but also for high-income households. So, if all chicken were zero-rated, this would protect poor households, but a large amount of VAT revenue would be lost.

    In our 2018 zero-rating report, at 2018 prices and consumption patterns, we calculated that zero-rating all chicken products would be equivalent to R1.3 billion (US$67.6 million) but government would lose R4.6 billion (US$244.4 million) to high income households.

    Not a good trade-off.

    However, some chicken products, such as chicken heads and feet, are mostly consumed by low-income groups, and are therefore good candidates for zero-rating.

    The two other Es – efficiency and ease of administration – of taxes are also key to consider.

    On these two considerations, VAT has big advantages.

    It’s very difficult to avoid or evade VAT because it’s collected along the chain of production. There’s evidence that South Africa has very little leakage in the system.

    So it is relatively easy to increase the VAT rate without needing to invest additional resources to collect the tax.

    Credibility is key

    Apart from the economic considerations, tax policy has to be politically credible. People should believe that their tax contributions are being used effectively, and government should be seen to be acting in line with this.

    If people don’t believe in government’s ability to spend wisely, resistance to taxes increases. Then tax avoidance and evasion increases.

    It would be fair to say that, with the high levels of corruption in South Africa’s political system, government’s credibility is low.

    Thus, if VAT is to be increased, government has to do a lot more to improve its credibility and reassure South Africans that the tax revenues will be well spent.

    – VAT hikes can raise tax without hurting the poor: an economist sets out the evidence
    – https://theconversation.com/vat-hikes-can-raise-tax-without-hurting-the-poor-an-economist-sets-out-the-evidence-254213

    MIL OSI Africa –

  • MIL-OSI: Morris State Bancshares Announces Quarterly Earnings and Declares Second Quarter Dividend

    Source: GlobeNewswire (MIL-OSI)

    DUBLIN, Ga., April 23, 2025 (GLOBE NEWSWIRE) — Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank, today announced net income of $4.9 million for the quarter ending March 31, 2025, representing an increase of $22 thousand, or 0.45%, compared to net income of $4.9 million for the quarter ended March 31, 2024. In the linked quarter comparison, net income decreased $1.2 million, or 20.04%, compared to net income of $6.1 million for the quarter ending December 31, 2024. Net interest income before provision for credit losses increased from the linked and prior year quarters by $980 thousand and $2.5 million, respectively.   The decline in linked quarterly net earnings was primarily driven by higher income tax provisioning, increased CECL-related reserves for unfunded loan commitments, and an increase in salary and benefits costs related to the payment of first quarter bonuses for the prior year.

    “We are very pleased with our first-quarter performance, highlighted by strong growth in core net interest income. This was driven by a 12 basis-point expansion in our net interest margin compared to the fourth quarter of last year. Despite significant loan payoffs during the quarter, we achieved loan growth of over $23 million, or 2.12%, representing an annualized growth rate of 8.48%. Our asset quality remains strong, and we’ve seen a slight reduction in our adversely classified ratio from the same time last year,” said Spence Mullis, Chairman and CEO.  

    The net interest margin was 4.29% for the first quarter of 2025 compared to 4.17% for the fourth quarter of 2024 and 3.99% for the first quarter of 2024. The average yield on earning assets grew 6 basis points from 6.01%, as of December 31, 2024, to 6.07%, while the Bank’s cost of funds decreased 9 basis points from 2.06% to 1.97% during the same period.

    Provision for credit losses increased $549 thousand and provisioning for unfunded loan commitments increased $521 thousand during the quarter as a result of loan growth. The Company’s asset quality improved during the quarter, as reflected by a decline in the Bank’s adversely classified asset index from 4.96% as of December 31, 2024, to 4.66% as of March 31, 2025. The Bank’s reserve as a percentage of total loans was 1.30% for March 31, 2025, as compared to 1.30% for December 31, 2024, and 1.34% for March 31, 2024.   Noninterest expense increased $621 thousand, or 6.95%, compared to the prior quarter ended December 31, 2024, due mainly to higher salary and benefits expenses. With the expiration of solar project tax credits used by the Company each of the last three years, income tax provision increased by $1.0 million, or 217.28%, during the quarter.

    After paying a regular quarterly dividend of $0.12 per share and a one-time special dividend of $0.15 per share, the Company’s total shareholders’ equity increased 1.18% during the quarter to $198 million as of March 31, 2025, and up 8.75%, or $15.9 million, from March 31, 2024. The tangible book value of the company grew to $17.66 on March 31, 2025, from $17.45 on December 31, 2024, and was up 9.21% from $16.171 as of March 31, 2024. On April 16, 2025, the board of directors approved a second quarter dividend of $0.12 per share payable on or about June 15, 2025, to all shareholders of record as of May 15, 2025.

    Forward-looking Statements

    Certain statements contained in this release may not be based on historical facts and are forward-looking statements. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including, among others, the business and economic conditions; risks related to the integration of acquired businesses and any future acquisitions; changes in management personnel; interest rate risk; ability to execute on planned expansion and organic growth; credit risk and concentrations associated with the Company’s loan portfolio; asset quality and loan charge-offs; inaccuracy of the assumptions and estimates management of the Company makes in establishing reserves for probable loan losses and other estimates; lack of liquidity; impairment of investment securities, goodwill or other intangible assets; the Company’s risk management strategies; increased competition; system failures or failures to prevent breaches of our network security; changes in federal tax law or policy; the impact of recent and future legislative and regulatory changes; and increases in capital requirements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.

    1Common stock, tangible book valueand per share amounts for March 31, 2024 and previous quarters have been adjusted to reflect the April 22, 2024 4-for–1 stock dividend.

     
    MORRIS STATE BANCSHARES, INC.
    AND SUBSIDIARIES
                                 
    Consolidating Balance Sheet
                                 
                                 
        March 31,   December 31,           March 31,        
        2025   2024   Change   % Change   2024   Change   % Change
        (Unaudited)               (Unaudited)        
    ASSETS                            
                                 
    Cash and due from banks   $ 92,342,678     $ 53,898,138     $ 38,444,540     71.33 %   $ 67,354,916     $ 24,987,762     37.10 %
    Federal funds sold     15,606,716       42,064,131       (26,457,415 )   -62.90 %     3,746,408       11,860,308     316.58 %
    Total cash and cash equivalents     107,949,394       95,962,269       11,987,125     12.49 %     71,101,324       36,848,070     51.82 %
                                 
    Interest-bearing time deposits in other banks     100,000       100,000       —     0.00 %     100,000       —     0.00 %
    Securities available for sale, at fair value     9,414,147       9,726,716       (312,569 )   -3.21 %     7,845,095       1,569,052     0.00 %
    Securities held to maturity, at cost (net of CECL Reserve)     208,561,077       215,836,502       (7,275,425 )   -3.37 %     231,758,455       (23,197,378 )   -10.01 %
    Federal Home Loan Bank stock, restricted, at cost     1,084,200       1,032,800       51,400     4.98 %     1,029,600       54,600     5.30 %
    Loans, net of unearned income     1,139,719,828       1,116,074,659       23,645,169     2.12 %     1,060,755,992       78,963,836     7.44 %
    Less-allowance for credit losses     (14,829,709 )     (14,488,525 )     (341,184 )   2.35 %     (14,236,149 )     (593,560 )   4.17 %
    Loans, net     1,124,890,119       1,101,586,134       23,303,985     2.12 %     1,046,519,843       78,370,276     7.49 %
                                     
    Bank premises and equipment, net     14,844,597       12,780,014       2,064,583     16.15 %     13,112,437       1,732,160     13.21 %
    ROU assets for operating lease, net     692,339       776,979       (84,640 )   -10.89 %     1,035,712       (343,373 )   -33.15 %
    Goodwill     9,361,704       9,361,704       —     0.00 %     9,361,704       —     0.00 %
    Intangible assets, net     1,253,288       1,338,964       (85,676 )   -6.40 %     1,594,101       (340,813 )   -21.38 %
    Other real estate and foreclosed assets     15,503       21,898       (6,395 )   -29.20 %     38,558       (23,055 )   -59.79 %
    Accrued interest receivable     6,369,932       7,278,258       (908,326 )   -12.48 %     5,964,911       405,021     6.79 %
    Cash surrender value of life insurance     15,233,512       15,128,762       104,750     0.69 %     14,813,139       420,373     2.84 %
    Other assets     21,726,495       22,674,658       (948,163 )   -4.18 %     25,151,653       (3,425,158 )   -13.62 %
    Total Assets   $ 1,521,496,307     $ 1,493,605,658     $ 27,890,649     1.87 %   $ 1,429,426,532       92,069,775     6.44 %
                                 
                                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY                            
                                 
    Deposits:                            
    Non-interest bearing   $ 330,414,834     $ 325,534,335     $ 4,880,499     1.50 %   $ 302,810,356       27,604,478     9.12 %
    Interest bearing     963,948,287       939,354,005       24,594,282     2.62 %     904,181,606       59,766,681     6.61 %
          1,294,363,121       1,264,888,340       29,474,781     2.33 %     1,206,991,962       87,371,159     7.24 %
                                     
    Other borrowed funds     19,029,606       19,019,372       10,234     0.05 %     27,169,934       (8,140,328 )   -29.96 %
    Lease liability for operating lease     692,339       776,979       (84,640 )   -10.89 %     1,035,712       (343,373 )   -33.15 %
    Accrued interest payable     2,778,669       2,111,093       667,576     31.62 %     1,419,439       1,359,230     95.76 %
    Accrued expenses and other liabilities     6,726,119       11,206,717       (4,480,598 )   -39.98 %     10,830,616       (4,104,497 )   -37.90 %
                                     
    Total liabilities     1,323,589,854       1,298,002,501       25,587,353     1.97 %     1,247,447,663       76,142,191     6.10 %
                                 
    Shareholders’ Equity:                            
    Common stock     10,701,756       10,688,723       13,033     0.12 %     10,645,509       56,247     0.53 %
    Paid in capital surplus     35,307,009       34,936,059       370,950     1.06 %     34,349,749       957,260     2.79 %
    Retained earnings     149,055,224       130,111,050       18,944,174     14.56 %     133,038,717       16,016,507     12.04 %
    Current year earnings     4,913,056       21,804,345       (16,891,289 )   -77.47 %     4,890,818       22,238     0.45 %
    Accumulated other comprehensive income (loss)     1,289,137       1,422,709       (133,572 )   -9.39 %     1,811,160       (522,023 )   -28.82 %
    Treasury Stock, at cost 95,498     (3,359,729 )     (3,359,729 )     —     0.00 %     (2,757,084 )     (602,645 )   21.86 %
    Total shareholders’ equity     197,906,453       195,603,157       2,303,296     1.18 %     181,978,869       15,927,584     8.75 %
                                 
    Total Liabilities and Shareholders’ Equity   $ 1,521,496,307     $ 1,493,605,658       27,890,649     1.87 %   $ 1,429,426,532       92,069,775     6.44 %
                                 
     
    MORRIS STATE BANCSHARES, INC.
    AND SUBSIDIARIES
                                 
    Consolidating Statement of Income
    for the Three Months Ended
                                 
                                 
        March 31,   December 31,         March 31,        
        2025
    		   2024
    		   Change   % Change   2024
    		   Change   % Change
        (Unaudited)   (Unaudited)           (Unaudited)        
    Interest and Dividend Income:                            
    Interest and fees on loans   $ 19,338,360     $ 18,818,919     $ 519,441     2.76 %   $ 17,124,889     $ 2,213,471     12.93 %
    Interest income on securities     1,671,657       1,735,131       (63,474 )   -3.66 %     1,970,394       (298,737 )   -15.16 %
    Income on federal funds sold     534,479       363,781       170,698     46.92 %     168,129       366,350     217.90 %
    Income on time deposits held in other banks     605,454       362,174       243,280     67.17 %     408,412       197,042     48.25 %
    Other interest and dividend income     25,413       22,116       3,297     14.91 %     75,848       (50,435 )   -66.49 %
    Total interest and dividend income     22,175,363       21,302,121       873,242     4.10 %     19,747,672       2,427,691     12.29 %
                                 
    Interest Expense:                            
    Deposits     6,413,065       6,401,228       11,837     0.18 %     6,339,843       73,222     1.15 %
    Interest on other borrowed funds     286,480       404,974       (118,494 )   -29.26 %     445,278       (158,798 )   -35.66 %
    Interest on federal funds purchased     —       129       (129 )   -100.00 %     —       —     0.00 %
    Total interest expense     6,699,545       6,806,331       (106,786 )   -1.57 %     6,785,121       (85,576 )   -1.26 %
                                 
    Net interest income before provision for loan losses     15,475,818       14,495,790       980,028     6.76 %     12,962,551       2,513,267     19.39 %
    Less-provision for credit losses     577,123       27,972       549,151     1963.22 %     4,501       572,622     12722.11 %
    Net interest income after provision for credit losses     14,898,695       14,467,818       430,877     2.98 %     12,958,050       1,940,645     14.98 %
                                 
    Noninterest Income:                            
    Service charges on deposit accounts     540,600       560,822       (20,222 )   -3.61 %     491,568       49,032     9.97 %
    Other service charges, commissions and fees     380,482       393,175       (12,693 )   -3.23 %     362,692       17,790     4.90 %
    Gain on sales of foreclosed assets     —       —       —     —       700       (700 )   -100.00 %
    Gain on sale of securities available for sale     —       447       (447 )   -100.00 %     —       —     447  
    Increase in CSV of life insurance     104,750       106,388       (1,638 )   -1.54 %     101,516       3,234     3.19 %
    Other income     20,407       15,349       5,058     32.95 %     251,361       (230,954 )   -91.88 %
    Total noninterest income     1,046,239       1,076,181       (29,942 )   -2.78 %     1,207,837       (161,598 )   -13.38 %
                                 
    Noninterest Expense:                            
    Salaries and employee benefits     5,122,152       4,743,238       378,914     7.99 %     4,861,534       260,618     5.36 %
    Occupancy and equipment expenses, net     527,532       550,212       (22,680 )   -4.12 %     545,126       (17,594 )   -3.23 %
    Loss on sales of foreclosed assets     —       8,457       (8,457 )   -100.00 %     —       —     —  
    Other expenses     3,905,857       3,632,476       273,381     7.53 %     3,716,219       189,638     5.10 %
    Total noninterest expense     9,555,541       8,934,383       621,158     6.95 %     9,122,879       432,662     4.74 %
                                 
    Income Before Income Taxes     6,389,393       6,609,616       (220,223 )   -3.33 %     5,043,008       1,346,385     26.70 %
    Provision for income taxes     1,476,337       465,314       1,011,023     217.28 %     152,190       1,324,147     870.06 %
                              –      
    Net Income   $ 4,913,056     $ 6,144,302       (1,231,246 )   -20.04 %   $ 4,890,818       22,238     0.45 %
                                 
                                 
    Earnings per common share:                            
    Basic   $ 0.46     $ 0.58       (0.12 )   -20.69 %   $ 0.46       –     0.00 %
    Diluted   $ 0.46     $ 0.58       (0.12 )   -20.69 %   $ 0.46       –     0.00 %
        .                        
     
    MORRIS STATE BANCSHARES, INC.
    AND SUBSIDIARIES
         
        Quarter Ending
             
        March 31,
    		   December 31,
    		   March 31,
        2025   2024   2024
    Dollars in thousand, except per share data   (Unaudited)   (Unaudited)   (Unaudited)
             
             
    Per Share Data        
    Basic Earnings per Common Share   $ 0.46     $ 0.58     $ 0.46  
    Diluted Earnings per Common Share     0.46       0.58       0.46  
    Dividends per Common Share     0.27       0.092       0.092  
    Book Value per Common Share     18.66       18.46       17.20  
    Tangible Book Value per Common Share     17.66       17.45       16.17  
             
    Average Diluted Shared Outstanding     10,593,370       10,596,432       10,602,289  
    End of Period Common Shares Outstanding     10,606,258       10,593,225       10,624,932  
             
             
    Annualized Performance Ratios (Bank Only)        
    Return on Average Assets     1.41 %     1.79 %     1.55 %
    Return on Average Equity     11.12 %     13.69 %     11.74 %
    Equity/Assets     12.75 %     12.84 %     13.09 %
    Yield on Earning Assets     6.07 %     6.01 %     5.87 %
    Cost of Funds     1.97 %     2.06 %     2.09 %
    Net Interest Margin     4.29 %     4.17 %     3.99 %
    Efficiency Ratio     57.90 %     54.21 %     61.48 %
             
    Credit Metrics        
    Allowance for Credit Losses to Total Loans     1.30 %     1.30 %     1.34 %
    Adversely Classified Assets to Tier 1 Capital        
    plus Allowance for Credit Losses     4.66 %     4.96 %     5.22 %
             

    The MIL Network –

  • MIL-OSI: Traliant Unveils Enhanced Employment Law Training to Protect Organizations from Legal Risk

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — Traliant, a leader in online compliance training, today announced enhancements to its Employment Law Fundamentals Certificate Program that is designed to provide employees and managers with a deep understanding of employment laws to help reduce legal risks, improve workplace decision-making and foster a culture of fairness and respect.

    In today’s complex and ever-evolving professional and regulatory environment, employees and managers must navigate a maze of policies and procedures that shape the workplace. Regular training on key workplace laws is critical in ensuring organizations create and maintain a culture of ethics and compliance.

    “Understanding and correctly applying employment laws is essential to helping managers and employees avoid mistakes that could result in serious legal consequences or costly claims,” said Mike Dahir, CEO of Traliant. “This training is not only crucial for the long-term growth of employees and managers but also for cultivating an ethical and compliant organizational culture that starts at the top.”

    Traliant’s Employment Law Fundamentals Certificate Program consists of four courses to assist employees and managers in understanding and applying policies, laws and procedures that impact their daily responsibilities. Backed by our uniquely qualified in-house legal and compliance team, the courses have been updated to align more closely with new federal and state laws, and executive orders relating to diversity, equity and inclusion (DEI) and sex and gender:

    To learn more about Traliant, visit: https://www.traliant.com/.

    About Traliant
    Traliant, a leader in compliance training, is on a mission to help make workplaces better, for everyone. Committed to a customer promise of “compliance you can trust, training you will love,” Traliant delivers continuously compliant online courses, backed by an unparalleled in-house legal team, with engaging, story-based training designed to create truly enjoyable learning experiences.

    Traliant supports over 14,000 organizations worldwide with a library of curated essential courses to broaden employee perspectives, achieve compliance and elevate workplace culture, including sexual harassment training, inclusion training, code of conduct training, and many more.  

    Backed by PSG, a leading growth equity firm, Traliant holds a coveted position on Inc.’s 5000 fastest-growing private companies in America for four consecutive years, along with numerous awards for its products and workplace culture. For more information, visit http://www.traliant.com and follow us on LinkedIn.

    Contact
    Reagan Bennet
    traliant@v2comms.com

    The MIL Network –

  • MIL-OSI: Retirement Industry Disruptor™, Human Interest, Introduces PartnerConnect™, Redefining the 401(k) Experience for Financial Advisors

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, April 23, 2025 (GLOBE NEWSWIRE) — Today, Human Interest, a multi award-winning 401(k) provider1, is once again pushing boundaries in the retirement industry by launching PartnerConnect™, an integrated platform that empowers financial advisors to seamlessly create, manage, and monitor their clients’ 401(k) plans and investments from a single dashboard. To build this intuitive digital platform, Human Interest invested over 50,000 hours in product and engineering over the last year in direct consultation with dozens of financial advisors.

    Targeted to both retirement plan advisors and wealth advisors, PartnerConnect includes innovative features that have long been on advisors’ wish lists: the ability to view and manage multiple clients across one platform, tools to quickly design and change custom investment lineups, and the elimination of dozens of manual processes historically associated with setting up 401(k) plans. PartnerConnect is designed to be an integral tool for advisors to help them grow their business and better advise their clients.

    “Advisors are on the front lines of the effort to help investors and businesses navigate our challenging retirement system – and their partnership is crucial to Human Interest’s mission to deliver retirement plans for people from all lines of work,” said Rakesh Mahajan, Chief Revenue Officer at Human Interest. “That’s why we designed PartnerConnect with advisors at the heart of the experience.”

    Hot on the heels of their brazen Customer Experience Guarantee, an industry-leading commitment to service excellence for all 401(k) customers, Human Interest has now taken on legacy providers who expect advisors to toggle between clunky tools, spreadsheets, and endless rounds of phone tag with offshore support teams. Advisors spend nearly 1,000 hours2 a year on administrative and compliance tasks instead of focusing their time on their customers. PartnerConnect is specifically designed to eliminate many of the burdensome, mundane administration tasks that advisors hate.

    “Setting up new plans takes a fair amount of time and several manual processes, including sending emails and documents back and forth. A platform that could automate this process will help me spend less time on administrative work and more time focused on my clients,” said Noel Dulac, Managing Partner, Retirement Fiduciary Group, LLC.

    PartnerConnect integrates plan design, proposal management, fund lineup, and participant data into a single solution, with features that include:

    • A digital-first approach enables advisors to request and review proposals online and onboard new clients directly into the platform, eliminating multiple email threads.
    • An integrated dashboard provides a single view across all retirement plans in an advisor’s book of business, eliminating the need for multiple login accounts.
    • A flexible investment toolkit offers over 3,000 funds, and advisors can easily adjust funds or create lineup templates for replication across multiple plans, eliminating the need to email Excel files manually.
    • Bulk fund mapping allows advisors to select a single fund used across multiple plans and initiate a swap in just five clicks, eliminating the need for creating innumerable support cases for dozens of plans to make the same change.
    • ParticipantIQ™ will spotlight participant milestones (retirement, termination, salary increase, etc.) and help identify new participant engagement opportunities.

    In describing PartnerConnect, Bob Darrow, President at Strive Retirement, commented, “It’s about time the industry created something like this. Most platforms make it too complicated to support our clients and grow our book of business. This platform is comprehensive and easy to use, and will allow us to scale up our service model, delivering even more value to our clients.”

    The retirement savings gap is a significant challenge affecting millions of workers in America, and Human Interest is committed to being part of the solution. PartnerConnect is the latest in a series of innovations transforming the retirement industry, with an unwavering focus on removing barriers that keep people from investing in their future.

    Financial advisors interested in learning more can contact their Human Interest representative or visit our website at humaninterest.com/solutions/partnerconnect/.    

    About Human Interest

    Human Interest, Retirement Industry Disruptor™, is focused on fixing a broken industry that often relies on legacy technology, manual processes, and offshored service models. Human Interest is transforming the way 401(k)s should work, including several industry firsts: eliminating transaction fees3, offering a cash-back incentive program for plan participants, and the first of its kind money-backed customer experience guarantee.

    Human Interest has won several accolades this year, including the 2025 Fast Company Most Innovative Award and the 2025 Stevie Gold Award in Customer Experience. Founded in 2015 and headquartered in San Francisco, Human Interest has helped provide retirement benefits to employees at nearly 35,000 companies and counting. For more information, please visit humaninterest.com.

