Category: Trade

MIL-OSI: GLMX and FlexTrade Announce a Strategic Collaboration to Deliver Seamless Trading and Enhanced Workflows

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — GLMX Technologies LLC (“GLMX”), a leading global provider of transformative technology solutions for securities financing, money markets, and total return swaps, and FlexTrade Systems, a global leader in multi-asset execution and order management systems, have collaborated to allow their mutual clients to seamlessly manage their repo workflow and execution between the GLMX platform and FlexTrade’s Order and Execution Management (O/EMS) solutions suite.

GLMX’s technology platform enables global financial market participants to negotiate and execute securities financing transactions and is used by over 140 buy- and sell-side institutions worldwide. GLMX’s new initiative with FlexTrade’s FlexONE OEMS and FlexTRADER EMS provides mutual clients with a comprehensive solution for managing the entire trade lifecycle–from order execution to post-trade compliance and reporting.

As a result of the collaboration, FlexTrade and GLMX’s mutual clients can now gain greater control and efficiency through customizable and shared pre- and post-trade workflows. The newly created workflows allow trading teams to automate complex order routing and allocation strategies, minimize manual errors, and ensure adherence to regulatory requirements.

The new API integration is immediately available for deployment by mutual FlexTrade and GLMX clients. The first mover, a global asset manager, is already live and in production using the combined functionality between GLMX and FlexTrade’s FlexONE OEMS, with a second client, an APAC-based Hedge Fund, set to go live in Q1 2025.

“Client demand for cross-market efficiency is a primary driver for GLMX to deliver new technologies and connectivity,” said Andy Wiblin, Chief Operating Officer, GLMX. “By partnering with FlexTrade, we aim to support our clients’ trading, risk management, and operational resilience efforts globally.”

Satish Ramanath, SVP – Buy-Side, APAC at FlexTrade Systems, noted, “We’re delighted to make our new integration to the GLMX platform available for FlexTrade’s global asset management and hedge fund community. Working together with GLMX, we’ve provided our clients with a seamless and efficient means of accessing differentiated liquidity within their existing workflows.”

About GLMX
GLMX is a leading global provider of transformative technology for financial markets, serving clients in the repo market, the securities lending market, and adjacent short end markets. With offices in North America, the United Kingdom, and Asia, global buy-side and sell-side institutions rely on GLMX for access to enhanced market liquidity and to maximize trade lifecycle efficiency and reporting. For more information about GLMX, please visit https://www.glmx.com/.

About FlexTrade Systems
FlexTrade Systems provides customized multi-asset execution and order management trading solutions for buy- and sell-side financial institutions. Through deep client partnerships with some of the world’s largest, most complex, and demanding capital markets firms, we develop flexible tools, technology, and innovation that deliver our clients a competitive edge. Our globally distributed engineering teams focus on adaptable technology and open architecture to develop highly sophisticated trading solutions that can automate and scale with your business strategies.

Media inquiries, please contact:
GLMX
+1 646 854-4569
sales@glmx.com

The MIL Network –

February 14, 2025
MIL-OSI: Expand Energy Corporation Appoints Dan Turco Executive Vice President, Marketing & Commercial

Source: GlobeNewswire (MIL-OSI)

OKLAHOMA CITY, Feb. 13, 2025 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) (“Expand Energy”) today announced that Dan Turco has been appointed Executive Vice President, Marketing & Commercial, effective February 18, 2025.

“With nearly two decades of experience in global upstream natural gas marketing and trading, Dan is a key addition to our team as we work to expand energy access to markets in need and grow our customer base to power, industrial and LNG markets,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “His leadership will be instrumental in building a world-class marketing organization to capitalize on our role as the leading natural gas producer in the United States.”

“Expand Energy has a bold vision to address global energy insecurity, and I am honored to join the team as they lead the industry in this effort,” Turco said. “I believe this company, given its team, portfolio and financial strength, is uniquely positioned to deliver affordable, reliable, lower carbon energy to meet growing domestic and international demand.”

Prior to joining Expand Energy, Mr. Turco spent nearly 20 years with ExxonMobil in various leadership roles in upstream natural gas marketing and trading, spanning LNG, U.S., Europe and Asia gas markets. Most recently, he served as Head of Global LNG Trading / Head of Asia Gas & Power Marketing in Singapore. Mr. Turco earned an MBA from Wilfrid Laurier University (Canada) and an Honors Bachelor of Applied Science, Civil Engineering & Management Science from the University of Waterloo (Canada).

About Expand Energy
Expand Energy Corporation (NASDAQ: EXE) is the largest independent natural gas producer in the United States, powered by dedicated and innovative employees focused on disrupting the industry’s traditional cost and market delivery model to responsibly develop assets in the nation’s most prolific natural gas basins. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements relating to Expand Energy marketing organization and customer base, as well as statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking. Although Expand Energy’s management believes the expectations reflected in such forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond Expand Energy’s control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause Expand Energy’s actual results to be materially different than those expressed in such forward-looking statements include commodity price volatility and other factors described in Expand Energy’s Annual Report on Form 10-K for the year ended December 31, 2023, Expand Energy’s Quarterly Reports on Form 10-Q and other documents that Expand Energy files with the SEC. For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Expand Energy’s documents filed with the SEC that are available through Expand Energy’s website at www.expandenergy.com or through EDGAR at www.sec.gov. We caution you not to place undue reliance on the forward-looking statements contained in this release, which speak only as of the date of the release, and we undertake no obligation to update this information. We urge you to carefully review and consider the disclosures in this release and our filings with the SEC that attempt to advise interested parties of the risk and factors that may affect our business.

INVESTOR CONTACT: MEDIA CONTACT:

Chris Ayres Brooke Coe

(405) 935-8870 (405) 935-8878

ir@expandenergy.com media@expandenergy.com

The MIL Network –

February 14, 2025
MIL-OSI United Kingdom: Business Secretary sets out ambition for further, faster growth

Source: United Kingdom – Government Statements

Business Secretary Jonathan Reynolds spoke at Samsung KX in London on 13 February 2025.

Good morning, and thank you very much for that warm introduction, Alan, and my sincere thanks to the whole team here at Samsung for so generously hosting us, today.

It’s actually quite emotional to be honest, it would have been someone like my grandfather who dug out that coal, sent it down here, and a few generations later I get to be on this stage doing this.

But Samsung is a company synonymous with the best in cutting-edge design and innovation; and much of it is on full display here within these four walls.

It is a fitting venue to discuss this government’s ambition to go further and faster in our growth mission…ensuring that your investments that you outlined here in the UK pay dividends.

Three years ago, I gave my first speech as the then Shadow Business Secretary – and I promised we would be both a pro-business and a pro-worker party…

…A party rooted not just in the experience of working people, but which recognises, above all else, that you cannot rebuild an economy without a flourishing private sector; backed by an unapologetically pro-business government.

I committed to partnering with you in making our offer to the country one you could get behind.

And you gave us the ideas, energy and, in some cases, explicit support that was needed to win a strong majority and an even stronger mandate from the British people. A mandate to deliver our Plan for Change.

Today, I want to reflect on the progress that we have made as a government. I want to talk candidly about what I believe we need to do;

…And I want to provide a clear direction, some reassurance and – I hope – some excitement and optimism about the future.

Now I am extremely proud of the work that my department has done in the first seven months of this Government.

That includes our record-breaking International Investment Summit…where we secured £63bn of inward investment commitments for the UK…

…that was where we published our Industrial Strategy Green Paper…

…and where we launched our Industrial Strategy Council expertly led by Clare Barclay. I’m so glad Clare could join us ahead of the council’s meeting later today.

Building on from the investment summit, at Davos last month, the Chancellor and I sent a clear message to the international community: that the UK is a great place to invest and do business. We have the lowest corporation tax in the G7, uncapped R&D tax credits, and 100% full expensing on capital allowances.

And ahead of our Trade Strategy’s publication, we are leveraging our relationships with Europe, China, India and the Gulf and beyond so businesses can make the UK their base to connect with global markets.

And this is important, because in response to the announcements made by the US this week, I want to reiterate that under this government, the UK will always champion free, fair and open trade. That is what is in our national interest.

And where we have seen the opportunity for an active government to bring business and workers together, my department has always been on the pitch…

…Whether that’s securing a better deal for the workforce at Port Talbot

…engaging on the takeover of Royal Mail…

…Or the renegotiated deal that saw Navantia acquiring Harland and Wolff and protect 1,000 jobs at shipyards across the UK. I will always roll up my sleeves and get involved.

But – being candid – none of this work in itself is sufficient, if it does not lead across the board to improved business confidence, to greater investment, and to higher household income, in every part of the country.

And on that I, and the whole government, recognise the challenge, and we accept it.

In the Budget the government had a responsibility to fix the foundations and restore economic stability.

And while I recognise that the Budget capped corporation tax, extended capital allowances, and raised the employment allowance threshold from this April, I know it asked a great deal of business. I don’t underestimate that for a second.

We will never take that contribution – your contribution – for granted.

You are playing your part in fixing this country, in stabilising the public finances, in investing in our people and helping us rebuild our crumbling infrastructure.

And we know it is imperative that therefore we clear the path for the private sector to thrive… that we deliver the right conditions for growth.

It’s why, on top of the £100 billion of investment unveiled at the Budget, this Government has thrown its full support behind a third runway at Heathrow.

It’s why we’re making the Oxford Cambridge growth corridor a success with the right transport and public services to foster growth.

It’s why through our expanded Office for Investment and the National Wealth Fund we will be supporting transformative investments throughout the country from West Yorkshire to the West Midlands, and Glasgow and Greater Manchester.

The challenges we face as government make all the things we promised to do even more critical.

And I relish that.

And I don’t believe there are easy answers to complex problems.

But I do believe that good policy, good strategies, and good government working hand-in-hand with the private sector, can make a difference.

And I want my constituents to feel, and to be, better off.

And only a pragmatic, business-orientated government can deliver that.

And that to me is what being pro-worker, and pro-business means.

And I believe this national UK Government is able to deliver on this mission because, fundamentally, we can offer what no-one else can:

First of all, political stability – sadly, a rare commodity in many countries these days.

Secondly, openness to the rest of the world – at a time where that is clearly coming under pressure.

And most importantly of all, we are offering a willingness to use our mandate in Parliament to transform the business and investor environment.

And we are using our Industrial Strategy to ensure that our policies are made with business, for business.

As you know, in October last year, we consulted on our Industrial Strategy Green Paper; our blueprint to channel investment and support into our country’s high-growth sectors and high potential places.

In that green paper, we posed a series of questions, and you answered in great detail. You told us that you need access to a high-skilled workforce.

And that is why we have launched Skills England, bringing in flexibilities for the Growth and Skills levy, allowing for shorter apprenticeships and giving employers more control over training.

Meanwhile our Great Britain Working White Paper has already set out detailed plans to support people back into work.

And for key sectors such as AI and life sciences, we’ve committed to looking at visa routes for the most highly skilled, ensuring those routes continue to work for the UK. The upcoming Immigration White Paper will set out plans to make our immigration, skills, and visa systems work better and more coherently.

You told us that planning has become a by-word for inefficiency.

So, we’re making it quicker and simpler for developers to build on brownfield land.

We’re making it much easier to build laboratories, gigafactories, data centres, and digital network grid connections.

And we’re preventing campaigners from repeatedly launching hopeless legal challenges against planning decisions.  

You have also told us that access to capital needs drastic improvement.

Here again we’re listening and we’re responding. That is why the Government is creating pension megafunds, unlocking billions of pounds of investment. At the same time, we’re delivering on Lord Hill’s Listing Review to allow the FCA to rewrite the UK’s Prospectus Regime for faster fund-raising.

And, finally, you told us that we need a ‘regulation reset’ in this country. 

Day in, day out I hear from business leaders who say to me that regulation and regulators are too cumbersome.

They’re too slow.

They’re too focused on theoretical issues, with little understanding of how businesses and markets actually operate.

And I’ve heard that message loud and clear.

One of our foremost regulators, the Competition and Markets Authority, has recently made great strides in addressing some of these issues.

And today, my department is publishing a consultation on a new Strategic Steer for the CMA to accelerate this work.

This isn’t about meaningless platitudes – about the ‘cutting of red tape.’

It’s about effective consumer protection, competition law and digital market powers so that we create a level-playing field for businesses to compete on. We need to address genuine harm done by those who are not playing by the rules.

Our Strategic Steer asks the CMA to minimise uncertainty for business – by being proactive, transparent, timely, predictable and responsive in its engagement.

And I know, under Sarah Cardell and the new Interim Chair, Doug Gurr, the CMA has already taken significant steps in adopting this approach…in always having growth and investment in mind.

Its extensive work around the merger of Vodafone and Three is a fantastic example of that…as is the CMA’s launch of a Growth and Investment Council to identify opportunities for greater competition.

And there is more to come.

I know Sarah and the CMA have set out their plans to deliver real, meaningful reforms to the merger control processes already today. Its eyes are trained firmly on more direct engagement with businesses. On speeding up its decision-making to deliver more certainty for investors. On adopting a faster, more agile approach to protecting competition.

I fully endorse these measures because this Government believes in effective, independent institutions. In promoting competition and protecting competition – that is fundamental to our growth mission. And with the current CMA team in place, we want to support them every step of the way in the changes they’re making.

I want to see that same level of ambition from our other regulators because right now, I don’t think our regulatory environment is doing enough to drive investor confidence and support growth.

So, I’m taking this first step today but watch this space.

I’m serious about delivering our wider regulatory reform over the coming weeks and months…

…I’m also serious about building the pro-innovation, pro-worker, pro wealth creation economy that we promised at the general election. I know you in the room share that commitment, too.

I’m proud of the reforms that we’ve set out in the Employment Rights Bill – of the opportunities they will afford working class families and working-class communities like the one I grew up in.

I want everyone to benefit from the stronger economy I know we can have.

But I always said, however, that we would work with – and not against – business to deliver these generational reforms.

I said that we would never introduce changes that would make it harder for firms to hire with confidence.

And this is precisely why my department is consulting on many of the key aspects of our Make Work Pay reforms – not least on probationary periods.

I want a statutory probation period that lets businesses get a good sense of how new employees are performing.

And it’s common sense to ensure that there are lighter touch standards for dismissal during those initial months of people starting a job.

I know how important this is for employers. And I get it.

It’s why my department will continue to engage face-to-face with business to develop a sensible, balanced proposal before we go out for formal consultation.

And we will also consult on the length of the statutory probation period, with our preference being 9 months.

We have also made clear that the changes we make to unfair dismissal will come into effect no sooner than the autumn of next year.

I want there to be a buffer – a proper, business readiness period – so employers fully understand the details of our reforms, and can prepare long before they enter into force.

That is the right thing to do – for both employers and employees.

So, let there be no doubt – we are still the party of business.

And we are willing to do the difficult things.

Be that a third runway at Heathrow, a step change at the CMA, or stopping endless court challenges over the job-creating projects this country needs.

We can share our ideas and ambition with each other.

Take the big bets.

Take some risks.

Be the disruptors.

My desire to be your champion in government has never wavered.

And it is as resolute now as ever.

We have to go further and faster in driving growth.

And, friends, together, I know that we will.

Thank you very much.

Updates to this page

Published 13 February 2025

MIL OSI United Kingdom –

February 14, 2025
MIL-OSI Security: U.S. Naval Hospital Yokosuka and ASBBC Okinawa Successfully Complete Groundbreaking Blood Drive

Source: United States Navy (Medical)

YOKOSUKA, Japan – U.S. Naval Hospital (USNH) Yokosuka, in partnership with the Armed Services Blood Bank Center (ASBBC) Okinawa, successfully hosted a groundbreaking two-day blood drive, marking the first-ever mobilization of the ASBBC Okinawa team to Yokosuka, Jan. 29 and 30.

The event saw more than 200 potential donors, resulting in 110 successful whole blood donations. This initiative plays a critical role in strengthening blood sustainment efforts within the IndoPacific region at far forward military treatment facilities (MTF).

“All the hard work, meticulous planning, and collaborative coordination from all teams and partners were truly worthwhile,’ said USNH Yokosuka’s Laboratory department head Lt. Sheryll Tagura. “Our ultimate goal is to support not only our warfighters at sea, on land, and in the air but also their families at the home front.”

Extensive Planning and Coordination

The success of the blood drive was made possible through six months of meticulous planning and coordination. The USNH Yokosuka laboratory team, with essential support from the 374th Medical Group’s lab team at Yokota Air Base team, was responsible for the logistics of hosting the ASBBC Okinawa team. More than 33 personnel, including American Red Cross Yokosuka volunteers, dedicated over 500 man-hours to execute the event.

During the drive, the hospital’s laboratory staff processed over 600 blood samples and managed the storage of 110 whole blood units. Additionally, the team facilitated training and education for the hospital’s Walking Blood Bank team. A Walking Blood Bank (WBB) is a system where pre-
screened individuals, usually military personnel or members of a community, can donate fresh whole blood in emergency situations. While screening samples during the blood drive, the WBB program added 37 successful prescreens to their inventory.

“I want to thank our partners: ASBBC, Yokota AFB Laboratory, 613TH Air Operations Center, Yokota Air Base, Commander Fleet Activities Yokosuka, Yokosuka’s Officers’ Club, American Red Cross, Navy Commissary, Commander, Fleet Air Western Pacific, and most especially our blood donors,” said Tagura. “If our efforts save even one life, then it was all worth it.”

Collaboration with ASBBC Okinawa

The collaboration with ASBBC Okinawa proved to be an exceptional experience for the USNH Yokosuka team. “We had the opportunity to observe their extensive expertise and professionalism in action,” said Hospital Corpsman 1st Class David Sisto. “Their team is highly trained and operates with remarkable efficiency. We look forward to future opportunities to work together.”

The ASBBC Okinawa team consisted of 14 personnel, including 12 enlisted members from the Air Force, Army, and Navy, one officer from the Air Force, and one civilian technical supervisor. Their involvement was crucial in executing the drive effectively.

Strategic Importance of Mainland Blood Drives

The ASBBC Okinawa team emphasized the significance of conducting blood drives in mainland Japan, as they provide an underutilized resource for sustaining blood supply in the Indo-Pacific region. This effort follows a previous mainland blood drive at Yokota Air Base, further expanding the reach and capabilities of ASBBC.

“Executing this blood drive in Yokosuka has provided us with invaluable knowledge on mobilizing off-island and within mainland Japan,” said U.S. Indo-Pacific ASBBC Deputy Director Air Force Capt. Yessenia Greene. “This experience has strengthened our ability to operate in emergency and contested environments while building a joint network across military services for large-scale blood drives.”

Looking Ahead

Given the success of this inaugural event, ASBBC Okinawa anticipates conducting more blood drives on mainland Japan in the future.
“We had a great experience working with USNH Yokosuka,” Greene added. “The team was phenomenal, and leadership was incredibly supportive. This initiative has set the stage for future mobilizations, and we hope to return to Yokosuka for another blood drive soon.”

ASBBC Okinawa is the sole source of fresh blood in support of the U.S. 7th Fleet and all Defense Health Agency military treatment facilities in the U.S. Indo-Pacific Command area of operations.

MIL Security OSI –

February 14, 2025
MIL-OSI: YieldMax™ Unveils New Weekly Pay 0DTE Covered Call Strategy ETF on the Nasdaq 100 Index
Source: GlobeNewswire (MIL-OSI)

CHICAGO, MILWAUKEE and NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following ETF:

YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF (Nasdaq: QDTY)

QDTY Overview
QDTY follows an active management approach that utilizes a synthetic covered call strategy designed to generate weekly income while also providing exposure to the price return of an Index.
- QDTY is designed to generate weekly income, while also providing exposure to the price return of the Nasdaq 100 Index (the “Index”).
- QDTY seeks to generate income primarily by utilizing zero days to expiry (“0DTE”) options on the Index and/or passively managed ETFs that tracks the Index’s performance (the “Index ETFs”).
Index
The Nasdaq 100 Index is a benchmark index comprising 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization. This large-cap index, heavily weighted towards the technology sector, represents various industries, including consumer discretionary, healthcare, communication services, and industrials, reflecting Nasdaq’s historical strength.

QDTY’s Option Strategy

QDTY employs a synthetic covered call strategy by selling and purchasing call options on the Index or Index ETFs. Each business day, typically at market open, the Fund sells out-of-the-money (OTM) call options with zero days to expiration (“0DTE”), which expire the same day they are sold. OTM options have a strike price above the current Index value. QDTY’s synthetic covered call strategy is established by combining the call options sold to generate income with buying call options for exposure to the Index.

QDTY’s Return Profile and Index Performance

QDTY earns income by selling out-of-the-money 0DTE call options daily. The premiums from these options add to income but limit participation in Index gains. If the Index rises past the strike price, losses on sold options can offset gains. This strategy balances income generation with limited Index upside exposure while premiums can help mitigate losses if the Index declines.

QDTY’s Distribution Schedule
Like all YieldMax™ ETFs, QDTY aims to generate income for investors. With respect to distributions, QDTY aims to make distributions on a weekly basis, and its first weekly distribution is expected to be announced on February 26, 2025.

Why Invest in QDTY?
- QDTY seeks to generate weekly income, which is not dependent on the value of the Index (or the Index ETFs).
- QDTY aims to participate in a portion of the Index gains, which may be capped.
Important Information

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures

Investing involves risk. Principal loss is possible.

Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

The Nasdaq 100 Index Risks. The Index’s major risks stem from its high concentration in the technology sector and significant exposure to high-growth, high-valuation companies. A downturn in the tech industry, whether from regulatory changes, shifts in technology, or competitive pressures, can greatly impact the index.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time.

High Index (or Index ETF) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or Index ETF) turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group or YieldMax™ ETFs.

© 2025 YieldMax™ ETFs

The MIL Network –
February 14, 2025
MIL-OSI: Defiance ETFs Launches Battleshares™ ETFs, Introducing ELON (Tesla vs. Ford) as Flagship Fund
Source: GlobeNewswire (MIL-OSI)

MIAMI, Feb. 13, 2025 (GLOBE NEWSWIRE) — Defiance ETFs is excited to introduce Battleshares™ Exchange-Traded Funds (ETFs), an innovative suite of ETFs designed to capture competitive market dynamics and capitalize on strategic market rivalries within leading industries. The suite will feature a range of distinct ETFs, each crafted to help investors benefit from evolving market competition.

Introducing ELON: The First in the Battleshares™ Series
The first ETF in the Battleshares™ lineup is the Battleshares™ TSLA vs. F ETF (Ticker: ELON). This actively managed fund embodies market competition, highlighting the dynamic rivalry between what the advisor believes to be an industry disruptor Tesla (TSLA) and legacy competitor Ford (F). The Fund’s strategy involves a leveraged long position in TSLA, generally targeting +200% of the Fund’s net assets, paired with a leveraged short position in F, generally targeting -100% of the Fund’s net assets. ELON provides investors with a unique opportunity to gain exposure to the ongoing transformation within the automotive sector, capitalizing on the divergence between innovation and tradition.

A Competitive Edge for Forward-Thinking Investors
Battleshares™ ETFs employ a unique long/short investment strategy, going long on industry innovators while shorting their legacy competitors. This approach enables the funds to potentially generate returns across various market conditions while focusing on single-stock opportunities. The funds will cover sectors such as technology, retail, financial services, and automotive.

“We are thrilled to introduce Battleshares™ ETFs, starting with ELON,” said Sylvia Jablonski, Chief Executive Officer & CIO of Defiance ETFs. “This suite is designed to empower investors with strategic tools that harness industry disruption and market evolution.”

Key Features of the Battleshares™ ETFs:
- Actively Managed Strategies: A long/short investment approach to capitalize on market dynamics.
- Industry-Specific Focus: Targeting sectors including semiconductors, financial services, and renewable energy.
- Leveraged Exposure: Structured to magnify returns through leveraged long and short positions.
- Innovation-Driven: Funds such as ELON prioritize transformative market trends and technological advancements.
The Battleshares™ TSLA vs. F ETF (Ticker: ELON) will be listed on the NYSE, offering investors a unique opportunity to participate in the competitive dynamics of transformational growth sectors.

About Defiance ETFs
Established in 2018, Defiance leads in ETF innovation. Our pioneering leveraged ETFs enable investors to amplify positions in innovative strategies, offering precise leveraged exposure without requiring a margin account.

For more information about Battleshares™ ETFs and the Battleshares™ TSLA vs. F ETF (Ticker: ELON), please visit https://www.battle-shares.com.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (866) 532-3886 or visit our website at www.battle-shares.com. Read the prospectus or summary prospectus carefully before investing.

None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of TSLA or F. THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH TESLA, INC. or FORD MOTOR COMPANY.

Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.

TSLA Risk (Long Position). The Fund invests in TSLA either directly or indirectly through derivative instruments (i.e., via options and swaps). Through its long position, the Fund is subject to the risk that TSLA’s share price decreases. If the share price of TSLA decreases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. Therefore, as a result of the Fund’s exposure to the value of TSLA, the Fund may also be subject to the following risks: Indirect Investment in TSLA Risk. Tesla, Inc. is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of Tesla, Inc. but will be exposed to the performance of TSLA (the underlying stock). Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the underlying stock but will be subject to declines in the performance of the underlying stock. Tesla, Inc. Performance Risk. Tesla, Inc. may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of TSLA to decline. Electric Vehicles Risk. The future growth and success of Tesla, Inc. are dependent upon consumers’ demand for electric vehicles, and specifically, its vehicles in an automotive industry that is generally competitive, cyclical and volatile. If the market for electric vehicles in general and Tesla, Inc. vehicles in particular does not develop as Tesla, Inc. expects, develops more slowly than it expects, or if demand for its vehicles decreases in its markets or its vehicles compete with each other, the business, prospects, financial condition and operating results of Tesla, Inc. may be harmed.

Ford Price Appreciation Risk (Short Position). As part of the Fund’s short strategy, the Fund may sell F shares short, either directly or through the use of derivatives. By virtue of the Fund’s indirect inverse exposure to changes in the share price of F, the Fund is subject to the risk that F’s share price increases. If the share price of F increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: Ford’s ability to gain market share in the electric vehicle market may enhance its market position and result in increased stock prices. Market share gains against key competitors, such as TSLA, in the electric vehicle market may further support Ford’s stock performance. Moreover, strategic partnerships and successful acquisitions could drive significant growth and lead to stock appreciation. Favorable macroeconomic and industry conditions, including strong global demand for automobiles, may contribute to robust financial performance for Ford. Ford may benefit from favorable geopolitical developments, including advantageous trade policies or improved relations with key markets, such as China, which could positively impact its operations and stock performance. Conversely, any significant challenges faced by competitors, such as product delays or supply chain issues, may reduce competition and contribute to Ford’s stock outperformance.

Leveraging Risk. The Fund’s use of leverage amplifies both potential gains and potential losses, which can result in significant volatility and higher risk for investors. Specifically, TSLA, the Fund’s leveraged long position (“Long Position”) and, F, leveraged short position (“Short Position”) expose the Fund to heightened risk if the Long Position performs poorly while the Short Position performs well. If the value of the Long Position declines, the Fund’s leveraged exposure could result in losses that are magnified by the leverage factor, potentially exceeding the losses that would occur in an unleveraged position. For example, if the Fund’s Long Position is at +200% of net assets, a 10% decline in the value of the Long Position could translate into a 20% loss for the Fund’s net asset value attributable to that position. Conversely, if the value of the Short Position increases, the Fund’s leveraged short exposure could also lead to magnified losses. If the Short Position is at -100% of net assets, a 10% rise in the value of the Short Position could result in a 10% loss for the Fund’s net asset value attributable to that position.

Derivatives Risk. The Fund’s derivative investments carry risks such as an imperfect match between the derivative’s performance and its underlying assets, and the potential for loss of principal, which can exceed the initial investment.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

New Fund Risk. As of the date of the prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. Brokerage Commissions may be charged on trades.

Distributed by Foreside Fund Services, LLC.

The MIL Network –
February 14, 2025
MIL-OSI: OTC Markets Group Welcomes Concurrent Technologies Plc to OTCQX

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Concurrent Technologies Plc (LSE: CNC; OTCQX: COTGF), a designer and manufacturer of leading-edge computer products, systems, and mission-critical solutions used in high-performance markets by some of the world’s major OEMs, has qualified to trade on the OTCQX^® Best Market. Concurrent Technologies Plc upgraded to OTCQX from the Pink^® market.

Concurrent Technologies Plc begins trading today on OTCQX under the symbol “COTGF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

Miles Adcock, CEO of Concurrent Technologies Plc commented: “Located in LA and Boston, and with a fast-growing employee base, America is a key home market for the company. It is also our largest and fastest growing region for sales. Offering domestic investors and employees access to our stock is an important step in aligning all interests to our continued success.”

About Concurrent Technologies Plc
Concurrent Technologies Plc develops and manufactures high-end embedded plug-in cards and systems for use in a wide range of high-performance, long-life cycle applications within the telecommunications, defense, security, telemetry, scientific and aerospace markets, including applications within extremely harsh environments. The processor products feature Intel processors, including the latest generation embedded Intel Core processors, Intel Xeon and Intel Atom processors. The products are designed to be compliant with industry specifications and support many of today’s leading embedded operating systems. The products are sold world-wide.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX^® Best Market, OTCQB^® Venture Market and Pink^® Open Market.

Our OTC Link^® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Subscribe to the OTC Markets RSS Feed

Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

The MIL Network –

February 14, 2025
MIL-OSI Asia-Pac: Speech by SCED at HKGCC Chinese New Year Dinner 2025 (English only)

Source: Hong Kong Government special administrative region

Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the HKGCC Chinese New Year Dinner 2025 today (February 13):

Agnes (Chairman of the Hong Kong General Chamber of Commerce, Ms Agnes Chan), Commissioner Pan Yundong (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region (HKSAR)), Deputy Director-General Zhou Qiang (Deputy Director-General of the Economic Affairs Department and Head of the Commercial Office of the Liaison Office of the Central People’s Government (LOCPG) in the HKSAR), Deputy Director-General Xu Xiaolin (Deputy Director-General of the Coordination Department of the LOCPG in the HKSAR), distinguished guests, ladies and gentlemen,

     Good evening. It gives me great pleasure to join you all tonight. This festive occasion gives us a time to reflect on the past year and look forward with hope to the new one.

     In 2024, Hong Kong demonstrated to the world our resilience in times of uncertainties. Our city is ranked as the world’s third-largest financial centre, the world’s freest economy, and is at the fifth place in the global competitiveness ranking. We now have nearly 10 000 companies from the Mainland and overseas, as well as 4 700 start-ups. Both numbers are the highest that we have ever seen. These are signs of confidence in Hong Kong’s status as a prime business destination.

