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MIL-OSI: United Fire Group, Inc. Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Fourth quarter net income of $1.21 per diluted share and adjusted operating income of $1.25 per diluted share; full year net income of $2.39 per diluted share and adjusted operating income of $2.56 per diluted share

Fourth quarter 2024 highlights compared to fourth quarter 2023:⁽¹⁾

Net income increased from $19.6 million to $31.4 million.
Net investment income increased 21.2% to $23.2 million.
Combined ratio improved 4.8 points to 94.4%; composed of an underlying loss ratio of 55.7%, catastrophe loss ratio of 1.6%, no prior year reserve development, and underwriting expense ratio of 37.1%.
Underlying combined ratio improved 1.6 points to 92.8%.
Net written premiums⁽²⁾ increased 13% to $278.5 million.

Full year 2024 highlights compared to full year 2023:⁽¹⁾

Net income increased to $62.0 million.
Net investment income increased 37.5% to $82.0 million.
Combined ratio improved 10.1 points to 99.2%; composed of an underlying loss ratio of 57.9%, catastrophe loss ratio of 5.4%, no prior year reserve development and underwriting expense ratio of 35.9%.
Underlying combined ratio improved 3.3 points to 93.8%.
Net written premiums increased 15% to $1.2 billion.
Book value per share increased $1.76 to $30.80 as of December 31, 2024, compared to December 31, 2023.
Adjusted book value per share increased $1.95 to $33.64 as of December 31, 2024, compared to December 31, 2023.

CEDAR RAPIDS, Iowa, Feb. 11, 2025 (GLOBE NEWSWIRE) — United Fire Group, Inc. (“UFG”) (Nasdaq: UFCS) today reported financial results for the three-month period ended December 31, 2024, with a consolidated net income of $31.4 million ($1.21 income per diluted share) and consolidated adjusted operating income of $1.25 per diluted share.

“Our fourth quarter and full year results reflect the continued progress we are making in the execution of our strategic business plan,” said UFG President and CEO Kevin Leidwinger. “The actions we have taken over the past two years to deepen our underwriting expertise, evolve our capabilities, better align with our distribution partners and improve our investment returns are materializing in our results.

“In 2024, we achieved the highest level of net written premiums in our company’s 79-year history. In addition, we produced the best annual combined ratio and highest adjusted operating income since 2015. These milestones reflect key steps on our journey to consistently deliver superior financial and operational performance.

“In the fourth quarter, net written premiums grew 13% led by our core commercial and assumed reinsurance business. Core commercial growth was driven by average renewal increases of 11.9%, a substantial increase in new business production and stable retention. On a full year basis, net written premiums grew 15% to $1.2 billion.

“The fourth quarter combined ratio improved to 94.4%, the lowest in 11 quarters, while the full year combined ratio improved 10.1 points to 99.2%. The underlying loss ratio improved to 55.7% for the quarter and 57.9% for the year, reflecting the ongoing benefits of strong earned rate achievement exceeding loss trends and continued underwriting discipline resulting in improved frequency outcomes. Prior year reserve development remained neutral overall in the quarter while the impact from catastrophes was well below historical averages at 1.6% for the quarter and 5.4% for the year.

“The fourth quarter and full year expense ratios were elevated due to investments in talent to deepen expertise across the company, accelerated development of our new policy administration system that is now poised for implementation in 2025, and increased performance-based compensation for employees and agents due to current year achievements.

“Net investment income improved to $23.2 million in the fourth quarter and $82.0 million for the full year. Fixed maturity income increased to $70 million for the year as new money yields remained strong. We also benefited from improved valuations on our limited partnership portfolio for the full year. We expect the fixed maturity portfolio to generate over $80 million of annualized fixed maturity income, with potential for further improvement from future reinvestment at higher rates.

“Reported book value per share decreased slightly in the fourth quarter due to a change in after-tax unrealized loss caused by increased interest rates. Our improved annual earnings and return on equity of 8.2% allowed adjusted book value per share to grow $1.95 for the year to $33.64.

“During the fourth quarter, we successfully resolved the rating errors in our core commercial business that were identified in the second quarter, resulting in no financial impact to the company. As a result, we have reversed the $3.2 million contingent liability established in the second quarter.

“While 2024 marked a return to underwriting profitability for UFG, our work is far from finished. We remain confident in our ability to execute the business plan for improved performance in the years ahead and are grateful for our people and their dedication to delivering the deep expertise, specialized capabilities, personal relationships and responsive service that our partners and policyholders value.

“Finally, our hearts go out to all those impacted by the devastating wildfires in Southern California. Our claims and risk control professionals continue to assist policyholders in the wake of the destruction. At this time, we estimate losses in the range of $7 million to $10 million from this tragic event.”

(1) Underlying loss ratio, underlying combined ratio and adjusted book value per share are non-GAAP financial measures. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.
(2) Net written premiums is a performance measure reflecting the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. See Certain Performance Measures for additional information.

Consolidated Financial Highlights:

Consolidated Financial Highlights⁽¹⁾
(Unaudited)	Three Months Ended December 31,						Twelve Months Ended December 31,
(In thousands, except per share data)		2024			2023			2024			2023
Net earned premiums	$	308,137		$	264,366		$	1,176,750		$	1,034,587
Net written premiums		278,529			246,830			1,231,470			1,066,901

Combined ratio:
Net loss ratio		57.3	%		64.8	%		63.3	%		74.4	%
Underwriting expense ratio		37.1	%		34.4	%		35.9	%		34.9	%
Combined ratio		94.4	%		99.2	%		99.2	%		109.3	%

Additional ratios:
Net loss ratio		57.3	%		64.8	%		63.3	%		74.4	%
Catastrophes		1.6	%		1.5	%		5.4	%		6.2	%
Reserve development		—	%		3.3	%		—	%		6.0	%
Underlying loss ratio (non-GAAP)		55.7	%		60.0	%		57.9	%		62.2	%
Underwriting expense ratio		37.1	%		34.4	%		35.9	%		34.9	%
Underlying combined ratio (non-GAAP)		92.8	%		94.4	%		93.8	%		97.1	%

Net investment income	$	23,156		$	19,098		$	81,986		$	59,606
Net investment gains (losses)		(1,318	)		3,855			(5,429	)		1,274
Other income (loss)⁽²⁾		300			(1,039	)		(9,388	)		(4,983	)

Net income (loss)	$	31,442		$	19,608		$	61,957		$	(29,700	)
Adjusted operating income (loss)		32,483			16,564			66,246			(30,706	)

Net income (loss) per diluted share	$	1.21		$	0.77		$	2.39		$	(1.18	)
Adjusted operating income (loss) per diluted share		1.25			0.65			2.56			(1.22	)

Return on equity⁽³⁾								8.2	%		(4.0	)%

(1) Underlying loss ratio, underlying combined ratio and adjusted operating income (loss) are non-GAAP financial measures. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.
(2) Other income (loss) is comprised of other income (loss), interest expense and other non-underwriting expenses.
(3) Return on equity is calculated by dividing annualized net income by average stockholders’ equity, which is calculated using a simple average of the beginning and ending balances for the period.

Total Property & Casualty Underwriting Results

Fourth quarter 2024 results:
(All comparisons vs. fourth quarter 2023, unless noted otherwise)

Net written premiums and net earned premiums increased by 13% and 17%, respectively, in the fourth quarter of 2024, led by core commercial and assumed reinsurance business. Commercial lines net written premiums excluding surety and specialty increased 13%, supported by increased pricing with an overall increase in average renewal premiums of 11.9%. Rate increases accounted for 10.8% while exposure increases contributed an additional 1.0%. Excluding the workers’ compensation line of business, the overall average increase in renewal premiums was 12.9%, with 11.7% from rate increases and 1.1% from exposure changes.

The combined ratio for the fourth quarter of 2024 was 94.4%, improving 4.8 points from 99.2% driven by improvement in the underlying loss ratio. Prior year reserve development, excluding catastrophe losses, was neutral for the fourth quarter of 2024 compared to 3.3% of unfavorable development in the fourth quarter of 2023. Catastrophe losses added 1.6 points to the combined ratio, an increase of 0.1 points and below both the five-year and 10-year historical averages. The underlying loss ratio of 55.7% improved 4.3 points, reflecting improvement from a combination of rate achievement, continued favorable claim frequency, and lower large loss activity, most notably in the surety portfolio, partially offset by an increase in the umbrella loss ratio, reflecting continued uncertainty from the impact of social inflation. The underwriting expense ratio of 37.1% increased 2.7 points driven by increased performance-based compensation for employees and agents due to current year achievements.

Full year 2024 results:
(All comparisons vs. full year 2023, unless noted otherwise)

Net written premiums and net earned premiums increased by 15% and 14%, respectively, led by core commercial, assumed reinsurance and surety. Commercial lines net written premiums excluding surety and specialty increased 13%, supported by increased pricing with an overall increase in average renewal premiums of 11.8%. Rate increases accounted for 10.1% while exposure increases contributed an additional 1.6%. Excluding the workers’ compensation line of business, the overall average increase in renewal premiums was 12.9%, with 11.2% from rate increases and 1.6% from exposure changes.

For the full year, the combined ratio was 99.2%, improving 10.1 points from 109.3% driven by improvement in all components of the loss ratio. Prior year reserve development, excluding catastrophe losses, was neutral for the full year 2024 compared to 6.0% of unfavorable development in the full year 2023. Catastrophe losses added 5.4 points to the combined ratio, an improvement of 0.8 points and below both the five-year and 10-year historical averages. The underlying loss ratio of 57.9% improved 4.3 points, reflecting improvement from a combination of underwriting actions, increased pricing, expense management, lower frequency trends and lower large loss activity in the property and surety lines of business, partially offset by an increase in the umbrella loss ratio. The underwriting expense ratio of 35.9% increased 1.0 point primarily due to investments in talent to deepen expertise across the company; accelerated development of our new policy administration system that is now poised for implementation in 2025; and increased performance-based compensation for employees and agents due to current year achievements.

Investment Results

Fourth quarter 2024 results:
(All comparisons vs. fourth quarter 2023, unless noted otherwise)

Net investment income was $23.2 million for the fourth quarter of 2024, an increase of $4.1 million or 21.2%. Income from the fixed maturity portfolio increased by $4.8 million due to portfolio management actions and investing at higher interest rates. Other investment income increased by $1.2 million driven by $1.1 million of interest on cash and cash equivalents. Income on other long-term investments decreased $1.3 million driven by better returns in the fourth quarter of 2023. Dividends on equity securities decreased $0.5 million due to the strategic re-allocation into fixed maturities.

Full year 2024 results:
(All comparisons vs. full year 2023, unless noted otherwise)

Net investment income was $82.0 million for the full year 2024, an increase of $22.4 million or 37.5%. Interest on fixed maturities was up $13.5 million or 23.9% as a result of portfolio management actions, investing at higher rates, and the strategic re-allocation of equity securities into fixed maturities, which resulted in a decrease in dividend income of $3.2 million. Income on other long-term investments was $8.0 million in 2024 compared to the depressed income of zero for 2023, as the valuation of the investments in limited liability partnerships varies from period to period due to the current market conditions. Other investment income increased $5.6 million, driven by $4.8 million of interest on cash and cash equivalents.

Investment Results
(Unaudited)	Three Months Ended December 31,						Twelve Months Ended December 31,
(In thousands)		2024			2023			2024			2023
Investment income:
Interest on fixed maturities	$	19,877		$	15,051		$	69,703		$	56,243
Dividends on equity securities		—			481			341			3,548
Income (loss) on other long-term investments		2,150			3,460			7,939			(31	)
Other		3,692			2,456			14,951			9,324
Total investment income	$	25,719		$	21,448		$	92,934		$	69,084
Less investment expenses		2,562			2,350			10,947			9,478
Net investment income	$	23,157		$	19,098		$	81,987		$	59,606

Average yields on fixed income securities pre-tax⁽¹⁾		4.15	%		3.39	%		3.73	%		3.28	%
(1) Fixed income securities yield excluding net unrealized investment gains/losses and expenses.

Balance Sheet

	December 31, 2024			December 31, 2023
(In thousands)	*(unaudited)*
Invested assets	$	2,093,094		$	1,886,494
Cash		200,949			102,046
Total assets		3,488,469			3,144,190
Losses and loss settlement expenses		1,796,782			1,638,755
Total liabilities		2,706,938			2,410,445
Net unrealized investment gains (losses), after-tax		(72,241	)		(66,967	)
Total stockholders’ equity		781,531			733,745

Book value per share	$	30.80		$	29.04
Adjusted book value per share⁽¹⁾		33.64			31.69
(1) Adjusted book value per share is a non-GAAP financial measure. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.

The company’s book value per share was $30.80, an increase of $1.76 per share, or 6.1%, from December 31, 2023. This increase is primarily related to an increase in net income, partially offset with an increase in net unrealized losses on fixed maturity securities and shareholder dividends during the 12-month period ended December 31, 2024.

Capital Management

During the fourth quarter of 2024, the company declared and paid a $0.16 per share cash dividend to shareholders of record as of November 29, 2024. UFG has paid a quarterly dividend every quarter since March 1968.

Earnings Call Access Information

An earnings call will be held at 9:00 a.m. CT on Wednesday, February 12, 2025, to allow securities analysts, shareholders and other interested parties the opportunity to hear management discuss the company’s fourth quarter of 2024 results.

Teleconference: Dial-in information for the call is toll-free 1-844-492-3723 (international 1-412-542-4184). The event will be archived and available for digital replay through February 19, 2025. The replay access information is toll-free 1-877-344-7529 (international 1-412-317-0088); conference ID no. 4765665.

Webcast: An audio webcast of the teleconference can be accessed at the company’s investor relations page at https://ir.ufginsurance.com/event/ or https://event.choruscall.com/mediaframe/webcast.html?webcastid=j4u0yn8Q. The archived audio webcast will be available for one year.

Transcript: A transcript of the teleconference will be available on the company’s website soon after the completion of the teleconference.

About UFG

Founded in 1946 as United Fire & Casualty Company, UFG, through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance.

The company is licensed as a property and casualty insurer in all 50 states and the District of Columbia, and is represented by approximately 1,000 independent agencies. A.M. Best Company assigns a rating of “A-” (Excellent) for members of the United Fire & Casualty Group. For more information about UFG, visit www.ufginsurance.com.

Contact:

Investor Relations
Email: ir@unitedfiregroup.com

Media Inquiries
Email: news@unitedfiregroup.com

Disclosure of Forward-Looking Statements

This release may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about the company, the industry in which we operate, and beliefs and assumptions made by management. Words such as “expect(s),” “anticipate(s),” “intend(s),” “plan(s),” “believe(s),” “continue(s),” “seek(s),” “estimate(s),” “goal(s),” “remain(s) optimistic,” “target(s),” “forecast(s),” “project(s),” “predict(s),” “should,” “could,” “may,” “will,” “might,” “hope,” “can” and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Information concerning factors that could cause actual outcomes and results to differ materially from those expressed in the forward-looking statements is contained in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”), filed with the Securities and Exchange Commission (“SEC”) on February 29, 2024. The risks identified in our 2023 Annual Report and in our other SEC filings are representative of the risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from what is expressed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release or as of the date they are made. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. In addition, future dividend payments are within the discretion of our Board of Directors and will depend on numerous factors, including our financial condition, our capital requirements and other factors that our Board of Directors considers relevant.

Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures

The company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Management uses certain non-GAAP financial measures to evaluate its operations and profitability. Management also believes that disclosure of certain non-GAAP financial measures enhances investor understanding of our financial performance. Non-GAAP financial measures disclosed in this report include: adjusted operating income, underlying loss ratio, underlying combined ratio, and adjusted book value per share. The company has provided the following definitions and reconciliations of the non-GAAP financial measures:

Adjusted operating income: Adjusted operating income is calculated by excluding net investment gains and losses, after applicable federal and state income taxes from net income (loss). Management believes adjusted operating income is a meaningful measure for evaluating insurance company performance and a useful supplement to GAAP information because it better represents the normal, ongoing performance of our business. Investors and equity analysts who invest in and report on the insurance industry and the company generally focus on this metric in their analyses.

Net Income Reconciliation
(Unaudited)	Three Months Ended December 31,					Twelve Months Ended December 31,
(In thousands)		2024			2023		2024			2023
Income statement data
Net income (loss)	$	31,442		$	19,608	$	61,957		$	(29,700	)
Less: after-tax net investment gains (losses)		(1,041	)		3,044		(4,289	)		1,006
Adjusted operating income (loss)	$	32,483		$	16,564	$	66,246		$	(30,706	)
Diluted earnings per share data
Net income (loss)	$	1.21		$	0.77	$	2.39		$	(1.18	)
Less: after-tax net investment gains (losses)		(0.04	)		0.12		(0.17	)		0.04
Adjusted operating income (loss)	$	1.25		$	0.65	$	2.56		$	(1.22	)

Underlying loss ratio and underlying combined ratio: Underlying loss ratio represents the net loss ratio less the impacts of catastrophes and non-catastrophe prior year reserve development. The underlying combined ratio represents the combined ratio less the impacts of catastrophes and non-catastrophe prior year reserve development. The company believes that the underlying loss ratio and underlying combined ratio are meaningful measures to understand the underlying trends in the core business in the current accident year, removing the volatility of prior year impacts and catastrophes. Management believes separate discussions on catastrophe losses and prior year reserve development are important to understanding how the company is managing catastrophe risk and in identifying developments in longer-tailed business.

Prior year reserve development is the increase (unfavorable) or decrease (favorable) in incurred loss and loss adjustment expense at the valuation dates for losses which occurred in previous calendar years. This measure excludes development on catastrophe losses.

Catastrophe losses is an operational measure which utilizes the designations of the Insurance Services Office (“ISO”) and is reported with losses and loss adjustment expense amounts net of reinsurance recoverables, unless specified otherwise. In addition to ISO catastrophes, we also include as catastrophes those events, which may include U.S. or international losses, that we believe are, or will be, material to our operations, either in amount or in number of claims made. Catastrophes are not predictable and are unique in terms of timing and financial impact. While management estimates catastrophe losses as incurred, due to the inherently unique nature of catastrophe losses, the impact in a reporting period is inclusive of catastrophes that occurred in the reporting period, as well as development on catastrophes that have occurred in prior periods.

Adjusted book value per share: Adjusted book value per share is calculated by dividing shareholders’ equity, excluding net unrealized investment gains and losses, net of tax, by the number of common shares outstanding. Management believes adjusted book value per share is a meaningful measure for evaluating the company’s net worth that is primarily attributable to our business operations, because it removes the effect of changing prices on invested assets that can fluctuate from period to period. Book value per share is the most directly comparable GAAP measure.

Book Value Per Share Reconciliation
(Unaudited)	As of
(In thousands)	December 31, 2024			December 31, 2023
Shareholders’ equity	$	781,531		$	733,745
Less: Net unrealized investment gains (losses), net of tax		(72,241	)		(66,967	)
Shareholders’ equity, excluding net unrealized investment gains (losses), net of tax	$	853,772		$	800,712

Common shares outstanding (basic)		25,378			25,270
Book value per share	$	30.80		$	29.04
Adjusted book value per share		33.64			31.69

Certain Performance Measures

The company uses the following measure to evaluate its financial performance. Management believes a discussion of this measure provides financial statement users with a better understanding of the company’s results of operations. The company has provided the following definition:

Net written premiums: Net written premiums is frequently used by industry analysts and other recognized reporting sources to facilitate comparisons of the performance of insurance companies. Net written premiums is the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. Management believes net written premiums is a meaningful measure for evaluating insurance company sales performance and geographical expansion efforts. Net written premiums for an insurance company consists of direct premiums written and premiums assumed, less premiums ceded. Net earned premiums is calculated on a pro-rata basis over the terms of the respective policies. Unearned premium reserves are established for the portion of written premiums applicable to the unexpired terms of the insurance policies in force. The difference between net earned premiums and net written premiums is the change in unearned premiums and the change in prepaid reinsurance premiums.

Supplemental Tables

Income Statement
(Unaudited)	Three Months Ended December 31,					Twelve Months Ended December 31,
(In thousands)		2024			2023		2024			2023
Revenues
Net earned premiums	$	308,137		$	264,366	$	1,176,750		$	1,034,587
Net investment income		23,156			19,098		81,986			59,606
Net investment gains (losses)		(1,318	)		3,855		(5,429	)		1,274
Other income (loss)		3,200			—		—			—
Total revenues	$	333,175		$	287,319	$	1,253,307		$	1,095,467

Benefits, losses and expenses
Losses and loss settlement expenses	$	176,486		$	171,289	$	744,605		$	769,414
Amortization of deferred policy acquisition costs		76,834			63,291		281,338			244,991
Other underwriting expenses		37,410			27,569		140,942			115,800
Interest expense		2,481			869		7,281			3,260
Other non-underwriting expenses		419			170		2,107			1,723
Total benefits, losses and expenses	$	293,630		$	263,188	$	1,176,273		$	1,135,188

Income (loss) before income taxes	$	39,545		$	24,131	$	77,034		$	(39,721	)
Federal income tax expense (benefit)		8,103			4,523		15,077			(10,021	)
Net income (loss)	$	31,442		$	19,608	$	61,957		$	(29,700	)

Net Written Premiums by Line of Business
(Unaudited)	Three Months Ended December 31,				Twelve Months Ended December 31,
(In thousands)		2024		2023		2024		2023
Net written premiums⁽¹⁾
Commercial lines:
Other liability⁽²⁾	$	90,508	$	79,393	$	369,454	$	325,900
Fire and allied lines⁽³⁾		54,203		51,742		253,796		249,029
Automobile		53,776		46,667		258,257		218,710
Workers’ compensation		14,011		10,530		61,838		49,128
Surety⁽⁴⁾		10,013		11,964		52,524		47,564
Miscellaneous		3,201		1,356		13,086		4,776
Total commercial lines	$	225,712	$	201,652	$	1,008,955	$	895,107

Personal lines:
Fire and allied lines⁽⁵⁾	$	3,804	$	136	$	14,201	$	4,545
Automobile		764		—		2,449		—
Miscellaneous		—		1		5		14
Total personal lines	$	4,568	$	137	$	16,655	$	4,559
Assumed reinsurance⁽⁶⁾		48,249		45,041		205,860		167,236
Total	$	278,529	$	246,830	$	1,231,470	$	1,066,901
(1) Net written premiums is a performance measure reflecting the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. See Certain Performance Measures for additional information. (2) Commercial lines “Other liability” is business insurance covering bodily injury and property damage arising from general business operations, accidents on the insured’s premises and products manufactured or sold. (3) Commercial lines “Fire and allied lines” includes fire, allied lines, commercial multiple peril and inland marine. (4) Commercial lines “Surety” previously referred to as “Fidelity and surety.” (5) Personal lines “Fire and allied lines” includes fire, allied lines, homeowners and inland marine. (6) Assumed reinsurance includes Funds at Lloyd’s

Net Earned Premiums, Net Losses and Loss Settlement Expenses and Net Loss Ratio by Line of Business
Three Months Ended December 31,		2024								2023
(In thousands, except ratios)			Net Losses								Net Losses
			and Loss								and Loss
	Net		Settlement			Net			Net		Settlement			Net
	Earned		Expenses			Loss			Earned		Expenses			Loss
(Unaudited)	Premiums		Incurred			Ratio			Premiums		Incurred			Ratio
Commercial lines
Other liability	$	91,016	$	82,052			90.2	%	$	83,239	$	54,991			66.1	%
Fire and allied lines		62,019		16,515			26.6			61,869		31,994			51.7
Automobile		63,276		28,893			45.7			54,068		39,792			73.6
Workers’ compensation		14,914		8,233			55.2			12,626		13,908			110.2
Surety		15,537		(179	)		(1.2	)		12,311		6,591			53.5
Miscellaneous		3,223		611			19.0			1,180		663			56.2
Total commercial lines	$	249,985	$	136,125			54.5	%	$	225,293	$	147,939			65.7	%

Personal lines
Fire and allied lines	$	3,814	$	5,110			134.0	%	$	165	$	(229	)		(138.8	)%
Automobile		639		424			66.4	%		—		(511	)		NM
Miscellaneous		2		4			NM			4		66			NM
Total personal lines	$	4,455	$	5,538			124.3	%	$	169	$	(674	)		(398.8	)%
Assumed reinsurance		53,697		34,823			64.9			38,904		24,024			61.8
Total	$	308,137	$	176,486			57.3	%	$	264,366	$	171,289			64.8	%
NM = Not meaningful

Net Earned Premiums, Net Losses and Loss Settlement Expenses and Net Loss Ratio by Line of Business
Twelve Months Ended December 31,		2024							2023
(In thousands, except ratios)			Net Losses							Net Losses
			and Loss							and Loss
	Net		Settlement		Net			Net		Settlement			Net
	Earned		Expenses		Loss			Earned		Expenses			Loss
(Unaudited)	Premiums		Incurred		Ratio			Premiums		Incurred			Ratio
Commercial lines
Other liability	$	343,027	$	283,034		82.5	%	$	320,762	$	249,106			77.7	%
Fire and allied lines		252,142		125,807		49.9			244,674		183,533			75.0
Automobile		239,964		138,517		57.7			208,874		176,667			84.6
Workers’ compensation		54,815		37,524		68.5			53,039		33,224			62.6
Surety		60,285		14,812		24.6			39,922		22,259			55.8
Miscellaneous		9,802		5,742		58.6			2,702		940			34.8
Total commercial lines	$	960,035	$	605,436		63.1	%	$	869,973	$	665,729			76.5	%

Personal lines
Fire and allied lines	$	14,237	$	8,325		58.5	%	$	4,733	$	3,402			71.9	%
Automobile		1,214		732		60.3	%		—		(837	)		NM
Miscellaneous		10		197		NM			22		(82	)		NM
Total personal lines	$	15,461	$	9,254		59.9	%	$	4,755	$	2,483			52.2	%
Assumed reinsurance		201,254		129,915		64.6			159,859		101,202			63.3
Total	$	1,176,750	$	744,605		63.3	%	$	1,034,587	$	769,414			74.4	%

The MIL Network –

February 12, 2025

MIL-OSI: BlackLine Announces Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Feb. 11, 2025 (GLOBE NEWSWIRE) — BlackLine, Inc. (Nasdaq: BL), today announced financial results for the fourth quarter and full year ended December 31, 2024.