    Media Contacts
    press@humaninterest.com

    Maura Lafferty
    Firebrand Communications for Human Interest
    humaninterest@firebrand.marketing


    1     Human Interest was awarded the “Gold Stevie Award” medal in the 2025 Stevie AwardsⓇ for Sales & Customer Service in “Customer Experience.” The company was awarded a “Silver Stevie Award” in “Customer Service Employer of the Year.” Winners were determined by the average scores of more than 170 professionals worldwide in the three-month judging process. Read more about the winning organizations here and criteria for the award here. American Business Awards are registered trademarks of Stevie Awards, Inc. Stevie Awards, Inc. is not affiliated with Human Interest. This recognition is not indicative of Human Interest’s future performance.
    Human Interest was awarded the “Gold Stevie Award” medal in the 2025 Stevie AwardsⓇ for Sales & Customer Service in “Customer Experience.” The company was awarded a “Silver Stevie Award” in “Customer Service Employer of the Year.” Winners were determined by the average scores of more than 170 professionals worldwide in the three-month judging process. Read more about the winning organizations: https://stevieawards.com/sales/2025-stevie-award-winners and criteria for the award here: https://stevieawards.com/aba/judging-awards-process. American Business Awards are registered trademarks of Stevie Awards, Inc. Stevie Awards, Inc. is not affiliated with Human Interest. This recognition is not indicative of Human Interest’s future performance.
    Human Interest Inc. is honored to be recognized as one of Fast Company’s Most Innovative Companies in Finance and Personal Finance for 2025. See the full list here.

    2Natixis Global Survey of Financial Professionals, 2024

    3For non-rollover distributions, shipping and handling fees may apply to requests for check issuance and delivery.

    The MIL Network –

  • MIL-OSI: Apollo Funds Form $220 Million Community Solar Joint Venture with Bullrock Energy Ventures

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and SOUTH BURLINGTON, Vt., April 23, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Bullrock Energy Ventures (“Bullrock”) today announced that Apollo-managed funds (the “Apollo Funds”) have committed to fund up to $220 million for a new joint venture partnership with Bullrock related to a portfolio of community solar assets located in New York and New England. $100 million of Apollo’s equity commitment will fund the development of Bullrock’s nearly 500 MW pipeline of renewable energy assets.

    Based in Vermont, Bullrock is a high-growth renewable energy company with operations throughout the Northeast. The company’s vertically integrated model includes deal sourcing, underwriting, development, construction, financing and asset management. Bullrock, led by Chairman and Founder Gregg Beldock, alongside partner company NxtGenREA led by Mike Mills, has developed nearly 500 MW of solar projects across New England, New York and the Midwest over the past decade. The projects support local residents and businesses throughout the country with access to affordable clean energy. 

    “We are excited to partner with Gregg and the Bullrock team and invest in this scaled portfolio of solar assets that we believe will offer significant benefits to their surrounding communities,” said Apollo Partner Corinne Still. “Community solar represents an innovative solution to expanding local access to clean, efficient power across the energy grid, benefiting individuals, households and businesses alike. This partnership underscores Apollo’s commitment to serving as a leading capital provider supporting the energy transition, investing in companies and projects that serve the growing demand for diverse sources of power.”

    Bullrock Chairman and Founder Gregg Beldock and Bullrock Managing Partner Amory Beldock stated, “Our partnership with Apollo enhances a leading vertically integrated renewables platform working to meet the growing demand for power while reinforcing American energy security. Our long history in construction and development paired with Apollo’s integrated platform positions us to efficiently scale our portfolio. Community solar lowers energy costs, improves grid resiliency and boosts local economies. Apollo shares our commitment to driving the industry forward and we’re proud to work with them.”

    Over the past five years, Apollo-managed funds and affiliates have committed, deployed or arranged approximately $58 billioni of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.

    Tax Equity for the portfolio is arranged by Mike Mills through his company NxtGenREA.

    Orrick, Herrington & Sutcliffe LLP served as legal to the Apollo Funds. Brown Rudnick LLP served as legal counsel to Bullrock. 

    i As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030 The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.

    About Apollo

    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

    About Bullrock Energy Ventures

    Bullrock Energy Ventures is a vertically integrated renewable energy investment platform. The company was born out of Bullrock’s long history across renewables, construction, real estate development and healthcare and NxtGenREA’s deep experience in solar development and tax equity financing. Bullrock has developed over 500 MW to date, deployed over $2B in capital across the clean energy space, and is quickly moving to develop its 500 MW pipeline. Our success is a testament to our uniquely integrated model which allows us to build, operate, finance and manage energy assets at scale. We are proud to accelerate the energy transition through our pioneering approach to development while supporting local communities and securing American energy independence. 

    Contacts

    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    212-822-0540
    ir@apollo.com 

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    212-822-0491
    communications@apollo.com 

    For Bullrock Energy Ventures:

    ir@bullrockcorp.com

    For Bullrock Media Contacts:

    Patrick Lenihan
    Gravity Strategic Partners
    patrick@gravitystrat.com
    201-819-9871

    The MIL Network –

  • MIL-OSI Security: Bookkeeper Sentenced to More Than One Year in Prison for Tax Evasion and Disability Benefit Fraud

    Source: Office of United States Attorneys

    BOSTON – The former bookkeeper for an electrical contracting business has been sentenced for concealing income from the Internal Revenue Service (IRS) and stealing disability benefits.

    David Tetreault, 55, of Attleboro, was sentenced by U.S. District Court Judge Nathaniel M. Gorton to 18 months in prison, to be followed by three years of supervised release. Tetreault has also been ordered to pay $623,602 to the Internal Revenue Service, $159,816 to the Social Security Administration and $161,835 to the Employment Retirement System of Rhode Island in restitution. In October 20204, Tetreault pleaded guilty to one count of tax evasion, one count of theft of government money and one count of wire fraud.

    Tetreault worked as a bookkeeper for a Massachusetts-based electrical contractor between 2015 and 2021. During those years, Tetreault received wages in cash and used company funds to pay his personal credit card bills. Tetreault manipulated the company’s accounting records and bank statements to disguise these payments as business expenses. As a result of this conduct, Tetreault underreported his personal income by at least $2.1 million, causing a loss to the IRS of over $600,000.

    In addition, Tetreault did not report his work for the electrical contractor or his income to the Social Security Administration and submitted false information about his employment and income to the Employees’ Retirement System of Rhode Island (ERSRI). As a result of this conduct, Tetreault collected over $320,000 in Social Security Disability Insurance benefits and ERSRI disability pension benefits to which he was not entitled between 2016 and 2024.

    United States Attorney Leah B. Foley; Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service’s Criminal Investigation in Boston; and Amy Connelly, Special Agent in Charge of the Social Security Administration, Office of Inspector General, Office of Investigations, Boston Field Division made the announcement today. Assistant U.S. Attorney David M. Holcomb of the Securities, Financial & Cyber Fraud Unit prosecuted the case.
     

    MIL Security OSI –

  • MIL-OSI: Magnite Unveils Next Generation of SpringServe, Combining Its Streaming Ad Server and SSP

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, today unveiled the next generation of its SpringServe video platform, a CTV/OTT solution combining its award-winning SpringServe ad server with the advanced programmatic capabilities of the Magnite Streaming SSP. Initial clients to include Disney Advertising, LG Ad Solutions, Paramount, Roku, Samsung, and Warner Bros. Discovery.

    Developed for the needs of the world’s most advanced streaming clients, the unified platform streamlines buyers’ connection to 99% of US streaming supply, a dollar-weighted figure verified by Jounce Media in their March 2025 Supply Path Benchmarking Report. For media owners, the platform will unlock powerful tools for streamlined workflows and smarter yield optimization.

    “As the CTV space matures, there’s a significant opportunity to enhance the advertising process for media owners and buyers,” said Sean Buckley, President, Revenue at Magnite. “We’re building this next generation of SpringServe specifically to help our clients and partners stay ahead of these emerging opportunities. By unifying the programmatic layer as a complementary step in the buying process, not only does it give buyers greater transparency, predictability, and control over their ad placements, but it lays the foundation for more effective monetization and yield management for media owners.”

    “Disney continues to expand our global streaming footprint in collaboration with Magnite—unlocking more premium inventory and making it even easier for advertisers to access our portfolio at scale,” said Jamie Power, SVP, Addressable Sales at Disney. “Together, we’re advancing a shared vision for innovation—one that prioritizes automation, flexibility, and smarter tools to help our partners drive meaningful impact in the live streaming space.”

    “Controlling demand sources and optimizing ad placements in real time is essential to our strategy,” said Kelly McMahon, SVP of Operations at LG Ad Solutions. “SpringServe gives us the power to orchestrate everything in one platform—balancing programmatic demand and direct deals more effectively, without compromising the viewer experience.”

    “Working with valuable partners like Magnite has enabled Paramount to further optimize our programmatic demand sources, driving greater efficiency and performance while preserving a seamless viewing experience for our audiences,” said Christopher Owen, SVP, Partnerships at Paramount. “Continued advancements in programmatic play a meaningful role in our ongoing success both as a company and as part of the broader industry.”

    “Together with Magnite, we can create more opportunities for advertisers that offer platform transparency and flexibility across monetization, demand access, and user experience optimization,” said Jay Askinasi, SVP of Global Media Revenue and Growth at Roku. “SpringServe connects us more directly with DSPs, streamlining operations and augmenting revenue potential. This is an approach we believe will help attract greater advertising investment into the CTV ecosystem.”

    “Our long-standing partnership with Magnite has been instrumental in shaping our video monetization strategy, and we’re excited to partner with Magnite as they advance the SpringServe video platform,” said Jill Steinhauser, SVP Revenue Strategy and Operations, Warner Bros. Discovery. “We’re particularly looking forward to benefiting from the performance enhancements that enable faster ad loads and real-time pacing.”

    “Magnite helps fuel the premium, open internet,” said Will Doherty, SVP of Inventory Development, The Trade Desk. “Combined with tools like OpenPath, the next generation of SpringServe is accretive to advertisers and publishers and most importantly – so consumers can continue to enjoy the content we all love like CTV, journalism and more.”

    “Magnite’s unified SpringServe platform offers significant clarity and cohesion in the streaming TV marketplace,” said Susan Schiekofer, Chief Media Officer, GroupM US. “By providing deeper insight into the supply path and stronger alignment with premium inventory at scale, it empowers us to make smarter, faster buying decisions and ultimately deliver better outcomes for our clients.”

    “At OMG, we believe it’s a core right for advertisers to control and know where their ads deliver,” said Ryan Eusanio, SVP of Video and Programmatic at Omnicom Media Group. “Magnite’s SpringServe video platform helps us give our clients more control of their premium video strategy and enables better curation and targeting for campaigns.”

    The SpringServe video platform provides CTV and OTT publishers with improved functionality including:

    • Intelligent ad decisioning and dynamic mediation.
    • Automated ad routing that dynamically directs ad traffic to the highest-performing channels to ensure efficient ad delivery.
    • Centralized deal management to facilitate better visibility across direct and programmatic demand, including ClearLine deals.
    • Integration of Magnite Access for easy access to first- and third-party data.
    • A streamlined user interface and reporting for ad operations.

    For more information about the new SpringServe video platform, please visit magnite.com.

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    The MIL Network –

  • MIL-OSI: First Hawaiian, Inc. Reports First Quarter 2025 Financial Results and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, April 23, 2025 (GLOBE NEWSWIRE) — First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended March 31, 2025.

    “I’m pleased to report that First Hawaiian Bank started 2025 with a solid quarter. Retail deposits continued to grow, net interest income rose from the prior quarter, expenses were well managed, and credit quality remained strong,” said Bob Harrison, Chairman, President, and CEO. “Despite the current economic uncertainty, our customers can be confident in the strength of our balance sheet, our solid capital position, and our deep roots in the community, which provide the stability and reliability that define us.”

    On April 22, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on May 30, 2025, to stockholders of record at the close of business on May 19, 2025.

    First Quarter 2025 Highlights:

    • Net income of $59.2 million, or $0.47 per diluted share
    • Total loans and leases declined $115.2 million versus prior quarter
    • Total deposits declined $106.4 million versus prior quarter
    • Net interest margin increased 5 basis points to 3.08%
    • Recorded a $10.5 million provision for credit losses
    • Board of Directors declared a quarterly dividend of $0.26 per share

    Balance Sheet

    Total assets were $23.7 billion at March 31, 2025 versus $23.8 billion at December 31, 2024.

    Gross loans and leases were $14.3 billion as of March 31, 2025, a decrease of $115.2 million, or 0.8%, from $14.4 billion as of December 31, 2024.

    Total deposits were $20.2 billion as of March 31, 2025, a decrease of $106.4 million, or 0.5%, from $20.3 billion as of December 31, 2024.

    Net Interest Income

    Net interest income for the first quarter of 2025 was $160.5 million, an increase of $1.8 million, or 1.1%, compared to $158.8 million for the prior quarter.

    The net interest margin was 3.08% in the first quarter of 2025, an increase of 5 basis points compared to 3.03% in the prior quarter.

    Provision Expense

    During the quarter ended March 31, 2025, we recorded a $10.5 million provision for credit losses. In the quarter ended December 31, 2024, we recorded a $0.8 million negative provision for credit losses.

    Noninterest Income

    Noninterest income was $50.5 million in the first quarter of 2025, an increase of $21.1 million compared to noninterest income of $29.4 million in the prior quarter. Noninterest income in the fourth quarter of 2024 included a $26.2 million loss on the sale of investment securities.

    Noninterest Expense

    Noninterest expense was $123.6 million in the first quarter of 2025, a decrease of $0.6 million compared to noninterest expense of $124.1 million in the prior quarter.

    The efficiency ratio was 58.2% and 65.5% for the quarters ended March 31, 2025 and December 31, 2024, respectively.

    Taxes

    The effective tax rate was 23.0% and 18.9% for the quarters ended March 31, 2025 and December 31, 2024, respectively.

    Asset Quality

    The allowance for credit losses was $166.6 million, or 1.17% of total loans and leases, as of March 31, 2025, compared to $160.4 million, or 1.11% of total loans and leases, as of December 31, 2024. The reserve for unfunded commitments was $33.3 million as of March 31, 2025, compared to $32.8 million as of December 31, 2024. Net charge-offs were $3.8 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended March 31, 2025, compared to net charge-offs of $3.4 million, or 0.09% of average loans and leases on an annualized basis, for the quarter ended December 31, 2024. Total non-performing assets were $20.2 million, or 0.14% of total loans and leases and other real estate owned, on March 31, 2025, compared to total non-performing assets of $20.7 million, or 0.14% of total loans and leases and other real estate owned, on December 31, 2024.

    Capital

    Total stockholders’ equity was $2.6 billion on March 31, 2025 and December 31, 2024.

    The tier 1 leverage, common equity tier 1 and total capital ratios were 9.01%, 12.93% and 14.17%, respectively, on March 31, 2025, compared with 9.14%, 12.80% and 13.99%, respectively, on December 31, 2024.

    The Company repurchased 974 thousand shares of common stock at a total cost of $25.0 million under the stock repurchase program in the first quarter. The average cost was $25.66 per share repurchased.

    First Hawaiian, Inc.

    First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

    Conference Call Information

    First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time.

    To access the call by phone, please register via the following link:
    https://register-conf.media-server.com/register/BI13d3259b1b3b46188926f83e1bbe1316, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

    A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024.

    Use of Non-GAAP Financial Measures

    Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy.

    Table 12 at the end of this document provides a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.

                         
    Financial Highlights   Table 1
        For the Three Months Ended  
        March 31,    December 31,    March 31,   
    (dollars in thousands, except per share data)   2025   2024     2024  
    Operating Results:                    
    Net interest income   $ 160,526   $ 158,753     $ 154,427  
    Provision (benefit) for credit losses     10,500     (750 )     6,300  
    Noninterest income     50,477     29,376       51,371  
    Noninterest expense     123,560     124,143       128,813  
    Net income     59,248     52,496       54,220  
    Basic earnings per share     0.47     0.41       0.42  
    Diluted earnings per share     0.47     0.41       0.42  
    Dividends declared per share     0.26     0.26       0.26  
    Dividend payout ratio     55.32 %   63.41   %   61.90 %
    Performance Ratios(1):                    
    Net interest margin     3.08 %   3.03   %   2.91 %
    Efficiency ratio     58.22 %   65.51   %   62.15 %
    Return on average total assets     1.01 %   0.88   %   0.90 %
    Return on average tangible assets (non-GAAP)(2)     1.05 %   0.92   %   0.94 %
    Return on average total stockholders’ equity     9.09 %   7.94   %   8.73 %
    Return on average tangible stockholders’ equity (non-GAAP)(2)     14.59 %   12.78   %   14.53 %
    Average Balances:                    
    Average loans and leases   $ 14,309,998   $ 14,276,107     $ 14,312,563  
    Average earning assets     21,169,194     21,079,951       21,481,890  
    Average assets     23,890,459     23,795,735       24,187,207  
    Average deposits     20,354,040     20,249,573       20,571,930  
    Average stockholders’ equity     2,641,978     2,629,600       2,496,840  
    Market Value Per Share:                    
    Closing     24.44     25.95       21.96  
    High     28.28     28.80       23.12  
    Low     23.95     22.08       20.37  
                         
        As of   As of   As of  
        March 31,    December 31,    March 31,   
    (dollars in thousands, except per share data)   2025   2024   2024  
    Balance Sheet Data:                    
    Loans and leases   $ 14,293,036   $ 14,408,258   $ 14,320,208  
    Total assets     23,744,958     23,828,186     24,279,186  
    Total deposits     20,215,816     20,322,216     20,669,481  
    Short-term borrowings     250,000     250,000     500,000  
    Total stockholders’ equity     2,648,852     2,617,486     2,513,761  
                         
    Per Share of Common Stock:                    
    Book value   $ 21.07   $ 20.70   $ 19.66  
    Tangible book value (non-GAAP)(2)     13.15     12.83     11.88  
                         
    Asset Quality Ratios:                    
    Non-accrual loans and leases / total loans and leases     0.14 %   0.14 %   0.13 %
    Allowance for credit losses for loans and leases / total loans and leases     1.17 %   1.11 %   1.12 %
                         
    Capital Ratios:                    
    Common Equity Tier 1 Capital Ratio     12.93 %   12.80 %   12.55 %
    Tier 1 Capital Ratio     12.93 %   12.80 %   12.55 %
    Total Capital Ratio     14.17 %   13.99 %   13.75 %
    Tier 1 Leverage Ratio     9.01 %   9.14 %   8.80 %
    Total stockholders’ equity to total assets     11.16 %   10.98 %   10.35 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)(2)     7.27 %   7.10 %   6.52 %
                         
    Non-Financial Data:                    
    Number of branches     48     48     50  
    Number of ATMs     273     273     275  
    Number of Full-Time Equivalent Employees     1,995     1,997     2,065  

    (1) Except for the efficiency ratio, amounts are annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

    (2) Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 12, GAAP to Non-GAAP Reconciliation.

                       
    Consolidated Statements of Income   Table 2
        For the Three Months Ended
        March 31,    December 31,    March 31, 
    (dollars in thousands, except per share amounts)   2025   2024     2024
    Interest income                  
    Loans and lease financing   $ 192,102   $ 198,347     $ 199,844
    Available-for-sale investment securities     13,150     12,767       14,546
    Held-to-maturity investment securities     16,647     17,071       17,793
    Other     13,251     11,977       12,769
    Total interest income     235,150     240,162       244,952
    Interest expense                  
    Deposits     71,709     78,465       84,143
    Short-term borrowings     2,599     2,685       5,953
    Other     316     259       429
    Total interest expense     74,624     81,409       90,525
    Net interest income     160,526     158,753       154,427
    Provision (benefit) for credit losses     10,500     (750 )     6,300
    Net interest income after provision (benefit) for credit losses     150,026     159,503       148,127
    Noninterest income                  
    Service charges on deposit accounts     7,535     7,968       7,546
    Credit and debit card fees     14,474     14,834       16,173
    Other service charges and fees     12,167     13,132       9,904
    Trust and investment services income     9,370     9,449       10,354
    Bank-owned life insurance     4,371     5,713       4,286
    Investment securities gains (losses), net     37     (26,171 )     —
    Other     2,523     4,451       3,108
    Total noninterest income     50,477     29,376       51,371
    Noninterest expense                  
    Salaries and employee benefits     60,104     59,003       59,262
    Contracted services and professional fees     14,839     14,472       15,739
    Occupancy     8,100     7,708       6,941
    Equipment     13,871     14,215       13,413
    Regulatory assessment and fees     3,823     3,745       8,120
    Advertising and marketing     2,179     1,529       2,612
    Card rewards program     7,919     7,926       8,508
    Other     12,725     15,545       14,218
    Total noninterest expense     123,560     124,143       128,813
    Income before provision for income taxes     76,943     64,736       70,685
    Provision for income taxes     17,695     12,240       16,465
    Net income   $ 59,248   $ 52,496     $ 54,220
    Basic earnings per share   $ 0.47   $ 0.41     $ 0.42
    Diluted earnings per share   $ 0.47   $ 0.41     $ 0.42
    Basic weighted-average outstanding shares     126,281,802     127,350,626       127,707,354
    Diluted weighted-average outstanding shares     127,166,932     128,167,502       128,217,689
                       
    Consolidated Balance Sheets   Table 3
    (dollars in thousands, except share amount)   March 31,
    2025
    		   December 31,
    2024
    		   March 31,
    2024
    Assets                  
    Cash and due from banks   $ 240,738     $ 258,057     $ 202,121  
    Interest-bearing deposits in other banks     1,073,841       912,133       1,072,145  
    Investment securities:                  
    Available-for-sale, at fair value (amortized cost: $2,091,034 as of March 31, 2025, $2,190,448 as of December 31, 2024 and $2,466,109 as of March 31, 2024)     1,858,428       1,926,516       2,159,338  
    Held-to-maturity, at amortized cost (fair value: $3,250,275 as of March 31, 2025, $3,262,509 as of December 31, 2024 and $3,470,710 as of March 31, 2024)     3,724,908       3,790,650       3,988,011  
    Loans held for sale     1,547       —       —  
    Loans and leases     14,293,036       14,408,258       14,320,208  
    Less: allowance for credit losses     166,612       160,393       159,836  
    Net loans and leases     14,126,424       14,247,865       14,160,372  
                       
    Premises and equipment, net     292,576       288,530       281,181  
    Accrued interest receivable     78,973       79,979       85,715  
    Bank-owned life insurance     495,567       491,890       484,193  
    Goodwill     995,492       995,492       995,492  
    Mortgage servicing rights     4,926       5,078       5,533  
    Other assets     851,538       831,996       845,085  
    Total assets   $ 23,744,958     $ 23,828,186     $ 24,279,186  
    Liabilities and Stockholders’ Equity                  
    Deposits:                  
    Interest-bearing   $ 13,330,265     $ 13,347,068     $ 13,620,928  
    Noninterest-bearing     6,885,551       6,975,148       7,048,553  
    Total deposits     20,215,816       20,322,216       20,669,481  
    Short-term borrowings     250,000       250,000       500,000  
    Retirement benefits payable     96,241       97,135       102,242  
    Other liabilities     534,049       541,349       493,702  
    Total liabilities     21,096,106       21,210,700       21,765,425  
                       
    Stockholders’ equity                  
    Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 142,139,353 / 125,692,598 shares as of March 31, 2025, issued/outstanding: 141,748,847 / 126,422,898 shares as of December 31, 2024 and issued/outstanding: 141,687,612 / 127,841,908 shares as of March 31, 2024)     1,421       1,417       1,417  
    Additional paid-in capital     2,564,408       2,560,380       2,551,488  
    Retained earnings     960,337       934,048       858,494  
    Accumulated other comprehensive loss, net     (433,769 )     (463,994 )     (523,780 )
    Treasury stock (16,446,755 shares as of March 31, 2025, 15,325,949 shares as of December 31, 2024 and 13,845,704 shares as of March 31, 2024)     (443,545 )     (414,365 )     (373,858 )
    Total stockholders’ equity     2,648,852       2,617,486       2,513,761  
    Total liabilities and stockholders’ equity   $ 23,744,958     $ 23,828,186     $ 24,279,186  
                                                       