     But challenges will keep coming. In addition to conflicts in Europe and the Middle East, we also need to brace the rapid changes in the operating environment. The United States (US)’ imposition of tariffs will affect many economies and companies. On this, the HKSAR Government strongly disapproves. It rattles the fundamentals of a rule-based multilateral trade system, which took the whole world decades to build. As far as the tariffs on Hong Kong are concerned, we have decided to file a complaint to the World Trade Organization. We have always been a staunch supporter of free trade, and we will continue to hold tight to our beliefs.

     Risk management is key to a successful business. I am sure many of you saw the uncertainties coming from years ago. I was told that a lot of companies have already modified their business plans, the supply chains, asset distributions, etc, in anticipation of the changing external environment. I encourage you to continue to do the same.

     For Hong Kong, this term of Government attaches a lot of importance to exploring new markets. The US and Europe are traditionally among our largest trading partners, and they will probably continue to be so. We are happy with the businesses that we do with each other, which are mutually beneficial. But more importantly, we must not lose sight of the business potential in other markets. The Association of Southeast Asian Nations (ASEAN), for example, if taken as a bloc, is now Hong Kong’s second-largest trading partners. Other emerging regions, such as the Middle East, are also catching up fast.

     In the past two years or so, we have led business delegations to ASEAN and the Middle East. We will continue to do so in the coming year. We will also step up our efforts to forge new trade and investment agreements with rising trading partners. Increasing our trade and investment with new markets will inject new impetus into Hong Kong’s economy. It will also help us mitigate the risks arising from geopolitics.

     Looking closer to home, we spare no efforts to drive changes to our economic structure. The Government sees the need to develop silver economy. The growing elderly population in Hong Kong is becoming an important consumer group, creating considerable demand for such products and services as medical and healthcare, leisure and recreation, and home and personal care catered for the elderly. These products and services also enhance the quality of life for the elderly of Hong Kong, which is equally important for us.

     We also encourage Hong Kong companies to embrace electronic commerce (e-commerce). This is a global trend in consumption pattern that is irreversible. To help our small and medium enterprises to upgrade their business models, we launched the “E-commerce Easy” under the Dedicated Fund on Branding, Upgrading and Domestic Sales last year to provide funding support. The Hong Kong Trade Development Council, the HKTDC, also organised the first Hong Kong Shopping Festival to showcase consumer products and brands on Mainland e-commerce platforms. The Festival was a huge success. We will organise the second edition this year. The HKTDC will also step up efforts in providing advisory support to enterprises in need when exploring the e-commerce market.

     I spent all my life in Hong Kong. In my entire career, I witnessed Hong Kong going through ups and downs. The world today is so different than the world I was in when I was in my twenties. One of Hong Kong’s biggest appeal is the “can-do” spirit of Hong Kong people. We are flexible, adaptive, determined, forward-looking, and we fight hard. We will rise above the challenges and come out on top.

     I would like to thank the Hong Kong General Chamber of Commerce for all the good you do to our business community. As we enter the Year of the Snake, let us draw inspiration from its attributes of versatility, intelligence and agility, and work together to build a better future for Hong Kong. I wish you all a year with good health, success and happiness. Thank you.

MIL OSI Asia Pacific News –

February 14, 2025
MIL-OSI Asia-Pac: DPIIT partners with Rukam Capital and Bootstrap Incubation to boost India’s startup ecosystem

Source: Government of India (2)

Posted On: 13 FEB 2025 4:03PM by PIB Delhi

Department for Promotion of Industry and Internal Trade (DPIIT) announced partnership with Rukam Capital and Bootstrap Incubation & Advisory Foundation on Monday to propel holistic growth of India’s startup ecosystem.

According to DPIIT, this collaboration, formalized through a Memorandum of Understanding (MoU), is aimed at creating dedicated programs and initiatives that empower product startups, innovators, and entrepreneurs across the country.

Their efforts will include providing access to critical resources such as infrastructure, mentor networks, funding opportunities, market linkages, and an extensive knowledge repository. Additionally, they will guide startups in achieving key milestones such as prototype development and offer strategic support for international expansion.

Speaking on the occasion, Shri Sanjiv, Joint Secretary, DPIIT said this collaboration with Rukam Capital and Bootstrap Incubation & Advisory Foundation is about building a stronger foundation for product startups in India. By combining industry expertise, capital, and strategic mentorship, we are creating an environment where innovators can turn ideas into market-ready solutions. This initiative is not just about growth—it’s about enabling startups to compete globally, drive meaningful innovation, and contribute to India’s economic transformation.

Pointing out further Mr. Sanjiv said that Bootstrap Incubation & Advisory Foundation and Rukam Capital have already committed to establish focused programs designed to nurture product startups and innovators, which will certainly help the budding entrepreneurs to enormously excel in their respective fields.

Meanwhile, Archana Jahagirdar, Founder and Managing Partner, Rukam Capital added, “This partnership represents a pivotal step in strengthening India’s startup ecosystem. Together, we aim to provide entrepreneurs with the tools, mentorship, and opportunities they need to innovate and scale their ideas, contributing to the country’s economic growth and global competitiveness”

***

Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

(Release ID: 2102758) Visitor Counter : 28

MIL OSI Asia Pacific News –

February 14, 2025

MIL-OSI: Onity Group Announces Full-Year and Fourth Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

WEST PALM BEACH, Fla., Feb. 13, 2025 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced its full-year and fourth quarter 2024 results and provided a business update.

Full-Year 2024:

Net income attributable to common stockholders of $33 million, highest since 2013; diluted EPS of $4.13; return on equity (“ROE”) of 8%
Adjusted pre-tax income* of $90 million, resulting in adjusted ROE* of 20%
$86 billion in total servicing additions ($47 billion in subservicing additions)
Book value per share improved $4 year-over-year to $56 as of December 31, 2024
Reduced corporate debt by $145 million; debt-to-equity ratio of 2.96 to 1

Fourth Quarter 2024:

Net loss attributable to common stockholders of $29 million; diluted EPS of ($3.63); ROE of (25%); includes previously disclosed $41 million of net corporate debt restructuring charges
Adjusted pre-tax income* of $11 million, resulting in annualized adjusted ROE* of 10%
$25 billion in total servicing additions ($8 billion in subservicing additions)
Successfully executed planned corporate debt restructuring, closed the sale of the Company’s joint venture interest in MAV and the Waterfall asset purchase transaction

2025 Outlook:

Increased adjusted ROE* guidance to 16% – 18%

* See “Note Regarding Non-GAAP Financial Measures” below

“In 2024 we delivered powerful financial results, with net income reaching an eleven-year high, adjusted pre-tax income nearly doubling from the prior year, and adjusted ROE exceeding our guidance,” said Onity Group Chair, President and CEO Glen Messina. “The year was marked by several significant milestones, including successfully completing a series of transactions to reduce our corporate debt, lower cost and extend maturities, rebranding to Onity, and expanding our digital capabilities. Fourth quarter results were consistent with the guidance we provided at the end of the third quarter, and even with the previously disclosed debt restructuring costs, we ended the year with book value per share at $56, up $4 from prior year-end.”

Messina continued, “Our results demonstrate that our best-in-class servicing platform and broad originations capabilities across our balanced business continued to deliver strong operating and financial performance regardless of interest rate cycles. I’d like to thank our global team and business partners who helped to enable a successful year. Looking ahead, I am confident in our strategy, team and capabilities. I believe we are well positioned to accelerate growth, improve returns and deliver substantial value to our customers, business partners and shareholders in 2025 and beyond.”

Additional Full-Year and Fourth Quarter 2024 Operating and Business Highlights

Funded recapture volume for full-year 2024 up 2.5x over 2023; fourth quarter 2024 up 4.2x over fourth quarter 2023 and up 64% over third quarter 2024
Originations volume of $30 billion in 2024, up 33% compared to 2023; $10 billion in fourth quarter, up 72% over fourth quarter 2023 and up 12% over third quarter 2024
Total servicing UPB of $302 billion at December 31, 2024, up $13 billion over December 31, 2023; sold $15 billion of MSR UPB servicing released above book value
Total liquidity (unrestricted cash plus available credit) maintained year-over-year at $248 million as of December 31, 2024
MSR fair value change, net of hedge, resulted in a net gain in 2024
Extended subservicing agreement for existing MSR Asset Vehicle LLC (“MAV”) portfolio for an initial term of five years; renewed subservicing agreement with Rithm Capital to January 31, 2026
Achieved HUD Tier 1 servicer rating for fourth consecutive year; recognized by 2024 Freddie Mac SHARP^SM program for subservicing

Webcast and Conference Call

Onity will hold a conference call on Thursday, February 13, 2025, at 8:30 a.m. (ET) to review the Company’s full-year and fourth quarter 2024 operating results. All interested parties are welcome to participate. You can access the conference call by dialing (800) 274-8461 or (203) 518-9814 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations. An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call. A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through February 27, 2025, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11157783.

About Onity Group

Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words, and includes statements in this press release regarding our ability to accelerate growth, improve returns and deliver substantial value to our customers, business partners and shareholders in 2025 and beyond. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements.

Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the potential for ongoing disruption in the financial markets and in commercial activity generally as a result of U.S. and global political events, changes in monetary and fiscal policy, and other sources of instability; the impacts of inflation, employment disruption, and other financial difficulties facing our borrowers; the adequacy of our financial resources, including our sources of liquidity and ability to sell, fund and recover servicing advances, forward and reverse whole loans, future draws on existing reverse loans, and HECM and forward loan buyouts and put backs, as well as repay, renew and extend borrowings, borrow additional amounts as and when required, meet our MSR or other asset investment objectives and comply with our debt agreements, including the financial and other covenants contained in them; our ability to interpret correctly and comply with current or future liquidity, net worth and other financial and other requirements of regulators, the Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the GSEs), and the Government National Mortgage Association (Ginnie Mae), including our ability to implement a cost-effective response to Ginnie Mae’s risk-based capital requirements by the extended deadline granted to us by Ginnie Mae of May 1, 2025; our ability to timely reduce operating costs, or generate offsetting revenue, in proportion to the industry-wide decrease in originations activity; the impact of cost-reduction initiatives on our business and operations; the impact of our rebranding initiative; the amount of senior debt or common stock or that we may repurchase under any repurchase programs, the timing of such repurchases, and the long-term impact, if any, of repurchases on the trading price of our securities or our financial condition; breach or failure of Onity’s, our contractual counterparties’, or our vendors’ information technology or other security systems or privacy protections, including any failure to protect customers’ data, resulting in disruption to our operations, loss of income, reputational damage, costly litigation and regulatory penalties; our reliance on our technology vendors to adequately maintain and support our systems, including our servicing systems, loan originations and financial reporting systems, and uncertainty relating to our ability to transition to alternative vendors, if necessary, without incurring significant cost or disruption to our operations; the future of our long-term relationship with Rithm Capital Corp. (Rithm); our ability to close acquisitions of MSRs and other transactions, including the ability to obtain regulatory approvals; our ability to grow our reverse servicing business; our ability to retain clients and employees of acquired businesses, and the extent to which acquisitions and our other strategic initiatives will contribute to achieving our growth objectives; increased servicing costs based on increased borrower delinquency levels or other factors; uncertainty related to past, present or future claims, litigation, cease and desist orders and investigations regarding our servicing, foreclosure, modification, origination and other practices brought by government agencies and private parties, including state regulators, the Consumer Financial Protection Bureau (CFPB), State Attorneys General, the Securities and Exchange Commission (SEC), the Department of Justice or the Department of Housing and Urban Development (HUD); the reactions of key counterparties, including lenders, the GSEs and Ginnie Mae, to our regulatory engagements and litigation matters; increased regulatory scrutiny and media attention; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; our ability to effectively manage our regulatory and contractual compliance obligations; our ability to comply with our servicing agreements, including our ability to comply with the requirements of the GSEs and Ginnie Mae and maintain our seller/servicer and other statuses with them; our ability to fund future draws on existing loans in our reverse mortgage portfolio; our servicer and credit ratings as well as other actions from various rating agencies, including any future downgrades; as well as other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2023 and for the year ended December 31, 2024 when available. Anyone wishing to understand Onity’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

Note Regarding Non-GAAP Financial Measures

This press release contains references to adjusted pre-tax income (loss) and adjusted ROE, both non-GAAP financial measures.

We believe these non-GAAP financial measures provide a useful supplement to discussions and analysis of our financial condition, because they are measures that management uses to assess the financial performance of our operations and allocate resources. In addition, management believes that this presentation may assist investors with understanding and evaluating our initiatives to drive improved financial performance. Management believes, specifically, that the removal of fair value changes of our net MSR exposure due to changes in market interest rates and assumptions provides a useful, supplemental financial measure as it enables an assessment of our ability to generate earnings regardless of market conditions and the trends in our underlying businesses by removing the impact of fair value changes due to market interest rates and assumptions, which can vary significantly between periods. However, these measures should not be analyzed in isolation or as a substitute to analysis of our GAAP pre-tax income (loss) or GAAP pre-tax ROE nor a substitute for cash flows from operations. There are certain limitations to the analytical usefulness of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax ROE and, accordingly, we use these adjustments only for purposes of supplemental analysis. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Onity’s reported results under accounting principles generally accepted in the United States. Other companies may use non-GAAP financial measures with the same or similar titles that are calculated differently to our non-GAAP financial measures. As a result, comparability may be limited. Readers are cautioned not to place undue reliance on analysis of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax ROE.

The Company has not provided reconciliations of guidance for adjusted ROE, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include the change in fair value of our net MSR exposure due to changes in market interest rates and assumptions which can vary significantly between periods and are difficult to predict in advance in order to include in a GAAP estimate.

Notables

In the table below, we adjust GAAP pre-tax income for the following factors: MSR valuation adjustments, expense notables, and other income statement notables. MSR valuation adjustments are comprised of changes to Forward MSR and Reverse mortgage valuations due to rates and assumption changes. Expense notables include significant legal and regulatory settlement expenses, severance and retention costs, LTIP stock price changes, consolidation of office facilities and other expenses (such as costs associated with strategic transactions). Other income statement notables include non-routine transactions that are not categorized in the above.

Beginning with the three months ended December 31, 2024, for purposes of calculating Income Statement Notables and Adjusted Pre-Tax Income, we changed the methodology used to calculate Other Income Statement Notables to include change in fair value due to interest rates for reverse loan buyouts (reported in gain/loss on loans held for sale, at fair value). We made this change to align with the change to our risk management approach to include changes in fair value of reverse loan buyouts due to interest rates in our MSR hedge strategy, consistent with other notables, such as Forward MSR Valuation Adjustments due to rates and assumption changes, net and Reverse Mortgage Fair Value Change due to rates and assumption changes.

Other Income Statement Notables (a component of Other Notables) for the first three quarters of 2024 have been revised from prior presentations to reflect the methodology we adopted during the fourth quarter of 2024.

*(Dollars in millions)*		FY’24	FY’23	Q4’24	Q3’24
I	Reported Net Income (Loss)	34	(64)	(28)	21
	A. Income Tax Benefit (Expense)	(5)	(6)	6	(6)
II	Reported Pre-Tax Income (Loss) [I – A]	39	(58)	(34)	28
	Forward MSR Valuation Adjustments due to rates and assumption changes, net ^(a)(b)	17	(121)	14	(1)
	Reverse Mortgage Fair Value Change due to rates and assumption changes ^(b)(c)	(7)	(3)	(15)	9
III	Total MSR Valuation Adjustments due to rates and assumption changes, net	10	(124)	(1)	8
	Significant legal and regulatory settlement expenses	(8)	21	(2)	(6)
	Severance and retention ^(d)	(3)	(7)	(0)	(0)
	LTIP stock price changes ^(e)	1	3	(1)	(1)
	Office facilities consolidation	(0)	0	(0)	(0)
	Other expense notables ^(f)	(1)	2	(0)	0
	B. Total Expense Notables	(11)	18	(4)	(7)
	C. Gain (loss) on extinguishment of debt	(49)	1	(51)	0
	D. Gain on sale of MAV canopy	14		14
	E. Other Income Statement Notables ^(g)	(13)	(2)	(3)	(5)
IV	Total Other Notables [B + C + D + E]	(60)	17	(44)	(12)
V	Total Notables ^(h) [III + IV]	(51)	(107)	(45)	(4)
VI	Adjusted Pre-Tax Income ⁽ⁱ⁾ [II – V]	90	49	11	31

a)	MSR valuation adjustments that are due to changes in market interest rates, valuation inputs or other assumptions, net of overall fair value gains / (losses) on MSR hedge, including FV changes of Pledged MSR liabilities associated with MSR transferred to MAV, Rithm and others and ESS financing liabilities that are due to changes in market interest rates, valuation inputs or other assumptions, a component of MSR valuation adjustments, net
b)	The changes in fair value due to market interest rates were measured by isolating the impact of market interest rate changes on the valuation model output as provided by our third-party valuation expert
c)	FV changes of loans HFI and HMBS related borrowings due to market interest rates and assumptions, a component of gain on reverse loans held for investment and HMBS-related borrowings, net
d)	Severance and retention due to organizational rightsizing or reorganization
e)	Long-term incentive program (LTIP) compensation expense changes attributable to stock price changes during the period
f)	Includes costs associated with but not limited to rebranding, MAV upsize, and other strategic initiatives and transactions
g)	Contains non-routine transactions including but not limited to early asset retirement and fair value assumption changes on other investments recorded in other income/expense
h)	Certain previously presented notable categories with nil numbers for each period shown have been omitted
i)	Effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted pre-tax income would be $89M in FY’24, $8M in Q4’24 and $35M in Q3’24; see note titled “Note Regarding Non-GAAP Financial Measures” for more information

Adjusted ROE Calculation

*(Dollars in millions)*		FY’24	FY’23	Q4’24	Q3’24
I	Reported Net Income (Loss)	34	(64)	(28)	21
II	Notable Items	(51)	(107)	(45)	(4)
III	Income Tax Benefit (Expense)	(5)	(6)	6	(6)
IV	Adjusted Pre-Tax Income (Loss) [I – II – III]	90	49	11	31
V	*Annualized Adjusted Pre-tax Income [IV 4** for qtr.]	90	49	46	126
	Equity
	A Beginning Period Equity	402	457	468	446
	C Ending Period Equity	443	402	443	468
	D Equity Impact of Notables	51	107	45	4
	B Adjusted Ending Period Equity [C + D]	493	509	488	472
VI	Average Adjusted Equity [(A + B) / 2]	448	483	478	459
VII	Adjusted ROE ^(a) [V / VI]	20%	10%	10%	27%

Effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted pre-tax income would be $89M in FY’24, $8M in Q4’24, and $35M in Q3’24; without this change, adjusted ROE would be 20% in FY’24, 7% in Q4’24, and 31% in Q3’24; see note titled “Note Regarding Non-GAAP Financial Measures” for more information

Condensed Consolidated Balance Sheets (unaudited)

Assets *(Dollars in millions)*	December 31, 2024	December 31, 2023
Cash and cash equivalents	184.8	201.6
Restricted cash	80.8	53.5
Mortgage servicing rights (MSRs), at fair value	2,466.3	2,272.2
Advances, net	577.2	678.8
Loans held for sale, at fair value	1,290.2	677.3
Loans held for investment, at fair value	11,125.3	7,975.5
Receivables, net	176.4	154.8
Investment in equity method investee	–	37.8
Premises and equipment, net	11.0	13.1
Other assets	111.3	106.2
Contingent loan repurchase asset	412.2	343.0
Total Assets	16,435.4	12,513.7

Liabilities, Mezzanine & Stockholders’ Equity *(Dollars in millions)*	December 31, 2024	December 31, 2023
Home Equity Conversion Mortgage-Backed Securities (HMBS) related borrowings, at fair value	10,872.1	7,797.3
Other financing liabilities, at fair value	846.9	900.0
Advance match funded liabilities	417.1	499.7
Mortgage loan financing facilities, net	1,528.2	710.6
MSR financing facilities, net	957.9	916.2
Senior notes, net	487.4	595.8
Other liabilities	420.6	349.3
Contingent loan repurchase liability	412.2	343.0
Total Liabilities	15,942.5	12,111.9
Mezzanine Equity	49.9	–
Stockholders’ Equity	442.9	401.8
Total Liabilities, Mezzanine and Stockholders’ Equity	16,435.4	12,513.7

Condensed Consolidated Statements of Operations (unaudited)

*(Dollars in millions)*	For the Years Ended
*(Dollars in millions)*	December 31, 2024		December 31, 2023
Revenue
Servicing and subservicing fees		832.5		947.3
Gain on reverse loans held for investment and HMBS-related borrowings, net		42.5		46.7
Gain on loans held for sale, net		59.0		40.6
Other revenue, net		42.0		32.0
Total revenue		976.0		1,066.7
MSR valuation adjustments, net		(96.2)		(232.2)
Operating expenses
Compensation and benefits		232.5		229.2
Servicing and origination		52.3		57.3
Technology and communications		52.9		52.5
Professional services		52.6		22.3
Occupancy, equipment and mailing		31.4		31.8
Other expenses		14.7		19.0
Total operating expenses		436.5		412.1
Other income (expense)
Interest income		93.3		78.0
Interest expense		(288.9)		(273.6)
Pledged MSR liability expense		(175.4)		(296.3)
Gain (loss) on extinguishment of debt		(49.4)		1.3
Earnings of equity method investee		22.9		7.3
Other, net		(6.6)		2.8
Other income (expense), net		(404.1)		(480.5)
Income before income taxes		39.3		(58.1)
Income tax expense		5.3		5.6
Net Income (Loss)		33.9		(63.7)
Preferred stock dividend		(0.5)		–
Net Income (Loss) attributable to common stockholders		33.4		(63.7)
Basic EPS		$4.28		($8.34)
Diluted EPS		$4.13		($8.34)

For Further Information Contact:

Investors:
Valerie Haertel, VP, Investor Relations
(561) 570-2969
shareholderrelations@onitygroup.com

Media:
Dico Akseraylian, SVP, Corporate Communications
(856) 917-0066
mediarelations@onitygroup.com

The MIL Network –

February 14, 2025

MIL-OSI Europe: Press release – EP Today, Thursday 13 February
Source: European Parliament

EU-Mercosur free-trade agreement

At 9.00, MEPs and Commissioner Micallef will review the recently concluded EU-Mercosur free-trade deal, amidst a new geopolitical context of increasing unilateralism, and concerns over the deal’s potential effects on European agriculture. If ratified, the deal would gradually phase out duties on 91% of EU exports to Mercosur and 92% of Mercosur exports to the EU. Parliament must give its consent before the agreement can enter into force.

Eszter ZALÁN

(+32) 477 99 20 73

EP Trade

Threats to EU sovereignty over communication infrastructure

From around 10.30, MEPs and Commissioner Micallef will assess the EU’s progress in reducing its strategic dependencies in the area of critical communication infrastructure. MEPs are expected to voice concerns that member states may resort to non-EU suppliers of governmental communication infrastructure before the EU’s own system, IRIS² (Infrastructure for Resilience, Interconnectivity and Security by Satellite) is operational in 2030.

Baptiste CHATAIN

(+32) 498 98 13 37

EP_Industry

In brief

Georgia. In a resolution to be voted on at noon, MEPs are set to declare that Georgia’s self-proclaimed authorities have no legitimacy, and are expected to call for EU sanctions against leading Georgian politicians. In the draft text, Parliament also recognises Salome Zourabichvili as Georgia’s legitimate president.

Congo. At noon, MEPs will vote on a resolution on the escalation of violence in the eastern Democratic Republic of the Congo. The draft text demands the suspension of the EU deal with Rwanda on sustainable value chains for critical raw materials and calls on the Rwandan government to withdraw its troops from the DRC’s territory and cease cooperation with the M23 rebels.

Votes

At noon, plenary will also vote on:
- the recent dismissals and arrests of mayors in Türkiye,
- the repression by the Ortega-Murillo regime in Nicaragua, targeting human rights defenders, political opponents and religious communities in particular, and
- the continued detention and risk of the death penalty for individuals in Nigeria charged with blasphemy, notably the case of Yahaya Sharif-Aminu.
Live coverage of the plenary session can be found on Parliament’s webstreaming and on EbS+.

For detailed information on the session, please also see our newsletter.

Find more information regarding plenary.
MIL OSI Europe News –
February 14, 2025

MIL-OSI: Beneficient Reports Results for Third Quarter Fiscal 2025

Source: GlobeNewswire (MIL-OSI)

Announced Proposed Transaction to Increase Tangible Book Value to Ben Public Company Stockholders by $9 Million on 8.4 Million Shares Outstanding, Permanent Equity Increased by $35 Million

Completed First Primary Capital Transaction as Part of Ongoing Business Development Activities

Announced Proposed International Bank Acquisition to Expand Alternative and Digital Asset Markets Capabilities

DALLAS, Feb. 13, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, today reported its financial results for the fiscal 2025 third quarter, which ended December 31, 2024.

Commenting on the fiscal 2025 third quarter results, Beneficient management said: “Our fiscal third quarter was focused on key steps that we believe will ready Ben for significant new activities in delivering liquidity, primary capital and digital asset markets solutions – which we believe are all opportunities to disrupt and enhance the solutions available to large financial audiences. During the fiscal third quarter, we also closed our first primary capital transaction and are seeking additional opportunities.

“A complementary part of our plan is the proposed acquisition of Mercantile Bank International Corp. (“Mercantile Bank”), a Puerto Rico-based International Financial Entity, which is expected to enable Ben to offer an expanded range of digital asset market solutions and companion custody, clearing and control account fee-based services. We intend to drive new growth opportunities in calendar 2025, which we believe have the potential to generate above market fee rates. These efforts are expected to further build out our expansive model and enable the Company to benefit from a growing range of trust, custody and other services we provide as well as the underlying performance of the private equity assets held in trust.

“Additionally, we are pleased to have continued to strengthen our capital structure, increasing our permanent equity by $35 million through a re-designation of certain preferred equity. Furthermore, we executed an agreement to complete additional transactions designed to revise the liquidation priority of Beneficient Company Holdings, L.P. (“BCH”) and deliver other benefits to our public company stockholders provided by entities controlled by our founders, which are expected to become increasingly visible as the Company enters into more liquidity and primary capital transactions.”

Third Quarter Fiscal 2025 and Recent Highlights (for the quarter ended December 31, 2024 or as noted):

Reported investments with a fair value of $334.3 million, increased from $329.1 million at the end of our prior fiscal year, served as collateral for Ben Liquidity’s net loan portfolio of $260.6 million and $256.2 million, respectively. Reported investments include our first primary capital transaction with a closing of $1.4 million on December 31, 2024.
Revenues increased to $4.4 million in the third quarter of fiscal 2025 as compared to $(10.2) million in the same quarter of fiscal 2024. For the nine months ended December 31, 2024, revenues for fiscal 2025 were $23.0 million as compared to $(55.7) million for fiscal 2024.
Operating expenses declined 98% to $13.9 million in the third quarter of fiscal 2025, as compared to $905.7 million in the third quarter of fiscal 2024, which included a non-cash goodwill impairment of $883.2 million. For the nine months ended December 31, 2024, operating expenses for fiscal 2025 were $1.9 million, which included the release of a loss contingency accrual of $55.0 million and non-cash goodwill impairment of $3.7 million, as compared to $2.4 billion in fiscal 2024, which included non-cash goodwill impairment of $2.3 billion.
Excluding the non-cash goodwill impairment in the prior comparable period, operating expenses declined 38% to $13.9 million in the third quarter of fiscal 2025 as compared to $22.5 million in the same period of fiscal 2024. For the nine months ended December 31, 2024, excluding the non-cash goodwill impairment and the loss contingency release in each period, as applicable, operating expenses were $53.2 million in fiscal 2025 as compared to $111.7 million in fiscal 2024.
Improved permanent equity from a deficit of $148.3 million as of June 30, 2024 to a positive $14.3 million as of December 31, 2024 through a combination of redesignating approximately $160.5 million of temporary equity to permanent equity and additional capital from equity sales and liquidity transactions offset by net loss allocable to permanent equity classified securities of $6.9 million during the applicable period.
Announced proposed transaction on December 23, 2024 to revise the liquidation priority of BCH and provide other benefits to our public company shareholders, which on a proforma basis, amounts to $9.2 million of tangible book value to Ben’s public company stockholders⁽¹⁾ using December 31, 2024 financial information, as compared to no book value to Ben’s public company stockholders absent the transaction.
Announced an agreement to acquire Mercantile Bank in exchange for an aggregate purchase price of $1.5 million, subject to certain closing conditions, which is expected to enable Ben to offer an expanded range of digital asset markets solutions and companion custody, clearing and control account fee-based services that generate additional cash flow in calendar 2025, including additional alternative asset custody services with the potential to generate higher fee rates than are generally available for traditional custody services.

Loan Portfolio

As a result of executing on our business plan of providing financing for liquidity, or early investment exits, for alternative asset marketplace participants, Ben organically develops a balance sheet comprised largely of loans collateralized by a well- diversified alternative asset portfolio that is expected to grow as Ben successfully executes on its core business.

Ben’s balance sheet strategy for ExAlt Loan origination is built on the theory of the portfolio endowment model for the fiduciary financings we make by utilizing our patent-pending computer implemented technologies branded as OptimumAlt. Our OptimumAlt endowment model balance sheet approach guides diversification of our fiduciary financings across seven asset classes of alternative assets, over 11 industry sectors in which alternative asset managers invest, and at least six countrywide exposures and multiple vintages of dates of investment into the private funds and companies.

As of December 31, 2024, Ben’s loan portfolio was supported by a highly diversified alternative asset collateral portfolio providing diversification across approximately 220 private market funds and approximately 750 investments across various asset classes, industry sectors and geographies. This portfolio includes exposure to some of the most exciting, sought after private company names worldwide, such as the largest private space exploration company, an innovative software and payment systems provider, a venture capital firm investing in waste-to-energy and clean energy technologies, a technology company providing Net Zero solutions in the production of advanced biofuels, a designer and manufacturer of shaving products, a large online store for women’s clothes and other fashionable accessories that has announced intentions to go public, a mobile banking services provider, and others.

Figure 1: Portfolio Diversification

Diversification Using Principal Loan Balance, Net of Allowance for Credit Losses

As of December 31, 2024, the charts below present the ExAlt Loan portfolio’s relative exposure by certain characteristics (percentages determined by aggregate fiduciary ExAlt Loan portfolio principal balance net of allowance for credit losses, which includes the exposure to interests in certain of our former affiliates composing part of the Fiduciary Loan Portfolio).

_{As of December 31, 2024. Represents the characteristics of professionally managed funds and investments in the Collateral (defined as follows) portfolio. The Collateral for the ExAlt Loans in the loan portfolio is comprised of a diverse portfolio of direct and indirect interests (through various investment vehicles, including, limited partnership interests and private and public equity and debt securities, which include our and our affiliates’ or our former affiliates’ securities), primarily in third-party, professionally managed private funds and investments. Loan balances used}_{to calculate the percentages reported in the pie charts are loan balances net of any allowance for credit losses, and as of}_{December 31, 2024}_{, the total allowance for credit losses was}_{$325 million}_{, for a total gross loan balance of}_{$586 million}_{and a loan balance net of allowance for credit losses of}_{$261 million}_.