“We believe our recent user conference and accelerating innovation are creating momentum for BlackLine,” said Owen Ryan, Co-CEO of BlackLine. “We’re making progress on our key Investor Day initiatives, including the rollout of Studio360, advancement of our public sector opportunity, and expansion of our industry-specific strategy. While we recognize the work ahead to achieve our full vision, our strategic investments are building a solid foundation for future growth.”

“By focusing our innovation on the evolving needs of the Office of the CFO, we continue to unlock new market opportunities and enhance our strategic position,” said Therese Tucker, Co-CEO of BlackLine. “Through our Studio360 platform along with AI-powered solutions and capabilities, we’re delivering customer-focused innovation that we believe drive both our company’s financial performance and our customers’ ability to achieve greater operational efficiency across their finance and accounting organizations.”

Fourth Quarter 2024 Financial Highlights

Total GAAP revenues of $169.5 million, an increase of 9% compared to the fourth quarter of 2023.
GAAP operating margin of 3.7%, compared to 8.2% in the fourth quarter of 2023.
Non-GAAP operating margin of 18.1%, compared to 24.8% in the fourth quarter of 2023.
GAAP net income attributable to BlackLine of $56.4 million, or $0.79 per diluted share compared to GAAP net income attributable to BlackLine of $22.1 million, or $0.32 per diluted share in the fourth quarter of 2023.
Non-GAAP net income attributable to BlackLine of $34.6 million, or $0.47 per diluted share compared to non-GAAP net income attributable to BlackLine of $51.5 million, or $0.69 per diluted share in the fourth quarter of 2023.
Operating cash flow of $43.8 million, compared to $42.2 million in the fourth quarter of 2023.
Free cash flow of $36.5 million, compared to $35.3 million in the fourth quarter of 2023.

Full Year 2024 Financial Highlights

Total GAAP revenues of $653.3 million, an increase of 11% from 2023.
GAAP operating margin of 2.8%, compared to 2.4% in 2023.
Non-GAAP operating margin of 19.4%, compared to 16.5% in 2023.
GAAP net income attributable to BlackLine of $161.2 million, or $1.45 per diluted share compared to GAAP net income attributable to BlackLine of $52.8 million, or $0.81 per diluted share in 2023.
Non-GAAP net income attributable to BlackLine of $162.1 million, or $2.18 per diluted share compared to non-GAAP net income attributable to BlackLine of $145.2 million, or $1.96 per diluted share in 2023.
Operating cash flow of $190.8 million, compared to $126.6 million from 2023.
Free cash flow of $164.0 million, compared to $99.0 million from 2023.

Fourth Quarter Key Metrics and Recent Business Highlights

BlackLine had a total of 4,443 customers at December 31, 2024.
Expanded the Company’s user base to 397,477 users at December 31, 2024.
Achieved a dollar-based net revenue retention rate of 102% at December 31, 2024.
Launched Studio360 Platform to drive future-ready financial operations for the Office of the CFO.
Recognized as a Leader in the 2024 IDC MarketScape for Worldwide Accounts Receivable Automation Applications for the Enterprise.
Recognized as Most Innovative FinTech Solution by the 2024 Tech Ascension Awards.
Appointed Stuart Van Houten as Chief Commercial Officer.
Welcomed Philippe Omer-Decugis as Senior Vice President and General Manager for Europe.
Announced 2024 Modern Accounting Award Winners at BeyondTheBlack.
Announced the planned retirement of BlackLine’s Chief Financial Officer and named successor.

The financial results included in this press release are preliminary and subject to final review. Financial results will not be final until BlackLine files its Annual Report on Form 10-K for the period. Information about BlackLine’s use of non-GAAP financial measures is provided below under “Use of Non-GAAP Financial Measures.”

Financial Outlook

First Quarter 2025

Total GAAP revenue is expected to be in the range of $166 million to $168 million.
Non-GAAP operating margin is expected to be in the range of 16.5% to 17.5%.
Non-GAAP net income attributable to BlackLine is expected to be in the range of $28 million to $30 million, or $0.36 to $0.39 per share on 77.7 million diluted weighted average shares outstanding.

Full Year 2025

Total GAAP revenue is expected to be in the range of $699 million to $705 million.
Non-GAAP operating margin is expected to be in the range of 21.0% to 22.0%.
Non-GAAP net income attributable to BlackLine is expected to be in the range of $155 million to $165 million, or $1.97 to $2.10 per share on 78.5 million diluted weighted average shares outstanding.

Guidance for non-GAAP operating margin, non-GAAP net income attributable to BlackLine, and non-GAAP net income attributable to BlackLine per share excludes specified items from the corresponding GAAP financial measures as outlined below under “Use of Non-GAAP Financial Measures” and as detailed in the reconciliations of non-GAAP measures for historical periods. Reconciliations of non-GAAP operating margin, non-GAAP net income attributable to BlackLine, and non-GAAP net income attributable to BlackLine per share guidance to the most directly comparable U.S. GAAP measures are not available on a forward-looking basis without unreasonable efforts due to the unpredictability and complexity of the charges excluded from these non-GAAP financial measures. The Company expects the variability of the above items could have a significant, and potentially unpredictable, impact on its future GAAP operating margin, net income attributable to BlackLine, and net income attributable to BlackLine per share.

Quarterly Conference Call

BlackLine will hold a conference call to discuss its fourth quarter and full year 2024 results at 2:00 p.m. Pacific time on Tuesday, February 11, 2025. A live audio webcast will be accessible on BlackLine’s investor relations website at https://investors.blackline.com. Participants can preregister for the conference call. A replay of the webcast will be available at https://investors.blackline.com for 12 months. BlackLine has used, and intends to continue to use, its Investor Relations website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About BlackLine

BlackLine (Nasdaq: BL), the future-ready platform for the Office of the CFO, drives digital finance transformation by empowering organizations with accurate, efficient, and intelligent financial operations.

BlackLine’s comprehensive platform addresses mission-critical processes, including record-to-report and invoice-to-cash, enabling unified and accurate data, streamlined and optimized processes, and real-time insight through visibility, automation, and AI. BlackLine’s proven, collaborative approach ensures continuous transformation, delivering immediate impact and sustained value. With a proven track record of innovation, industry-leading R&D investment, and world-class security practices, more than 4,400 customers across multiple industries partner with BlackLine to lead their organizations into the future.

For more information, please visit blackline.com.

Forward-looking Statements

This release and the conference call referenced above contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “would,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Forward-looking statements in this release and quarterly conference call include, but are not limited to, statements regarding BlackLine’s future financial and operational performance, including, without limitation, GAAP and non-GAAP guidance for the first quarter and full year of 2025, the impact of progress against certain key initiatives, our expectations for our business, including the demand environment, BlackLine’s addressable market, market position and pipeline, our international growth, and our relationships with our customers and partners, including opportunities to expand those relationships.

Any forward-looking statements contained in this press release or the quarterly conference call are based upon BlackLine’s historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good-faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and uncertainties. If any of these risks or uncertainties materialize or if any assumptions prove incorrect, actual performance or results may differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to risks related to the Company’s ability to attract new customers and expand sales to existing customers; the extent to which customers renew their subscription agreements or increase the number of users; the impact of current and future economic uncertainty and other unfavorable conditions in the Company’s industry or the global economy, the Company’s ability to manage growth and scale effectively, including entry into new geographies; the Company’s ability to provide successful enhancements, new features and modifications to its software solutions; the Company’s ability to develop new products and software solutions and the success of any new product and service introductions; the Company’s ability to effectively incorporate artificial intelligence and machine learning technologies (AI/ML) into its platform and business and the potential reputational harm or legal liability that may result from the use of AI/ML solutions and features; the success of the Company’s strategic relationships with technology vendors and business process outsourcers, channel partners and alliance partners; any breaches of the Company’s security measures; a disruption in the Company’s hosting network infrastructure; costs and reputational harm that could result from defects in the Company’s solutions; the loss of any key employees; continued strong demand for the Company’s software in the United States, Europe, Asia Pacific, and Latin America; the Company’s ability to compete as the financial close management provider for organizations of all sizes; the timing and success of solutions offered by competitors; including competitors’ ability to incorporate AI/ML into products and offerings more quickly or successfully; changes in the proportion of the Company’s customer base that is comprised of enterprise or mid-sized organizations; the Company’s ability to expand and effectively manage its sales teams and their performance and productivity; fluctuations in our financial results due to long and increasingly variable sales cycles, failure to protect the Company’s intellectual property; the Company’s ability to integrate acquired businesses and technologies successfully or achieve the expected benefits of such transactions; unpredictable and uncertain macro and regional economic conditions; seasonality; changes in current tax or accounting rules; cyber attacks and the risk that the Company’s security measures may not be sufficient to secure its customer or confidential data adequately; acts of terrorism or other vandalism, war or natural disasters including the effects of climate change; the impact of any determination of deficiencies or weaknesses in our internal controls and processes; and other risks and uncertainties described in the other filings we make with the Securities and Exchange Commission from time to time, including the risks described under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the Securities and Exchange Commission on November 8, 2024. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements should not be read as a guarantee of future performance or results, and you should not place undue reliance on such statements. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. All of the information in this press release is subject to completion of our quarterly review process.

Use of Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, BlackLine has provided in this release and the quarterly conference call held on February 11, 2025, certain financial measures that have not been prepared in accordance with GAAP defined as “non-GAAP financial measures,” which include (i) non-GAAP gross profit and non-GAAP gross margin, (ii) non-GAAP operating expenses, (iii) non-GAAP operating income (loss) and non-GAAP operating margin, (iv) non-GAAP net income (loss) attributable to BlackLine, Inc., (v) diluted non-GAAP net income (loss) attributable to BlackLine, Inc. per share, and (vi) free cash flow.

BlackLine’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP measures, in evaluating BlackLine’s ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items BlackLine excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures has been provided in the tables included as part of this press release.

Non-GAAP Gross Profit and Non-GAAP Gross Margin. Non-GAAP gross profit is defined as GAAP revenues less GAAP cost of revenue adjusted for amortization of acquired developed technology, stock-based compensation, and transaction-related costs (including, but not limited to, accounting, legal, and advisory fees related to the transaction, as well as transaction-related retention bonuses). Non-GAAP gross margin is defined as non-GAAP gross profit divided by GAAP revenues. BlackLine believes that presenting non-GAAP gross profit and non-GAAP gross margin is useful to investors as it eliminates the impact of certain non-cash expenses and allows a direct comparison between periods.

Non-GAAP Operating Expenses. Non-GAAP operating expenses include (a) non-GAAP sales and marketing expense, (b) non-GAAP research and development expense, and (c) non-GAAP general and administrative expense. Non-GAAP sales and marketing expense is defined as GAAP sales and marketing expense adjusted for amortization of intangible assets, stock-based compensation, and transaction-related costs. Non-GAAP research and development expense is defined as GAAP research and development expense adjusted for stock-based compensation and transaction-related costs. Non-GAAP general and administrative expense is defined as GAAP general and administrative expense adjusted for amortization of intangible assets, stock-based compensation, change in fair value of contingent consideration, transaction-related costs, and legal settlement gains or costs. BlackLine believes that presenting each of the non-GAAP operating expenses is useful to investors as it eliminates the impact of certain cash and non-cash expenses and allows a direct comparison of operating expenses between periods.

Non-GAAP Income (Loss) from Operations and Non-GAAP Operating Margin. Non-GAAP income (loss) from operations is defined as GAAP income (loss) from operations adjusted for amortization of intangible assets, stock-based compensation, change in fair value of contingent consideration, transaction-related costs, legal settlement gains or costs, and restructuring costs. Non-GAAP operating margin is defined as non-GAAP income (loss) from operations divided by GAAP revenues. BlackLine believes that presenting non-GAAP income (loss) from operations and non-GAAP operating margin is useful to investors as it eliminates the impact of items that have been impacted by the Company’s acquisitions and other related costs in order to allow a direct comparison of income (loss) from operations between all periods presented.

Non-GAAP Net Income (Loss) Attributable to BlackLine and Diluted Non-GAAP Net Income (Loss) Attributable to BlackLine, Inc. Per Share. Non-GAAP net income (loss) attributable to BlackLine is defined as GAAP net income (loss) attributable to BlackLine adjusted for the impact of the provision for (benefit from) income taxes related to acquisitions, amortization of intangible assets, stock-based compensation, amortization of debt issuance costs from our convertible senior notes, change in fair value of contingent consideration, transaction-related costs, legal settlement gains or costs, restructuring costs, adjustment to the redeemable non-controlling interest to the redemption amount, and gain on extinguishment of convertible senior notes. Diluted non-GAAP net income (loss) attributable to BlackLine, Inc. per share includes the adjustment for shares resulting from the elimination of stock-based compensation. BlackLine believes that presenting non-GAAP net income (loss) attributable to BlackLine is useful to investors as it eliminates the impact of items that have been impacted by the Company’s acquisitions and other related costs to allow a direct comparison of net income (loss) between all periods presented.

Free Cash Flow. Free cash flow is defined as cash flows provided by (used in) operating activities less cash flows used to purchase property and equipment, financed and otherwise, capitalized software development, and intangible assets. BlackLine believes that presenting free cash flow is useful to investors as it provides a measure of the Company’s liquidity used by management to evaluate the amount of cash generated by the Company’s business including the impact of purchases of property and equipment and cost of capitalized software development.

Use of Operating Metrics

BlackLine has provided in this release and the quarterly conference call held on February 11, 2025 certain operating metrics, including (i) number of customers, (ii) number of users, and (iii) dollar-based net revenue retention rate, which BlackLine uses to evaluate its business, measure its performance, identify trends affecting its business, formulate financial projections and make strategic decisions. These operating metrics exclude the impact of certain Runbook licensed customers and users who are on perpetual license agreements and did not have an active subscription agreement with BlackLine as of December 31, 2024.

Dollar-based Net Revenue Retention Rate. Dollar-based net revenue retention rate is calculated as the implied monthly subscription and support revenue at the end of a period for the base set of customers from which the Company generated subscription revenue in the year prior to the calculation, divided by the implied monthly subscription and support revenue one year prior to the date of calculation for that same customer base. This calculation does not reflect implied monthly subscription and support revenue for new customers added during the one-year period but does include the effect of customers who terminated during the period. Implied monthly subscription and support revenue is defined as the total amount of minimum subscription and support revenue contractually committed to, under each of BlackLine’s customer agreements over the entire term of the agreement, divided by the number of months in the term of the agreement. BlackLine believes that dollar-based net revenue retention rate is an important metric to measure the long-term value of customer agreements and the Company’s ability to retain and grow its relationships with existing customers over time.

Number of Customers. A customer is defined as a company that contributes to our subscription and support revenue as of the measurement date. In situations where an organization has multiple subsidiaries or divisions, each entity that is invoiced as a separate entity is treated as a separate customer. In an instance where an existing customer requests its invoice be divided for the sole purpose of restructuring its internal billing arrangement without any incremental increase in revenue, such customer continues to be treated as a single customer. BlackLine believes that its ability to expand its customer base is an indicator of the Company’s market penetration and the growth of its business.

Number of Users. Historically, BlackLine’s products were priced based on the number of users of its platform. Over time, the Company has begun to sell an increasing number of non-user based products with fixed or transaction-based pricing. For this reason, we believe the growth in the number of total users is less correlated to the growth of the business overall.

Media Contact:
Samantha Darilek
samantha.darilek@blackline.com

Investor Relations Contact:
Matt Humphries, CFA
matt.humphries@blackline.com

BlackLine, Inc.
Consolidated Balance Sheets
(in thousands)
(unaudited)

	December 31, 2024			December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	885,915		$	271,117
Marketable securities		—			933,355
Accounts receivable, net of allowances		178,141			171,608
Prepaid expenses and other current assets		28,348			31,244
Total current assets		1,092,404			1,407,324
Capitalized software development costs, net		45,448			37,828
Property and equipment, net		11,840			14,867
Intangible assets, net		59,520			79,056
Goodwill		448,965			448,965
Operating lease right-of-use assets		22,772			19,173
Deferred tax assets, net		53,208			145
Other assets		90,879			93,407
Total assets	$	1,825,036		$	2,100,765
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	8,463		$	8,623
Accrued expenses and other current liabilities		71,574			59,690
Deferred revenue, current		338,615			320,133
Finance lease liabilities, current		66			778
Operating lease liabilities, current		3,525			4,108
Convertible senior notes, net, current		—			249,233
Total current liabilities		422,243			642,565
Finance lease liabilities, noncurrent		53			4
Operating lease liabilities, noncurrent		20,283			15,738
Convertible senior notes, net, noncurrent		892,675			1,140,608
Deferred tax liabilities, net		4,532			6,394
Deferred revenue, noncurrent		1,390			904
Other long-term liabilities		708			3,608
Total liabilities		1,341,884			1,809,821
Commitments and contingencies
Redeemable non-controlling interest		36,483			30,063
Stockholders’ equity:
Common stock		628			615
Additional paid-in capital		495,391			474,863
Accumulated other comprehensive income (loss)		(361	)		205
Accumulated deficit		(48,989	)		(214,802	)
Total stockholders’ equity		446,669			260,881
Total liabilities, redeemable non-controlling interest, and stockholders’ equity	$	1,825,036		$	2,100,765

BlackLine, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

	Quarter Ended						Year Ended
	December 31,						December 31,
		2024			2023			2024			2023
Revenues
Subscription and support	$	160,988		$	147,155		$	619,287		$	555,516
Professional services		8,472			8,575			34,049			34,480
Total revenues		169,460			155,730			653,336			589,996
Cost of revenues
Subscription and support		34,833			31,373			135,308			121,308
Professional services		6,581			6,239			26,657			25,485
Total cost of revenues		41,414			37,612			161,965			146,793
Gross profit		128,046			118,118			491,371			443,203
Operating expenses
Sales and marketing		64,769			56,898			248,347			243,154
Research and development		24,588			22,578			100,973			103,207
General and administrative		32,480			24,676			121,795			71,530
Restructuring costs		(8	)		1,151			1,720			10,964
Total operating expenses		121,829			105,303			472,835			428,855
Income from operations		6,217			12,815			18,536			14,348
Other income (expense)
Interest income		9,399			14,822			49,808			52,059
Interest expense		(2,523	)		(1,484	)		(8,758	)		(5,898	)
Gain on extinguishment of convertible senior notes		—			—			65,112			—
Other income, net		6,876			13,338			106,162			46,161
Income before income taxes		13,093			26,153			124,698			60,509
Provision for (benefit from) income taxes		(50,374	)		1,901			(43,067	)		1,450
Net income		63,467			24,252			167,765			59,059
Net income attributable to redeemable non-controlling interest		670			293			1,952			892
Adjustment attributable to redeemable non-controlling interest		6,380			1,890			4,639			5,334
Net income attributable to BlackLine, Inc.	$	56,417		$	22,069		$	161,174		$	52,833
Basic net income attributable to BlackLine, Inc. per share	$	0.90		$	0.36		$	2.59		$	0.87
Shares used to calculate basic net income per share		62,640			61,391			62,129			60,849
Diluted net income attributable to BlackLine, Inc. per share	$	0.79		$	0.32		$	1.45		$	0.81
Shares used to calculate diluted net income per share		74,610			72,470			73,503			72,045

BlackLine, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

	Quarter Ended						Year Ended
	December 31,						December 31,
		2024			2023			2024			2023
Cash flows from operating activities
Net income attributable to BlackLine, Inc.	$	56,417		$	22,069		$	161,174		$	52,833
Net income and adjustment attributable to redeemable non-controlling interest		7,050			2,183			6,591			6,226
Net income		63,467			24,252			167,765			59,059
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		12,120			12,825			50,345			50,099
Change in fair value of contingent consideration		—			—			—			(33,549	)
Amortization of debt issuance costs		849			1,398			4,486			5,535
Stock-based compensation		19,340			17,505			83,251			77,970
Gain on extinguishment of convertible senior notes		—			—			(65,112	)		—
Noncash lease expense		1,611			1,728			6,221			6,453
Accretion of purchase discounts on marketable securities, net		(326	)		(8,885	)		(18,441	)		(33,884	)
Net foreign currency (gains) losses		(81	)		(29	)		279			853
Deferred income taxes		(53,323	)		281			(54,802	)		(1,525	)
Provision for (benefit from) credit losses		70			(1	)		84			(18	)
Changes in operating assets and liabilities:
Accounts receivable		(43,317	)		(41,300	)		(7,552	)		(20,855	)
Prepaid expenses and other current assets		(1,609	)		(4,449	)		2,742			(6,599	)
Other assets		298			(1,947	)		2,505			(595	)
Accounts payable		4,333			4,341			(1,123	)		(5,104	)
Accrued expenses and other current liabilities		3,968			(2,111	)		7,087			(924	)
Deferred revenue		37,819			42,536			18,968			41,271
Contingent consideration paid in excess of original estimates		—			(2,393	)		—			(2,393	)
Operating lease liabilities		(1,563	)		(1,936	)		(5,963	)		(7,171	)
Lease incentive receipts		—			—			—			240
Other long-term liabilities		138			354			96			(2,250	)
Net cash provided by operating activities		43,794			42,169			190,836			126,613
Cash flows from investing activities
Purchases of marketable securities		—			(360,866	)		(396,104	)		(1,343,331	)
Proceeds from maturities of marketable securities		121,289			363,521			1,023,286			1,319,821
Proceeds from sales of marketable securities		—			—			324,098			—
Capitalized software development costs		(6,513	)		(4,807	)		(24,714	)		(21,644	)
Purchases of property and equipment		(756	)		(2,026	)		(2,126	)		(5,953	)
Acquisition, net of cash acquired		—			(9	)		—			(11,376	)
Net cash provided by (used in) investing activities		114,020			(4,187	)		924,440			(62,483	)
Cash flows from financing activities
Proceeds from issuance of convertible senior notes, net of issuance costs		—			—			661,979			—
Partial repurchase of convertible senior notes		—			—			(848,519	)		—
Repayment of convertible senior notes		—			—			(250,000	)		—
Purchase of capped calls related to convertible senior notes		—			—			(59,738	)		—
Principal payments under finance lease obligations		(228	)		(255	)		(999	)		(990	)
Proceeds from exercises of stock options		4,553			775			7,591			19,762
Proceeds from employee stock purchase plan		2,757			2,719			7,006			8,010
Acquisition of common stock for tax withholding obligations		(3,861	)		(885	)		(17,465	)		(15,029	)
Payment of contingent consideration		—			(5,607	)		—			(5,607	)
Net cash provided by (used in) financing activities		3,221			(3,253	)		(500,145	)		6,146
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash		(403	)		151			(347	)		(120	)
Net increase in cash, cash equivalents, and restricted cash		160,632			34,880			614,784			70,156
Cash, cash equivalents, and restricted cash, beginning of period		725,515			236,483			271,363			201,207
Cash, cash equivalents, and restricted cash, end of period	$	886,147		$	271,363		$	886,147		$	271,363

Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents at end of period	$	885,915		$	271,117		$	885,915		$	271,117
Restricted cash included within other assets at end of period		232			246			232			246
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows	$	886,147		$	271,363		$	886,147		$	271,363

BlackLine, Inc.
Calculation of Diluted Net Income Per Share
(in thousands, except per share data)
(unaudited)

	Quarter Ended							Year Ended
	December 31,							December 31,
			2024			2023			2024			2023
Diluted Net Income per Share
Numerator:
Net income attributable to BlackLine, Inc.		$	56,417		$	22,069		$	161,174		$	52,833
Interest expense, net of taxes			2,305			1,458			7,804			5,716
Gain on extinguishment of convertible senior notes, net of taxes			—			—			(62,147	)		—
Net income attributable to BlackLine, Inc. for diluted calculation		$	58,722		$	23,527		$	106,831		$	58,549
Denominator:
Shares used to calculate diluted net income per share			74,610			72,470			73,503			72,045
Diluted net income attributable to BlackLine, Inc. per share		$	0.79		$	0.32		$	1.45		$	0.81

BlackLine, Inc.
Reconciliations of Non-GAAP Financial Measures
(in thousands, except percentages and per share data)
(unaudited)

		Quarter Ended						Year Ended
		December 31,						December 31,
			2024			2023			2024			2023
Non-GAAP Gross Profit:
Gross profit		$	128,046		$	118,118		$	491,371		$	443,203
Amortization of acquired developed technology			3,243			3,419			13,370			12,438
Stock-based compensation			3,561			3,121			13,347			12,440
Transaction-related costs			25			132			151			478
Total non-GAAP gross profit		$	134,875		$	124,790		$	518,239		$	468,559
Gross margin			75.6	%		75.8	%		75.2	%		75.1	%
Non-GAAP gross margin			79.6	%		80.1	%		79.3	%		79.4	%

Non-GAAP Operating Income:
Operating income		$	6,217		$	12,815		$	18,536		$	14,348
Amortization of intangible assets			4,305			5,249			19,886			20,608
Stock-based compensation			20,138			18,101			86,097			80,068
Change in fair value of contingent consideration			—			—			—			(33,549	)
Transaction-related costs			—			1,246			568			5,078
Restructuring costs			(8	)		1,151			1,720			10,964
Total non-GAAP operating income		$	30,652		$	38,562		$	126,807		$	97,517
GAAP operating margin			3.7	%		8.2	%		2.8	%		2.4	%
Non-GAAP operating margin			18.1	%		24.8	%		19.4	%		16.5	%

Non-GAAP Net Income Attributable to BlackLine, Inc.:
Net income attributable to BlackLine, Inc.		$	56,417		$	22,069		$	161,174		$	52,833
Provision for (benefit from) income taxes			(53,351	)		526			(50,948	)		(1,196	)
Amortization of intangible assets			4,305			5,249			19,886			20,608
Stock-based compensation			20,044			17,981			85,654			79,588
Amortization of debt issuance costs			849			1,398			4,486			5,535
Change in fair value of contingent consideration			—			—			—			(33,549	)
Transaction-related costs			—			1,246			568			5,078
Restructuring costs			(8	)		1,151			1,720			10,964
Adjustment to redeemable non-controlling interest			6,380			1,890			4,639			5,334
Gain on extinguishment of convertible senior notes			—			—			(65,112	)		—
Total non-GAAP net income attributable to BlackLine, Inc.		$	34,636		$	51,510		$	162,067		$	145,195

Basic Non-GAAP Net Income Attributable to BlackLine, Inc. per share
Basic non-GAAP net income attributable to BlackLine, Inc. per share		$	0.55		$	0.84		$	2.61		$	2.39
Shares used to calculate basic non-GAAP net income per share			62,640			61,391			62,129			60,849

Diluted Non-GAAP Net Income Attributable to BlackLine, Inc. per share
Numerator:
Non-GAAP net income attributable to BlackLine, Inc.		$	34,636		$	51,510		$	162,067		$	145,195
Interest expense, net of taxes			1,539			77			3,909			306
Non-GAAP net income attributable to BlackLine, Inc. for diluted calculation		$	36,175		$	51,587		$	165,976		$	145,501
Denominator:
Shares used to calculate diluted non-GAAP net income per share			77,324			74,603			76,124			74,382
Diluted non-GAAP net income attributable to BlackLine, Inc. per share		$	0.47		$	0.69		$	2.18		$	1.96

Non-GAAP Sales and Marketing Expense:
Sales and marketing expense		$	64,769		$	56,898		$	248,347		$	243,154
Amortization of intangible assets			(983	)		(1,751	)		(6,201	)		(6,791	)
Stock-based compensation			(6,260	)		(5,364	)		(25,428	)		(24,152	)
Transaction-related costs			(136	)		(110	)		(320	)		(397	)
Total non-GAAP sales and marketing expense		$	57,390		$	49,673		$	216,398		$	211,814

Non-GAAP Research and Development Expense:
Research and development expense		$	24,588		$	22,578		$	100,973		$	103,207
Stock-based compensation			(3,390	)		(1,813	)		(13,345	)		(13,095	)
Transaction-related costs			170			(833	)		(46	)		(2,857	)
Total non-GAAP research and development expense		$	21,368		$	19,932		$	87,582		$	87,255

Non-GAAP General and Administrative Expense:
General and administrative expense		$	32,480		$	24,676		$	121,795		$	71,530
Amortization of intangible assets			(79	)		(79	)		(315	)		(1,379	)
Stock-based compensation			(6,927	)		(7,803	)		(33,977	)		(30,381	)
Change in fair value of contingent consideration			—			—			—			33,549
Transaction-related costs			(9	)		(171	)		(51	)		(1,346	)
Total non-GAAP general and administrative expense		$	25,465		$	16,623		$	87,452		$	71,973

Total Non-GAAP Operating Expenses		$	104,223		$	86,228		$	391,432		$	371,042

Free Cash Flow
Net cash provided by operating activities		$	43,794		$	42,169		$	190,836		$	126,613
Capitalized software development costs			(6,513	)		(4,807	)		(24,714	)		(21,644	)
Purchases of property and equipment			(756	)		(2,026	)		(2,126	)		(5,953	)
Free cash flow		$	36,525		$	35,336		$	163,996		$	99,016

The MIL Network –

February 12, 2025

MIL-OSI: Kentucky First Federal Bancorp Reports Earnings

Source: GlobeNewswire (MIL-OSI)

HAZARD, Ky. and FRANKFORT, Ky. and DANVILLE, Ky. and LANCASTER, Ky., Feb. 11, 2025 (GLOBE NEWSWIRE) — Kentucky First Federal Bancorp (Nasdaq: KFFB), the holding company (the “Company”) for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky, Frankfort, Kentucky, announced net income of $13,000 or $0.00 diluted earnings per share for the three months ended December 31, 2024, compared to a net loss of $361,000 or $(0.05) diluted earnings per share for the three months ended December 31, 2023, an increase of $374,000 or 103.6%. A net loss of $2,000 or $(0.00) diluted earnings per share was announced for the six months ended December 31, 2024 compared to a net loss of $536,000 or $(0.07) diluted earnings per share for the six months ended December 31, 2023, an increase of $534,000 or 99.6%.

The increase in net earnings for the quarter ended December 31, 2024 was primarily attributable to higher net interest income. Net interest income increased $381,000 or 23.0% to $2.0 million due primarily to interest income increasing more than interest expense increased period to period. Interest income increased $857,000 or 21.8% to $4.8 million, while interest expense increased $476,000 or 21.0% to $2.7 million for the recently-ended quarter. While the rising interest rate environment has slowed and market rates have even decreased, the repricing level of our assets has begun to outpace the increase in expenses paid on liabilities.

The average rate earned on interest-earning assets increased 80 basis points to 5.28% and was the primary reason for the increase in interest income, although average interest-earning assets also increased $11.5 million or 3.3% to $362.3 million for the recently-ended quarterly period. The average rate paid on interest-bearing liabilities increased 44 basis points to 3.53% and was the primary reason for the increase in interest expense, although average interest-bearing liabilities also increased $17.3 million or 5.9%.

Non-interest income increased $125,000 or 271.7% and totaled $171,000 for the three months ended December 31, 2024, almost entirely due to net gains on sales of loans increasing $74,000 compared to December 31, 2023. This was due to the increase in demand for fixed -rate secondary market loans.

Non-interest expense also increased $54,000 period to period primarily due to other non-interest expense increasing $123,000, with the majority of this due to increased professional fees. This increase was partially offset by employee compensation and benefits decreasing $62,000 or 4.9% for the three months ended December 31, 2024 compared to December 31, 2023.

At December 31, 2024, assets totaled $374.2 million, a decrease of $760,000 or 0.2%, from $375.0 million at June 30, 2024, due primarily to the decrease in loans, net, of $2.8 million or 0.8%, as well as a decrease in investment securities of $1.0 million or 10.6% primarily because of principal repayments and prepayments. Cash and cash equivalents totaled $21.0 million, an increase of $2.7 million or 14.7% compared to June 30, 2024. Total liabilities decreased $818,000 or 0.3% to $326.2 million at December 31, 2024, as consistent with our efforts to reduce our reliance on higher cost funding sources, FHLB advances decreased $7.2 million or 10.4% to $61.8 million. Partially offsetting the decrease in FHLB advances was an increase in total deposits of $6.9 million or 2.7% at December 31, 2024. Savings account deposits increased $1.6 million or 3.4%, and certificates of deposit increased $10.3 million or 5.9%.

At December 31, 2024, the Company reported its book value per share as $5.94. Shareholders’ equity increased $58,000 or 0.1% to $48.1 million at December 31, 2024 compared to June 30, 2024. The increase in shareholders’ equity was primarily associated with accumulated other comprehensive loss decreasing $60,000 at December 31, 2024 compared to June 30, 2024 as the unrealized losses on our investment portfolio decrease.

Forward-Looking Statements

This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. These forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “intend” and “potential,” or words of similar meaning, or future or conditional verbs such as “should,” “could,” or “may.” Forward-looking statements include statements of our goals, intentions and expectations; statements regarding our ability to fully and timely address the deficiencies that resulted in the Agreement that First Federal Savings Bank of Kentucky has entered into with the Office of the Comptroller of the Currency (“OCC”); First Federal Savings Bank of Kentucky’s ability to satisfy the Individual Minimum Capital Requirements imposed by the OCC; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. Kentucky First Federal Bancorp’s actual results, performance or achievements may materially differ from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, general economic conditions; prices for real estate in the Company’s market areas; the interest rate environment and the impact of the interest rate environment on our business, financial condition and results of operations; our ability to successfully execute our strategy to increase earnings, increase core deposits, reduce reliance on higher cost funding sources and shift more of our loan portfolio towards higher-earning loans; our ability to pay future dividends and if so at what level; our ability to receive any required regulatory approval or non-objection for the payment of dividends from First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky to the Company or from the Company to shareholders; the ability of First Federal MHC to receive approval of its members to waive the payment of any Company dividends to First Federal MHC; competitive conditions in the financial services industry; changes in the level of inflation; changes in the demand for loans, deposits and other financial services that we provide; the possibility that future credit losses may be higher than currently expected; competitive pressures among financial services companies; the ability to attract, develop and retain qualified employees; our ability to maintain the security of our data processing and information technology systems; the outcome of pending or threatened litigation, or of matters before regulatory agencies; changes in law, governmental policies and regulations, rapidly changing technology affecting financial services, and the other matters mentioned in Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2024. Except as required by applicable law or regulation, the Company does not undertake the responsibility, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

About Kentucky First Federal Bancorp

Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association of Hazard, which operates one banking office in Hazard, Kentucky, and First Federal Savings Bank of Kentucky, which operates three banking offices in Frankfort, Kentucky, two banking offices in Danville, Kentucky and one banking office in Lancaster, Kentucky. Kentucky First Federal Bancorp shares are traded on the Nasdaq National Market under the symbol KFFB. At December 31, 2024, the Company had approximately 8,086,715 shares outstanding of which approximately 58.5% was held by First Federal MHC.

SUMMARY OF FINANCIAL HIGHLIGHTS
Condensed Consolidated Balance Sheets
(In thousands, except share data)								December 31,				June 30,
									2024 (Unaudited)			2024
ASSETS
Cash and cash equivalents							$		20,976		$	18,287
Investment Securities									8,818			9,861
Loans available-for sale									116			110
Loans, net									330,234			333,025
Real estate acquired through foreclosure									10			10
Other Assets									14,054			13,675
Total Assets							$		374,208		$	374,968
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits							$		263,055		$	256,139
FHLB Advances									61,792			68,988
Other Liabilities									1,306			1,844
Total liabilities									326,153			326,971
Shareholders’ Equity									48,055			47,997
Total liabilities and shareholders’ equity							$		374,208		$	374,968
Book value per share							$		5.94		$	5.94
Tangible book value per share							$		5.94		$	5.94

Condensed Consolidated Statements of Income (Loss)
(In thousands, except share data)

	Six months ended December 31,						Three months ended December 31,
		2024 (Unaudited)			2023				2024 (Unaudited)			2023
Interest Income	$	9,403		$	7,661		$		4,784		$	3,927
Interest Expense		5,496			4,333				2,746			2,270
Net Interest Income		3,907			3,328				2,038			1,657
Provision for Credit Losses		15			15				–			9
Non-interest Income		308			121				171			46
Non-interest Expense		4,215			4,132				2,203			2,149
Income (Loss) Before Income Taxes		(15	)		(698	)			6			(455	)
Income Taxes		(13	)		(162	)			(7	)		(94	)
Net Income (Loss)	$	(2	)	$	(536	)	$		13		$	(361	)
Earnings per share:
Basic and Diluted	$	(0.00	)	$	(0.07	)	$		0.00		$	(0.05	)
Weighted average outstanding shares:
Basic and Diluted		8,098,715			8,098,715				8,098,715			8,098,715

Contact: Don Jennings, President, or Tyler Eades, Vice President
(502) 223-1638
216 West Main Street
P.O. Box 535
Frankfort, KY 40602

The MIL Network –

February 12, 2025

MIL-OSI: American Rebel Holdings, Inc. (NASDAQ: AREB) Regains Compliance with NASDAQ Listing Standards as of February 10, 2025. (UPDATED)

Source: GlobeNewswire (MIL-OSI)

Nashville, Tennessee, Feb. 11, 2025 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), creator of American Rebel Beer (americanrebelbeer.com) and a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel (americanrebel.com), is pleased to announce that it has regained compliance with the periodic filing requirement under NASDAQ’s listing rules.

“Maintaining our NASDAQ listing is of utmost importance to our Company and our stockholders. I would like to extend my deepest gratitude to our internal and external accounting teams for their tireless efforts in ensuring our ability to file our FY2024 3^rdQuarter financials that allowed American Rebel to regain compliance with NASDAQ’s listing rules.” Andy Ross, CEO of American Rebel, further commented, “The dedication and hard work of Darin Fielding, CFO of our wholly owned subsidiary, Champion Safe Co., who emerged as our regulatory lead due to his previous auditor experience was instrumental in the coordination between our independent auditors, GBQ and Eventus Advisory Group’s seasoned team of public company accounting professionals.”

Timeline of NASDAQ Compliance Efforts

November 14, 2024 – FY2024 3rd Quarter 10Q due

November 22, 2024 – Company notification by NASDAQ that it no longer met the perioding listing requirement due to the inability to file the FY2024 3rd Quarter 10Q

January 21, 2025 – Deadline for American Rebel Holdings, Inc. to submit a plan to NASDAQ to regain compliance with the listing requirements

February 7, 2025 – American Rebel Holdings, Inc. files Form 10-Q for the period ended September 30, 2024.

Revenue for the three (3) months ended September 30, 2024 of $2,337,786.00

Revenue for the nine (9) months ended September 30, 2024 of $9,637,016.00

February 10, 2025 – American Rebel Holdings, Inc. is notified by NASDAQ Staff that with the February 7, 2025 filing of the 10-Q for the period ended September 30, 2024, that the Company is deemed compliant with the NASDAQ Listing Rules.

In the coming weeks, the Company is planning on providing a brief stockholder update from its CEO, Andy Ross, detailing the progress made in our business units throughout last year. This update will highlight the rapid growth and success American Rebel has experienced in our American Rebel Beverage business unit responsible for American Rebel Light Beer and the positive impacts of the reorganization and streamlining of our product offerings and processes at Champion Safe Co. (www.championsafe.com).

About American Rebel Holdings, Inc.

American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Light Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit www.americanrebel.com and www.americanrebelbeer.com. For investor information, visit www.americanrebel.com/investor-relations .

American Rebel Holdings, Inc.
info@americanrebel.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of marketing outreach efforts, continued compliance with Nasdaq listing requirements, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:
Corey Lambrecht, COO
Corey.lambrecht@americanrebel.com

The MIL Network –

February 12, 2025

MIL-OSI USA: 02.11.2025 Sen. Cruz, Rep. Jackson Reintroduce Tax Relief Bill for Panhandle Wildfires Victims

US Senate News:

Source: United States Senator for Texas Ted Cruz

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) and Rep. Ronny Jackson (R-Texas-13) reintroduced the Wildfire Victim Tax Relief and Recovery Act. The bill would provide tax relief for victims who suffered significant losses in the Panhandle last year when wildfires burned 1.2 million acres, destroyed homes, and killed thousands of cattle.
Upon reintroduction, Sen. Cruz said, “Last year, historic wildfires destroyed the Panhandle, taking the homes and livelihoods of thousands of Texans. This bill will deliver much needed tax relief to support these communities in their ongoing recovery efforts. I urge my colleagues to pass this bill without delay.”
Rep. Jackson said, “The historic wildfires that tore through the Texas Panhandle last year have left a lasting mark on all the ranchers, families, and communities involved. I’m honored to reintroduce this critical legislation and am committed to making sure those hit hardest by this catastrophic disaster can use the assistance they’ve received to rebuild their farms, ranches, and livelihoods, not pay the federal government.”
Read the bill text here.
BACKGROUND
The Wildfire Victim Tax Relief and Recovery Act:

Exempts government relief payments and settlement payments from Xcel Energy from income taxes.
Provides tax relief to producers who were forced to sell livestock due to the Panhandle fires.

MIL OSI USA News –

February 12, 2025

MIL-OSI Asia-Pac: MALDIVES REQUESTS INDIA’S SUPPORT FOR DIGITIZATION OF PARLIAMENTARY RESOURCES, LOK SABHA SPEAKER ASSURES EVERY POSSIBLE HELP TO MALDIVES LEGISLATURE

Source: Government of India (2)

MALDIVES REQUESTS INDIA’S SUPPORT FOR DIGITIZATION OF PARLIAMENTARY RESOURCES, LOK SABHA SPEAKER ASSURES EVERY POSSIBLE HELP TO MALDIVES LEGISLATURE

MALDIVES SPEAKER APPRECITES USE OF TECHNOLOGY, DIGITAL TRANSFORMATION WITH AI AND MULTILINGUAL INTERPRETATION SERVICES IN PARLIAMENT OF INDIA

MALDIVES IS AN IMPORTANT PILLAR OF OUR ‘NEIGHBOURHOOD FIRST’ POLICY AND VISION OF ‘SAGAR’: LOK SABHA SPEAKER

PEOPLE TO PEOPLE RELATIONS BETWEEN INDIA AND MALDIVES ARE BEDROCK OF BILATERAL TIES: LOK SABHA SPEAKER

PARLIAMENTARY DELEGATION FROM MALDIVES CALLS ON LOK SABHA SPEAKER

Posted On: 11 FEB 2025 6:15PM by PIB Delhi

Lok Sabha Speaker Shri Om Birla today reaffirmed India’s deep-rooted ties with the Maldives, describing the island nation as not just a friendly neighbor but also a key pillar of India’s ‘Neighbourhood First’ policy and vision ‘SAGAR’. Shri Birla made these remarks during bilateral talks with the visiting Maldivian delegation, led by H.E. Mr. Abdul Raheem Abdulla, Speaker of the People’s Majlis of Maldives, at Parliament House.

Had a warm interaction with the visiting Parliamentary Delegation from Maldives led by H.E. Mr. Abdul Raheem Abdulla, Speaker of the People’s Majlis of Maldives in Parliament premises.
India and Maldives share historic ties and people to people connections have played an… pic.twitter.com/mq0OGoWLrf

— Om Birla (@ombirlakota) February 11, 2025

During the discussions, Shri Birla highlighted the advances made by Parliament of India in its digital transformation with Artificial Intelligence (AI) to enhance legislative efficiency. He informed the delegation that the Parliament of India now provides simultaneous interpretation services in 15 regional languages, which will soon be expanded to 22 languages.

Speaker of the People’s Majlis of Maldives appreciated the usage of technology, digitalization work and use of AI by Parliament of India and requested Shri Birla to extend technological support to help Maldives Majlis to digitise its parliamentary resources. Shri Birla assured him that every possible help would be extended from Parliament of India to People’s Majlis of Maldives in this regard.

Happy to note Maldives Speaker’s appreciation for the usage of technology, digitalisation and use of AI by Parliament of India and his request to extend technological support to help Maldives Majlis to digitise its parliamentary resources.
Assured him to extend every possible… pic.twitter.com/o8pBImc6gh

— Om Birla (@ombirlakota) February 11, 2025

Extending a warm welcome, Shri Birla emphasized the historical and cultural ties between the two nations, highlighting the renewed momentum in their relations following President Mohamed Muizzu’s visit to India last year. He hoped that the visit of the Maldivian Parliamentary delegation would further strengthen bilateral relations between the two countries.

भारत दौरे पर आए मालदीव गणराज्य की पीपल्स मजलिस के स्पीकर महामहिम श्री अब्दुल रहीम अब्दुल्ला के नेतृत्व में मालदीव गणराज्य के संसदीय शिष्टमंडल ने आज लोक सभा की कार्यवाही देखी।
शिष्टमंडल के सभी सदस्यों का भारत की संसद में हार्दिक स्वागत है।

The parliamentary delegation of the… pic.twitter.com/NVS5Wc9Wyh

— Om Birla (@ombirlakota) February 11, 2025

Discussing capacity-building initiatives, the Speaker underscored the role of PRIDE (Parliamentary Research and Training Institute for Democracies) in providing training on parliamentary procedures. He expressed confidence that the Maldivian Parliament and Secretariat would benefit from PRIDE’s expertise. Shri Birla hoped that this visit would open new avenues for collaboration between the legislative institutions of India and the Maldives.

The Lok Sabha Speaker informed the delegation that India is currently celebrating 75 years of its Constitution, which serves as the foundation of the country’s vibrant parliamentary democracy and source of inspiration in the nation’s journey. Elaborating on India’s Parliamentary Committee System, Shri Birla described committees as “Mini-Parliaments”, where key budgetary and policy matters undergo in-depth scrutiny. He underscored that these committees function in a non-partisan manner, enabling detailed deliberations that are often constrained in the larger House due to time limitations. He informed the Delegation that various committees are currently examining the budget tabled in Parliament, ensuring robust financial oversight.

H.E. Mr. Abdul Raheem Abdulla thanked Shri Birla for the warm welcome and commended the Indian Parliament’s digital advancements, particularly its use of AI. He also visited the Parliament Library and appreciated the facilities there and hoped that the similar facilities would be made available in the Parliament Library of the Maldives.

The meeting was also attended by Members of Parliament – Shri N.K. Premachandran, Shri Ashish Dubey, Shri Francis George, Shri Alok Kumar Suman, Shri Shafi Perambil and Shri Utpal Kumar Singh, Secretary General, Lok Sabha, among others.

Earlier, the Parliamentary Delegation led by H.E. Mr. Abdul Raheem Abdulla, Speaker of the People’s Majlis of Maldives watched the proceedings of Lok Sabha. Shri Birla welcomed the Delegation in the House.