    Average Balances and Interest Rates                                               Table 4
        Three Months Ended   Three Months Ended   Three Months Ended  
        March 31, 2025   December 31, 2024   March 31, 2024  
        Average   Income/   Yield/   Average   Income/   Yield/   Average   Income/   Yield/  
    (dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate   Balance   Expense   Rate  
    Earning Assets                                                  
    Interest-Bearing Deposits in Other Banks   $ 1,171.1   $ 12.8   4.44 % $ 948.9   $ 11.3   4.75 % $ 858.6   $ 11.6   5.45 %
    Available-for-Sale Investment Securities                                                  
    Taxable     1,891.4     13.2   2.79     1,987.7     12.7   2.56     2,210.6     14.5   2.63  
    Non-Taxable     1.4     —   5.52     1.4     —   5.30     1.8     —   5.61  
    Held-to-Maturity Investment Securities                                                  
    Taxable     3,164.0     13.6   1.72     3,224.8     13.9   1.72     3,416.4     14.6   1.71  
    Non-Taxable     599.0     3.7   2.51     601.7     3.9   2.56     603.4     4.0   2.65  
    Total Investment Securities     5,655.8     30.5   2.16     5,815.6     30.5   2.10     6,232.2     33.1   2.13  
    Loans Held for Sale     0.3     —   6.28     1.3     —   5.75     0.7     —   6.92  
    Loans and Leases(1)                                                  
    Commercial and industrial     2,196.8     33.6   6.20     2,157.8     35.2   6.50     2,164.9     37.2   6.92  
    Commercial real estate     4,420.1     66.5   6.10     4,333.1     68.9   6.33     4,323.5     70.1   6.53  
    Construction     937.0     15.4   6.67     990.7     17.4   6.99     924.7     17.4   7.55  
    Residential:                                                  
    Residential mortgage     4,150.3     40.9   3.94     4,183.5     40.8   3.90     4,264.1     42.0   3.94  
    Home equity line     1,149.8     13.1   4.61     1,157.1     13.3   4.55     1,172.1     12.0   4.13  
    Consumer     1,019.5     18.9   7.53     1,033.2     19.0   7.29     1,083.5     18.1   6.71  
    Lease financing     436.5     4.3   3.99     420.7     4.4   4.18     379.8     3.7   3.91  
    Total Loans and Leases     14,310.0     192.7   5.44     14,276.1     199.0   5.55     14,312.6     200.5   5.63  
    Other Earning Assets     32.0     0.4   5.48     38.1     0.7   6.73     77.8     1.2   5.90  
    Total Earning Assets(2)     21,169.2     236.4   4.51     21,080.0     241.5   4.56     21,481.9     246.4   4.61  
    Cash and Due from Banks     235.9               226.2               244.3            
    Other Assets     2,485.4               2,489.5               2,461.0            
    Total Assets   $ 23,890.5             $ 23,795.7             $ 24,187.2            
                                                       
    Interest-Bearing Liabilities                                                  
    Interest-Bearing Deposits                                                  
    Savings   $ 6,232.5   $ 21.3   1.38 % $ 5,940.3   $ 21.1   1.42 % $ 6,059.7   $ 23.4   1.56 %
    Money Market     3,922.2     23.0   2.38     4,053.6     26.6   2.61     3,944.9     28.8   2.94  
    Time     3,317.1     27.4   3.36     3,362.0     30.8   3.64     3,325.3     31.9   3.86  
    Total Interest-Bearing Deposits     13,471.8     71.7   2.16     13,355.9     78.5   2.34     13,329.9     84.1   2.54  
    Other Short-Term Borrowings     250.0     2.6   4.22     250.0     2.7   4.27     500.0     6.0   4.79  
    Other Interest-Bearing Liabilities     27.5     0.3   4.67     25.3     0.2   4.07     33.0     0.4   5.22  
    Total Interest-Bearing Liabilities     13,749.3     74.6   2.20     13,631.2     81.4   2.38     13,862.9     90.5   2.63  
    Net Interest Income         $ 161.8             $ 160.1             $ 155.9      
    Interest Rate Spread(3)               2.31 %             2.18 %             1.98 %
    Net Interest Margin(4)               3.08 %             3.03 %             2.91 %
    Noninterest-Bearing Demand Deposits     6,882.2               6,893.7               7,242.0            
    Other Liabilities     617.0               641.2               585.5            
    Stockholders’ Equity     2,642.0               2,629.6               2,496.8            
    Total Liabilities and Stockholders’ Equity   $ 23,890.5             $ 23,795.7             $ 24,187.2            

    (1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

    (2) Interest income includes taxable-equivalent basis adjustments of $1.2 million, $1.4 million and $1.5 million for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    (3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

    (4) Net interest margin is net interest income annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, on a fully taxable-equivalent basis, divided by average total earning assets.

                       
    Analysis of Change in Net Interest Income                 Table 5
        Three Months Ended March 31, 2025
        Compared to December 31, 2024
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 2.3     $ (0.8 )   $ 1.5  
    Available-for-Sale Investment Securities                  
    Taxable     (0.6 )     1.1       0.5  
    Held-to-Maturity Investment Securities                  
    Taxable     (0.3 )     —       (0.3 )
    Non-Taxable     —       (0.2 )     (0.2 )
    Total Investment Securities     (0.9 )     0.9       —  
    Loans and Leases                  
    Commercial and industrial     0.5       (2.1 )     (1.6 )
    Commercial real estate     0.9       (3.3 )     (2.4 )
    Construction     (1.1 )     (0.9 )     (2.0 )
    Residential:                  
    Residential mortgage     (0.3 )     0.4       0.1  
    Home equity line     (0.2 )     —       (0.2 )
    Consumer     (0.4 )     0.3       (0.1 )
    Lease financing     0.1       (0.2 )     (0.1 )
    Total Loans and Leases     (0.5 )     (5.8 )     (6.3 )
    Other Earning Assets     (0.1 )     (0.2 )     (0.3 )
    Total Change in Interest Income     0.8       (5.9 )     (5.1 )
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     0.9       (0.7 )     0.2  
    Money Market     (1.0 )     (2.6 )     (3.6 )
    Time     (0.5 )     (2.9 )     (3.4 )
    Total Interest-Bearing Deposits     (0.6 )     (6.2 )     (6.8 )
    Other Short-Term Borrowings     —       (0.1 )     (0.1 )
    Other Interest-Bearing Liabilities     —       0.1       0.1  
    Total Change in Interest Expense     (0.6 )     (6.2 )     (6.8 )
    Change in Net Interest Income   $ 1.4     $ 0.3     $ 1.7  

    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                       
    Analysis of Change in Net Interest Income                 Table 6
        Three Months Ended March 31, 2025
        Compared to March 31, 2024
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 3.7     $ (2.5 )   $ 1.2  
    Available-for-Sale Investment Securities                  
    Taxable     (2.2 )     0.9       (1.3 )
    Held-to-Maturity Investment Securities                  
    Taxable     (1.1 )     0.1       (1.0 )
    Non-Taxable     —       (0.3 )     (0.3 )
    Total Investment Securities     (3.3 )     0.7       (2.6 )
    Loans and Leases                  
    Commercial and industrial     0.5       (4.1 )     (3.6 )
    Commercial real estate     1.5       (5.1 )     (3.6 )
    Construction     0.2       (2.2 )     (2.0 )
    Residential:                  
    Residential mortgage     (1.1 )     —       (1.1 )
    Home equity line     (0.2 )     1.3       1.1  
    Consumer     (1.2 )     2.0       0.8  
    Lease financing     0.5       0.1       0.6  
    Total Loans and Leases     0.2       (8.0 )     (7.8 )
    Other Earning Assets     (0.7 )     (0.1 )     (0.8 )
    Total Change in Interest Income     (0.1 )     (9.9 )     (10.0 )
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     0.7       (2.8 )     (2.1 )
    Money Market     (0.2 )     (5.6 )     (5.8 )
    Time     (0.1 )     (4.4 )     (4.5 )
    Total Interest-Bearing Deposits     0.4       (12.8 )     (12.4 )
    Other Short-Term Borrowings     (2.7 )     (0.7 )     (3.4 )
    Other Interest-Bearing Liabilities     (0.1 )     —       (0.1 )
    Total Change in Interest Expense     (2.4 )     (13.5 )     (15.9 )
    Change in Net Interest Income   $ 2.3     $ 3.6     $ 5.9  

    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                       
    Loans and Leases                 Table 7
        March 31,    December 31,    March 31, 
    (dollars in thousands)   2025   2024   2024
    Commercial and industrial   $ 2,261,394   $ 2,247,428   $ 2,189,875
    Commercial real estate     4,367,433     4,463,992     4,301,300
    Construction     954,072     918,326     972,517
    Residential:                  
    Residential mortgage     4,129,518     4,168,154     4,242,502
    Home equity line     1,144,895     1,151,739     1,165,778
    Total residential     5,274,413     5,319,893     5,408,280
    Consumer     998,325     1,023,969     1,054,227
    Lease financing     437,399     434,650     394,009
    Total loans and leases   $ 14,293,036   $ 14,408,258   $ 14,320,208
                       
    Deposits                 Table 8
        March 31,    December 31,    March 31, 
    (dollars in thousands)   2025   2024   2024
    Demand   $ 6,885,551   $ 6,975,148   $ 7,048,553
    Savings     6,110,796     6,021,364     6,277,679
    Money Market     3,865,203     4,027,334     4,059,204
    Time     3,354,266     3,298,370     3,284,045
    Total Deposits   $ 20,215,816   $ 20,322,216   $ 20,669,481
                       
    Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More                 Table 9
        March 31,    December 31,    March 31, 
    (dollars in thousands)   2025   2024   2024
    Non-Performing Assets                  
    Non-Accrual Loans and Leases                  
    Commercial Loans:                  
    Commercial and industrial   $ —   $ 329   $ 942
    Commercial real estate     216     411     2,953
    Construction     375     —     —
    Total Commercial Loans     591     740     3,895
    Residential Loans:                  
    Residential mortgage     12,809     12,768     7,777
    Home equity line     6,788     7,171     6,345
    Total Residential Loans     19,597     19,939     14,122
    Total Non-Accrual Loans and Leases     20,188     20,679     18,017
    Total Non-Performing Assets   $ 20,188   $ 20,679   $ 18,017
                       
    Accruing Loans and Leases Past Due 90 Days or More                  
    Commercial Loans:                  
    Commercial and industrial   $ 740   $ 1,432   $ 529
    Construction     —     536     606
    Total Commercial Loans     740     1,968     1,135
    Residential mortgage     1,008     1,317     359
    Consumer     2,554     2,734     2,126
    Total Accruing Loans and Leases Past Due 90 Days or More   $ 4,302   $ 6,019   $ 3,620
                       
    Total Loans and Leases   $ 14,293,036   $ 14,408,258   $ 14,320,208
                         
    Allowance for Credit Losses and Reserve for Unfunded Commitments   Table 10
        For the Three Months Ended  
        March 31,    December 31,    March 31,   
    (dollars in thousands)   2025     2024     2024    
    Balance at Beginning of Period   $ 193,240     $ 197,397     $ 192,138    
    Loans and Leases Charged-Off                    
    Commercial and industrial     (1,459 )     (851 )     (909 )  
    Home equity line     (14 )     —       —    
    Consumer     (5,025 )     (4,774 )     (4,854 )  
    Total Loans and Leases Charged-Off     (6,498 )     (5,625 )     (5,763 )  
    Recoveries on Loans and Leases Previously Charged-Off                    
    Commercial Loans:                    
    Commercial and industrial     403       298       211    
    Commercial real estate     251       —       —    
    Total Commercial Loans     654       298       211    
    Residential Loans:                    
    Residential mortgage     20       30       30    
    Home equity line     64       32       44    
    Total Residential Loans     84       62       74    
    Consumer     1,979       1,858       1,689    
    Total Recoveries on Loans and Leases Previously Charged-Off     2,717       2,218       1,974    
    Net Loans and Leases Charged-Off     (3,781 )     (3,407 )     (3,789 )  
    Provision (Benefit) for Credit Losses     10,500       (750 )     6,300    
    Balance at End of Period   $ 199,959     $ 193,240     $ 194,649    
    Components:                    
    Allowance for Credit Losses   $ 166,612     $ 160,393     $ 159,836    
    Reserve for Unfunded Commitments     33,347       32,847       34,813    
    Total Allowance for Credit Losses and Reserve for Unfunded Commitments   $ 199,959     $ 193,240     $ 194,649    
    Average Loans and Leases Outstanding   $ 14,309,998     $ 14,276,107     $ 14,312,563    
    Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)     0.11   %   0.09   %   0.11   %
    Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding     1.17   %   1.11   %   1.12   %
    Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases     8.25x     7.76x     8.87x  

    (1) Annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

                                                           
    Loans and Leases by Year of Origination and Credit Quality Indicator     Table 11
                                                  Revolving      
                                                  Loans      
                                                  Converted      
        Term Loans   Revolving   to Term      
        Amortized Cost Basis by Origination Year   Loans   Loans      
                                            Amortized   Amortized      
    (dollars in thousands)   2025   2024   2023   2022   2021   Prior   Cost Basis   Cost Basis   Total
    Commercial Lending                                                      
    Commercial and Industrial                                                      
    Risk rating:                                                      
    Pass   $ 19,578   $ 173,435   $ 68,842   $ 172,494   $ 220,547   $ 268,053   $ 1,148,880   $ 20,009   $ 2,091,838
    Special Mention     364     916     2,250     3,353     58     1,229     41,972     —     50,142
    Substandard     —     —     —     7,948     26     1,238     24,836     —     34,048
    Other (1)     8,099     12,828     7,983     6,045     2,255     2,105     46,051     —     85,366
    Total Commercial and Industrial     28,041     187,179     79,075     189,840     222,886     272,625     1,261,739     20,009     2,261,394
    Current period gross charge-offs     —     43     95     179     356     779     7     —     1,459
                                                           
    Commercial Real Estate                                                      
    Risk rating:                                                      
    Pass     105,358     291,863     384,491     796,202     632,631     1,889,571     100,071     7,645     4,207,832
    Special Mention     —     8,979     2,235     7,483     41,397     22,702     11,747     —     94,543
    Substandard     —     —     —     54,918     1,007     9,003     —     —     64,928
    Other (1)     —     —     —     —     —     130     —     —     130
    Total Commercial Real Estate     105,358     300,842     386,726     858,603     675,035     1,921,406     111,818     7,645     4,367,433
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Construction                                                      
    Risk rating:                                                      
    Pass     4,610     122,410     198,780     353,108     162,361     52,233     22,934     —     916,436
    Special Mention     —     —     —     —     —     147     —     —     147
    Other (1)     522     14,134     8,910     8,500     1,553     3,177     693     —     37,489
    Total Construction     5,132     136,544     207,690     361,608     163,914     55,557     23,627     —     954,072
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Lease Financing                                                      
    Risk rating:                                                      
    Pass     69,731     94,965     99,259     56,228     13,304     98,262     —     —     431,749
    Special Mention     —     —     226     —     195     —     —     —     421
    Substandard     —     4,411     526     292     —     —     —     —     5,229
    Total Lease Financing     69,731     99,376     100,011     56,520     13,499     98,262     —     —     437,399
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Total Commercial Lending   $ 208,262   $ 723,941   $ 773,502   $ 1,466,571   $ 1,075,334   $ 2,347,850   $ 1,397,184   $ 27,654   $ 8,020,298
    Current period gross charge-offs   $ —   $ 43   $ 95   $ 179   $ 356   $ 779   $ 7   $ —   $ 1,459

    (continued)

                                                           
                                                  Revolving      
                                                  Loans      
                                                  Converted      
        Term Loans   Revolving   to Term      
        Amortized Cost Basis by Origination Year   Loans   Loans      
    (continued)                                       Amortized   Amortized      
    (dollars in thousands)   2025   2024   2023   2022   2021   Prior   Cost Basis   Cost Basis   Total
    Residential Lending                                                      
    Residential Mortgage                                                      
    FICO:                                                      
    740 and greater   $ 41,949   $ 161,436   $ 183,292   $ 482,310   $ 933,384   $ 1,578,605   $ —   $ —   $ 3,380,976
    680 – 739     4,088     18,218     34,761     65,347     101,230     192,602     —     —     416,246
    620 – 679     734     1,714     3,922     23,196     18,793     51,826     —     —     100,185
    550 – 619     —     —     817     6,495     7,696     17,224     —     —     32,232
    Less than 550     —     —     731     771     2,253     7,503     —     —     11,258
    No Score (3)     —     13,199     6,330     16,757     9,837     50,065     —     —     96,188
    Other (2)     759     8,020     11,914     16,416     14,182     37,781     3,361     —     92,433
    Total Residential Mortgage     47,530     202,587     241,767     611,292     1,087,375     1,935,606     3,361     —     4,129,518
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Home Equity Line                                                      
    FICO:                                                      
    740 and greater     —     —     —     —     —     —     911,857     1,404     913,261
    680 – 739     —     —     —     —     —     —     169,131     1,684     170,815
    620 – 679     —     —     —     —     —     —     39,262     592     39,854
    550 – 619     —     —     —     —     —     —     12,077     485     12,562
    Less than 550     —     —     —     —     —     —     6,645     486     7,131
    No Score (3)     —     —     —     —     —     —     1,272     —     1,272
    Total Home Equity Line     —     —     —     —     —     —     1,140,244     4,651     1,144,895
    Current period gross charge-offs     —     —     —     —     —     —     14     —     14
                                                           
    Total Residential Lending   $ 47,530   $ 202,587   $ 241,767   $ 611,292   $ 1,087,375   $ 1,935,606   $ 1,143,605   $ 4,651   $ 5,274,413
    Current period gross charge-offs   $ —   $ —   $ —   $ —   $ —   $ —   $ 14   $ —   $ 14
                                                           
    Consumer Lending                                                      
    FICO:                                                      
    740 and greater     32,634     80,861     58,623     73,919     37,183     15,253     93,415     112     392,000
    680 – 739     19,668     66,839     41,621     38,860     18,814     9,295     84,783     515     280,395
    620 – 679     6,692     31,051     16,155     17,379     8,533     6,406     50,655     793     137,664
    550 – 619     596     9,333     6,584     9,663     5,434     4,471     16,458     849     53,388
    Less than 550     280     3,004     4,421     5,131     3,263     2,741     5,399     508     24,747
    No Score (3)     750     821     95     30     —     18     35,238     194     37,146
    Other (2)     201     —     —     257     600     1,044     70,883     —     72,985
    Total Consumer Lending   $ 60,821   $ 191,909   $ 127,499   $ 145,239   $ 73,827   $ 39,228   $ 356,831   $ 2,971   $ 998,325
    Current period gross charge-offs   $ —   $ 660   $ 481   $ 585   $ 270   $ 809   $ 1,883   $ 337   $ 5,025
                                                           
    Total Loans and Leases   $ 316,613   $ 1,118,437   $ 1,142,768   $ 2,223,102   $ 2,236,536   $ 4,322,684   $ 2,897,620   $ 35,276   $ 14,293,036
    Current period gross charge-offs   $ —   $ 703   $ 576   $ 764   $ 626   $ 1,588   $ 1,904   $ 337   $ 6,498

    (1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score (680 and above). As of March 31, 2025, the majority of the loans in this population were current.

    (2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of March 31, 2025, the majority of the loans in this population were current.

    (3) No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

                         
    GAAP to Non-GAAP Reconciliation   Table 12
        For the Three Months Ended  
        March 31,    December 31,    March 31,   
    (dollars in thousands)   2025   2024   2024  
    Income Statement Data:                    
    Net income   $ 59,248   $ 52,496   $ 54,220  
                         
    Average total stockholders’ equity   $ 2,641,978   $ 2,629,600   $ 2,496,840  
    Less: average goodwill     995,492     995,492     995,492  
    Average tangible stockholders’ equity   $ 1,646,486   $ 1,634,108   $ 1,501,348  
                         
    Average total assets   $ 23,890,459   $ 23,795,735   $ 24,187,207  
    Less: average goodwill     995,492     995,492     995,492  
    Average tangible assets   $ 22,894,967   $ 22,800,243   $ 23,191,715  
                         
    Return on average total stockholders’ equity(1)     9.09 %   7.94 %   8.73 %
    Return on average tangible stockholders’ equity (non-GAAP)(1)     14.59 %   12.78 %   14.53 %
                         
    Return on average total assets(1)     1.01 %   0.88 %   0.90 %
    Return on average tangible assets (non-GAAP)(1)     1.05 %   0.92 %   0.94 %
                         
                       
        As of   As of   As of  
        March 31,    December 31,    March 31,   
    (dollars in thousands, except per share amounts)   2025   2024   2024  
    Balance Sheet Data:                    
    Total stockholders’ equity   $ 2,648,852   $ 2,617,486   $ 2,513,761  
    Less: goodwill     995,492     995,492     995,492  
    Tangible stockholders’ equity   $ 1,653,360   $ 1,621,994   $ 1,518,269  
                         
    Total assets   $ 23,744,958   $ 23,828,186   $ 24,279,186  
    Less: goodwill     995,492     995,492     995,492  
    Tangible assets   $ 22,749,466   $ 22,832,694   $ 23,283,694  
                         
    Shares outstanding     125,692,598     126,422,898     127,841,908  
                         
    Total stockholders’ equity to total assets     11.16 %   10.98 %   10.35 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)     7.27 %   7.10 %   6.52 %
                         
    Book value per share   $ 21.07   $ 20.70   $ 19.66  
    Tangible book value per share (non-GAAP)   $ 13.15   $ 12.83   $ 11.88  

    (1) Annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

    The MIL Network –

  • MIL-OSI: Asure Software Launches New Canadian Payroll Tax Solution to Support Global Enterprises

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, April 23, 2025 (GLOBE NEWSWIRE) — Asure Software, Inc. (NASDAQ: ASUR), a leading provider of cloud-based Human Capital Management (HCM) solutions, today announced the launch of its new Canadian payroll tax filing solution, designed specifically for large Canadian companies and global enterprises with employees in Canada.

    This innovative solution expands Asure’s capability to serve enterprise clients with international workforces, seamlessly integrating payroll tax services into major platforms such as Workday, Oracle, and SAP. Asure’s Canadian tax product leverages Luna, the company’s proprietary AI-powered virtual agent, marking a significant advancement as the first of its kind in the Canadian market.

    “We developed this product incredibly fast due to our API-first approach and strategic partnership with Amazon Web Services (AWS),” said Pat Goepel, CEO of Asure Software. “The scalability, reliability, and flexibility provided by AWS have been instrumental in accelerating our innovation cycle and enabling rapid delivery to our customers.”

    The Canadian payroll tax solution addresses critical compliance needs for organizations managing cross-border payroll processes, reducing complexity and ensuring accurate, timely filing. The integration of Luna provides intelligent automation, further simplifying workflows and improving operational efficiency.

    “Our focus remains on empowering organizations to thrive by simplifying complex payroll and tax compliance challenges, especially across international borders,” Goepel continued. “This solution reinforces our commitment to innovation and our ability to quickly respond to evolving market needs.”

    To learn more about Asure Software’s Canadian Payroll Tax Solution and broader suite of international payroll and HCM offerings, visit www.asuresoftware.com.