Business Segments: Third Quarter Fiscal 2025

Ben Liquidity

Ben Liquidity offers simple, rapid and cost-effective liquidity products through the use of our proprietary financing and trust structure, or the “Customer ExAlt Trusts,” which facilitate the exchange of a customer’s alternative assets for consideration.

Ben Liquidity recognized $11.3 million of interest income for the fiscal third quarter, a decrease of 5.7% from the quarter ended September 30, 2024, primarily due to a higher percentage loans being placed on nonaccrual status, partially offset by the effects of compounding interest on the remaining loans.

Operating loss for the fiscal third quarter was $2.9 million, a decline from operating income of $2.9 million for the quarter ended September 30, 2024. The decline in operating performance was due to higher intersegment credit losses in the current fiscal period as compared to the quarter ended September 30, 2024 due to slightly lower collateral values while the amortized cost basis increased principally due to interest capitalizing at a higher rate than loan payments.

Ben Custody

Ben Custody provides full-service trust and custody administration services to the trustees of certain of the Customer ExAlt Trusts, which own the exchanged alternative assets following liquidity transactions in exchange for fees payable quarterly calculated as a percentage of assets in custody.

NAV of alternative assets and other securities held in custody by Ben Custody during the fiscal third quarter increased to $385.1 million as of December 31, 2024, compared to $381.2 million as of March 31, 2024. The increase was driven by $1.4 million of new originations and unrealized gains on existing assets, principally related adjustments to the relative share held in custody of the respective fund’s NAV based on updated financial information received from the funds’ investment manager or sponsor during the period, offset by distributions during the period.
Revenues applicable to Ben Custody were $5.4 million for the fiscal third quarter, compared to $5.4 million for the quarter ended September 30, 2024. The similar amount of revenues for these periods was a result of stable NAV of alternative assets and other securities held in custody at the beginning of each applicable period, when such fees are calculated.
Operating income for the fiscal third quarter decreased to $3.5 million, from $4.3 million for the quarter ended September 30, 2024. The decrease was primarily due to credit losses related to certain fees collateralized by securities of our former parent company. Additionally, there was no non-cash goodwill impairment in the third fiscal quarter as compared to non-cash goodwill impairment of $0.3 million for the quarter ended September 30, 2024.
Adjusted operating income⁽¹⁾ for the fiscal third quarter was $4.8 million, compared to adjusted operating income⁽¹⁾ of $4.6 million for the quarter ended September 30, 2024. The increase was due to slightly lower operating expenses, principally related to lower employee compensation due to lower headcount.

Business Segments: Through Nine Months Ended Fiscal 2025

Ben Liquidity

Ben Liquidity recognized $34.1 million of interest income for the nine months ended December 31, 2024, down 6.0% compared to the prior year period, primarily due to lower loans, net of the allowance for credit losses, resulting from higher levels of non-accrual loans and loan prepayments, partially offset by new loans originated.
Operating loss was $0.5 million for the nine months ended December 31, 2024, improving from an operating loss of $1.8 billion in the prior year period. The prior period loss was driven by non-cash goodwill impairment totaling $1.7 billion and credit losses largely related to securities of our former parent company.
Adjusted operating loss⁽¹⁾ was $0.5 million for the nine months ended December 31, 2024 compared to adjusted operating loss⁽¹⁾ of $11.8 million in the prior year period with the improvement in adjusted operating loss⁽¹⁾ primarily related to lower credit loss adjustments recognized in the current fiscal year and lower employee compensation costs due to lower headcount.

Ben Custody

Ben Custody revenues were $16.2 million for the nine months ended December 31, 2024, down 14.7%, compared to the prior year period, primarily due to lower NAV of alternative assets and other securities held in custody.
Operating income was $9.1 million for the nine months ended December 31, 2024 compared to operating loss of $538.8 million in the prior year period, with the increase in operating income principally related to a significantly larger non-cash goodwill impairment in the prior year period of $554.6 million as compared to $3.4 million in the current fiscal year.
Adjusted operating income⁽¹⁾ for the nine months ended December 31, 2024 was $13.9 million, compared to adjusted operating income⁽¹⁾ of $15.8 million in the prior year period with the decrease in adjusted operating income⁽¹⁾ primarily due to lower revenue related to lower NAV of alternative assets and other securities held in custody partially offset by slightly lower operating expenses during the current fiscal year period.

Capital and Liquidity

As of December 31, 2024, the Company had cash and cash equivalents of $4.1 million and total debt of $122.9 million.
Distributions received from alternative assets and other securities held in custody totaled $19.3 million for the nine months ended December 31, 2024, compared to $38.4 million for the same period of fiscal 2024.
Total investments (at fair value) of $334.3 million at December 31, 2024 supported Ben Liquidity’s loan portfolio.

⁽¹⁾ Represents a non-GAAP financial measure. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.

Board Update

On November 21, 2024, Karen Wendel was appointed to the Board as an independent director and a member of various committees, including the Audit committee of the Board, bringing substantial additional expertise in Cyber Security, Identity Solutions, Security Regulations, ISO Global Standards, e-Commerce, e-Healthcare, PKI Digital Certificates and Blockchain to Beneficient. Ms. Wendel serves as Founder and Chief Executive Officer of Trust Chains, a cybersecurity consulting firm, and previously served as the Chief Executive Officer and board member of IdenTrust, a global identity solutions company, from May 2003 to February 2016. Ms. Wendel has also served as Chief Executive Officer and a board member for eFinance Corporation, as a board member and audit committee member of Level Field Capital, a Nasdaq-traded special purpose acquisition company, as a partner at the Capital Markets Company (CAPCO), a Belgium-based consulting firm, and is the former head of the U.S. Financial Services Practice at Gemini Consulting. Ms. Wendel is an author on financial management, payments and supply chain integration; an advisor to U.S. government agencies and the European Union on emerging technologies for payments and transaction processing; and a keynote speaker at major international banking conferences.

Consolidated Fiscal Third Quarter Results

Table 1 below presents a summary of selected unaudited consolidated operating financial information.

Consolidated Fiscal Third Quarter Results ($ in thousands, except share and per share amounts)	Fiscal 3Q25 December 31, 2024			Fiscal 2Q25 September 30, 2024			Fiscal 3Q24 December 31, 2023			Change % vs. Prior Quarter	YTD Fiscal 2025			YTD Fiscal 2024			Change % vs. Prior YTD
GAAP Revenues	$	4,419		$	8,561		$	(10,235	)	(48.4)%	$	23,026		$	(55,739	)	NM
Adjusted Revenues⁽¹⁾		4,427			8,734			8,456		(49.3)%		23,572			8,478		NM
GAAP Operating Income (Loss)		(9,513	)		(13,715	)		(915,951	)	30.6%		21,110			(2,453,685	)	NM
Adjusted Operating Loss⁽¹⁾		(7,301	)		(6,611	)		(11,684	)	(10.4)%		(18,638	)		(57,374	)	67.5%
Basic Class A EPS	$	(1.32	)	$	2.98		$	(158.36	)	NM	$	10.30		$	(668.31	)	NM
Diluted Class A EPS	$	(1.32	)	$	0.03		$	(158.36	)	NM	$	0.12		$	(668.31	)	NM
Segment Revenues attributable to Ben’s Equity Holders⁽²⁾		16,621			16,626			17,961		—%		49,482			53,715		(7.9)%
Adjusted Segment Revenues attributable to Ben’s Equity Holders ⁽¹⁾⁽²⁾		16,621			16,626			18,146		—%		49,489			55,059		(10.1)%
Segment Operating Income (Loss) attributable to Ben’s Equity Holders		(8,281	)		(9,192	)		(894,617	)	9.9%		27,391			(2,414,893	)	NM
Adjusted Segment Operating Loss attributable to Ben’s Equity Holders⁽¹⁾⁽²⁾	$	(4,737	)	$	(2,261	)	$	(4,594	)	NM	$	(11,551	)	$	(37,583	)	69.3%

NM – Not meaningful.

⁽¹⁾ Adjusted Revenues, Adjusted Operating Loss, Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Loss attributable to Ben’s Equity Holders are non-GAAP financial measures. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.

⁽²⁾ Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

Table 2 below presents a summary of selected unaudited consolidated balance sheet information.

Consolidated Fiscal Third Quarter Results ($ in thousands)	Fiscal 3Q25 As of December 31, 2024		Fiscal 4Q24 As of March 31, 2024		Change %
Investments, at Fair Value	$	334,278	$	329,119	1.6%
All Other Assets		52,720		22,676	132.5%
Goodwill and Intangible Assets, Net		13,014		16,706	(22.1)%
Total Assets	$	400,012	$	368,501	8.6%

Business Segment Information Attributable to Ben’s Equity Holders⁽¹⁾

Table 3 below presents unaudited segment revenues and segment operating income (loss) for business segments attributable to Ben’s equity holders.

Segment Revenues Attributable to Ben’s Equity Holders⁽¹⁾ ($ in thousands)	Fiscal 3Q25 December 31, 2024			Fiscal 2Q25 September 30, 2024			Fiscal 3Q24 December 31, 2023		Change % vs. Prior Quarter	YTD Fiscal 2025			YTD Fiscal 2024			Change % vs. Prior YTD
Ben Liquidity	$	11,297		$	11,978		$	11,275	(5.7)%	$	34,124		$	36,303		(6.0)%
Ben Custody		5,410			5,386			5,897	0.4%		16,178			18,961		(14.7)%
Corporate & Other		(86	)		(738	)		789	88.3%		(820	)		(1,549	)	47.1%
Total Segment Revenues Attributable to Ben’s Equity Holders⁽¹⁾	$	16,621		$	16,626		$	17,961	—%	$	49,482		$	53,715		(7.9)%

Segment Operating Income (Loss) Attributable to Ben’s Equity Holders⁽¹⁾ ($ in thousands)	Fiscal 3Q25 December 31, 2024			Fiscal 2Q25 September 30, 2024			Fiscal 3Q24 December 31, 2023			Change % vs. Prior Quarter	YTD Fiscal 2025			YTD Fiscal 2024			Change % vs. Prior YTD
Ben Liquidity	$	(2,853	)	$	2,905		$	(606,405	)	NM	$	(462	)	$	(1,781,521	)	100.0%
Ben Custody		3,507			4,329			(267,995	)	(19.0)%		9,123			(538,840	)	NM
Corporate & Other		(8,935	)		(16,426	)		(20,217	)	45.6%		18,730			(94,532	)	NM
Total Segment Operating Income (Loss) Attributable to Ben’s Equity Holders⁽¹⁾	$	(8,281	)	$	(9,192	)	$	(894,617	)	9.9%	$	27,391		$	(2,414,893	)	NM

NM – Not meaningful.

⁽¹⁾ Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

Adjusted Business Segment Information Attributable to Ben’s Equity Holders⁽²⁾

Table 4 below presents unaudited adjusted segment revenue and adjusted segment operating income (loss) for business segments attributable to Ben’s equity holders.

Adjusted Segment Revenues Attributable to Ben’s Equity Holders⁽¹⁾⁽²⁾ ($ in thousands)	Fiscal 3Q25 December 31, 2024			Fiscal 2Q25 September 30, 2024			Fiscal 3Q24 December 31, 2023		Change % vs. Prior Quarter	YTD Fiscal 2025			YTD Fiscal 2024			Change % vs. Prior YTD
Ben Liquidity	$	11,297		$	11,978		$	11,275	(5.7)%	$	34,124		$	36,303		(6.0)%
Ben Custody		5,410			5,386			5,897	0.4%		16,178			18,961		(14.7)%
Corporate & Other		(86	)		(738	)		974	88.3%		(813	)		(205	)	NM
Total Adjusted Segment Revenues Attributable to Ben’s Equity Holders⁽¹⁾⁽²⁾	$	16,621		$	16,626		$	18,146	—%	$	49,489		$	55,059		(10.1)%

Adjusted Segment Operating Income (Loss) Attributable to Ben’s Equity Holders⁽¹⁾⁽²⁾ ($ in thousands)	Fiscal 3Q25 December 31, 2024			Fiscal 2Q25 September 30, 2024			Fiscal 3Q24 December 31, 2023			Change % vs. Prior Quarter	YTD Fiscal 2025			YTD Fiscal 2024			Change % vs. Prior YTD
Ben Liquidity	$	(2,853	)	$	2,905		$	2,525		NM	$	(457	)	$	(11,769	)	96.1%
Ben Custody		4,847			4,627			4,835		4.8%		13,890			15,767		(11.9)%
Corporate & Other		(6,731	)		(9,793	)		(11,954	)	31.3%		(24,984	)		(41,581	)	39.9%
Total Adjusted Segment Operating Income (Loss) Attributable to Ben’s Equity Holders⁽¹⁾⁽²⁾	$	(4,737	)	$	(2,261	)	$	(4,594	)	NM	$	(11,551	)	$	(37,583	)	69.3%

NM – Not meaningful.

⁽¹⁾ Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders are non-GAAP financial measures. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.
⁽²⁾ Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income (Loss) Attributable to Ben Common Shareholders

Table 5 below presents reconciliation of operating income (loss) by business segment attributable to Ben’s Equity Holders to net income (loss) attributable to Ben common shareholders.

Reconciliation of Business Segments to Net Income (Loss) to Ben Common Shareholders ($ in thousands)	Fiscal 3Q25 December 31, 2024			Fiscal 2Q25 September 30, 2024			Fiscal 3Q24 December 31, 2023			YTD Fiscal 2025			YTD Fiscal 2024
Ben Liquidity	$	(2,853	)	$	2,905		$	(606,405	)	$	(462	)	$	(1,781,521	)
Ben Custody		3,507			4,329			(267,995	)		9,123			(538,840	)
Corporate & Other		(8,935	)		(16,426	)		(20,217	)		18,730			(94,532	)
Loss on debt extinguishment, net (intersegment elimination)		—			—			(3,940	)		—			(3,940	)
Gain on liability resolution		—			23,462			—			23,462			—
Income tax expense (allocable to Ben and BCH equity holders)		(713	)		—			(75	)		(741	)		(75	)
Net loss attributable to noncontrolling interests – Ben		4,844			3,067			360,695			15,098			401,985
Noncontrolling interest guaranteed payment		(4,489	)		(4,423	)		(4,229	)		(13,268	)		(12,501	)
Net income (loss) attributable to Ben’s common shareholders	$	(8,639	)	$	12,914		$	(542,166	)	$	51,942		$	(2,029,424	)

Earnings Webcast

Beneficient will host a webcast and conference call to review its third quarter financial results on February 13, 2025, at 8:30 am Eastern Standard Time. The webcast will be available via live webcast from the Investor Relations section of the Company’s website at https://shareholders.trustben.com under Events.

Replay

The webcast will be archived on the Company’s website in the investor relations section for replay for at least one year.

About Beneficent

Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

For more information, visit www.trustben.com or follow us on LinkedIn.

Contacts
Investors:
Matt Kreps/214-597-8200/mkreps@darrowir.com
Michael Wetherington/214-284-1199/mwetherington@darrowir.com
investors@beneficient.com

Important Information and Where You Can Find It

This press release may be deemed to be solicitation material in respect of a vote of stockholders to approve an amendment to Ben’s articles of incorporation to increase the authorized shares of Class B Common Stock of Ben and the issuance of securities pursuant to the transactions to revise the liquidation priority of BCH (the “Transactions”). In connection with the requisite stockholder approval, Ben will file with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement and a definitive proxy statement, which will be sent to the stockholders of Ben, seeking such approvals related to the Transactions.

INVESTORS AND SECURITY HOLDERS OF BEN AND THEIR RESPECTIVE AFFILIATES ARE URGED TO READ, WHEN AVAILABLE, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BEN AND THE TRANSACTIONS. Investors and security holders will be able to obtain a free copy of the proxy statement, as well as other relevant documents filed with the SEC containing information about Ben, without charge, at the SEC’s website (http://www.sec.gov). Copies of documents filed with the SEC by Ben can also be obtained, without charge, by directing a request to Investor Relations, Beneficient, 325 North St. Paul Street, Suite 4850, Dallas, Texas 75201, or email investors@beneficient.com.

Participants in the Solicitation of Proxies in Connection with Transaction

Ben and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the requisite stockholder approvals under the rules of the SEC. Information regarding Ben’s directors and executive officers is available in its annual report on Form 10-K for the fiscal year ended March 31, 2024, which was filed with the SEC on July 9, 2024 and certain current reports on Form 8-K filed by Ben. Other information regarding the participants in the solicitation of proxies with respect to the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

Not an Offer of Securities

The information in this communication is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. The securities that are the subject of the Transactions have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to, among other things, demand for our solutions in the alternative asset industry, opportunities for market growth, statements regarding the proposed Transactions, including expectations of future plans, strategies, and benefits of the Transactions, statements regarding the proposed Mercantile Bank acquisition and estimates regarding future synergies and benefits, our ability to expand the range of digital asset market solutions, and companion custody clearing and control account fee-based services as a result of the proposed Mercantile Bank acquisition, our ability to identify and negotiate transactions, diversification and size of our loan portfolio and our ability to scale operations and provide shareholder value. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the ultimate outcome of the Transactions; the Company’s ability to consummate the Transactions; the ability of the Company to satisfy the closing conditions set forth in the agreement with respect to the Transactions, including obtaining the requisite vote of securityholders; the Company’s ability to meet expectations regarding the timing and completion of the Transactions, the ultimate outcome of the proposed Mercantile Bank acquisition; the Company’s ability to consummate the proposed Mercantile Bank acquisition in a timely manner or at all; the ability of the parties to satisfy the closing conditions to the acquisition; the possibility that the Company may be unable to successfully integrate Mercantile Bank’s operations with those of the Company or realize the expected benefits of the acquisition; the possibility that such integration may be more difficult, time-consuming, or costly than expected; the risk that operating costs, customer loss, and business disruption (including, without limitation, difficulties in maintaining relationships with employees, contractors, and customers) may be greater than expected following the acquisition or the public announcement of the acquisition; the Company’s ability to retain certain key employees of Mercantile Bank; the ability to launch and receive market acceptance for new products and services; risks related to the entry into a new line of business in connection with the proposed Mercantile Bank acquisition, and the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Table 6: CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

	Three Months Ended December 31,						Nine Months Ended December 31,
(Dollars in thousands, except per share amounts)		2024			2023			2024			2023
Revenues
Investment income, net	$	4,742		$	7,448		$	24,311		$	7,935
Loss on financial instruments, net (related party of $(8), $(18,691), $(546) and $(64,217), respectively)		(523	)		(18,024	)		(1,885	)		(64,260	)
Interest and dividend income		10			118			34			348
Trust services and administration revenues (related party of $8, $8, $23 and $23, respectively)		188			158			564			173
Other income		2			65			2			65
Total revenues		4,419			(10,235	)		23,026			(55,739	)

Operating expenses
Employee compensation and benefits		2,929			7,340			13,914			58,561
Interest expense (related party of $3,140, $3,018, $9,330 and $5,843, respectively)		3,240			4,671			11,848			13,569
Professional services		5,083			4,970			17,884			22,000
Provision for credit losses		—			—			1,000			—
Loss on impairment of goodwill		—			883,223			3,692			2,286,212
Release of loss contingency related to arbitration award		—			—			(54,973	)		—
Other expenses (related party of $723, $2,096, $2,111 and $6,317, respectively)		2,680			5,512			8,551			17,604
Total operating expenses		13,932			905,716			1,916			2,397,946
Operating income (loss)		(9,513	)		(915,951	)		21,110			(2,453,685	)
(Gain) loss on liability resolution		—			—			(23,462	)		—
Loss on extinguishment of debt, net		—			8,846			—			8,846
Net income (loss) before income taxes		(9,513	)		(924,797	)		44,572			(2,462,531	)
Income tax expense		713			75			741			75
Net income (loss)		(10,226	)		(924,872	)		43,831			(2,462,606	)
Plus: Net loss attributable to noncontrolling interests – Customer ExAlt Trusts		1,232			26,240			6,281			43,698
Plus: Net loss attributable to noncontrolling interests – Ben		4,844			360,695			15,098			401,985
Less: Noncontrolling interest guaranteed payment		(4,489	)		(4,229	)		(13,268	)		(12,501	)
Net income (loss) attributable to Beneficient common shareholders	$	(8,639	)	$	(542,166	)	$	51,942		$	(2,029,424	)
Other comprehensive income (loss):
Unrealized (loss) gain on investments in available-for-sale debt securities		(120	)		51			(115	)		4,236
Total comprehensive income (loss)		(8,759	)		(542,115	)		51,827			(2,025,188	)
Less: comprehensive (loss) gain attributable to noncontrolling interests		(120	)		51			(115	)		4,236
Total comprehensive income (loss) attributable to Beneficient	$	(8,639	)	$	(542,166	)	$	51,942		$	(2,029,424	)

Net income (loss) per common share
Class A – basic	$	(1.32	)	$	(158.36	)	$	10.30		$	(668.31	)
Class B – basic	$	(1.02	)	$	(156.95	)	$	13.78		$	(587.49	)
Net income (loss) per common share
Class A – diluted	$	(1.32	)	$	(158.36	)	$	0.12		$	(668.31	)
Class B – diluted	$	(1.02	)	$	(156.95	)	$	0.12		$	(587.49	)

Table 7: CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	December 31, 2024			March 31, 2024
(Dollars and shares in thousands)	(unaudited)
ASSETS
Cash and cash equivalents	$	4,149		$	7,913
Restricted cash		52			64
Investments, at fair value:
Investments held by Customer ExAlt Trusts (related party of $12 and $552)		334,278			329,113
Investments held by Ben (related party of nil and $6)		—			6
Other assets, net		48,519			14,699
Intangible assets		3,100			3,100
Goodwill		9,914			13,606
Total assets	$	400,012		$	368,501
LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT)
Accounts payable and accrued expenses (related party of $14,294 and $14,143)	$	149,204		$	157,157
Other liabilities (related party of $16,798 and $9,740)		22,433			31,727
Warrants liability		648			178
Convertible debt		2,667			—
Debt due to related parties		120,274			120,505
Total liabilities		295,226			309,567
Redeemable noncontrolling interests
Preferred Series A Subclass 0 Redeemable Unit Accounts, nonunitized		90,526			251,052
Total temporary equity		90,526			251,052
Shareholder’s equity (deficit):
Preferred stock, par value $0.001 per share, 250,000 shares authorized
Series A preferred stock, 0 and 0 shares issued and outstanding as of December 31, 2024 and March 31, 2024		—			—
Series B preferred stock, 363 and 227 shares issued and outstanding as of December 31, 2024 and March 31, 2024		—			—
Class A common stock, par value $0.001 per share, 5,000,000 and 18,750⁽¹⁾ shares authorized as of December 31, 2024 and March 31, 2024, respectively, 8,246 and 3,348 shares issued as of December 31, 2024 and March 31, 2024, respectively, and 8,237 and 3,339 shares outstanding as of December 31, 2024 and March 31, 2024, respectively		8			3
Class B convertible common stock, par value $0.001 per share, 250⁽¹⁾ shares authorized, 239 and 239 shares issued and outstanding as of December 31, 2024 and March 31, 2024		—			—
Additional paid-in capital		1,843,911			1,848,068
Accumulated deficit		(2,007,272	)		(2,059,214	)
Stock receivable		—			(20,038	)
Treasury stock, at cost (9 shares as of December 31, 2024 and March 31, 2024)		(3,444	)		(3,444	)
Accumulated other comprehensive income		161			276
Noncontrolling interests		180,896			42,231
Total equity (deficit)		14,260			(192,118	)
Total liabilities, temporary equity, and equity (deficit)	$	400,012		$	368,501

(1) Number has been adjusted to reflect 1-for-80 reverse stock split on April 18, 2024. See Note 1 – Summary of Significant Accounting Policies – Reverse Stock Split to the consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on July 9, 2024, for additional information.

Table 8: Non-GAAP Reconciliations

(in thousands)	Three Months Ended December 31, 2024
	Ben Liquidity			Ben Custody		Customer ExAlt Trusts			Corporate/ Other			Consolidating Eliminations			Consolidated
Total revenues	$	11,297		$	5,410	$	4,317		$	(86	)	$	(16,519	)	$	4,419
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—		8			—			—			8
Adjusted revenues	$	11,297		$	5,410	$	4,325		$	(86	)	$	(16,519	)	$	4,427

Operating income (loss)	$	(2,853	)	$	3,507	$	(35,544	)	$	(8,935	)	$	34,312		$	(9,513	)
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—		8			—			—			8
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust		—			1,340		—			—			(1,340	)		—
Goodwill impairment		—			—		—			—			—			—
Release of loss contingency related to arbitration award		—			—		—			—			—			—
Share-based compensation expense		—			—		—			804			—			804
Legal and professional fees⁽¹⁾		—			—		—			1,400			—			1,400
Adjusted operating income (loss)	$	(2,853	)	$	4,847	$	(35,536	)	$	(6,731	)	$	32,972		$	(7,301	)

⁽¹⁾ Includes legal and professional fees related lawsuits.

(in thousands)	Three Months Ended September 30, 2024
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts			Corporate/ Other			Consolidating Eliminations			Consolidated
Total revenues	$	11,978	$	5,386	$	9,112		$	(738	)	$	(17,177	)	$	8,561
Mark to market adjustment on interests in the GWG Wind Down Trust		—		—		173			—			—			173
Adjusted revenues	$	11,978	$	5,386	$	9,285		$	(738	)	$	(17,177	)	$	8,734

Operating income (loss)	$	2,905	$	4,329	$	(31,549	)	$	(16,426	)	$	27,026		$	(13,715	)
Mark to market adjustment on interests in the GWG Wind Down Trust		—		—		173			—			—			173
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust		—		—		—			—			—			—
Goodwill impairment		—		298		—			—			—			298
Release of loss contingency related to arbitration award		—		—		—			—			—			—
Share-based compensation expense		—		—		—			3,364			—			3,364
Legal and professional fees⁽¹⁾		—		—		—			3,269			—			3,269
Adjusted operating income (loss)	$	2,905	$	4,627	$	(31,376	)	$	(9,793	)	$	27,026		$	(6,611	)

⁽¹⁾ Includes legal and professional fees related to lawsuits.

(in thousands)	Three Months Ended December 31, 2023
	Ben Liquidity			Ben Custody			Customer ExAlt Trusts			Corporate/ Other			Consolidating Eliminations			Consolidated
Total revenues	$	11,275		$	5,897		$	(11,182	)	$	789		$	(17,014	)	$	(10,235	)
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—			18,506			185			—			18,691
Adjusted revenues	$	11,275		$	5,897		$	7,324		$	974		$	(17,014	)	$	8,456

Operating income (loss)	$	(606,405	)	$	(267,995	)	$	(49,363	)	$	(20,217	)	$	28,029		$	(915,951	)
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—			18,506			185			—			18,691
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust		4,262			—			—			—			(4,262	)		—
Goodwill impairment		604,668			272,830			—			5,725			—			883,223
Loss on arbitration		—			—			—			—			—			—
Share-based compensation expense		—			—			—			2,026			—			2,026
Legal and professional fees⁽¹⁾		—			—			—			327			—			327
Adjusted operating income (loss)	$	2,525		$	4,835		$	(30,857	)	$	(11,954	)	$	23,767		$	(11,684	)

⁽¹⁾ Includes legal and professional fees related to lawsuits.

(in thousands)	Nine Months Ended December 31, 2024
	Ben Liquidity			Ben Custody		Customer ExAlt Trusts			Corporate/ Other			Consolidating Eliminations			Consolidated
Total revenues	$	34,124		$	16,178	$	23,282		$	(820	)	$	(49,738	)	$	23,026
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—		539			7			—			546
Adjusted revenues	$	34,124		$	16,178	$	23,821		$	(813	)	$	(49,738	)	$	23,572

Operating income (loss)	$	(462	)	$	9,123	$	(96,722	)	$	18,730		$	90,441		$	21,110
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—		539			7			—			546
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust		5			1,340		—			—			(1,345	)		—
Goodwill impairment		—			3,427		—			265			—			3,692
Release of loss contingency related to arbitration award		—			—		—			(54,973	)		—			(54,973	)
Share-based compensation expense		—			—		—			5,162			—			5,162
Legal and professional fees⁽¹⁾		—			—		—			5,825			—			5,825
Adjusted operating income (loss)	$	(457	)	$	13,890	$	(96,183	)	$	(24,984	)	$	89,096		$	(18,638	)

⁽¹⁾ Includes legal and professional fees related to lawsuits.

(in thousands)	Nine Months Ended December 31, 2023
	Ben Liquidity			Ben Custody			Customer ExAlt Trusts			Corporate/ Other			Consolidating Eliminations			Consolidated
Total revenues	$	36,303		$	18,961		$	(54,363	)	$	(1,549	)	$	(55,091	)	$	(55,739	)
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—			62,873			1,344			—			64,217
Adjusted revenues	$	36,303		$	18,961		$	8,510		$	(205	)	$	(55,091	)	$	8,478

Operating income (loss)	$	(1,781,521	)	$	(538,840	)	$	(166,051	)	$	(94,532	)	$	127,259		$	(2,453,685	)
Mark to market adjustment on interests in the GWG Wind Down Trust		—			—			62,873			1,344			—			64,217
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust		43,872			—			—			—			(43,872	)		—
Goodwill impairment		1,725,880			554,607			—			5,725			—			2,286,212
Loss on arbitration		—			—			—			—			—			—
Share-based compensation expense		—			—			—			37,530			—			37,530
Legal and professional fees⁽¹⁾		—			—			—			8,352			—			8,352
Adjusted operating income (loss)	$	(11,769	)	$	15,767		$	(103,178	)	$	(41,581	)	$	83,387		$	(57,374	)

⁽¹⁾ Includes legal and professional fees related to GWG Holdings bankruptcy, lawsuits, public relations, and employee matters.

	Three Months Ended December 31,					Nine Months Ended December 31,
		2024		2023			2024			2023
Operating Expenses Non GAAP Reconciliation
Operating expenses	$	13,932	$	905,716		$	1,916		$	2,397,946
Plus: Release of loss contingency related to arbitration award		—		—			54,973			—
Less: Goodwill impairment		—		(883,223	)		(3,692	)		(2,286,212	)
Operating expenses, excluding goodwill impairment and release of loss contingency related to arbitration award	$	13,932	$	22,493		$	53,197		$	111,734

The below table reconciles the non-GAAP financial measures of tangible book value and tangible book value to Ben’s public stockholders to the most comparable GAAP financial measures as of December 31, 2024 on an actual basis and pro forma assuming the transactions described in our Form 8-K filed on December 23, 2024 occurred on December 31, 2024.

