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MIL-OSI: Cerence Announces Second Quarter Fiscal 2025 Results; Revenue and Profitability Exceed High End of Guidance

Source: GlobeNewswire (MIL-OSI)

Headlines

Revenue of $78M; free cash flow of $13.1M marks fourth consecutive positive quarter
Company reiterates full-year guidance for revenue and raises full-year guidance for profitability and cash flow
Continued innovation and customer momentum for Cerence xUI, the company’s next-gen platform

BURLINGTON, Mass., May 07, 2025 (GLOBE NEWSWIRE) — Cerence Inc. (NASDAQ: CRNC) (“Cerence AI”), a global leader pioneering conversational AI-powered user experiences, today reported its second quarter fiscal year 2025 results for the quarter ended March 31, 2025.

Results Summary ^(1,2)
(in millions, except per share data)

	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2025			2024			2025			2024
GAAP revenue ⁽⁴⁾	$	78.0		$	67.8		$	128.9		$	206.2
GAAP gross margin		77.1	%		69.2	%		72.3	%		77.1	%
GAAP total operating expenses ⁽³⁾	$	42.8		$	311.3		$	92.8		$	364.7
Non-GAAP total operating expenses	$	34.1		$	50.0		$	68.2		$	94.4
GAAP net income (loss) ⁽³⁾	$	21.7		$	(278.0	)	$	(2.6	)	$	(254.1	)
Adjusted EBITDA	$	29.5		$	(0.3	)	$	30.8		$	70.1
Free cash flow	$	13.1		$	(0.8	)	$	21.0		$	(4.5	)
GAAP net income (loss) per share – diluted ⁽³⁾	$	0.46		$	(6.66	)	$	(0.06	)	$	(6.13	)

(1) As previously disclosed, for the six months ended March 31, 2024, revenue includes the non-cash revenue associated with the Toyota “Legacy” contract and related impacts totaling $86.6M. (2) Please refer to the “Discussion of Non-GAAP Financial Measures” and “Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures” included elsewhere in this release for more information regarding our use of non-GAAP financial measures. (3) As previously disclosed, for the six months ended March 31, 2024, operating expenses include a Goodwill impairment charge of $252M. (4) Q2FY25 and Q2FY24 revenue include $21.5 million and $10.4 million of revenue from fixed license contracts, respectively.

“I’m incredibly proud of what our team has accomplished. We surpassed the high end of our revenue and adjusted EBITDA guidance and posted our fourth consecutive quarter of positive free cash flow, demonstrating the high value we provide to the world’s leading automakers as they work through the ongoing macro uncertainties and complexities facing the industry today,” said Brian Krzanich, CEO, Cerence AI. “As we look to the future and based on currently available information, we believe we are well-positioned to continue supporting our customers as they work to bring an enhanced experience to their drivers. With Cerence xUI, we are partnering with OEMs as they contemplate and build their future infotainment platforms, as well as delivering enhanced user experiences via over-the-air updates as automakers upgrade their current systems to deliver next-gen features and capabilities to their drivers today.”

Cerence Key Performance Indicators
To help investors gain further insight into Cerence’s business and its performance, management provides a set of key performance indicators that includes:

Key Performance Indicator¹	Q2FY25
Percent of worldwide auto production with Cerence Technology (trailing twelve months (“TTM”))	51	%
Change in number of Cerence connected cars shipped (TTM over prior year TTM)²	10	%
Change in Adjusted Total Billings (TTM over prior year TTM)³	0	%

(1) Please refer to the “Key Performance Indicators” section included elsewhere in this release for more information regarding the definitions and our use of key performance indicators. (2) Based on IHS Markit data, global auto production decreased 1%, calculated TTM over prior year TTM. (3) Adjusted Total Billings excludes professional services and prepay contracts and is adjusted for prepay consumption. Change in Adjusted Total Billings is calculated TTM over prior year TTM.

Third Quarter and Full Year Fiscal 2025 Outlook
For the fiscal quarter ending June 30, 2025, revenue is expected to be in the range of $52 million to $56 million, where no material Fixed License revenue contracts are expected to be signed during the quarter. Gross margins are projected between 66% and 68% and net loss is projected in the range of $13 million to $10 million. Adjusted EBITDA is expected to be in the range of $1 million to $4 million. The adjusted EBITDA guidance excludes amortization of acquired intangible assets, stock-based compensation, restructuring and other costs.

Revenue guidance for the full fiscal year ending September 30, 2025 remains unchanged; however, net loss is now projected in the range of $35 million to $29 million, adjusted EBITDA is now expected to be in the range of $28 million to $34 million, net cash provided by operating activities is projected in the range of $39 million to $45 million, and free cash flow is expected in the range of $25 million to $35 million.

Additional details regarding guidance will be provided during the company’s earnings call.

Cerence Conference Call and Webcast
The company will host a live conference call and webcast with slides to discuss its results today at 5:00pm Eastern Time / 2:00pm Pacific Time. Interested investors and analysts are invited to dial into the conference call by registering here.

Webcast access also will be available on the Investor section of the company’s website at https://www.cerence.com/investors/events-and-resources.

A replay of the webcast can be accessed by visiting the company’s website 90 minutes following the conference call at https://www.cerence.com/investors/events-and-resources.

Forward Looking Statements
Statements in this press release regarding: Cerence’s future performance, results and financial condition; expected growth and profitability; outlook and momentum; transformation plans and cost efficiency initiatives; strategy; opportunities; business, industry and market trends; strategy regarding fixed contracts and its impact on financial results; backlog; revenue visibility; revenue timing and mix; demand for Cerence products; innovation and new product offerings, including AI technology; expected benefits of technology partnerships; and management’s future expectations, anticipations, intentions, estimates, assumptions, beliefs, goals, objectives, targets, plans, outlook or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “goal,” “objective,” “anticipates,” “projects,” “forecasts,” “expects,” “intends,” “continues,” “will,” “may,” or “estimates” or similar expressions) should also be considered to be forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions as of the date of this press release, such statements involve known and unknown risk, uncertainties and other factors, which may cause actual results or performance of the company to be materially different from any future results or performance expressed or implied by such forward-looking statements including but not limited to: the highly competitive and rapidly changing market in which we operate; adverse conditions in the automotive industry or the global economy more generally; volatility in the political, legal and regulatory environment in which we operate, including trade, tariffs and other policies implemented by the new administration in the United States or actions taken by other countries in response; automotive production curtailment or delays; changes in customer forecasts; the impacts of the COVID-19 pandemic on our and our customers’ businesses; the ongoing conflicts in Ukraine and the Middle East; our inability to control and successfully manage our expenses and cash position; our inability to deliver improved financial results from process optimization efforts and cost reduction actions; escalating pricing pressures from our customers; the impact on our business of the transition to a lower level of fixed contracts, including the failure to achieve such a transition; our failure to win, renew or implement service contracts; the cancellation or postponement of existing contracts; the loss of business from any of our largest customers; effects of customer defaults; a decrease in the level of professional service projects; our inability to successfully introduce new products, applications and services; our strategies to increase cloud offerings and deploy generative AI and large language models (LLMs); the inability to expand into adjacent markets; the inability to recruit and retain qualified personnel; disruptions arising from transitions in management personnel; cybersecurity and data privacy incidents; failure to protect our intellectual property; adverse developments related to our intellectual property enforcement litigation, the outcome of such litigation, or remedies that could be awarded in connection with such litigation; defects or interruptions in service with respect to our products; fluctuating currency rates and interest rates; inflation; financial and credit market volatility; restrictions on our current and future operations under the terms of our debt, the use of cash to service or repay our debt; and our inability to generate sufficient cash from our operations; and the other factors discussed in our most recent Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. We disclaim any obligation to update any forward-looking statements as a result of developments occurring after the date of this document.

Discussion of Non-GAAP Financial Measures
We believe that providing the non-GAAP information, in addition to the GAAP presentation, allows investors to view the financial results in the way management views the operating results. We further believe that providing this information allows investors to not only better understand our financial performance, but more importantly, to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance. The non-GAAP information should not be considered superior to, or a substitute for, financial statements prepared in accordance with GAAP.

We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of the business, for making operating decisions and for forecasting and planning for future periods. While our management uses these non-GAAP financial measures as a tool to enhance their understanding of certain aspects of our financial performance, our management does not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial statements.

Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial statements, allows for greater transparency in the review of our financial and operational performance. In assessing the overall health of the business during the three months ended March 31, 2025 and 2024, our management has either included or excluded the following items in general categories, each of which is described below.

Adjusted EBITDA.
Adjusted EBITDA is defined as net income attributable to Cerence Inc. before net income (loss) attributable to income tax (benefit) expense, other income (expense) items, net, depreciation and amortization expense, and excluding amortization of acquired intangible assets, stock-based compensation, and restructuring and other costs, net and impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. From time to time we may exclude from Adjusted EBITDA the impact of events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Other income (expense) items, net include interest expense, interest income, and other income (expense), net (as stated in our Condensed Consolidated Statement of Operations). Our management and Board of Directors use this financial measure to evaluate our operating performance. It is also a significant performance measure in our annual incentive compensation programs.

Restructuring and other costs, net.
Restructuring and other costs, net include restructuring expenses as well as other charges that are unusual in nature, are the result of unplanned events, and arise outside the ordinary course of our business such as employee severance costs, consulting costs relating to our transformation initiatives, and costs for consolidating duplicate facilities.

Amortization of acquired intangible assets.
We exclude the amortization of acquired intangible assets from non-GAAP expense and income measures. These amounts are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions. Providing a supplemental measure which excludes these charges allows management and investors to evaluate results “as-if” the acquired intangible assets had been developed internally rather than acquired and, therefore, provides a supplemental measure of performance in which our acquired intellectual property is treated in a comparable manner to our internally developed intellectual property. Although we exclude amortization of acquired intangible assets from our non-GAAP expenses, we believe that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Future acquisitions may result in the amortization of additional intangible assets.