    About Asure Software
    Asure (NASDAQ: ASUR) provides cloud-based Human Capital Management (HCM) software solutions that assist organizations of all sizes in streamlining their HCM processes. Asure’s suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management, and talent management. The company’s approach to HR compliance services incorporates AI technology to enhance scalability and efficiency while prioritizing client interactions. For more information, please visit www.asuresoftware.com. 

    Investor Relations Contact: 
    Patrick McKillop
    Asure Investor Relations 
    617-335-5058
    patrick.mckillop@asuresoftware.com 

    The MIL Network –

  • MIL-OSI: CapEx Finance Index (CFI) March 2025: New Business Volumes Grew; Financial Conditions Weakened

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, April 23, 2025 (GLOBE NEWSWIRE) —

    • FORECAST: Growth in new business volumes suggests a 1.5% rise in new durable goods orders in March.
    • Total new business volume (NBV) rose by $10.4 billion seasonally adjusted among surveyed ELFA member companies, an increase of 7.0% from the prior month.
    • NBV year-to-date contracted by 0.8% relative to the same period in 2024.
    • Year-over-year, NBV grew by 9.8% on a non-seasonally adjusted basis.
    • Charge-offs (losses) rose to 0.60%, the highest level since September 2020.

    “The CFI sent conflicting messages in March. New equipment demand rose for the second consecutive month and was in line with its recent two-year trend,” said Leigh Lytle, President and CEO at ELFA. “However, financial conditions weakened, with aging receivables increasing and the average loss rate rising to its highest level in nearly five years. Economic uncertainty remains exceptionally elevated, and the rise in charge-offs may be an early indication that end-users are experiencing financial stress. The strength in equipment demand should not be understated – the sector is on solid ground – but I’ll be watching the financial data closely for signs of further deterioration as we enter what is expected to be a volatile spring and summer.”

    New business volumes rose for the second consecutive month. Volumes continued to make up ground after a disappointing start to the year. New business activity grew by 7.0%, the third-highest growth rate in the last two years. The small ticket index shot up by 21.7%, surpassing the hot February rate of 15.9%. Financing activity picked up across institution types, with banks and captives posting double-digit monthly growth rates, while activity at independents expanded by just over 2%. Volume growth at banks surged over the last 12 months, reaching a yearly growth rate of 32.3%. Activity at captives and independents shrank over the same period.

    The pace of job losses quickened. Employment levels in the equipment financing industry dropped 2.7% over the 12 months ending in March. Job losses were broad-based, with all three institution types reporting a yearly contraction in employment.

    Credit approvals rose to the highest level since August 2024. The overall credit approval rate rose to 76.0%, an increase of almost 0.7 percentage points. The rate remains above the recent two-year average of 75.5%.

    Financial conditions weakened further. Aging receivables over 30 days rose to 2.3%, an increase of a quarter of a percentage point. Aging receivables increased at banks and independents but declined at captives. Charge-offs rose for the second consecutive month to 0.60%, the highest loss rate since September 2020. The trailing six-month average rose to 0.50% and has been trending up over the last five months. It is now more elevated than at any point from 2015 through 2019.

    “Industry new business volume of $10.4 billion was very strong in March, which may represent a pull-forward of equipment orders ahead of tariffs going into effect,” said Alan Sikora, CEO of First American Equipment Finance, an RBC / City National Company. “As some clients are cautious due to economic uncertainty, the equipment leasing and finance industry will continue to play a key role in helping organizations navigate their changing environment.”

    Industry Confidence
    The Monthly Confidence Index from ELFA’s affiliate, the Equipment Leasing & Finance Foundation, dropped to 41.9 in April from 58.1 the previous month, as tariffs spur uncertainty about conditions over the next four months.

    About ELFA’s CFI
    The CapEx Finance Index (CFI) is the only real-time dataset that tracks nationwide conditions in the equipment financing industry. The information is compiled from a diversified set of businesses that respond to questions about demand for equipment financing, employment, and changes in financial conditions. The resulting data is organized by institution type, such as banks, captives, and independents, and is classified into overall activity and financing for small ticket equipment and software. The CFI is released monthly from Washington, D.C., one day before the U.S. Department of Commerce’s durable goods report. More detail on the data and methodology can be found at www.elfaonline.org/CFI.

    About ELFA
    The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s over 600 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org.

    Follow ELFA:
    X: @ELFAonline
    LinkedIn: https://www.linkedin.com/company/115191

    Media/Press Contact: Krishna Magalona, PR Manager, ELFA, Krishna@360livemedia.com

    PDF available: http://ml.globenewswire.com/Resource/Download/a10e2fab-ae41-4b3b-aad0-8b8efb970e4d

    The MIL Network –

  • MIL-OSI: Stifel Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, April 23, 2025 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.26 billion for the three months ended March 31, 2025, compared with $1.16 billion a year ago. Net income available to common shareholders was $43.7 million, or $0.39 per diluted common share, compared with $154.3 million, or $1.40 per diluted common share for the first quarter of 2024. Non-GAAP net income available to common shareholders was $54.2 million, or $0.49 per diluted common share for the first quarter of 2025.

    Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Our net revenue of $1.26 billion marks the highest first-quarter revenue in our history, with year-over-year growth across all revenue lines. The investments we’ve made in our business and our focus on delivering valued advice drove growth in both our Global Wealth Management and Institutional Group — despite the headwinds from market volatility and a significant legal charge. We remain optimistic about long-term growth, emphasizing the resilience of U.S. financial markets and the value our advice-driven model delivers during periods of uncertainty.”

    Highlights

    • The Company reported net revenues of $1.26 billion, the third best quarter in its history, driven by higher asset management revenues, investment banking revenues, transactional revenues, and net interest income.
    • Non-GAAP net income available to common shareholders of $0.49 per diluted common share was negatively impacted by elevated provisions for legal matters of $1.16 per diluted common share (after-tax).
    • Record asset management revenues, up 11% over the year-ago quarter.
    • Advisory revenues increased 15% over the year-ago quarter.
    • Capital raising revenues increased 6% over the year-ago quarter.
    • Client assets of $485.9 billion, up 4% over the year-ago quarter.
    • Recruited 52 financial advisors during the quarter, including 9 experienced employee advisors.
    • Non-GAAP pre-tax margin of 6% was negatively impacted by elevated provisions for legal matters.
    • Annualized return on tangible common equity (ROTCE) (5) of 6%.
    • Tangible book value per common share (7) of $33.31, up 9% from prior year.
     
    Financial Summary (Unaudited)
    (000s) 1Q 2025 1Q 2024
    GAAP Financial Highlights:            
    Net revenues $1,255,469   $1,163,038  
    Net income (1) $43,672   $154,255  
    Diluted EPS (1) $0.39   $1.40  
    Comp. ratio   58.3%     58.4%  
    Non-comp. ratio   36.7%     22.8%  
    Pre-tax margin   5.0%     18.8%  
    Non-GAAP Financial Highlights:            
    Net revenues $1,255,455   $1,163,038  
    Net income (1)(2) $54,236   $163,346  
    Diluted EPS (1) (2) $0.49   $1.49  
    Comp. ratio (2)   58.0%     58.0%  
    Non-comp. ratio (2)   35.9%     22.2%  
    Pre-tax margin (3)   6.1%     19.8%  
    ROCE (4)   4.4%     14.3%  
    ROTCE (5)   6.2%     20.9%  
    Global Wealth Management (assets and loans in millions)         
    Net revenues $850,559   $790,500  
    Pre-tax net income $126,405   $290,748  
    Total client assets $485,860   $467,697  
    Fee-based client assets $189,693   $177,108  
    Bank loans (6) $21,241   $19,484  
    Institutional Group            
    Net revenues $384,929   $351,376  
    Equity $236,192   $206,417  
    Fixed Income $148,737   $144,959  
    Pre-tax net income $27,431   $37,109  


    Global Wealth Management

    Global Wealth Management reported net revenues of $850.6 million for the three months ended March 31, 2025 compared with $790.5 million during the first quarter of 2024. Pre-tax net income was $126.4 million compared with $290.7 million in the first quarter of 2024.

    Highlights

    • Recruited 52 financial advisors during the quarter, including 9 experienced employee advisors, with total trailing 12 month production of $11.7 million.
    • Client assets of $485.9 billion, up 4% over the year-ago quarter.
    • Fee-based client assets of $189.7 billion, up 7% over the year-ago quarter.

    Net revenues increased 8% from a year ago:

    • Transactional revenues increased 3% over the year-ago quarter reflecting an increase in client activity.
    • Asset management revenues increased 11% over the year-ago quarter reflecting higher asset values and net new asset growth.
    • Net interest income increased 4% over the year-ago quarter driven by balance sheet growth, partially offset by lower interest rates and changes in the deposit mix.

    Total Expenses:

    • Compensation expense as a percentage of net revenues increased to 49.6% primarily as a result of higher compensable revenues.
    • Provision for credit losses was primarily impacted by an increase in reserves driven by loan growth and changes in the outlook for macroeconomic conditions.
    • Non-compensation operating expenses as a percentage of net revenues increased to 35.5% primarily as a result of higher litigation-related expenses.
                 
    Summary Results of Operations
    (000s)    1Q 2025      1Q 2024  
    Net revenues $850,559   $790,500  
    Transactional revenues   186,395     181,753  
    Asset management   409,506     367,450  
    Net interest income   245,534     236,269  
    Investment banking   5,908     4,280  
    Other income   3,216     748  
    Total expenses $724,154   $499,752  
    Compensation expense   422,293     389,536  
    Provision for credit losses   12,020     4,968  
    Non-comp. opex   289,841     105,248  
    Pre-tax net income $126,405   $290,748  
    Compensation ratio   49.6%     49.3%   
    Non-compensation ratio   35.5%     13.9%   
    Pre-tax margin   14.9%     36.8%   


    Institutional Group

    Institutional Group reported net revenues of $384.9 million for the three months ended March 31, 2025 compared with $351.4 million during the first quarter of 2024. Pre-tax net income was $27.4 million compared with $37.1 million in the first quarter of 2024.

    Highlights

    Investment banking revenues increased 11% from a year ago:

    • Advisory revenues increased 15% from the year-ago quarter driven by higher levels of completed advisory transactions.
    • Fixed income capital raising revenues decreased 9% from the year-ago quarter primarily driven by lower bond issuances.
    • Equity capital raising revenues increased 22% over the year-ago quarter driven by higher volumes.

    Fixed income transactional revenues increased 1% from a year ago:

    • Fixed income transactional revenues were impacted by increased activity in securitized products, partially offset by lower levels of activity in credit products.

    Equity transactional revenues increased 10% from a year ago:

    • Equity transactional revenues increased from the year-ago quarter primarily driven by increased client activity amid a more volatile trading environment.

    Total Expenses:

    • Compensation expense as a percentage of net revenues increased to 65.6% primarily as a result of higher fixed compensation expenses in our international operations.
    • Non-compensation operating expenses as a percentage of net revenues decreased to 27.3% from the year-ago quarter primarily as a result of higher revenues.
     
    Summary Results of Operations
    (000s)   1Q 2025     1Q 2024  
    Net revenues $384,929   $351,376  
    Investment banking   232,034     209,669  
    Advisory   137,470     119,252  
    Fixed income capital raising   45,559     50,116  
    Equity capital raising   49,005     40,301  
    Fixed income transactional   89,345     88,654  
    Equity transactional   59,590     54,083  
    Other   3,960     (1,030)  
    Total expenses $357,498   $314,267  
    Compensation expense   252,585     215,749  
    Non-comp. opex.   104,913     98,518  
    Pre-tax net income $27,431   $37,109  
    Compensation ratio   65.6%     61.4%  
    Non-compensation ratio   27.3%      28.0%  
    Pre-tax margin   7.1%     10.6%   


    Other Matters

    Highlights

    • The Company repurchased $210.9 million of its outstanding common stock during the first quarter, including $117.8 million in connection with net-share settlements under its equity compensation plan.
    • Weighted average diluted shares outstanding increased primarily as a result the increase in the Company’s share price, partially offset by an increase in share repurchases.
    • The Board of Directors declared a $0.46 quarterly dividend per share payable on March 17, 2025 to common shareholders of record on March 3, 2025.
    • The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on March 17, 2025 to shareholders of record on March 3, 2025.
     
      1Q 2025 1Q 2024
    Common stock repurchases    
    Repurchases (000s) $210,934   $159,348  
    Number of shares (000s)   2,029     2,254  
    Average price $103.95   $70.71  
    Period end shares (000s)   103,078     102,649  
    Weighted average diluted shares outstanding (000s)   110,635     109,985  
    Effective tax rate   16.4%     25.2%  
    Stifel Financial Corp. (8)    
    Tier 1 common capital ratio   14.7%     14.3%  
    Tier 1 risk based capital ratio   17.6%     17.3%  
    Tier 1 leverage capital ratio   10.8%     10.6%  
    Tier 1 capital (MM) $4,163   $3,911  
    Risk weighted assets (MM) $23,661   $22,588  
    Average assets (MM) $38,397   $37,018  
    Quarter end assets (MM) $40,384   $38,258  
    Agency Rating Outlook
    Fitch Ratings BBB+ Stable
    S&P Global Ratings BBB Stable

    Conference Call Information

    Stifel Financial Corp. will host its first quarter 2025 financial results conference call on Wednesday, April 23, 2025, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

    All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 2769458. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

    Company Information

    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

    A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.

    The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.

    Cautionary Note Regarding Forward-Looking Statements

    This earnings release contains certain statements that may be deemed to be “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. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

     
    Summary Results of Operations (Unaudited)
     
      Three Months Ended  
    (000s, except per share amounts) 3/31/2025 3/31/2024 % Change 12/31/2024 % Change
    Revenues:          
    Commissions $193,670 $185,476 4.4   $203,786 (5.0)  
    Principal transactions   141,660   139,014 1.9     174,887 (19.0)  
    Investment banking   237,942   213,949 11.2     304,419 (21.8)  
    Asset management   409,541   367,476 11.4     405,825 0.9  
    Other income   10,581   4,950 113.8     3,294 221.2  
    Operating revenues   993,394   910,865 9.1     1,092,211 (9.0)  
    Interest revenue   475,632   506,828 (6.2)     500,661 (5.0)  
    Total revenues   1,469,026   1,417,693 3.6     1,592,872 (7.8)  
    Interest expense   213,557   254,655 (16.1)     228,190 (6.4)  
    Net revenues   1,255,469   1,163,038 7.9     1,364,682 (8.0)  
    Non-interest expenses:          
    Compensation and benefits   732,220   679,695 7.7     795,750 (8.0)  
    Non-compensation operating expenses   459,885   264,652 73.8     302,731 51.9  
    Total non-interest expenses   1,192,105   944,347 26.2     1,098,481 8.5  
    Income before income taxes   63,364   218,691 (71.0)     266,201 (76.2)  
    Provision for income taxes   10,372   55,116 (81.2)     22,196 (53.3)  
    Net income   52,992   163,575 (67.6)     244,005 (78.3)  
    Preferred dividends   9,320   9,320 0.0     9,320 0.0  
    Net income available to common shareholders $43,672 $154,255 (71.7)   $234,685 (81.4)  
    Earnings per common share:          
    Basic $0.42 $1.48 (71.6)   $2.26 (81.4)  
    Diluted $0.39 $1.40 (72.1)   $2.09 (81.3)  
    Cash dividends declared per common share $0.46 $0.42 9.5   $0.42 9.5  
    Weighted average number of common shares outstanding:                
    Basic   104,764   104,275 0.5     103,856 0.9  
    Diluted   110,635   109,985 0.6     112,089 (1.3)  
     
    Non-GAAP Financial Measures (9)
     
      Three Months Ended
    (000s, except per share amounts) 3/31/2025 3/31/2024
    GAAP net income $52,992   $163,575  
    Preferred dividend   9,320     9,320  
    Net income available to common shareholders   43,672     154,255  
         
    Non-GAAP adjustments:    
    Merger-related (10)   12,661     12,154  
    Provision for income taxes (11)   (2,097)     (3,063)  
    Total non-GAAP adjustments   10,564     9,091  
    Non-GAAP net income available to common shareholders $54,236   $163,346  
         
    Weighted average diluted shares outstanding   110,635     109,985  
         
    GAAP earnings per diluted common share $0.47   $1.48  
    Non-GAAP adjustments   0.10     0.09  
    Non-GAAP earnings per diluted common share $0.57   $1.57  
         
    GAAP earnings per diluted common share available to common shareholders $0.39   $1.40  
    Non-GAAP adjustments   0.10     0.09  
    Non-GAAP earnings per diluted common share available to common shareholders $0.49   $1.49  
    GAAP to Non-GAAP Reconciliation (9)
     
      Three Months Ended
    (000s) 3/31/2025 3/31/2024
    GAAP compensation and benefits $732,220   $679,695  
    As a percentage of net revenues   58.3%     58.4%  
    Non-GAAP adjustments:    
    Merger-related (10)   (4,056)     (5,533)  
     Non-GAAP compensation and benefits $728,164   $674,162  
    As a percentage of non-GAAP net revenues   58.0%     58.0%  
         
    GAAP non-compensation expenses $459,885   $264,652  
    As a percentage of net revenues   36.7%     22.8%  
    Non-GAAP adjustments:    
    Merger-related (10)   (8,619)     (6,621)  
     Non-GAAP non-compensation expenses $451,266   $258,031  
    As a percentage of non-GAAP net revenues   35.9%     22.2%  
    Total merger-related expenses $12,675   $12,154  
     
    Footnotes
         
    (1)   Represents available to common shareholders.
    (2)   Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
    (3)   Non-GAAP pre-tax margin is calculated by adding total merger-related expenses (non-GAAP adjustments) and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
    (4)   Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.
    (5)   Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets were $82.5 million and $73.9 million as of March 31, 2025 and 2024, respectively.
    (6)   Includes loans held for sale.
    (7)   Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.
    (8)   Capital ratios are estimates at the time of the Company’s earnings release, April 23, 2025.
    (9)   The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.
    (10)   Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.
    (11)   Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.
         

    Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations

    The MIL Network –

  • MIL-OSI: Fidelity D & D Bancorp, Inc. Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    DUNMORE, Pa., April 23, 2025 (GLOBE NEWSWIRE) — Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank, announced its unaudited, consolidated financial results for the three-month period ended March 31, 2025.

    Unaudited Financial Information

    Net income for the quarter ended March 31, 2025 was $6.0 million, or $1.03 diluted earnings per share, compared to $5.1 million, or $0.88 diluted earnings per share, for the quarter ended March 31, 2024. The $0.9 million, or 18%, increase in net income resulted primarily from a $2.1 million increase in net interest income coupled with a $0.4 million increase in non-interest income. This was partially offset by a $0.9 million increase in non-interest expense, a $0.4 million increase in the provision for income tax, and a $0.3 million increase in the provision for credit losses on loans.

    “Highlights of our first quarter results include achieving total assets of $2.7 billion, along with strong net income primarily driven by accelerated loan and deposit growth and improvement in net interest margin,” said Dan Santaniello, President and CEO. “While we continue to closely monitor the external environment, our outlook for the year is positive, reflecting rigorous expense management, healthy credit metrics and ongoing successful execution of our strategic plan. I want to thank our bankers for their commitment and service. Their contributions are essential to our achievements, enabling us to serve our clients, shareholders, and community with exceptional experiences.”

    Consolidated First Quarter Operating Results Overview

    Net interest income was $17.0 million for the first quarter of 2025, a 14% increase over the $14.9 million earned for the first quarter of 2024. The $2.1 million increase in net interest income resulted from the increase of $2.7 million in interest income primarily due to a $148.0 million increase in the average balance of interest-earning assets and a 21 basis point increase in fully-taxable equivalent (“FTE”) yield. The loan portfolio had the most significant impact, producing a $2.5 million increase in FTE interest income from $116.4 million in higher quarterly average balances and an increase of 26 basis points in FTE loan yield. Slightly offsetting the higher interest income, there was a $0.6 million increase in interest expense due to a $124.3 million quarter-over-quarter increase in average interest-bearing liability balances. The increase was due to growth of $179.3 million in average interest-bearing deposit balances and a 6 basis point increase in the rates paid on interest-bearing deposits. This was partially offset by a decrease in interest expense on borrowings due to $53.9 million less in average short-term borrowings.

    The FTE yield on interest-earning assets was 4.73% for the first quarter of 2025, an increase of 21 basis points from the 4.52% for the first quarter of 2024. The overall cost of interest-bearing liabilities was 2.49% for the first quarter of 2025, a decrease of 2 basis points from the 2.51% for the first quarter of 2024. The cost of funds remained flat at 1.93% for both the first quarters of 2025 and 2024. The Company’s FTE (non-GAAP measurement) net interest spread was 2.24% for the first quarter of 2025, an increase of 23 basis points from the 2.01% recorded for the first quarter of 2024. FTE net interest margin increased to 2.89% for the three months ended March 31, 2025 from 2.69% for the same period of 2024 due to the increase in the loan and lease portfolio coupled with the continued re-investment of cash flow into more effective interest-earning assets.

    For the three months ended March 31, 2025, the provision for credit losses on loans was $455 thousand partially offset by a $85 thousand net benefit in the provision for unfunded commitments, compared to a $125 thousand provision for credit losses on loans and a $50 thousand net benefit in the provision for credit losses on unfunded loan commitments for the three months ended March 31, 2024. For the three months ended March 31, 2025, the increase in the provision for credit losses on loans compared to the prior year period was due to higher loan growth and higher net charge-offs. For the three months ended March 31, 2025, the higher net benefit for credit losses on unfunded commitments was due to a larger reduction in unfunded commitments during the quarter compared to the same period in 2024.

    Total non-interest income increased $0.4 million, or 9%, to $5.0 million for the first quarter of 2025 compared to $4.6 million for the first quarter of 2024. The increase in non-interest income was primarily attributed to $0.2 million in wealth management fees and $0.1 million in interchange fees. During the first quarter of 2025, gains of $0.5 million on the sale of a commercial loan and $0.3 million from the sale of a property were offset by $0.8 million in losses recognized on the sale of securities.

    Non-interest expenses increased $0.9 million, or 6%, for the first quarter of 2025 to $14.6 million from $13.7 million for the same quarter of 2024. Salaries and benefits expense increased $0.6 million due to an increase in bankers, group insurance costs, and banker incentives in the first quarter of 2025. Additionally, the Company saw an increase of $0.3 million in advertising and marketing expenses primarily due to an increase in Neighborhood Assistance Program donations from which the Company recognized $0.2 million in additional tax credits causing a corresponding decrease in PA shares tax expense. 

    The provision for income taxes increased $0.4 million during the three months ended March 31, 2025 compared to the same period in 2024 primarily due to a $1.3 million increase in income before taxes and $0.1 million less in tax credits. 

    Consolidated Balance Sheet & Asset Quality Overview

    The Company’s total assets had a balance of $2.7 billion as of March 31, 2025, an increase of $126.7 million from December 31, 2024. The increase resulted from $127.8 million in growth in cash and cash equivalents during the three months ended March 31, 2025. The loans and leases portfolio increased $16.3 million during the same period of 2025. Asset growth was offset by a decrease of $16.7 million in the investment portfolio primarily due to the sale of $17.5 million in available-for-sale securities and $5.2 million in paydowns partially offset by $4.6 million in purchases of securities.

    During the same time period, total liabilities increased $119.0 million, or 5%. Deposit growth of $116.6 million was utilized to fund loan growth and increase interest-bearing cash balances. For interest-bearing deposit accounts, the Company experienced increases of $54.1 million in money market deposits, $27.6 million in interest-bearing checking accounts, $7.9 million in time deposits, and $5.3 million in savings and clubs. The deposit growth is primarily driven by growth in existing account balances from the relationship strategy along with targeted direct marketing driving new client acquisitions and active management of promotional and retention rates. Additionally, the Company experienced an increase of $21.7 million in non-interest-bearing checking accounts. Also as of March 31, 2025, checking deposit balances remained at more than half of total deposits. As of March 31, 2025, the ratio of insured and collateralized deposits to total deposits was approximately 75%.