	Actual and Pro Forma ^(a)				Actual			Pro forma ^(a)
Tangible Book Value				Tangible book value attributable to Ben’s public company stockholders
Total equity (deficit)	$	14,260		Tangible book value	$	91,772		$	91,772
Less: Goodwill and intangible assets		(13,014	)	Less: Tangible book value attributable to Beneficient Holdings noncontrolling interest holders		(91,772	)		(82,595	)
Plus: Total temporary equity		90,526		Tangible book value attributable to Ben’s public company stockholders		—			9,177
Tangible book value	$	91,772

^(a)Assumes the transactions described in our Form 8-K filed on December 23, 2024 closed on December 31, 2024 including that the BCH limited partnership agreement was amended to provide that Beneficient, as the indirect holder of the Class A Units and certain Designated Class S Ordinary Units of BCH, would receive in the event of a liquidation of BCH (i) 10% of the first $100 million of distributions of BCH following the satisfaction of the debts and liabilities of BCH on a consolidated basis and (ii) 33.3333% of the net asset value of the added alternative assets of up to $5 billion in connection with ExAlt Plan liquidity and primary capital transactions entered after December 22, 2024.

Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders are non-GAAP financial measures. We present these non-GAAP financial measures because we believe it helps investors understand underlying trends in our business and facilitates an understanding of our operating performance from period to period because it facilitates a comparison of our recurring core business operating results. Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders are also non-GAAP financial measures. We present these non-GAAP financial measures because we believe it help investors in analyzing the intrinsic value of the Company, including the proforma impact of the contemplated transactions more fully described in our Form 8-K filed on December 23, 2024. The non-GAAP financial measures are intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, U.S. GAAP. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of these non-GAAP financial measures may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate such items in the same way.

We define adjusted revenue as revenue adjusted to exclude the effect of mark-to-market adjustments on related party equity securities that were acquired both prior to and during the Collateral Swap, which on August 1, 2023, became interests in the GWG Wind Down Trust. Adjusted Segment Revenues attributable to Ben’s Equity Holders is the same as “adjusted revenues” related to the aggregate of the Ben Liquidity, Ben Custody, and Corporate/Other Business Segments, which are the segments that impact the net income (loss) attributable to all equity holders of Beneficient, including equity holders of Beneficient’s subsidiary, BCH.

Adjusted operating income (loss) represents GAAP operating income (loss), adjusted to exclude the effect of the adjustments to revenue as described above, credit losses on related party available-for-sale debt securities that were acquired in the Collateral Swap which on August 1, 2023, became interests in the GWG Wind Down Trust, and receivables from a related party that filed for bankruptcy and certain notes receivables originated during our formative transactions, non-cash asset impairment, share-based compensation expense, and legal, professional services, and public relations costs related to the GWG Holdings bankruptcy, lawsuits, a defunct product offering, and certain employee matters, including fees & loss contingency accruals (releases) incurred in arbitration with a former director. Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders is the same as “adjusted operating income (loss)” related to the aggregate of the Ben Liquidity, Ben Custody, and Corporate/Other Business Segments, which are the segments that impact the net income (loss) attributable to all equity holders of Beneficient, including equity holders of Beneficient’s subsidiary, BCH.

Tangible book value is defined as the sum of total equity (deficit) less goodwill and intangible assets plus total temporary equity. Tangible book value to Ben’s public company stockholders is defined at tangible book value adjusted for the portion of tangible book value that is attributable to Ben’s public company stockholders, which is calculated as tangible book value adjusted for (i) 10% of the first $100 million of distributions of BCH following the satisfaction of the debts and liabilities of BCH on a consolidated basis and (ii) 33.3333% of the net asset value of the added alternative assets of up to $5 billion in connection with ExAlt Plan liquidity and primary capital transactions entered after December 22, 2024.

These non-GAAP financial measures are not a measure of performance or liquidity calculated in accordance with U.S. GAAP. They are unaudited and should not be considered an alternative to, or more meaningful than, GAAP revenues or GAAP operating income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in adjusted operating income (loss) or adjusted segment operating income (loss) attributable to Ben’s Equity Holders include capital expenditures, interest payments, debt principal repayments, and other expenses, which can be significant. As a result, adjusted operating income (loss) and/or adjusted segment operating income (loss) attributable to Ben’s Equity Holders should not be considered as a measure of our liquidity.

Because of these limitations, Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders, Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders, Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders should not be considered in isolation or as a substitute for performance measures calculated in accordance with U.S. GAAP. We compensate for these limitations by relying primarily on our U.S. GAAP results and using Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders, Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders, Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders on a supplemental basis. You should review the reconciliation of these non-GAAP financial measures set forth above and not rely on any single financial measure to evaluate our business.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09d463d7-9883-4bbf-8a05-3c24ea42846e

The MIL Network –

February 14, 2025

MIL-OSI: TransUnion Announces Fourth Quarter and Full-Year 2024 Results and Refreshed Capital Allocation Framework

Source: GlobeNewswire (MIL-OSI)

Exceeded fourth quarter 2024 financial guidance for revenue with 9 percent growth driven by U.S. Markets Financial Services and Insurance verticals, and our International segment
Delivered strong financial results in 2024 while executing on technology modernization and delivering ~$85 million of transformation program savings
Announcing new freemium direct-to-consumer credit education and monitoring offering, enabled in collaboration with Credit Sesame
Providing 2025 financial guidance, we expect to deliver 3.5 to 5 percent revenue growth (4.5 to 6 percent organic constant currency)
Refreshing capital allocation framework – lowering target Leverage Ratio to under 2.5x, raising quarterly dividend to $0.115 and announcing new $500 million share repurchase program authorization

CHICAGO, Feb. 13, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter and full-year ended December 31, 2024.

Fourth Quarter 2024 Results

Revenue:

Total revenue for the quarter was $1,037 million, an increase of 9 percent (9 percent on an organic constant currency basis), compared with the fourth quarter of 2023.

Earnings:

Net income attributable to TransUnion was $66 million for the quarter, compared with $6 million for the fourth quarter of 2023. Diluted earnings per share was $0.34, compared with $0.03 in the fourth quarter of 2023. Net income attributable to TransUnion margin was 6 percent, compared with 1 percent in the fourth quarter of 2023.
Adjusted Net Income was $192 million for the quarter, compared with $156 million for the fourth quarter of 2023. Adjusted Diluted Earnings per Share for the quarter was $0.97, compared with $0.80 in the fourth quarter of 2023.
Adjusted EBITDA was $378 million for the quarter, an increase of 16 percent (16 percent on a constant currency basis) compared with the fourth quarter of 2023. Adjusted EBITDA margin was 36 percent, compared with 34 percent in the fourth quarter of 2023.

“TransUnion finished the year with strong revenue growth and margin expansion,” said Chris Cartwright, President and CEO. “U.S. Markets grew by high single-digits in the fourth quarter against subdued but stable market conditions, driven by mortgage pricing, improving non-mortgage Financial Services growth and Insurance strength. Our International segment delivered double-digit growth led by India, Asia Pacific and Latin America.”

“In 2025, we expect to deliver 4.5 to 6 percent organic constant currency revenue growth with modest margin expansion, assuming a continuation of current subdued conditions. We remain highly focused on driving strong financial results while executing on our transformation initiatives – refining and strengthening our global operating model; completing U.S. and India technology modernization; and accelerating innovation and growth across our solution suites. We took a key step in reinvigorating Consumer Interactive growth with today’s announcement of our new freemium credit education and monitoring offering, enabled in collaboration with Credit Sesame.”

“Following strong de-levering throughout 2024, we are providing a refreshed capital allocation framework. We are lowering our Leverage Ratio target to under 2.5x, raising our quarterly dividend to $0.115, and announcing a new $500 million share repurchase program. Given the strength of our portfolio and our ongoing transformation, the bar for M&A is high, and we are not seeking large-scale acquisitions. In 2025, we plan to deploy cash for a combination of further debt prepayment, share repurchases and partially funding of the recently announced Trans Union de Mexico acquisition.”

Fourth Quarter 2024 Segment Results

U.S. Markets:

U.S. Markets revenue was $792 million, an increase of 8 percent compared with the fourth quarter of 2023.

Financial Services revenue was $356 million, an increase of 21 percent compared with the fourth quarter of 2023.
Emerging Verticals revenue was $302 million, an increase of 4 percent compared with the fourth quarter of 2023.
Consumer Interactive revenue was $134 million, a decrease of 11 percent compared with the fourth quarter of 2023.

Adjusted EBITDA was $312 million, an increase of 16 percent compared to the fourth quarter of 2023.

International:

International revenue was $245 million, an increase of 11 percent (12 percent on a constant currency basis) compared with the fourth quarter of 2023.

Canada revenue was $39 million, an increase of 5 percent (8 percent on a constant currency basis) compared with the fourth quarter of 2023.
Latin America revenue was $34 million, an increase of 7 percent (15 percent on a constant currency basis) compared with the fourth quarter of 2023.
United Kingdom revenue was $59 million, an increase of 6 percent (3 percent on a constant currency basis) compared with the fourth quarter of 2023.
Africa revenue was $18 million, an increase of 13 percent (8 percent on a constant currency basis) compared with the fourth quarter of 2023.
India revenue was $67 million, an increase of 17 percent (18 percent on a constant currency basis) compared with the fourth quarter of 2023.
Asia Pacific revenue was $29 million, an increase of 19 percent (20 percent on a constant currency basis) compared with the fourth quarter of 2023.

Adjusted EBITDA was $107 million, an increase of 11 percent (13 percent on a constant currency basis) compared with the fourth quarter of 2023.

Full Year 2024 Results

Revenue:

Total revenue for the year was $4,184 million, an increase of 9 percent (9 percent on a constant currency basis) compared with 2023.

Earnings:

Net income (loss) attributable to TransUnion was $284 million for the year, compared with $(206) million in 2023. Diluted earnings (loss) per share was $1.45, compared with $(1.07) in 2023. Net income (loss) attributable to TransUnion margin was 7 percent, compared with (5) percent in 2023. Our net income attributable to TransUnion, diluted earnings per share and net income attributable to TransUnion margin include expenses associated with our transformation plan. Our 2023 net income attributable to TransUnion, diluted earnings per share and net income attributable to TransUnion margin include a goodwill impairment recognized in the third quarter of 2023.
Adjusted Net Income was $769 million for the year, compared with $655 million in 2023. Adjusted Diluted Earnings per Share was $3.91, compared with $3.37 in 2023.
Adjusted EBITDA was $1,506 million for the year, compared to $1,344 million in 2023, an increase of 12 percent (an increase of 12 percent on a constant currency basis) compared with 2023. Adjusted EBITDA margin was 36 percent, compared with 35 percent in 2023.

Liquidity and Capital Resources

Cash and cash equivalents were $679 million at December 31, 2024 and $476 million at December 31, 2023. For the twelve months ended December 31, 2024, we prepaid $150.0 million of our Senior Secured Term Loans, funded from our cash on hand.

For the year ended December 31, 2024, cash provided by operating activities was $832 million compared with $645 million in 2023. For 2024, the increase in cash provided by operating activities was primarily due to improved operating performance and lower net interest expense, partially offset by employee separation payments and a penalty paid for the early termination of a facility lease, both of which were in connection with our operating model optimization program. For the year ended December 31, 2024, cash used in investing activities was $307 million for 2024 compared with $319 million in 2023. The decrease in cash used in investing activities was primarily due to lower investments in nonconsolidated affiliates. Capital expenditures as a percent of revenue represented 8% for 2024 and 2023. For the year ended December 31, 2024, cash used in financing activities was $309 million compared with $439 million in 2023. The decrease in cash used in financing activities was due primarily to a decrease in debt repayments.

The Company’s Board of Directors has authorized the repurchase of up to $500 million of the Company’s common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, hybrid open market repurchases or an accelerated share repurchase transaction, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company’s sole discretion. The share repurchase authorization does not obligate the Company to repurchase any dollar amount or number of shares of common stock, and may be suspended or discontinued at any time. This new share repurchase authorization replaces all previous authorizations.

The Company’s Board of Directors has declared a cash dividend of $0.115 per share for the fourth quarter of 2024. The dividend will be payable on March 14, 2025, to shareholders of record on February 27, 2025.

First Quarter and Full Year 2025 Outlook

Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

	Three Months Ended March 31, 2025						Year Ended December 31, 2025
(in millions, except per share data)	Low			High			Low			High
Revenue, as reported	$	1,060		$	1,074		$	4,333		$	4,393
Revenue growth¹:
As reported		4	%		5	%		3.5	%		5	%
Constant currency^{1, 2}		5	%		6	%		4.5	%		6	%
Organic constant currency^{1, 3}		5	%		6	%		4.5	%		6	%

Net income attributable to TransUnion	$	71		$	77		$	335		$	362
Net income attributable to TransUnion growth		9	%		18	%		18	%		27	%
Net income attributable to TransUnion margin		6.7	%		7.1	%		7.7	%		8.3	%

Diluted Earnings per Share	$	0.36		$	0.39		$	1.68		$	1.82
Diluted Earnings per Share growth		7	%		16	%		16	%		26	%

Adjusted EBITDA, as reported⁵	$	376		$	384		$	1,549		$	1,590
Adjusted EBITDA growth, as reported⁴		5	%		7	%		3	%		6	%
Adjusted EBITDA margin		35.5	%		35.8	%		35.8	%		36.2	%

Adjusted Diluted Earnings per Share⁵	$	0.96		$	0.99		$	3.93		$	4.08
Adjusted Diluted Earnings per Share growth		4	%		8	%		1	%		4	%

Additional revenue growth assumptions:

The impact of changing foreign currency exchange rates is expected to be approximately 1% of headwind for Q1 2025 and FY 2025.
There is no impact from recently announced acquisitions for Q1 2025 and FY 2025.
The impact of mortgage is expected to be approximately 2 points of benefit for Q1 2025 and approximately 2 points of benefit for FY 2025.
Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions. There is no impact from recent business acquisitions in Q1 2025 and FY 2025.

Additional Adjusted EBITDA assumptions:

The impact of changing foreign currency exchange rates is expected to have approximately 2% of headwind for Q1 2025 and approximately 1% of headwind for FY 2025.
For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

Earnings Webcast Details

In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

http://www.transunion.com/business

Availability of Information on TransUnion’s Website

Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.

Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

macroeconomic effects and changes in market conditions, including the impact of inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
our ability to provide competitive services and prices;
our ability to retain or renew existing agreements with large or long-term customers;
our ability to maintain the security and integrity of our data;
our ability to deliver services timely without interruption;
our ability to maintain our access to data sources;
government regulation and changes in the regulatory environment;
litigation or regulatory proceedings;
our approach to the use of artificial intelligence;
our ability to effectively manage our costs;
our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;
economic and political stability in the United States and risks associated with the international markets where we operate;
our ability to effectively develop and maintain strategic alliances and joint ventures;
our ability to timely develop new services and the market’s willingness to adopt our new services;
our ability to manage and expand our operations and keep up with rapidly changing technologies;
our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
our ability to defend our intellectual property from infringement claims by third parties;
the ability of our outside service providers and key vendors to fulfill their obligations to us;
further consolidation in our end-customer markets;
the increased availability of free or inexpensive consumer information;
losses against which we do not insure;
our ability to make timely payments of principal and interest on our indebtedness;
our ability to satisfy covenants in the agreements governing our indebtedness;
our ability to maintain our liquidity;
stock price volatility;
our dividend payments;
share repurchase plans;
dividend rate;
our reliance on key management personnel; and
changes in tax laws or adverse outcomes resulting from examination of our tax returns.

There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, to be filed with the SEC in February 2025, and our Annual Report on Form 10-K for the year ended December 31, 2023, as well as our quarterly reports for the quarters ended September 30, 2024, June 30, 2024 and March 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

For More Information

E-mail: Investor.Relations@transunion.com

Telephone: 312.985.2860

TRANSUNION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(in millions, except per share data)

	December 31, 2024			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	679.5		$	476.2
Trade accounts receivable, net of allowance of $19.9 and $16.4		798.9			723.0
Other current assets		323.4			275.9
Total current assets		1,801.8			1,475.1
Property, plant and equipment, net of accumulated depreciation and amortization of $506.3 and $804.4		203.5			199.3
Goodwill		5,144.3			5,176.0
Other intangibles, net of accumulated amortization of $2,294.5 and $2,719.8		3,257.5			3,515.3
Other assets		577.7			739.4
Total assets	$	10,984.8		$	11,105.1
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable	$	294.6		$	251.3
Current portion of long-term debt		70.6			89.6
Other current liabilities		694.4			661.8
Total current liabilities		1,059.6			1,002.7
Long-term debt		5,076.6			5,250.8
Deferred taxes		415.3			592.9
Other liabilities		114.5			153.2
Total liabilities		6,666.0			6,999.6
Stockholders’ equity:
Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of December 31, 2024 and 2023		—			—
Common stock, $0.01 par value; 1.0 billion shares authorized at December 31, 2024 and December 31, 2023; 201.5 million and 200.0 million shares issued as of December 31, 2024 and December 31, 2023, respectively; and 194.9 million and 193.8 million shares outstanding as of December 31, 2024 and December 31, 2023, respectively		2.0			2.0
Additional paid-in capital		2,558.9			2,412.9
Treasury stock at cost; 6.6 million and 6.2 million shares at December 31, 2024 and December 31, 2023, respectively		(334.6	)		(302.9	)
Retained earnings		2,357.9			2,157.1
Accumulated other comprehensive loss		(367.2	)		(260.9	)
Total TransUnion stockholders’ equity		4,217.0			4,008.2
Noncontrolling interests		101.8			97.3
Total stockholders’ equity		4,318.8			4,105.5
Total liabilities and stockholders’ equity	$	10,984.8		$	11,105.1

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Revenue	$	1,036.8		$	954.3		$	4,183.8		$	3,831.2
Operating expenses
Cost of services (exclusive of depreciation and amortization below)		411.6			380.6			1,673.3			1,517.3
Selling, general and administrative		317.2			303.9			1,239.3			1,171.6
Depreciation and amortization		137.3			133.3			537.8			524.4
Goodwill impairment		—			—			—			414.0
Restructuring		—			75.3			66.8			75.3
Total operating expenses		866.0			893.0			3,517.1			3,702.7
Operating income		170.8			61.3			666.7			128.5
Non-operating income and (expense)
Interest expense		(62.0	)		(71.0	)		(265.2	)		(288.2	)
Interest income		8.6			5.7			28.5			20.7
Earnings from equity method investments		4.2			4.6			18.3			16.3
Other income and (expense), net		(20.9	)		(6.4	)		(47.1	)		(22.7	)
Total non-operating income and (expense)		(70.1	)		(67.1	)		(265.5	)		(273.9	)
Income (loss) from continuing operations before income taxes		100.6			(5.8	)		401.1			(145.3	)
Provision for income taxes		(29.9	)		15.4			(98.8	)		(44.7	)
Income (loss) from continuing operations		70.7			9.5			302.3			(190.1	)
Discontinued operations, net of tax		—			—			—			(0.7	)
Net income (loss)		70.7			9.5			302.3			(190.8	)
Less: net income attributable to noncontrolling interests		(4.5	)		(3.5	)		(18.0	)		(15.4	)
Net income (loss) attributable to TransUnion	$	66.2		$	6.1		$	284.4		$	(206.2	)

Income (loss) from continuing operations	$	70.7		$	9.5		$	302.3		$	(190.1	)
Less: income from continuing operations attributable to noncontrolling interests		(4.5	)		(3.5	)		(18.0	)		(15.4	)
Income (loss) from continuing operations attributable to TransUnion		66.2			6.0			284.4			(205.4	)
Discontinued operations, net of tax		—			—			—			(0.7	)
Net income (loss) attributable to TransUnion	$	66.2		$	6.1		$	284.4		$	(206.2	)

Basic earnings (loss) per common share from:
Income (loss) from continuing operations attributable to TransUnion	$	0.34		$	0.03		$	1.46		$	(1.06	)
Discontinued operations, net of tax		—			—			—			—
Net income (loss) attributable to TransUnion	$	0.34		$	0.03		$	1.46		$	(1.07	)
Diluted earnings (loss) per common share from:
Income (loss) from continuing operations attributable to TransUnion	$	0.34		$	0.03		$	1.45		$	(1.06	)
Discontinued operations, net of tax		—			—			—			—
Net income (loss) attributable to TransUnion	$	0.34		$	0.03		$	1.45		$	(1.07	)

Weighted-average shares outstanding:
Basic		194.9			193.7			194.4			193.4
Diluted		197.3			194.3			196.7			193.4

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(in millions)

	Years Ended December 31,
		2024			2023
Cash flows from operating activities:
Net income (loss)	$	302.3		$	(190.8	)
Less: Discontinued operations, net of tax		—			(0.7	)
Income (loss) from continuing operations		302.3			(190.1	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		537.8			524.4
Goodwill impairment		—			414.0
Loss on repayment of loans		7.4			7.6
Deferred taxes		(157.3	)		(162.7	)
Stock-based compensation		121.2			100.3
Loss on early termination of lease		40.5			—
Other		34.3			26.0
Changes in assets and liabilities:
Trade accounts receivable		(105.6	)		(135.1	)
Other current and long-term assets		46.0			(12.7	)
Trade accounts payable		39.2			(6.5	)
Other current and long-term liabilities		(33.3	)		80.4
Cash provided by operating activities of continuing operations		832.5			645.6
Cash used in operating activities of discontinued operations		—			(0.2	)
Cash provided by operating activities		832.5			645.4
Cash flows from investing activities:
Capital expenditures		(315.8	)		(310.7	)
Proceeds from sale/maturity of other investments		0.2			82.3
Purchases of other investments		(0.2	)		(53.5	)
Investments in nonconsolidated affiliates		(5.9	)		(36.9	)
Proceeds from the sale of investments in nonconsolidated affiliates		7.7			—
(Payments) proceeds related to disposal of discontinued operations		—			(0.5	)
Other		6.6			0.4
Cash used in investing activities		(307.4	)		(318.9	)
Cash flows from financing activities:
Proceeds from Term Loans		1,793.1			655.8
Repayments of Term Loans		(1,786.1	)		(347.7	)
Repayments of debt		(198.9	)		(650.0	)
Debt financing fees		(16.5	)		(3.3	)
Proceeds from issuance of common stock and exercise of stock options		24.9			23.1
Dividends to shareholders		(82.7	)		(81.8	)
Employee taxes paid on restricted stock units recorded as treasury stock		(31.7	)		(18.4	)
Distributions to noncontrolling interests		(10.8	)		(16.5	)
Cash used in financing activities		(308.7	)		(438.8	)
Effect of exchange rate changes on cash and cash equivalents		(13.1	)		3.2
Net change in cash and cash equivalents		203.3			(109.1	)
Cash and cash equivalents, beginning of period		476.2			585.3
Cash and cash equivalents, end of period	$	679.5		$	476.2

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income (loss) attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

Consolidated Adjusted EBITDA

Management has excluded the following items from net income (loss) attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

Discontinued operations, net of tax, as reported on our Consolidated Statements of Operations. We exclude discontinued operations, net of tax because we believe it does not reflect the underlying and ongoing performance of our business operations.
Net interest expense, which is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
Provision for income taxes, as reported on our Consolidated Statements of Operations.
Depreciation and amortization, as reported on our Consolidated Statements of Operations.
Goodwill impairment, as reported on our Consolidated Statements of Operations. We exclude goodwill impairment because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations during that period and such expense can vary significantly between periods.
Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations.” We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

Consolidated Adjusted EBITDA Margin

Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

Adjusted Net Income

Management has excluded the following items from net income (loss) attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

Discontinued operations, net of tax (see Consolidated Adjusted EBITDA above)
Goodwill impairment (see Consolidated Adjusted EBITDA above)
Amortization of certain intangible assets presents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
Stock-based compensation (see Consolidated Adjusted EBITDA above)
Operating model optimization program (see Consolidated Adjusted EBITDA above)
Accelerated technology investment (see Consolidated Adjusted EBITDA above)
Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)
Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our consolidated statement of operations.

Adjusted Diluted Earnings Per Share

Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

Adjusted Provision for Income Taxes

Management has excluded the following items from our provision for income taxes for the periods presented:

Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

Adjusted Effective Tax Rate

Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income from continuing operations before income taxes. We calculate adjusted income from continuing operations before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from (loss) income from continuing operations before income taxes.

Leverage Ratio

Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

SCHEDULE 1 TRANSUNION AND SUBSIDIARIES Revenue and Adjusted EBITDA growth rates as Reported, CC, Inorganic, Organic and Organic CC (Unaudited)

	For the Three Months Ended December 31, 2024 compared with the Three Months Ended December 31, 2023						For the Year Ended December 31, 2024 compared with the Year Ended December 31, 2023
	Reported		CC Growth¹		Organic CC Growth²		Reported		CC Growth¹		Organic CC Growth²
Revenue:
Consolidated	8.6	%	8.9	%	8.9	%	9.2	%	9.3	%	9.3	%
U.S. Markets	7.6	%	7.7	%	7.7	%	8.2	%	8.2	%	8.2	%
Financial Services	20.6	%	20.6	%	20.6	%	15.2	%	15.2	%	15.2	%
Emerging Verticals	4.2	%	4.2	%	4.2	%	4.0	%	4.0	%	4.0	%
Consumer Interactive	(11.1)%		(11.1)%		(11.1)%		1.5	%	1.6	%	1.6	%
International	10.7	%	11.7	%	11.7	%	12.7	%	13.0	%	13.0	%
Canada	5.3	%	7.9	%	7.9	%	9.9	%	11.5	%	11.5	%
Latin America	7.0	%	15.2	%	15.2	%	10.6	%	12.0	%	12.0	%
United Kingdom	5.8	%	2.7	%	2.7	%	5.1	%	2.6	%	2.6	%
Africa	13.0	%	8.2	%	8.2	%	9.5	%	9.8	%	9.8	%
India	16.7	%	18.3	%	18.3	%	23.1	%	24.7	%	24.7	%
Asia Pacific	19.3	%	20.2	%	20.2	%	15.1	%	15.8	%	15.8	%

Adjusted EBITDA:
Consolidated	15.9	%	16.4	%	16.4	%	12.1	%	12.3	%	12.3	%
U.S. Markets	16.3	%	16.4	%	16.4	%	10.2	%	10.2	%	10.2	%
International	11.3	%	12.8	%	12.8	%	15.8	%	16.6	%	16.6	%

1.	Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
2.	We have no inorganic revenue or Adjusted EBITDA for the periods presented. Organic CC growth rate is the CC growth rate less inorganic growth rate.