Stock-based compensation.
Because of varying valuation methodologies, subjective assumptions and the variety of award types, we exclude stock-based compensation from our operating results. We evaluate performance both with and without these measures because compensation expense related to stock-based compensation is typically non-cash and awards granted are influenced by the Company’s stock price and other factors such as volatility that are beyond our control. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, we do not include such charges in operating plans. Stock-based compensation will continue in future periods.

Other expenses.
We exclude certain other expenses that result from unplanned events outside the ordinary course of continuing operations, in order to measure operating performance and current and future liquidity both with and without these expenses. By providing this information, we believe management and the users of the financial statements are better able to understand the financial results of what we consider to be our organic, continuing operations. Included in these expenses are items such as other charges (credits), net, (gains) losses from extinguishment of debt, and changes in indemnification assets corresponding with the release of pre-spin liabilities for uncertain tax positions.

Key Performance Indicators
We believe that providing key performance indicators (“KPIs”) allows investors to gain insight into the way management views the performance of the business. We further believe that providing KPIs allows investors to better understand information used by management to evaluate and measure such performance. KPIs should not be considered superior to, or a substitute for, operating results prepared in accordance with GAAP. In assessing the performance of the business during the three months ended March 31, 2025, our management has reviewed the following KPIs, each of which is described below:

Percent of worldwide auto production with Cerence Technology (TTM): The number of Cerence enabled cars shipped as compared to IHS Markit car production data.
Change in number of Cerence connected cars shipped: The year-over-year change in the number of cars shipped with Cerence connected solutions. Amounts calculated on a TTM basis.
Change in Adjusted total billings YoY (TTM): The year over year change in total billings excluding Professional Services, prepay billings and adjusted for prepay consumption. TTM over prior year TTM.

See the tables at the end of this press release for non-GAAP reconciliations to the most directly comparable GAAP measures.

To learn more about Cerence AI, visit www.cerence.ai, and follow the company on LinkedIn.

About Cerence Inc.
Cerence Inc. (NASDAQ: CRNC) is a global industry leader in creating intuitive, seamless, AI-powered experiences across automotive and transportation. Leveraging decades of innovation and expertise in voice, generative AI, and large language models, Cerence powers integrated experiences that create safer, more connected, and more enjoyable journeys for drivers and passengers alike. With more than 500 million cars shipped with Cerence technology, the company partners with leading automakers, transportation OEMs, and technology companies to advance the next generation of user experiences. Cerence is headquartered in Burlington, Massachusetts, with operations globally and a worldwide team dedicated to pushing the boundaries of AI innovation. For more information, visit www.cerence.ai.

CERENCE INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2025			2024			2025			2024
Revenues:
License	$	51,460		$	35,527		$	74,185		$	56,350
Connected services		12,648			13,597			26,355			110,417
Professional services		13,902			18,701			28,366			39,393
Total revenues		78,010			67,825			128,906			206,160
Cost of revenues:
License		2,432			1,404			4,214			3,008
Connected services		4,979			5,359			11,290			12,662
Professional services		10,418			14,119			20,149			31,444
Amortization of intangible assets		—			—			—			103
Total cost of revenues		17,829			20,882			35,653			47,217
Gross profit		60,181			46,943			93,253			158,943
Operating expenses:
Research and development		23,332			31,846			44,201			65,152
Sales and marketing		4,930			5,619			9,696			11,690
General and administrative		11,199			16,659			23,953			29,452
Amortization of intangible assets		536			555			1,090			1,100
Restructuring and other costs, net		2,832			4,551			13,894			5,256
Goodwill impairment		—			252,096			—			252,096
Total operating expenses		42,829			311,326			92,834			364,746
Income (loss) from operations		17,352			(264,383	)		419			(205,803	)
Interest income		918			1,190			2,355			2,622
Interest expense		(2,716	)		(3,111	)		(6,109	)		(6,347	)
Other income (expense), net		499			(25	)		771			1,397
Income (loss) before income taxes		16,053			(266,329	)		(2,564	)		(208,131	)
(Benefit from) provision for income taxes		(5,603	)		11,647			68			45,988
Net income (loss)	$	21,656		$	(277,976	)	$	(2,632	)	$	(254,119	)
Net income (loss) per share:
Basic	$	0.50		$	(6.66	)	$	(0.06	)	$	(6.13	)
Diluted	$	0.46		$	(6.66	)	$	(0.06	)	$	(6.13	)
Weighted-average common share outstanding:
Basic		43,223			41,724			43,059			41,452
Diluted		51,530			41,724			43,059			41,452

CERENCE INC.
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)

	March 31,			September 30,
	2025			2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	117,368			121,485
Marketable securities		5,413			5,502
Accounts receivable, net of allowances of $54 and $1,613		65,018			62,755
Deferred costs		4,737			5,286
Prepaid expenses and other current assets		39,633			70,481
Total current assets		232,169			265,509
Long-term marketable securities		–			3,453
Property and equipment, net		29,412			30,139
Deferred costs		15,960			18,051
Operating lease right of use assets		17,989			12,879
Goodwill		293,357			296,858
Intangible assets, net		551			1,706
Deferred tax assets		55,248			51,398
Other assets		20,860			22,365
Total assets	$	665,546		$	702,358
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	6,634		$	3,959
Deferred revenue		49,740			52,822
Short-term operating lease liabilities		3,958			4,528
Short-term debt		60,056			87,094
Accrued expenses and other current liabilities		37,506			68,405
Total current liabilities		157,894			216,808
Long-term debt		197,593			194,812
Deferred revenue, net of current portion		119,954			114,354
Long-term operating lease liabilities		14,557			8,803
Other liabilities		26,279			26,484
Total liabilities		516,277			561,261
Stockholders’ Equity:
Common stock, $0.01 par value, 560,000 shares authorized; 43,254 and 41,924 shares issued and outstanding, respectively		433			419
Accumulated other comprehensive loss		(28,814	)		(25,912	)
Additional paid-in capital		1,102,022			1,088,330
Accumulated deficit		(924,372	)		(921,740	)
Total stockholders’ equity		149,269			141,097
Total liabilities and stockholders’ equity	$	665,546		$	702,358

CERENCE INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

	Six Months Ended
	March 31,
	2025			2024
Cash flows from operating activities:
Net loss	$	(2,632	)	$	(254,119	)
Adjustments to reconcile net loss to net cash provided by (used in) operations:
Depreciation and amortization		5,793			5,384
Provision for credit loss reserve		208			6,065
Stock-based compensation		13,702			13,125
Non-cash interest expense		3,348			2,939
Loss on debt extinguishment		(327	)		–
Deferred tax (benefit) provision		(4,271	)		40,949
Goodwill impairment		–			252,096
Unrealized foreign currency transaction losses (gains)		345			(262	)
Other, net		(33	)		474
Changes in operating assets and liabilities:
Accounts receivable		(8,029	)		(75	)
Prepaid expenses and other assets		25,250			5,854
Deferred costs		2,041			3,423
Accounts payable		2,492			(292	)
Accrued expenses and other liabilities		(23,532	)		(1,673	)
Deferred revenue		10,365			(75,659	)
Net cash provided by (used in) operating activities		24,720			(1,771	)
Cash flows from investing activities:
Capital expenditures		(3,703	)		(2,776	)
Purchases of marketable securities		–			–
Sale and maturities of marketable securities		3,493			3,912
Other investing activities		(716	)		(891	)
Net cash (used in) provided by investing activities		(926	)		245
Cash flows from financing activities:
Proceeds from revolving credit facility		–			–
Proceeds from long-term debt, net of discount		–			–
Payments for long-term debt issuance costs		–			–
Principal payments of short-term debt		(26,964	)		–
Common stock repurchases for tax withholdings for net settlement of equity awards		(2,171	)		(9,744	)
Principal payment of lease liabilities arising from a finance lease		(229	)		(202	)
Proceeds from the issuance of common stock		2,175			10,461
Net cash (used in) provided by financing activities		(27,189	)		515
Effects of exchange rate changes on cash and cash equivalents		(722	)		(967	)
Net change in cash and cash equivalents		(4,117	)		(1,978	)
Cash and cash equivalents at beginning of period		121,485			101,154
Cash and cash equivalents at end of period	$	117,368		$	99,176

CERENCE INC.
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures
(unaudited – in thousands)

	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2025			2024			2025			2024
GAAP revenue	$	78,010		$	67,825		$	128,906		$	206,160

GAAP gross profit	$	60,181		$	46,943		$	93,253		$	158,943
GAAP gross margin		77.1	%		69.2	%		72.3	%		77.1	%

GAAP total operating expenses	$	42,829		$	311,326		$	92,834		$	364,746
Stock-based compensation		5,374			4,079			9,692			11,818
Amortization of intangible assets		536			555			1,090			1,203
Restructuring and other costs, net		2,832			4,551			13,894			5,256
Goodwill impairment		–			252,096			–			252,096
Non-GAAP total operating expenses	$	34,087		$	50,045		$	68,158		$	94,373

GAAP net income (loss)	$	21,656		$	(277,976	)	$	(2,632	)	$	(254,119	)
Stock-based compensation*		5,931			4,745			10,739			13,125
Amortization of intangible assets		536			555			1,090			1,203
Restructuring and other costs, net*		2,832			4,551			13,894			5,256
Goodwill impairment		–			252,096			–			252,096
Depreciation		2,812			2,143			4,703			4,181
Total other expense, net		1,299			1,946			2,983			2,328
(Benefit from) provision for income taxes		(5,603	)		11,647			68			45,988
Adjusted EBITDA	$	29,463		$	(293	)	$	30,845		$	70,058

GAAP net cash provided by (used in) operating activities	$	15,466		$	1,044		$	24,720		$	(1,771	)
Capital expenditures		(2,343	)		(1,845	)		(3,703	)		(2,776	)
Free cash flow	$	13,123		$	(801	)	$	21,017		$	(4,547	)
* – $3.0 million in stock-based compensation is included in Restructuring and other costs, net for the six months ended March 31, 2025.