    Shareholders’ equity increased $7.7 million, or 4%, to $211.7 million at March 31, 2025 from $204.0 million at December 31, 2024. The increase was caused by $3.7 million higher retained earnings from net income of $6.0 million plus a $3.6 million, after tax, improvement in accumulated other comprehensive income from lower net unrealized losses recorded on available-for-sale securities, partially offset by $2.3 million in cash dividends paid to shareholders. An additional $0.6 million was recorded from the issuance of common stock under the Company’s stock plans and stock-based compensation expense. At March 31, 2025, there were no credit losses on available-for-sale and held-to-maturity debt securities. Accumulated other comprehensive income (loss) is excluded from regulatory capital ratios. The Company remains well capitalized with Tier 1 capital at 9.22% of total average assets as of March 31, 2025. Total risk-based capital was 14.74% of risk-weighted assets and Tier 1 risk-based capital was 13.57% of risk-weighted assets as of March 31, 2025. Tangible book value per share was $33.16 at March 31, 2025 compared to $31.98 at December 31, 2024. Tangible common equity was 7.11% of total assets at March 31, 2025 compared to 7.16% at December 31, 2024.

    Asset Quality

    Total non-performing assets were $6.1 million, or 0.23% of total assets, at March 31, 2025, compared to $7.8 million, or 0.30% of total assets, at December 31, 2024. Past due and non-accrual loans to total loans were 0.66% at March 31, 2025 compared to 0.71% at December 31, 2024. Net charge-offs to average total loans were 0.02% at March 31, 2025 compared to 0.03% at December 31, 2024.

    About Fidelity D & D Bancorp, Inc. and The Fidelity Deposit and Discount Bank

    Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisor to the clients served by The Fidelity Deposit and Discount Bank (“Fidelity Bank”). Fidelity Bank continues its mission of exceeding client expectations through a unique banking experience. It operates 21 full-service offices throughout Lackawanna, Luzerne, Lehigh and Northampton Counties and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and a full suite of personal and commercial banking products and services. Part of the Company’s vision is to serve as the best bank for the community, which was accomplished by having provided over 5,960 hours of volunteer time and over $1.3 million in donations to non-profit organizations directly within the markets served throughout 2024. Fidelity Bank’s deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.

    Non-GAAP Financial Measures

    The Company uses non-GAAP financial measures to provide information useful to the reader in understanding its operating performance and trends, and to facilitate comparisons with the performance of other financial institutions. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The Company’s non-GAAP financial measures and key performance indicators may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to measure their performance and trends. Non-GAAP financial measures should be supplemental to GAAP used to prepare the Company’s operating results and should not be read in isolation or relied upon as a substitute for GAAP measures. Reconciliations of non-GAAP financial measures to GAAP are presented in the tables below.

    Interest income was adjusted to recognize the income from tax exempt interest-earning assets as if the interest was taxable, fully-taxable equivalent (“FTE”), in order to calculate certain ratios within this document. This treatment allows a uniform comparison among yields on interest-earning assets. Interest income was FTE adjusted, using the corporate federal tax rate of 21% for 2025 and 2024.

    Forward-looking statements

    Certain of the matters discussed in this press release constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” and similar expressions are intended to identify such forward-looking statements.

    The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:

      ■ local, regional and national economic conditions and changes thereto;
      ■ the short-term and long-term effects of inflation, and rising costs to the Company, its customers and on the economy;
      ■ the risks of changes and volatility of interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks;
      ■ securities markets and monetary fluctuations and volatility;
      ■  disruption of credit and equity markets;
      ■ impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules;
      ■ governmental monetary and fiscal policies, as well as legislative and regulatory changes;
      ■ effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions;
      ■ the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
      ■ the impact of new or changes in existing laws and regulations, including laws and regulations concerning taxes, banking, securities and insurance and their application with which the Company and its subsidiaries must comply;
      ■ the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;
      ■ the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;
      ■ the effects of economic conditions of any other pandemic, epidemic or other health-related crisis such as COVID-19 and responses thereto on current customers and the operations of the Company, specifically the effect of the economy on loan customers’ ability to repay loans;
      ■ the effects of bank failures, banking system instability, deposit fluctuations, loan and securities value changes;
      ■ technological changes;
      ■ the interruption or breach in security of our information systems, continually evolving cybersecurity and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses;
      ■ acquisitions and integration of acquired businesses;
      ■ the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities;
      ■ acts of war or terrorism; and
      ■ the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

    The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release. The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

    For more information please visit our investor relations web site located through www.bankatfidelity.com.

     
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Balance Sheets
    (dollars in thousands)
     
    At Period End:   March 31, 2025     December 31, 2024  
    Assets                
    Cash and cash equivalents   $ 211,195     $ 83,353  
    Investment securities     540,960       557,221  
    Restricted investments in bank stock     4,021       3,961  
    Loans and leases     1,817,509       1,800,856  
    Allowance for credit losses on loans     (20,017 )     (19,666 )
    Premises and equipment, net     34,995       35,914  
    Life insurance cash surrender value     58,458       58,069  
    Goodwill and core deposit intangible     20,431       20,504  
    Other assets     43,758       44,404  
                     
    Total assets   $ 2,711,310     $ 2,584,616  
                     
    Liabilities                
    Non-interest-bearing deposits   $ 555,684     $ 533,935  
    Interest-bearing deposits     1,901,775       1,806,885  
    Total deposits     2,457,459       2,340,820  
    Short-term borrowings     10       –  
    Secured borrowings     6,190       6,266  
    Other liabilities     35,977       33,561  
    Total liabilities     2,499,636       2,380,647  
                     
    Shareholders’ equity     211,674       203,969  
                     
    Total liabilities and shareholders’ equity   $ 2,711,310     $ 2,584,616  
    Average Year-To-Date Balances:   March 31, 2025     December 31, 2024  
    Assets                
    Cash and cash equivalents   $ 97,384     $ 55,773  
    Investment securities     557,726       557,537  
    Restricted investments in bank stock     3,973       3,960  
    Loans and leases     1,813,040       1,741,349  
    Allowance for credit losses on loans     (20,019 )     (19,391 )
    Premises and equipment, net     35,722       35,580  
    Life insurance cash surrender value     58,307       56,455  
    Goodwill and core deposit intangible     20,459       20,641  
    Other assets     43,177       41,755  
                     
    Total assets   $ 2,609,769     $ 2,493,659  
                     
    Liabilities                
    Non-interest-bearing deposits   $ 533,286     $ 527,825  
    Interest-bearing deposits     1,826,957       1,697,529  
    Total deposits     2,360,243       2,225,354  
    Short-term borrowings     22       32,446  
    Secured borrowings     6,226       6,830  
    Other liabilities     34,937       32,471  
    Total liabilities     2,401,428       2,297,101  
                     
    Shareholders’ equity     208,341       196,558  
                     
    Total liabilities and shareholders’ equity   $ 2,609,769     $ 2,493,659  
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Statements of Income
    (dollars in thousands)
     
        Three Months Ended
        Mar. 31, 2025   Mar. 31, 2024
    Interest income                
    Loans and leases   $ 24,596     $ 22,133  
    Securities and other     3,712       3,492  
                     
    Total interest income     28,308       25,625  
                     
    Interest expense                
    Deposits     (11,187 )     (9,941 )
    Borrowings and debt     (88 )     (741 )
                     
    Total interest expense     (11,275 )     (10,682 )
                     
    Net interest income     17,033       14,943  
                     
    Provision for credit losses on loans     (455 )     (125 )
    Net benefit for credit losses on unfunded loan commitments     85       50  
    Non-interest income     4,973       4,572  
    Non-interest expense     (14,554 )     (13,689 )
                     
    Income before income taxes     7,082       5,751  
                     
    Provision for income taxes     (1,091 )     (694 )
    Net income   $ 5,991     $ 5,057  
        Three Months Ended
        Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    Interest income                                        
    Loans and leases   $ 24,596     $ 24,584     $ 24,036     $ 22,516     $ 22,133  
    Securities and other     3,712       3,475       3,263       3,523       3,492  
                                             
    Total interest income     28,308       28,059       27,299       26,039       25,625  
                                             
    Interest expense                                        
    Deposits     (11,187 )     (11,468 )     (11,297 )     (10,459 )     (9,941 )
    Borrowings and debt     (88 )     (217 )     (571 )     (463 )     (741 )
                                             
    Total interest expense     (11,275 )     (11,685 )     (11,868 )     (10,922 )     (10,682 )
                                             
    Net interest income     17,033       16,374       15,431       15,117       14,943  
                                             
    Provision for credit losses on loans     (455 )     (250 )     (675 )     (275 )     (125 )
    Net benefit (provision) for credit losses on unfunded loan commitments     85       85       (135 )     (140 )     50  
    Non-interest income     4,973       4,847       4,979       4,615       4,572  
    Non-interest expense     (14,554 )     (14,395 )     (13,840 )     (13,616 )     (13,689 )
                                             
    Income before income taxes     7,082       6,661       5,760       5,701       5,751  
                                             
    Provision for income taxes     (1,091 )     (826 )     (793 )     (766 )     (694 )
    Net income   $ 5,991     $ 5,835     $ 4,967     $ 4,935     $ 5,057  
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Balance Sheets
    (dollars in thousands)
     
    At Period End:   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    Assets                                        
    Cash and cash equivalents   $ 211,195     $ 83,353     $ 120,169     $ 78,085     $ 72,733  
    Investment securities     540,960       557,221       559,819       552,495       559,016  
    Restricted investments in bank stock     4,021       3,961       3,944       3,968       3,959  
    Loans and leases     1,817,509       1,800,856       1,795,548       1,728,509       1,697,299  
    Allowance for credit losses on loans     (20,017 )     (19,666 )     (19,630 )     (18,975 )     (18,886 )
    Premises and equipment, net     34,995       35,914       36,057       35,808       34,899  
    Life insurance cash surrender value     58,458       58,069       57,672       57,278       54,921  
    Goodwill and core deposit intangible     20,431       20,504       20,576       20,649       20,728  
    Other assets     43,758       44,404       41,778       42,828       44,227  
                                             
    Total assets   $ 2,711,310     $ 2,584,616     $ 2,615,933     $ 2,500,645     $ 2,468,896  
                                             
    Liabilities                                        
    Non-interest-bearing deposits   $ 555,684     $ 533,935     $ 549,710     $ 527,572     $ 537,824  
    Interest-bearing deposits     1,901,775       1,806,885       1,792,796       1,641,558       1,678,172  
    Total deposits     2,457,459       2,340,820       2,342,506       2,169,130       2,215,996  
    Short-term borrowings     10       –       25,000       98,120       25,000  
    Secured borrowings     6,190       6,266       6,323       7,237       7,299  
    Other liabilities     35,977       33,561       34,843       30,466       28,966  
    Total liabilities     2,499,636       2,380,647       2,408,672       2,304,953       2,277,261  
                                             
    Shareholders’ equity     211,674       203,969       207,261       195,692       191,635  
                                             
    Total liabilities and shareholders’ equity   $ 2,711,310     $ 2,584,616     $ 2,615,933     $ 2,500,645     $ 2,468,896  
    Average Quarterly Balances:   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    Assets                                        
    Cash and cash equivalents   $ 97,384     $ 67,882     $ 41,991     $ 58,351     $ 54,887  
    Investment securities     557,726       560,453       554,578       551,445       563,674  
    Restricted investments in bank stock     3,973       3,957       3,965       3,983       3,934  
    Loans and leases     1,813,040       1,797,023       1,763,254       1,707,598       1,696,669  
    Allowance for credit losses on loans     (20,019 )     (20,050 )     (19,323 )     (19,171 )     (19,013 )
    Premises and equipment, net     35,722       36,065       36,219       35,433       34,591  
    Life insurance cash surrender value     58,307       57,919       57,525       55,552       54,796  
    Goodwill and core deposit intangible     20,459       20,529       20,602       20,677       20,759  
    Other assets     43,177       41,454       41,734       42,960       40,871  
                                             
    Total assets   $ 2,609,769     $ 2,565,232     $ 2,500,545     $ 2,456,828     $ 2,451,168  
                                             
    Liabilities                                        
    Non-interest-bearing deposits   $ 533,286     $ 538,506     $ 522,827     $ 530,048     $ 519,856  
    Interest-bearing deposits     1,826,957       1,769,265       1,702,187       1,670,211       1,647,615  
    Total deposits     2,360,243       2,307,771       2,225,014       2,200,259       2,167,471  
    Short-term borrowings     22       10,326       37,220       28,477       53,952  
    Secured borrowings     6,226       6,297       6,429       7,269       7,335  
    Other liabilities     34,937       34,695       31,999       30,734       32,434  
    Total liabilities     2,401,428       2,359,089       2,300,662       2,266,739       2,261,192  
                                             
    Shareholders’ equity     208,341       206,143       199,883       190,089       189,976  
                                             
    Total liabilities and shareholders’ equity   $ 2,609,769     $ 2,565,232     $ 2,500,545     $ 2,456,828     $ 2,451,168  
    FIDELITY D & D BANCORP, INC.
    Selected Financial Ratios and Other Financial Data
     
        Three Months Ended
        Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    Selected returns and financial ratios                                        
    Basic earnings per share   $ 1.04     $ 1.02     $ 0.87     $ 0.86     $ 0.88  
    Diluted earnings per share   $ 1.03     $ 1.01     $ 0.86     $ 0.86     $ 0.88  
    Dividends per share   $ 0.40     $ 0.40     $ 0.38     $ 0.38     $ 0.38  
    Yield on interest-earning assets (FTE)*     4.73 %     4.68 %     4.68 %     4.58 %     4.52 %
    Cost of interest-bearing liabilities     2.49 %     2.60 %     2.70 %     2.58 %     2.51 %
    Cost of funds     1.93 %     2.00 %     2.08 %     1.96 %     1.93 %
    Net interest spread (FTE)*     2.24 %     2.08 %     1.98 %     2.00 %     2.01 %
    Net interest margin (FTE)*     2.89 %     2.78 %     2.70 %     2.71 %     2.69 %
    Return on average assets     0.93 %     0.90 %     0.79 %     0.81 %     0.83 %
    Pre-provision net revenue to average assets*     1.16 %     1.06 %     1.05 %     1.00 %     0.96 %
    Return on average equity     11.66 %     11.26 %     9.89 %     10.44 %     10.71 %
    Return on average tangible equity*     12.93 %     12.50 %     11.02 %     11.72 %     12.02 %
    Efficiency ratio (FTE)*     61.67 %     65.48 %     65.33 %     66.47 %     67.56 %
    Expense ratio     1.37 %     1.48 %     1.41 %     1.47 %     1.50 %
    Other financial data   At period end:
    (dollars in thousands except per share data)   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    Assets under management   $ 955,647     $ 921,994     $ 942,190     $ 906,861     $ 900,964  
    Book value per share   $ 36.70     $ 35.56     $ 36.13     $ 34.12     $ 33.41  
    Tangible book value per share*   $ 33.16     $ 31.98     $ 32.55     $ 30.52     $ 29.80  
    Equity to assets     7.81 %     7.89 %     7.92 %     7.83 %     7.76 %
    Tangible common equity ratio*     7.11 %     7.16 %     7.19 %     7.06 %     6.98 %
    Allowance for credit losses on loans to:                                        
    Total loans     1.10 %     1.09 %     1.09 %     1.10 %     1.11 %
    Non-accrual loans   3.36x     2.68x     2.77x     2.75x     5.31x  
    Non-accrual loans to total loans     0.33 %     0.41 %     0.39 %     0.40 %     0.21 %
    Non-performing assets to total assets     0.23 %     0.30 %     0.29 %     0.28 %     0.15 %
    Net charge-offs to average total loans     0.02 %     0.03 %     0.02 %     0.03 %     0.01 %
                                             
    Capital Adequacy Ratios                                        
    Total risk-based capital ratio     14.74 %     14.78 %     14.56 %     14.69 %     14.68 %
    Common equity tier 1 risk-based capital ratio     13.57 %     13.60 %     13.38 %     13.52 %     13.47 %
    Tier 1 risk-based capital ratio     13.57 %     13.60 %     13.38 %     13.52 %     13.47 %
    Leverage ratio     9.22 %     9.22 %     9.30 %     9.30 %     9.15 %
    * Non-GAAP Financial Measures – see reconciliations below
    FIDELITY D & D BANCORP, INC.
    Reconciliations of Non-GAAP Financial Measures to GAAP
     
    Reconciliations of Non-GAAP Measures to GAAP   Three Months Ended
    (dollars in thousands)   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    FTE net interest income (non-GAAP)                                        
    Interest income (GAAP)   $ 28,308     $ 28,059     $ 27,299     $ 26,039     $ 25,625  
    Adjustment to FTE     771       764       775       751       747  
    Interest income adjusted to FTE (non-GAAP)     29,079       28,823       28,074       26,790       26,372  
    Interest expense (GAAP)     11,275       11,685       11,868       10,922       10,682  
    Net interest income adjusted to FTE (non-GAAP)   $ 17,804       17,138       16,206     $ 15,868       15,690  
                                             
    Efficiency Ratio (non-GAAP)                                        
    Non-interest expenses (GAAP)   $ 14,554     $ 14,395     $ 13,840     $ 13,616     $ 13,689  
                                             
    Net interest income (GAAP)     17,033       16,374       15,431       15,117       14,943  
    Plus: taxable equivalent adjustment     771       764       775       751       747  
    Non-interest income (GAAP)     4,973       4,847       4,979       4,615       4,572  
    (Loss) gain on sales of securities     (822 )     –       –       –       –  
    Net interest income (FTE) plus adjusted non-interest income (non-GAAP)   $ 23,599     $ 21,985     $ 21,185     $ 20,483     $ 20,262  
    Efficiency ratio (non-GAAP) (1)     61.67 %     65.47 %     65.33 %     66.48 %     67.56 %
    (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest income.                                        
                                             
    Tangible Book Value per Share/Tangible Common Equity Ratio (non-GAAP)                                        
    Total assets (GAAP)   $ 2,711,310     $ 2,584,616     $ 2,615,933     $ 2,500,645     $ 2,468,896  
    Less: Intangible assets, primarily goodwill     (20,431 )     (20,504 )     (20,576 )     (20,649 )     (20,728 )
    Tangible assets     2,690,879       2,564,112       2,595,357       2,479,996       2,448,168  
    Total shareholders’ equity (GAAP)     211,674       203,969       207,261       195,692       191,635  
    Less: Intangible assets, primarily goodwill     (20,431 )     (20,504 )     (20,576 )     (20,649 )     (20,728 )
    Tangible common equity     191,243       183,465       186,685       175,043       170,907  
                                             
    Common shares outstanding, end of period     5,767,500       5,736,252       5,736,025       5,735,728       5,735,732  
    Tangible Common Book Value per Share   $ 33.16     $ 31.98     $ 32.55     $ 30.52     $ 29.80  
    Tangible Common Equity Ratio     7.11 %     7.16 %     7.19 %     7.06 %     6.98 %
                                             
    Pre-Provision Net Revenue to Average Assets                                        
    Income before taxes (GAAP)   $ 7,082     $ 6,661     $ 5,760     $ 5,701     $ 5,751  
    Plus: Provision for credit losses     370       165       810       415       75  
    Total pre-provision net revenue (non-GAAP)     7,452       6,826       6,570       6,116       5,826  
    Total (annualized) (non-GAAP)   $ 30,220     $ 27,157     $ 26,423     $ 24,600     $ 23,432  
                                             
    Average assets   $ 2,609,769     $ 2,565,232     $ 2,500,545     $ 2,456,828     $ 2,451,168  
    Pre-Provision Net Revenue to Average Assets (non-GAAP)     1.16 %     1.06 %     1.05 %     1.00 %     0.96 %
    Contacts:  
       
    Daniel J. Santaniello Salvatore R. DeFrancesco, Jr.
    President and Chief Executive Officer Treasurer and Chief Financial Officer
    570-504-8035 570-504-8000

    The MIL Network –

  • MIL-OSI: Virtu Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — Virtu Financial, Inc. (NASDAQ: VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the first quarter ended March 31, 2025.

    First Quarter 2025:

    • Net income of $189.6 million; Normalized Adjusted Net Income1 of $208.3 million
    • Basic and diluted earnings per share of $1.09 and $1.08, respectively; Normalized Adjusted EPS1 of $1.30
    • Total revenues of $837.9 million; Trading income, net, of $590.0 million; Net income Margin of 22.6%2
      • Adjusted Net Trading Income1 of $497.1 million
    • Adjusted EBITDA1 of $319.9 million; Adjusted EBITDA Margin1 of 64.4%
    • Share buybacks of $48.1 million, or 1.3 million shares, under the Share Repurchase Program3

    The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on June 16, 2025 to shareholders of record as of May 30, 2025.

    Note 1: Non-GAAP financial measures. Please see “Non-GAAP Financial Measures and Other Items” for more information.
    Note 2: Calculated by dividing Net income by Total revenue
    Note 3: Shares repurchased calculated on a settlement date basis.

    Financial Results

    First Quarter 2025:

    Total revenues increased 30.3% to $837.9 million for this quarter, compared to $642.8 million for the same period in 2024. Trading income, net, increased 44.6% to $590.0 million for the quarter compared to $408.1 million for the same period in 2024. Net income totaled $189.6 million for this quarter, compared to net income of $111.3 million in the prior year quarter.

    Basic and diluted earnings per share for this quarter were $1.09 and $1.08, respectively, compared to basic and diluted earnings per share of $0.59 for the same period in 2024.

    Adjusted Net Trading Income increased 35.5% to $497.1 million for this quarter, compared to $366.9 million for the same period in 2024. Adjusted EBITDA increased 57.7% to $319.9 million for this quarter, compared to $202.8 million for the same period in 2024. Normalized Adjusted Net Income, removing one-time and non-cash items, increased 67.6% to $208.3 million for this quarter, compared to $124.3 million for the same period in 2024.

    Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $1.30 for this quarter, compared to $0.76 for the same period in 2024.

    Operating Segment Information

    The Company has two operating segments: Market Making and Execution Services; and one non-operating segment: Corporate.

    Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks and institutions.

    Execution Services comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers. The Company also provides proprietary technology and infrastructure, workflow technology, and trading analytics services to select third parties. The segment also includes the results of the Company’s capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs.

    Corporate contains the Company’s investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses.

    The following tables show the trading income, net, total revenues and Adjusted Net Trading Income by segment for the three months ended March 31, 2025 and 2024.