SCHEDULE 2 TRANSUNION AND SUBSIDIARIES Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margins (Unaudited) (dollars in millions)

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Revenue:
U.S. Markets gross revenue
Financial Services	$	356.1		$	295.3		$	1,433.8		$	1,244.9
Emerging Verticals		302.3			290.3			1,215.5			1,168.2
Consumer Interactive		133.5			150.3			588.7			579.7
U.S. Markets gross revenue	$	792.0		$	735.8		$	3,237.9		$	2,992.8

International gross revenue
Canada	$	38.5		$	36.6		$	154.4		$	140.5
Latin America		33.8			31.6			134.7			121.8
United Kingdom		59.2			55.9			227.7			216.6
Africa		18.4			16.3			66.4			60.6
India		66.6			57.1			269.4			218.9
Asia Pacific		28.6			24.0			105.8			91.9
International gross revenue	$	245.1		$	221.5		$	958.4		$	850.4

Total gross revenue	$	1,037.1		$	957.3		$	4,196.3		$	3,843.1

Intersegment revenue eliminations
U.S. Markets	$	1.3		$	(1.6	)	$	(6.2	)	$	(6.2	)
International		(1.6	)		(1.4	)		(6.4	)		(5.7	)
Total intersegment revenue eliminations	$	(0.3	)	$	(3.0	)	$	(12.6	)	$	(11.9	)

Total revenue as reported	$	1,036.8		$	954.3		$	4,183.8		$	3,831.2

Adjusted EBITDA:
U.S. Markets	$	311.9		$	268.1		$	1,232.8		$	1,119.0
International		107.4			96.5			425.5			367.5
Corporate		(41.4	)		(38.6	)		(152.0	)		(142.8	)

Adjusted EBITDA Margin:¹
U.S. Markets		39.4	%		36.4	%		38.1	%		37.4	%
International		43.8	%		43.6	%		44.4	%		43.2	%

1.	Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Reconciliation of Net income (loss) attributable to TransUnion to consolidated Adjusted EBITDA:
Net income (loss) attributable to TransUnion	$	66.2		$	6.1		$	284.4		$	(206.2	)
Discontinued operations, net of tax		—			—			—			0.7
Income (loss) from continuing operations attributable to TransUnion	$	66.2		$	6.0		$	284.4		$	(205.4	)
Net interest expense		53.4			65.4			236.7			267.5
Provision (benefit) for income taxes		29.9			(15.4	)		98.8			44.7
Depreciation and amortization		137.3			133.3			537.8			524.4
EBITDA	$	286.8		$	189.4		$	1,157.7		$	631.2
Adjustments to EBITDA:
Stock-based compensation	$	35.6		$	27.3		$	121.2		$	100.6
Goodwill impairment¹		—			—			—			414.0
Mergers and acquisitions, divestitures and business optimization²		9.4			10.1			26.5			34.6
Accelerated technology investment³		25.6			17.0			84.2			70.6
Operating model optimization program⁴		8.4			77.6			94.8			77.6
Net other⁵		12.1			4.6			21.8			15.2
Total adjustments to EBITDA	$	91.1		$	136.6		$	348.7		$	712.5
Consolidated Adjusted EBITDA	$	377.9		$	326.0		$	1,506.3		$	1,343.7

Net income (loss) attributable to TransUnion margin		6.4	%		0.6	%		6.8	%	(5.4)%
Consolidated Adjusted EBITDA margin⁶		36.5	%		34.2	%		36.0	%		35.1	%

As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

1.	During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
2.	Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024		2023
Transaction and integration costs	$	4.2		$	9.9		$	11.2	$	30.9
Fair value and impairment adjustments		7.6			0.9			8.4		1.6
Post-acquisition adjustments		(2.3	)		(0.5	)		7.0		4.3
Transition services agreement income		—			(0.1	)		—		(2.5	)
Loss on business disposal		—			—			—		0.3
Total mergers and acquisitions, divestitures and business optimization	$	9.4		$	10.1		$	26.5	$	34.6

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended December 31,				Years Ended December 31,
		2024		2023		2024		2023
Foundational Capabilities	$	10.7	$	8.0	$	35.7	$	35.8
Migration Management		13.3		7.7		43.2		29.6
Program Enablement		1.6		1.3		5.4		5.2
Total accelerated technology investment	$	25.6	$	17.0	$	84.2	$	70.6

4.	Operating model optimization consisted of the following adjustments:

	Three Months Ended December 31,				Years Ended December 31,
		2024		2023		2024		2023
Employee separation	$	—	$	71.9	$	24.7	$	71.9
Facility exit		—		3.4		42.1		3.4
Business process optimization		8.4		2.3		28.0		2.3
Total operating model optimization	$	8.4	$	77.6	$	94.8	$	77.6

5.	Net other consisted of the following adjustments:

	Three Months Ended December 31,					Years Ended December 31,
		2024		2023			2024			2023
Deferred loan fee expense from debt prepayments and refinancings	$	8.6	$	6.2		$	17.8		$	9.3
Other debt financing expenses		0.7		0.7			2.4			2.2
Currency remeasurement on foreign operations		2.5		(1.8	)		2.1			4.8
Other non-operating (income) and expense		0.2		(0.5	)		(0.5	)		(1.0	)
Total other adjustments	$	12.1	$	4.6		$	21.8		$	15.2

6.	Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

SCHEDULE 3 TRANSUNION AND SUBSIDIARIES Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited) (in millions, except per share data)

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Net income (loss) from continuing operations attributable to TransUnion	$	66.2		$	6.0		$	284.4		$	(205.4	)
Discontinued operations, net of tax		—			—			—			(0.7	)
Income (loss) attributable to TransUnion	$	66.2		$	6.1		$	284.4		$	(206.2	)

Weighted-average shares outstanding:
Basic		194.9			193.7			194.4			193.4
Diluted		197.3			194.3			196.7			193.4

Basic earnings (loss) per common share from:
Income (loss) from continuing operations attributable to TransUnion	$	0.34		$	0.03		$	1.46		$	(1.06	)
Discontinued operations, net of tax		—			—			—			—
Net income (loss) attributable to TransUnion	$	0.34		$	0.03		$	1.46		$	(1.07	)
Diluted earnings (loss) per common share from:
Income (loss) from continuing operations attributable to TransUnion	$	0.34		$	0.03		$	1.45		$	(1.06	)
Discontinued operations, net of tax		—			—			—			—
Net income (loss) attributable to TransUnion	$	0.34		$	0.03		$	1.45		$	(1.07	)

Reconciliation of Net income (loss) attributable to TransUnion to Adjusted Net Income:
Net income (loss) attributable to TransUnion	$	66.2		$	6.1		$	284.4		$	(206.2	)
Discontinued operations, net of tax		—			—			—			0.7
Income (loss) from continuing operations attributable to TransUnion	$	66.2		$	6.0		$	284.4		$	(205.4	)
Adjustments before income tax items:
Amortization of certain intangible assets		71.3			72.4			286.1			293.6
Stock-based compensation		35.6			27.3			121.2			100.6
Goodwill impairment¹		—			—			—			414.0
Mergers and acquisitions, divestitures and business optimization²		9.4			10.1			26.5			34.6
Accelerated technology investment³		25.6			17.0			84.2			70.6
Operating model optimization program⁴		8.4			77.6			94.8			77.6
Net other⁵		11.6			4.4			20.2			14.0
Total adjustments before income tax items	$	161.9		$	208.8		$	633.1		$	1,005.0
Total adjustments for income taxes⁶	$	(35.9	)	$	(58.9	)	$	(148.7	)	$	(144.1	)
Adjusted Net Income	$	192.2		$	156.0		$	768.8		$	655.4

Weighted-average shares outstanding:
Basic		194.9			193.7			194.4			193.4
Diluted		197.3			194.3			196.7			194.7

Adjusted Earnings per Share:
Basic	$	0.99		$	0.81		$	3.95		$	3.39
Diluted	$	0.97		$	0.80		$	3.91		$	3.37

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Reconciliation of Diluted earnings (loss) per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:
Diluted earnings (loss) per common share from:
Net income (loss) attributable to TransUnion	$	0.34		$	0.03		$	1.45		$	(1.07	)
Discontinued operations, net of tax		—			—			—			—
Income (loss) from continuing operations attributable to TransUnion	$	0.34		$	0.03		$	1.45		$	(1.06	)
Adjustments before income tax items:
Amortization of certain intangible assets		0.36			0.37			1.45			1.51
Stock-based compensation		0.18			0.14			0.62			0.52
Goodwill impairment¹		—			—			—			2.13
Mergers and acquisitions, divestitures and business optimization²		0.05			0.05			0.13			0.18
Accelerated technology investment³		0.13			0.09			0.43			0.36
Operating model optimization program⁴		0.04			0.40			0.48			0.40
Net other⁵		0.06			0.02			0.10			0.07
Total adjustments before income tax items	$	0.82		$	1.07		$	3.22		$	5.16
Total adjustments for income taxes⁶		(0.18	)		(0.30	)		(0.76	)		(0.74	)
Impact of additional dilutive shares⁷		—			—			—			0.02
Adjusted Diluted Earnings per Share	$	0.97		$	0.80		$	3.91		$	3.37

Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

1.	During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
2.	Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024		2023
Transaction and integration costs	$	4.2		$	9.9		$	11.2	$	30.9
Fair value and impairment adjustments		7.6			0.9			8.4		1.6
Post-acquisition adjustments		(2.3	)		(0.5	)		7.0		4.3
Transition services agreement income		—			(0.1	)		—		(2.5	)
Loss on business disposal		—			—			—		0.3
Total mergers and acquisitions, divestitures and business optimization	$	9.4		$	10.1		$	26.5	$	34.6

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended December 31,				Years Ended December 31,
		2024		2023		2024		2023
Foundational Capabilities	$	10.7	$	8.0	$	35.7	$	35.8
Migration Management		13.3		7.7		43.2		29.6
Program Enablement		1.6		1.3		5.4		5.2
Total accelerated technology investment	$	25.6	$	17.0	$	84.2	$	70.6

4.	Operating model optimization consisted of the following adjustments:

	Three Months Ended December 31,				Years Ended December 31,
		2024		2023		2024		2023
Employee separation	$	—	$	71.9	$	24.7	$	71.9
Facility exit		—		3.4		42.1		3.4
Business process optimization		8.4		2.3		28.0		2.3
Total operating model optimization	$	8.4	$	77.6	$	94.8	$	77.6

5.	Net other consisted of the following adjustments:

	Three Months Ended December 31,					Years Ended December 31,
		2024		2023			2024		2023
Deferred loan fee expense from debt prepayments and refinancing	$	8.6	$	6.2		$	17.8	$	9.3
Currency remeasurement on foreign operations		2.5		(1.8	)		2.1		4.8
Other non-operating expense		0.4		—			0.3		—
Total other adjustments	$	11.6	$	4.4		$	20.2	$	14.0

6.	Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.
7.	Diluted share counts for Adjusted Diluted Earnings Per Share includes an additional 1.3 million of dilutive securities for the twelve months ended December 31, 2023, which are not included in GAAP diluted weighted-average shares outstanding due to the Company’s net loss position for the twelve months ended December 31, 2023.

SCHEDULE 4 TRANSUNION AND SUBSIDIARIES Adjusted Provision for Income Taxes, Effective Tax Rate and Adjusted Effective Tax Rate (Unaudited) (dollars in millions)

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Income (loss) from continuing operations before income taxes	$	100.6		$	(5.8	)	$	401.1		$	(145.3	)
Total adjustments before income tax items from Schedule 3		161.9			208.8			633.1			1,005.0
Adjusted income from continuing operations before income taxes	$	262.5		$	203.0		$	1,034.3		$	859.7

Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes
(Provision) benefit for income taxes		(29.9	)		15.4			(98.8	)		(44.7	)
Adjustments for income taxes:
Tax effect of above adjustments		(37.0	)		(45.5	)		(145.5	)		(135.6	)
Eliminate impact of excess tax (benefit) expenses for stock-based compensation		(0.1	)		0.2			(1.5	)		3.0
Other¹		1.3			(13.7	)		(1.7	)		(11.5	)
Total adjustments for income taxes	$	(35.9	)	$	(58.9	)	$	(148.7	)	$	(144.1	)
Adjusted Provision for Income Taxes	$	(65.8	)	$	(43.5	)	$	(247.6	)	$	(188.8	)

Effective tax rate		29.7	%		263.1	%		24.6	%	(30.8)%
Adjusted Effective Tax Rate		25.1	%		21.4	%		23.9	%		22.0	%

As a result of displaying amounts in millions, rounding differences may exist in the table above.

1.	Other adjustments for income taxes include:

	Three Months Ended December 31,						Years Ended December 31,
		2024			2023			2024			2023
Deferred tax adjustments	$	15.2		$	(13.5	)	$	13.8		$	(12.9	)
Valuation allowance adjustments		(10.6	)		4.8			(12.7	)		4.0
Return to provision, audit adjustments, and reserves related to prior periods		(3.5	)		(3.6	)		(2.3	)		(1.0	)
Other adjustments		0.1			(1.4	)		(0.5	)		(1.6	)
Total other adjustments	$	1.3		$	(13.7	)	$	(1.7	)	$	(11.5	)

SCHEDULE 5
TRANSUNION AND SUBSIDIARIES
Leverage Ratio (Unaudited)
(dollars in millions)

	Years Ended December 31,
		2024		2023
Reconciliation of Net income (loss) attributable to TransUnion to Consolidated Adjusted EBITDA:
Net income (loss) attributable to TransUnion	$	284.4	$	(206.2	)
Discontinued operations, net of tax		—		0.7
Income (loss) from continuing operations attributable to TransUnion	$	284.4	$	(205.4	)
Net interest expense		236.7		267.5
Provision for income taxes		98.8		44.7
Depreciation and amortization		537.8		524.4
EBITDA	$	1,157.7	$	631.2
Adjustments to EBITDA:
Stock-based compensation	$	121.2	$	100.6
Goodwill impairment¹		—		414.0
Mergers and acquisitions, divestitures and business optimization²		26.5		34.6
Accelerated technology investment³		84.2		70.6
Operating model optimization program⁴		94.8		77.6
Net other⁵		21.8		15.2
Total adjustments to EBITDA	$	348.7	$	712.5
Leverage Ratio Adjusted EBITDA	$	1,506.3	$	1,343.7

Total debt	$	5,147.2	$	5,340.4
Less: Cash and cash equivalents		679.5		476.2
Net Debt	$	4,467.8	$	4,864.2

Ratio of Net Debt to Net income (loss) attributable to TransUnion		15.7		(23.6	)
Leverage Ratio⁶		3.0		3.6

As a result of displaying amounts in millions, rounding differences may exist in the table above.

1.	During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
2.	Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Years Ended December 31,
		2024		2023
Transaction and integration costs	$	11.2	$	30.9
Fair value and impairment adjustments		8.4		1.6
Post-acquisition adjustments		7.0		4.3
Transition services agreement income		—		(2.5	)
Loss on business disposal		—		0.3
Total mergers and acquisitions, divestitures and business optimization	$	26.5	$	34.6

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Years Ended December 31,
		2024		2023
Foundational Capabilities	$	35.7	$	35.8
Migration Management		43.2		29.6
Program Enablement		5.4		5.2
Total accelerated technology investment	$	84.2	$	70.6

4.	Operating model optimization consisted of the following adjustments:

	Years Ended December 31,
		2024		2023
Employee separation	$	24.7	$	71.9
Facility exit		42.1		3.4
Business process optimization		28.0		2.3
Total operating model optimization	$	94.8	$	77.6

5.	Net other consisted of the following adjustments:

	Years Ended December 31,
		2024			2023
Deferred loan fee expense from debt prepayments and refinancings	$	17.8		$	9.3
Other debt financing expenses		2.4			2.2
Currency remeasurement on foreign operations		2.1			4.8
Other non-operating (income) and expense		(0.5	)		(1.0	)
Total other adjustments	$	21.8		$	15.2

6.	We define Leverage Ratio as net debt divided by Leverage Ratio Adjusted EBITDA as shown in the table above.

SCHEDULE 6 TRANSUNION AND SUBSIDIARIES Segment Depreciation and Amortization (Unaudited) (in millions)

	Three Months Ended December 31,				Years Ended December 31,
		2024		2023		2024		2023

U.S. Markets	$	101.1	$	101.3	$	400.5	$	393.6
International		35.2		30.9		133.3		126.4
Corporate		0.9		1.1		3.9		4.4
Total depreciation and amortization	$	137.3	$	133.3	$	537.8	$	524.4

As a result of displaying amounts in millions, rounding differences may exist in the table above.

SCHEDULE 7
TRANSUNION AND SUBSIDIARIES
Reconciliation of Non-GAAP Guidance (Unaudited)
(in millions, except per share data)

	Three Months Ended March 31, 2025						Year Ended December 31, 2025
	Low			High			Low			High
Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:
Net income attributable to TransUnion	$	71		$	77		$	335		$	362
Interest, taxes and depreciation and amortization		222			225			923			935
EBITDA	$	293		$	301		$	1,258		$	1,298
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments¹		83			83			292			292
Adjusted EBITDA	$	376		$	384		$	1,549		$	1,590

Net income attributable to TransUnion margin		6.7	%		7.1	%		7.7	%		8.3	%
Consolidated Adjusted EBITDA margin²		35.5	%		35.8	%		35.8	%		36.2	%

Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:
Diluted earnings per share	$	0.36		$	0.39		$	1.68		$	1.82
Adjustments to diluted earnings per share¹		0.60			0.60			2.25			2.26
Adjusted Diluted Earnings per Share	$	0.96		$	0.99		$	3.93		$	4.08

As a result of displaying amounts in millions, rounding differences may exist in the table above.

1.	These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
2.	Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

The MIL Network –

February 14, 2025

MIL-OSI United Kingdom: Former owner of Gillingham takeaway sanctioned for £50,000 Covid loan abuse
Source: United Kingdom – Executive Government & Departments

Former owner of Chinese takeaway in Kent claimed maximum loan for business which was not eligible for any money
Zhongqing Li claimed a £50,000 Bounce Back Loan for his Chinese takeaway despite the business not being eligible for the scheme

The Official Receiver uncovered the abuse of the loan after the takeaway owner became bankrupt.

He is now subject to nine years of sanctions which prevent him acting as a company director

The former owner of a Chinese takeaway in Kent is subject to stringent sanctions after taking out a £50,000 Bounce Back Loan during the Covid pandemic when the business was not entitled to any money under the scheme.

Zhongqing Li, 55, from Parkwood Green, Gillingham, applied for the loan in June 2020 to support his Silver Sea takeaway, which also traded from Parkwood Green.

Li became bankrupt in June 2024, owing the full amount of the loan.

The Official Receiver, whose duty includes investigating the cause of a bankruptcy, discovered that Silver Sea had not been trading within the required timeframe to have been eligible for a Bounce Back Loan.

Samantha Crook, Deputy Official Receiver at the Insolvency Service, said:

The Bounce Back Loan scheme was designed to help keep existing businesses afloat during a time of crisis for the country.

Zhongqing Li abused this vital support by claiming the maximum amount possible for a business that was not entitled to receive a loan under the terms of the scheme.

The Insolvency Service strives to secure the toughest sanctions for those who abuse public money, and we are pleased these lengthy restrictions will curb Li’s business and financial activities to help protect the public from further harm.

Li made a loan application on 15 June 2020 in which he stated that Silver Sea had been trading on 1 March 2020 – the date businesses had to have been trading to qualify for a loan under the rules of the scheme.

But the Official Receiver discovered that the day before he applied for the loan, Li had signed a VAT registration form saying the business had only begun trading in the previous month, on 17 May 2020.

The Official Receiver secured a Bankruptcy Restrictions Undertaking (BRU) from Li, in which he did not dispute that he had obtained a £50,000 Bounce Back Loan to which he was not entitled because he was not trading on or before 1 March 2020, as required by the terms of the scheme.

He agreed to abide by sanctions that restrict his finance and business activities, and extend the original terms of his bankruptcy – usually a 12-month period – for another nine years.

The restrictions prevent him acting as a company director without permission from the court, and from holding certain roles in public organisations. He is also prohibited from borrowing more than £500 without declaring he is subject to the sanctions.

The Secretary of State for Business and Trade accepted the undertaking from Zhongqing Li on 28 January 2025. He will be subject to the restrictions until 27 January 2034.

The Silver Sea takeaway continues to trade under different owners.

The Official Receiver continues to make enquiries into possible recovery of the money.

Further Information

Zhongqing Li is of Parkwood Green, Gillingham. His date of birth is 14 July 1969.

Further guidance about Bankruptcy Restrictions Orders and Undertakings 

Details of BRO and BRU restrictions relating to individuals can be found on the Individual Insolvency Register

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Published 13 February 2025
MIL OSI United Kingdom –
February 14, 2025
MIL-OSI: ThinkMarkets Celebrates Its 15-year Anniversary
Source: GlobeNewswire (MIL-OSI)

LONDON, Feb. 13, 2025 (GLOBE NEWSWIRE) — ThinkMarkets, a globally recognized leader in multi-asset online trading, is celebrating 15 years of serving traders worldwide. For over a decade, the broker has provided traders in more than 165 countries with a premium trading experience, combining best-in-class charting, execution, and a multi-asset trading product mix into one offering. To mark this milestone, ThinkMarkets is launching initiatives to thank the people who have been instrumental in its journey and success.

Advancing Global Trading Since 2010
Since its inception, ThinkMarkets has continuously enhanced the trading experience with its innovative platform, ThinkTrader. Continuous investment in server infrastructure and a strong focus on implementing cutting-edge technology have positioned ThinkMarkets at the forefront of the industry, with a commitment to innovation driving its evolution.

Recognizing People and Progress
ThinkMarkets’ growth has been driven by the support of its traders, partners, and employees around the world. To acknowledge their contributions, the company is launching a series of initiatives, including:
- Competitions and giveaways: A year-long calendar of events, competitions, and prizes.
- Media interviews: Exclusive interviews with long-standing personnel, instrumental to the company’s success.
- Reward incentives: New initiatives bring added benefits to its clients and partners.
Commenting on the milestone, Nauman Anees, Co-CEO of ThinkMarkets, said:
“ThinkMarkets started with a vision to build a global financial market trading platform that empowers clients with the best technology. Over the past 15 years, we’ve grown into a global brokerage with a presence in over 165 countries, serving all types of traders. To celebrate this major milestone, we’re launching a series of initiatives that honor our journey and achievements. As we mark 15 years, our commitment to innovation, transparency, and client satisfaction remains clear and will always be at the core of our approach.”

To learn more about its 15-year anniversary, users can visit thinkmarkets.com.

About ThinkMarkets
ThinkMarkets is a global, multi-regulated online brokerage established in 2010, offering clients quick and easy access to 4,000+ CFD instruments across FX, indices, commodities, equities, and more. ThinkMarkets has offices in London, Melbourne, and Tokyo, and hubs in the Asia-Pacific, Europe, and South Africa. It also operates with several financial licenses around the globe and delivers some of the industry’s most recognized trading platforms, including its award-winning platform, ThinkTrader.

Contact

ThinkMarkets
pr@thinkmarkets.com

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/efcfd4c2-f03e-4bbd-a157-b7d74a91c387

The MIL Network –
February 14, 2025
MIL-OSI United Kingdom: Partnership work leads to trader sentencing in illegal tobacco crackdown

Source: City of Stoke-on-Trent

Published: Thursday, 13th February 2025

A trader in Stoke-on-Trent has been sentenced following a crackdown on illegal tobacco.

The operation was thanks to partnership working between Stoke-on-Trent City Council’s Trading Standards team and Staffordshire Police.

Ismail Mohammed, who ran ‘Waterloo Stores’ at 80 Waterloo Road, Burslem, received a nine-month suspended sentence, 100 hours of unpaid work, and had his tobacco and cash seized.

The sentencing took place on Wednesday, 6 February 2025, at Stoke-on-Trent Crown Court, following Mr. Mohammed’s conviction on 8 July 2024. He pleaded guilty to the possession of criminal property (£6,310 in cash) and to entering into an arrangement to acquire, use, or control criminal property – in this case counterfeit and non-duty-paid tobacco.

It follows a successful investigation which began in 2019, into illegal tobacco sales at the shop, leading to a raid on residential properties in Hanley.

Officers seized 1,390 packs of illegal cigarettes and £17,000 in cash. Undercover test purchases also confirmed illegal tobacco sales at the Waterloo Road store.

Councillor Amjid Wazir OBE, cabinet member for city pride, enforcement and sustainability at Stoke-on-Trent City Council said: “This case is another great example of partnership work making Stoke-on-Trent a safer place. The work carried out by our Trading Standards team sends a clear message—illegal tobacco sales will not be tolerated. Those involved in the storage, distribution, or sale of illicit tobacco will face serious consequences.

“The trade in illegal tobacco harms legitimate businesses, provides a cheap source of cigarettes for children and young people, and undermines efforts to reduce smoking rates. Illegal tobacco sales are also often linked to wider criminal activity.

“Our message is clear, those engaging in crime will be held accountable. We are committed to making Stoke-on-Trent a greener, fairer, cleaner, and safer city for all.”

Inspector Victoria Ison, from the Stoke North local policing team, said: “We are pleased to support the local authority and Trading Standards in their work to disrupt the sale of illegal tobacco and cigarettes.

“These items not only risk public health, but also have a significant impact on legitimate sellers and local businesses who are operating within the law.

“We hope the outcome reassures the community we are committed to working with partners to tackle this issue and associated criminality.”

Mr. Mohammed had previously been prosecuted for selling counterfeit cigarettes at another Stoke-on-Trent shop, where he was fined.

Anyone concerned about illegal tobacco, underage sales, or restricted products such as knives and vapes can report them through the Trading Standards hotline at 01782 238444 or visit www.stoke.gov.uk/tradingstandards

MIL OSI United Kingdom –

February 14, 2025

MIL-OSI: Himax Technologies, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results; Provides First Quarter 2025 Guidance

Source: GlobeNewswire (MIL-OSI)

Q4 2024 Revenues, Gross Margin and EPS All Surpassed Guidance Range Issued on November 7, 2024
Company Q1 2025 Guidance: Revenues to Decrease 8.5% to 12.5% QoQ,
Gross Margin is Expected to be Around 30.5%. Profit per Diluted ADS to be 9.0 Cents to 11.0 Cents

Q4 2024 revenues registered $237.2 million, an increase of 6.7% QoQ, significantly exceeding guidance range of a slight decrease to flat, primarily driven by stronger order momentum across product lines
Q4 2024 Gross margin reached 30.5%, exceeding guidance of flat to slightly up, driven by a favorable product mix and cost improvements. Up from 30.0% in the Q3 2024
Q4 2024 after-tax profit was $24.6M, or 14.0 cents per diluted ADS, considerably above the guidance range of 9.3 cents to 11.0 cents
Company’s full year 2024 revenues were $906.8 million, and gross margin was 30.5%. 2024 profit attributable to shareholders was $0.46 per fully diluted ADS
Company’s Q1 2025 revenues to decline 8.5% to 12.5% QoQ, reflecting the low season demand due to Lunar New Year holidays. The Q1 revenue guidance implies flat to 4.6% increase YoY. Gross margin to be around 30.5%, up from 29.3% same quarter last year. Profit per diluted ADS to be in the range of 9.0 cents to 11.0 cents, implying the increase of 26% to 54% YoY
Himax sales revenues in each quarter of 2024 consistently outperformed guidance, demonstrating its ability to handle most of rush orders, underscoring its strong ability in inventory management and swift market responsiveness
Full year 2024 automotive driver IC sales increased nearly 20% YoY, significantly outpacing global automotive growth, largely driven by the continued TDDI adoption among major customers across all continents. Himax continues to reinforce its market leadership in automotive TDDI, holding well over 50% market share
Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capability, making it a core element of the solution. Small-scale production of the first-gen CPO underway, with acceleration of future CPO generation development, in close collaboration with AI customers/partners. Company believes prospect of CPO remains unchanged
WiseEye, building on the success with Dell, has achieved notable progress with other leading NB brands. Also made breakthroughs in smart door lock, palm vein authentication and smart home. Himax anticipates a strong growth trajectory in WiseEye business in 2025 and beyond
At CES 2025, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR
Rising enthusiasm in AR glasses with Gen AI in CES 2025. Himax offers three critical technologies for AR glasses, namely LCoS microdisplay, WLO waveguide, and ultralow power WiseEye AI
Himax is well-positioned to capitalize on the trend of the premium NB to adopt OLED displays and touch features. Confident to lead in the rapidly evolving landscape of AI PCs and premium NB, offering a comprehensive IC portfolio for both LCD and OLED NB

TAINAN, Taiwan, Feb. 13, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, announced its financial results for the fourth quarter and full year 2024 ended December 31, 2024.

“In 2024, our sales revenues in each quarter consistently outperformed guidance. We have consistently demonstrated our ability to handle most of rush orders, underscoring our agility, adaptability, strong capabilities in inventory management, and swift market responsiveness,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax.

“At CES this year, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR. Notably, a clear trend emerged at this year’s CES as the industry demonstrated growing enthusiasm for AR glasses, fueled by more companies entering the space and integrating generative AI to accelerate the development of lightweight, compact, and all-day AR glasses. For AR glasses, Himax offers three critical technologies, namely LCoS microdisplay, WLO waveguide, and ultralow power WiseEye AI,” continued Mr. Jordan Wu.

“Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capability, making it a core element of the solution. The prospect of CPO remains unchanged and the widespread adoption of CPO for data transmission to be conducted via optics instead of metal wire is on track in high-performance AI applications. Through WLO and CPO technologies, Himax is well-positioned to engage in the high-speed AI computing market with high expectations for its growth,” concluded Mr. Jordan Wu.

Fourth Quarter 2024 Financial Results

Himax net revenues registered $237.2 million, an increase of 6.7% sequentially, significantly exceeding Company’s guidance range of a slight decrease to flat, and up 4.2% year-over-year. Gross margin reached 30.5%, exceeding its guidance of flat to slightly up from 30.0% in the previous quarter, and up from 30.3% in the same period last year. The sequential increase was driven by a favorable product mix and cost improvements. Q4 profit per diluted ADS was 14.0 cents, considerably above the guidance range of 9.3 cents to 11.0 cents, thanks to better-than-expected revenues and improved costs.

Revenue from large display drivers came in at $25.0 million, reflecting a 18.6% sequential decline. The decrease was primarily attributed to continued customer destocking after substantial Q2 replenishment for shopping festivals, as well as heightened price competition from Chinese peers. Sales of large panel driver ICs accounted for 10.5% of total revenues for the quarter, compared to 13.8% last quarter and 14.8% a year ago.

Small and medium-sized display driver segment totaled $166.8 million, an increase of 7.4% sequentially, exceeding its guidance of flat quarter-over-quarter, thanks to stronger-than-expected sales in the automotive and tablet markets. Q4 automotive driver sales, including both traditional DDIC and TDDI, experienced mid-teens increase, significantly outperforming Company’s expectation of a single digit increase, with both DDIC and TDDI showing stronger-than-expected sales. This surge was primarily driven by continued rush orders from Chinese panel customers, carried over from Q3, following the Chinese government’s renewed trade-in stimulus initiative announced in mid-August 2024 to boost automobile consumption. Remarkably, Himax’s Q4 automotive TDDI sales have exceeded DDIC sales for the first time, underscoring the global adoption of Company’s TDDI solutions, which are increasingly essential in modern vehicles, and reflects the growing demand for more intuitive, interactive, and cost-effective touch panel features powered by TDDI technology. Himax’s automotive business, comprising drivers, Tcon, and OLED IC sales, accounted for around 50% of total Q4 revenues. Meanwhile, Q4 tablet IC sales exceeded the guidance of a low teens decline, with sales up slightly sequentially driven by rush orders from leading end customers. Q4 smartphone IC sales declined slightly, in line with its guidance. The small and medium-sized driver IC segment accounted for 70.3% of total sales for the quarter, compared to 69.9% in the previous quarter and 71.6% a year ago.

Fourth quarter revenues from its non-driver business reached $45.4 million, exceeding the guidance range, with a 24.9% increase from the previous quarter. The growth was primarily driven by a one-time ASIC Tcon product shipment to a leading projector customer and Tcon for monitor application. In Q4, automotive Tcon sales continued to grow sequentially, due to the widespread adoption of Himax’s market-leading local dimming Tcon with over two hundred secured design-win projects across major panel makers, Tier 1 suppliers, and automotive manufacturers worldwide. Non-driver products accounted for 19.2% of total revenues, as compared to 16.3% in the previous quarter and 13.6% a year ago.

Fourth quarter operating expenses were $49.2 million, a decrease of 19.1% from the previous quarter and a decline of 6.0% from a year ago. The sequential decrease stemmed primarily from a reduction in annual employee bonuses, partially offset by an increase in R&D expenses. As part of Company’s standard practice, Himax grants annual bonuses, including cash and RSUs, to employees at the end of September each year. This results in higher IFRS operating expenses in the third quarter compared to the other quarters of the year. The year-over-year decrease was mainly due to a decline in employee bonus compensation as the amortized portion of prior year’s bonuses for 2023 was higher than that for 2024, offsetting the higher annual bonus compensation grant for 2024 compared to 2023. Amid ongoing macroeconomic challenges, Himax is strictly enforcing budget and expense controls, with full-year 2024 operating expenses declining 5.6% compared to last year.

Fourth quarter operating income was $23.1 million or 9.7% of sales, compared to 2.6% of sales last quarter and 7.3% of sales for the same period last year. The sequential increase was primarily the result of higher sales, improved gross margin, and lower operating expenses. The year-over-year increase was primarily the result of higher sales, higher gross margin, and lower employee bonus compensation due to the amortized portion of the prior year’s bonuses. Fourth-quarter after-tax profit was $24.6 million, or 14.0 cents per diluted ADS, reflecting a meaningful increase from $13.0 million, or 7.4 cents per diluted ADS last quarter, and up from $23.6 million, or 13.5 cents in the same period last year.

Full Year 2024 Financial

Revenues totaled $906.8 million, a slight decline of 4.1% compared to 2023. Persistent global demand weakness, coupled with uncertainty about market trends, led to conservative purchasing decisions and inventory management by Company’s panel customers. Given this uncertainty, Himax implemented strict expense controls, resulting in a 5.6% reduction in operating expenses for the year. However, Company’s optimism in the automotive business remains unwavering, with automotive IC sales increasing by nearly 20% year-over-year in 2024, far outpacing the overall automotive market growth. Among Company’s automotive product lines, automotive TDDI and Tcon sales, both relatively new technologies, surged by more than 70%, driven by accelerated adoption across the board. This growth strengthened Company’s market leadership and positions Himax well for continued success as the automotive sector embraces more advanced technology resulting from the mega trend of increasing size, quantity, and sophistication of displays inside vehicles.

Revenue from large panel display drivers totaled $125.9 million in 2024, marking a decrease of 28.3% year-over-year, and representing 13.9% of total sales, as compared to 18.6% in 2023. Small and medium-sized driver sales totaled $625.4 million, reflecting a slight decrease of 0.6% year-over-year, and accounting for 69.0% of its total revenues, as compared to 66.5% in 2023. Non-driver product sales totaled $155.5 million, an increase of 10.6% year-over-year, and representing 17.1% of Company’s total sales, as compared to 14.9% a year ago.