The MIL Network –

May 8, 2025

MIL-OSI: H&R Block Reports Fiscal 2025 Third Quarter Results

Source: GlobeNewswire (MIL-OSI)

— Delivered Revenue Growth of 4%, Net Income Growth of 5%, and EPS Growth of 9% —

— Improved Volume and Market Share Trends in Assisted Channel Through April 30 —

— Reaffirms Full Year 2025 Outlook —

KANSAS CITY, Mo., May 07, 2025 (GLOBE NEWSWIRE) — H&R Block, Inc. (NYSE: HRB) (the “Company”) today released financial results¹ for its fiscal 2025 third quarter ended March 31, 2025.

“Today we are reaffirming our FY25 outlook,” said Jeff Jones, president and chief executive officer. “Our transformation continues to gather momentum and deliver results. We meaningfully enhanced the new client experience this season, driving higher client satisfaction scores and improving volume and market share trends in the Assisted channel.”

Fiscal 2025 Third Quarter Results and Key Financial Metrics

“In the Assisted channel, we struck a healthy balance of price, volume, and mix in the quarter which is a testament to our redesigned client experience and our unwavering commitment to delivering value for our clients,” said Tiffany Mason, chief financial officer. “I remain confident in our ability to continue driving significant value as we have a resilient business with strong financial fundamentals, consistent cash flow generation, and a shareholder-friendly capital return practice.”

Total revenue of $2.3 billion increased by $92.3 million, or 4.2%, versus prior year. The increase was the result of an increase in overall net average charge (NAC), and higher company-owned return volumes in the U.S, partially offset by lower international revenue, and lower interest and fee income on Emerald Advance.

Total operating expenses of $1.3 billion increased by $42.2 million or 3.4%, primarily due to higher tax professional wages and benefits as a result of the increase in company-owned return volume.

Net income from continuing operations increased $31.3 million, or 4.5% to $722.9 million.

Earnings per share from continuing operations² increased 9.2% to $5.32, and adjusted earnings per share from continuing operations² increased 8.9% to $5.38, due to higher net income and fewer shares outstanding from share repurchases.

Capital Allocation

The Company reported the following related to its capital structure:

As previously announced, a quarterly cash dividend of $0.375 per share will be paid on July 3, 2025 to shareholders of record as of June 4, 2025. H&R Block has paid quarterly dividends consecutively since the Company became public in 1962.
In the first and second quarters of fiscal 2025, the company repurchased 6.5 million shares at an aggregate price of $400 million, or $61.10 per share.
The Company has approximately $1.1 billion remaining on its $1.5 billion share repurchase program.

Since 2016, the Company has returned more than $4.5 billion to shareholders in the form of dividends and share repurchases, buying back over 43% of its shares outstanding³.

Fiscal Year 2025 Outlook Reaffirmed

The Company continues to expect:

Revenue to be in the range of $3.69 to $3.75 billion.
EBITDA⁴ to be in the range of $975 million to $1.02 billion.
Effective tax rate to be approximately 13%, resulting in a one-time benefit to EPS of approximately 50 cents.
Adjusted Diluted Earnings Per Share⁴ to be in the range of $5.15 to $5.35.

Conference Call

The Company will host a conference call for analysts and investors to discuss third quarter 2025 results at 4:30 p.m. ET on Wednesday, May 7, 2025. To join live, participants must register at https://register-conf.media-server.com/register/BI6c8ca5ffb9a24eecba80c3c3a79d2043. Once registered, the participant will receive a dial-in number and unique PIN to access the call. Please join approximately 5 minutes prior to the scheduled start time.

The call, along with a presentation for viewing, will also be webcast in a listen-only format for the media and general public. The webcast can be accessed directly at https://edge.media-server.com/mmc/p/wfx9997r and will be available for replay 2 hours after the call is concluded and continuing for 90 days.

About H&R Block

H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

About Non-GAAP Financial Information

This press release and the accompanying tables include non-GAAP financial information. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with generally accepted accounting principles, please see the section of the accompanying tables titled “Non-GAAP Financial Information.”

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “commits,” “seeks,” “estimates,” “projects,” “forecasts,” “targets,” “would,” “will,” “should,” “goal,” “could” or “may” or other similar expressions. Forward-looking statements provide management’s current expectations or predictions of future conditions, events or results. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. They may include estimates of revenues, client trajectory, income, effective tax rate, earnings per share, cost savings, capital expenditures, dividends, share repurchases, liquidity, capital structure, market share, industry volumes or other financial items, descriptions of management’s plans or objectives for future operations, products or services, or descriptions of assumptions underlying any of the above. They may also include the expected impact of external events beyond the Company’s control, such as outbreaks of infectious disease, severe weather events, natural or manmade disasters, or changes in the regulatory environment in which we operate. All forward-looking statements speak only as of the date they are made and reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data or methods, future events or other changes, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to a variety of economic, competitive and regulatory factors, many of which are beyond the Company’s control, that are described in our Annual Report on Form 10-K for the most recently completed fiscal year in the section entitled “Risk Factors” and additional factors we may describe from time to time in other filings with the Securities and Exchange Commission. You may get such filings for free at our website at https://investors.hrblock.com. In addition, factors that may cause the Company’s actual estimated effective tax rate to differ from estimates include the Company’s actual results from operations compared to current estimates, future discrete items, changes in interpretations and assumptions the Company has made, future actions of the Company, or increases in applicable tax rates in jurisdictions where the Company operates. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

¹All amounts in this release are unaudited. Unless otherwise noted, all comparisons refer to the current period compared to the corresponding prior year period.
²All per share amounts are based on fully diluted shares at the end of the corresponding period. The Company reports non-GAAP financial measures of performance, including adjusted earnings per share (EPS), earnings before interest, tax, depreciation, and amortization (EBITDA) from continuing operations, and free cash flow which it considers to be useful metrics for management and investors to evaluate and compare the ongoing operating performance of the Company. See “About Non-GAAP Financial Information” below for more information regarding financial measures not prepared in accordance with generally accepted accounting principles (GAAP).
³Shares outstanding calculated as of April 30, 2016.
⁴Adjusted Diluted EPS and EBITDA from continuing operations are non-GAAP financial measures. Future period non-GAAP outlook includes adjustments for items not indicative of our core operations, which may include, without limitation, items described in the below section titled “Non-GAAP Financial Information” and in the accompanying tables. Such adjustments may be affected by changes in ongoing assumptions and judgments, as well as nonrecurring, unusual, or unanticipated charges, expenses or gains, or other items that may not directly correlate to the underlying performance of our business operations. The exact amounts of these adjustments are not currently determinable but may be significant. It is therefore not practicable to provide the comparable GAAP measures or reconcile this non-GAAP outlook to the most comparable GAAP measures.

For Further Information

Investor Relations:		Jordyn Eskijian, (816) 854-5674, jordyn.eskijian@hrblock.com
Media Relations:		Media Desk, mediadesk@hrblock.com

FINANCIAL RESULTS	(unaudited, in 000s – except per share amounts)
	Three months ended March 31,						Nine months ended March 31,
		2025			2024			2025			2024
REVENUES:
U.S. tax preparation and related services:
Assisted tax preparation	$	1,635,877		$	1,534,825		$	1,727,220		$	1,622,430
Royalties		133,961			141,915			143,312			153,070
DIY tax preparation		214,666			198,570			231,646			215,529
Refund Transfers		113,732			118,937			115,229			120,892
Peace of Mind® Extended Service Plan		15,625			16,813			54,867			59,100
Tax Identity Shield®		7,025			7,536			14,947			16,810
Other		14,582			12,065			40,215			32,637
Total U.S. tax preparation and related services		2,135,468			2,030,661			2,327,436			2,220,468
Financial services:
Emerald Card® and Spruce^SM		40,195			41,160			59,169			61,493
Interest and fee income on Emerald Advance®		14,286			21,169			26,594			36,702
Total financial services		54,481			62,329			85,763			98,195
International		60,438			68,264			157,104			158,398
Wave		26,717			23,580			79,681			70,656
Total revenues	$	2,277,104		$	2,184,834		$	2,649,984		$	2,547,717
Compensation and benefits:
Field wages		532,916			510,299			682,575			650,529
Other wages		74,621			75,356			230,687			222,125
Benefits and other compensation		111,575			99,653			188,731			170,964
		719,112			685,308			1,101,993			1,043,618
Occupancy		119,709			119,364			326,026			319,843
Marketing and advertising		196,667			194,349			221,502			211,135
Depreciation and amortization		29,221			30,672			87,247			91,004
Bad debt		40,479			41,008			62,625			67,560
Other		193,603			185,929			393,900			360,111
Total operating expenses		1,298,791			1,256,630			2,193,293			2,093,271
Other income (expense), net		4,554			5,224			19,215			20,982
Interest expense on borrowings		(24,686	)		(26,070	)		(62,285	)		(63,304	)
Pretax income		958,181			907,358			413,621			412,124
Income taxes		235,253			215,772			104,580			72,527
Net income from continuing operations		722,928			691,586			309,041			339,597
Net loss from discontinued operations		(598	)		(849	)		(2,707	)		(2,097	)
Net income	$	722,330		$	690,737		$	306,334		$	337,500
DILUTED EARNINGS PER SHARE
Continuing operations	$	5.32		$	4.87		$	2.23		$	2.34
Discontinued operations		(0.01	)		(0.01	)		(0.02	)		(0.02	)
Consolidated	$	5.31		$	4.86		$	2.21		$	2.32
WEIGHTED AVERAGE DILUTED SHARES		135,329			141,540			137,944			144,594
Adjusted diluted EPS ⁽¹⁾	$	5.38		$	4.94		$	2.41		$	2.54
EBITDA ⁽¹⁾	$	1,012,088		$	964,100		$	563,153		$	566,432

⁽¹⁾All non-GAAP measures are results from continuing operations. See “Non-GAAP Financial Information” for a reconciliation of non-GAAP measures.