    Total revenues by segment
    (in thousands, unaudited)

        Three Months Ended March 31, 2025   Three Months Ended March 31, 2024
        Market Making   Execution Services   Corporate   Total   Market Making   Execution Services   Corporate   Total
    Trading income, net   $ 582,622     $ 7,361     $ —   $ 589,983     $ 403,698   $ 4,397     $ —   $ 408,095
    Commissions, net and technology services     17,312       133,995       —     151,307       7,202     111,409       —     118,611
    Interest and dividends income     106,438       2,615       —     109,053       103,802     2,190       —     105,992
    Other, net     (15,200 )     (2,963 )     5,689     (12,474 )     6,306     (208 )     4,043     10,141
    Total Revenues   $ 691,172     $ 141,008     $ 5,689   $ 837,869     $ 521,008   $ 117,788     $ 4,043   $ 642,839
                                     

    Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment
    (in thousands, unaudited)

        Three Months Ended March 31, 2025   Three Months Ended March 31, 2024
        Market Making   Execution Services   Corporate   Total   Market Making   Execution Services   Corporate   Total
    Trading income, net   $ 582,622     $ 7,361     $ —   $ 589,983     $ 403,698     $ 4,397     $ —   $ 408,095  
    Commissions, net and technology services     17,312       133,995       —     151,307       7,202       111,409       —     118,611  
    Interest and dividends income     106,438       2,615       —     109,053       103,802       2,190       —     105,992  
    Brokerage, exchange, clearance fees and payments for order flow, net     (194,303 )     (27,572 )     —     (221,875 )     (115,866 )     (23,933 )     —     (139,799 )
    Interest and dividends expense     (130,051 )     (1,277 )     —     (131,328 )     (125,158 )     (870 )     —     (126,028 )
    Adjusted Net Trading Income   $ 382,018     $ 115,122     $ —   $ 497,140     $ 273,678     $ 93,193     $ —   $ 366,871  
                                     

    Financial Condition

    As of March 31, 2025, Virtu had $771.0 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $1,768.3 million.

    Share Repurchase Program

    Since inception of the program in November 2020 through settlement date April 17, 2025, the Company repurchased approximately 52.1 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,346.2 million. The Company has approximately $373.8 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

    Earnings Conference Call Information

    Virtu Financial will host a conference call to review its first quarter 2025 financial performance today, April 23rd, at 8:00 a.m. ET. Members of the public may listen to the conference call through an audio webcast through the Investor Relations section of the firm’s website ir.virtu.com/investor-relations.

    Website Information

    We routinely post important information for investors on the Investor Relations section of our website, ir.virtu.com/investor-relations and also from time to time may use social media channels, including our X account (x.com/virtufinancial) and our LinkedIn account (linkedin.com/company/virtu-financial), as an additional means of disclosing public information to investors, the media and others interested in us. It is possible that certain information we post on our website and on social media could be deemed to be material information, and we encourage investors, the media and others interested in us to review the business and financial information we post on our website and on the social media channels identified above, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website and our social media channels is not incorporated by reference into, and is not a part of, this document.

    Non-GAAP Financial Measures and Other Items

    To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), we use the following non-GAAP measures of financial performance:

    • “Adjusted Net Trading Income”, which is the amount of revenue we generate from our market making activities, or trading income, net, plus commissions, net and technology services, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange, clearance fees and payments for order flow, net. Management believes that this measurement is useful for comparing general operating performance from period to period. Although we use Adjusted Net Trading Income as a financial measure to assess the performance of our business, the use of Adjusted Net Trading Income is limited because it does not include certain material costs that are necessary to operate our business. Our presentation of Adjusted Net Trading Income should not be construed as an indication that our future results will be unaffected by revenues or expenses that are not directly associated with our core business activities.
    • “EBITDA”, which measures our operating performance by adjusting Net Income to exclude Financing interest expense on long-term borrowings, Debt issue cost related to debt refinancing, prepayment, and commitment fees, Depreciation and amortization, Amortization of purchased intangibles and acquired capitalized software, and Income tax expense, and “Adjusted EBITDA”, which measures our operating performance by further adjusting EBITDA to exclude severance, transaction advisory fees and expenses, termination of office leases, charges related to share-based compensation and other expenses, which includes reserves for legal matters, and Other, net, which includes gains and losses from strategic investments and the sales of businesses.
    • “Normalized Adjusted Net Income”, “Normalized Adjusted Net Income before income taxes”, “Normalized provision for income taxes”, and “Normalized Adjusted EPS”, which we calculate by adjusting Net Income to exclude certain items, and other non-cash items, assuming that all vested and unvested Virtu Financial Units have been exchanged for Class A Common Stock, and applying an effective tax rate, which was approximately 24%.
    • “Adjusted Operating Expenses”, which we calculate by adjusting total operating expenses to exclude severance, share based compensation, reserves for legal matters, termination of office leases, connectivity early termination and write-down of assets.

    Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS and Adjusted Operating Expenses are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP financial measure but is not used by the Company in evaluating operating performance and in making strategic decisions. In addition, these non-GAAP financial measures or similar non-GAAP measures are used by research analysts, investment bankers and lenders to assess our operating performance. Management believes that the presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide useful information to investors regarding our results of operations because they assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide indicators of general economic performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period. Furthermore, our credit agreement contains tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS differently, and as a result our measures of Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS may not be directly comparable to those of other companies. Although we use these non-GAAP financial measures as financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business.

    Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS should be considered in addition to, and not as a substitute for, Net Income in accordance with U.S. GAAP as a measure of performance. Our presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted EPS and our EBITDA-based measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

    • they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
    • our EBITDA-based measures do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
    • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and our EBITDA-based measures do not reflect any cash requirement for such replacements or improvements;
    • they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
    • they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and
    • they do not reflect limitations on our costs related to transferring earnings from our subsidiaries to us.

    Because of these limitations, Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS are not intended as alternatives to Net Income as indicators of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. These U.S. GAAP measurements include Net Income, cash flows from operations and cash flow data. See below a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.

    Virtu Financial, Inc. and Subsidiaries
    Condensed Consolidated Statements of Comprehensive Income (Unaudited)
        Three Months Ended
    March 31,
    (in thousands, except share and per share data)     2025       2024  
             
    Revenues:        
    Trading income, net   $ 589,983     $ 408,095  
    Interest and dividends income     109,053       105,992  
    Commissions, net and technology services     151,307       118,611  
    Other, net     (12,474 )     10,141  
    Total revenues     837,869       642,839  
             
    Operating Expenses:        
    Brokerage, exchange, clearance fees and payments for order flow, net     221,875       139,799  
    Communication and data processing     59,803       58,182  
    Employee compensation and payroll taxes     119,356       100,823  
    Interest and dividends expense     131,328       126,028  
    Operations and administrative     22,136       22,346  
    Depreciation and amortization     15,932       16,076  
    Amortization of purchased intangibles and acquired capitalized software     11,783       14,687  
    Termination of office leases     10       17  
    Debt issue cost related to debt refinancing, prepayment and commitment fees     1,681       1,694  
    Transaction advisory fees and expenses     338       135  
    Financing interest expense on long-term borrowings     29,891       23,232  
    Total operating expenses     614,133       503,019  
             
    Income before income taxes and noncontrolling interest     223,736       139,820  
    Provision for income taxes     34,101       28,512  
    Net income   $ 189,635     $ 111,308  
             
    Noncontrolling interest     (89,954 )     (55,491 )
             
    Net income available for common stockholders   $ 99,681     $ 55,817  
             
    Earnings per share:        
    Basic   $ 1.09     $ 0.59  
    Diluted   $ 1.08     $ 0.59  
             
    Weighted average common shares outstanding        
    Basic     85,681,015       88,999,122  
    Diluted     86,047,558       88,999,122  
             
    Comprehensive income:        
    Net income   $ 189,635     $ 111,308  
    Other comprehensive income        
    Foreign exchange translation adjustment, net of taxes     4,740       (3,526 )
    Net change in unrealized cash flow hedges gain (loss), net of taxes     (2,110 )     1,547  
    Comprehensive income   $ 192,265     $ 109,329  
    Less: Comprehensive income attributable to noncontrolling interest     (91,075 )     (54,655 )
    Comprehensive income available for common stockholders   $ 101,190     $ 54,674  
     
    Virtu Financial, Inc. and Subsidiaries
    Reconciliation to Non-GAAP Operating Data (Unaudited)
     

    The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, and selected Operating Margins.

        Three Months Ended
    March 31,
    (in thousands, except percentages)     2025       2024  
             
    Reconciliation of Trading income, net to Adjusted Net Trading Income        
    Trading income, net   $ 589,983     $ 408,095  
    Commissions, net and technology services     151,307       118,611  
    Interest and dividends income     109,053       105,992  
    Brokerage, exchange, clearance fees and payments for order flow, net     (221,875 )     (139,799 )
    Interest and dividends expense     (131,328 )     (126,028 )
    Adjusted Net Trading Income   $ 497,140     $ 366,871  
             
    Reconciliation of Net Income to EBITDA and Adjusted EBITDA        
    Net income     189,635       111,308  
    Financing interest expense on long-term borrowings     29,891       23,232  
    Debt issue cost related to debt refinancing, prepayment and commitment fees     1,681       1,694  
    Depreciation and amortization     15,932       16,076  
    Amortization of purchased intangibles and acquired capitalized software     11,783       14,687  
    Provision for income taxes     34,101       28,512  
    EBITDA   $ 283,023     $ 195,509  
    Severance     2,179       1,485  
    Transaction advisory fees and expenses     338       135  
    Termination of office leases     10       17  
    Other     12,501       (9,347 )
    Share based compensation     21,888       15,033  
    Adjusted EBITDA   $ 319,939     $ 202,832  
             
    Selected Operating Margins        
    GAAP Net income Margin (1)     22.6 %     17.3 %
    Non-GAAP Net income Margin (2)     38.1 %     30.3 %
    EBITDA Margin (3)     56.9 %     53.3 %
    Adjusted EBITDA Margin (4)     64.4 %     55.3 %
             
    1 Calculated by dividing Net income by Total revenue.        
    2 Calculated by dividing Net income by Adjusted Net Trading Income.        
    3 Calculated by dividing EBITDA by Adjusted Net Trading Income.        
    4 Calculated by dividing Adjusted EBITDA by Adjusted Net Trading Income.        
             
    Virtu Financial, Inc. and Subsidiaries
    Reconciliation to Non-GAAP Operating Data (Unaudited)
    (Continued)
     

    The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS.

        Three Months Ended
    March 31,
    (in thousands, except share and per share data)     2025     2024  
             
    Reconciliation of Net Income to Normalized Adjusted Net Income        
    Net income   $ 189,635   $ 111,308  
    Provision for income taxes     34,101     28,512  
    Income before income taxes and noncontrolling interest   $ 223,736   $ 139,820  
    Amortization of purchased intangibles and acquired capitalized software     11,783     14,687  
    Debt issue cost related to debt refinancing, prepayment and commitment fees     1,681     1,694  
    Severance     2,179     1,485  
    Transaction advisory fees and expenses     338     135  
    Termination of office leases     10     17  
    Other     12,501     (9,347 )
    Share based compensation     21,888     15,033  
    Normalized Adjusted Net Income before income taxes   $ 274,116   $ 163,524  
    Normalized provision for income taxes (1)     65,787     39,246  
    Normalized Adjusted Net Income   $ 208,329   $ 124,278  
             
    Weighted Average Adjusted shares outstanding (2)     160,301,753     162,842,086  
             
    Normalized Adjusted EPS   $ 1.30   $ 0.76  
             
    (1) Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 24% for all periods presented.
    (2) Assumes that (1) holders of all vested and unvested non-vesting Virtu Financial Units (together with corresponding shares of the Company’s Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all Virtu Financial Units (together with corresponding shares of the Company’s Class D common stock, par value $0.00001 per share (the “Class D Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of the Company’s Class B common stock, par value $0.00001 per share (the “Class B Common Stock”) on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Includes additional shares from the dilutive impact of options, restricted stock units and restricted stock awards outstanding under the Amended and Restated 2015 Management Incentive Plan during the three months ended March 31, 2025 and 2024.
    Virtu Financial, Inc. and Subsidiaries
    Condensed Consolidated Statements of Financial Condition (Unaudited)
    (in thousands, except share data)   March 31,
    2025    		   December 31,
    2024
             
    Assets        
    Cash and cash equivalents   $ 723,650   $ 872,513  
    Cash and securities segregated under regulations and other     47,364     41,478  
    Securities borrowed     2,780,405     2,294,529  
    Securities purchased under agreements to resell     1,153,090     983,941  
    Receivables from broker-dealers and clearing organizations     1,857,854     1,100,850  
    Receivables from customers     189,382     149,804  
    Trading assets, at fair value     8,720,981     7,802,652  
    Property, equipment and capitalized software, net     92,815     91,415  
    Operating lease right-of-use assets     163,230     175,046  
    Goodwill     1,148,926     1,148,926  
    Intangibles (net of accumulated amortization)     190,280     203,188  
    Deferred taxes     125,762     135,046  
    Assets of business held for sale     4,573     4,615  
    Other assets     349,902     357,740  
    Total assets     17,548,214     15,361,743  
             
    Liabilities and equity        
    Liabilities        
    Short-term borrowings, net     112,149     38,541  
    Securities loaned     2,827,025     2,431,878  
    Securities sold under agreements to repurchase     1,461,415     1,271,788  
    Payables to broker-dealers and clearing organizations     774,809     918,566  
    Payables to customers     66,732     46,112  
    Trading liabilities, at fair value     8,116,856     6,440,971  
    Tax receivable agreement obligations     175,819     196,592  
    Accounts payable and accrued expenses and other liabilities     492,892     558,100  
    Operating lease liabilities     216,314     229,825  
    Long-term borrowings, net     1,741,092     1,740,467  
    Liabilities of business held for sale     1,455     1,526  
    Total liabilities     15,986,558     13,874,366  
             
    Total equity     1,561,656     1,487,377  
             
    Total liabilities and equity   $ 17,548,214   $ 15,361,743  
             
        As of March 31, 2025
    Ownership of Virtu Financial LLC Interests:   Interests   %
    Virtu Financial, Inc. – Class A Common Stock and Restricted Stock Units     91,932,822     57.4 %
    Non-controlling Interests (Virtu Financial LLC)     68,286,587     42.6 %
    Total Virtu Financial LLC Interests     160,219,409     100.0 %
     

    About Virtu Financial, Inc.

    Virtu is a leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

    Cautionary Note Regarding Forward-Looking Statements

    This press release may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: risks relating to fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients, and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short-term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; potential consequences of pending SEC proposals by the prior administration focused on equity markets which may, if adopted, result in reduced overall and off-exchange trading volumes and market making opportunities, impose additional or heightened regulatory obligations on market makers and other market participants, and generally increase the implicit and explicit cost as well as the complexity of the U.S. equities eco-system for all participants; regulatory and legal uncertainties and potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

    CONTACT         

    Investor & Media Relations
    Andrew Smith
    investor_relations@virtu.com
    media@virtu.com

    The MIL Network –

  • MIL-OSI United Kingdom: Joint statement between the Prime Minister of the United Kingdom and the Prime Minister of New Zealand

    Source: United Kingdom – Executive Government & Departments

    Press release

    Joint statement between the Prime Minister of the United Kingdom and the Prime Minister of New Zealand

    This Joint Statement follows the meeting of the United Kingdom and New Zealand Prime Ministers in London on 22 April 2025.

    This Joint Statement follows the meeting of the United Kingdom and New Zealand Prime Ministers in London on 22 April 2025.

    Reflecting on the enduring UK-NZ partnership, underpinned by shared values, rich connections between our people, and profound mutual trust, and cognisant of these uncertain times, the Prime Ministers expressed high ambition to deepen cooperation to ensure our modern and dynamic partnership continues to thrive, and contributes to our security and prosperity. We are energised by our shared commitment to deliver for our people.

    The Prime Ministers reiterated their commitment to upholding the fundamental principles that underpin our partnership – democracy, human rights and the rule of law – which are central to a stable international order. They reaffirmed their commitment to international cooperation to address global challenges, supported by effective and efficient multilateral institutions, and recognised the indivisibility of the security and prosperity of the Euro-Atlantic and Indo-Pacific regions.

    The Prime Ministers reiterated their unwavering support for Ukraine and welcomed US-led efforts to achieve a just and lasting peace for Ukraine. The United Kingdom and New Zealand called on Russia to withdraw its forces immediately and end its illegal invasion. They called on those supporting Russia’s Military-Industrial Complex through the supply of dual use components and weapons, to cease fuelling Russia’s war against Ukraine. The Prime Ministers expressed gratitude to the military personnel of the United Kingdom and New Zealand who have trained over 54,000 Ukrainians through Operation Interflex the UK-led multinational training effort. As the conflict evolves, both Leaders agreed to coordinate on training to meet Ukraine’s evolving needs.

    The Prime Ministers welcomed on-going discussions on future support for Ukraine as part of the UK and France-led Coalition of the Willing – a multinational reassurance force to support Ukraine’s long-term defence and security. Prime Minister Starmer thanked New Zealand for its ongoing participation in military and diplomatic discussions about possible post-conflict support for Ukraine.

    Noting the mounting threats to international peace and security, the Prime Ministers noted the decisions taken by both governments to substantially increase defence spending. They agreed to renew our historic defence partnership to make it fit for the future, and to deepen cooperation in our defence capabilities and industries.

    The Prime Ministers acknowledged the ongoing cooperation between our defence forces on global challenges, including in the Middle East and Indo-Pacific. Prime Minister Starmer welcomed New Zealand’s upcoming participation in the UK-led Carrier Strike Group deployment in the Indo-Pacific, and welcomed ongoing consultations as New Zealand continues to explore potential opportunities for participation in AUKUS Pillar II.    

    The Prime Ministers agreed that maintaining peace and stability across the Taiwan Strait is indispensable to international security and prosperity. They reiterated their concern at China’s recent military exercises around Taiwan and called for the peaceful resolution of cross-Strait Issues.

    The Prime Ministers reaffirmed their commitment to work together to promote the prosperity, security and resilience of Pacific Small Island Developing States. In the context of climate change they welcomed joint work on the TIDES renewable energy investment fund.

    Free trade is a cornerstone of prosperity in both countries. Recognising that open markets, and reliable legal and regulatory frameworks are essential for trade, the Prime Ministers committed to strengthening and modernising the rules-based trading system. The Prime Ministers welcomed our enhanced trading relationship since the entry into force of the UK-NZ Free Trade Agreement, with the United Kingdom now one of New Zealand’s fastest growing export markets.

    The Prime Ministers agreed to work together to strengthen the role that free trade plays in increasing prosperity, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (which the United Kingdom and New Zealand are Parties to). This includes growing the agreement ambitiously through further accessions and pursuing concrete updates through the ongoing General Review.

    Noting that economic growth and improving the lives of British and New Zealand citizens are fundamental priorities for both governments, the Prime Ministers welcomed the signing of commercial deals including on clean technology and infrastructure.

    The Prime Ministers agreed to further enhance our mutual security and prosperity by: 

    • Forging a new Clean Energy Partnership to encourage two-way investment in renewable energy and low and zero emissions technologies.
    • Launching an investor partnership for New Zealand investment into agritech SMEs in the UK, and collaboration on Earth Observation from space.
    • Affirming our partnership with, and support for, Pacific Island countries’ climate resilience through clean energy, ecosystem resilience, and climate adaptation.
    • Continuing close cooperation to protect Antarctica as a place for peace and science and upholding the Antarctic Treaty System.
    • Strengthening cooperation in support of the rules-based system, including through reform of multilateral institutions.
    • Updating our Double Taxation Agreement to provide long term certainty and stability to business.
    • Recognising the renewed mutual recognition of professional qualifications between Engineering New Zealand and UK’s Engineering Council.
    • Modernising our Film and TV Co-production Treaty to promote the growth of our world-class screen industries and bring more iconic stories to the screen.

    Updates to this page

    Published 23 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: DELIVERY OF 10th AMMUNITION CUM TORPEDO CUM MISSILE (ACTCM) BARGE, LSAM 24 (YARD 134)

    Source: Government of India

    Posted On: 23 APR 2025 9:00AM by PIB Delhi

    Induction ceremony of 10th ACTCM Barge, LSAM 24 (Yard 134) was held on 22 Apr 25 at Naval Dockyard, Mumbai. Chief Guest for Induction Ceremony was Cmde AKK Reddy, AGM(PR), ND(Mbi).

    The contract for construction and delivery of eleven (11) Ammunition Cum Torpedo Cum Missile (ACTCM) Barges was concluded with M/s Suryadipta Projects Pvt Ltd, Thane on 05 Mar 21, an MSME Shipyard. The Shipyard has indigenously designed these Barges in collaboration with an Indian Ship Design firm and subsequently model tested at Naval Science and Technological Laboratory, Visakhapatnam successfully to ensure seaworthiness. These barges are built in accordance with relevant Naval Rules and Regulations of Indian Register of Shipping (IRS). These Barges are proud flag bearers of “Make in India” and “Aatmanirbhar Bharat” initiatives of Government of India. Nine ACTCM Barges have already been delivered and the shipyard has also been awarded a contract for construction and delivery of four Sullage Barges to the Indian Navy thereby highlighting the Indian Navy’s commitment towards encouraging MSMEs.

    Induction of these Barges would provide impetus to operational commitments of Indian Navy by facilitating Transportation, Embarkation and Disembarkation of articles/ ammunition to Indian Navy platforms both alongside jetties and at outer harbours.

    *****

    VM/SKS                                          

    (Release ID: 2123750) Visitor Counter : 84

    MIL OSI Asia Pacific News –

  • MIL-OSI: Check Point Software Reports 2025 First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TEL AVIV, Israel, April 23, 2025 (GLOBE NEWSWIRE) — Check Point® Software Technologies Ltd. (NASDAQ: CHKP), today announced its financial results for the quarter ended March 31st, 2025.

    First Quarter 2025 Financial Highlights:

    • Cash Flow from Operations: $421 million, a 17 percent increase year over year
    • Calculated Billings* reached $553 million, a 7 percent increase year over year
    • Remaining Performance Obligation (RPO)**: $2.4 billion, an 11 percent increase year over year
    • Total Revenues: $638 million, a 7 percent increase year over year
    • Products & Licenses Revenues: $114 million, a 14 percent increase year over year
    • Security Subscriptions Revenues: $291 million, a 10 percent increase year over year
    • GAAP Operating Income: $196 million, representing 31 percent of total revenues
    • Non-GAAP Operating Income: $259 million, representing 41 percent of total revenues
    • GAAP EPS: $1.71, a 7 percent increase year over year
    • Non-GAAP EPS: $2.21, a 9 percent increase year over year

    “The first quarter results have provided a solid foundation to expand upon as we progress through the year.  Strong demand for our Quantum Force appliances, fueled by refresh cycles and new projects delivered double-digit year-over-year growth in products and licenses revenues,” stated CEO Nadav Zafrir. “The AI-driven Infinity Platform, featuring a Hybrid Mesh Architecture, continues to resonate with customers and delivered another quarter of impressive double-digit year-over-year growth.”

    For information regarding the non-GAAP financial measures discussed in this release, as well as a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures, please see below “Use of Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Information.”

    Conference Call & Video Cast Information
     Check Point will host a conference call with the investment community on April 23, 2025, at 8:30 AM ET/5:30 AM PT. To listen to the live videocast or replay, please visit the website www.checkpoint.com/ir.

    Second Quarter 2025 Investor Conference Participation Schedule

    • Barclays Americas Select Franchise Conference 2025
      May 6, 2025, London, UK – Fireside Chat & 1×1’s
    • J.P. Morgan 53rd Annual Technology, Media, and Telecom Conference
      May 13-15, 2025, Boston, MA – Fireside Chat & 1×1’s
    • Oppenheimer 26th Annual Israeli Conference
      May 18, 2025, Tel Aviv, Israel – Fireside Chat & 1×1’s
    • TD Cowen 53rd Annual TMT Conference
      May 28, 2025, NY, NY – Fireside Chat & 1×1’s
    • Jefferies Software Summit
      May 29, 2025, Newport Coast, CA – Fireside Chat &1×1’s
    • Stifel 2025 Cross Sector 1×1 Conference
      June 3, 2025, Boston, MA – 1×1’s
    • Baird 2025 Global Consumer, Technology & Services Conference
      June 4, 2025, SF, CA – 1×1’s
    • Bank of America Merrill Lynch 2025 Global Technology Conference
      June 5, 2025, SF, CA – Fireside Chat & 1×1’s
    • TD Cowen 2nd Annual Corporate Access Day
      June 17, 2025, Toronto, Canada – 1×1’s

    Members of Check Point’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Check Point’s conference presentations are expected to be available via webcast on the company’s web site. To hear these presentations and access the most updated information please visit the company’s web site at www.checkpoint.com/ir. The schedule is subject to change.