Gross margin in 2024 was 30.5%, up from 27.9% in 2023. The margin expansion was driven by a strategic focus on cost improvements and operational efficiency optimization, combined with a favorable product mix that included a higher percentage of high-margin products such as automotive and Tcon. The successful diversification of foundry sources also contributed to the margin increase.

Operating expenses in 2024 were $208.0 million, a decline of 5.6% from 2023, primarily due to lower employee bonus compensation, as the amortized portion of bonuses in 2023 was higher than that in 2024. 2024 operating income was $68.2 million, or 7.5% of sales, an increase from $43.2 million, or 4.6% of sales, in 2023. Himax’s net profit for 2024 was $79.8 million, or $0.46 per diluted ADS, significantly up from $50.6 million, or $0.29 per diluted ADS in 2023.

Balance Sheet and Cash Flow

Himax had $224.6 million of cash, cash equivalents and other financial assets as of December 31, 2024. This compares to $206.4 million at the same time last year and $206.5 million a quarter ago. Himax achieved a strong positive operating cash flow of $35.4 million for the fourth quarter, compared to a cash outflow of $3.1 million in Q3. Company made a total of $30.1 million annual cash bonus to employees, resulting in the low operating cash flow of the quarter. As of December 31, 2024, Himax had $34.5 million in long-term unsecured loans, with $6.0 million representing the current portion.

The Company’s inventories as of December 31, 2024 were $158.7 million, lower than $192.5 million last quarter and $217.3 million at the end of last year. Company’s inventory levels have steadily declined over the past couple of quarters and are now at a healthy level. Accounts receivable at the end of December 2024 was $236.8 million, little changed from $224.6 million last quarter and $235.8 million a year ago. DSO was 96 days at the quarter end, as compared to 92 days last quarter and 91 days a year ago. Fourth quarter capital expenditures were $3.2 million, versus $2.6 million last quarter and $15.1 million a year ago. Fourth quarter capex was mainly for R&D related equipment for Company’s IC design business. Total capital expenditures for 2024 were $13.1 million as compared to $23.4 million in 2023. The decrease was primarily due to reduced spending on in-house testers for Company’s IC design business in 2024.

Outstanding Share

As of December 31, 2024, Himax had 174.9 million ADS outstanding, little changed from last quarter. On a fully diluted basis, the total number of ADS outstanding for the fourth quarter was 175.1 million.

Q1 2025 Outlook

In 2024, Himax’s sales revenues in each quarter consistently outperformed guidance. While this strong performance is certainly commendable, it also highlights the challenges Company faced such as limited market visibility and conservative customer demand, where many customers relied on rush orders to address their actual demands. On the other hand, rush orders are indicative of the tight inventory position of Company’s panel customers in general. In the past few quarters, Himax has consistently demonstrated its ability to handle most of such rush orders, underscoring Company’s agility, adaptability, strong capabilities in inventory management, and swift market responsiveness.

The automotive IC sales remained Company’s largest revenue contributor in 2024, accounting for almost half of total revenues and achieving close to 20% annual growth. This performance highlights Himax’s automotive leadership in technological innovations, product development, and market share. Looking ahead, Himax expects its automotive TDDI and Tcon technologies to maintain growth momentum, further strengthening its market competitiveness. Beyond LCD technology, Himax is advancing development in the automotive OLED sector, with numerous projects currently underway in partnership with leading panel makers. Company anticipates that automotive OLED IC will serve as one of the key growth drivers for Himax in the coming years, further solidifying its leadership in automotive display market.

Meanwhile, Himax is actively expanding its technology development beyond display ICs. To that end, in the WiseEye AI segment, Company has made notable progress with leading notebook brands and achieved significant breakthroughs in smart door lock, palm vein authentication, and smart home applications, collaborating with world-leading customers to develop new innovations. Himax anticipates a strong growth trajectory in its WiseEye business in 2025 and beyond.

Himax’s proprietary wafer-level optics (WLO) technology for co-packaged optics (CPO) has recently garnered significant attention in the capital markets. In fact, as early as June 2024, Himax and FOCI, a global leader in silicon photonics connectors, jointly announced the industry-leading CPO technology. The collaboration, spanning several years, unites Himax’s WLO technology with FOCI’s CPO solutions for cutting-edge AI multi-chip modules (MCM). Since the announcement, Himax has provided updates on the latest progress in each quarterly earnings call. Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capability, making it a core element of the solution. CPO significantly enhances bandwidth and accelerates data transmission while reducing signal loss, latency, and power consumption. Additionally, it can help drastically decrease the size and cost of MCM.

While CPO is still in engineering validation and trial production stage this year, with customer’s mass production timelines undisclosed and the recent AI market disruptions from DeepSeek, the prospect of CPO remains unchanged. The widespread adoption of CPO for data transmission to be conducted via optics instead of metal wire is on track in high-performance AI applications. This is evident by the significant increase in customer’s recent trial production volume forecast, indicating an accelerated timeline for CPO technology to enter mass production. Furthermore, Himax and FOCI, in close collaboration with leading AI customers and partners, are actively developing future generations of CPO technologies to meet the explosive high-speed optical data transmission demand in HPC and AI. Through WLO and CPO technologies, Himax is well-positioned to engage in the high-speed AI computing market with high expectations for its growth. Company believes that CPO technology, beyond cloud applications, will see further adoption in sectors such as automotive and robot in the future. Himax’s current goal is to accelerate CPO adoption in cloud applications, thereby helping drive broader CPO adoption in AI applications.

At CES this year, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR. Notably, a clear trend emerged at this year’s CES as the industry demonstrated growing enthusiasm for AR glasses, fueled by more companies entering the space and integrating generative AI to accelerate the development of lightweight, compact, and all-day AR glasses. For AR glasses, Himax offers three critical technologies, namely LCoS microdisplay, WLO waveguide, and ultralow power WiseEye AI. Company’s latest, patented Front-lit LCoS Microdisplay delivers unparalleled brightness with an industry-leading 400k nits, exceptional optical power efficiency, compact form factor, lightweight, and superior display quality, making it one of the most viable solutions in the see-through AR glasses market. In waveguide, in collaboration with leading tech names, Himax leverages proprietary WLO expertise, built on advanced nanoimprint technology, to offer industry-leading optical solutions that optimize light transmission and display efficiency. In the field of AI sensing for AR glasses, Himax’s WiseEye provides always-on AI sensing capabilities which are being applied by developers to significantly enhance AR interactivity while consuming just a few milliwatts of power.

In automotive display IC technology, Himax unveiled the industry’s most comprehensive LCD and OLED solutions at CES, showcasing a range of next-generation smart cabin technologies. These solutions not only improve the intuitive operation of smart cabins but also enhance driving safety and provide an exceptional user experience. A prime example is the advanced Display HMI solution developed in collaboration with AUO which meets the demands for large-size, high-resolution, and freeform automotive displays.

At CES, Himax also partnered with several AI ecosystem partners to showcase its ultralow power WiseEye Modules over a range of innovative, production-ready AIoT applications. These applications include palm vein authentication, baby cry detection, people flow management, and human sensing detection. The modules are designed for easy integration, making it highly suitable for various AIoT applications.

Display Driver IC Businesses

LDDIC

In Q1 2025, Himax anticipates a single digit sequential sales increase for large display driver ICs, driven by demand spurred by Chinese government subsidies for household appliances aimed at reviving demand in the sluggish household sector. Notebook and monitor sales are expected to increase in Q1. In contrast, TV IC sales are set to decline as customers pulled forward their inventory purchases in the prior quarter, coupled with the seasonal slowdown in Q1.

Looking ahead in the notebook sector, Company is seeing an increase in demand for premium notebooks to adopt OLED displays and touch features, partially fueled by the rise of AI PC. Himax is well-positioned to capitalize on this trend, offering a comprehensive range of ICs for both LCD and OLED notebooks, including DDIC, Tcon, touch controllers, and TDDI. A standout innovation is Company’s pioneering in-cell touch TDDI for LCD displays, which improves the ease of system design and integration by embedding the touch controller within the TDDI chip while maintaining the conventional display driver setup for Tcon data transmission. This design simplifies integration for customers, reducing engineering complexity and speeding up product development. This solution also supports high-resolution displays up to 4K and larger screens up to 16 inches, aligning with the growing demand for advanced, visually stunning, and immersive laptops. With mass production already underway for a leading notebook vendor’s AI PC, more projects are lined up. For OLED notebooks, in addition to Company’s OLED DDIC and Tcon solutions, Himax is also developing on-cell touch controller technology, with multiple projects underway with top panel makers and notebook vendors. Last but not least, progress has been made on the next-generation eDP 1.5 display interface for Tcon for both LCD and OLED panels. This interface will support high frame rates, low power consumption, adaptive sync, and high resolution, key features essential for next-generation AI PCs. By delivering innovative, cutting-edge technologies, Himax is well-positioned to lead in the rapidly evolving landscape of AI PCs and premium notebooks.

SMDDIC

On SMDDIC revenue, for the full year 2024, Himax’s automotive driver IC sales, comprising of TDDI and traditional DDIC, increased nearly 20% year-over-year, significantly outpacing global automotive growth, largely driven by the continued adoption of TDDI technology among major customers across all continents. However, Himax anticipates Q1 automotive revenue to decline low teens sequentially, following two quarters of surge demand. Despite this, Q1 automotive sales are still projected to increase by mid-teens on a year-over-year basis. In the automotive TDDI sector, with cumulative shipments significantly surpassing those of Himax’s competitors, Company continues to reinforce its market leadership, which currently stands at well over 50%. With nearly 500 design-in projects secured and a continuous influx of new pipeline and design-wins across the board, of which only 30% already in mass production, Himax expects to sustain this decent growth in the years ahead. While traditional automotive DDIC sales for 2024 declined due to their gradual, partial replacement by TDDI, Company’s DDIC shipment volume still saw a modest increase in the last year. This demonstrates the steady demand for mature DDIC products, such as those used in cluster displays, HUDs, and rear- and side-view mirrors, which do not require touch functionality. Furthermore, the long-term trust and loyalty from Company’s DDIC customers, some of whom have relied on Himax’s solutions for over a decade, is indicative of Company’s strong customer retention. Himax continues to lead the automotive DDIC market, maintaining a global market share of approximately 40%.

Himax continues to lead in automotive display IC innovation by pioneering solutions that deliver superior performance, power efficiency, and enhanced user experiences. As part of this ongoing innovation, Company’s latest TED (Tcon Embedded Driver IC) solution, which combines TDDI with local dimming Tcon into a single chip, provides a cost-effective, flexible, and comprehensive solution for its customers. Another new technology worth highlighting is Himax’s automotive TDDI with advanced user-aware touch control, which differentiates between driver and passenger touches to prevent cross-touch and enhance driving safety. In addition, Company offers a unique knob-on-in-cell-display solution that combines a physical knob with a TDDI. This design seamlessly merges in-cell touch technology with tactile controls, offering drivers a safer, more intuitive interaction that reduces distractions and enhances the overall driving experience.

Moving to smartphone and tablet IC sales, Himax expects a sequential decline in both product lines, as is typical during the low season in Q1 due to the Lunar New Year.

On OLED business update. In the automotive OLED market, Company has established strategic partnerships with leading panel makers in Korea, China, and Japan. As OLED technology extends beyond premium car models, Himax is well-positioned as the preferred partner, leveraging Company’s strong presence and proven track record in the automotive LCD display sector. Capitalizing on Himax’s first-mover advantage, Himax aims to drive the growing adoption of OLED in automotive displays by offering a comprehensive range of solutions, including DDIC, Tcon, and on-cell touch controller. Company believes this positions it as a primary beneficiary of the anticipated shift toward OLED displays for high end vehicles in a couple of years, enabling Himax to capture new growth opportunities and further strengthen its market leadership.

Beyond the automotive sector, Company has also made strides in the tablet and notebook markets, partnering with leading OLED panel makers in Korea and China. Himax’s comprehensive OLED product portfolio, covering DDIC, Tcon, and touch controllers, has driven several new projects that are on track to begin mass production this year. In the smartphone OLED market, Company is making solid progress in collaborations with customers in Korea and China and anticipates mass production to start later this year.

First quarter small and medium-sized display driver IC business is expected to decline low teens sequentially.

Non-Driver Product Categories

Q1 non-driver IC revenues are expected to decrease high teens sequentially.

Timing Controller (Tcon)

Himax anticipates Q1 2025 Tcon sales to decrease mid-teens sequentially, primarily due to the non-recurrence of a one-time ASIC Tcon shipment to a leading projector customer last quarter, as well as a moderation in automotive Tcon shipments following several quarters of strong growth. That being said, Himax maintains an unchallenged position in local dimming Tcon, evidenced by growing validation and widespread adoption in both premium and mainstream car models worldwide. Company is confident in the continued growth of its automotive Tcon business, supported by its strong market presence in local dimming Tcon, with strong pipeline of over two hundred design-win projects set to gradually enter production in the coming years. Heads-up display (HUD) is another field gaining traction within automotive displays, driving increased adoption of local dimming Tcon technology and emerging as a particularly promising application. Himax’s industry-leading local dimming Tcon provides distinct advancements with high contrast ratio and optimized power consumption. It effectively eliminates the “postcard effect” often seen in HUDs, caused by backlight leakage typical of conventional TFT LCD panels, ensuring clear and precise images on the windshield. Additionally, the Tcon features advanced transparency detection to prevent the display from obstructing the driver’s view, thereby ensuring driving safety. Several HUD projects are already in progress, and Himax is excited about the potential opportunities ahead. Company is well positioned for continuous growth in automotive Tcon over the next few years.

WiseEye™ Ultralow Power AI Sensing

On the update of WiseEye™ ultralow power AI sensing solution, a cutting-edge endpoint AI integration featuring industry-leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm. WiseEye AI delivers a significant competitive edge in the rapidly growing AI market through its ultralow power consumption and context-aware, on-device AI inferencing that seamlessly integrates vision and other sensing capabilities into endpoint applications, particularly battery-powered devices. This not only enhances intuitive user interaction but also makes AI more practical and accessible. Additionally, WiseEye AI offloads tasks from the main processor, effectively extending battery lifespan and improving overall data processing efficiency. Building on the success with Dell notebooks, Himax WiseEye AI is continuing to expand its market presence, with additional use cases expected across other leading notebook brands, some of which are set for production later this year.

WiseEye also continues to achieve significant market success across various sectors. For smart door lock, Company collaborated with DESMAN, a leading high-end brand in China, to introduce the world’s first smart door lock with 24/7 sentry monitoring and real-time event recording. Building on this achievement, Himax is expanding globally by collaborating with other leading door lock makers worldwide to integrate innovative AI features, including parcel recognition, anti-pinch protection, and palm vein biometric access, further extending application possibilities. Several of these value-added solutions are set to enter production later this year. At CES 2025, Himax joined forces with ecosystem partners to unveil a suite of innovative, production-ready AIoT applications, powered by Company’s tiny form factor, plug-and-play WiseEye Modules. Himax offers a series of modules, each incorporating an ultralow power WiseEye AI processor, an AoS image sensor, and advanced algorithms. The modules feature no-code/low-code AI platform capabilities, simplifying AI integration and supporting diverse use cases, such as human presence detection, gender and age recognition, gesture recognition, face mesh, voice command, thermal image sensing, pose estimation and people flow management. By streamlining deployment and reducing development costs, WiseEye Modules open new opportunities for automation, enhance interactivity, and elevate user experiences across a variety of industries.

A broad range of innovative, ultralow power WiseEye Modules are also under development in collaboration with ecosystem partners, such as crying baby detection, dynamic gesture recognition, and human sensing, among others. One standout in Himax’s WiseEye Module portfolio is the Himax WiseEye PalmVein solution, which has quickly gained traction since its introduction just one year ago. Company has secured multiple design wins, with mass production already underway by a US customer for smart access applications and a Taiwan-based door lock vendor for its leading smart door lock brands. To meet growing customer demand for flexibility across various environments, the upgraded WiseEye PalmVein suite now features bimodal authentication, combining both palm vein and face recognitions. This dual-authentication solution enhances security by offering two layers of biometric verification, which not only increases reliability but also makes it highly adaptable to various environments.

The rise of physical AI agents marks a significant shift in human-machine interaction, enabling devices to perceive, process, and respond to their surroundings in real time. A key emerging trend is the integration of cloud-based large language models (LLMs), which enables these agents’ advanced reasoning and language understanding, enhancing their ability to interact with and adapt to the physical world. Himax WiseEye AI is at the forefront of this revolution, delivering always-on sensor fusion, ultralow power on-device processing, while seamlessly interfacing with LLMs, to provide the essential real-time AI capabilities for next-generation applications. A good illustration of this innovation was showcased at CES 2025, where Himax and Seeed Studio introduced the SenseCAP Watcher, a physical AI agent powered by WiseEye AI. Equipped with vision and audio sensor fusion, along with a speaker, this battery-powered IoT device combines on-device AI with cloud-based LLMs to interpret commands, recognize objects, respond to events, and facilitate real-time interaction. Drawing from the success of SenseCAP Watcher, Himax is actively working on multiple projects leveraging WiseEye AI to further drive advancements in physical AI agent applications.

Separately, Himax is excited about its collaboration with a leading AR player to integrate WiseEye AI into the next generation of AR glasses. At CES, there was a renewed enthusiasm on AR glasses with AI becoming an integral component to enable intuitive and seamless human-device interaction. WiseEye AI addresses two critical challenges in AR glasses, namely real-time responsiveness and power efficiency. For example, WiseEye supports always-on outward sensing, enabling AR glasses to detect and analyze the surrounding environment with real time context-aware AI. This capability powers instant response, real-time object recognition, navigation assistance, translation, and environmental mapping, enhancing the overall AR experience. Notably, WiseEye AI’s exceptional ultralow power consumption, measured in single digit milliwatts, also make it perfectly suited for AR glasses for all-day wear. In another example, Company collaborates with Ganzin on eyeball tracking technology, which, powered by WiseEye, precisely detects subtle eyeball movements, gaze direction, pupil size, and blinking, thereby providing critical data for the enhancement of user interaction in AR glasses.

Wafer Level Optics (WLO)

In June 2024, Himax, in partnership with FOCI, a world leader in silicon photonics connector, unveiled an industry-leading co-packaged optics (CPO) technology, leveraging Himax state-of-the-art WLO technology. This innovation integrates silicon photonic chips and optical connectors within MCM, replacing traditional metal wire transmission with high-speed optical communication. The technology significantly enhances bandwidth, boosts data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM. In working closely with FOCI, Himax is making significant strides through a solid partnership with leading AI semiconductor companies and foundry, with small-scale production of the first-generation CPO solution already underway. The significant increase in Q1 engineering validation and trial production volume, combined with the anticipated sample volume increases in the coming quarters, is a strong indication that CPO technology is being accelerated toward mass production. In addition, in close collaboration with leading AI customers/partners, Himax is speeding up the development of CPO technology for the next few generations. Himax is more optimistic than ever about the outlook for its WLO business, which is poised to generate significant growth opportunities and become a major revenue and profit contributor in the years ahead.

Alongside the CPO progress, Company is witnessing a rise in engineering collaborations with global technology leaders who are utilizing Himax’s WLO expertise to make advanced waveguides for AR glasses, highlighting the growing recognition of Company’s WLO capabilities.

LCoS

On the update on LCoS, Company recently introduced its industry-leading 400K nits ultra-luminous Front-lit LCoS Microdisplay, setting a new benchmark for brightness with extremely low power consumption of merely 300mW. At CES 2025, Company showcased an AR glasses POC (Proof-Of-Concept) featuring the microdisplay with a third-party waveguide, achieving over 1,000 nits of brightness to the eye. This demonstration highlighted its suitability for outdoor, high ambient light conditions. With a lightweight of just 0.98 grams and ultra-compact form factor of less than 0.5 c.c., combined with excellent color performance, Himax’s Front-lit LCoS Microdisplay is ideal for all-day AR glasses and underscores the technology’s readiness for real-world applications.

Following the recent release of Himax’s 400K nits ultra-luminous Front-lit LCoS Microdisplay, Himax is actively engaged in significant projects through strategic collaborations with industry leaders. Himax’s proven track record of over a decade in LCoS technology, coupled with a history of successful production shipments, highlights Company’s readiness to meet the demands of large-scale production of AR glasses.

First Quarter 2025 Guidance
Net Revenue:	Decrease 8.5% to 12.5% QoQ, Flat to Up 4.6% YoY
Gross Margin:	Around 30.5%, depending on final product mix
Profit:	9.0 cents to 11.0 cents per diluted ADS, Up 26% to 54% YoY

Himax noticed that some peers’ customers placed orders early due to tariff factors, especially in the consumer electronics sector, resulting in Q1 revenue forecasts exceeding normal seasonal demand. In contrast, no similar trend has been observed in the automotive semiconductor market. Since Himax’s automotive business accounts for more than half of its total revenues, Himax’s Q1 revenue forecast has not benefited from tariff factors.

HIMAX TECHNOLOGIES FOURTH QUARTER AND FULL YEAR 2024 EARNINGS CONFERENCE CALL
DATE:	Thursday, February 13, 2025
TIME:	U.S. 8:00 a.m. EST Taiwan 9:00 p.m.

Live Webcast (Video and Audio): http://www.zucast.com/webcast/br8wqbB4 Toll Free Dial-in Number (Audio Only):
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Dial-in Number (Audio Only):
	Taiwan Domestic Access 02-3396-1191 International Access +886-2-3396-1191
Participant PIN Code: 3329013 #

If you choose to attend the call by dialing in via phone, please enter the Participant PIN Code 3329013 # after the call is connected. A replay of the webcast will be available beginning two hours after the call on www.himax.com.tw. This webcast can be accessed by clicking on this link or Himax’s website, where it will remain available until February 13, 2026.

About Himax Technologies, Inc.
Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye™ Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,649 patents granted and 402 patents pending approval worldwide as of December 31, 2024.

http://www.himax.com.tw

Forward Looking Statements

Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2023 filed with the SEC, as may be amended.

Company Contacts:

Eric Li, Chief IR/PR Officer
Himax Technologies, Inc.
Tel: +886-6-505-0880
Fax: +886-2-2314-0877
Email: hx_ir@himax.com.tw
www.himax.com.tw

Karen Tiao, Investor Relations
Himax Technologies, Inc.
Tel: +886-2-2370-3999
Fax: +886-2-2314-0877
Email: hx_ir@himax.com.tw
www.himax.com.tw

Mark Schwalenberg, Director
Investor Relations – US Representative
MZ North America
Tel: +1-312-261-6430
Email: HIMX@mzgroup.us
www.mzgroup.us

-Financial Tables-

Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Profit or Loss
(These interim financials do not fully comply with IFRS because they omit all interim disclosure required by IFRS)
(Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)
	Three Months Ended December 31,						3 Months Ended September 30,
		2024			2023			2024

Revenues
Revenues from third parties, net	$	237,182		$	227,664		$	222,401
Revenues from related parties, net		41			14			6
		237,223			227,678			222,407

Costs and expenses:
Cost of revenues		164,963			158,669			155,795
Research and development		37,584			41,088			46,880
General and administrative		5,711			5,831			6,828
Sales and marketing		5,886			5,409			7,048
Total costs and expenses		214,144			210,997			216,551

Operating income		23,079			16,681			5,856

Non operating income (loss):
Interest income		2,042			1,934			2,297
Changes in fair value of financial assets at fair value through profit or loss		1,245			1,710			27
Foreign currency exchange gains (losses), net		690			(1,525	)		457
Finance costs		(964	)		(1,140	)		(1,018	)
Share of losses of associates		(360	)		(14	)		(143	)
Other losses		–			(1,932	)		–
Other income (losses)		60			(362	)		105
		2,713			(1,329	)		1,725
Profit before income taxes		25,792			15,352			7,581
Income tax expense (benefit)		761			(7,933	)		(5,174	)
Profit for the period		25,031			23,285			12,755
Loss (profit) attributable to noncontrolling interests		(423	)		280			268
Profit attributable to Himax Technologies, Inc. stockholders	$	24,608		$	23,565		$	13,023

Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders	$	0.141		$	0.135		$	0.075
Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders	$	0.140		$	0.135		$	0.074

Basic Weighted Average Outstanding ADS		175,008			174,724			174,727
Diluted Weighted Average Outstanding ADS		175,146			174,979			174,987

Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Profit or Loss
(Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)

	Twelve Months Ended December 31,
		2024			2023

Revenues
Revenues from third parties, net	$	906,737		$	945,309
Revenues from related parties, net		65			119
		906,802			945,428

Costs and expenses:
Cost of revenues		630,601			681,931
Research and development		160,329			171,392
General and administrative		24,121			25,037
Sales and marketing		23,530			23,856
Total costs and expenses		838,581			902,216

Operating income		68,221			43,212

Non operating income (loss):
Interest income		9,907			8,746
Changes in fair value of financial assets at fair value through profit or loss		1,363			1,655
Foreign currency exchange gains (losses), net		2,491			(768	)
Finance costs		(4,014	)		(6,080	)
Share of losses of associates		(831	)		(598	)
Other losses		–			(1,932	)
Other income		198			158
		9,114			1,181
Profit before income taxes		77,335			44,393
Income tax benefit		(2,435	)		(5,028	)
Profit for the period		79,770			49,421
Loss (profit) attributable to noncontrolling interests		(15	)		1,195
Profit attributable to Himax Technologies, Inc. stockholders	$	79,755		$	50,616

Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders	$	0.456		$	0.290
Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders	$	0.456		$	0.290

Basic Weighted Average Outstanding ADS		174,796			174,495
Diluted Weighted Average Outstanding ADS		175,014			174,783

Himax Technologies, Inc.
IFRS Unaudited Condensed Consolidated Statements of Financial Position
(Amounts in Thousands of U.S. Dollars)

	December 31, 2024			December 31, 2023			September 30, 2024
Assets
Current assets:
Cash and cash equivalents	$	218,148		$	191,749		$	194,139
Financial assets at amortized cost		4,286			12,511			12,335
Financial assets at fair value through profit or loss		2,140			2,117			–
Accounts receivable, net (including related parties)		236,813			235,829			224,589
Inventories		158,746			217,308			192,458
Income taxes receivable		726			1,454			986
Restricted deposit		503,700			453,000			503,700
Other receivable from related parties		13			69			22
Other current assets		43,471			86,548			42,581
Total current assets		1,168,043			1,200,585			1,170,810
Financial assets at fair value through profit or loss		23,554			21,650			26,383
Financial assets at fair value through other comprehensive income		28,226			1,635			22,457
Equity method investments		8,571			3,490			2,945
Property, plant and equipment, net		121,280			130,109			122,333
Deferred tax assets		21,193			14,196			13,806
Goodwill		28,138			28,138			28,138
Other intangible assets, net		636			816			717
Restricted deposit		31			32			31
Refundable deposits		221,824			222,025			221,879
Other non-current assets		18,025			20,728			18,484
		471,478			442,819			457,173
Total assets	$	1,639,521		$	1,643,404		$	1,627,983
Liabilities and Equity
Current liabilities:
Current portion of long-term unsecured borrowings	$	6,000		$	6,000		$	6,000
Short-term secured borrowings		503,700			453,000			503,700
Accounts payable (including related parties)		113,203			107,342			121,384
Income taxes payable		9,514			15,309			2,324
Other payable to related parties		–			110			–
Contract liabilities-current		10,622			17,751			25,694
Other current liabilities		63,595			109,291			54,673
Total current liabilities		706,634			708,803			713,775
Long-term unsecured borrowings		28,500			34,500			30,000
Deferred tax liabilities		564			520			505
Other non-current liabilities		7,496			35,879			11,361
		36,560			70,899			41,866
Total liabilities		743,194			779,702			755,641
Equity
Ordinary shares		107,010			107,010			107,010
Additional paid-in capital		115,376			114,648			115,285
Treasury shares		(5,546	)		(5,157	)		(4,714	)
Accumulated other comprehensive income		8,621			(180	)		3,507
Retained earnings		664,600			640,447			644,596
Equity attributable to owners of Himax Technologies, Inc.		890,061			856,768			865,684
Noncontrolling interests		6,266			6,934			6,658
Total equity		896,327			863,702			872,342
Total liabilities and equity	$	1,639,521		$	1,643,404		$	1,627,983

Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands of U.S. Dollars)
	Three Months Ended December 31,						Three Months Ended September 30,
		2024			2023			2024

Cash flows from operating activities:
Profit for the period	$	25,031		$	23,285		$	12,755
Adjustments for:
Depreciation and amortization		5,564			5,115			5,640
Share-based compensation expenses		103			346			407
Losses (gains) on disposals of property, plant and equipment, net		4			(368	)		–
Loss on re-measurement of the pre-existing relationships in a business combination		–			1,932			–
Changes in fair value of financial assets at fair value through profit or loss		(1,245	)		(1,710	)		(27	)
Interest income		(2,042	)		(1,934	)		(2,297	)
Finance costs		964			1,140			1,018
Income tax expense (benefit)		761			(7,933	)		(5,174	)
Share of losses of associates		360			14			143
Inventories write downs		4,037			5,727			2,269
Unrealized foreign currency exchange losses (gains)		(159	)		1,517			228
		33,378			27,131			14,962
Changes in:
Accounts receivable (including related parties)		(27,302	)		8,163			8,548
Inventories		29,675			36,580			8,964
Other receivable from related parties		9			(29	)		33
Other current assets		2,502			(5,682	)		(778	)
Accounts payable (including related parties)		(7,706	)		(627	)		(26,101	)
Other payable to related parties		1			363			(102	)
Contract liabilities		6			(958	)		667
Other current liabilities		2,508			3,014			(4,161	)
Other non-current liabilities		71			393			(3,354	)
Cash generated from operating activities		33,142			68,348			(1,322	)
Interest received		3,513			2,665			860
Interest paid		(1,047	)		(1,140	)		(1,018	)
Income tax paid		(191	)		(1,131	)		(1,658	)
Net cash provided by (used in) operating activities		35,417			68,742			(3,138	)

Cash flows from investing activities:
Acquisitions of property, plant and equipment		(3,222	)		(15,052	)		(2,551	)
Proceeds from disposal of property, plant and equipment		–			111			–
Acquisitions of intangible assets		–			(40	)		(9	)
Acquisitions of financial assets at amortized cost		(2,286	)		(4,573	)		(1,500	)
Proceeds from disposal of financial assets at amortized cost		10,289			784			617
Acquisitions of financial assets at fair value through profit or loss		(6,807	)		(5,375	)		(27,934	)
Proceeds from disposal of financial assets at fair value through profit or loss		3,722			1,645			33,036
Acquisitions of financial assets at fair value through other comprehensive income		–			(1,379	)		–
Proceeds from disposal of financial assets at fair value through other comprehensive income		–			99			–
Acquisition of a subsidiary, net of cash acquired (paid)		(5,416	)		433			–
Proceeds from capital reduction of investment		338			360			–
Acquisitions of equity method investment		(1,236	)		–			–
Decrease (increase) in refundable deposits		(8	)		–			11,339
Net cash provided by (used in) investing activities		(4,626	)		(22,987	)		12,998