CONSOLIDATED BALANCE SHEETS	(unaudited, in 000s – except per share data)
As of	March 31, 2025			June 30, 2024

ASSETS
Cash and cash equivalents	$	772,946		$	1,053,326
Cash and cash equivalents – restricted		16,744			21,867
Receivables, net		352,398			69,075
Prepaid expenses and other current assets		104,450			95,208
Total current assets		1,246,538			1,239,476
Property and equipment, net		146,456			131,319
Operating lease right of use assets		417,197			461,986
Intangible assets, net		270,007			264,102
Goodwill		785,936			785,226
Deferred tax assets and income taxes receivable		308,989			271,658
Other noncurrent assets		69,888			65,043
Total assets	$	3,245,011		$	3,218,810
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Accounts payable and accrued expenses	$	243,754		$	155,830
Accrued salaries, wages and payroll taxes		269,849			105,548
Accrued income taxes and reserves for uncertain tax positions		346,733			318,830
Current portion of long-term debt		349,787			—
Operating lease liabilities		173,902			206,070
Deferred revenue and other current liabilities		205,778			191,050
Total current liabilities		1,589,803			977,328
Long-term debt and line of credit borrowings		1,142,890			1,491,095
Deferred tax liabilities and reserves for uncertain tax positions		337,634			291,063
Operating lease liabilities		252,630			265,373
Deferred revenue and other noncurrent liabilities		114,892			103,357
Total liabilities		3,437,849			3,128,216
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, no par, stated value $.01 per share		1,644			1,709
Additional paid-in capital		758,821			762,583
Accumulated other comprehensive loss		(71,317	)		(48,845	)
Retained earnings (deficit)		(236,909	)		12,654
Less treasury shares, at cost		(645,077	)		(637,507	)
Total stockholders’ equity (deficiency)		(192,838	)		90,594
Total liabilities and stockholders’ equity	$	3,245,011		$	3,218,810

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	(unaudited, in 000s)
Nine months ended March 31,		2025			2024

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	306,334		$	337,500
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		87,247			91,004
Provision for credit losses		56,042			61,359
Deferred taxes		(12,503	)		(58,223	)
Stock-based compensation		25,420			25,310
Changes in assets and liabilities, net of acquisitions:
Receivables		(335,605	)		(348,106	)
Prepaid expenses, other current and noncurrent assets		(7,504	)		(18,037	)
Accounts payable, accrued expenses, salaries, wages and payroll taxes		240,246			223,045
Deferred revenue, other current and noncurrent liabilities		20,684			12,483
Income tax receivables, accrued income taxes and income tax reserves		50,049			93,961
Other, net		(1,088	)		(32	)
Net cash provided by operating activities		429,322			420,264
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(71,784	)		(53,831	)
Payments made for business acquisitions, net of cash acquired		(35,323	)		(43,163	)
Franchise loans funded		(21,455	)		(18,815	)
Payments from franchisees		11,478			12,884
Other, net		6,194			3,282
Net cash used in investing activities		(110,890	)		(99,643	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of line of credit borrowings		(1,950,000	)		(1,025,000	)
Proceeds from line of credit borrowings		1,950,000			1,025,000
Dividends paid		(147,136	)		(135,127	)
Repurchase of common stock, including shares surrendered		(436,516	)		(379,018	)
Other, net		(11,854	)		(6,358	)
Net cash used in financing activities		(595,506	)		(520,503	)
Effects of exchange rate changes on cash		(8,429	)		(2,739	)
Net decrease in cash and cash equivalents, including restricted balances		(285,503	)		(202,621	)
Cash, cash equivalents and restricted cash, beginning of period		1,075,193			1,015,316
Cash, cash equivalents and restricted cash, end of period	$	789,690		$	812,695
SUPPLEMENTARY CASH FLOW DATA:
Income taxes paid, net (includes payments for purchased investment tax credits)	$	65,505		$	35,888
Interest paid on borrowings		63,251			66,464
Accrued additions to property and equipment		2,448			1,477
New operating right of use assets and related lease liabilities		135,372			139,872
Accrued dividends payable to common shareholders		50,194			44,648

(in 000s)
	Three months ended March 31,				Nine months ended March 31,
NON-GAAP FINANCIAL MEASURE – EBITDA		2025		2024		2025		2024

Net income – as reported	$	722,330	$	690,737	$	306,334	$	337,500
Discontinued operations, net		598		849		2,707		2,097
Net income from continuing operations – as reported		722,928		691,586		309,041		339,597
Add back:
Income taxes		235,253		215,772		104,580		72,527
Interest expense		24,686		26,070		62,285		63,304
Depreciation and amortization		29,221		30,672		87,247		91,004
		289,160		272,514		254,112		226,835
EBITDA from continuing operations	$	1,012,088	$	964,100	$	563,153	$	566,432

(in 000s, except per share amounts)
	Three months ended March 31,						Nine months ended March 31,
NON-GAAP FINANCIAL MEASURE – EBITDA		2025			2024			2025			2024

Net income from continuing operations – as reported	$	722,928		$	691,586		$	309,041		$	339,597
Adjustments:
Amortization of intangibles related to acquisitions (pretax)		11,278			12,869			33,316			37,693
Tax effect of adjustments ⁽¹⁾		(2,927	)		(2,793	)		(8,111	)		(8,815	)
Adjusted net income from continuing operations	$	731,279		$	701,622		$	334,246		$	368,475
Diluted earnings per share from continuing operations – as reported	$	5.32		$	4.87		$	2.23		$	2.34
Adjustments, net of tax		0.06			0.07			0.18			0.20
Adjusted diluted earnings per share from continuing operations	$	5.38		$	4.94		$	2.41		$	2.54

⁽¹⁾Tax effect of adjustments is the difference between the tax provision calculated on a GAAP basis and on an adjusted non-GAAP basis.

Non-GAAP Financial Information

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Because these measures are not measures of financial performance under GAAP and are susceptible to varying calculations, they may not be comparable to similarly titled measures for other companies.

We consider our non-GAAP financial measures to be performance measures and a useful metric for management and investors to evaluate and compare the ongoing operating performance of our business. We make adjustments for certain non-GAAP financial measures related to amortization of intangibles from acquisitions and goodwill impairments. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures.

We measure the performance of our business using a variety of metrics, including earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations, adjusted EBITDA from continuing operations, adjusted diluted earnings per share from continuing operations, and free cash flow. We also use EBITDA from continuing operations and pretax income from continuing operations, each subject to permitted adjustments, as performance metrics in incentive compensation calculations for our employees.

The MIL Network –

May 8, 2025

MIL-OSI: Open Lending Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, May 07, 2025 (GLOBE NEWSWIRE) — Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open Lending”), an industry trailblazer in lending enablement and risk analytics solutions for financial institutions, today reported financial results for its first quarter ended March 31, 2025.

“I believe in Open Lending’s business model, our value proposition to our customers, and the team’s ability to execute on our plan going forward,” said Jessica Buss, Chief Executive Officer of Open Lending. “We are honored to continue serving over 400 lender customers and their communities and have taken actions in an effort to further enhance our customers’ experience. We believe that we have seen promising early results as we implement new ways to demonstrate how we enhance lender profitability.

“We have introduced new loan measures and refined pricing in an effort to help reduce volatility in the expected profit share revenue of our future certified loans as compared to our historic vintages. Additionally, our board of directors has authorized a $25 million share repurchase program. We have a clear plan, a dedicated team, a consistent base of customers and partners, and a strong balance sheet, and we believe that we are well-positioned to generate value for all Open Lending stakeholders.”

Three Months Ended March 31, 2025 Highlights

The Company facilitated 27,638 certified loans during the first quarter of 2025, compared to 28,189 certified loans in the first quarter of 2024.
Total revenue was $24.4 million during the first quarter of 2025, compared to $30.7 million in the first quarter of 2024.
- The decrease in total revenue during the period includes a $7.4 million decrease in estimated profit share revenue associated with new originations, primarily driven by lower unit economics per certified loan.
- In addition, the first quarter of 2025 was impacted by a $0.9 million reduction in estimated profit share revenues related to business in historic vintages as compared to a $1.1 million reduction in the first quarter of 2024.
Gross profit was $18.3 million during the first quarter of 2025, compared to $25.0 million in the first quarter of 2024.
Net income was $0.6 million during the first quarter of 2025, compared to $5.1 million in the first quarter of 2024.
Adjusted EBITDA was $5.7 million during the first quarter of 2025, compared to $12.5 million in the first quarter of 2024.

Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure is provided in the financial table included at the end of this press release. An explanation of this measure and how it is calculated is also included under the heading “Non-GAAP Financial Measures.”

Second Quarter 2025 Outlook
For the second quarter of 2025, the Company currently expects total certified loans to be between 25,500 and 27,500.

The guidance provided includes forward-looking statements within the meaning of U.S. securities laws. See “Forward-Looking Statements” below.

Open Lending will host a conference call to discuss the first quarter 2025 financial results on May 7, 2025 at 5:00 pm ET. The conference call will be webcast live from the Company’s investor relations website at https://investors.openlending.com/ under the “Events” section. The conference call can also be accessed live over the phone by dialing (800) 445-7795, or for international callers (785) 424-1699. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.

Share Repurchase Program
On May 1, 2025, the Board of Directors authorized share repurchases under a share repurchase program (the “Share Repurchase Program”) allowing the Company to repurchase up to $25.0 million of the Company’s outstanding common stock until May 1, 2026. Repurchases may be made at management’s discretion from time to time in the open market. The Share Repurchase Program may be suspended, amended, or discontinued at any time.

About Open Lending
Open Lending (Nasdaq: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.

Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements related to the Company’s new loan measures, lender profitability, volatility, the Share Repurchase Program, market trends, consumer behavior and demand for automotive loans, as well as future financial performance under the heading “Second Quarter 2025 Outlook” above. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the Company’s control. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, market, political and business conditions; applicable taxes, inflation, tariffs, supply chain disruptions including global hostilities and responses thereto, interest rates and the regulatory environment; the outcome of judicial proceedings to which Open Lending may become a party; and other risks discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. Subsequent events and developments may cause the Company’s assessments to change, but, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Non-GAAP Financial Measures
The non-GAAP financial measures included in this press release are financial information that has not been prepared in accordance with GAAP. The Company uses Adjusted EBITDA and Adjusted EBITDA margin internally in analyzing our financial results and believes these measures are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. The Company believes that the use of non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.

The Company believes these measures provide useful information to investors and others in understanding and evaluating its operating results in the same manner as its management and board of directors. In addition, these measures provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain non-cash items and certain non-recurring variable charges. Adjusted EBITDA is defined as GAAP net income (loss) excluding interest expense, income tax expense, depreciation and amortization expense, and share-based compensation expense. Adjusted EBITDA margin is defined as Adjusted EBITDA expressed as a percentage of total revenue.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measure provided in the financial statement tables included below in this press release.

Investor Relations Contact:
InvestorRelations@openlending.com


OPEN LENDING CORPORATION
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)

	March 31, 2025			December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	236,226		$	243,164
Restricted cash		10,621			10,760
Accounts receivable, net		5,550			5,055
Current contract assets, net		18,643			9,973
Income tax receivable		3,568			3,558
Other current assets		3,179			3,215
Total current assets		277,787			275,725
Property and equipment, net		650			729
Capitalized software development costs, net		5,398			5,386
Operating lease right-of-use assets, net		3,680			3,878
Contract assets		11,202			5,094
Other assets		5,506			5,556
Total assets	$	304,223		$	296,368
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	352		$	953
Accrued expenses		7,598			5,166
Current portion of debt		7,500			7,500
Third-party claims administration liability		10,660			10,797
Current portion of excess profit share receipts		17,445			19,346
Other current liabilities		1,143			3,490
Total current liabilities		44,698			47,252
Long-term debt, net of deferred financing costs		130,429			132,217
Operating lease liabilities		3,061			3,273
Excess profit share receipts		39,111			28,210
Other liabilities		7,095			7,329
Total liabilities		224,394			218,281
Stockholders’ equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized and none issued and outstanding		—			—
Common stock, $0.01 par value; 550,000,000 shares authorized, 128,198,185 shares issued and 119,782,899 shares outstanding as of March 31, 2025 and 128,198,185 shares issued and 119,350,001 shares outstanding as of December 31, 2024		1,282			1,282
Additional paid-in capital		497,884			502,664
Accumulated deficit		(328,142	)		(328,759	)
Treasury stock at cost, 8,415,286 shares at March 31, 2025 and 8,848,184 shares at December 31, 2024		(91,195	)		(97,100	)
Total stockholders’ equity		79,829			78,087
Total liabilities and stockholders’ equity	$	304,223		$	296,368

OPEN LENDING CORPORATION
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)

	Three Months Ended March 31,
		2025			2024
Revenue
Program fees	$	15,210		$	14,309
Profit share		6,730			13,882
Claims administration and other service fees		2,453			2,554
Total revenue		24,393			30,745
Cost of services		6,084			5,750
Gross profit		18,309			24,995
Operating expenses
General and administrative		10,898			11,979
Selling and marketing		4,382			4,214
Research and development		2,267			1,479
Total operating expenses		17,547			17,672
Operating income		762			7,323
Interest expense		(2,589	)		(2,770	)
Interest income		2,500			2,971
Income before income taxes		673			7,524
Income tax expense		56			2,437
Net income	$	617		$	5,087
Net income per common share
Basic	$	0.01		$	0.04
Diluted	$	0.01		$	0.04
Weighted average common shares outstanding
Basic		119,451			118,926
Diluted		119,629			119,416

OPEN LENDING CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)

	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities
Net income	$	617		$	5,087
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Share-based compensation		1,846			1,854
Depreciation and amortization		544			372
Amortization of debt issuance costs		103			107
Non-cash operating lease cost		198			162
Deferred income taxes		—			2,154
Other		144			41
Changes in operating assets & liabilities:
Accounts receivable, net		(495	)		(1,135	)
Contract assets, net		(14,778	)		(2,614	)
Excess profit share receipts		9,000			—
Other current and non-current assets		70			188
Accounts payable		(600	)		66
Accrued expenses		2,454			(189	)
Income tax receivable, net		39			3,358
Operating lease liabilities		(185	)		(152	)
Third-party claims administration liability		(137	)		1,662
Other current and non-current liabilities		(2,658	)		45
Net cash provided by (used in) operating activities		(3,838	)		11,006
Cash flows from investing activities
Purchase of property and equipment		(45	)		—
Capitalized software development costs		(561	)		(642	)
Net cash used in investing activities		(606	)		(642	)
Cash flows from financing activities
Payments on term loans		(1,875	)		(938	)
Shares withheld for taxes related to restricted stock units		(758	)		(1,021	)
Net cash used in financing activities		(2,633	)		(1,959	)
Net change in cash and cash equivalents and restricted cash		(7,077	)		8,405
Cash and cash equivalents and restricted cash at the beginning of the period		253,924			246,669
Cash and cash equivalents and restricted cash at the end of the period	$	246,847		$	255,074
Supplemental disclosure of cash flow information:
Interest paid	$	2,489		$	3,541
Income tax paid (refunded), net		16			(3,075	)

OPEN LENDING CORPORATION
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(In thousands, except margin data)

	Three Months Ended March 31,
		2025			2024
Net income	$	617		$	5,087
Non-GAAP adjustments:
Interest expense		2,589			2,770
Income tax expense		56			2,437
Depreciation and amortization expense		544			372
Share-based compensation		1,846			1,854
Total adjustments		5,035			7,433
Adjusted EBITDA	$	5,652		$	12,520
Total revenue	$	24,393		$	30,745
Adjusted EBITDA margin		23	%		41	%

The MIL Network –

May 8, 2025

MIL-OSI: Alto Ingredients, Inc. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

– Beverage-grade Liquid CO2 Processor Acquisition and Corporate Reorganization Deliver Improved Year-over-Year Gross Margin and Adjusted EBITDA –

PEKIN, Ill., May 07, 2025 (GLOBE NEWSWIRE) — Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols, renewable fuels and essential ingredients, reported its financial results for the quarter ended March 31, 2025.

Bryon McGregor, President and Chief Executive Officer of Alto Ingredients said, “During the first quarter of 2025, gross margin and Adjusted EBITDA improved year-over-year, reflecting our operational uptime and carbon optimization initiative driven by our recent acquisition. Owning Alto Carbonic, the carbon dioxide processing plant adjacent to our Columbia facility, lowered combined costs, improved operations coordination and increased productivity across the facilities. The rightsizing of our company to align with our current footprint is on track to save approximately $8 million annually beginning in the second quarter of 2025, and the reorganization is yielding additional efficiencies.

“Shifting production to ISCC renewable fuel for delivery into European markets, which is experiencing solid demand at a premium to fuel-grade ethanol, demonstrates Pekin’s flexibility to capitalize on trends. As a result, we grew ISCC sales as a percentage of our total renewable fuel volume sold at our Pekin Campus during the first quarter and partially offset the domestic industry softening of premiums on high quality alcohol and essential ingredients. We are monitoring a few positive movements, such as the growing state, and potentially national, year round adoption of E15 as well as opportunities under the Illinois Clean Transportation Standard Act (SB41). Our team is proactively evaluating alternatives for new revenue streams to leverage our flexible and unique facilities, and to drive long-term sustainable shareholder value.”

Financial Results for the Three Months Ended March 31, 2025 Compared to 2024

Net sales were $226.5 million, compared to $240.6 million.
Cost of goods sold was $228.3 million, compared to $243.0 million.
Gross loss was $1.8 million, compared to a gross loss of $2.4 million. Net realized gains on derivatives were negligible for both quarters.
Selling, general and administrative expenses were $7.2 million, compared to $7.9 million.
Interest expense was $2.7 million, compared to $1.6 million.
Net loss attributable to common stockholders was $12.0 million, or $0.16 per share, compared to $12.0 million, or $0.17 per share.
Adjusted EBITDA was negative $4.4 million, including $1.6 million in unrealized gains on derivatives, compared to negative $7.1 million, including $3.2 million in unrealized gains on derivatives.

Cash and cash equivalents were $26.8 million at March 31, 2025, compared to $35.5 million at December 31, 2024. At March 31, 2025, the company’s borrowing availability was $76.7 million including $11.7 million under the company’s operating line of credit and $65.0 million under its term loan facility, subject to certain conditions.

First Quarter 2025 Results Conference Call
Management will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on Wednesday, May 7, 2025, and will deliver prepared remarks via webcast followed by a question-and-answer session.

The webcast for the conference call can be accessed from Alto Ingredients’ website at www.altoingredients.com. Alternatively, to receive a number and unique PIN by email, register here. To dial directly up to twenty minutes prior to the scheduled call time, please dial (833) 630-0017 domestically and (412) 317-1806 internationally. The webcast will be archived for replay on the Alto Ingredients website for one year. In addition, a telephonic replay will be available at 8:00 p.m. Eastern Time on Wednesday, May 7, 2025, through 8:00 p.m. Eastern Time on Wednesday, May 14, 2025. To access the replay, please dial (877) 344-7529. International callers should dial 00-1 412-317-0088. The pass code will be 8723820.

Use of Non-GAAP Measures
Management believes that certain financial measures not in accordance with generally accepted accounting principles (“GAAP”) are useful measures of operations. The company defines Adjusted EBITDA as unaudited consolidated net income (loss) before interest expense, interest income, provision for income taxes, asset impairments, unrealized derivative gains and losses, acquisition-related expense and depreciation and amortization expense. A table is provided at the end of this release that provides a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, net income (loss). Management provides this non-GAAP measure so that investors will have the same financial information that management uses, which may assist investors in properly assessing the company’s performance on a period-over-period basis. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income (loss) or any other measure of performance under GAAP, or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of the company’s results as reported under GAAP.