    Follow Check Point via:
    Twitter: http://www.twitter.com/checkpointsw
    Facebook: https://www.facebook.com/checkpointsoftware
    Blog: http://blog.checkpoint.com
    YouTube: http://www.youtube.com/user/CPGlobal
    LinkedIn: https://www.linkedin.com/company/check-point-software-technologies

    About Check Point Software Technologies Ltd.
    Check Point Software Technologies Ltd. (http://www.checkpoint.com) is a leading AI-powered, cloud-delivered cyber security platform provider protecting over 100,000 organizations worldwide. Check Point leverages the power of AI everywhere to enhance cyber security efficiency and accuracy through its Infinity Platform, with industry-leading catch rates enabling proactive threat anticipation and smarter, faster response times. The comprehensive platform includes cloud-delivered technologies consisting of Check Point Harmony to secure the workspace, Check Point CloudGuard to secure the cloud, Check Point Quantum to secure the network, and Check Point Infinity Core Services for collaborative security operations and services.

    Legal Notice Regarding Forward-Looking Statements
    This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, expectations regarding our products and solutions, and our participation in investor conferences and other events during the second quarter of 2025. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; customer acceptance and purchase of our existing solutions and new solutions; the market for IT security continuing to develop; competition from other products and services; appointments and departures of our executive officers; and general market, political, economic, and business conditions, including acts of terrorism or war. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 17, 2025. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

    Use of Non-GAAP Financial Information
     In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Check Point uses non-GAAP measures of operating income, net income and earnings per diluted share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets and acquisition related expenses and the related tax affects. Check Point’s management believes the non-GAAP financial information provided in this release is useful to investors’ understanding and assessment of Check Point’s ongoing core operations and prospects for the future. Historically, Check Point has also publicly presented these supplemental non-GAAP financial measures to assist the investment community to see the company “through the eyes of management,” and thereby enhance understanding of its operating performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and as such has determined that it is important to provide this information to investors.

    * Calculated Billings is a measure that we defined as total revenues recognized in accordance with GAAP plus the change in Total Deferred Revenues during the period.

    ** Remaining Performance Obligation (RPO) is a measure that represents the total value of non-cancellable contracted products and/or services that are yet to be recognized as Revenue as of March 31, 2025.

    CHECK POINT SOFTWARE TECHNOLOGIES LTD.
    CONSOLIDATED STATEMENT OF INCOME
     
    (Unaudited, in millions, except per share amounts)
     
      Three Months Ended
      March 31,
      2025   2024
    Revenues:      
    Products and licenses $ 114.1   $ 100.3
    Security subscriptions   290.6     263.4
    Total revenues from products and security subscriptions   404.7     363.7
    Software updates, maintenance and services   233.1     235.1
    Total revenues   637.8     598.8
           
    Operating expenses:      
    Cost of products and licenses   23.0     19.9
    Cost of security subscriptions   21.4     16.5
    Total cost of products and security subscriptions   44.4     36.4
    Cost of Software updates and maintenance   32.1     28.7
    Amortization of technology   7.6     5.8
    Total cost of revenues   84.1     70.9
           
    Research and development   102.1     99.2
    Selling and marketing   225.4     206.2
    General and administrative   30.7     28.6
    Total operating expenses   442.3     404.9
           
    Operating income   195.5     193.9
    Financial income, net   27.3     22.6
    Income before taxes on income   222.8     216.5
    Taxes on income   31.9     32.6
    Net income $ 190.9   $ 183.9
    Basic earnings per share $ 1.77   $ 1.64
    Number of shares used in computing basic earnings per share   107.9     112.3
    Diluted earnings per share $ 1.71   $ 1.60
    Number of shares used in computing diluted earnings per share   111.4     115.2
    CHECK POINT SOFTWARE TECHNOLOGIES LTD.
    SELECTED FINANCIAL METRICS
     
    (Unaudited, in millions, except per share amounts)
     
        Three Months Ended
        March 31,
        2025   2024
             
    Revenues   $ 637.8   $ 598.8
    Non-GAAP operating income     258.6     252.0
    Non-GAAP net income     246.2     234.5
    Non-GAAP diluted earnings per share   $ 2.21   $ 2.04
    Number of shares used in computing diluted Non-GAAP earnings per share     111.4     115.2
    CHECK POINT SOFTWARE TECHNOLOGIES LTD.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
     
    (Unaudited, in millions, except per share amounts)
     
        Three Months Ended
        March 31,
          2025       2024  
             
    GAAP operating income   $ 195.5     $ 193.9  
    Stock-based compensation (1)     41.2       41.6  
    Amortization of intangible assets and acquisition related expenses (2) (*)     21.9       16.5  
    Non-GAAP operating income   $ 258.6     $ 252.0  
             
    GAAP net income   $ 190.9     $ 183.9  
    Stock-based compensation (1)     41.2       41.6  
    Amortization of intangible assets and acquisition related expenses (2) (*)     21.9       16.5  
    Taxes on the above items (3)     (7.8 )     (7.5 )
    Non-GAAP net income   $ 246.2     $ 234.5  
             
    GAAP diluted earnings per share   $ 1.71     $ 1.60  
    Stock-based compensation (1)     0.37       0.36  
    Amortization of intangible assets and acquisition related expenses (2) (*)     0.2       0.15  
    Taxes on the above items (3)     (0.07 )     (0.07 )
    Non-GAAP diluted earnings per share   $ 2.21     $ 2.04  
             
    Number of shares used in computing diluted Non-GAAP earnings per share     111.4       115.2  
             
    (1) Stock-based compensation:        
    Cost of products and licenses   $ 0.1     $ 0.1  
    Cost of software updates and maintenance     2.1       2.2  
    Research and development     14.7       14.7  
    Selling and marketing     14.6       15.9  
    General and administrative     9.7       8.7  
          41.2       41.6  
             
    (2) Amortization of intangible assets and acquisition related expenses (*):        
    Amortization of technology-cost of revenues     7.6       5.8  
    Research and development     1.5       1.6  
    Selling and marketing     12.8       9.1  
          21.9       16.5  

    (3) Taxes on the above items

    		     (7.8 )     (7.5 )
    Total, net   $ 55.3     $ 50.6  
     

    (*) While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired companies is reflected in the measures and the acquired assets contribute to revenue generation.

    CHECK POINT SOFTWARE TECHNOLOGIES LTD.
    CONDENSED CONSOLIDATED BALANCE SHEET DATA

    (In millions)

    ASSETS
     
          March 31,   December 31,
          2025
    (Unaudited)    		   2024
    (Audited)
    Current assets:          
    Cash and cash equivalents     $ 450.2   $ 506.2
    Marketable securities and short-term deposits       1,012.0     865.7
    Trade receivables, net       399.7     728.8
    Prepaid expenses and other current assets       94.5     92.7
    Total current assets       1,956.4     2,193.4
               
    Long-term assets:          
    Marketable securities       1,469.8     1,411.9
    Property and equipment, net       83.0     80.8
    Deferred tax asset, net       80.6     74.7
    Goodwill and other intangible assets, net       1,877.9     1,897.1
    Other assets       90.2     96.6
    Total long-term assets       3,601.5     3,561.1
               
    Total assets     $ 5,557.9   $ 5,754.5
    LIABILITIES AND SHAREHOLDERS’ EQUITY
     
    Current liabilities:          
    Deferred revenues     $ 1,389.8     $ 1,471.3  
    Trade payables and other accrued liabilities       394.8       472.9  
    Total current liabilities       1,784.6       1,944.2  
               
    Long-term liabilities:          
    Long-term deferred revenues       525.6       529.0  
    Income tax accrual       467.4       459.6  
    Other long-term liabilities       31.8       32.3  
    Total long-term liabilities       1,024.8       1,020.9  
               
    Total liabilities       2,809.4       2,965.1  
               
    Shareholders’ equity:          
    Share capital       0.8       0.8  
    Additional paid-in capital       3,125.5       3,049.5  
    Treasury shares at cost       (14,579.6 )     (14,264.4 )
    Accumulated other comprehensive gain       (2.9 )     (10.3 )
    Retained earnings       14,204.7       14,013.8  
    Total shareholders’ equity       2,748.5       2,789.4  
    Total liabilities and shareholders’ equity     $ 5,557.9     $ 5,754.5  
    Total cash and cash equivalents, marketable securities, and short-term deposits     $ 2,932.0     $ 2,783.8  
    CHECK POINT SOFTWARE TECHNOLOGIES LTD.
    SELECTED CONSOLIDATED CASH FLOW DATA
     
    (Unaudited, in millions)
     
      Three Months Ended
      March 31,
        2025       2024  
    Cash flow from operating activities:      
    Net income $ 190.9     $ 183.9  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation of property and equipment   5.2       7.3  
    Amortization of intangible assets   19.2       13.5  
    Stock-based compensation   41.2       41.6  
    Realized loss on marketable securities   0.1       –  
    Decrease in trade and other receivables, net   329.4       265.4  
    Decrease in deferred revenues, trade payables and other accrued liabilities   (142.1 )     (140.6 )
    Deferred income taxes, net   (22.8 )     (10.1 )
    Net cash provided by operating activities   421.1       361.0  
           
    Cash flow from investing activities:      
    Investment in property and equipment   (7.4 )     (6.5 )
    Net cash used in investing activities   (7.4 )     (6.5 )
           
    Cash flow from financing activities:      
    Proceeds from issuance of shares upon exercise of options   46.0       45.6  
    Purchase of treasury shares   (325.0 )     (325.0 )
    Payments related to shares withheld for taxes   (1.5 )     (1.1 )
    Net cash used in financing activities   (280.5 )     (280.5 )
           
    Unrealized gain on marketable securities, net   15.0       1.6  
           
    Increase in cash and cash equivalents, marketable securities, and short-term deposits   148.2       75.6  
           
    Cash and cash equivalents, marketable securities, and short-term deposits at the beginning of the period   2,783.8       2,959.7  
           
    Cash and cash equivalents, marketable securities, and short-term deposits at the end of the period $ 2,932.0     $ 3,035.3  

    The MIL Network –

  • MIL-OSI United Kingdom: Sheffield payroll director banned after company went into liquidation with £2.5 million VAT bill

    Source: United Kingdom – Executive Government & Departments

    Press release

    Sheffield payroll director banned after company went into liquidation with £2.5 million VAT bill

    The company substantially under-declared the amount of tax it had to pay in 2020 and 2021

    • Hubert Omukhulu failed to declare the correct amount of VAT his Remedy Payroll Solutions Ltd company was required to pay  

    • VAT returns submitted by the company in a 15-month period between June 2020 and September 2021 suggested it had little more than £250,000 to pay 

    • In reality, the company owed more than £2.5 million in tax

    The boss of an umbrella company which failed to pay more than £2.5 million in VAT has been banned as a director. 

    Hubert Omukhulu, 36, failed to accurately declare the amount of VAT Remedy Payroll Solutions Ltd had to pay in 2020 and 2021. 

    The inaccurate returns Remedy Payroll Solutions submitted suggested the company had no VAT to pay in 2020 and just over a quarter of a million pounds in 2021. 

    However, this was an under-declaration of more than £2 million according to calculations from HM Revenue and Customs (HMRC). 

    Omukhulu, of Nethershire Lane, Sheffield, has now been disqualified as a company director for eight years.

    Kevin Read, Chief Investigator at the Insolvency Service, said:

    Hubert Omukhulu allowed his payroll supply company to substantially under-declare the amount of VAT it owed in 2020 and 2021. 

    More than £2 million in VAT was not paid by the company. This money should have gone towards funding vital public services such as the NHS, schools and our nation’s defence. 

    Omukhulu’s conduct falls well below the standards the Insolvency Service expects which is why he has been banned as a company director until 2033.

    Debbie Porter, Assistant Director of Fraud Investigation Service at HMRC, said:

    We are determined to create a level playing field that allows honest businesses to thrive which is why it’s crucial we work closely with the Insolvency Service and other partners to act against rogue directors.  

    The majority pay the tax that is due, but we will pursue those who refuse to play by the rules.

    Remedy Payroll Solutions was established in May 2020 with Omukhulu as its sole director.  

    The company initially had its registered office as Omukhulu’s home address in Sheffield before switching it on several occasions between addresses in Romford and Hainault. 

    Remedy Payroll Solutions submitted three VAT returns in 2020 claiming it had no tax to pay in that year. 

    The company submitted another three returns in 2021, claiming it had a combined £264,276 to pay in VAT. 

    HMRC investigated Remedy Payroll Solutions’ bank accounts and contacted its customers. Through their investigations, they calculated that £2,584,044 was owed by the company in VAT. 

    Remedy Payroll Solutions went into liquidation in July 2022. 

    Omukhulu claimed there was third-party involvement in the running of Remedy Payroll Solutions but failed to provide any evidence of this when asked by the Insolvency Service. 

    The Secretary of State for Business and Trade accepted a disqualification undertaking from Omukhulu and his ban started on Thursday 17 April.  

    The undertaking prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.

    Further information

    Updates to this page

    Published 23 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Greens lodge plans to tackle holiday home growth where housing costs are highest

    Source: Scottish Greens

    23 Apr 2025 Finance

    Homes are for living in and not for profiteering.

    More in Finance

    The Scottish Greens are lodging plans to tackle the housing crisis in the areas where it is worst by cracking down on the spread of holiday homes.

    At present, someone buying a second or holiday home anywhere in Scotland must pay a tax known as the Additional Dwelling Supplement. 

    New proposals, lodged by Ross Greer MSP as an amendment to the upcoming Housing Bill, would create a further charge on top of this in areas where rent control measures are introduced.

    In some communities such as Lochranza on the Isles of Arran over a third of houses are holiday homes. This trend pushes up housing costs and often forces young people to move out of their own communities in search of an affordable place to live.

    Since the last election the Scottish Greens have doubled the Additional Dwelling Supplement (ADS) from 4% to 8% and given councils the power to double Council Tax on holiday homes. 

    The reforms have had the desired effect on house purchases, with 2455 fewer second homes bought last year than in 2023, the largest decrease in a decade. ADS will also raise more than a quarter of a billion pounds for public services in the current financial year. 

    Greer’s amendments would allow for further targeted efforts to reduce holiday home ownership in areas where the housing crisis is particularly acute by increasing the Additional Dwelling Supplement in rent control zones. At present, this tax can only be increased or decreased nationwide, with targeted changes not possible.

    Ross Greer said:

    “Many of the areas where rent is highest are the same ones being filled up with far too many holiday homes. This reduces the number of houses available for people to actually live in and pushes up prices for both renters and first-time buyers.

    “Everyone should be able to access a good quality, affordable home. Yet, all across Scotland people are being priced out of the communities they grew up in by holiday homes and buy-to-let landlords.

    “This simple proposal will help people trying to find a home in areas where the housing crisis is at its worst. The money raised will come from those who are already wealthy enough to buy extra properties, something totally outwith the reach of most people.

    “The housing market is broken. Far too many properties are being used as cash cows for short-term lets and holiday homes, and it is renters who are paying the price. We badly need to shift the balance and free up more homes for those who really need them.”

    Mr Greer added:

    “The changes already delivered by Green MSPs have reduced the number of second and holiday homes bought each year, freeing up more properties for people who need a home to live in and raising millions of pounds for vital services like schools and hospitals.

    “We need to build on this success and ensure that the communities where rent is highest are the ones where people are supported the most.”

    MIL OSI United Kingdom –

  • MIL-OSI: BE Semiconductor Industries N.V. Announces Q1-25 Results

    Source: GlobeNewswire (MIL-OSI)

    Q1-25 Revenue of € 144.1 Million and Net Income of € 31.5 Million
    Orders of € 131.9 Million Up 8.2% vs. Q4-24

    DUIVEN, The Netherlands, April 23, 2025 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the first quarter ended March 31, 2025.

    Key Highlights

    • Revenue of € 144.1 million, down 6.1% vs. Q4-24 due primarily to lower shipments for high-end mobile applications. Vs. Q1-24, down 1.5% due to lower shipments for mobile and automotive applications partially offset by strong growth in hybrid bonding and other AI related computing applications
    • Orders of € 131.9 million up 8.2% vs. Q4-24 primarily due to increased bookings by Asian subcontractors for AI related data center applications. Up 3.3% vs. Q1-24 due to higher bookings for hybrid bonding and other advanced computing applications  
    • Gross margin of 63.6% decreased by 0.4 points vs. Q4-24 and 3.6 points vs. Q1-24 due primarily to a less favorable product mix and, to a lesser extent, adverse net forex influences
    • Net income of € 31.5 million decreased 46.9% vs. Q4-24 primarily due to the absence of an € 18.2 million net tax benefit recognized in Q4-24, lower revenue and higher consulting costs. Down 7.4% vs. Q1-24 primarily due to lower revenue and gross margins partially offset by an 8.9% decrease in operating expenses. Similarly, Besi’s net margin declined to 21.9% vs. 38.6% in Q4-24 and 23.2% in Q1-24
    • Ex share-based incentive compensation and tax benefits, Besi’s adjusted net income (net margin) was € 35.9 million (24.9%) in Q1-25 vs. € 43.2 million (28.2%) in Q4-24 and € 49.5 million (33.8%) in Q1-24
    • Net cash of € 159.4 million increased € 15.6 million, or 10.8%, vs. Q4-24

    Outlook   

    • Revenue expected to be flat (plus or minus 10%) vs. € 144.1 million reported in Q1-25
    • Gross margin expected to range between 62-64% vs. 63.6% realized in Q1-25
    • Operating expenses expected to decrease 0-10% vs. € 52.5 million in Q1-25
    (€ millions, except EPS) Q1-2025 Q4-2024 Δ Q1-2024 Δ
    Revenue 144.1 153.4 -6.1% 146.3 -1.5%
    Orders 131.9 121.9 +8.2% 127.7 +3.3%
    Gross Margin 63.6% 64.0% -0.4 67.2% -3.6
    Operating Income 39.3 50.6 -22.3% 40.7 -3.4%
    EBITDA 46.6 58.0 -19.7% 47.5 -1.9%
    Net Income* 31.5 59.3 -46.9% 34.0 -7.4%
    Net Margin* 21.9 38.6% -16.7 23.2% -1.3
    EPS (basic) 0.40 0.75 -46.7% 0.44 -9.1%
    EPS (diluted) 0.40 0.74 -45.9% 0.44 -9.1%
    Net Cash and Deposits 159.4 143.8 +10.8% 180.9 -11.9%

    * Excluding share-based compensation expense and an € 18.2 million net tax benefit recognized in Q4-24, Besi’s adjusted net income (net margin) would have been € 35.9 million (24.9%), € 43.2 million (28.2%) and € 49.5 million (33.8%) in Q1-25, Q4-24 and Q1-24, respectively.

    Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
    “Besi reported solid first quarter results and important new advanced packaging orders in a challenging market environment. Revenue of € 144.1 million was down 1.5% versus Q1-24 due to ongoing weakness in mobile and automotive end user markets partially offset by strong revenue growth from hybrid bonding and other AI related computing applications. In contrast, orders increased 3.3% versus Q1-24 and 8.2% versus Q4-24 due primarily to increased bookings by Asian subcontractors for AI related data center applications which more than offset weakness in mobile, automotive and Chinese end user markets.

    Of note, significant progress was made on Besi’s wafer level assembly agenda this quarter as we received hybrid bonding orders from two leading memory producers for HBM 4 applications as well as follow-on orders from a leading Asian foundry for logic applications. Further, important announcements were made by two leading semiconductor producers with respect to future hybrid bonding applications such as ASICs and co packaged optics. In addition, a leading US logic manufacturer successfully began production of AI related logic devices utilizing Besi’s hybrid bonders in integrated production lines.

    Besi’s profitability in Q1-25 remained at attractive levels despite ongoing weakness in mainstream assembly markets and expanded R&D investment in next generation assembly solutions for AI applications. Net income of € 31.5 million decreased 7.4% vs. Q1-24 primarily due to lower revenue and gross margins realized partially offset by an 8.9% decrease in operating expenses. Our gross margin has trended toward the lower end of our target range over the past three quarters due primarily to a less favorable product mix, particularly with respect to high-end smartphones, and net forex headwinds beginning in the second half of 2024 from adverse movements in some of our principal transaction currencies versus the euro. In addition, cash flow generation remains very positive with net cash at quarter end increasing 10.8% vs. Q4-24 to reach € 159.4 million.

    On April 14, Applied Materials announced a 9% ownership position in Besi. Besi and Applied Materials have been successfully collaborating since 2020 to co-develop the industry’s first fully integrated equipment solution for die-based hybrid bonding. The collaboration brings together Applied’s expertise in front-end wafer and chip processing with Besi’s leadership position in bonding accuracy and speed. We view their shareholding as a strategic, long-term investment and a further validation of our wafer level assembly technology and strategy.

    Our business development this year reflects the contrasting growth trends seen in the assembly equipment market between AI and mainstream applications. The timing and trajectory of a mainstream assembly upturn is more difficult to predict now given new tariff uncertainties. However, demand for advanced packaging for AI applications remains strong given upcoming new device introductions and use cases planned in the 2026-2028 time period. We continue to assess the potential impact of tariffs on Besi’s customers, supply chain and end user markets. For Q2-25, we forecast that revenue will be flat plus or minus 10% versus Q1-25 with gross margins in a range of 62%-64%. In addition, aggregate operating expenses are forecast to decrease 0-10% versus Q1-25 primarily due to a reduction in strategic consulting costs.”

    Share Repurchase Activity
    During the quarter, Besi repurchased approximately 187,000 of its ordinary shares at an average price of € 117.95 per share for a total of € 22.1 million. Cumulatively, as of March 31, 2025, a total of € 51.4 million has been purchased under the current € 100 million share repurchase plan at an average price of € 114.64 per share. As of March 31, 2025, Besi held approximately 2.0 million shares in treasury equal to 2.5% of its shares outstanding.

    Investor and media conference call
    A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.
    Important Dates  
    •  Annual General Meeting of Shareholders April 23, 2025
    •  Investor Day/Amsterdam June 12, 2025
    •  Publication Q2/semi-annual results July 24, 2025
    •  Publication Q3/nine-month results October 23, 2025
    •  Publication Q4/full year results February 2026
       
    Dividend Information*  
    •  Proposed ex-dividend date April 25, 2025
    •  Proposed record date April 28, 2025
    •  Proposed payment of 2024 dividend Starting May 2, 2025
       

    * Subject to approval at Besi’s AGM on April 23, 2025

    Basis of Presentation
    The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2024 Annual Report, which is available on www.besi.com.

    Contacts:
    Richard W. Blickman, President & CEO
    Andrea Kopp-Battaglia, Senior Vice President Finance      
    Claudia Vissers, Executive Secretary/IR coordinator
    Edmond Franco, VP Corporate Development/US IR coordinator
    Michael Sullivan, Investor Relations
    Tel. (31) 26 319 4500
    investor.relations@besi.com

    About Besi
    Besi is a leading manufacturer of assembly equipment supplying a broad portfolio of advanced packaging solutions to the semiconductor and electronics industries. We offer customers high levels of accuracy, reliability and throughput at a lower cost of ownership with a principal focus on wafer level and substrate assembly solutions. Customers are primarily leading semiconductor manufacturers, foundries, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

    Caution Concerning Forward Looking Statements
    This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers.