***

AM

(Release ID: 2101891) Visitor Counter : 43

MIL OSI Asia Pacific News –

February 12, 2025

MIL-OSI Asia-Pac: DRI busts two facilities for printing of Fake Indian Currency Notes (FICN) in Maharashtra and Haryana; 3 arrested

Source: Government of India (2)

Posted On: 11 FEB 2025 7:13PM by PIB Delhi

The Delhi Customs (Preventive) Commissionerate had seized 203 sheets of high-quality paper with embedded security thread having inscriptions of ‘RBI’ and ‘Bharat’. The consignment had arrived from Hong Kong in on 24.01.2025 at New Courier Terminal (NCT), Delhi. Considering the economic security ramifications, the case was taken over by the Directorate of Revenue Intelligence (DRI) on 03.02.2025 for further investigation.

In a swift follow up action, the DRI arrested two persons found to be the actual importers of such currency paper in Ghazipur District, Uttar Pradesh and Bengaluru, Karnataka. The intended recipient/buyer of such paper was also apprehended by the DRI in Rajasthan on 09.02.2025, who admitted to having previously purchased currency paper from the importer for the purpose of printing fake Indian Currency Notes. Search of his residential premises in Bhiwani district, Haryana led to recovery of various incriminating evidences including a printer and partially printed fake Indian currency notes. Accordingly, the matter was handed over to the Haryana Police for further action and investigation for offences under Bharatiya Nyaya Sanhita (BNS).

As part of the same operation, the DRI intercepted two more persons in Thane district, Maharashtra, along with various incriminating evidences such as photoshop files with different typeset of the Rs. 500 currency notes, currency paper with security thread etc. The matter was handed over to the Maharashtra Police for further action under BNS.

Both the persons in Thane and one person in Haryana, who were found to be engaged in printing FICN, have been arrested by the Maharashtra and the Haryana Police respectively. FIRs have also been registered in both cases under BNS on the basis of complaint made by DRI officers.

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NB/KMN

(Release ID: 2101937) Visitor Counter : 48

MIL OSI Asia Pacific News –

February 12, 2025

MIL-Evening Report: Jim Chalmers wants to fix Australia’s broken road tax system. Here’s what one solution might look like

Source: The Conversation (Au and NZ) – By Hussein Dia, Professor of Future Urban Mobility, Swinburne University of Technology

Taras Vyshnya/Shutterstock

Australia’s road tax system has a problem. Revenue from the fuel excise – the primary way we tax motoring – has been declining steadily as a proportion of government revenue over the past two decades.

Politicians, policy experts and business leaders have all long called for reform. Now, change could be on the horizon.

The Australian Financial Review reports that at a closed-door dinner with business leaders in Canberra last week, Treasurer Jim Chalmers hinted that addressing falling fuel excise revenue would be a tax reform priority if Labor is re-elected.

One option would be a road user charge on electric vehicles (EVs), which obviously don’t pay fuel excise. But singling them out would undermine the government’s own efforts in promoting EVs to help meet the nation’s emissions reduction targets.

There are also other inequities in the way the current fuel excise works. Our previous research has shown Australia is ready for a rational and transparent discussion about road-user charging on all vehicles, not just electric ones.

How we tax roads today

Currently, Australian motorists pay several government taxes and other fees on their vehicles.

One is the fuel excise. This tax, collected by the Commonwealth, is paid per litre of fuel purchased and is indexed every six months to account for inflation.

Australia’s existing fuel excise is charged per litre of fuel.
Daria Nipot/Shutterstock

Then there are registration fees, typically paid every six or 12 months and collected by state and territory governments.

Vehicle owners also have to pay compulsory third-party insurance, which in some states is bundled with registration fees.

When buying or transferring ownership of a vehicle, other fees can apply. These include stamp duty as well as the luxury car tax on vehicles priced above a certain threshold.

The system isn’t working

As a proportion of Australian taxation revenue, revenue from the fuel excise has dwindled from 7.4% in 2000 to 3.9% in 2025.

It might be tempting to blame electric cars for this decline. But this share began declining steadily long before EVs were introduced in Australia, and is projected to fall further.

Falling fuel excise revenue can be attributed to a range of other factors. Improvements in engine fuel consumption have had a substantial impact on the number of litres used to travel the same distances.

In Australia, the average fuel consumption of passenger cars in 2005 was 11.3 litres per 100 kilometres. In 2024, this figure was around 6.9 litres.

Fuel consumption rates are expected to improve further and match those in other nations with the introduction of the New Vehicle Efficiency Standard, which came into effect at the start of this year.

Public transport usage has also been trending upwards in many of Australia’s major cities since the turn of the millennium, reducing reliance on private cars.

Need for an alternative

Australia’s current road taxes are blunt instruments that don’t reflect the true societal costs of driving.

The fuel excise, for example, does not properly account for traffic congestion or emissions. A driver who travels in regional Victoria or in an outer suburb of Sydney for local shopping or school drop-offs will pay the same excise as a driver who contributes to congestion by travelling into the city centre.

Similarly, car registration fees are not related to the number of kilometres travelled, congestion created, or emissions produced by driving.

One of the most widely known alternatives alternatives to a fuel excise tax is a pay-per-distance road user charge. Such charges work by charging vehicles a fee per kilometre travelled.

This would not be a new tax on top of existing taxes – it would replace current fuel excise and car registration fees.

Adjustments to this model can include exempting some groups from the charges (such as low-income families, taxis and emergency service vehicles), adjusting charges for different categories of vehicles, and applying congestion charges under certain conditions.

Failed attempts

Targeting electric vehicles with a road user charge has been an acute priority for many states, as they are currently completely exempt from paying the fuel excise.

In 2021, the Victorian government introduced a controversial distance-based charge for EVs. But this scheme was challenged in the High Court and ruled unconstitutional.

Victoria’s measure was found to be a form of excise, and only the Commonwealth can impose such a tax.

Following the ruling, the treasurer asked state and territory treasurers to look into the design of a national scheme in December 2023. But this process reportedly stalled.

Support for reform

Today, there are about 300,000 EVs on Australian roads (including around 248,000 battery electric cars and 53,500 plug-in hybrids).

That’s only a tiny fraction of the 21 million cars registered across the nation. Over coming decades, as EVs take a greater share of total vehicles on the road, the hit to already flagging fuel excise revenue will become acute.

In the meantime, our own previous research and public surveys show Australia is ready for a rational and transparent discussion about road-user charging on all vehicles, not only electric vehicles.

We found most respondents would support such charges if they were transparent, equitable and replace or reduce other road taxes.

The Conversation, CC BY

There have already been several Australian studies around the shape and form of road user charges that can inform the discussions and public consultations.

We also found willingness to pay a road-user charge varies with the level of expected savings. Most respondents were willing to pay a road-user charge if it saved them on registration fees and fuel taxes.

If well planned and implemented, a national approach to road-user charges can raise enough revenue to replace the fuel excise tax. It will also ease congestion, promote sustainable transport and help achieve Australia’s targets for cutting transport emissions.

Hussein Dia receives funding from the Australian Research Council, the iMOVE Australia Cooperative Research Centre, Transport for New South Wales, Queensland Department of Transport and Main Roads, Victorian Department of Transport and Planning, and Department of Infrastructure, Transport, Regional Development, Communications and the Arts.

Hadi Ghaderi receives funding from the iMOVE Cooperative Research Centre, Transport for New South Wales, Queensland Department of Transport and Main Roads, Victorian Department of Transport and Planning, Department of Infrastructure, Transport, Regional Development, Communications and the Arts, IVECO Trucks Australia limited, Innovative Manufacturing Cooperative Research Centre, Victoria Department of Education and Training, Australia Post, Bondi Laboratories, Innovative Manufacturing Cooperative Research Centre, Sphere for Good, Australian Meat Processor Corporation, City of Casey, 460degrees and Passel.

– ref. Jim Chalmers wants to fix Australia’s broken road tax system. Here’s what one solution might look like – https://theconversation.com/jim-chalmers-wants-to-fix-australias-broken-road-tax-system-heres-what-one-solution-might-look-like-249477

MIL OSI Analysis – EveningReport.nz –

February 12, 2025

MIL-OSI Security: Arizona Woman Pleads Guilty in Fraud Scheme That Illegally Generated $17 Million in Revenue for North Korea

Source: Office of United States Attorneys

WASHINGTON – Christina Marie Chapman, 48, of Litchfield Park, Arizona, pleaded guilty today in U.S. District Court in Washington D.C. in connection with a scheme that assisted overseas IT workers—posing as U.S. citizens and residents—in working at more than 300 U.S. companies in remote IT positions. The scheme generated more than $17 million in illicit revenue for herself and for the Democratic People’s Republic of Korea (DPRK or North Korea).

The plea was announced by U.S. Attorney Edward R. Martin, Jr., Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division; FBI Special Agent in Charge Jose A. Perez of the Phoenix Field Office, and IRS-CI Special Agent in Charge Carissa Messick for IRS Criminal Investigation’s Phoenix Field Office.

Chapman pleaded guilty today to conspiracy to commit wire fraud, aggravated identity theft, and conspiracy to launder monetary instruments. U.S. District Court Judge Randolph D. Moss scheduled sentencing for June 16, 2025. Under the terms of the plea agreement, the parties will jointly recommend that the Court impose a sentence of 94 to 111 months in federal prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

According to court documents, Chapman, an American citizen, conspired with overseas IT workers from October 2020 to October 2023 to steal the identities of U.S. nationals and used those identities to apply for remote IT jobs and, in furtherance of the scheme, transmitted false documents to the Department of Homeland Security. Chapman and her coconspirators obtained jobs at hundreds of U.S. companies, including Fortune 500 corporations, often through temporary staffing companies or other contracting organizations.

Chapman received and hosted computers from the U.S. companies, creating a “laptop farm” at her home, so that the companies would believe the workers were in the United States. As a result of Chapman’s assistance, the overseas IT workers gained access to the internal systems of the U.S. companies.

Chapman’s overseas IT workers received more than $17.1 million for their work. Much of the income was falsely reported to the IRS and Social Security Administration in the names of actual U.S. individuals whose identities had been stolen.

As a result of the conduct of Chapman and her conspirators, more than 300 U.S. companies were impacted, more than 70 identities of U.S. person were compromised, on more than 100 occasions false information was conveyed to DHS, and more than 70 U.S. individuals had false tax liabilities created in their name.

This case was investigated by the FBI Counterintelligence Division, the FBI Phoenix Field Office, the U.S. Attorney’s Office for the District of Arizona, and IRS Criminal Investigation Phoenix Field Office with assistance from the FBI Chicago Field Office.

It is being prosecuted by Assistant U.S. Prosecutors Joshua Rothstein, Karen Seifert, Thomas Gillice, and Trial Attorney Ashley Pungello of the Criminal Division’s Computer Crime and Intellectual Property Section. Trial Attorney Gregory J. Nicosia Jr. of the National Security Division’s National Security Cyber Section provided valuable assistance.

24cr220

MIL Security OSI –

February 12, 2025

MIL-OSI Security: Farmington Woman Pleads Guilty to Health Care Fraud, Public Corruption Offenses

Source: Office of United States Attorneys

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, Anish Shukla, Acting Special Agent in Charge of the New Haven Division of the FBI, and Harry T. Chavis, Jr., Special Agent in Charge of IRS Criminal Investigation in New England, announced that HELEN ZERVAS, 57, of Farmington, waived her right to be indicted and pleaded guilty today before U.S. District Judge Sarah F. Russell in Bridgeport to health care fraud and public corruption offenses.

According to court documents and statements made in court, Zervas, an optometrist, owned and operated Family Eye Care, located in Bristol, and was a participating provider in Medicaid and Medicare. Between approximately October 2015 and January 2020, Zervas repeatedly submitted claims to Medicaid and Medicare falsely representing that she had provided, or determined it was medically necessary to provide, certain treatment. For example, between approximately September 2016 and January 2020, Zervas made more than 300 false claims to Medicaid and more than 30 false claims to Medicare for insertion of an amniotic membrane to the eye surface of a patient when that treatment was either not provided or was not medically necessary.

In 2020, while the State of Connecticut was auditing Zervas’s and Family Eye Care’s Medicaid billings, Zervas conspired with both a senior official in the State’s Office of Policy and Management and a Connecticut State Representative to interfere with the audit. In exchange for payments from Family Eye Care, Zervas, and the state representative, the senior official agreed to advise and pressure other state employees to take official action concerning the pending Medicaid audit of Zervas and Family Eye Care.

Zervas pleaded guilty to one count of health care fraud, an offense that carries a maximum term of imprisonment of 10 years, and one count of conspiracy to commit extortion under color of official right, an offense that carries a maximum term of imprisonment of 20 years.

Zervas is released pending sentencing, which is not yet scheduled.

This ongoing investigation is being conducted by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigation Division. The case is being prosecuted by Assistant U.S. Attorneys Jonathan N. Francis and David E. Novick.

MIL Security OSI –

February 12, 2025

MIL-OSI USA: CLAYSBURG – Lt. Gov. Austin Davis, Second Lady Blayre Holmes Davis to Highlight 2025-26 Proposed Budget Investments in Childcare Workforce

Source: US State of Pennsylvania

February 12, 2025 – Claysburg, PA

ADVISORY – CLAYSBURG – Lt. Gov. Austin Davis, Second Lady Blayre Holmes Davis to Highlight 2025-26 Proposed Budget Investments in Childcare Workforce

Lt. Gov. Austin Davis and Second Lady Blayre Holmes Davis will discuss the Shapiro-Davis Administration’s proposed 2025-26 budget and its plan to expand Pennsylvania’s childcare workforce at a roundtable conversation Wednesday, Feb. 12, at 11 a.m. at the Sheetz Corporate Support Center, 243 Sheetz Way, Claysburg.

The 2025-26 proposal builds on the Administration’s first two budgets with a $55 million investment in workforce recruitment and retention grants to increase childcare availability. These grants to licensed childcare centers with Child Care Works (CCW) Program agreements would provide an additional $1,000 annually per employee.

During their first two years in office, Gov. Josh Shapiro and Lt. Gov. Davis have expanded the state’s Child and Dependent Care Enhancement Tax Credit and created a new tax credit for businesses that want to contribute to their employees’ childcare costs.

WHO:
Lt. Gov. Austin Davis, Second Lady Blayre Holmes Davis, Early Learning Investment Commission members, representatives from Sheetz and Bright Horizons Little Sproutz Early Learning Center

WHAT:
Roundtable conversation about childcare in Pennsylvania and investments in the Shapiro-Davis 2025-26 proposed budget

WHEN:
Wednesday, Feb. 12, at 11 a.m.

WHERE:
Sheetz Corporate Support Center, 243 Sheetz Way, Claysburg

After the roundtable, there will be a brief tour of the Bright Horizons Little Sproutz Early Learning Center childcare facility next to the corporate support center.

RSVP: Members of the news media who are interested in attending must RSVP to Kirstin Alvanitakis at kirstinalv@pa.gov.

MIL OSI USA News –

February 12, 2025

MIL-OSI USA: ICYMI: Tuberville Joins “The Will Cain Show” to Discuss Super Bowl LIX, Illegal Immigration, and Military Academies

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)
WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined “The Will Cain Show” on Fox to recap attending Super Bowl LIX with President Trump and react to President Trump’s announcement that he will be deputizing IRS agents to help with immigration enforcement. Senator Tuberville also discussed President Trump’s dismissal of the Board of Visitors for each of the U.S. military service academies.
Excerpts from Senator Tuberville’s interview can be found below, and his full interview can be found on YouTube or Rumble.

CAIN: “Coach joins us now. Coach, great to have you again here on the Will Can Show. You were there. You were in the stadium with President Trump. There’s a headline today from CBS with a new approval poll out that shows that Donald Trump is doing overwhelmingly well, record-setting approval ratings with not just men, which is to be noted. Both virtually, everyone in America setting records, energetic first weeks doing what he promised. Did you feel that last night at the Superdome?”
TUBERVILLE: “Oh, a hundred percent. There was there was two winners last night—Donald Trump and the Philadelphia Eagles. The Eagles just totally dominated the line of scrimmage, Will. It was just unbelievable. I would’ve never believed it, but they did. And as you said, you well noticed this, they didn’t even blitz. They didn’t blitz one time, and he still controlled the line of scrimmage. But Donald Trump was a huge hit there last night, first president ever to go to a Super Bowl, amazing feat there, but as you said, the loser also was the halftime show.” […]
CAIN: “Thank you for your editorial judgement, Coach—who has asked me to call him Coach, it’s not an act of lack of self-respect. It’s he said, ‘Will, I prefer you to call me ‘Coach’ instead of ‘Senator.’’ So I am gonna move to your other job now, Coach, and that is this. This is notable on the to do list. President Trump deputizing IRS agents to enforce under DHS illegal immigration. This is quite a move to think that 80,000—by the way—IRS agents were hired under Joe Biden. Donald Trump redeploys them to fight illegal immigration.”
TUBERVILLE: “Yeah, get them out of their house. They’re sitting at home, harassing the American citizens about their taxes. President Trump’s gonna get them off the couch, get them out of out the front of the television, and send them on the road to help where they actually can help, what an idea. Right? We’ve got way too many IRS agents. The American people need a break here, but we need we do need a lot of help at the border.”
CAIN: “Imagine that. How about law enforcement folks on those that break the law, those that are in this country illegally and aid going to actual Americans and not to people of foreign countries. You sit on the Armed Services Committee, Senator, and I found this very notable today. Defense Secretary Pete Hegseth, then President Trump pointed out they’re gonna dissolve the Board of Visitors for the Army, the Air Force, the Navy, and the Coast Guard academies. They don’t like what they’ve seen become of these academies.”
TUBERVILLE: “Yeah, we’re having a lot of problems with academies. Some are better than others, Will. I’m the Chairman of the Personnel [Sub]committee on Armed Services and we’re gonna get to the bottom of it. But President Trump just basically let all the Board of Visitors go…. He will replace everybody on there. We’ll put some good people, people that really love the military, wanna build a fighting machine along with Pete and work well together. But, you know, the Air Force Academy is having huge problems. The Naval Academy is having not quite as many. West Point is doing pretty good, but we still got a lot of work to do. But, we need to be one hundred percent teaching these young men and women how to control and fight a war, and it all starts there with our leaders in the military academies.”
CAIN: “We’ve seen the numbers on the recruiting increases over the last couple of months with the appointment of the new Secretary of Defense. And it’s looking to put the United States military back on the right foot that attracts the best young men and women of merit into serving this country. Senator, Coach, it’s always good to see you. Thank you for being with us today.”
TUBERVILLE: “You too, Will. I saw Jerry Jones last night, our team’s owner. He said he’s coming back.”
CAIN: “Oh, well, that’s good. I need somebody to put a good word for our Dallas Cowboys. Thank you, Coach.”
TUBERVILLE: “You got it.”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

MIL OSI USA News –

February 12, 2025

MIL-OSI USA: Taking on Sky-High Utility Costs

Source: US State of New York

February 11, 2025

Albany, NY

Governor Kathy Hochul today announced new steps to protect consumers from sky-high utility costs that are making New York less affordable. In a letter to Public Service Commission Chair and Department of Public Service CEO Rory Christian, Governor Hochul calls for the rejection of Con Edison’s proposed rate hike. Governor Hochul also directed the Department of Public Service to conduct a statewide audit of utility company salaries and compensation, to ensure New York ratepayers are getting a fair deal.

“The cost of living is too damn high and New Yorkers need more money in their pockets,” Governor Hochul said. “Of course we need safe, reliable energy sources to power our homes and businesses. But utility companies shouldn’t be jacking up costs unnecessarily – especially if they’re paying their own staff too much.”

[embedded content]

To address the immediate threat of Con Ed’s proposed rate hikes, which would cost New Yorkers hundreds of dollars each year, Governor Hochul today sent a letter to Public Service Commission (PSC) Chair and Department of Public Service (DPS) CEO Rory Christian urging action on behalf of New York consumers. The Governor called on DPS to act in the best interest of New Yorkers by closely scrutinizing this rate case and rejecting Con Ed’s unconscionable request to increase electricity rates by 11.4 percent and natural gas rates by 13.3 percent.

Governor Hochul also directed DPS to conduct a first-of-its-kind audit of utility management compensation. The audit will focus on compensation for non-union utility management employees statewide and the results will inform future rate cases to protect New Yorkers from unfair rate hikes. Numerous recent management and operations audits of large, investor-owned electric and gas utilities have highlighted meaningful concerns with how utilities administer their programs. For example, in a recent audit of Central Hudson, the auditor concluded their bonus structure rewarded financial performance, but only set reliability and service quality metrics at the bare minimum.

Over the last four years, Governor Hochul has prioritized energy affordability by:

Affordability policy enhancements to expand eligibility in the Energy Affordability Program and creating the Energy Affordability Guarantee, the first-in-the nation pilot program that ensures low-income New Yorkers participating in the EmPower Plus program never pay more than 6 percent of their incomes on electricity and incentivizes them to fully electrify their homes.
Budget appropriations to reduce ratepayer costs of EAP that provides critical utility bill relief to low-income New Yorkers.
Providing arrears forgiveness of more than $1 billion.
State procurements of renewable generation to offset ratepayer costs of developing new clean generation resources
$300 million to create power-ready sites for attracting new businesses through the Promote Opportunity with Electric Readiness for Underdeveloped Properties (POWER UP) Fund.

The cost of living is too damn high and New Yorkers need more money in their pockets.”

Governor Hochul

Governor Hochul has prioritized affordability and helping New Yorkers with the high cost of living. To address rising costs related to home heating, Governor Hochul recently added $35 million to fund the Home Energy Assistance Program (HEAP) which supports low-income New Yorkers who need help paying utility bills; the Governor also signed legislation in 2024 to help senior citizens access this vital program. New York State Homes and Community Renewal (HCR) administers the Weatherization Assistance Program which helps HEAP-eligible households reduce energy costs, conserve energy, and improve safety and health standards.

In her 2025 State of the State, Governor Hochul prioritized passing an affordability agenda that puts money back in the pockets of middle-class New Yorkers. Governor Hochul proposed New York’s first-ever Inflation Refund, which would give eligible New Yorkers checks of up to $500. The Governor is also calling for a tax cut that would reduce rates for middle-class families to the lowest levels in nearly 60 years and proposing a massive expansion of the Child Tax Credit.

Embedded Flickr Album

AARP New York State Director Beth Finkel said, “By opposing Con Edison’s latest rate hike proposal, Governor Hochul is again standing up for New Yorkers who are struggling simply to pay for their basic living expenses such as rent, food and prescription drugs. That includes the many older New Yorkers living on fixed incomes who can’t afford to have their utility bills go up even higher. New York’s population is aging rapidly, and far too many older adults are already living in poverty. The Governor is prioritizing making New York a more affordable place to live for people of all ages, and we support her in these efforts.”

Community Service Society of New York Senior Director Carrie Tracy said, “We thank Governor Hochul for her strong defense of working families in New York and for opposing the proposed rate hikes, which would be disastrous for low- and moderate-income New Yorkers. The Community Service Society of New York has been dedicated to promoting economic opportunity for over 180 years, and we appreciate the Governor’s commitment to building a more equitable city and state.”

Assemblymember Didi Barrett said, “In the last two years alone, we have seen eight double digit utility rate increase requests across New York State, including this most recent one from Con Ed. These rate increases are simply unsustainable for already cash-strapped New Yorkers. I thank Governor Hochul for focusing on utility affordability and I support her call for a compensation audit, increasing transparency and holding utilities accountable to our constituents.”

MIL OSI USA News –

February 12, 2025

MIL-OSI: DealHub Strengthens Leadership to Accelerate Growth and Power Revenue AI Innovation

Source: GlobeNewswire (MIL-OSI)

Co-founder Eyal Orgil Transitions to Chief Product Officer; Gilad Zubery Appointed Chief Revenue Officer

AUSTIN, Texas, Feb. 11, 2025 (GLOBE NEWSWIRE) — DealHub.io, the leading Revenue AI platform, today announced a strategic leadership transition to drive its next phase of growth and innovation. Co-founder and Chief Revenue Officer, Eyal Orgil, will assume the role of Chief Product Officer, focusing on advancing the company’s product vision and development. Stepping into the CRO role is Gilad Zubery, a seasoned leader experienced in building and leading global GTM teams. Zubery comes to DealHub after holding executive leadership positions at Clicktale and Contentsquare.