About Alto Ingredients, Inc.
Alto Ingredients, Inc. (NASDAQ: ALTO) is a leading producer and distributor of specialty alcohols, renewable fuels and essential ingredients. Leveraging the unique qualities of its facilities, the company serves customers in a wide range of consumer and commercial products in the Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels markets. For more information, please visit www.altoingredients.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements and information contained in this communication that refer to or include Alto Ingredients’ estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Alto Ingredients’ current perspective of existing trends and information as of the date of the communication. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning Alto Ingredients’ projected outlook and future performance, including the timing and effects of its business rationalization, right-sizing and other cost savings initiatives; expectations around the growing state, and potentially national, adoption of E15 and opportunities under new legislation, including the Illinois Clean Transportation Standard Act; and Alto Ingredients’ other plans, objectives, expectations and intentions. It is important to note that Alto Ingredients’ plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Alto Ingredients’ current expectations depending upon a number of factors affecting Alto Ingredients’ business and plans. These factors include, among others adverse economic and market conditions, including for renewable fuels, specialty alcohols and essential ingredients; export conditions and international demand for the company’s products; fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas; adverse impacts of inflation and supply chain constraints, including from tariffs; Alto Ingredients’ ability to timely and fully realize the results of its cost saving initiatives; regulatory developments and Alto Ingredients’ ability to successfully pursue and secure opportunities under existing and new legislation. These factors also include, among others, the inherent uncertainty associated with financial and other projections; the anticipated size of the markets and continued demand for Alto Ingredients’ products; the impact of competitive products and pricing; the risks and uncertainties normally incident to the alcohol production, marketing and distribution industries; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Alto Ingredients’ facilities, products and/or businesses; changes in laws, regulations and governmental policies; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Alto Ingredients’ filings with the Securities and Exchange Commission including, specifically, those factors set forth in the “Risk Factors” section contained in Alto Ingredients’ Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 13, 2025.

Company IR and Media Contact:
Michael Kramer, Alto Ingredients, Inc., 916-403-2755
Investorrelations@altoingredients.com

IR Agency Contact:
Kirsten Chapman, Alliance Advisors Investor Relations, 415-433-3777
altoinvestor@allianceadvisors.com


ALTO INGREDIENTS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share data)

	Three Months Ended March 31,
		2025			2024
Net sales	$	226,540		$	240,629
Cost of goods sold		228,347			243,029
Gross loss		(1,807	)		(2,400	)
Selling, general and administrative expenses		(7,190	)		(7,932	)
Loss from operations		(8,997	)		(10,332	)
Interest expense, net		(2,729	)		(1,634	)
Other income, net		47			241
Loss before provision for income taxes		(11,679	)		(11,725	)
Provision for income taxes		—			—
Net loss	$	(11,679	)	$	(11,725	)
Preferred stock dividends	$	(312	)	$	(315	)
Net loss attributable to common stockholders	$	(11,991	)	$	(12,040	)
Net loss per share, basic and diluted	$	(0.16	)	$	(0.17	)
Weighted-average shares outstanding, basic and diluted		73,836			72,766


ALTO INGREDIENTS, INC. CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except par value)

ASSETS		March 31, 2025			December 31, 2024
Current Assets:
Cash and cash equivalents	$	26,778	$	35,469
Restricted cash		393		742
Accounts receivable, net		65,461		58,217
Inventories		50,609		49,914
Derivative instruments		4,071		3,313
Other current assets		6,149		5,463
Total current assets		153,461		153,118
Property and equipment, net		212,624		214,742
Other Assets:
Right of use operating lease assets, net		19,416		20,553
Intangible assets, net		8,142		4,509
Other assets		8,566		8,516
Total other assets		36,124		33,578
Total Assets	$	402,209	$	401,438


ALTO INGREDIENTS, INC. CONSOLIDATED BALANCE SHEETS (CONTINUED) (unaudited, in thousands, except par value)

LIABILITIES AND STOCKHOLDERS’ EQUITY		March 31, 2025				December 31, 2024
Current Liabilities:
Accounts payable	$	17,029		$	20,369
Accrued liabilities		23,819			24,214
Current portion – operating leases		4,968			4,851
Derivative instruments		301			1,177
Other current liabilities		6,999			7,193
Total current liabilities		53,116			57,804

Long-term debt		110,664			92,904
Operating leases, net of current portion		15,641			16,913
Other liabilities		8,868			8,754
Total Liabilities		188,289			176,375

Stockholders’ Equity:
Preferred stock, $0.001 par value; 10,000 shares authorized; Series A: no shares issued and outstanding as of March 31, 2025 and December 31, 2024 Series B: 927 shares issued and outstanding as of March 31, 2025 and December 31, 2024		1			1
Common stock, $0.001 par value; 300,000 shares authorized; 76,497 and 76,565 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		77			77
Non-voting common stock, $0.001 par value; 3,553 shares authorized; 1 share issued and outstanding as of March 31, 2025 and December 31, 2024		—			—
Additional paid-in capital		1,045,024			1,044,176
Accumulated other comprehensive income		4,975			4,975
Accumulated deficit		(836,157	)		(824,166		)
Total Stockholders’ Equity		213,920			225,063
Total Liabilities and Stockholders’ Equity	$	402,209		$	401,438

Reconciliation of Adjusted EBITDA to Net Loss	Three Months Ended March 31,
(in thousands) (unaudited)		2025			2024
Net loss	$	(11,679	)	$	(11,725	)
Adjustments:
Interest expense		2,729			1,634
Interest income		(84	)		(175	)
Unrealized derivatives gains		(1,634	)		(3,190	)
Acquisition-related expense		—			675
Depreciation and amortization expense		6,266			5,728
Total adjustments		7,277			4,672
Adjusted EBITDA	$	(4,402	)	$	(7,053	)

Segment Financials (in thousands) (unaudited)		Three Months Ended March 31,
		2025			2024
*Net sales*
Pekin Campus production, recorded as gross:
Alcohol sales	$	107,234		$	108,350
Essential ingredient sales		44,618			46,709
Intersegment sales		297			321
Total Pekin Campus sales		152,149			155,380
Marketing and distribution:
Alcohol sales, gross	$	48,997		$	54,431
Alcohol sales, net		61			34
Intersegment sales		2,506			2,752
Total marketing and distribution sales		51,564			57,217

Western production, recorded as gross:
Alcohol sales	$	16,194		$	20,231
Essential ingredient sales		7,808			7,826
Intersegment sales		264			—
Total Western production sales		24,266			28,057

Corporate and other		1,628			3,048
Intersegment eliminations		(3,067	)		(3,073		)
Net sales as reported	$	226,540		$	240,629

*Cost of goods sold:*
Pekin Campus production	$	155,222		$	151,112
Marketing and distribution		47,650			53,685
Western production		25,524			36,517
Corporate and other		1,681			2,794
Intersegment eliminations		(1,730	)		(1,079	)
Cost of goods sold as reported	$	228,347		$	243,029

*Gross profit (loss):*
Pekin Campus production	$	(3,073	)	$	4,268
Marketing and distribution		3,914			3,532
Western production		(1,258	)		(8,460	)
Corporate and other		(53	)		254
Intersegment eliminations		(1,337	)		(1,994	)
Gross loss as reported	$	(1,807	)	$	(2,400	)

Sales and Operating Metrics (unaudited) (in thousands) (unaudited)	Three Months Ended March 31,
		2025		2024
Alcohol Sales (gallons in millions)
Pekin Campus renewable fuel gallons sold		32.6		31.8
Western production renewable fuel gallons sold		8.3		11.2
Third party renewable fuel gallons sold		24.4		29.7
Total renewable fuel gallons sold		65.3		72.7
Specialty alcohol gallons sold		24.3		26.3
Total gallons sold		89.6		99.0

Sales Price per Gallon
Pekin Campus	$	1.90	$	1.90
Western production	$	1.95	$	1.80
Marketing and distribution	$	2.01	$	1.83
Average sales price per gallon	$	1.93	$	1.86

Alcohol Production (gallons in millions)
Pekin Campus		54.3		53.6
Western production		8.3		9.7
Total		62.6		63.3

Corn Cost per Bushel
Pekin Campus	$	4.65	$	4.73
Western production	$	5.95	$	5.89
Total	$	4.81	$	4.92

Average Market Metrics
PLATTS Ethanol price per gallon	$	1.71		$	1.56
CME Corn cost per bushel	$	4.72		$	4.35
Board corn crush per gallons (1)	$	0.02		$	0.01

Essential Ingredients Sold (thousand tons)
Pekin Campus:
Distillers grains		90.7			87.7
CO2		45.3			39.1
Corn wet feed		34.5			25.6
Corn dry feed		23.8			18.9
Corn oil and germ		19.6			17.8
Corn meal		9.4			8.3
Syrup and other		8.2			9.5
Yeast		6.4			5.7
Total Pekin Campus essential ingredients sold		237.9			212.6

Western production:
Distillers grains		58.1			71.8
CO2		12.6			13.3
Syrup and other		0.8			14.2
Corn oil		1.4			1.5
Total Western production essential ingredients sold		72.9			100.8

Total Essential Ingredients Sold		310.8			313.4


Essential ingredients return % (2)
Pekin Campus return		48.0	%		52.1	%
Western production return		49.0	%		39.3	%
Consolidated total return		48.2	%		49.8	%

________________

(1) Assumes corn conversion of 2.80 gallons of alcohol per bushel of corn.
(2) Essential ingredients revenues as a percentage of total corn costs consumed.