    In addition, the United States and other countries have recently levied tariffs and taxes on certain goods and could significantly increase or impose new tariffs on a broad array of goods. They have imposed, and may continue to impose, new trade restrictions and export regulations. Increased or new tariffs and additional taxes, including any retaliatory measures, trade restrictions and export regulations, could negatively impact end-user demand and customer investment in semiconductor equipment, increase Besi’s supply chain complexity and manufacturing costs, decrease margins, reduce the competitiveness of our products or restrict our ability to sell products, provide services or purchase necessary equipment and supplies. Any or all of the foregoing factor could have a material and adverse effect on our business, results of operations or financial condition. In addition, investors should consider those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2024 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

    Consolidated Statements of Operations
     
    (€ thousands, except share and per share data) Three Months Ended
    March 31,
    (unaudited)
      2025 2024
         
    Revenue 144,145 146,314
    Cost of sales 52,423 48,043
         
    Gross profit 91,722 98,271
         
    Selling, general and administrative expenses 32,958 39,641
    Research and development expenses 19,502 17,919
         
    Total operating expenses 52,460 57,560
         
    Operating income 39,262 40,711
         
    Financial expense, net 2,959 589
         
    Income before taxes 36,303 40,122
         
    Income tax expense 4,797 6,143
         
    Net income 31,506 33,979
         
    Net income per share – basic 0.40 0.44
    Net income per share – diluted 0.40 0.44
         
    Number of shares used in computing per share amounts:    
    – basic 79,228,071 77,181,326
    – diluted 1 81,522,177 82,106,146

    _____________________________
    1) The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding

    Consolidated Balance Sheets
     
    (€ thousands) March
    31, 2025
    (unaudited)    		 December
    31, 2024
    (audited)
    ASSETS    
         
    Cash and cash equivalents 405,736 342,319
    Deposits 280,000 330,000
    Trade receivables 170,440 181,862
    Inventories 103,836 103,285
    Other current assets 46,099 40,927
         
    Total current assets 1,006,111 998,393
         
    Property, plant and equipment 42,868 44,773
    Right of use assets 15,161 15,726
    Goodwill 45,610 46,010
    Other intangible assets 98,622 96,677
    Deferred tax assets 29,240 31,567
    Other non-current assets 1,347 1,330
         
    Total non-current assets 232,848 236,083
         
    Total assets 1,238,959 1,234,476
         
         
         
    Bank overdraft 840 776
    Current portion of long-term debt – 2,042
    Trade payables 46,598 52,630
    Other current liabilities 111,170 111,531
         
    Total current liabilities 158,608 166,979
         
    Long-term debt 525,493 525,653
    Lease liabilities 11,770 12,350
    Deferred tax liabilities 10,416 10,320
    Other non-current liabilities 19,328 17,910
         
    Total non-current liabilities 567,007 566,233
         
    Total equity 513,344 501,264
         
    Total liabilities and equity 1,238,959 1,234,476
    Consolidated Cash Flow Statements
     
    (€ thousands) Three Months Ended March 31,
    (unaudited)
    		  
      2025   2024  
         
    Cash flows from operating activities:    
         
    Income before income tax 36,303   40,122  
         
    Depreciation and amortization 7,307   6,813  
    Share based payment expense 4,441   16,900  
    Financial expense, net 2,959   589  
         
    Changes in working capital (2,113 ) (3,251 )
    Interest (paid) received (2,887 ) 1,169  
    Income tax (paid) received (1,575 ) (2,089 )
         
    Net cash provided by operating activities 44,435   60,253  
         
    Cash flows from investing activities:    
    Capital expenditures (1,733 ) (5,650 )
    Capitalized development expenses (6,737 ) (4,663 )
    Repayments of (investments in) deposits 50,000   10,000  
         
    Net cash provided by (used in) investing activities 41,530   (313 )
         
    Cash flows from financing activities:    
    Proceeds from bank lines of credit 64   –  
    Payments of lease liabilities (1,114 ) (1,043 )
    Purchase of treasury shares (22,064 ) (14,779 )
         
    Net cash provided by (used in) financing activities (23,114 ) (15,822 )
         
    Net increase (decrease) in cash and cash equivalents 62,851   44,118  
    Effect of changes in exchange rates on cash and cash equivalents 566   (542 )
    Cash and cash equivalents at beginning of the period 342,319   188,477  
         
    Cash and cash equivalents at end of the period 405,736   232,053  
    Supplemental Information (unaudited)
    (€ millions, unless stated otherwise)
     
    REVENUE Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
                         
    Per geography:                    
    China 40.5   28 % 42.8   28 % 45.5   29 % 57.5   38 % 58.5   40 %
    Asia Pacific (excl. China) 56.3   39 % 53.5   35 % 51.6   33 % 54.1   36 % 43.6   30 %
    EU / USA / Other 47.3   33 % 57.1   37 % 59.5   38 % 39.6   26 % 44.2   30 %
                         
    Total 144.1   100 % 153.4   100 % 156.6   100 % 151.2   100 % 146.3   100 %
                         
    ORDERS Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
                         
    Per geography:                    
    China 39.7   30 % 40.4   33 % 45.4   30 % 43.3   23 % 51.1   40 %
    Asia Pacific (excl. China) 51.7   39 % 38.8   32 % 69.3   46 % 72.0   39 % 45.0   35 %
    EU / USA / Other 40.5   31 % 42.7   35 % 37.1   24 % 69.9   38 % 31.6   25 %
                         
    Total 131.9   100 % 121.9   100 % 151.8   100 % 185.2   100 % 127.7   100 %
                         
    Per customer type:                    
    IDM 48.1   36 % 61.2   50 % 84.5   56 % 122.4   66 % 53.5   42 %
    Foundries/Subcontractors 83.8   64 % 60.7   50 % 67.3   44 % 62.8   34 % 74.2   58 %
                         
    Total 131.9   100 % 121.9   100 % 151.8   100 % 185.2   100 % 127.7   100 %
                         
    HEADCOUNT Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024
                         
    Fixed staff (FTE) 1,820   88 % 1,812   93 % 1,807   87 % 1,783   86 % 1,760   88 %
    Temporary staff (FTE) 251   12 % 134   7 % 271   13 % 279   14 % 236   12 %
                         
    Total 2,071   100 % 1,946   100 % 2,078   100 % 2,062   100 % 1,996   100 %
                         
    OTHER FINANCIAL DATA Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
                         
    Gross profit 91.7   63.6 % 98.2   64.0 % 101.2   64.7 % 98.3   65.0 % 98.3   67.2 %
                         
                         
    Selling, general and admin expenses:                    
    As reported 33.0   22.9 % 28.6   18.6 % 27.3   17.4 % 30.5   20.2 % 39.6   27.1 %
    Share-based compensation expense (4.4 ) -3.1 % (2.9 ) -1.8 % (3.4 ) -2.1 % (6.9 ) -4.6 % (16.9 ) -11.6 %
                         
    SG&A expenses as adjusted 28.6   19.8 % 25.7   16.8 % 23.9   15.3 % 23.6   15.6 % 22.7   15.5 %
                         
                         
    Research and development expenses:                    
    As reported 19.5   13.5 % 19.0   12.4 % 18.9   12.1 % 18.5   12.2 % 17.9   12.2 %
    Capitalization of R&D charges 6.7   4.6 % 5.4   3.5 % 4.4   2.8 % 4.9   3.2 % 4.7   3.2 %
    Amortization of intangibles (3.7 ) -2.5 % (3.9 ) -2.5 % (3.9 ) -2.5 % (3.6 ) -2.3 % (3.6 ) -2.4 %
                         
    R&D expenses as adjusted 22.5   15.6 % 20.5   13.4 % 19.4   12.4 % 19.8   13.1 % 19.0   13.0 %
                         
                         
    Financial expense (income), net:                    
    Interest income (5.0 )   (5.1 )   (5.2 )   (3.0 )   (4.0 )  
    Interest expense 6.3     6.1     5.7     2.1     2.8    
    Net cost of hedging 1.8     2.0     1.9     1.4     1.6    
    Foreign exchange effects, net (0.1 )   0.9     (0.8 )   0.5     0.2    
                         
    Total 3.0     3.9     1.6     1.0     0.6    
                         
                         
    Operating income (as % of net sales) 39.3   27.2 % 50.6   33.0 % 55.1   35.2 % 49.3   32.6 % 40.7   27.8 %
                         
    EBITDA (as % of net sales) 46.6   32.3 % 58.0   37.8 % 62.4   39.8 % 56.2   37.2 % 47.5   32.5 %
                         
    Net income (as % of net sales) 31.5   21.9 % 59.3   38.6 % 46.8   29.9 % 41.9   27.7 % 34.0   23.2 %
                         
    Effective tax rate 13.2 %   -27.0 %   12.6 %   13.0 %   15.3 %  
                         
                         
    Income per share                    
    Basic 0.40     0.75     0.59     0.53     0.44    
    Diluted 0.40     0.74     0.59     0.53     0.44    
                         
    Average shares outstanding (basic) 79,228,071   79,402,192   79,630,787   79,281,533   77,181,326  
                         
    Shares repurchased                    
    Amount 22.1     22.4     27.8     14.8     14.8    
    Number of shares 186,869   198,450   230,807   105,042   101,049  
                         
                         
    Gross cash 685.7     672.3     637.4     257.2     447.1    
                         
    Net cash 159.4     143.8     110.7     74.4     180.9    
                         

    The MIL Network –

  • MIL-OSI: Pulse Seismic Inc. Reports Strong Q1 2025 Financial Results and Increases Regular Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 22, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the three months ended March 31, 2025. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR+ (www.sedarplus.ca) and will be available on Pulse’s website at www.pulseseismic.com.

    Today, Pulse’s Board of Directors approved a 17% increase to the regular quarterly dividend, declaring a dividend of $0.0175 per share. This results in an increase to the annual regular dividend from $0.06 per share to $0.07 per share. The total dividend declared will be approximately $889,000 based on Pulse’s 50,794,563 common shares outstanding as of April 22, 2025, to be paid on May 20, 2025, to shareholders of record on May 12, 2025. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse’s dividends are subject to Canadian withholding tax.

    “I am very pleased to report today’s decision by Pulse’s Board of Directors to approve the third annual increase to the Company’s regular dividend since 2023. Having licensed $22.8 million of seismic data for the quarter, our balance sheet has been further strengthened, ending the period with $14.3 million of cash and $14.2 of working capital,” stated Neal Coleman, Pulse’s President and CEO. “As a business with significant fluctuations in annual revenue, having a low-cost structure like ours lends itself to significant increases in EBITDA margins and shareholder free cash flow generation in higher revenue years. Compared to last year, we have already generated 97% of annual revenue,” he continued. “We remain focused on returning capital to shareholders as evidenced by the 17% increase to the regular quarterly dividend, on top of the special dividend of $0.20 per share that was declared in February,” concluded Coleman.

    HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2025

    • A regular dividend of $0.015 per share and a special dividend of $0.20 per share were declared and paid in the first quarter of 2025, totalling $10.9 million.
    • The Company renewed its Normal Course Issuer Bid (NCIB) on February 24, 2025. During the three months ended March 31, 2025, the Company purchased and cancelled 43,300 shares under the NCIB at an average price of $2.43 per share, for total cost of approximately $106,000;
    • Total revenue for the three months ended March 31, 2025, was $22.8 million, compared to $8.8 million for the same period in 2024. Revenue generated in the first quarter of 2025 represents approximately 97% of the total recorded for the full year ended December 31, 2024;
    • Shareholder free cash flow(a) was $15.4 million ($0.30 per share basic and diluted) compared to $5.0 million ($0.10 per share basic and diluted) for the three months ended March 31, 2024; 
    • EBITDA(a) was $20.0 million ($0.39 per share basic and diluted) compared to $6.2 million ($0.12 per share basic and diluted) for the three months ended March 31, 2024; 
    • Net earnings were $13.4 million ($0.26 per share basic and diluted) compared to net earnings of $2.7 million ($0.05 per share basic and diluted) for the three months ended March 31, 2024; and 
    • At March 31, 2025, the Company had a cash balance of $14.3 million as well as $5.0 million of available liquidity on its revolving demand credit facility.
    SELECTED FINANCIAL AND
    OPERATING INFORMATION    		        
             
             
    (Thousands of dollars except per share data,   Three months ended March 31, Year ended,
    numbers of shares and kilometres of seismic data)   2025 2024 December 31,
        (Unaudited) 2024
    Revenue   22,759 8,777 23,379
             
    Amortization of seismic data library   2,225 2,270 9,090
    Net earnings   13,375 2,681 3,391
    Per share basic and diluted   0.26 0.05 0.07
    Cash provided by operating activities   16,615 10,464 14,195
    Per share basic and diluted   0.33 0.20 0.28
    EBITDA (a)   20,048 6,229 15,496
    Per share basic and diluted (a)   0.39 0.12 0.30
    Shareholder free cash flow (a)   15,419 5,038 12,408
    Per share basic and diluted (a)   0.30 0.10 0.24
             
    Capital expenditures        
    Seismic data   – 225 225
    Property and equipment   – – 45
    Total capital expenditures   – 225 270
             
    Dividends        
    Regular dividends declared   763 715 3,018
    Special dividends declared   10,167 – 2,548
    Total dividends declared   10,930 715 5,566
             
    Normal course issuer bid        
    Number of shares purchased and cancelled   43,300 627,300 1,784,000
    Cost of shares purchased and cancelled   106 1,185 3,880
             
    Weighted average shares outstanding        
    Basic and diluted   50,829,404 52,122,006 51,448,985
    Shares outstanding at period-end   50,794,563 51,994,563 50,837,863
             
    Seismic library        
    2D in kilometres   829,207 829,207 829,207
    3D in square kilometres   65,310 65,310 65,310
             
    FINANCIAL POSITION
    AND RATIO    		        
        March 31, March 31, December 31,
    (Thousands of dollars except ratio)   2025 2024 2024
    Working capital   14,201 10,579 9,222
    Working capital ratio   3.7:1 3.8:1 5.1:1
    Cash and cash equivalents   14,305 13,765 8,722
    Total assets   27,412 31,122 21,516
    Trailing 12 -month (TTM) EBITDA(b)   29,315 30,045 15,496
    Shareholders’ equity   20,533 26,543 18,295
             

    (a)The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from EBITDA. Non-discretionary expenditures are defined as non-cash expenses, debt financing costs (net of deferred financing expenses amortized in the current period), net restructuring costs and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
    These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.
    (b) TTM EBITDA is defined as the sum of EBITDA generated over the previous 12 months and is used to provide a comparable annualized measure.
    These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.

    OUTLOOK

    Pulse had a very strong first quarter, generating revenue of $22.8 million and ending the quarter with $14.3 million of cash and $14.2 million of working capital. This was one of the top three quarters in the Company’s history, representing 97% of annual 2024 revenue. Pulse’s ability to predict future revenue generation has always been challenging, as significant annual fluctuations are the norm in the seismic data library business. This strong quarterly result has improved our balance sheet and positioned the Company for solid financial performance in 2025.

    Industry trends that we consider relevant include land sales in Western Canada, drilling forecasts for the year, commodity price levels, M and A forecasts and the status of industry infrastructure improvements. Early in 2025, industry projections included high levels of M & A activity for the year and improving commodity prices. It is difficult to predict in the midst of the current market dynamics how this will unfold through the remainder of 2025. Alberta land sales through 2024 and into 2025 were strong, and in British Columbia land sales were resumed in Q3 2024 after a pause of over 3 years. New infrastructure, such as the TMX pipeline expansion, a driver of increased drilling activity, which was completed in 2024 has provided increased export capacity. The Canadian Association of Energy Contractors, in November 2024 forecast an increase to 6,604 wells to be drilled in 2025, an approximate 7% increase over 2024. There has been no update published to this forecast, and drilling activity is reported to be relatively stable. The pending completion of LNG Canada’s liquified natural gas export facility is expected to contribute to the forecast increase in drilling and may lead to an improvement in Canadian natural gas prices.

    Of course, there is a high level of uncertainty on the political and economic fronts. The impacts of the recent change in administration in the United States and the uncertainty around energy tariffs and trade policy, together with Canadian federal government leadership changes and the pending Canadian federal election outcome are contributing to the lack of clarity for the future. It is clear that Canada needs to continue to build pipelines and increase natural gas egress, to support the country’s energy security, as well as to secure new buyers of Canadian energy.

    Pulse, as previously stated, has low visibility regarding future seismic data library sales levels, regardless of industry conditions. The Company remains focused on business practices that have served throughout the full range of conditions. The Company maintains a strong balance sheet and carries no debt. Led by an experienced and capable management team, Pulse operates with a low-cost structure and focuses on maintaining excellent client relations and providing exceptional customer service. Pulse’s strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources have resulted in the return of capital to shareholders through regular and special dividends and the repurchase of its shares.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.

    For further information, please contact:
    Neal Coleman, President and CEO
    Or
    Pamela Wicks, Vice President Finance and CFO
    Tel.: 403-237-5559
    Toll-free: 1-877-460-5559
    E-mail: info@pulseseismic.com.
    Please visit our website at www.pulseseismic.com

    This document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.

    The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:

    >        The outlook of the Company for the year ahead, including future operating costs and expected revenues;

    >       Recent events on the political, economic, regulatory, and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated infrastructure projects;

    >        The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2025;

    >        Pulse’s capital allocation strategy;

    >        Pulse’s dividend policy;

    >        Oil and natural gas prices and forecast trends;

    >        Oil and natural gas drilling activity and land sales activity;

    >        Oil and natural gas company capital budgets;

    >        Future demand for seismic data;

    >        Future seismic data sales;

    >        Pulse’s business and growth strategy; and

    >        Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole.

    By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

    These factors include, but are not limited to:

    >        Uncertainty of the timing and volume of data sales;

    >        Volatility of oil and natural gas prices;

    >        Risks associated with the oil and natural gas industry in general;

    >        The Company’s ability to access external sources of debt and equity capital;

    >        Credit, liquidity and commodity price risks;

    >        The demand for seismic data;

    >        The pricing of data library licence sales;

    >         Cybersecurity;

    >        Relicensing (change-of-control) fees and partner copy sales;

    >        Environmental, health and safety risks;

    >        Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety;

    >        Competition;

    >        Dependence on key management, operations and marketing personnel;

    >        The loss of seismic data;

    >        Protection of intellectual property rights;

    >        The introduction of new products; and

    >        Climate change.

    Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR+ at www.sedarplus.ca.

    When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.

    PDF available: http://ml.globenewswire.com/Resource/Download/a8c573ed-9098-4949-97bc-2c4553e2eae4

    The MIL Network –

  • MIL-OSI USA: WSGS and USGS collaborate on new airborne mineral survey in southeastern Wyoming

    Source: US Geological Survey

    Editor: In the public interest and in accordance with Federal Aviation Administration regulations, the USGS is announcing this low-level airborne project. Your assistance in informing the local communities is appreciated. 

    Focused on the Shirley Mountains and Hartville Uplift areas—regions known for mineralization but limited by existing geophysical data—the survey aims to improve understanding of subsurface geology and better target areas of critical mineral interest for future mapping and research.

    “Baseline, high-quality geophysical data have become essential for modern geologic investigations,” said Erin Campbell, WSGS Director and Wyoming State Geologist. “These surveys help identify hidden structures and features that could point to valuable resources and guide ongoing research across Wyoming’s mineral-rich terrains.”

    “WSGS is a key partner as USGS leads national efforts to map the critical minerals needed to drive the U.S. economy and national security, and expand our knowledge of the nation’s geologic framework. Wyoming produced $622 million in nonfuel mineral commodities in 2024, eighth-most in the nation. Expanding knowledge of the state’s subsurface geology could grow the state’s mining sector,” said Jamey Jones, science coordinator of the USGS Earth Mapping Resources Initiative.

    The survey will acquire both magnetic and radiometric data across two regions. The western block includes Pathfinder Reservoir, the Shirley and Freezout mountains, and the western part of Casper Mountain. The eastern block covers the Hartville Uplift, stretching from near Wheatland to north of Lusk.

    Mineral commodities of interest for the survey include cobalt, nickel, rare earth elements, platinum group elements, and graphite, all on the List of Critical Minerals maintained by the USGS as essential to the U.S. economy and national security, and vulnerable to supply chain disruption. Uranium and a wide range of other strategic materials are also present. The data may also help resolve open questions about regional tectonics and the evolution of major structural features through the Miocene.

    “More than 30 percent of the state’s biennium budget is derived from mineral severance tax and federal mineral royalties, according to the January 2025 Consensus Revenue Estimating Group’s forecast for Wyoming revenue,” said Campbell. “Wyoming has taken a proactive approach to ensure future investment from the mineral industry. With the completion of this and other ongoing geophysical surveys, more than 20 percent of Wyoming, or 19,300 square miles, will be covered by the highest-quality magnetic and radiometric data, which will galvanize mineral exploration.”

    Survey aircraft—both helicopters and fixed-wing planes—will collect data along closely spaced flight lines at a nominal elevation of about 300 feet (100 meters). The magnetic component of the survey detects variations in the Earth’s magnetic field that reveal subsurface structures up to a kilometer deep, or about 3,000 feet. Radiometric sensors measure natural radiation to help map the distribution of potassium, thorium, and uranium near the surface.

    The survey will use aircraft equipped with an elongated “stinger” mounted to either the tail extending backward off the aircraft (fixed wing), or landing skid (helicopter) extending forward off the aircraft. The scientific instruments on the aircraft are completely passive, with no emissions that pose a risk to humans, animals, or plant life. No photography or video data will be collected.  The data collected will be made freely available to the public once complete. The aircraft will be flown by experienced pilots who are specially trained and approved for low-level flying. The company contracted to fly the survey works with the FAA to ensure flights are safe and in accordance with U.S. law. The surveys will be conducted during daylight hours only.

    This new dataset will bridge existing geophysical surveys in the Laramie Mountains, South Pass–Granite Mountains, Sierra Madre, and Medicine Bow Mountains. It will also provide insight into complex geologic features along the Cheyenne Belt—a key boundary between the Archean Wyoming Province and younger Proterozoic rocks—long recognized for its mineral potential.

    “These regions host a variety of mineral systems, including mafic magmatic, polymetallic, and rare earth element deposits,” said Patty Webber, a geologist with the WSGS. “With the addition of high-resolution geophysics, we can begin to better understand the full scope of resource potential across this structurally complex corridor.”

    Following data acquisition, the WSGS and its partners will analyze and interpret the results in combination with field mapping, subsurface modeling, and other techniques to better assess mineral potential and geologic history.

    Earth MRI is a nationwide partnership between the USGS and state geological surveys aimed at mapping critical minerals, and modernizing geologic data with benefits for hazard reduction and water availability. The program has supported multiple airborne geophysical efforts in Wyoming in recent years.

    To learn more about Earth MRI efforts in Wyoming and across the U.S., visit the Earth MRI Acquisitions Viewer

    Figure 2:  Fixed wing survey aircraft to be flown at low altitudes over Area A.  Courtesy Precision GeoSurveys Inc.
    Figure 3:  Helicopter survey aircraft to be flown at low altitudes over Area B.  Courtesy Precision GeoSurveys Inc.

    MIL OSI USA News –