In his new role, Eyal will lead DealHub’s product strategy to deliver advanced solutions that empower Revenue leaders to navigate evolving sales motions and diverse revenue streams. Under his leadership, DealHub will accelerate its investment in AI to streamline revenue orchestration, optimize deal execution, and enhance predictive insights, helping organizations stay ahead in their multifaceted sales landscape.

“Eyal’s vision for product innovation has been instrumental in building DealHub into the industry leader it is today. His deep understanding of sales processes and extensive sales leadership experience uniquely position him to drive the development of best in class revenue solutions and ensure our continued leadership in the Revenue AI market,” said Eyal Elbahary, CEO of DealHub. “I’m thrilled to welcome Gilad Zubery to the team. His extensive background in leading high-performing global GTM teams and scaling organizations makes him the ideal leader to drive DealHub’s next phase of accelerated growth.”

Gilad will leverage his extensive international experience to spearhead DealHub’s global go-to-market strategy and expand its presence in key markets. With his expertise in partner ecosystems, business development, sales and global expansion, Gilad will play a pivotal role in propelling DealHub’s growth and market leadership.

“I am thrilled to be joining DealHub at such an exciting time for the company,” said Zubery. “DealHub’s innovative approach to Revenue AI is transforming how businesses manage their entire sales-to-revenue operations, and I’m looking forward to building on our existing success to take the company to even greater heights.”

About DealHub
DealHub delivers a business-logic driven engine to power the complete Quote-to-Revenue workflow incorporating CPQ, CLM, Subscription Billing, DealRoom, and new composable API-First Headless Quoting.

This intelligent flow drives revenue execution from new business to renewed customers without delays and errors, ensuring a superior buyer experience across all revenue streams.

For more information, users can visit dealhub.io or follow DealHub on LinkedIn.

Contact

CMO
Gideon Thomas
DealHub
gideon.thomas@dealhub.io

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/da77e819-8ee0-4362-a144-3bbb7b081c31

https://www.globenewswire.com/NewsRoom/AttachmentNg/9f002c74-3aa7-445e-802b-a30ba0ee1945

The MIL Network –

February 12, 2025

MIL-OSI Global: Online brain rot is undermining our ability to tell meaningful stories

Source: The Conversation – Canada – By Masoud Kianpour, Senior Research Fellow, Canada Excellence Research Chair in Migration and Integration program, Toronto Metropolitan University

I teach a course on the relationship between social media and society at Durham College. As part of their assessments, I ask my students to reflect on their social media use.

A recurring theme is that they cannot be separated from their smartphones. Many admit to spending significant time daily on social media watching short videos without a clear purpose and as a way to procrastinate on more productive activities.

There is a term for this kind of behaviour and its impact on mental health, one that was recently named Oxford Word of the Year 2024: “brain rot” — the deterioration of a person’s mental or intellectual state, especially as the result of over-consuming trivial or unchallenging online content.

For many adults, a diffuse addiction to the internet, or what clinical psychologists call digital drugs (like online shopping, gaming, gambling, pornography), has become a widespread problem, especially since the lockdowns of the COVID-19 pandemic.

When social media platforms emerged at the beginning of this century, they were welcomed for their potential to empower individuals, facilitate storytelling and connect communities.

While they do enable these possibilities, they also pose significant challenges to our relationship with truth and trust — two pillars of a functioning democracy. By spreading misinformation and creating echo chambers that polarize communities, social media platforms have become a ground for the rise of “hate and extremism.”

As a sociologist, I study pop culture. My colleagues and I at Toronto Metropolitan University (TMU) and the University of Ottawa recently published a report on how cultural and identity narratives are evolving amid fast-developing digital technologies.

In a culture of constant connectivity, many young people are navigating a digital world of idealized images and unrealistic comparisons.
(Shutterstock)

Shortened attention spans

Among younger generations in the United States, the average daily consumption is more than five hours on screens and 237 notifications — about one notification every four minutes.

In a culture of constant connectivity, many young people are navigating a digital world of idealized images, from beauty influencers who subject them to unrealistic comparisons that often lead to feelings of inadequacy and diminished self-worth to an online bro culture that purveys a toxic form of masculinity as a path to success.

For cultural theorist Byung-Chul Han, this is a sign of the decline in storytelling. Modern readers have lost the ability to engage deeply with narratives. The “long, slow, lingering gaze” that allows for daydreaming and true distraction has been replaced by a hyper-focused engagement with constant streams of information. As a result, narration is in crisis.

Recently, a team of researchers at TMU who study workplaces from the perspective of young workers created a two-minute-and-40-second video to engage students on the topic of what young workers want from their work.

Students couldn’t follow the entire video and felt it was too long. As a result, the team had to edit it into a series of much shorter clips — some as brief as 16 seconds — so they could capture the attention of their audience. Should this come as a surprise?

Modern media and technology constantly remind us to preserve our memory and protect our history. However, memory is paradoxical in that it involves forgetting and absence with every act of remembrance.

Online platforms, with their ephemeral content, risk contributing to a cultural memory loss since so much of what’s shared on these platforms is transitory and geared toward superficial engagement rather than meaningful cultural expression.

Online platforms risk contributing to a cultural memory loss as so much of what is shared on these platforms is geared toward superficial engagement rather than meaningful cultural expression.
(Shutterstock)

When brains rot, truth fades

In his memoir, American writer and naturalist Henry David Thoreau lamented society’s declining capacity for deep thought and intellectual effort, favouring instead simple and superficial thinking.

In 1854, he wrote in his book Walden:

“While England endeavors to cure the potato-rot, will not any endeavor to cure the brain-rot, which prevails so much more widely and fatally?”

Thoreau may have seen a future where the U.S. would be led by a president who not only lacks the capacity for deep thought and self-reflection but also disregards historical facts and moral values.

Despite his reputation as a pathological liar, Donald Trump exemplifies what philosopher Harry Frankfurt defined as a bullshitter — a person who does not mislead in the way a liar does, by deliberately making false claims about reality, but rather by speaking without any regard for truth at all.

Bullshitters shift the rules of conversation by making questions of truth and falsehood irrelevant. Lies and the truth simply become tools that can be used to tell their story — regardless of the facts.

The bigger picture

Georg Simmel was one of the first social scientists who expressed concern about the impact of modern life on mental health. In 1903, writing about Berlin, he described blasé attitude as a psychological condition that arises when the brain is subjected to an overwhelming number of stimuli. To cope, it develops a defense mechanism: becoming indifferent to its surroundings.

One century later, when our online feeds are flooded with endless digital content, it is uncanny to revisit Simmel’s observation. We must move beyond traditional diagnostic digital literacy and competency frameworks. The problem lies not only in the technology itself, but in the broader socio-economic system in which it operates — a consumer-capitalist-digital complex that is eroding our brains and cultures.

Humans have always been fascinated by stories. We need them to understand ourselves. However, social media’s profit-driven algorithms homogenize experiences and ultimately undermine cultural diversity. We have become storysellers instead of storytellers.

Masoud Kianpour has received funding from the Social Sciences and Humanities Research Council of Canada.

– ref. Online brain rot is undermining our ability to tell meaningful stories – https://theconversation.com/online-brain-rot-is-undermining-our-ability-to-tell-meaningful-stories-248984

MIL OSI – Global Reports –

February 12, 2025

MIL-OSI Russia: IMF Executive Board Concludes the 2024 Article IV Consultation with Qatar

Source: IMF – News in Russian

February 11, 2025

Washington, DC: On January 27, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation^{^[1]} with Qatar.

Growth normalization after the 2022 FIFA World Cup continued, with signs of strengthening activities more recently. Real GDP growth is projected to improve gradually to 2 percent in 2024–25 supported by public investment, spillovers from the ongoing LNG expansion project, and strong tourism. Medium-term growth is expected to accelerate to 4¾ percent on average, boosted by the significant LNG production expansion and initial gains from implementing reforms guided by the Third National Development Strategy (NDS3). Headline inflation will likely ease to 1 percent in 2024 and converge to around 2 percent over the medium term.

With lower hydrocarbon prices, both the current account and fiscal surpluses narrowed in 2023, to 17 percent of GDP and 5½ percent of GDP, respectively. The twin surpluses moderated further in 2024. Over the medium, as Qatar’s LNG production expands massively, both the current and fiscal accounts will likely remain in surpluses, albeit declining as a share of GDP, as hydrocarbon prices are projected to fall.

Banks are well-capitalized, liquid, and profitable, with the capital adequacy ratio of close to 20 percent and return on equity of 14½ percent, respectively, in the third quarter of 2024. Since the implementation of QCB measures to reduce banks’ net short-term foreign liabilities, banks’ non-resident deposits declined significantly, and banks have lengthened the average maturity and diversified further the sources of foreign funding. The sector-wide NPL ratio remained broadly unchanged at slightly below 4 percent and the provisioning coverage ratio is relatively high at above 80 percent.

Qatar has started to implement the ambitious Third National Development Strategy (NDS3) to build a more diversified, knowledge-based and private sector-driven economy. Guided by NDS3, reform momentum has strengthened significantly, including to attract and retain high-skilled expatriate workers, foster innovation, promote public-private partnerships, and further improve the business efficiency. Qatar is well positioned to leverage digitalization and AI for productivity gains, and the nation’s climate agenda is advancing.

Risks to the outlook are broadly balanced. Main downside risks stem from the global headwinds, including a sharper-than-expected global growth slowdown, increased volatility in global financial conditions and commodity prices, and further worsening of geopolitical tensions. The regional conflict has had limited impact on Qatar but adds further to the downside risks through lower tourism and capital inflows, and more volatile hydrocarbon prices. Domestic downside risk stems mainly from further weaknesses in the real estate sector, although strong tourism and policy measures introduced in 2023 could mitigate the risk. Over the medium and long term, supply in the global natural gas market is expected to expand significantly, potentially putting downward pressure on prices. On the upside, sustained high hydrocarbon prices and accelerated NDS3 reforms would strengthen the outlook. However, if ambitious NDS3 initiatives lead to resource misallocation, both the public finance and growth prospect would be affected.

Executive Board Assessment^{^[2]}

Executive Directors agreed with the thrust of the staff appraisal. They welcomed Qatar’s continued resilience to external shocks and its favorable medium-term outlook, driven by significant increases in LNG production and the reforms under the Third National Development Strategy. Directors agreed that maintaining prudent macroeconomic policies and accelerating reform efforts would further solidify macroeconomic stability and resilience to shocks while boosting prosperity.

Directors commended the authorities’ commitment to continued fiscal prudence and called for accelerating fiscal reforms. They recommended adopting a medium-term fiscal anchor to help ensure intergenerational equity, and reiterated the need to accelerate revenue diversification, particularly by introducing the value-added tax. Directors highlighted the importance of improving spending efficiency and composition, particularly by enhancing public investment management. They welcomed the ongoing efforts to strengthen fiscal institutions and adopt a full-fledged medium-term fiscal framework with enhanced fiscal risk management.

Directors supported the authorities’ efforts to maintain financial stability and deepen domestic financial markets, while encouraging them to consider undertaking a Financial Sector Assessment Program update. They welcomed the newly introduced risk-based supervision and recommended formalizing the financial safety net and continuing to adjust macroprudential policies to mitigate potential macro-financial risks. Directors encouraged the authorities to sustain their progress in fighting financial crimes.

Directors agreed that the exchange rate peg continues to serve Qatar well. They concurred that, as conditions allow, strengthening the operational framework would further enhance monetary policy transmission.

Directors supported the authorities’ strategy to build a more diversified, private sector-led, and knowledge-based economy. They recommended fostering innovation and business efficiency and enhancing human capital by attracting and retaining more high-skilled expatriate workers, improving Qatari nationals’ employment in the private sector, and further increasing female labor force participation. Directors agreed that aligning domestic energy prices with export prices would benefit public finances and support climate goals. They also encouraged the authorities to close remaining data gaps, with the help of IMF capacity development.

It is expected that the next Article IV consultation with Qatar will be held on the standard 12-month cycle.

Qatar: Selected Macroeconomic Indicators, 2021-25
(Quota: 735.1 million SDRs, November 2024)
(Per capita income: U.S.$69,541, 2023)
(Life expectancy at birth: 81.6 years, 2022)
(Population: 3.1 million, 2023)


				Projections


	2021	2022	2023	2024	2025


Production and prices	(percent change)
Real GDP (2018 prices)	1.6	4.2	1.2	1.7	2.4
Hydrocarbon 1/	-0.3	1.7	1.4	1.4	3.0
Nonhydrocarbon	2.8	5.7	1.1	1.9	2.1
CPI inflation (average)	2.3	5.0	3.0	1.0	1.4

Public finances	(percent of GDP)
Revenue	29.6	34.7	32.8	26.2	28.7
Expenditure	29.4	24.3	27.3	25.9	26.2
Current	18.3	15.6	17.5	17.2	17.5
Capital	11.1	8.8	9.7	8.7	8.7
Central government fiscal balance	0.2	10.4	5.6	0.3	2.5

Money	(percent change)
Broad money	1.4	17.4	1.1	4.1	5.6
Credit to private sector	9.5	7.4	4.9	5.5	6.1

External sector	(percent of GDP unless otherwise noted)
Exports	58.7	68.6	60.4	58.7	60.1
Imports	34.1	31.6	33.9	33.4	35.1
Current account balance	14.6	26.8	17.1	16.6	15.5
in billions of U.S. dollars	26.3	63.1	36.5	37.0	35.2
External debt	161.4	115.5	123.2	118.1	116.8
Central Bank’s reserves	23.5	20.1	24.2	24.5	25.4
in months of next year’s imports	6.6	7.7	8.1	8.0	7.9
Exchange rate (per U.S. dollar) 2/	3.6	3.6	3.6	3.6	3.6
Real effective exchange rate (percent change) 3/	-2.6	6.5	0.2	-0.5	…


Sources: Qatari authorities; and IMF staff estimates and projections.
1/ Includes crude oil, natural gas, propane, butane, and condensates.
2/ January 6, 2025
3/ November 2024.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Angham Al Shami

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/02/11/pr25034-qatar-imf-executive-board-concludes-the-2024-article-iv-consultation

MIL OSI

MIL OSI Russia News –

February 12, 2025

MIL-OSI Economics: IMF Executive Board Concludes the 2024 Article IV Consultation with Qatar

Source: International Monetary Fund

February 11, 2025

Washington, DC: On January 27, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation^{^[1]} with Qatar.

Growth normalization after the 2022 FIFA World Cup continued, with signs of strengthening activities more recently. Real GDP growth is projected to improve gradually to 2 percent in 2024–25 supported by public investment, spillovers from the ongoing LNG expansion project, and strong tourism. Medium-term growth is expected to accelerate to 4¾ percent on average, boosted by the significant LNG production expansion and initial gains from implementing reforms guided by the Third National Development Strategy (NDS3). Headline inflation will likely ease to 1 percent in 2024 and converge to around 2 percent over the medium term.

With lower hydrocarbon prices, both the current account and fiscal surpluses narrowed in 2023, to 17 percent of GDP and 5½ percent of GDP, respectively. The twin surpluses moderated further in 2024. Over the medium, as Qatar’s LNG production expands massively, both the current and fiscal accounts will likely remain in surpluses, albeit declining as a share of GDP, as hydrocarbon prices are projected to fall.

Banks are well-capitalized, liquid, and profitable, with the capital adequacy ratio of close to 20 percent and return on equity of 14½ percent, respectively, in the third quarter of 2024. Since the implementation of QCB measures to reduce banks’ net short-term foreign liabilities, banks’ non-resident deposits declined significantly, and banks have lengthened the average maturity and diversified further the sources of foreign funding. The sector-wide NPL ratio remained broadly unchanged at slightly below 4 percent and the provisioning coverage ratio is relatively high at above 80 percent.

Qatar has started to implement the ambitious Third National Development Strategy (NDS3) to build a more diversified, knowledge-based and private sector-driven economy. Guided by NDS3, reform momentum has strengthened significantly, including to attract and retain high-skilled expatriate workers, foster innovation, promote public-private partnerships, and further improve the business efficiency. Qatar is well positioned to leverage digitalization and AI for productivity gains, and the nation’s climate agenda is advancing.

Risks to the outlook are broadly balanced. Main downside risks stem from the global headwinds, including a sharper-than-expected global growth slowdown, increased volatility in global financial conditions and commodity prices, and further worsening of geopolitical tensions. The regional conflict has had limited impact on Qatar but adds further to the downside risks through lower tourism and capital inflows, and more volatile hydrocarbon prices. Domestic downside risk stems mainly from further weaknesses in the real estate sector, although strong tourism and policy measures introduced in 2023 could mitigate the risk. Over the medium and long term, supply in the global natural gas market is expected to expand significantly, potentially putting downward pressure on prices. On the upside, sustained high hydrocarbon prices and accelerated NDS3 reforms would strengthen the outlook. However, if ambitious NDS3 initiatives lead to resource misallocation, both the public finance and growth prospect would be affected.

Executive Board Assessment^{^[2]}

Executive Directors agreed with the thrust of the staff appraisal. They welcomed Qatar’s continued resilience to external shocks and its favorable medium-term outlook, driven by significant increases in LNG production and the reforms under the Third National Development Strategy. Directors agreed that maintaining prudent macroeconomic policies and accelerating reform efforts would further solidify macroeconomic stability and resilience to shocks while boosting prosperity.

Directors commended the authorities’ commitment to continued fiscal prudence and called for accelerating fiscal reforms. They recommended adopting a medium-term fiscal anchor to help ensure intergenerational equity, and reiterated the need to accelerate revenue diversification, particularly by introducing the value-added tax. Directors highlighted the importance of improving spending efficiency and composition, particularly by enhancing public investment management. They welcomed the ongoing efforts to strengthen fiscal institutions and adopt a full-fledged medium-term fiscal framework with enhanced fiscal risk management.

Directors supported the authorities’ efforts to maintain financial stability and deepen domestic financial markets, while encouraging them to consider undertaking a Financial Sector Assessment Program update. They welcomed the newly introduced risk-based supervision and recommended formalizing the financial safety net and continuing to adjust macroprudential policies to mitigate potential macro-financial risks. Directors encouraged the authorities to sustain their progress in fighting financial crimes.

Directors agreed that the exchange rate peg continues to serve Qatar well. They concurred that, as conditions allow, strengthening the operational framework would further enhance monetary policy transmission.

Directors supported the authorities’ strategy to build a more diversified, private sector-led, and knowledge-based economy. They recommended fostering innovation and business efficiency and enhancing human capital by attracting and retaining more high-skilled expatriate workers, improving Qatari nationals’ employment in the private sector, and further increasing female labor force participation. Directors agreed that aligning domestic energy prices with export prices would benefit public finances and support climate goals. They also encouraged the authorities to close remaining data gaps, with the help of IMF capacity development.

It is expected that the next Article IV consultation with Qatar will be held on the standard 12-month cycle.

Qatar: Selected Macroeconomic Indicators, 2021-25
(Quota: 735.1 million SDRs, November 2024)
(Per capita income: U.S.$69,541, 2023)
(Life expectancy at birth: 81.6 years, 2022)
(Population: 3.1 million, 2023)


				Projections


	2021	2022	2023	2024	2025


Production and prices	(percent change)
Real GDP (2018 prices)	1.6	4.2	1.2	1.7	2.4
Hydrocarbon 1/	-0.3	1.7	1.4	1.4	3.0
Nonhydrocarbon	2.8	5.7	1.1	1.9	2.1
CPI inflation (average)	2.3	5.0	3.0	1.0	1.4

Public finances	(percent of GDP)
Revenue	29.6	34.7	32.8	26.2	28.7
Expenditure	29.4	24.3	27.3	25.9	26.2
Current	18.3	15.6	17.5	17.2	17.5
Capital	11.1	8.8	9.7	8.7	8.7
Central government fiscal balance	0.2	10.4	5.6	0.3	2.5

Money	(percent change)
Broad money	1.4	17.4	1.1	4.1	5.6
Credit to private sector	9.5	7.4	4.9	5.5	6.1

External sector	(percent of GDP unless otherwise noted)
Exports	58.7	68.6	60.4	58.7	60.1
Imports	34.1	31.6	33.9	33.4	35.1
Current account balance	14.6	26.8	17.1	16.6	15.5
in billions of U.S. dollars	26.3	63.1	36.5	37.0	35.2
External debt	161.4	115.5	123.2	118.1	116.8
Central Bank’s reserves	23.5	20.1	24.2	24.5	25.4
in months of next year’s imports	6.6	7.7	8.1	8.0	7.9
Exchange rate (per U.S. dollar) 2/	3.6	3.6	3.6	3.6	3.6
Real effective exchange rate (percent change) 3/	-2.6	6.5	0.2	-0.5	…


Sources: Qatari authorities; and IMF staff estimates and projections.
1/ Includes crude oil, natural gas, propane, butane, and condensates.
2/ January 6, 2025
3/ November 2024.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Angham Al Shami

Phone: +1 202 623-7100Email: MEDIA@IMF.org

MIL OSI Economics –

February 12, 2025

MIL-OSI Australia: Check before you act: ATO impersonation scams

Source: Australian Department of Revenue

ATO impersonation scams have become sophisticated, making it crucial to stay vigilant. One of the most effective ways to keep yourself and your clients safe is to stop, check and protectExternal Link.

Scammers often create a sense of urgency, hoping you’ll act without thinking. By taking a moment to check the legitimacy of the communication, you and your clients can avoid situations that could lead to a financial loss or personal information being stolen.

How to check 

If you aren’t sure whether something is legitimate, start by checking contact details. Look up the contact information for the organisation and reach out to them directly via details you’ve sourced yourself.

Next, look for red flags in the message. Be cautious of messages that: 

contain a hyperlink
create a sense of urgency or fear 
ask for personal information or payments 
contain spelling or grammar errors 
come from unofficial email addresses or phone numbers. Scammers are increasingly using legitimate looking email addresses, so if you aren’t sure, always double check.

Finally, cross-check any information mentioned in the message, such as a tax debt, or a problem with your account, through official sources. Always access our online services by typing the URL in a browser or via the ATO website.

The ATO will never send unsolicited messages with hyperlinks or ask for personal information via email or SMS. To help protect your personal information, use your Digital ID, such as myID and set it to the highest level you can achieve to access our online services.

By stopping and checking the authenticity of messages, calls, and emails you can protect yourself and your clients from impersonation scams.

If you think a phone call, SMS, voicemail, email, or interaction on social media claiming to be from the ATO is not genuine, do not engage with it. You should either: 

go to Verify or report a scam to see how to spot and report a scam, or 
if you have divulged information or paid a scammer money, phone us on 1800 008 540.

For more information on staying scam safe, visit the ScamwatchExternal Link website.

MIL OSI News –

February 12, 2025

MIL-OSI: Parallels Introduces New “Elevate Now” Partner Program to Boost Partner Growth and Success

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, Feb. 11, 2025 (GLOBE NEWSWIRE) — Parallels, a global leader in virtualization and end-user computing solutions, today introduced its “Elevate Now” Partner Program, designed to equip new and existing partners with more resources, greater profitability, and enhanced support. The program updates, which focus on delivering increased value and growth opportunities, are aimed at enabling resellers, managed service providers (MSPs), value added resellers (VARs), and system integrators (SI) to thrive.

“Our goal with this program redesign is to ensure that all partners, regardless of size, can navigate the changes and disruption in the traditional virtual desktop landscape,” said Michelle Chiantera, Chief Revenue Officer for Parallels. “With substantial updates to discounts, program tiers, and support, we’re delivering a partner-first, channel-first model that helps partners meet market demands, boost their bottom line, and offers an attractive alternative to Citrix.”

Key benefits of Parallels’ “Elevate Now” Partner Program include:

Updated program tiers. In addition to added benefits for existing Silver, Gold, and Platinum partners, Parallels has introduced a new Essentials tier, tailored for smaller partners who may not yet meet the minimum deal size requirements of higher tiers. This entry-level tier provides resources and support to help these partners grow and advance through the program. Plus, a new partner portal offers streamlined access to vital resources, empowering all partners to maximize program benefits and succeed.
Expanded partner benefits. Higher discounts, enriched support, faster onboarding, and free enablement and certification across all program tiers ensure partners can more easily grow and thrive.
Increased profitability. The updated discount model emphasizes new business generation, offering higher margins for resellers, while enabling partners to manage and fully benefit from customer renewals.

“With our partner-sourced sales pipeline doubling and new deal registrations tripling over the past year, we’re excited to see that our partners are thriving,” said Chiantera. “The changes we’ve made to our program are designed to sustain this momentum, giving partners even greater profit margins and the resources they need to unlock new opportunities.”