Cash flows from financing activities:
Purchase of treasury shares		(832	)		–			–
Prepayments for purchase of treasury shares		(2,168	)		–			–
Payments of cash dividends		–			–			(50,670	)
Payments of dividend equivalents		–			–			(233	)
Proceeds from issuance of new shares by subsidiaries		–			916			–
Purchases of subsidiaries shares from noncontrolling interests		–			(9	)		–
Proceeds from short-term unsecured borrowings		–			36,932			–
Repayments of short-term unsecured borrowings		–			(37,226	)		–
Repayments of long-term unsecured borrowings		(1,500	)		(1,500	)		(1,500	)
Proceeds from short-term secured borrowings		461,400			427,100			522,600
Repayments of short-term secured borrowings		(461,400	)		(427,100	)		(471,900	)
Pledge of restricted deposit		–			–			(50,700	)
Payment of lease liabilities		(1,340	)		(1,244	)		(979	)
Guarantee deposits received (refunded)		219			(5	)		–
Net cash used in financing activities		(5,621	)		(2,136	)		(53,382	)
Effect of foreign currency exchange rate changes on cash and cash equivalents		(1,161	)		873			985
Net increase (decrease) in cash and cash equivalents		24,009			44,492			(42,537	)
Cash and cash equivalents at beginning of period		194,139			147,257			236,676
Cash and cash equivalents at end of period	$	218,148		$	191,749		$	194,139

Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands of U.S. Dollars)
	Twelve Months Ended December 31,
		2024			2023

Cash flows from operating activities:
Profit for the period	$	79,770		$	49,421
Adjustments for:
Depreciation and amortization		22,354			20,322
Share-based compensation expenses		1,247			2,663
Losses (gains) on disposals of property, plant and equipment, net		4			(368	)
Loss on re-measurement of the pre-existing relationships in a business combination		–			1,932
Changes in fair value of financial assets at fair value through profit or loss		(1,363	)		(1,655	)
Interest income		(9,907	)		(8,746	)
Finance costs		4,014			6,080
Income tax benefit		(2,435	)		(5,028	)
Share of losses of associates		831			598
Inventories write downs		13,551			21,540
Unrealized foreign currency exchange losses (gains)		(171	)		624
		107,895			87,383
Changes in:
Accounts receivable (including related parties)		(40,738	)		20,804
Inventories		45,011			132,090
Other receivable from related parties		56			5
Other current assets		3,941			(3,863	)
Accounts payable (including related parties)		14,567			7,676
Other payable to related parties		(110	)		(268	)
Contract liabilities		45			(37,051	)
Other current liabilities		(9,010	)		1,246
Other non-current liabilities		(2,260	)		(4,602	)
Cash generated from operating activities		119,397			203,420
Interest received		9,732			8,567
Interest paid		(4,015	)		(6,080	)
Income tax paid		(9,138	)		(53,066	)
Net cash provided by operating activities		115,976			152,841

Cash flows from investing activities:
Acquisitions of property, plant and equipment		(13,054	)		(23,378	)
Proceeds from disposal of property, plant and equipment		–			111
Acquisitions of intangible assets		(153	)		(115	)
Acquisitions of financial assets at amortized cost		(11,236	)		(6,911	)
Proceeds from disposal of financial assets at amortized cost		19,457			3,099
Acquisitions of financial assets at fair value through profit or loss		(76,003	)		(82,628	)
Proceeds from disposal of financial assets at fair value through profit or loss		70,389			75,539
Acquisitions of financial assets at fair value through other comprehensive income		(17,164	)		(1,379	)
Proceeds from disposal of financial assets at fair value through other comprehensive income		–			99
Acquisition of a subsidiary, net of cash acquired (paid)		(5,416	)		433
Proceeds from capital reduction of investment		338			360
Acquisitions of equity method investment		(1,236	)		–
Decrease (increase) in refundable deposits		33,562			(56,933	)
Cash received in advance from disposal of land		–			2,821
Net cash used in investing activities		(516	)		(88,882	)

Cash flows from financing activities:
Purchase of treasury shares		(832	)		–
Prepayments for purchase of treasury shares		(2,168	)		–
Payments of cash dividends		(50,670	)		(83,720	)
Payments of dividend equivalents		(233	)		(148	)
Proceeds from issuance of new shares by subsidiary		71			916
Purchases of subsidiaries shares from noncontrolling interests		(190	)		(9	)
Proceeds from short-term unsecured borrowings		–			47,226
Repayments of short-term unsecured borrowings		–			(47,226	)
Repayments of long-term unsecured borrowings		(6,000	)		(6,000	)
Proceeds from short-term secured borrowings		1,780,300			1,383,300
Repayments of short-term secured borrowings		(1,729,600	)		(1,299,600	)
Pledge of restricted deposit		(50,700	)		(83,700	)
Payment of lease liabilities		(5,032	)		(4,830	)
Guarantee deposits received (refunded)		(23,163	)		200
Net cash used in financing activities		(88,217	)		(93,591	)
Effect of foreign currency exchange rate changes on cash and cash equivalents		(844	)		(200	)
Net increase (decrease) in cash and cash equivalents		26,399			(29,832	)
Cash and cash equivalents at beginning of period		191,749			221,581
Cash and cash equivalents at end of period	$	218,148		$	191,749

The MIL Network –

February 13, 2025

MIL-OSI United Kingdom: expert reaction to systematic review of studies on impacts of global pesticide use on biodiversity

Source: United Kingdom – Executive Government & Departments

February 13, 2025

A systematic review published in Nature Communications looks at the impact of pesticide use on biodiversity.

Prof Oliver Jones, Professor of Chemistry, RMIT University, said:

“There is a lot to like in this study. While the authors have not undertaken any new experiments, they have synthesised data from the existing scientific literature to make new deductions about the unintended effects of pesticides. They look at many different species worldwide and it’s great to see that they used environmentally realistic pesticide concentrations in the calculations

“While the work has generated some useful insights, there are some points to keep in mind.

“The word pesticide is a catch-all term for any substance used to control a species humans don’t want to be in a particular space. There are several subgroups: Herbicides are used to control plants, insecticides are used to control insects, etc. Because pesticides are designed to control classes of organisms, the fact that non-target species within those classes may also be affected is not new. While the study highlights negative impacts on over 800 non-target species, data was only available for these. Other species may also be impacted, but we don’t have the data on how.

“There are also many, many pesticides in use, and some have much worse unintended effects than others. The types of pesticides and how they are used also differ between countries. Compounds used in one country are banned in others, making direct comparisons difficult.

“Also, as the authors themselves point out, pesticide use is essential to modern agriculture; we could not feed the world’s population without them.

“The above non-withstanding, the central tenet of this work—that if we are serious about reducing biodiversity loss, we need to be careful about how we use pesticides and look for alternative methods where possible—is very sensible. For example, the data from this work might be used to identify the compounds with the largest non-intended effects and remove them from common use in favour of those with the fewest non-intended effects.”

Prof Toby Bruce, Professor of Insect Ecology, Keele University, said:

“Increasing evidence of off-target effects of conventional pesticides means there is an urgent need to research and deliver alternative, better targeted approaches. Since the Green Revolution, farmers have been heavily reliant on pesticides for protecting their crops because many of the high yielding crop varieties we have today were developed as part of a package together with pesticides.”

Dr Antonis Myridakis, Lecturer in Environmental Sciences, from Brunel University of London.

“The study by Wan et al presents a comprehensive synthesis of the negative impacts of pesticides on a wide range of non-target organisms, incorporating data from over 1,700 studies and is methodologically sound. It is a quite extensive evaluation of pesticide effects on biodiversity. The findings reinforce existing concerns that pesticides have far-reaching consequences for non-target species, including plants, animals, fungi, and microbes, thereby contributing significantly to biodiversity loss.

“The main conclusions are that pesticide exposure leads to reduced growth, reproduction and behavioural changes in a broad spectrum of species. However, while the study provides compelling evidence of harm to over 800 species, it does not comprehensively address the potential impacts on the vast number of other species not included in the dataset. Therefore, there is the possibility that the true extent of pesticide harm is even greater than reported. Another limitation is the reliance on available published data, which may introduce publication bias since studies reporting significant negative effects are more likely to be published than those finding minimal or no effects.

“From a policy perspective, these findings highlight the need for stricter regulations on pesticide use and a broader implementation of Integrated Pest Management (IPM) strategies. It also underscores the necessity for improved risk assessment methodologies that incorporate ecosystem-wide effects rather than focusing solely on a few model species.

“Overall, this study provides strong evidence that pesticides pose a significant and widespread threat to biodiversity. While it does not address every possible ecological consequence, its findings are a crucial step toward informing policymakers, farmers, and the public about the hidden costs of pesticide use.”

Prof Tom Oliver, Professor of Applied Ecology, and Associate Pro-Vice Chancellor for Research (Environment), University of Reading:

“Understanding the effects of the pesticides on wild species is hugely important. In combination with habitat loss and extreme weather from climate change, these chemicals are thought to be an important factor behind the devastation of our native biodiversity. Importantly, this study has corrected for ‘field-realistic’ levels of exposure. Many industrial chemicals are toxic if poured directly over animals and plants, but the important question is whether the concentration with which pesticides are applied from crops sprayers is damaging. The study finds that a whole range of ‘non-target’ organisations, i.e. those that aren’t pests, but are valuable plants, insects and fungi, are being impacted by these pesticides. Pesticides may be fatal to our native wildlife or they can have sub-lethal effects, such as disrupting growth, reproduction and behaviour (for example, the ability of bees to navigate effectively). The proliferation of certain harm causing human-made chemicals, which escape, or are purposely introduced, into the natural environment is a ticking time-bomb for the health of our ecosystems. It is fortunate that the UK Government (in the recently published 2025 National Risk Register) have now recognised pollution and environmental degradation as a ‘chronic risk’ faced by the UK.”

‘Pesticides have negative effects on non-target organisms’ by Nian-Feng Wan et al. was published in Nature Communications at 10:00am UK time on Thursday 13 February 2025.

DOI: 10.1038/s41467-025-56732-x

Declared interests

Dr Antonis Myridakis: Nothing to declare.

Prof. Tom Oliver: employed by the University of Reading and has received funding from NERC, Green Finance Institute and BBSRC to develop methodologies for assessing nature-related risks. He was previously seconded with the Government Office for Science to work with UK Cabinet Office on chronic and acute risks faced by the UK, and was seconded to Defra to help design their Systems Research Programme. He is lead educator on a Future Learn course “Using systems thinking to tackle the climate and biodiversity crisis” and is author of the book “The Self Delusion: The Surprising Science of Our Connection to Each Other and the Natural World” published by Weidenfeld & Nicholson. Oliver sits on the Food Standards Agency science council and is a member of the Office for Environmental Protection expert college.

Prof Oliver Jones: Although it was over 15 years ago, I have worked and published papers with Dr David J. Spurgeon, who is one of the authors of this paper. I also conduct research on environmental contaminants, including pesticides. I have received funding from the Environment Protection Authority Victoria (https://www.epa.vic.gov.au/) and various water utilities for research on environmental pollution

MIL OSI United Kingdom –

February 13, 2025
MIL-OSI Economics: ASEAN, China strengthen commitment to closer cooperation

Source: ASEAN

NINGBO, CHINA, 13 February 2025 – ASEAN and China reaffirmed their commitment to strengthening the Comprehensive Strategic Partnership (CSP) at the 31st ASEAN-China Senior Officials’ Consultation, held today in Ningbo City, China.

China reiterated its support for ASEAN Community-building efforts and ASEAN’s central role in regional affairs. China also reaffirmed the high priority it places on its relationship with ASEAN as part of its neighbourhood diplomacy.

Both sides reviewed the continued progress of ASEAN-China cooperation over the past year. Substantive progress has been achieved in the final year of the implementation of the ASEAN-China Plan of Action 2021-2025 and its Annex to advance the CSP. ASEAN and China continued to enhance cooperation under the CSP, with a focus placed on key areas such as trade and investment, green economy, connectivity, digital ecosystems, blue economy, clean energy, agriculture and food security, culture, and tourism.

The meeting also discussed deliverables of ASEAN-China cooperation for 2025 and preparations for the upcoming ASEAN-China Ministerial Meeting in July. These deliverables include the signing of the ASEAN-China FTA 3.0 upgrade, the adoption of the new ASEAN-China Plan of Action for 2026-2030, and the establishment of the ASEAN-China Tourism Ministers meeting, among others.

China also put forward proposals for enhancing cooperation in maritime cooperation, artificial intelligence, transport, blue economy, women and children health, and environment.

Under the theme of the ASEAN-China Year of People-to-People Exchanges, various projects and activities are planned and will be implemented in ASEAN Member States and China to foster greater cultural and people-to-people connectivity.

The Senior Officials exchanged views on regional and international developments of mutual concern, underscoring the importance of strengthened cooperation in addressing security challenges, including terrorism, human trafficking, illicit drug abuse, and cybercrime.

The meeting was co-chaired by Secretary-General of the Ministry of Foreign Affairs of Malaysia, Dato’ Sri Amran Mohamed Zin, and Vice Foreign Minister of the People’s Republic of China, Sun Weidong, and attended by Senior Officials from ASEAN Member States or their representatives and the Deputy Secretary-General of ASEAN for ASEAN Political-Security Community. Timor-Leste attended as Observer.

*******

Images Credit: Ministry of Foreign Affairs of The People’s Republic of China
The post ASEAN, China strengthen commitment to closer cooperation appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 13, 2025
MIL-OSI Canada: Introducing $15 a day child care for families | Lancement d’un service de garde d’enfants à 15 $ par jour pour les familles
As part of the $3.8-billion Canada-Alberta Canada-Wide Early Learning and Child Care Agreement, Alberta is supporting families to access affordable child care across the province with their choice in provider.

Starting Apr. 1, parents with children zero to kindergarten age attending full-time licensed daycare facilities and family day home programs across the province will be eligible for a flat parent fee of $326.25 per month, or roughly $15 a day. Parents requiring part-time care will pay $230 per month.

To support these changes and high-quality child care, about 85 per cent of licensed daycare providers will receive a funding increase once the new fee structure is in place on Apr. 1.

Every day, parents and families across Alberta rely on licensed child-care providers to support their children’s growth and development while going to work or school. Licensed child-care providers and early childhood educators play a crucial role in helping children build the skills they need to support their growth and overall health. As Alberta’s population grows, the need for high-quality, affordable and accessible licensed and regulated child care is increasing.

While Alberta already reduced parent fees to an average of $15 a day in January 2024, many families are still paying much more depending on where they live, the age of their child and the child-care provider they choose, which has led to inconsistency and confusion. Many families find it difficult to estimate their child-care fees if they move or switch providers, and providers have expressed concerns about the fairness and complexity of the current funding framework.

A flat monthly fee will provide transparency and predictability for families in every part of the province while also improving fairness to providers and increasing overall system efficiency. On behalf of families, Alberta’s government will cover about 80 per cent of child-care fees through grants to daycare facilities and family day homes.

This means a family using full-time daycare could save, on average, $11,000 per child per year. A flat monthly parent fee will ensure child care is affordable for everyone and that providers are compensated for the important services they offer.

As opposed to a flat monthly parent fee, Alberta’s government will reimburse preschools up to $100 per month per child on parents’ behalf, up from $75.

“Albertans deserve affordable child-care options, no matter where they are or which type of care works best for them. We are bringing in flat parent fees for families so they can all access high-quality child care for the same affordable, predictable fee.”

Matt Jones, Minister of Jobs, Economy and Trade

“Reducing child care fees makes life more affordable for families and gives them the freedom to make choices that work for them—whether that’s working, studying or growing their family. We’ll keep working to bring costs down, create more spots, and reduce waitlists for families in Alberta and across the country, while ensuring every child gets the best start in life.”

Jenna Sudds, federal minister of Families, Children, and Social Development

To make Alberta’s child-care system affordable for all families, the flat monthly parent fee is replacing the Child Care Subsidy Program for children zero to kindergarten age attending child care during regular school hours. The subsidy for children attending out-of-school care is not changing.

As the province transitions to the new flat parent fee, child-care providers will have flexibility to offer optional services for an additional supplemental parent fee. These optional services must be over and above the services that are provided to all children in individual child-care programs. Clear requirements will be in place for providers to prevent preferential child-care access for families choosing to pay for optional services.

Cutting red tape and supporting child-care providers

By moving to a flat monthly parent fee, Alberta’s government is continuing the transition to a primarily publicly funded child care system. To support high-quality child care, approximately 85 per cent of licensed daycare providers will receive a funding increase once the new structure is in place on Apr. 1.

The province is enhancing the system to streamline the child-care claims process used to reimburse licensed child-care providers on behalf of Alberta parents. Alberta’s government is also putting technological solutions in place to reduce administrative burden and red tape.

Looking ahead

Over the final year of the federal agreement, Alberta’s government is working to support the child-care system while preparing to negotiate the next term of the agreement, reflective of the needs of Albertans and providers. Alberta joins its provincial and territorial partners across the country in calling for a sustainable, adequately funded system that works for parents and providers long term.

Quick facts
- In line with requirements under the Canada-Alberta Canada-Wide Early Learning and Child Care Agreement, the flat monthly parent fee only applies to children zero to kindergarten age requiring care during regular school hours.
- Children attending 100 or more hours in a month are considered full-time and parents will pay $326.25 a month. Children attending between 50 and 99 hours are considered part-time and parents will pay $230 a month.
- Families with children attending preschool for up to four hours a day are eligible for up to $100 per month.
- There are no changes to the out-of-school care Child Care Subsidy Program for children requiring care outside of school hours in grades 1 to 6 and attending full-time kindergarten.
- Programs may choose to provide optional services for a supplemental fee. Examples may include transportation, field trips and food. Child-care programs are not required to charge parents additional supplemental fees.
Related information
- Federal-provincial child care agreement
Related news
- Alberta strengthens child care safety (Oct. 30, 2024)
L’Alberta instaure des frais mensuels fixes de 326,25 $ pour les services de garde d’enfants agréés à temps plein, soit environ 15 $ par jour.

Dans le cadre de l’Accord entre le Canada et l’Alberta sur l’apprentissage et la garde des jeunes enfants à l’échelle du Canada d’une valeur de 3,8 milliards de dollars, l’Alberta aide les familles à avoir accès à des services de garde d’enfants abordables partout dans la province auprès du service de garde de leur choix.

À compter du 1^er avril, les parents ayant des enfants de la naissance à la maternelle qui fréquentent une garderie agréée à temps plein ou un service de garde en milieu familial partout dans la province seront admissibles à des frais fixes de 326,25 $ par mois, soit environ 15 $ par jour. Les parents qui ont besoin de services de garde à temps partiel paieront 230 $ par mois.

Pour appuyer ces changements et des services de garde d’enfants de grande qualité, environ 85 % des fournisseurs de services de garde agréés recevront une augmentation du financement lorsque la nouvelle structure tarifaire sera en place le 1^er avril.

Chaque jour, les parents et les familles de l’Alberta comptent sur des fournisseurs de services de garde d’enfants agréés pour appuyer la croissance et le développement de leurs enfants pendant qu’ils vont au travail ou à l’école. Les fournisseurs de services de garde d’enfants agréés et les éducateurs de la petite enfance jouent un rôle crucial en aidant les enfants à acquérir les compétences dont ils ont besoin pour soutenir leur croissance et leur santé globale. À mesure que la population de l’Alberta augmente, le besoin de services de garde d’enfants agréés et réglementés de grande qualité, abordables et accessibles s’accroît.

Bien que l’Alberta ait déjà réduit les frais pour les parents à une moyenne de 15 $ par jour en janvier 2024, de nombreuses familles paient encore beaucoup plus selon l’endroit où elles vivent, l’âge de leur enfant et le fournisseur de services de garde d’enfants qu’elles choisissent, ce qui a entraîné des incohérences et de la confusion. De nombreuses familles ont de la difficulté à estimer leurs frais de garde d’enfants si elles changent de fournisseur, et les fournisseurs ont exprimé des préoccupations au sujet de l’équité et de la complexité du cadre de financement actuel.

Des frais mensuels fixes assureront la transparence et la prévisibilité pour les familles de toutes les régions de la province, tout en améliorant l’équité envers les fournisseurs et en augmentant l’efficacité globale du système. Au nom des familles, le gouvernement de l’Alberta couvrira environ 80 % des frais de garde d’enfants grâce à des subventions accordées aux garderies et aux services de garde en milieu familial.

Cela veut dire qu’une famille dont un enfant fréquente une garderie à temps plein pourrait économiser 11 000 $ par enfant par année en moyenne. Des frais mensuels fixes pour les parents garantiront que les services de garde d’enfants sont abordables pour tous et que les fournisseurs sont rémunérés pour les services importants qu’ils offrent.

Contrairement aux frais mensuels fixes pour les parents, le gouvernement de l’Alberta remboursera jusqu’à 100 $ par mois aux parents pour les enfants d’âge préscolaire, comparativement à 75 $.

« Les Albertaines et les Albertains méritent des options abordables en matière de garde d’enfants, peu importe où ils se trouvent ou quel type de services leur convient le mieux. Nous instaurons des frais fixes pour les parents afin qu’ils puissent tous avoir accès à des services de garde d’enfants de grande qualité, à un coût abordable et prévisible. »

Matt Jones, ministre de l’Emploi, de l’Économie et du Commerce

« La réduction des frais de garde d’enfants rend la vie plus abordable pour les familles et leur donne la liberté de faire des choix qui leur conviennent, qu’il s’agisse de travailler, d’étudier ou d’agrandir leur famille. Nous continuerons de travailler pour réduire les coûts, créer plus de places et réduire les listes d’attente pour les familles en Alberta et partout au pays, tout en veillant à ce que chaque enfant ait le meilleur départ possible dans la vie. »

Jenna Sudds, ministre fédérale de la Famille, des Enfants et du Développement social

Afin de rendre le système de garde d’enfants de l’Alberta abordable pour toutes les familles, les frais mensuels fixes pour les parents remplacent le programme de subventions pour la garde d’enfants destiné aux enfants de la naissance à la maternelle qui fréquentent un service de garde pendant les heures scolaires normales. La subvention pour les enfants pris en charge à l’extérieur de l’école ne change pas.

À mesure que la province adoptera les nouveaux frais fixes pour les parents, les fournisseurs de services de garde d’enfants auront la possibilité d’offrir des services facultatifs moyennant des frais supplémentaires pour les parents. Ces services facultatifs doivent s’ajouter aux services offerts à tous les enfants dans le cadre de programmes individuels de garde d’enfants. Des exigences claires seront mises en place pour les fournisseurs afin d’empêcher l’accès préférentiel aux services de garde pour les familles qui choisissent de payer pour des services facultatifs.

Réduire les formalités administratives et soutenir les fournisseurs de services de garde d’enfants

En passant à des frais mensuels fixes pour les parents, le gouvernement de l’Alberta poursuit la transition vers un système de garde d’enfants financé principalement par l’État. Pour appuyer des services de garde d’enfants de grande qualité, environ 85 % des fournisseurs de services de garde agréés recevront une augmentation du financement lorsque la nouvelle structure sera en place le 1^er avril.

La province améliore le système afin de simplifier le processus de demande de remboursement des frais de garde d’enfants utilisé pour rembourser les fournisseurs de services de garde d’enfants agréés au nom des parents albertains. Le gouvernement de l’Alberta met également en place des solutions technologiques pour réduire le fardeau administratif et les formalités administratives.

Regard vers l’avenir

Au cours de la dernière année de l’accord fédéral, le gouvernement de l’Alberta s’efforce d’appuyer le système de garde d’enfants tout en se préparant à négocier la prochaine durée de l’accord, en tenant compte des besoins de sa population et des fournisseurs. L’Alberta se joint à ses partenaires provinciaux et territoriaux partout au pays pour réclamer un système durable et financé adéquatement qui fonctionne pour les parents et les fournisseurs à long terme.

Faits en bref
- Conformément aux exigences de l’Accord entre le Canada et l’Alberta sur l’apprentissage et la garde des jeunes enfants à l’échelle du Canada, les frais mensuels fixes pour les parents ne s’appliquent qu’aux enfants de la naissance à la maternelle qui ont besoin de services de garde pendant les heures scolaires normales.
- Les enfants qui fréquentent une garderie pendant 100 heures ou plus par mois sont considérés comme des enfants qui fréquentent à temps plein et les parents paieront 326,25 $ par mois. Les enfants qui fréquentent une garderie entre 50 et 99 heures sont considérés comme des enfants qui fréquentent à temps partiel et les parents paieront 230 $ par mois.
- Les familles qui ont des enfants qui fréquentent un programme préscolaire pendant jusqu’à quatre heures par jour sont admissibles à un montant maximum de 100 $ par mois.
- Aucun changement n’est apporté au Programme de subventions pour les services de garde d’enfants à l’extérieur de l’école pour les enfants qui doivent être pris en charge en dehors des heures d’école de la 1^re à la 6^e année et qui fréquentent la maternelle à temps plein.
- Les programmes peuvent choisir de fournir des services facultatifs moyennant des frais supplémentaires. Les exemples peuvent inclure le transport, les sorties scolaires et la nourriture. Les programmes de garde d’enfants ne sont pas tenus de facturer des frais supplémentaires aux parents.
Renseignements connexes
- Entente fédérale-provinciale sur les services de garde d’enfants (en anglais seulement)
Nouvelles connexes
- Alberta strengthens child care safety (30 octobre 2024)
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MIL OSI Canada News –
February 13, 2025

MIL-OSI: Flow Traders 4Q and FY 2024 Results

Source: GlobeNewswire (MIL-OSI)

Flow Traders 4Q and FY 2024 Results

Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 4Q and FY 2024 results.

Flow Traders posts record fourth quarter results and the second-best fiscal year results in its 20-year history with €159.0m and €479.3m in Total Income, respectively. The company also ends 2024 with record levels of Trading Capital and Shareholders’ Equity at €775m and €766m, respectively.

Financial Highlights

4Q 2024

Flow Traders recorded Net Trading Income of €153.8m and Total Income of €159.0m in 4Q24, increases of 112% and 114% when compared to the €72.7m and €74.3m in 4Q23, respectively.
Flow Traders’ ETP Value Traded increased by 13% in 4Q24 to €424m from €376m in 4Q23.
Fixed Operating Expenses were €45.3m in the quarter, an increase of 12% when compared to the €40.4m in 4Q23, due mostly to increased employee and technology expenses and an abnormally low 4Q23 given timing of expenses.
Total Operating Expenses were €76.8m in 4Q24, an increase of 23% when compared to the €62.5m in 4Q23, due mostly to higher variable employee compensation expenses.
EBITDA was €82.1m in the quarter, an almost seven-fold increase when compared to the €11.8m in 4Q23. EBITDA margin was 52% in 4Q24 vs. 16% in 4Q23.
Net Profit came in at €63.2m in 4Q24, yielding a basic EPS of €1.47 and diluted EPS of €1.42, an almost ten-fold increase compared to a Net Profit of €6.4m, basic EPS of €0.15, and diluted EPS of €0.14 in 4Q23.
Flow Traders employed 609 FTEs at the end of 4Q24, compared to 605 at the end of 3Q24 and 613 at the end of 4Q23 (see note 1).

FY 2024

For full year 2024, Net Trading Income totaled €467.8m and Total Income was €479.3m, increases of 56% and 58% when compared to €300.3m and €303.9m in FY 2023, respectively.
Flow Traders’ ETP Value Traded increased by 5% in FY 2024 to €1,545b from €1,465b in FY 2023.
Fixed Operating Expenses for the year totaled €179.1m, an increase of 3% from €174.1m in FY 2023, which is in-line with guidance.
Total Operating Expenses for the year was €264.4m, an increase of 12% from €236.3m in FY 2023, due mostly to higher variable employee compensation expenses.
EBITDA for the year was €214.9m, up 218% compared to €67.5m in FY2023. EBITDA margin was 45% in FY 2024 vs. 22% in FY 2023.
Total Net Profit for the year totaled €159.5m with basic EPS of €3.69 and diluted EPS of €3.56, a more than four-fold increase compared to €36.2m, €0.84 and €0.81 in FY 2023, respectively.

Trading Capital and Shareholders’ Equity

Trading capital stood at €775m at the end of 4Q24 and FY 2024, an increase of 16% compared to €668m at the end of 3Q24 and 33% compared to €584m at the end of 4Q23 and FY 2023.
Return on average trading capital² was 69% in 4Q24 and FY 2024, compared to 49% in 4Q23 and FY 2023. With the accelerating growth of trading capital following the Capital Expansion Plan announced in July 2024, trading returns will be calculated as LTM NTI / Average Trading Capital going forward.
Shareholders’ equity was €766m at the end of 4Q24 and FY 2024, an increase of 15% compared to €666m at the end of 3Q24 and 31% compared to €586m at the end of 4Q23 and FY 2023.
Flow Traders generated a Return on Equity of 24% in FY 2024, compared to 6% in FY 2023.

Financial Overview

€million	4Q24	4Q23	Change	FY2024	FY2023	Change
Net trading income	153.8	72.7	112%	467.8	300.3	56%
Other income	5.1	1.6		11.5	3.6
Total income	159.0	74.3	114%	479.3	303.9	58%
Revenue by region³
Europe	86.9	42.6	104%	274.1	167.8	63%
Americas	18.2	18.1	1%	93.6	82.1	14%
Asia	53.8	13.6	295%	111.5	53.9	107%
Employee expenses
Fixed employee expenses	20.2	17.5	15%	81.6	76.0	7%
Variable employee expenses	31.5	22.1	43%	85.3	57.9	47%
Technology expenses	16.9	15.3	10%	66.6	64.4	3%
Other expenses	8.2	7.6	8%	30.9	33.7	(8%)
One-off expenses⁴	–	–		0.0	4.3	(100%)
Total operating expenses	76.8	62.5	23%	264.4	236.3	12%
EBITDA	82.1	11.8	597%	214.9	67.5	218%
Interest Expense	0.5	–		1.1	0.0
Depreciation & amortisation	4.6	4.2	9%	17.4	18.4	(5%)
Profit/(loss) on equity-accounted investments	(0.1)	(0.1)	5%	(2.0)	(4.5)	(55%)
Profit before tax	76.9	7.4	935%	194.4	44.7	335%
Tax expense	13.7	1.0	1230%	34.8	8.5	310%
Net profit	63.2	6.4	888%	159.5	36.2	341%
Basic EPS⁵ (€)	1.47	0.15		3.69	0.84
Fully diluted EPS⁶ (€)	1.42	0.14		3.56	0.81
EBITDA margin	52%	16%		45%	22%

Revenue by Region

€million	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24	3Q24	4Q24
Europe	58.5	33.1	33.6	42.6	68.4	48.6	70.2	86.9
Americas	32.8	9.3	22.0	18.1	41.3	13.4	20.8	18.2
Asia	19.2	9.0	12.1	13.6	19.9	14.2	23.6	53.8

Value Traded Overview

€billion	4Q24	4Q23	Change	FY2024	FY2023	Change
Flow Traders ETP Value Traded	424	376	13%	1,545	1,465	5%
Europe	195	151	29%	655	619	6%
Americas	193	203	(5%)	776	754	3%
Asia	36	22	65%	114	93	22%
Flow Traders non-ETP Value Traded	1,233	1,074	15%	4,703	4,115	14%
Flow Traders Value Traded	1,657	1,450	14%	6,248	5,580	12%
Equity	809	762	6%	3,217	3,009	7%
FICC	783	641	22%	2,817	2,396	18%
Other	64	48	33%	214	176	22%
Market ETP Value Traded⁷	13,192	11,714	13%	47,933	43,081	11%
Europe	728	557	31%	2,518	2,039	24%
Americas	9,954	9,877	1%	38,545	35,874	7%
Asia	2,510	1,280	96%	6,871	5,168	33%
Asia ex China	582	383	52%	2,020	1,578	28%

Trading Capital

	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24	3Q24	4Q24
Trading Capital (€m)	647	574	585	584	609	624	668	775
Return on Avg Trading Capital²	67%	65%	56%	49%	50%	58%	62%	69%
Average VIX⁸	21.0	16.7	15.1	15.4	13.9	14.2	17.1	17.3

Market Environment

Europe

Equity trading volumes in the quarter across major exchanges saw double-digit percentage point improvements when compared to the same period a year ago and single-digit improvements when compared to last quarter. Market volatility increased by single-digits compared to both the same period a year ago and last quarter.