“The benefits we receive as strategic partners allow us to increase our margins through enhanced deal registration and MDF investments, helping us grow and expand our Parallels footprint. Parallels also supports us in maintaining our installed base, which has become a key market differentiator for us.” – Pedro Guerreiro, Chief Solutions Officer, A2it Technology

Parallels extends migration program

Parallels is empowering Citrix and Omnissa customers to transition smoothly to Parallels solutions with its specialized migration program, extended through to May 31, 2025. This program includes tailored migration tools and financial incentives, such as a free one-year license for customers committing to a three-year paid subscription and additional rebates for gold and platinum partners. For more details, including the program terms, conditions, and complete eligibility requirements, visit: www.parallels.com/lp/parallels-migration.

Flexible SPLA billing simplifies license management for MSPs

Parallels offers tailored support for MSPs through its flexible SPLA concurrent billing model, enabling partners to manage customer licenses on a monthly basis with ease and scalability. With this model, MSPs can access Parallels’ powerful suite of solutions to deliver secure, high-performance virtual workspaces without upfront commitments. To learn how Parallels can streamline your services, visit www.parallels.com/partners/msp/.

Empower customer success with Parallels’ suite of end-user computing solutions

“Elevate Now” partners gain access to Parallels’ comprehensive suite end-user computing solutions, including Parallels RAS, Parallels Secure Workspace, Parallels DaaS, and Parallels Browser Isolation. Learn more at www.parallels.com/partners.

About Parallels

Parallels is a global leading brand in cross-platform solutions that make it simple for businesses and individuals to use and access the applications and files they need on any device or operating system. Parallels helps customers leverage the best technology out there, whether it’s Windows, Mac, ChromeOS, iOS, Android, or the cloud. Parallels solves complex engineering and user-experience problems by making it simple and cost-effective for businesses and individual customers to use applications anywhere, anytime. For more information, please visit www.parallels.com.

© 2025 Parallels International GmbH. All rights reserved. Parallels is a trademark or registered trademark of Parallels International GmbH. in Canada, the United States and/or elsewhere. Mac is a trademark of Apple Inc. Android and ChromeOS are trademarks of Google LLC. All other company, product and service names, logos, brands and any registered or unregistered trademarks mentioned are used for identification purposes only and remain the exclusive property of their respective owners. For all notices and legal information please visit www.parallels.com/about/legal/

Contact:
Ashley Ruess
ashley.ruess@alludo.com

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/8652a83e-758b-429e-8cb6-22324f22f756

https://www.globenewswire.com/NewsRoom/AttachmentNg/bfbf424c-3b2e-442b-8fa5-89b0c64d2fec

The MIL Network –

February 12, 2025

MIL-OSI United Kingdom: Council Tax needs to be replaced not reformed say Scottish Greens

Source: Scottish Greens

11 Feb 2025 Finance

Councils and local communities deserve our support to succeed.

Council Tax is a broken system that needs to be replaced rather than reformed, says Scottish Greens spokesperson for local government, Ariane Burgess MSP.

The call comes as the Scottish Government has announced that it is taking action to make the system “fairer.”

Ms Burgess said:

“Council tax is an outdated and broken tax that works for nobody.

“It isn’t fair to the households who are paying it and does not benefit the councils that are struggling to fund essential services.

“From schools and social care to waste collections, libraries and community centres, our councils are on the front line of delivering for our communities. We need to support them.

“Tweaking and reforming it is not enough. It is time to replace it with a fairer and more progressive system that would see most households paying less while the wealthiest would pay more.”

Ms Burgess added:

“The Scottish Greens have already delivered important reforms, like doubling Council Tax on holiday homes and allowing councils to set tourist levies, raising money for local services and helping to tackle the housing crisis.”

MIL OSI United Kingdom –

February 12, 2025

MIL-OSI: Schellman Appoints Preeya Voss as Chief Revenue Officer

Source: GlobeNewswire (MIL-OSI)

TAMPA, Fla., Feb. 11, 2025 (GLOBE NEWSWIRE) — Schellman, a leading provider of attestation and compliance services and a top 50 CPA firm, is proud to announce the appointment of Preeya Voss as its new Chief Revenue Officer. Voss brings nearly two decades of experience in SaaS and services revenue leadership, with a proven track record of driving transformative growth across diverse industries and customer segments.

Voss has spent her entire career in GTM, spanning a variety of industries and customer segments. She joins Schellman from her most recent role as Senior Vice President of Sales at Ellucian, the global market leader in EdTech for higher education. She was responsible for the company’s enterprise cross-selling strategy, including overseeing revenue growth for both SaaS subscriptions and professional services.

“As we double down on our investment in sales and go-to-market strategies in 2025, having the right leadership is critical,” said Avani Desai, CEO of Schellman. “Preeya brings not only a wealth of experience in driving revenue and scaling organizations but also a unique ability to inspire teams and foster lasting client relationships. Her strategic mindset and passion for innovation will help us take our growth to the next level while staying true to our core values of excellence and client service.”

In her role as Chief Revenue Officer, Voss will oversee all revenue-generating initiatives, including client acquisition, strategic partnerships, and go-to-market strategies. Her focus will be on enhancing Schellman’s growth trajectory by aligning sales, marketing, and customer success efforts to deliver exceptional value and outcomes for clients. Based in Denver, Colorado, Voss is an advocate for mentorship and is deeply committed to empowering early-career talent and women in customer-facing roles.

“I’m honored to join Schellman as Chief Revenue Officer during such a pivotal time in the company’s history,” said Voss. “My mission is to amplify Schellman’s legacy of excellence by driving innovation, forging deeper client partnerships, and unlocking new market opportunities. With Schellman’s unparalleled suite of services—from SOC reports to the latest AI-related assessments to expanded sustainability services—we will continue to empower our clients to build trust with their customers in an increasingly complex compliance landscape.”

Voss’ appointment underscores Schellman’s ongoing commitment to strengthening its leadership team with exceptional top-tier talent. This announcement follows a series of strategic advances in Q4 of 2024, including receiving ISO 42001 and ISO 14001 accreditation and furthering its mission to be a leader in compliance and attestation services.

To learn more about Schellman’s services and how they can help your organization, visit the website.

About Schellman
“Schellman” is the brand name under which Schellman & Company, LLC and Schellman Compliance, LLC provide professional services. Schellman stands as a leading global provider of attestation, compliance, and certification services. Operating under two distinct entities, Schellman & Company, LLC (a top 50 firm) and Schellman Compliance, LLC (a globally accredited compliance assessment firm which is not a licensed CPA firm). The services provided by the Schellman entities include acting as a CPA firm (Schellman & Company, LLC Florida license number AD62941) as a leading provider of SOC reports, an ISO Certification Body, a PCI Qualified Security Assessor Company, a HITRUST assessor, a FedRAMP 3PAO, being among the pioneering CMMC Authorized C3PAOs, as well as offering international certification services including TISAX and HDS.

Renowned for its professionals’ expertise combined with practical experience, Schellman delivers superior client service while upholding steadfast independence. The company’s approach fosters successful, long-term relationships, enabling clients to achieve multiple compliance objectives through a single trusted third-party assessor. For further information about the services provided, please visit schellman.com.

Contact
V2 Communications
schellman@v2comms.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/099b8006-8be0-4e69-91a0-788fb889fc7d

The MIL Network –

February 12, 2025

MIL-OSI: Silver Tiger Metals to Present at the Metals and Mining Growth Virtual Investor Conference February 13th

Source: GlobeNewswire (MIL-OSI)

HALIFAX, Nova Scotia, Feb. 11, 2025 (GLOBE NEWSWIRE) — Silver Tiger Metals Inc. (TSXV:SLVR)(OTCQX:SLVTF) based in Halifax, Nova Scotia, focused on Developing Production at the El Tigre Silver Mining District in Sonora Mexico, today announced that Glenn Jessome President & CEO, will present live at the Metals and Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com, on February 13^th, 2025

DATE: February 13^th
TIME: 1:00pm EST
LINK: https://bit.ly/3Ex4Xxc
Available for 1×1 meetings: February 12^th / 13^th

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

About Silver Tiger and the El Tigre Historic Mine District

Silver Tiger Metals Inc. is a Canadian company whose management has more than 27 years’ experience discovering, financing, and building large hydrothermal gold and silver mines in Mexico. Silver Tiger’s 100% owned 28,414 hectare Historic El Tigre Mining District is located in Sonora, Mexico. Principled environmental, social and governance practices are core priorities at Silver Tiger.

Silver Tiger commenced work on its El Tigre Project in 2017. El Tigre intends to build an open pit and underground mine. Silver Tiger has drilled over 150,000 meters at the El Tigre Project, with 119,000 meters completed since 2020. Silver Tiger has completed several MREs, a maiden MRE in 2017 and MRE updates in 2023 and 2024. The PEA for the El Tigre open pit was released in November 2023.

The October 2024 PFS for the El Tigre open pit delivered robust economics. The PFS projects an After-Tax NPV of US$222 million at a 5% discount rate, an After-Tax IRR of 40.0%, and a payback period of 2.0 years. This open pit operation is expected to have a 10-year mine life. The El Tigre project delivers a life of mine undiscounted After-Tax Cash Flow of US$318 million, with initial capital costs of $86.8 million (including $9.3 million in contingency). Operating cash costs are projected at $973/oz AuEq and $12/oz AgEq, with AISC at $1,214/oz AuEq and $14/oz AgEq. The economics of the Project have been evaluated based on a discounted $26/oz silver price and gold price of $2,150/oz.

Silver Tiger is now drilling from underground drill pads, focusing on the high-grade silver Veins, Sulphide and Shale Zones. A PEA for the permitted underground mineral resource is expected to be released in the first half of 2025.

About Virtual Investor Conferences^®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:
Silver Tiger Metals Inc.
Devin Devarennes
VP Investor Relations
902-233-3656
Devin@silvertigermetals.com

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

The MIL Network –

February 12, 2025

MIL-OSI: Duck Creek Technologies Partners with Worldpay to Enhance Payments Solutions

Source: GlobeNewswire (MIL-OSI)

BOSTON, Feb. 11, 2025 (GLOBE NEWSWIRE) — Duck Creek Technologies, the global intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, today announced a strategic partnership with Worldpay^®, a global industry leader in payments technology and solutions.

Worldpay’s global payments capabilities embedded in Duck Creek Payments, provide carriers with a seamless, end-to-end payment management platform tailored specifically to the insurance industry. The addition of Worldpay’s payments capabilities fortifies Duck Creek’s ability to serve carriers worldwide with its payments platform while ensuring scalability and future-proofing through continued technology investments.

“Selecting the right payments processing partner is pivotal to delivering an exceptional experience for our customers,” said Allan Lacoste, Chief Payments Officer at Duck Creek Technologies. “Worldpay aligns perfectly with our mission to provide insurance carriers with secure, efficient, and flexible payment solutions. Through this partnership, Duck Creek Payments becomes even more robust, eliminating the need for costly, bespoke integrations while embedding industry-leading payment processing capabilities directly into Duck Creek’s core technology.”

This partnership also reflects Duck Creek’s commitment to expanding its Marketplace, where strategic payment partnerships empower carriers to access a comprehensive suite of innovative payment solutions tailored to their unique needs. Worldpay’s technology is a critical, component of the Duck Creek Payments solution, emphasizing its role within the company’s ecosystem.

“By joining forces with Duck Creek, we are realizing our shared goal of modernizing payment solutions for the insurance industry,” said Jason Pavona, General Manager of North America at Worldpay. “The integration of our advanced payment technologies into Duck Creek Payments gives insurance carriers the tools they need to reduce complexity, deliver a better customer journey, and navigate an increasingly dynamic marketplace.”

Duck Creek Payments delivers unparalleled value, ensuring carriers benefit from a seamless, future-ready payments experience that integrates effortlessly into existing core systems. Additionally, insurers can process easier, more cost-effective payments and provide customers with increased payment flexibility, including Buy Now, Pay Later (BNPL) options.

About Worldpay
Worldpay is an industry leading payments technology and solutions company with unique capabilities to power omni-commerce across the globe. Our processing solutions allow businesses of all sizes to take, make and manage payments in-person and online from anywhere in the world. Annually, we process over 50 billion transactions across 146 countries and 135 currencies. We help our customers become more efficient, more secure and more successful. To learn more, visit worldpay.com or follow us on LinkedIn, Instagram, X, and or Facebook.

About Duck Creek Technologies 
Duck Creek Technologies is the global intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and X.

Media Contacts: 

Duck Creek:
Marianne Dempsey/Tara Stred 
duckcreek@threeringsinc.com 

Worldpay:
Siobhan Acha Derrington
Director of Public Relations
media@worldpay.com

The MIL Network –

February 12, 2025

MIL-OSI: American Rebel Holdings, Inc. (NASDAQ: AREB) Regains Compliance with NASDAQ Listing Standards as of February 10, 2025.

Source: GlobeNewswire (MIL-OSI)

Nashville, Tennessee, Feb. 11, 2025 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), creator of American Rebel Beer (americanrebelbeer.com) and a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel (americanrebel.com), is pleased to announce that it has regained compliance with the periodic filing requirement under NASDAQ’s listing rules.

“Maintaining our NASDAQ listing is of utmost importance to our Company and our stockholders. I would like to extend my deepest gratitude to our internal and external accounting teams for their tireless efforts in ensuring our ability to file our FY2024 3^rdQuarter financials that allowed American Rebel to regain compliance with NASDAQ’s listing rules.” Andy Ross, CEO of American Rebel, further commented, “The dedication and hard work of Darin Fielding, CFO of our wholly owned subsidiary, Champion Safe Co., who emerged as our regulatory lead due to his previous auditor experience was instrumental in the coordination between our independent auditors, GBQ and Eventus Advisory Group’s seasoned team of public company accounting professionals.”

Timeline of NASDAQ Compliance Efforts

November 14, 2024	FY2024 3^rd Quarter 10Q due
November 22, 2024	Company notification by NASDAQ that it no longer met the perioding listing requirement due to the inability to file the FY2024 3^rd Quarter 10Q
January 21, 2025	Deadline for American Rebel Holdings, Inc. to submit a plan to NASDAQ to regain compliance with the listing requirements
February 7, 2025	American Rebel Holdings, Inc. files Form 10-Q for the period ended September 30, 2024.
	Revenue for the three (3) months ended September 30, 2024 of $2,337,786.00
	Revenue for the nine (9) months ended September 30, 2024 of $9,637,016.00
February 10, 2025	American Rebel Holdings, Inc. is notified by NASDAQ Staff that with the February 7, 2025 filing of the 10-Q for the period ended September 30, 2024, that the Company is deemed compliant with the NASDAQ Listing Rules.

In the coming weeks, the Company is planning on providing a brief stockholder update from its CEO, Andy Ross, detailing the progress made in our business units throughout last year. This update will highlight the rapid growth and success American Rebel has experienced in our American Rebel Beverage business unit responsible for American Rebel Light Beer and the positive impacts of the reorganization and streamlining of our product offerings and processes at Champion Safe Co. (www.championsafe.com).

About American Rebel Holdings, Inc.

American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Light Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit www.americanrebel.com and www.americanrebelbeer.com. For investor information, visit www.americanrebel.com/investor-relations.

American Rebel Holdings, Inc.
info@americanrebel.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of marketing outreach efforts, continued compliance with Nasdaq listing requirements, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:
Corey Lambrecht, COO
Corey.lambrecht@americanrebel.com

The MIL Network –

February 12, 2025

MIL-OSI: Diversified Energy’s Unique Strategy Produces Reliable Cash Flow and Strong Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Seventh Year in a Row of Approximately 50% or Better Cash Margins

Cash Flow Growth Initiatives Contributed Over $50 million in Cash Flow

Company Returned Over $105 million to Shareholders in 2024

BIRMINGHAM, Ala., Feb. 11, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC, NYSE: DEC) (“Diversified” or the “Company”) is pleased to announce the following operations and trading update for the year ended December 31, 2024.

Delivering Reliable Results

Full-year 2024 average production of 791 MMcfepd (132 Mboepd)
- 4Q24 average production of 843 MMcfepd (141 Mboepd)
- December 2024 exit rate of 864 MMcfepd (144 Mboepd)
2024 Adjusted EBITDA^(a) of $470-$475 million; Adjusted Free Cash Flow^(b) of $210-$215 million
2024 Adjusted EBITDA Margin^(a) of 50%and TTM Adjusted Free Cash Flow Yield^(b) of 33%
- 2024 Total Revenue, Inclusive of Settled Hedges per Unit^(c) of $3.21/Mcfe ($19.28/Boe)
- 2024 Adjusted Operating Cost per Unit^(d) of $1.70/Mcfe ($10.22/Boe)

Cash Flow Growth Initiatives

Announced fixed-price contract for gas delivery to a major Gulf Coast LNG export facility
Generated ~$42 million year-to-date in cash flow through divestiture of undeveloped leasehold
Recorded $8 million in impact to Adjusted EBITDA from Coal Mine Methane (“CMM”) Revenues

Executing Strategic Objectives and Milestones

Retired over $200 million in debt principal through amortizing debt payments
Returned $105 million to shareholders, including $21 million in share buybacks^(e)
Completed $585 million (gross) in strategic and bolt-on acquisition during 2024
Announced accretive bolt-on acquisition of southern Appalachia assets from Summit Natural Resources
Announced transformative $1.3 billion acquisition of Maverick Natural Resources
Marked one full year of trading on the New York Stock Exchange and as is customary, the Company expects to file a shelf registration with the US Securities and Exchange Commission

Next LVL Milestones

The Company retired 202 operated wells in 2024, marking its third consecutive year to exceed its stated goal of retiring 200 wells per year
Next LVL Energy completed a total 287 well retirements, including Diversified’s wells and 85 wells associated with state-owned orphan wells and third-party operators

Rusty Hutson, Jr., CEO of Diversified, commented:

“Our team executed extremely well and continued to deliver solid results in 2024 that enabled us to advance our balanced capital allocation framework. Our strong results highlight our unique business model that strives to deliver consistent cash flow during the full range and volatility of commodity cycles. Aligned with our priorities, we generated significant cash flows, returned capital to investors, and paid down more than $200 million in debt principal, all while executing and integrating over $585 million in accretive acquisitions. Once again, our ability to deliver durable production and consistent cash flow throughout the year was a result of our team’s relentless execution of our strategies. We are committed to lowering costs and improving operational efficiencies across the organization, along with providing innovative solutions to extract hidden value from our asset base. The results we have achieved in 2024 strike at the heart of our business model and strategy.

We believe that 2025 has the potential to be a transformative year for the Company as we work to execute our strategic initiative to become the premier public company focused on managing mature producing assets. The Company’s previously announced accretive acquisitions of Summit Natural Resources and Maverick Natural Resources are proceeding as planned, and we have received encouraging comments from both shareholders and the public debt and equity markets. During the past year, we have seen our strategy and our previous investment decisions yield increased performance in all aspects of our business model. We are optimistic about our future and confident that our current efforts will continue to position us well to have a significant positive impact on shareholder value.”

Operations and Finance Update

Production

Diversified exited the year with December 2024 average production of 864 MMcfepd (144 Mboepd), up 11% versus the December 2023 exit rate of 775 MMcfepd (129 Mboepd), reflecting the cumulative effect of the Company’s 2024 acquisitions and industry-leading PDP declines of ~10% per year^(f).

Diversified ended the year with 4Q24 average production of 843 MMcfepd (141 Mboepd) and full-year 2024 average production of 791 MMcfepd (132 Mboepd).

The Company’s production continues to be positively impacted by Diversified’s Smarter Asset Management (“SAM”) approach focused on the improvement and optimization of production profiles, development of efficiency gains and extension of well life, and the Company is well-positioned to again-deliver on a solid operational foundation for robust cash flows in 2025 with the additional impact of the recently announced acquisitions of Maverick Natural Resources and Summit Natural Resources.

Margin, Realized Price and Total Cash Expenses per Unit

Diversified’s resilient cash flow strategy is exemplified by the Company’s 2024 Adjusted EBITDA Margin of 50%, marking the Company’s seventh consecutive annual period of ~50% margins or higher.

The Company’s commitment to responsibly hedge production and initiatives to expand revenue generation is reflected in 2024 Total Revenue, Inclusive of Settled Hedges per unit of $3.21/Mcfe ($19.28/Boe), with Financial Derivatives Settled in Cash delivering $151 million in cash flows, and Midstream & Other Revenue delivering $63 million in supplemental income during the year.

Prudent expense management resulted in the stable Adjusted Operating Cost per Unit for 2024 of just $1.70/Mcfe ($10.22/Boe) representing a minimal 1% change when compared to the prior year.

		2024				2023
	$/Mcfe		$/Boe		$/Mcfe		$/Boe		%

Total Commodity Revenue,Including the Impact of derivatives settled in cash	$	3.05	$	18.30	$	3.27	$	19.62	(7	)%
Other Revenue¹		0.16		0.98		0.13		0.75	31	%
Average Realized Price¹	$	3.21	$	19.28	$	3.40	$	20.37	(5	)%

Adjusted Operating Cost per Unit^(d)		2024				2023
	$/Mcfe		$/Boe		$/Mcfe		$/Boe		%

Lease Operating Expense²	$	0.73	$	4.40	$	0.64	$	3.83	15	%
Midstream Expense		0.24		1.44		0.23		1.38	4	%
Gathering and Transportation		0.31		1.86		0.32		1.92	(3	)%
Production Taxes		0.12		0.72		0.21		1.26	(43	)%
Total Operating Expense²	$	1.40	$	8.42	$	1.40	$	8.39	—	%
Employees, Administrative Costs and Professional Fees^(g)		0.30		1.80		0.29		1.74	3	%
Adjusted Operating Cost per Unit²	$	1.70	$	10.22	$	1.69	$	10.13	1	%

Adjusted EBITDA Margin^(a)		50%				53%

¹2024 excludes $0.06/Mcfe ($0.34/Boe) and 2023 excludes $0.09/Mcfe ($0.57/Boe) of other revenues generated by Next LVL Energy Values may not sum due to rounding; 2024 excludes $0.09/Mcfe ($0.54/Boe) & 2023 excludes$0.08/Mcfe ($0.48/Boe) of proceeds from land sales ²2024 excludes $(0.07)/Mcfe ($(0.40)/Boe) and 2023 excludes $(0.07)/Mcfe ($(0.43)/Boe) of expenses attributable to Next LVL Energy Values may not sum due to rounding

Results of Hedging and Current Financial Derivatives Portfolio

Diversified’s consistent application of the Company’s differentiated hedging strategy resulted in a 2024 weighted average natural gas hedge floor of $3.26/MMbtu and realized price of $2.49/MMBtu, providing insulation from historically low commodity prices and representing respective premiums of 44% and 10% to the 2024 NYMEX average Henry Hub settlement price of $2.27/MMbtu^(h). The Company enters 2025 with ~80% of consolidated production hedged, and stands to benefit from the recent improvement in the forward strip. The table below reflects Diversified’s full-year hedge positions through calendar year 2027 as of December 31, 2024:

	GAS (Mcf)		NGL (Bbl)		OIL (Bbl)
	Wtd. Avg. Hedge Price⁽ⁱ^)(j)	~ % of Production Hedged^(k)	Wtd. Avg. Hedge Price⁽ⁱ⁾	~ % of Production Hedged^(k)	Wtd. Avg. Hedge Price⁽ⁱ⁾	~ % of Production Hedged^(k)

FY25	$3.32	85%	$33.98	60%	$64.25	90%
FY26	$3.25	75%	$32.38	55%	$62.44	55%
FY27	$3.27	70%	$32.29	45%	$62.67	50%

Environmental Update

Asset Retirement Progress and Next LVL Energy Update

During the year, the Company exceeded its Appalachian well retirement commitments and stated plugging goals by retiring 202 Diversified-operated wells. Total well retirements by Next LVL Energy in Appalachia amounted to 287 wells, including 51 retirements associated with state orphan well programs.

Next LVL Energy continues to be a strategic and value-additive component of Diversified’s vertically integrated operations focused on the full life cycle of operated wells and to provide third-party revenue to offset the cash costs associated with the retirement of operated wells.

Acquisition Update

2024 Acquisitions Update

The Company’s previously announced acquisition of Oaktree Working Interests, Crescent Pass Energy assets and East Texas assets were successfully closed in the course of the year, representing $585 million (gross) in strategic, accretive acquisitions in 2024. These assets have been fully integrated into Diversified’s systems and processes, and are already benefiting from the Company focus on safe, efficient operations through the application of Smarter Asset Management.

Summit Natural Resources

Diversified’s previously announced acquisition of Appalachia and Alabama assets from Summit Natural Resources is proceeding as planned and the Company expects to close the transaction in the first quarter of 2025.

Maverick Natural Resources

As previously announced on January 27, 2025, Diversified has entered into a definitive agreement to acquire Maverick Natural Resources for total consideration of approximately $1,275 million. The acquisition of Maverick by Diversified (the “Acquisition”) adds immediate scale, increases liquids production, and creates a combined company with long-term free cash flow generation, superior unit cash margins, and a compelling sustainability profile.

The Acquisition is expected to close during the first half of 2025, subject to customary closing conditions, including, among others, regulatory clearance and approval by Diversified shareholders for the issue and allotment of the Ordinary Shares pursuant to the merger agreement.

2024 Annual Results and Conference Call Details

Diversified will release its 2024 full-year results on Monday, March 17, 2025 and will host a conference call that day at 12:30 PM GMT (8:30 AM EDT) to discuss the Annual Results.

Footnotes:

(a)	Adjusted EBITDA represents earnings before interest, taxes, depletion, and amortization, and includes adjustments for items that are not comparable period-over-period; As presented, Adjusted EBITDA includes the impact of the accounting basis for land sales; Adjusted EBITDA Margin represents Adjusted EBITDA (excluding the adjustment for the accounting basis on land sales) as a percent of Total Revenue, Inclusive of Settled Hedges; For purposes of comparability, Adjusted EBITDA Margin excludes Other Revenue of $16 million in 2024 and $28 million in 2023, and Lease Operating Expense of $19 million in 2024 and $21 million in 2023 associated with Diversified’s wholly owned plugging subsidiary, Next LVL Energy.
(b)	Free Cash Flow represents net cash provided by operating activities less expenditures on natural gas and oil properties and equipment and cash paid for interest; As used herein, Adjusted Free Cash Flow represents Free Cash Flow, plus cash proceeds from undeveloped acreage sales; Adjusted Free Cash Flow Yield is calculated using 2024 Free Cash Flow per share, divided by the 2024 average share price of $13.47; Free Cash Flow per Share calculated as Adjusted Free Cash Flow divided by average shares outstanding of 48,031,916 during the period.
(c)	Includes the impact of derivatives settled in cash; Excludes the impact of land sales during the period; For purposes of comparability, excludes certain amounts related to Diversified’s wholly owned plugging subsidiary, Next LVL Energy.
(d)	Adjusted Operating Cost represent total lease operating costs plus recurring administrative costs. Total lease operating costs include base lease operating expense, owned gathering and compression (midstream) expense, third-party gathering and transportation expense, and production taxes. Recurring administrative expenses (Adjusted G&A) is a Non-IFRS financial measure defined as total administrative expenses excluding non-recurring acquisition & integration costs and non-cash equity compensation; For purposes of comparability, excludes certain amounts related to Diversified’s wholly owned plugging subsidiary, Next LVL Energy.
(e)	Share repurchases include activity by Diversified’s Employee Benefit Trust.
(f)	Calculated as the rate of decline in average daily production from December 2023 to December 2024, adjusted to exclude the impact of acquisitions and divestitures.
(g)	As used herein, employees, administrative costs and professional services represents total administrative expenses excluding cost associated with acquisitions, other adjusting costs and non-cash expenses. We use employees, administrative costs and professional services because this measure excludes items that affect the comparability of results or that are not indicative of trends in the ongoing business.
(h)	Calculated as the average monthly settlement price for NYMEX Henry Hub futures contracts.
(i)	Weighted average price reflects the weighted average of the swap price and floor price for collar contracts as applicable.
(j)	MMBtu prices have been converted to Mcf using a richness factor of 1Mcf=1.036 MMBtu, calculated as the weighted average Btu richness factor for the twelve months ended December 31, 2024.
(k)	Illustrative percent hedged, calculated using December 2024 average production and assuming a consolidated annual corporate decline rate of 10%; Calculation assumes constant product mix over the illustrative decline period.

For Company-specific items, refer also to the Glossary of Terms and/or Alternative Performance Measures found in the Company’s Annual Report and Form 20-F for the year ended December 31, 2023 filed with the United States Securities and Exchange Commission and available on the Company’s website.

For further information, please contact:

About Diversified Energy Company PLC

Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique and differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

Forward-Looking Statements

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and business of the Company and its wholly owned subsidiaries (the “Group”). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”,”should”,”intend”, “will”, “seek”, “continue”, “aim”, “target”, “projected”, “plan”, “goal”, “achieve” and words of similar meaning, reflect the Company’s beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company and the Group will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company or the Group to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s or the Group’s ability to control or estimate precisely, such as the expected timing and likelihood of completion of the Acquisition and the risk that problems may arrise in successfully integrating Maverick or that the combined company may not achieve synergies as expected,as well as factors such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors such as the Company’s or the Group’s ability to continue to obtain financing to meet its liquidity needs, the Company’s ability to successfully integrate its other acquisitions, changes in the political, social and regulatory framework in which the Company or the Group operate or in economic or technological trends or conditions. The list above is not exhaustive and there are other factors that may cause the Company’s or the Group’s actual results to differ materially from the forward-looking statements contained in this announcement, including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 20-F for the year ended December 31, 2023, filed with the United States Securities and Exchange Commission ( the “SEC”) and the risk factors descibed in Exhibit 99.2 to the Company’s Form 6-k furnished with the SEC on January 27, 2025.

Forward-looking statements speak only as of their date and neither the Company nor the Group nor any of its respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements in this announcement, may not occur. As a result, you are cautioned not to place undue reliance on such forward-looking statements. Past performance of the Company cannot be relied on as a guide to future performance. No statement in this announcement is intended as a profit forecast or a profit estimate and no statement in this announcement should be interpreted to mean that the financial performance of the Company for the current or future financial years would necessarily match or exceed the historical published for the Company.

Unaudited Financial Information

Certain financial and operating results included in this announcement are based on unaudited estimated results. These estimated results are subject to change upon completion of the Company’s audited financial statements for the year ended December 31, 2024, and changes could be material. The Company anticipates publishing its audited financial results for the year ended December 31, 2024 on Tuesday, March 17, 2025.

Use of Non-IFRS Measures

Certain key operating metrics that are not defined under IFRS (alternative performance measures) are included in this announcement. These non-IFRS measures are used by us to monitor the underlying business performance of the Company from period to period and to facilitate comparison with our peers. Since not all companies calculate these or other non-IFRS metrics in the same way, the manner in which we have chosen to calculate the non-IFRS metrics presented herein may not be compatible with similarly defined terms used by other companies. The non-IFRS metrics should not be considered in isolation of, or viewed as substitutes for, the financial information prepared in accordance with IFRS. Certain of the key operating metrics are based on information derived from our regularly maintained records and accounting and operating systems. We have not presented reconciliations of the non-IFRS measures included in this announcement because the comparable IFRS measures will not be accessible until the Company’s audited financial results for the year ended December 31, 2024 are complete. The Company will include the comparable IFRS measures and reconciliations of the non-IFRS measures in its release of full-year results, which we expect to publish on Tuesday, March 17, 2025.

The MIL Network –

February 12, 2025

MIL-OSI: Bishop Fox appoints Christopher Martin as Chief Operating Officer

Source: GlobeNewswire (MIL-OSI)

PHOENIX, Feb. 11, 2025 (GLOBE NEWSWIRE) — Bishop Fox, the leading authority in offensive security, today announced the addition of Christopher Martin as the company’s new COO. Martin has extensive experience as an entrepreneur, scaling operations and driving growth from startups to multi-billion dollar organizations, while safeguarding culture and quality of services. Martin will be responsible for Bishop Fox Service Delivery, Finance, People, Product and R&D, reporting to Bishop Fox Co-Founder and CEO, Vinnie Liu.

Martin joins Bishop Fox at a time that has seen the company continue its steady growth and maintain its market leadership in continuous offensive security and penetration testing services. Notably, the company saw Annual Recurring Revenues grow by nearly 60 percent, and year-over-year partner bookings increase by more than 200 percent, beating targets by more than 70 percent. Bishop Fox also expanded its European presence, and added former @Stake and Neohapsis CEO, James Mobley to its Advisory Board.

Martin brings a wealth of experience in overseeing strong organic and inorganic growth for B2B SaaS and applied AI organizations. In particular he co-founded, grew and executed the successful acquisition of digital marketing services & consultancy firm MightyHive, and later served as public Executive Director of S4 Capital. He has held a number of executive positions including his time in the Controllership of Yahoo!’s $6 billion P&L, and later the Mergers and Acquisitions group, guiding acquisitions and operational integrations. Martin is an active investor and advisor in Applied AI and B2B SaaS startups. He holds a Bachelor of Science in Computer Engineering from Lehigh University, and MBA from The Wharton School.

“Bishop Fox is at the forefront of the evolving offensive security landscape,” commented Martin. “Our technology-driven approach —combining elite human expertise with automation, AI-driven threat emulation, and deep integrations—delivers adaptive, real-time defense at enterprise scale. As attack surfaces expand and adversaries evolve, our ability to provide continuous, intelligence-led security validation, positions us as a strategic partner in fortifying large enterprises against emerging threats. The opportunity to redefine security resilience and drive measurable impact for our clients has never been greater.”

“Bishop Fox has always had a focus on all around quality – quality of life, quality of work and quality of our business,” added Liu. “So, as we searched for our next COO, we needed to find someone that respected and excelled at all three. In meeting and talking with Chris, his passion for taking care of people, a focus on collaboration, and a forward-thinking mindset came through as strongly as his many career accomplishments. We’re very happy to have him on the team and look forward to continuing to build great things together.”

About Bishop Fox

Bishop Fox is the leading authority in offensive security, providing solutions ranging from continuous penetration testing, red teaming, and attack surface management to product, cloud, and application security assessments. We’ve worked with more than 25% of the Fortune 100, half of the Fortune 10, eight of the top 10 global technology companies, and all of the top global media companies to improve their security. Our Cosmos platform, service innovation, and culture of excellence continue to gather accolades from industry award programs including Fast Company, Inc., SC Media, and others, and our offerings are consistently ranked as “world class” in customer experience surveys. We’ve been actively contributing to and supporting the security community for almost two decades and have published more than 16 open-source tools and 50 security advisories in the last five years. Learn more at bishopfox.com or follow us on Twitter.

Media Contact:

Kevin Kosh, Senior Director of Communications

kkosh@bishopfox.com

The MIL Network –

February 12, 2025

MIL-OSI: CW Petroleum Corp (OTCQB: CWPE) Reports Revenues for Q4-2024, Year-End

Source: GlobeNewswire (MIL-OSI)

Katy, Texas, Feb. 11, 2025 (GLOBE NEWSWIRE) — CW Petroleum Corp (OTCQB: CWPE) (the “Company”), a leading provider of Specialty Renewable and Hydrocarbon Motor Fuels, today announces to its investors and future investors unaudited financial results for the fourth quarter ended December 31, 2024, Year-End 2024.

Key Financial Highlights for Three Months Ended December 31, 2024, Compared to Prior Year Period:

2024 Revenues of $1.73 Million vs 2023 Revenues of $1.98 Million
2024 EBITDA of $96,220 vs 2023 EBITDA of $51,567
2024 Net Income of $48,633 vs 2023 Net Income (loss) of ($9,749)

Key Financial Highlights for Twelve Months Ended December 31, 2024, Compared to Prior Year Period:

2024 Revenues of $8.00 Million vs 2023 Revenues of $9.31 Million
2024 EBITDA of $180,850 vs 2023 EBITDA of $732,733
2024 Net Income (loss) of ($44,322) vs 2023 Net Income of $449,293

Management Commentary:

Chief Executive Officer Christopher Williams commented, “The Company continues to produce substantial annual revenues between $8MM-$10MM, making it a top-tier company in the OTC Markets space. Despite posting ~$8MM in revenue for 2024, the Company only slightly missed its 2024 volume sales target compared to 2023. The result in the ~$1.0MM revenue drop is due to the lower average cost of renewable and petroleum-based fuels in 2024 compared to the increased average cost of renewable and petroleum-based fuels in 2023. The Company regained OTCQB status in May 2024 and continues to seek an uplisting to Nasdaq or NYSE with a $5MM-$15MM capital raise to execute its growth plan.

The Company’s 2024 Financial Audit has started and will report its SEC Form 1-K (2024 Annual Report) by 4/30/2025.

Additional accurate information about the Company can be found on the OTC Markets website at the following links and on the EDGAR filing website provided by the Securities and Exchange Commission:

CWPE Overview
CWPE Security Detail
CWPE Financials
CWPE News
CWPE Disclosures

SEC Filings

For additional information, visit our website at cwpetroleumcorp.com, email: investor@cwpetroleumcorp.com , or call 281-817-8099

About CW Petroleum Corp

CW Petroleum Corp, a Texas corporation, began operations in 2011. CW Petroleum Corp, a Wyoming corporation, was incorporated in April 2018 and has acquired the Texas corporation as a wholly-owned subsidiary. CW Petroleum Corp supplies and distributes Biodiesel, Biodiesel Blends, Renewable Gasoline, and a 92 Octane Reformulated No Ethanol Gasoline to distributors, convenience stores, marinas, and end-users. The EPA licenses the Company to create its proprietary gasoline blends. CW Petroleum Corp is licensed to distribute Diesel Fuel & Gasoline by the States of Texas, Louisiana, Oklahoma, California, Colorado, New Jersey, Maryland, Pennsylvania, and Arizona.

Forward-Looking Statements

Certain statements in this press release may contain “forward-looking statements” regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the oil and gas markets, energy markets, and other markets in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “endeavors,” “strives,” “may,” or variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties, and assumptions that are difficult to predict, estimate, or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company’s most recent annual report on Form 1-K, which may be amended or supplemented by subsequent semiannual reports on Form 1-SA or other reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company’s filings with the Securities and Exchange Commission.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The MIL Network –

February 12, 2025

MIL-OSI Russia: Principality of Andorra: Staff Concluding Statement of the 2025 Article IV Mission

Source: IMF – News in Russian

February 11, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Andorra La Vella – February 11, 2025

The Andorran economy is doing well. This provides a window of opportunity to address substantial long-term challenges. The authorities have consolidated the country’s macro-financial framework and reinforced buffers. However, Andorra’s real GDP per capita—while high in absolute terms—has remained flat over the last 50 years, with growth largely driven by population increases. Going forward, population aging is both an economic and a fiscal concern, and climate change challenges an economic model largely dependent on winter tourism. Ambitious structural reforms are needed to unlock investment and lift productivity.

Economic Outlook

The Andorra economy continues to show resilience and to grow above its potential. Growth in 2024 surprised slightly on the upside, at an estimated 2.1 percent, driven by the service, banking and construction sectors. Inflation is subsiding gradually, reaching 2.6 percent at the end of 2024, despite limited economic slack and a still tight labor market. The current account surplus remains very large, estimated at 15.1 percent of GDP in 2024. The strong performance of banks continued in 2024 supported by high interest margins and increased fees and commissions.

Going forward, GDP is expected to slow to the level of potential growth. Real GDP growth is forecasted at 1.7 percent in 2025 and 1.5 percent from 2027 onwards. Inflation is projected to stabilize at 1.7 percent over the medium term. Short-term risks are balanced: greater uncertainty in the global economy and the potential for adverse shocks such as deepening geoeconomic fragmentation, supply disruptions, recurrent commodity price fluctuations and a reversal of monetary policy loosening are downside risks to growth and inflation. On the upside, Andorra, like other service-oriented economies in Europe, could benefit from stronger demand, and grow faster than projected. Solid buffers mitigate risks.

Challenges are concentrated over the medium-term, as stagnating income growth makes it challenging to address the impact of population aging and climate change. With long life expectancy and low fertility rates, Andorra’s population is expected to age rapidly—removing an engine for GDP growth and creating fiscal liabilities over the long term. Fiscal costs from pensions and healthcare will be substantial. More frequent climate shocks can affect the economic cycle in an economy largely reliant on winter tourism, and structurally warmer temperatures will require extensive adaptation.

Policy priorities

The solid macroeconomic position and the credibility of the policy framework provide Andorra with an opportunity for implementing far-reaching structural reforms. Diversifying the economy to enhance resilience, unlocking investment and lifting productivity to raise income levels, and addressing the costs of aging and climate change should be driving the policy agenda. The recently negotiated EU Association Agreement (EUAA), if approved by referendum, could offer an opportunity to support the reform momentum, but would also bring challenges.

Maintaining a solid fiscal framework given spending pressures over the medium term

Maintaining a disciplined fiscal policy within the fiscal framework is important and will provide room for more public investment. In a microstate that needs fiscal buffers against external shocks, entrenching fiscal space is important. In addition, the credibility of the fiscal framework and the primary surplus provide room for higher public investment to support potential growth and mitigate structural bottlenecks.

A balanced 2025 budget focused on economic priorities. The 2025 budget finds a welcome balance between maintaining a conservative fiscal stance but building on the authorities’ structural priorities, with a focus on health, housing, maintaining purchasing power, and education. Overall, the 2025 budget foresees a deficit of 0.9 percent of GDP. Given past practice of adjusting expenditures in line with incoming revenues, staff forecasts a small surplus of about 0.3 percent of GDP.
Room for growth-enhancing public spending. The fiscal framework, which prescribes an overall deficit limit of 1 percent of GDP and a central government debt ceiling of 40 percent of GDP, provides room for higher public spending targeted towards growth-enhancing investment. Spending should be focused on the structural needs of the economy: social and affordable housing, upskilling the workforce and addressing labor shortages, connectivity to support economic diversification, and investments to lift potential growth. As under-execution of budgeted public investment is customary, delivering on investment plans should be a policy objective.

Over the medium term, Andorra faces rising spending pressures from aging, as well as a need to adapt to climate change—engaging reforms early is paramount. Staff estimates that by 2050, pension system expenditures will rise by 6.7 percentage points while healthcare expenditures will increase by 2 percentage points. Acting early on pension and healthcare reforms is needed to anticipate and mitigate the fiscal impact of aging.

Pension reform has been on the government’s agenda for some time and is overdue. The menu of options to put the system on the sustainable path is well understood, from increasing contribution rates and reducing conversion rates to increasing the retirement age. Concluding the reform in an expeditious and comprehensive manner is needed to ensure the sustainability of the social security fund in the long run.
A reform of the healthcare system should aim to contain long-term costs while raising healthcare revenues . Experience from other advanced economies provides a blueprint for potential measures, in 4 areas: (i) enhance cost efficiency, (ii) strengthen preventive care, (iii) increase revenues for healthcare while preserving equity, and (iv) improve governance. The National Pact brought together stakeholders and should continue its work to strengthen the healthcare system.

· Beyond direct policies in the pension and healthcare areas, broader measures would be helpful to buffer the additional long-term fiscal costs of aging. Domestic revenue mobilization and migration policies can help.

Climate change also exposes the government to future contingent liabilities. Public investment needs to increase to meet Andorra’s climate change mitigation targets and to provide adequate support to the adaptation of the private sector. In addition, fiscal space will be increasingly needed to buffer the negative impact of climate shocks.

Precautionary borrowing and a rapid reduction in public debt provide the authorities with flexibility in managing the debt profile. The authorities are reaping the benefits of an effective debt management strategy that is projected to bring public debt down to 30 percent of GDP by 2026, that lengthened its maturity to 6.3 years and that keeps public debt service low. The authorities should continue to monitor market conditions for an upcoming debt maturity of €500 million public bonds in 2027, including for further diversifying debt and extending its maturity to decrease rollover risks and mitigate consequences from potential increases in interest rates.

Consolidating banking performance in a changing environment

Strengthening further the resilience of the banking system during periods of high profitability is appropriate. The banking sector displays solid fundamentals, with large capital and liquidity buffers. However, given the large size of the banking sector, the supervisor should remain vigilant. Available supervisory tools should complement each other, including by supporting the lender of last resort facility introduced in 2022 by continued close supervision and a well-designed resolution framework to ensure that critical problems are identified and addressed early. The activation of a countercyclical capital buffer in 2024 was timely to increase banking system resilience during high bank profitability.

The changing financial landscape, notably with the continued international expansion of banks and a possible EUAA, brings opportunities and challenges for Andorran banks. Banks have been growing in the EU where they run independent subsidiaries focused on private banking services, and the EUAA would facilitate this expansion, notably in the asset management business. Domestically, the EUAA has the potential to create a more dynamic domestic market but also to open Andorra to greater competition. The authorities should work closely with banks to prepare for the transition and safeguard financial stability.

Ambitious structural reforms to unlock investment and lift productivity, support the diversification of the economy and help mitigate climate change.

A comprehensive set of structural measures is important and should focus on the following:

Addressing frictions, notably labor and housing shortages. Public investment in education and well-designed immigration policies can improve knowledge capital in Andorra and raise labor productivity. Multiple housing measures were implemented recently—including the extension of existing rental contracts, the creation of a public affordable housing park, tax incentives for owners who offer affordable housing, suspension of tourist accommodation licenses, fees on empty houses and on real estate purchases by foreigners. The authorities should aim at providing market-based incentives for investing in affordable housing while minimizing distortions.
Creating a business environment conducive to higher investment. Recommendations encompass reducing administrative rigidities associated with doing business in Andorra, promoting access to financing, and implementing measures to attract and retain talent.
Supporting the development of higher value-added sectors, including the digital economy. With limited space for manufacturing, Andorra can look at the experience of peer countries that have successfully diversified towards the digital economy. Government policies, including the 2022 Law on the digital economy, entrepreneurship, and innovation and the Digitalization Strategy 2020-2030 were welcome initial steps.

The EUAA could provide further momentum for reforms towards diversification, unlock investment, and raise productivity in Andorra, but is not without its own challenges. The agreement signals a strong commitment to deeper integration with the EU and to reinforce Andorran institutions in their coherence with EU standards. Empirical evidence on the benefits of EU membership provides useful lessons for EU association. It suggests that while the impact can be significant and positive, it builds up over time, and is conditional on well-designed domestic reforms during the accession period. While the impact varies with country-specific circumstances, it materializes through a few channels: structural reforms in the period preceding accession/association, greater capital accumulation, notably FDI, and higher productivity. In Andorra, room for increasing investment and productivity is substantial. Transition periods for key sectors such as telecom and banking mitigate the risks of disruption and fiscal space can cover transition costs. Preparedness is essential to realize the benefits of association, and reduce potential downsides, such as greater regional competition.

The climate adaptation strategy needs to be accelerated given the macrocriticality of global warming for Andorra. Because of its higher altitude, Andorra is less exposed than other winter tourism locations in the region and should use this window of opportunity to enact needed policies, support the development of higher value-added service sectors and diversify away from winter tourism. The authorities should expedite the development and execution of a climate adaptation strategy.

*

The mission thanks the authorities and all our counterparts for a constructive and candid policy dialogue, for engaging in a productive and transparent collaboration, and for their hospitality during the official visit of the IMF to Andorra.