Fixed Income trading volumes on MTFs saw low double-digit percentage point improvements compared to the same period a year ago and single-digit improvements compared to last quarter.

Americas

Equity trading volumes in the U.S. saw single-digit percentage point improvements when compared to both the same period a year ago and last quarter. Market volatility increased slightly when compared to the same period a year ago and was flat compared to last quarter.

Fixed Income trading volumes in the U.S. were mixed across the various trading venues but were in general better when compared to the same period a year ago but weaker compared to last quarter. Volatility declined when compared to the same period a year ago and was relatively flat when compared to last quarter.

Asia

Equity trading volumes in Asia were mixed as Hong Kong and China saw significant increases while Japan experienced declines both when compared to the same period a year ago as well as last quarter. Market volatility, for the most part, increased across all the regions both year-on-year and quarter-on-quarter, with the exception being Japan, where it declined compared to last quarter.

Digital Assets

Within Digital Assets, which trades across regions on a 24/7 basis, trading volumes increased significantly both compared to the same period a year ago and last quarter. Volatility increased slightly both year-on-year and quarter-on-quarter.

Trading Capital Expansion Plan

In recent years, Flow Traders has successfully diversified its core trading model across different asset classes and geographies, which resulted in increased optionality for the business. The company sees a range of emerging opportunities to accelerate growth by systematically expanding its trading capital base.

With the 2Q 2024 results, the company announced the suspension of the dividend and bank term loan as the initial steps in boosting the firm’s trading capital. The bank loan and strong net profit generation boosted trading capital by €191m over the course of the year and immediately helped increase the capacity of the firm to capture more of the opportunities that arose during the year given the increased volatility and dislocations across different asset classes and regions around the world. Given the success of the Trading Capital Expansion Plan thus far, the firm will continue to pursue the most strategic debt financing options to further support its growth.

Treasury Shares

As a result of the second-best year in company history, portions of the previously repurchased shares from the €25m share buyback program conducted in July 2022 will be reallocated to employee incentive plans.

Outlook

Fixed operating expenses for FY 2025 are expected to be in the range of €190-210m given additional technology investments and targeted additions of subject matter experts in growth areas, partially offset by expected operational efficiency gains.

CEO Statement

Mike Kuehnel, CEO
“Flow Traders closed out 2024 with a record fourth quarter and the second-best year in the company’s 20-year history. Following the strategic decision to accelerate the expansion of our trading capital base last July, the additional capital has enabled us to capture additional opportunities and leverage dislocations in the market during a period of heightened volatility across different regions and asset classes. Following one of the calmest markets in recent memory in 2023, we were able to achieve a 69% return on average trading capital in 2024. This demonstrates the robustness and coverage of our trading strategies and is a result of the company’s growth and diversification strategy.

In the fourth quarter, market trading volumes and volatility increased meaningfully across Europe and Asia, and within equity and digital assets. We were able to capitalize on this increased activity given the significant multi-year investments in talent and technology that we made in Asia and digital assets. Additionally, our partnerships with emerging financial infrastructure providers, such as the Börse Stuttgart Digital and Wormhole partnerships in the digital assets space and OpenYield in the fixed income space, will allow the company to further participate in and shape the future of financial markets.

As digital assets continue to gain acceptance by governments and institutions around the world, we believe Flow Traders has a pivotal role to play given our strong capabilities in both traditional finance and digital assets ecosystems. With our unique distribution network, technology and pricing capabilities, we aim to be an important bridge by connecting various stakeholders to bring the 24/7 trading currently available in digital assets to the traditional financial landscape. Our partnership with DWS and Galaxy in AllUnity is one example of a platform which we believe could be pivotal in achieving this transition.

Looking forward to 2025, we will continue to invest in the expansion of our trading capabilities and increasing sophistication, with tailored investments in technology and additional talent given the attractive opportunities in front of us. Opportunities which would otherwise not be possible without the accelerated growth of our trading capital base as a result of our trading capital expansion plan. To offset some of the additional investments, we stay fully committed to the streamlining and automation work to systematically improve efficiency and strengthen our core operations as the firm continues to grow and scale.”

Preliminary Financial Calendar

24 April 2025 1Q25 Trading Update

Analyst Conference Call and Webcast

The 4Q24 results analyst conference call will be held at 10:00 am CET on Thursday 13 February 2025. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.

Contact Details

Flow Traders Ltd.

Investors
Eric Pan
Phone: +31 20 7996799
Email: investor.relations@flowtraders.com

Media
Laura Peijs
Phone: +31 20 7996799
Email: press@flowtraders.com

About Flow Traders

Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading ETPs to expand into fixed income, commodities, digital assets and FX. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With nearly two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

Notes

Figures restated to include only active employees and exclude those on garden leave per CSRD definition.
Return on trading capital defined as LTM NTI divided by the average of the prior and current end of period trading capital.
Revenue by region includes NTI, Other Income, and inter-company revenue.
One-off expenses related to the completed corporate holding structure update and capital structure review work.
Weighted average shares outstanding: 4Q24 – 43,066,302; 3Q24 – 43,095,744; 4Q23 – 43,166,257.
Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
Source – Flow Traders analysis.
Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.

Important Legal Information

This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

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Attachment

4Q24 Results Press Release

The MIL Network –

February 13, 2025

MIL-OSI: Equinor ASA: Ex. dividend third quarter 2024 today-Oslo Børs

Source: GlobeNewswire (MIL-OSI)

The shares in Equinor ASA (OSE: EQNR; NYSE: EQNR) will as from today be traded on Oslo Stock Exchange exclusive the third quarter 2024 cash dividend as detailed below.

Ex. date: 13 February 2025

Ordinary cash dividend amount: 0.35

Extraordinary cash dividend amount: 0.35

Announced currency: USD

This information is published in accordance with the requirements of the Continuing Obligations and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

The MIL Network –

February 13, 2025
MIL-OSI: DNO Shares Traded Ex-Dividend

Source: GlobeNewswire (MIL-OSI)

Oslo, 13 February 2025 – DNO ASA, the Norwegian oil and gas operator, today announced that the Company’s shares will be traded ex-dividend effective 13 February 2025.

A dividend payment of NOK 0.3125 per share will be made on or about 21 February 2025 to all shareholders of record as of 14 February 2025.

–

For further information, please contact:

Media: media@dno.no
Investors: investor.relations@dno.no

–

DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development, and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and section 4.2.5.3 of Euronext Oslo Rulebook II.

The MIL Network –

February 13, 2025
MIL-Evening Report: Here’s why some people still evade public transport fares – even when they’re 50 cents
Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor & Principal Fellow in Urban Risk & Resilience, The University of Melbourne

Public transport in Queensland now costs just 50 cents. Yet in the first six months of the trial, it’s been revealed that thousands of commuters were fined for fare evasion.

More than 3,000 people received fines of A$322 each, amounting to more than $1 million in penalties. And more than 21,000 were issued warnings over this period.

Queensland’s 50 cent fares trial was designed to boost ridership and ease cost-of-living pressures. Now it has exposed a paradox: why do people evade fares even when the price is nearly free?

Fare evasion isn’t just a Queensland problem — it’s a nationwide challenge. Queensland’s experience raises bigger questions about enforcement, policy, and the role of public transport funding.

A nationwide challenge

Across the country, fare evasion drains millions from state public transport budgets. In New South Wales, for example, fare evasion costs the state government about $80 million each year.

The latest NSW Fare Compliance Survey inspected 52,152 tickets, including Opal cards, contactless payments, and single-trip tickets, across the NSW public transport network.

Fare evasion costs the NSW government $80 million a year.
Gordon Bell/Shutterstock

It found most non-compliance came down to passengers travelling without a valid ticket. This included not only those customers carrying no ticket at all, but also those who did have an Opal or other payment card but hadn’t tapped on.

Another form of non-compliance was when passengers used concessions for which they weren’t eligible.

The survey also highlighted variations in compliance – across different modes of transport, times of day and days of the week.

Overall, compliance did not significantly differ between weekends and weekdays.

Looking at weekday use, Sydney Metro had the highest compliance rate at 97%. This was followed by Sydney Ferries (95.9%), all trains (93.6%), Sydney Light Rail (91%) and all buses (89.2%).

Who evades fares and why?

Fare evasion isn’t just about people trying to save money. Research shows there are different types of fare evaders, ranging from habitual dodgers to those who evade unintentionally.

An international study on Santiago’s Transantiago system found that evaders could be categorised into four groups:
- radical evaders who view non-payment as a form of protest
- strategic evaders who evade when they believe the risk of being caught is low
- ambivalent evaders who sometimes pay but don’t always see the value in it
- accidental evaders who forget or run into ticketing system barriers.
A separate study in Melbourne also identified a wide spectrum of attitudes on fare evasion, from those who consider it morally wrong to those who take calculated risks based on enforcement patterns.

Does lowering fares reduce evasion?

Queensland’s 50-cent fare trial presents a real-world test of a long-standing question: does cheaper public transport reduce fare evasion?

Our calculations using the state’s early data show a 27% drop in fare evasion fines since the trial began, compared with the same period in the previous year.

This aligns with the idea that fare evasion is, at least partially, a rational economic decision. When the price is lower, the incentive to evade diminishes – though it does not completely disappear.

Modelling evidence from Santiago’s bus system also suggests price sensitivity, but with caveats. A 10% increase in fares led to a two-percentage-point rise in fare evasion.

The role of trust and public perception

A surprising insight from research is that fare evasion isn’t just an economic decision. It’s a social one, too.

When passengers perceive the system as unfair (due to factors such as unreliable service, high fares or lack of investment), fare evasion rises.

Further, if fare dodging behaviour is normalised within a city or demographic, it spreads like contagion.

Studies have suggested that permissive social attitudes toward fare evasion are as strong a predictor as actual financial hardship.

The limits of enforcement

Most transit agencies rely on two standard deterrents: more ticket inspections, and harsher fines for fare evaders.

Does this approach work? Research suggests only to a point.

All states and territories have had to grapple with the issue of fare evasion.
Adam Calaitzis/Shutterstock

Empirical evidence suggests that potential evaders are more deterred by the certainty of getting caught than by the size of the fine.

In other words, the visibility of inspectors matters more than the penalty itself. For many, the social stigma of getting caught is a key factor, regardless of how big the penalty is.

A crucial question in the Queensland debate is: if public transport is already nearly free, does fare evasion even matter?

The lost revenue from the unpaid fares by those who were issued a fine over the period in question amounts to just $1,663.

Depending on the level of crackdown, at such low fees, enforcement measures could easily end up costing more than the revenue lost. Security patrols, inspections and fine processing can amount to significant costs.

Why it matters

There are at least two key factors to consider in relation to whether cracking down on evaders is worth it.

First, allowing widespread fare evasion could erode social norms around paying for public services. If the expectation of compliance disappears, what happens if fares rise again?

And second, even when fares are zero or near-zero, requiring passengers to validate a ticket (such as by tapping on and off) allows transport agencies to track demand, plan services, and prevent system abuse.

Even in Tallinn, Estonia — where residents ride for free — tap-ons are still required for data collection and preventing system abuse.

Even at 50 cents a trip, authorities still expect public transport to function within a structured system, with rules that encourage accountability and predictability.

But enforcement alone won’t solve fare evasion. Winning public trust is just as important as enforcing rules. Investing in better service quality, reliability and community engagement can be as effective as increasing inspections.

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

– ref. Here’s why some people still evade public transport fares – even when they’re 50 cents – https://theconversation.com/heres-why-some-people-still-evade-public-transport-fares-even-when-theyre-50-cents-249739
MIL OSI Analysis – EveningReport.nz –
February 13, 2025
MIL-Evening Report: Short-term politics keeps stalling long-term fixes. This bill offers a way forward

Source: The Conversation (Au and NZ) – By Susan Harris Rimmer, Professor, Griffith Law School, Griffith University

Two federal politicians from opposing camps reached across the aisle this week to promote a valuable cause – the wellbeing of future Australian generations.

Independent MP Sophie Scamps tabled the Wellbeing of Future Generations Bill 2025, which was seconded by Liberal backbencher Bridget Archer.

In an election year no less, this was a highly unusual moment of bipartisan collaboration.

It is extremely rare for private members bills to be passed into law. But the ideas in the Scamps bill have merit – especially its central recommendation that all decision makers properly consider the needs of young people when drafting government policy.

The bill was a direct response to a diverse civil society campaign in Australia and overseas to prioritise long term solutions to deliver a fairer, more sustainable future.

We support those efforts through our involvement in the youth-driven non-profit Foundations for Tomorrow, which worked closely with Scamps on her bill.

What is in the bill?

The bill would introduce a range of measures to try and apply a future focus to decision making across the policy spectrum. This includes housing, environment, climate change, mental health and job security, all of which are pressing issues for young people.

An independent Commissioner for Future Generations would be appointed to advocate for better policies and sustainable practices, while the government would have a public duty to always consider the best interests of future generations.

Importantly, a national conversation would be launched to engage Australians in a public consultation to help shape the nation’s vision for the future.

What is future governance?

Globally, we are in a state of polycrisis.

We are confronting cascading climate disasters, intense regional conflicts and geo-strategic competition. In response to this, a growing international movement representing the interests of future generations has emerged.

The concept incorporates an approach to decision making that overcomes the trappings of short-term, inadequate solutions. Instead, the emphasis is on planning for the future, not just the here and now.

Here in Australia, it aspires to future-proof the country by managing extreme, long-term risks that are damaging current and future prosperity.

Growing inequality is showing up in many policy areas, none more so than in the housing wealth gap between people in their 30s and 50s, which has widened to an extraordinary 234%.

By improving governance, it is hoped that intergenerational justice will be achieved. This ethical lens is compatible with the Australian Public Service value of good stewardship.

A global movement

Many countries, including Scotland, Finland, the United Arab Emirates and Singapore, are exploring ways to reorient their policy making towards a better understanding of long-term impacts of decisions taken now. It has also been taken up by the United Nations and the European Union.

The Australian bill is based on the experience in Wales, where similar legislation was introduced in 2015.

The Welsh model has delivered significant practical benefits by including community involvement in planning, and protecting essential services from election cycles. For instance, environmental protection has been given higher status in decision making about transport.

The Australian landscape

Australia has undertaken other efforts to think long term. The Intergenerational Report was launched by former treasurer Peter Costello in 2002 to build consensus around the big issues facing Australia over the next 40 years.

The most recent report, in 2023, identified five major areas needing future generations policy. These were population and ageing, technological and digital transformation, climate change and the net zero transformation, rising demand for care and support services, and geopolitical risk and fragmentation.

The ideas in the Wellbeing of Future Generations bill could help guide policy in these critical areas. It would be an improvement on our current approach of recognising issues, but constantly kicking the can down the road.

There have been other excellent future generations measures at all levels of government. One of these is the Albanese government’s commitment to the Measuring What Matters framework.

And there is merit in independent Senator David Pocock’s Duty of Care Bill and the establishment of the Parliamentary Group for Future Generations at the Commonwealth level.

An increasing number of leaders and policy makers are recognising the power and potential of expanding our definitions of policy success.

Young voters and the 2025 election

However, much more needs to be done to overcome intergenerational inequities. Policy-making continues to be driven by short-term political objectives, which is eroding trust and optimism in Australia’s future.

In a 2021 survey for Foundations for Tomorrow, 71% of young Australians said said that they “do not feel secure”. Young people are also drifting away from supporting the major parties, especially the Coalition.

Tabling her bill, Scamps correctly pointed out that today’s young Australians are the first generation in modern history to be worse off than their parents.

Australians want politicians to start thinking beyond their own re-election prospects. They want long term solutions, they want vision, they want hope. We owe them that much.

A recent survey by EveryGen (a network convened by Griffith University’s Policy Innovation Hub) found that 81% of Australians feel that politicians focus too much on short-term priorities. An overwhelming 97% of people believe that current policies must consider the interests of future generations.

Genuine futures thinking is not always easy. But it does add an important ethical dimension to decision making, that of real attention to political legacy.

Susan Harris Rimmer receives funding from the Australian Research Council. She is affiliated with Foundations for Tomorrow as a board member who are running the For the Future campaign, and is founder of the EveryGen network. EveryGen is a member of the Intergenerational Fairness Coalition.

Elise Stephenson receives funding from the Australian Research Council. She is a founding member of the EveryGen network and supporter of Foundations for Tomorrow. EveryGen is a member of the Intergenerational Fairness Coalition.

– ref. Short-term politics keeps stalling long-term fixes. This bill offers a way forward – https://theconversation.com/short-term-politics-keeps-stalling-long-term-fixes-this-bill-offers-a-way-forward-249598

MIL OSI Analysis – EveningReport.nz –

February 13, 2025
MIL-OSI China: OPEC maintains oil demand forecasts for 2025, 2026

Source: China State Council Information Office 3

Photo taken on Nov. 30, 2023 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. [Photo/Xinhua]

The Organization of the Petroleum Exporting Countries (OPEC) announced on Wednesday that it is maintaining its previous forecasts for global oil demand growth in 2025 and 2026.

In its February monthly oil market report, OPEC projects a “healthy” increase in global oil demand, estimating growth of 1.45 million barrels per day (bpd) in 2025, followed by a rise of 1.43 million bpd in 2026, figures unchanged from last month’s assessment.

“Growth this year is expected to be driven by transportation fuels on the back of strong air travel demand and healthy road mobility. Support is also expected to come from the industrial, construction and agricultural sectors in non-OECD (the Organization for Economic Co-operation and Development) countries,” OPEC said.

The organization also left its global economic growth projections for 2025 and 2026 unchanged, forecasting a 3.1 percent expansion this year and 3.2 percent in the following year.

MIL OSI China News –

February 13, 2025
MIL-OSI China: Widespread egg rationing sweeps US stores

Source: China State Council Information Office 3

This photo taken with a mobile phone on Feb. 7, 2025 shows a price tag on a shelf for eggs at a local supermarket in El Monte, Los Angeles County, California, the United States. [Photo/Xinhua]

More U.S. grocery chains are implementing egg purchase limits as bird flu outbreaks continue to disrupt supplies, with California shoppers particularly feeling the squeeze through restricted purchases and early morning queues.

At a Costco store in San Jose, California, the warehouse has been limiting purchases to three cartons per customer since Saturday, according to a store employee named Pauline. By late morning on Tuesday, only 15 cartons remained — all higher-priced organic brown and green eggs, with no white eggs available. The store has posted the sales limit sign at the entrance, effective Tuesday.

“You need to come early to make sure you can buy eggs,” Marcie Lopez, a customer at the store, told Xinhua, noting that eggs are getting more expensive and harder to buy this year.

“No eggs, no eggs, no eggs,” a clerk at another Costco store in Azusa, California, told the people waiting in line just after the location opened on Monday morning.

“It’s unbelievable, we came so early in the morning, but we still couldn’t buy eggs,” a customer, who gave her name as Luna, told Xinhua.

The rising prices and empty shelves are fueling consumer anxiety. Social media platforms like TikTok are flooded with videos of shoppers rushing to grab eggs, sometimes emptying freshly stocked shelves in minutes. One viral video from a Costco store showed eggs being snapped up in less than 10 minutes, with customers grabbing eggs by the hundreds.

Nationwide, retailers are scrambling to manage dwindling supplies. Trader Joe’s has implemented a one-dozen limit per customer per day across all of its over 600 U.S. locations.

“Due to ongoing issues with the supply of eggs, we kindly ask you to limit your purchase to 1 dozen of any kind,” wrote a Trader Joe’s store in Monrovia in a sign for customers shopping for eggs, noting that “we hope to have ample supply soon. Until then, we appreciate your understanding.”

Whole Foods has capped purchases at three cartons per shopper, while Kroger stores are limiting customers to two dozen eggs per trip.

Other major chains have followed suit. Sprouts has implemented a four-dozen limit per visit, Giant Eagle is asking customers to limit purchases to three cartons per transaction, and Market Basket stores in Massachusetts are restricting egg purchases to two cartons per family.

In California, a Safeway supermarket in Santa Clara has been limiting customers to two dozen per visit for the past month. An employee, who called himself John, explained to Xinhua that the store doesn’t receive daily egg deliveries, instead stocking twice daily — at 7 a.m. and noon — to spread out availability. Even with these measures, eggs typically sell out by late afternoon.

The restrictions come as highly pathogenic avian influenza (HPAI) continues to impact egg-laying flocks nationwide. According to the U.S. Department of Agriculture (USDA) Eggs Markets Overview report published on Friday, more than 150 million poultry birds have been killed in attempts to combat the H5N1 virus, causing egg prices to soar and supplies to dwindle.

The national trading price for graded, loose, white large shell eggs has risen to 7.34 U.S. dollars per dozen, while the California wholesale price for cage-free large shell eggs has reached 9.11 dollars per dozen. The report expects the supply situation to remain tight, with little chance for near-term improvement.

As a result, many grocers are limiting promotional activities and implementing purchase restrictions to stretch existing supplies.

“Due to recent market conditions, egg prices have increased. We apologize for any inconvenience,” wrote an Aldi store in Monrovia in a sign inside the shop, adding that “due to supply challenges, eggs are limit 2 per customer.”

Some retailers are maintaining high prices to dampen demand, and egg product manufacturers have increased their demand, leading to sharp price advances in the spot market.

USDA predicts egg prices will increase about 20 percent in 2025, far outpacing the projected 2.2 percent increase in overall food prices. The prices in December 2024 were already 36.8 percent higher than the previous year, according to USDA data.

Saloni Vastani, an associate professor of marketing at Emory University, told USA Today that the shortage is being exacerbated by consumer behavior.

“Egg prices are going up because of the avian flu, but that’s driving people to buy more eggs than they usually do because they’re anticipating higher prices and reduced grocery store supply,” Vastani explained.

The impact has extended to restaurants as well. Waffle House, which serves approximately 272 million eggs annually, recently implemented a 50-cent per egg surcharge across its roughly 2,100 U.S. locations.

MIL OSI China News –

February 13, 2025
MIL-OSI Economics: Export-Import Bank of India’s GOI-supported Line of Credit of USD 180 mn to the Government of the Socialist Republic of Vietnam for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country

Source: Reserve Bank of India

RBI//2024-2025/113
A.P. (DIR Series) Circular No. 20

February 13, 2025

All Category – I Authorised Dealer Banks

Madam/Sir

Export-Import Bank of India’s GOI-supported Line of Credit of USD 180 mn to the
Government of the Socialist Republic of Vietnam for procurement of 4 Offshore Patrol
Vessels (OPV) in the Borrower’s Country

Export-Import Bank of India (Exim Bank) has entered into an agreement dated July 31, 2024, with the Government of the Socialist Republic of Vietnam (GO-VNM), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 180 mn (USD One Hundred Eighty Million Only) for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country. The export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their eligibility under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement.

2. The Agreement under the LoC is effective from January 20, 2025. Under the LoC, the last date for disbursement will be 60 months after scheduled completion date of the project.

3. Shipments under the LoC shall be declared in Export Declaration Form/Shipping Bill as per instructions issued by the Reserve Bank from time to time.

4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners’ Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer (AD) Category- I banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.

5. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain complete details of the LoC from the Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in.

6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

Yours faithfully

(N Senthil Kumar)
Chief General Manager

MIL OSI Economics –

February 13, 2025
MIL-OSI China: US stocks close mixed after hot inflation data

Source: China State Council Information Office

U.S. stocks ended mixed on Wednesday, as the unexpected rise in inflation led to speculation that the Federal Reserve may delay interest rate cuts to manage the economy’s overheating.

The Dow Jones Industrial Average declined by 225.09 points, or 0.50 percent, ending at 44,368.56. The S&P 500 decreased by 16.53 points, or 0.27 percent, to close at 6,051.97. In contrast, the Nasdaq Composite Index edged up by 6.09 points, or 0.03 percent, finishing at 19,649.95.

Within the S&P 500’s 11 primary sectors, nine closed in negative territory. Energy and real estate sectors led the declines, losing 2.69 percent and 0.91 percent, respectively. Conversely, consumer staples and communication services sectors posted gains, rising 0.23 percent and 0.04 percent, respectively.

The U.S. Bureau of Labor Statistics reported Wednesday that the consumer price index (CPI), a comprehensive measure of the costs of goods and services across the U.S. economy, accelerated by 0.5 percent on a seasonally adjusted basis for the month, pushing the annual inflation rate to 3 percent. This outcome surpassed the estimates, which had predicted a 0.3 percent monthly increase and a 2.9 percent annual rate, with the annual rate rising by 0.1 percentage point compared to December.

Excluding volatile food and energy prices, the CPI advanced by 0.4 percent for the month, resulting in a 12-month inflation rate of 3.3 percent — again beating the respective forecasts of 0.3 percent and 3.1 percent — and the annual core rate was up by 0.1 percentage point from December.

“Shelter costs continue to be the main driver of core inflation as higher mortgage rates push more Americans into a rental market in which vacancy rates are near record lows,” said Erik Norland, chief economist at CME Group. “Traders appear to believe that today’s data make additional Fed cuts less likely than they had expected previously.”

“The ‘wait and see’ Fed is going to be waiting longer than anticipated after a red-hot January CPI inflation report,” wrote Josh Jamner, investment strategy analyst at ClearBridge Investments. “This report puts the final nail in the coffin for the rate cut cycle, which we believe is over.”

Market expectations have shifted, with traders now pricing the next rate cut to occur no earlier than September, even as Fed Chair Jerome Powell cautioned against reading too much into the latest CPI report. “We don’t get excited about one or two good readings and we don’t get excited about one or two bad readings,” Powell said in testimony before the House Financial Services Committee.

Powell reiterated Wednesday that while the Fed has made “great progress” in bringing inflation closer to its 2 percent target, it is “not quite there yet.” He emphasized the need to keep monetary policy restrictive for now.

Meanwhile, a new round of earnings has provided insight into the resilience of Corporate America. Kraft Heinz shares slipped after the company’s 2025 profit outlook fell short of expectations, whereas CVS Health enjoyed a boost as its quarterly profit drop was smaller than anticipated.

In after-hours trading, Reddit’s upcoming results are drawing significant attention amid lofty Wall Street expectations, and Robinhood’s report is also in the spotlight following a three-year high in its stock price.

MIL OSI China News –

February 13, 2025
MIL-OSI China: CATL aiming to raise over $5B from HK listing

Source: China State Council Information Office

Contemporary Amperex Technology Co Ltd, the world’s largest electric vehicle battery maker, has filed for a Hong Kong listing that is expected to be the city’s biggest initial public offering in four years.

The long-awaited CATL listing aims to raise more than $5 billion, which the company said will fund overseas production capacity and international business expansion, supporting its long-term global strategy.

Already an A-share listed company, CATL’s Hong Kong listing will attract more international capital, further diversifying its financing channels, said analysts.

According to public disclosures, as of June 2024, CATL had foreign currency balances of $6.74 billion and 3.86 billion euros ($4 billion), which were challenging to cover the hefty investments in Europe and other regions, as well as the ongoing need for overseas strategic expansion that often amount to billions of euros.

Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said CATL’s Hong Kong listing is poised to assist the company in garnering funds on a global scale to support its endeavors in overseas research and development, production capacity expansion and market outreach. Additionally, the Hong Kong listing is expected to enhance CATL’s brand influence in international markets, strengthening its global competitiveness.

“This listing opens avenues for financing. Given CATL’s expansive global reach, substantial financial support is imperative, a need that can be met through a successful IPO. In addition, CATL’s global expansion necessitates collaboration from diverse stakeholders. By opting for a Hong Kong listing, CATL can also engage with a broad spectrum of international investors. This move is pivotal in enhancing CATL’s global standing,” Zhou said.

In recent years, CATL has accelerated its overseas expansion efforts, establishing battery factories in European countries including Germany and Hungary. In December, CATL signed a joint venture agreement with Dutch automotive group Stellantis that will build a large-scale lithium iron phosphate battery plant in Zaragoza, Spain.

According to SNE Research — a South Korean company providing global market research and consulting services for rechargeable battery industries — CATL maintained its top position globally in terms of battery usage for electric vehicles from January to November 2024, witnessing a 28.6 percent year-on-year growth. Following CATL are BYD and LG Energy Solution.

Many major Chinese original equipment manufacturers such as Zeekr, Aito and Li Auto, operating in the world’s largest EV market of China, have integrated CATL’s batteries into their products.

Furthermore, prominent global OEMs including Tesla, BMW, Mercedes-Benz and Volkswagen have also chosen CATL’s batteries for their EV models.

MIL OSI China News –

February 13, 2025

INVESTOR CONTACT:	MEDIA CONTACT:
Chris Ayres	Brooke Coe
(405) 935-8870	(405) 935-8878
ir@expandenergy.com	media@expandenergy.com

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February 13, 2025

Cutting red tape and supporting child-care providers

Looking ahead

Quick facts

Related information

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L’Alberta instaure des frais mensuels fixes de 326,25 $ pour les services de garde d’enfants agréés à temps plein, soit environ 15 $ par jour.

Réduire les formalités administratives et soutenir les fournisseurs de services de garde d’enfants

Regard vers l’avenir

Faits en bref

Renseignements connexes

Nouvelles connexes

Translations

A nationwide challenge

Who evades fares and why?

Does lowering fares reduce evasion?

The role of trust and public perception

The limits of enforcement

Why it matters

What is in the bill?

What is future governance?

A global movement

The Australian landscape

Young voters and the 2025 election