Andorra: Selected Social and Economic Indicators

	I. Social Indicators
	Population (2023)	85101		Population at risk of poverty (percent, 2020)					13
	Per capita income (2023, euros)	40511		Human Development Index Rank (2021)					40 (out of 189)
	Gini Index (2020)	32		Life expectancy at birth (2024)						83.9

	II. Economic Indicators
					Projections
		2022	2023	2024	2025	2026	2027	2028	2029		2030

	NATIONAL ACCOUNTS AND PRICES		(annual change, percent, unless otherwise indicated)
	Real GDP	9.6	2.6	2.1	1.7	1.6	1.5	1.5	1.5		1.5
	Nominal GDP	14.2	9.0	5.0	3.7	3.4	3.3	3.2	3.2		3.2
	GDP deflator	4.2	6.3	2.9	1.9	1.8	1.7	1.7	1.7		1.7
		(contribution to nominal GDP growth, percentage points)
	Consumption	6.5	7.0	3.6	2.5	2.5	2.5	2.5	2.4		2.4
	Private	6.2	3.5	1.7	1.5	1.5	1.5	1.5	1.4		1.4
	Public	0.3	3.4	1.9	1.0	1.0	1.0	1.0	1.0		1.0
	Investment	6.8	-2.2	0.9	0.5	0.6	0.3	0.3	0.4		0.5
	Private 1/	6.4	-3.1	0.2	0.0	0.4	0.1	0.1	0.2		0.3
	Public	0.4	0.9	0.7	0.5	0.2	0.2	0.2	0.2		0.2
	Net exports of goods and services	0.9	4.3	0.7	0.6	0.4	0.4	0.4	0.4		0.4
	Exports	18.8	10.4	4.2	3.3	2.8	2.8	2.9	2.9		2.8
	Imports	18.0	6.1	3.5	2.7	2.5	2.4	2.5	2.5		2.4

	Prices
	Inflation (percent, period average)	6.2	5.6	3.1	2.2	1.8	1.7	1.7	1.7		1.7
	Inflation (percent, end of period)	7.2	4.6	2.6	2.0	1.7	1.7	1.7	1.7		1.7

	Unemployment rate (percent)	2.1	1.6	1.6	1.6	1.8	1.8	1.9	2.0		2.0

	EXTERNAL SECTOR	(percent of GDP, unless otherwise indicated)

	Current account	11.6	14.2	15.1	17.0	17.0	17.0	17.0	17.0		17.0
	Balance on goods and services	8.8	12.0	12.0	12.2	12.1	12.1	12.1	12.1		12.1
	Exports of goods and services	80.9	83.7	83.7	83.9	83.8	83.9	84.1	84.2		84.3
	Imports of goods and services	72.2	71.8	71.6	71.7	71.7	71.8	71.9	72.1		72.2
	Primary income, net	4.3	3.5	4.3	6.1	6.1	6.1	6.1	6.1		6.1
	Secondary income, net	-1.4	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3		-1.3
	Capital account	0.0	-0.1	0.0	0.0	0.0	0.0	0.0	0.0		0.0
	Financial account	12.7	13.5	15.1	17.0	17.0	17.0	17.0	17.0		17.0
	Errors and omissions	1.1	-0.6	0.0	0.0	0.0	0.0	0.0	0.0		0.0
	Gross international reserves (millions of euros) 2/	338.4	338.7	399.0	399.0	399.0	399.0	399.0	399.0		399.0

	FISCAL SECTOR	(percent of GDP, unless otherwise indicated)

	General Government 3/
	Revenue	39.7	38.0	37.9	37.8	37.7	37.8	37.8	37.7		37.8
	Expenditure	34.9	35.9	36.5	36.7	36.6	36.9	36.9	37.0		37.0
	Interest	0.7	0.6	0.6	0.6	0.6	0.8	0.8	0.8		0.8
	Primary balance	5.6	2.7	2.0	1.7	1.6	1.6	1.7	1.6		1.6
	Net lending/borrowing (overall balance)	4.8	2.1	1.5	1.1	1.1	0.8	0.9	0.8		0.8
	Public debt	38.9	35.5	33.7	32.5	31.5	30.5	30.0	29.5		29.0

	Central Government 4/
	Revenue	21.7	19.8	21.3	20.8	20.8	20.8	20.8	20.8		20.9
	Expenditure	18.7	19.1	20.4	20.5	20.5	20.6	20.7	20.6		20.7
	Interest	0.7	0.5	0.5	0.5	0.5	0.7	0.7	0.7		0.7
	Primary balance	3.6	1.2	1.4	0.8	0.8	0.9	0.8	0.9		0.9
	Net lending/borrowing (overall balance)	2.9	0.7	0.9	0.3	0.3	0.2	0.1	0.2		0.2
	Public debt	37.1	34.0	32.3	31.2	30.1	29.2	28.7	28.3		27.9

	BANKING SECTOR5 /	(percent, unless otherwise indicated)

	Regulatory capital to risk-weighted assets	20.3	21.7	21.2	…	…	…	…	…		…
	Nonperforming loans to total gross loans	3.3	2.2	2.1	…	…	…	…	…		…
	Credit to nonfinancial private sector
	Level (percent of GDP)	116.4	101.3	94.5	…	…	…	…	…		…
	Corporates	61.8	55.1	51.1	…	…	…	…	…		…
	Households	54.6	46.2	43.4	…	…	…	…	…		…
	Growth (nominal)	-1.7	-5.2	-2.0	…	…	…	…	…		…
	Corporates	2.6	-2.8	-2.5	…	…	…	…	…		…
	Households	-6.1	-7.8	-1.3	…	…	…	…	…		…
	Credit to public sector
	Level (percent of GDP)	2.2	1.8	1.5	…	…	…	…	…		…
	Growth (nominal)	-8.4	-10.0	-13.0	…	…	…	…	…		…

	Memorandum items
	Exchange rate (€/USD, period average) 6/	0.95	0.92	0.92	0.97	0.97	0.97	0.97	0.97		0.97
	Nominal GDP (millions of euros)	3,210	3,501	3,676	3,811	3,942	4,070	4,202	4,338		4,478

	Sources: Andorran authorities, Eurostat, and IMF staff calculations.
	1/ The contribution of private investment is derived as a residual and includes investments of state-owned enterprises.
	2/ The increase of gross international reserves in 2022 is due to €100 million deposited at the Bank of Spain, €40 million at the Banque de France, and €60 million at the Nederlandsche Bank as gross international reserves. In 2024, additional €60 million reserves were accounted, mainly deposited at the Bank of Spain.
	3/ The general government comprises the central government, local governments, and the social security fund.
	4/ The central government comprises Govern d’Andorra, as well as nonmarket, nonprofit institutional units.
	5/ 2024 data corresponds to 2024Q3.
	6/ The table reports the exchange rate €/USD because Andorra is a euroized economy.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Camila Perez

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/02/11/andorra-cs-2025

MIL OSI

MIL OSI Russia News –

February 12, 2025

MIL-OSI Economics: Principality of Andorra: Staff Concluding Statement of the 2025 Article IV Mission

Source: International Monetary Fund

February 11, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Andorra La Vella – February 11, 2025

The Andorran economy is doing well. This provides a window of opportunity to address substantial long-term challenges. The authorities have consolidated the country’s macro-financial framework and reinforced buffers. However, Andorra’s real GDP per capita—while high in absolute terms—has remained flat over the last 50 years, with growth largely driven by population increases. Going forward, population aging is both an economic and a fiscal concern, and climate change challenges an economic model largely dependent on winter tourism. Ambitious structural reforms are needed to unlock investment and lift productivity.

Economic Outlook

The Andorra economy continues to show resilience and to grow above its potential. Growth in 2024 surprised slightly on the upside, at an estimated 2.1 percent, driven by the service, banking and construction sectors. Inflation is subsiding gradually, reaching 2.6 percent at the end of 2024, despite limited economic slack and a still tight labor market. The current account surplus remains very large, estimated at 15.1 percent of GDP in 2024. The strong performance of banks continued in 2024 supported by high interest margins and increased fees and commissions.

Going forward, GDP is expected to slow to the level of potential growth. Real GDP growth is forecasted at 1.7 percent in 2025 and 1.5 percent from 2027 onwards. Inflation is projected to stabilize at 1.7 percent over the medium term. Short-term risks are balanced: greater uncertainty in the global economy and the potential for adverse shocks such as deepening geoeconomic fragmentation, supply disruptions, recurrent commodity price fluctuations and a reversal of monetary policy loosening are downside risks to growth and inflation. On the upside, Andorra, like other service-oriented economies in Europe, could benefit from stronger demand, and grow faster than projected. Solid buffers mitigate risks.

Challenges are concentrated over the medium-term, as stagnating income growth makes it challenging to address the impact of population aging and climate change. With long life expectancy and low fertility rates, Andorra’s population is expected to age rapidly—removing an engine for GDP growth and creating fiscal liabilities over the long term. Fiscal costs from pensions and healthcare will be substantial. More frequent climate shocks can affect the economic cycle in an economy largely reliant on winter tourism, and structurally warmer temperatures will require extensive adaptation.

Policy priorities

The solid macroeconomic position and the credibility of the policy framework provide Andorra with an opportunity for implementing far-reaching structural reforms. Diversifying the economy to enhance resilience, unlocking investment and lifting productivity to raise income levels, and addressing the costs of aging and climate change should be driving the policy agenda. The recently negotiated EU Association Agreement (EUAA), if approved by referendum, could offer an opportunity to support the reform momentum, but would also bring challenges.

Maintaining a solid fiscal framework given spending pressures over the medium term

Maintaining a disciplined fiscal policy within the fiscal framework is important and will provide room for more public investment. In a microstate that needs fiscal buffers against external shocks, entrenching fiscal space is important. In addition, the credibility of the fiscal framework and the primary surplus provide room for higher public investment to support potential growth and mitigate structural bottlenecks.

A balanced 2025 budget focused on economic priorities. The 2025 budget finds a welcome balance between maintaining a conservative fiscal stance but building on the authorities’ structural priorities, with a focus on health, housing, maintaining purchasing power, and education. Overall, the 2025 budget foresees a deficit of 0.9 percent of GDP. Given past practice of adjusting expenditures in line with incoming revenues, staff forecasts a small surplus of about 0.3 percent of GDP.
Room for growth-enhancing public spending. The fiscal framework, which prescribes an overall deficit limit of 1 percent of GDP and a central government debt ceiling of 40 percent of GDP, provides room for higher public spending targeted towards growth-enhancing investment. Spending should be focused on the structural needs of the economy: social and affordable housing, upskilling the workforce and addressing labor shortages, connectivity to support economic diversification, and investments to lift potential growth. As under-execution of budgeted public investment is customary, delivering on investment plans should be a policy objective.

Over the medium term, Andorra faces rising spending pressures from aging, as well as a need to adapt to climate change—engaging reforms early is paramount. Staff estimates that by 2050, pension system expenditures will rise by 6.7 percentage points while healthcare expenditures will increase by 2 percentage points. Acting early on pension and healthcare reforms is needed to anticipate and mitigate the fiscal impact of aging.

Pension reform has been on the government’s agenda for some time and is overdue. The menu of options to put the system on the sustainable path is well understood, from increasing contribution rates and reducing conversion rates to increasing the retirement age. Concluding the reform in an expeditious and comprehensive manner is needed to ensure the sustainability of the social security fund in the long run.
A reform of the healthcare system should aim to contain long-term costs while raising healthcare revenues . Experience from other advanced economies provides a blueprint for potential measures, in 4 areas: (i) enhance cost efficiency, (ii) strengthen preventive care, (iii) increase revenues for healthcare while preserving equity, and (iv) improve governance. The National Pact brought together stakeholders and should continue its work to strengthen the healthcare system.

· Beyond direct policies in the pension and healthcare areas, broader measures would be helpful to buffer the additional long-term fiscal costs of aging. Domestic revenue mobilization and migration policies can help.

Climate change also exposes the government to future contingent liabilities. Public investment needs to increase to meet Andorra’s climate change mitigation targets and to provide adequate support to the adaptation of the private sector. In addition, fiscal space will be increasingly needed to buffer the negative impact of climate shocks.

Precautionary borrowing and a rapid reduction in public debt provide the authorities with flexibility in managing the debt profile. The authorities are reaping the benefits of an effective debt management strategy that is projected to bring public debt down to 30 percent of GDP by 2026, that lengthened its maturity to 6.3 years and that keeps public debt service low. The authorities should continue to monitor market conditions for an upcoming debt maturity of €500 million public bonds in 2027, including for further diversifying debt and extending its maturity to decrease rollover risks and mitigate consequences from potential increases in interest rates.

Consolidating banking performance in a changing environment

Strengthening further the resilience of the banking system during periods of high profitability is appropriate. The banking sector displays solid fundamentals, with large capital and liquidity buffers. However, given the large size of the banking sector, the supervisor should remain vigilant. Available supervisory tools should complement each other, including by supporting the lender of last resort facility introduced in 2022 by continued close supervision and a well-designed resolution framework to ensure that critical problems are identified and addressed early. The activation of a countercyclical capital buffer in 2024 was timely to increase banking system resilience during high bank profitability.

The changing financial landscape, notably with the continued international expansion of banks and a possible EUAA, brings opportunities and challenges for Andorran banks. Banks have been growing in the EU where they run independent subsidiaries focused on private banking services, and the EUAA would facilitate this expansion, notably in the asset management business. Domestically, the EUAA has the potential to create a more dynamic domestic market but also to open Andorra to greater competition. The authorities should work closely with banks to prepare for the transition and safeguard financial stability.

Ambitious structural reforms to unlock investment and lift productivity, support the diversification of the economy and help mitigate climate change.

A comprehensive set of structural measures is important and should focus on the following:

Addressing frictions, notably labor and housing shortages. Public investment in education and well-designed immigration policies can improve knowledge capital in Andorra and raise labor productivity. Multiple housing measures were implemented recently—including the extension of existing rental contracts, the creation of a public affordable housing park, tax incentives for owners who offer affordable housing, suspension of tourist accommodation licenses, fees on empty houses and on real estate purchases by foreigners. The authorities should aim at providing market-based incentives for investing in affordable housing while minimizing distortions.
Creating a business environment conducive to higher investment. Recommendations encompass reducing administrative rigidities associated with doing business in Andorra, promoting access to financing, and implementing measures to attract and retain talent.
Supporting the development of higher value-added sectors, including the digital economy. With limited space for manufacturing, Andorra can look at the experience of peer countries that have successfully diversified towards the digital economy. Government policies, including the 2022 Law on the digital economy, entrepreneurship, and innovation and the Digitalization Strategy 2020-2030 were welcome initial steps.

The EUAA could provide further momentum for reforms towards diversification, unlock investment, and raise productivity in Andorra, but is not without its own challenges. The agreement signals a strong commitment to deeper integration with the EU and to reinforce Andorran institutions in their coherence with EU standards. Empirical evidence on the benefits of EU membership provides useful lessons for EU association. It suggests that while the impact can be significant and positive, it builds up over time, and is conditional on well-designed domestic reforms during the accession period. While the impact varies with country-specific circumstances, it materializes through a few channels: structural reforms in the period preceding accession/association, greater capital accumulation, notably FDI, and higher productivity. In Andorra, room for increasing investment and productivity is substantial. Transition periods for key sectors such as telecom and banking mitigate the risks of disruption and fiscal space can cover transition costs. Preparedness is essential to realize the benefits of association, and reduce potential downsides, such as greater regional competition.

The climate adaptation strategy needs to be accelerated given the macrocriticality of global warming for Andorra. Because of its higher altitude, Andorra is less exposed than other winter tourism locations in the region and should use this window of opportunity to enact needed policies, support the development of higher value-added service sectors and diversify away from winter tourism. The authorities should expedite the development and execution of a climate adaptation strategy.

*

The mission thanks the authorities and all our counterparts for a constructive and candid policy dialogue, for engaging in a productive and transparent collaboration, and for their hospitality during the official visit of the IMF to Andorra.

Andorra: Selected Social and Economic Indicators

	I. Social Indicators
	Population (2023)	85101		Population at risk of poverty (percent, 2020)					13
	Per capita income (2023, euros)	40511		Human Development Index Rank (2021)					40 (out of 189)
	Gini Index (2020)	32		Life expectancy at birth (2024)						83.9

	II. Economic Indicators
					Projections
		2022	2023	2024	2025	2026	2027	2028	2029		2030

	NATIONAL ACCOUNTS AND PRICES		(annual change, percent, unless otherwise indicated)
	Real GDP	9.6	2.6	2.1	1.7	1.6	1.5	1.5	1.5		1.5
	Nominal GDP	14.2	9.0	5.0	3.7	3.4	3.3	3.2	3.2		3.2
	GDP deflator	4.2	6.3	2.9	1.9	1.8	1.7	1.7	1.7		1.7
		(contribution to nominal GDP growth, percentage points)
	Consumption	6.5	7.0	3.6	2.5	2.5	2.5	2.5	2.4		2.4
	Private	6.2	3.5	1.7	1.5	1.5	1.5	1.5	1.4		1.4
	Public	0.3	3.4	1.9	1.0	1.0	1.0	1.0	1.0		1.0
	Investment	6.8	-2.2	0.9	0.5	0.6	0.3	0.3	0.4		0.5
	Private 1/	6.4	-3.1	0.2	0.0	0.4	0.1	0.1	0.2		0.3
	Public	0.4	0.9	0.7	0.5	0.2	0.2	0.2	0.2		0.2
	Net exports of goods and services	0.9	4.3	0.7	0.6	0.4	0.4	0.4	0.4		0.4
	Exports	18.8	10.4	4.2	3.3	2.8	2.8	2.9	2.9		2.8
	Imports	18.0	6.1	3.5	2.7	2.5	2.4	2.5	2.5		2.4

	Prices
	Inflation (percent, period average)	6.2	5.6	3.1	2.2	1.8	1.7	1.7	1.7		1.7
	Inflation (percent, end of period)	7.2	4.6	2.6	2.0	1.7	1.7	1.7	1.7		1.7

	Unemployment rate (percent)	2.1	1.6	1.6	1.6	1.8	1.8	1.9	2.0		2.0

	EXTERNAL SECTOR	(percent of GDP, unless otherwise indicated)

	Current account	11.6	14.2	15.1	17.0	17.0	17.0	17.0	17.0		17.0
	Balance on goods and services	8.8	12.0	12.0	12.2	12.1	12.1	12.1	12.1		12.1
	Exports of goods and services	80.9	83.7	83.7	83.9	83.8	83.9	84.1	84.2		84.3
	Imports of goods and services	72.2	71.8	71.6	71.7	71.7	71.8	71.9	72.1		72.2
	Primary income, net	4.3	3.5	4.3	6.1	6.1	6.1	6.1	6.1		6.1
	Secondary income, net	-1.4	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3		-1.3
	Capital account	0.0	-0.1	0.0	0.0	0.0	0.0	0.0	0.0		0.0
	Financial account	12.7	13.5	15.1	17.0	17.0	17.0	17.0	17.0		17.0
	Errors and omissions	1.1	-0.6	0.0	0.0	0.0	0.0	0.0	0.0		0.0
	Gross international reserves (millions of euros) 2/	338.4	338.7	399.0	399.0	399.0	399.0	399.0	399.0		399.0

	FISCAL SECTOR	(percent of GDP, unless otherwise indicated)

	General Government 3/
	Revenue	39.7	38.0	37.9	37.8	37.7	37.8	37.8	37.7		37.8
	Expenditure	34.9	35.9	36.5	36.7	36.6	36.9	36.9	37.0		37.0
	Interest	0.7	0.6	0.6	0.6	0.6	0.8	0.8	0.8		0.8
	Primary balance	5.6	2.7	2.0	1.7	1.6	1.6	1.7	1.6		1.6
	Net lending/borrowing (overall balance)	4.8	2.1	1.5	1.1	1.1	0.8	0.9	0.8		0.8
	Public debt	38.9	35.5	33.7	32.5	31.5	30.5	30.0	29.5		29.0

	Central Government 4/
	Revenue	21.7	19.8	21.3	20.8	20.8	20.8	20.8	20.8		20.9
	Expenditure	18.7	19.1	20.4	20.5	20.5	20.6	20.7	20.6		20.7
	Interest	0.7	0.5	0.5	0.5	0.5	0.7	0.7	0.7		0.7
	Primary balance	3.6	1.2	1.4	0.8	0.8	0.9	0.8	0.9		0.9
	Net lending/borrowing (overall balance)	2.9	0.7	0.9	0.3	0.3	0.2	0.1	0.2		0.2
	Public debt	37.1	34.0	32.3	31.2	30.1	29.2	28.7	28.3		27.9

	BANKING SECTOR5 /	(percent, unless otherwise indicated)

	Regulatory capital to risk-weighted assets	20.3	21.7	21.2	…	…	…	…	…		…
	Nonperforming loans to total gross loans	3.3	2.2	2.1	…	…	…	…	…		…
	Credit to nonfinancial private sector
	Level (percent of GDP)	116.4	101.3	94.5	…	…	…	…	…		…
	Corporates	61.8	55.1	51.1	…	…	…	…	…		…
	Households	54.6	46.2	43.4	…	…	…	…	…		…
	Growth (nominal)	-1.7	-5.2	-2.0	…	…	…	…	…		…
	Corporates	2.6	-2.8	-2.5	…	…	…	…	…		…
	Households	-6.1	-7.8	-1.3	…	…	…	…	…		…
	Credit to public sector
	Level (percent of GDP)	2.2	1.8	1.5	…	…	…	…	…		…
	Growth (nominal)	-8.4	-10.0	-13.0	…	…	…	…	…		…

	Memorandum items
	Exchange rate (€/USD, period average) 6/	0.95	0.92	0.92	0.97	0.97	0.97	0.97	0.97		0.97
	Nominal GDP (millions of euros)	3,210	3,501	3,676	3,811	3,942	4,070	4,202	4,338		4,478

	Sources: Andorran authorities, Eurostat, and IMF staff calculations.
	1/ The contribution of private investment is derived as a residual and includes investments of state-owned enterprises.
	2/ The increase of gross international reserves in 2022 is due to €100 million deposited at the Bank of Spain, €40 million at the Banque de France, and €60 million at the Nederlandsche Bank as gross international reserves. In 2024, additional €60 million reserves were accounted, mainly deposited at the Bank of Spain.
	3/ The general government comprises the central government, local governments, and the social security fund.
	4/ The central government comprises Govern d’Andorra, as well as nonmarket, nonprofit institutional units.
	5/ 2024 data corresponds to 2024Q3.
	6/ The table reports the exchange rate €/USD because Andorra is a euroized economy.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Camila Perez

Phone: +1 202 623-7100Email: MEDIA@IMF.org

MIL OSI Economics –

February 12, 2025

MIL-OSI United Kingdom: Building consensus on Council Tax reform

Source: Scottish Government

Future of local taxation to be considered.

The public will be invited to submit their views on how to make the Council Tax system fairer, as part of wider efforts to explore options and build a consensus for potential reform.

As part of a joint programme of engagement by the Scottish Government and COSLA, independent analysis will also be commissioned to examine the Council Tax system accounting for market changes, reforms, and improvements.

This will inform public engagement later this year, followed by a Scottish Parliament debate on the findings and proposed policy reforms.

Finance Secretary Shona Robison said:

“Partnering with COSLA, we want to examine ways to make Council Tax fairer, which will help to continue to deliver better public services across Scotland.

“By working closely with local authorities and listening to the public, we will be seeking a consensus on a local taxation system that is fairer, financially sustainable and fits a modern Scotland.”

COSLA Resources Spokesperson Cllr Katie Hagmann said:

“Local Authorities wish to see a fair and proportionate Council Tax, which benefits people and communities.

“COSLA is looking forward to working with the Scottish Government on a programme of engagement with the public, with the shared goal of achieving a better, fairer system of local taxation.”

Background

Programme of engagement:

Expert and independent analysis will be commissioned, including to provide high level analysis and modelling on alternative scenarios and reforms of the system.

Following that, a range of activities to seek the views from a wide range of people from across Scotland will be undertaken, consisting of three key elements:

A formal public consultation process.
A number of public events or ‘town hall’ meetings held over the autumn months, ensuring a reasonable geographical spread and diversity.
A set of focused discussions with key stakeholders and experts.

The public engagement will aim to capture a wide spectrum of opinions and considered responses, ensuring a diverse range of perspectives, including representation from those paying Council Tax across different bands.

MIL OSI United Kingdom –

February 11, 2025

Category: Taxation

MALDIVES REQUESTS INDIA’S SUPPORT FOR DIGITIZATION OF PARLIAMENTARY RESOURCES, LOK SABHA SPEAKER ASSURES EVERY POSSIBLE HELP TO MALDIVES LEGISLATUREMALDIVES SPEAKER APPRECITES USE OF TECHNOLOGY, DIGITAL TRANSFORMATION WITH AI AND MULTILINGUAL INTERPRETATION SERVICES IN PARLIAMENT OF INDIA

How we tax roads today

The system isn’t working

Need for an alternative

Failed attempts

Support for reform

Shortened attention spans

When brains rot, truth fades

The bigger picture

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MALDIVES REQUESTS INDIA’S SUPPORT FOR DIGITIZATION OF PARLIAMENTARY RESOURCES, LOK SABHA SPEAKER ASSURES EVERY POSSIBLE HELP TO MALDIVES LEGISLATURE

MALDIVES SPEAKER APPRECITES USE OF TECHNOLOGY, DIGITAL TRANSFORMATION WITH AI AND MULTILINGUAL INTERPRETATION SERVICES IN PARLIAMENT OF INDIA

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