The MIL Network –

May 8, 2025

MIL-OSI: Fortinet Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Highlights

Total revenue of $1.54 billion, up 14% year over year
Product revenue of $459 million, up 12% year over year
Billings of $1.60 billion, up 14% year over year¹
Unified SASE ARR²up 26% and Security Operations ARR²up 30%, year over year
Record first quarter GAAP operating margin of 29%
Record first quarter Non-GAAP operating margin of 34%¹
Record Cash flow from operations of $863 million
Record Free cash flow of $783 million¹

SUNNYVALE, Calif., May 07, 2025 (GLOBE NEWSWIRE) — Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the first quarter ended March 31, 2025.

“We are pleased to report another strong quarter as non-GAAP operating margin increased 570 basis points year over year to a first quarter record of 34%, while billings grew 14% year over year,” said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. “We continue to accelerate our growth strategy by investing in the rapidly expanding Unified SASE and Security Operations markets, while strengthening our leadership in Secure Networking. Leveraging our deep expertise in networking and security convergence, a strong track record of AI-driven innovation, and seamless product development and integration through our FortiOS operating system, we have established ourselves as the leader in organic innovation and will continue setting the industry standard in cybersecurity.”

Financial Highlights for the First Quarter of 2025

Revenue: Total revenue was $1.54 billion for the first quarter of 2025, an increase of 13.8% compared to $1.35 billion for the same quarter of 2024.

Product Revenue: Product revenue was $459.1 million for the first quarter of 2025, an increase of 12.3% compared to $408.9 million for the same quarter of 2024.

Service Revenue: Service revenue was $1.08 billion for the first quarter of 2025, an increase of 14.4% compared to $944.4 million for the same quarter of 2024.

Billings¹: Total billings were $1.60 billion for the first quarter of 2025, an increase of 13.5% compared to $1.41 billion for the same quarter of 2024.

Remaining performance obligations: Remaining performance obligations were $6.49 billion as of March 31, 2025, an increase of 11.7% compared to $5.81 billion as of March 31, 2024. We expect to recognize approximately $3.38 billion as revenue over the next 12 months, an increase of 15.4% compared to $2.93 billion as of March 31, 2024.

Unified SASE ARR²: Unified SASE ARR was $1.15 billion as of March 31, 2025, an increase of 25.7% compared to $914.7 million as of March 31, 2024.

Security Operations ARR²: Security Operations ARR was $434.5 million as of March 31, 2025, an increase of 30.3% compared to $333.5 million as of March 31, 2024.

GAAP Operating Income and Margin: GAAP operating income was $453.8 million for the first quarter of 2025, representing a GAAP operating margin of 29.5%. GAAP operating income was $321.2 million for the same quarter of 2024, representing a GAAP operating margin of 23.7%.

Non-GAAP Operating Income and Margin¹: Non-GAAP operating income was $526.2 million for the first quarter of 2025, representing a non-GAAP operating margin of 34.2%. Non-GAAP operating income was $386.1 million for the same quarter of 2024, representing a non-GAAP operating margin of 28.5%.

GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $433.4 million for the first quarter of 2025, compared to GAAP net income of $299.3 million for the same quarter of 2024. GAAP diluted net income per share was $0.56 for the first quarter of 2025, based on 776.8 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.39 for the same quarter of 2024, based on 770.5 million diluted weighted-average shares outstanding.

Non-GAAP Net Income and Diluted Net Income Per Share¹: Non-GAAP net income was $452.3 million for the first quarter of 2025, compared to non-GAAP net income of $333.9 million for the same quarter of 2024. Non-GAAP diluted net income per share was $0.58 for the first quarter of 2025, based on 776.8 million diluted weighted-average shares outstanding, compared to $0.43 for the same quarter of 2024, based on 770.5 million diluted weighted-average shares outstanding.

Cash Flow: Cash flow from operations was $863.3 million for the first quarter of 2025, compared to $830.4 million for the same quarter of 2024. Cash flow from operations for the first quarter of 2025 includes $14.0 million proceeds from an intellectual property matter.

Free Cash Flow¹: Free cash flow was $782.8 million for the first quarter of 2025, compared to $608.5 million for the same quarter of 2024.

Guidance

For the second quarter of 2025, Fortinet currently expects:

Revenue in the range of $1.590 billion to $1.650 billion
Billings in the range of $1.685 billion to $1.765 billion
Non-GAAP gross margin in the range of 80.0% to 81.0%
Non-GAAP operating margin in the range of 31.5% to 32.5%
Diluted non-GAAP net income per share in the range of $0.58 to $0.60, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 773 million to 777 million.

For the fiscal year 2025, Fortinet currently expects:

Revenue in the range of $6.650 billion to $6.850 billion
Service revenue in the range of $4.575 billion to $4.725 billion
Billings in the range of $7.200 billion to $7.400 billion
Non-GAAP gross margin in the range of 79.0% to 81.0%
Non-GAAP operating margin in the range of 31.5% to 33.5%
Diluted non-GAAP net income per share in the range of $2.43 to $2.49, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 769 million to 779 million.

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets, gain on intellectual property matters, gain on bargain purchase related to acquisition, gain from an equity method investment and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.

¹ A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.
² Annual Recurring Revenue or ARR is defined as the annualized value of renewable / recurring customer agreements as of the measurement date, assuming any contract that expires during the next 12 months is renewed at its existing value.

Conference Call Details

Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at https://investor.fortinet.com and a replay will be archived and accessible at https://investor.fortinet.com/events-and-presentations.

Second Quarter 2025 Conference Participation Schedule:

J.P. Morgan Global Technology, Media and Communications Conference
May 13, 2025

Bank of America Global Technology Conference
June 3, 2025

Members of Fortinet’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Fortinet’s conference presentations are expected to be available via webcast on the company’s website. To access the most updated information, pre-register and listen to the webcast of each event, please visit the Investor Presentation & Events page of Fortinet’s website at https://investor.fortinet.com/events-and-presentations. The schedule is subject to change.

About Fortinet (www.fortinet.com)

Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTs”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.

Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiCore, FortiMail, FortiSandbox, FortiADC, FortiAgent, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAppSec, FortiAuthenticator, FortiBranchSASE, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCART, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDATA, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevice, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiEndpoint, FortiExplorer, FortiExtender, FortiFirewall, FortiFlex, FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPoints, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiSwitch, FortiTelemetry, FortiTester, FortiTIP, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR, Lacework FortiCNAPP, Linksys, Intelligent Mesh, Velop, Max-Stream, Performance Perfected and SECURITY FABRIC. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

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Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding any indications related to future growth and market share gains, our strategy going forward, and guidance and expectations around future financial results, including guidance and expectations for the second quarter and full year 2025, and any statements regarding our market opportunity and market size, and business momentum. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based such that actual results are materially different from our forward-looking statements in this release. Important factors that could cause results to differ materially from the statements herein include the following: general economic risks, including those caused by economic challenges, a possible economic downturn or recession and the effects of inflation or stagflation, rising interest rates or reduced information technology spending; supply chain challenges; negative impacts from the ongoing war in Ukraine and its related macroeconomic effects and our decision to reduce operations in Russia; competitiveness in the security market; the dynamic nature of the security market and its products and services; specific economic risks worldwide and in different geographies, and among different customer segments; uncertainty regarding demand and increased business and renewals from existing customers; sales execution risks, including risks in connection with the timing and completion of large strategic deals; uncertainties around continued success in sales growth and market share gains; uncertainties in market opportunities and the market size; actual or perceived vulnerabilities in our supply chain, products or services, and any actual or perceived breach of our network or our customers’ networks; longer sales cycles, particularly for larger enterprise, service providers, government and other large organization customers; the effectiveness of our salesforce and failure to convert sales pipeline into final sales; risks associated with successful implementation of multiple integrated software products and other product functionality risks; risks associated with integrating acquisitions and changes in circumstances and plans associated therewith, including, among other risks, changes in plans related to product and services integrations, product and services plans and sales strategies; sales and marketing execution risks; execution risks around new product development and introductions and innovation; litigation and disputes and the potential cost, distraction and damage to sales and reputation caused thereby or by other factors; cybersecurity threats, breaches and other disruptions; market acceptance of new products and services; the ability to attract and retain personnel; changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; technological changes that make our products and services less competitive, including advances in artificial intelligence; risks associated with the adoption of, and demand for, our products and services in general and by specific customer segments, including those caused by competition and pricing pressure; excess product inventory for any reason, including those caused by the effects of increased inflation and interest rates in certain geographies and the war in Ukraine; risks associated with business disruption caused by natural disasters and health emergencies such as earthquakes, fires, power outages, typhoons, floods, health epidemics and viruses, and by manmade events such as civil unrest, labor disruption, international trade disputes, international conflicts such as the war in Ukraine or tensions between China and Taiwan, terrorism, wars, and critical infrastructure attacks; tariffs, trade disputes and other trade barriers, and negative impact on sales based on geo-political dynamics and disputes and protectionist policies, including the impact of any future shutdowns of the U.S. government; and the other risk factors set forth from time to time in our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission (“SEC”), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP financial and liquidity measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period less any deferred revenue balances acquired from business combination(s) during the period. We consider billings to be a useful metric for management and investors because billings drive current and future revenue, which is an important indicator of the health and viability of our business and cash flows. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue.

Free cash flow (non-GAAP). We define free cash flow as net cash provided by operating activities minus purchases of property and equipment and excluding any significant non-recurring items, such as proceeds from intellectual property matters. We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures and net of proceeds from intellectual property matters, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet. A limitation of using free cash flow rather than the GAAP measures of cash provided by or used in operating activities, investing activities, and financing activities is that free cash flow does not represent the total increase or decrease in the cash and cash equivalents balance for the period because it excludes cash flows from significant non-recurring items, such as proceeds from intellectual property matters, investing activities other than capital expenditures and cash flows from financing activities. Management accounts for this limitation by providing information about our proceeds from intellectual property matters, our capital expenditures and other investing and financing activities on the face of the cash flow statement and under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting cash flows from investing and financing activities in our reconciliation of free cash flow. In addition, it is important to note that other companies, including companies in our industry, may not use free cash flow, may calculate free cash flow in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure.

Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income plus stock-based compensation, amortization of acquired intangible assets, less gain on intellectual property matters and, when applicable, other significant non-recurring items in a given quarter. Non-GAAP operating margin is defined as non-GAAP operating income divided by GAAP revenue. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the items noted above so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating income instead of operating income calculated in accordance with GAAP. First, non-GAAP operating income excludes the items noted above. Second, the components of the costs that we exclude from our calculation of non-GAAP operating income may differ from the components that peer companies exclude when they report their non-GAAP results of operations. Management accounts for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP.

Non-GAAP net income and diluted net income per share. We define non-GAAP net income as net income plus the items noted above under non-GAAP operating income and operating margin. In addition, we adjust non-GAAP net income and diluted net income per share for a gain on bargain purchase related to acquisition, a gain from an equity method investment related to acquisition and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We define non-GAAP diluted net income per share as non-GAAP net income divided by the non-GAAP diluted weighted-average shares outstanding. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income and non-GAAP operating margin. However, in order to provide a more complete picture of our recurring core business operating results, we include in non-GAAP net income and non-GAAP diluted net income per share, the tax adjustment required resulting in an effective tax rate on a non-GAAP basis, which often differs from the GAAP tax rate. We believe the non-GAAP effective tax rates we use are reasonable estimates of normalized tax rates for our current and prior fiscal years under our global operating structure. The same limitations described above regarding our use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP diluted net income per share. We account for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP diluted net income per share and evaluating non-GAAP net income and non-GAAP diluted net income per share together with net income and diluted net income per share calculated in accordance with GAAP.

FORTINET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions)

	March 31, 2025			December 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	3,596.6		$	2,875.9
Short-term investments		1,183.9			1,190.6
Accounts receivable—net		1,174.0			1,463.4
Inventory		362.7			315.5
Prepaid expenses and other current assets		125.4			126.1
Total current assets		6,442.6			5,971.5
LONG-TERM INVESTMENTS		35.2			—
PROPERTY AND EQUIPMENT—NET		1,403.8			1,349.5
DEFERRED CONTRACT COSTS		636.2			622.9
DEFERRED TAX ASSETS		1,411.6			1,335.6
GOODWILL AND OTHER INTANGIBLE ASSETS—NET		357.4			350.4
OTHER ASSETS		120.2			133.2
TOTAL ASSETS	$	10,407.0		$	9,763.1
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	224.5		$	190.9
Accrued liabilities		415.0			337.9
Accrued payroll and compensation		250.2			255.7
Current portion of long-term debt		498.7			—
Deferred revenue		3,339.4			3,276.2
Total current liabilities		4,727.8			4,060.7
DEFERRED REVENUE		3,079.0			3,084.7
LONG-TERM DEBT		496.2			994.3
OTHER LIABILITIES		141.1			129.6
Total liabilities		8,444.1			8,269.3
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock		0.8			0.8
Additional paid-in capital		1,668.7			1,636.2
Accumulated other comprehensive loss		(22.9	)		(26.1	)
Retained earnings (accumulated deficit)		316.3			(117.1	)
Total stockholders’ equity		1,962.9			1,493.8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,407.0		$	9,763.1

FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited, in millions, except per share amounts)

	Three Months Ended
	March 31, 2025			March 31, 2024
REVENUE:
Product	$	459.1		$	408.9
Service		1,080.6			944.4
Total revenue		1,539.7			1,353.3
COST OF REVENUE:
Product		149.9			182.8
Service		143.2			121.9
Total cost of revenue		293.1			304.7
GROSS PROFIT:
Product		309.2			226.1
Service		937.4			822.5
Total gross profit		1,246.6			1,048.6
OPERATING EXPENSES:
Research and development		198.6			173.0
Sales and marketing		542.7			501.1
General and administrative		57.8			54.4
Gain on intellectual property matters		(6.3	)		(1.1	)
Total operating expenses		792.8			727.4
OPERATING INCOME		453.8			321.2
INTEREST INCOME		44.3			32.2
INTEREST EXPENSE		(4.9	)		(5.1	)
OTHER INCOME (EXPENSE)—NET		26.1			(2.9	)
INCOME BEFORE INCOME TAXES AND GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS		519.3			345.4
PROVISION FOR INCOME TAXES		96.5			39.5
GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS		10.6			(6.6	)
NET INCOME	$	433.4		$	299.3
Net income per share:
Basic	$	0.56		$	0.39
Diluted	$	0.56		$	0.39
Weighted-average shares outstanding:
Basic		768.3			762.4
Diluted		776.8			770.5

FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)

	Three Months Ended
	March 31, 2025			March 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	433.4		$	299.3
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation		66.1			62.3
Amortization of deferred contract costs		78.0			72.0
Depreciation and amortization		35.8			28.6
Amortization of investment discounts		(10.3	)		(12.2	)
Other		(35.5	)		9.9
Changes in operating assets and liabilities, net of impact of business combinations:
Accounts receivable—net		303.9			405.6
Inventory		(34.1	)		36.5
Prepaid expenses and other current assets		3.4			(0.1	)
Deferred contract costs		(91.3	)		(66.5	)
Deferred tax assets		(30.0	)		(73.9	)
Other assets		1.5			(6.2	)
Accounts payable		24.6			(61.6	)
Accrued liabilities		63.7			105.0
Accrued payroll and compensation		(8.2	)		(27.4	)
Deferred revenue		57.0			54.8
Other liabilities		5.3			4.3
Net cash provided by operating activities		863.3			830.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments		(503.0	)		(436.1	)
Sales of investments		2.8			—
Maturities of investments		466.9			393.4
Purchases of property and equipment		(66.5	)		(221.9	)
Payments made in connection with business combinations, net of cash acquired		(11.2	)		(5.7	)
Other		0.2			—
Net cash used in investing activities		(110.8	)		(270.3	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		20.2			13.4
Taxes paid related to net share settlement of equity awards		(52.9	)		(42.9	)
Other		—			(0.8	)
Net cash used in financing activities		(32.7	)		(30.3	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		0.9			(1.4	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		720.7			528.4
CASH AND CASH EQUIVALENTS—Beginning of period		2,875.9			1,397.9
CASH AND CASH EQUIVALENTS—End of period	$	3,596.6		$	1,926.3

Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures (Unaudited, in millions, except per share amounts)

Reconciliation of GAAP operating income to non-GAAP operating income, operating margin, net income and diluted net income per share

	Three Months Ended
	March 31, 2025			March 31, 2024
Reconciliation of non-GAAP operating income:
GAAP operating income	$	453.8		$	321.2
GAAP operating margin		29.5	%		23.7	%
Add back:
Stock‐based compensation		66.9			63.0
Amortization of acquired intangible assets		11.8			3.0
Gain on intellectual property matters		(6.3	)		(1.1	)
Non‐GAAP operating income	$	526.2		$	386.1
Non‐GAAP operating margin		34.2	%		28.5	%

Reconciliation of non-GAAP net income:
GAAP net income	$	433.4		$	299.3
Add back:
Stock‐based compensation		66.9			63.0
Amortization of acquired intangible assets		11.8			3.0
Gain on intellectual property matters		(6.3	)		(1.1	)
Gain on bargain purchase ^(a)		(39.9	)		—
Tax adjustment ^(b)		(2.8	)		(30.3	)
Gain from equity method investment ^(c)		(10.8	)		—
Non-GAAP net income	$	452.3		$	333.9



























Non-GAAP net income per share, diluted













Non-GAAP net income	$	452.3		$	333.9













Non-GAAP shares used in diluted net income per share calculations		776.8			770.5













Non-GAAP net income per share, diluted	$	0.58		$	0.43



























Reconciliation of non-GAAP net income per share, diluted













GAAP net income per share, diluted	$	0.56		$	0.39













Add back:













Non-GAAP adjustments to net income per share		0.02			0.04













Non-GAAP net income per share, diluted	$	0.58		$	0.43



























(a) To exclude a $39.9 million gain on bargain purchase related to our acquisition of Linksys Holdings, Inc. (“Linksys”) in the three months ended March 31, 2025.
(b) Non-GAAP financial information is adjusted to an effective tax rate of 18% and 17% in the three months ended March 31, 2025 and 2024, respectively, on a non-GAAP basis, which differs from the GAAP effective tax rate.
(c) To exclude a $10.8 million gain from equity method investment in Linksys resulted from our acquisition of Linksys in the three months ended March 31, 2025.

Reconciliation of net cash provided by operating activities to free cash flow

	Three Months Ended
	March 31, 2025			March 31, 2024
Net cash provided by operating activities	$	863.3		$	830.4
Less: Purchases of property and equipment		(66.5	)		(221.9	)
Less: Proceeds from intellectual property matter		(14.0	)		—
Free cash flow	$	782.8		$	608.5
Net cash used in investing activities	$	(110.8	)	$	(270.3	)
Net cash used in financing activities	$	(32.7	)	$	(30.3	)

Reconciliation of total revenue to total billings

	Three Months Ended
	March 31, 2025		March 31, 2024
Total revenue	$	1,539.7	$	1,353.3
Add: Change in deferred revenue		57.5		54.9
Less: Deferred revenue balance acquired in business acquisitions		—		(1.0	)
Total billings	$	1,597.2	$	1,407.2

Investor Contact:	Media Contact:

Aaron Ovadia Fortinet, Inc. 408-235-7700 investors@fortinet.com	Michelle Zimmermann Fortinet, Inc. 408-235-7700 pr@fortinet.com

The MIL Network –

May 8, 2025

MIL-OSI USA: Rep. Zinke and Vasquez Launch Bipartisan Public Lands Caucus to Champion Conservation and Access

Source: US Congressman Ryan Zinke (Western Montana)

WASHINGTON, D.C. – Today, U.S. Representatives Ryan Zinke (R-MT-01) and Gabe Vasquez (D-N.M.-02) announced the launch of the bipartisan Public Lands Caucus, a bipartisan congressional coalition focused on conserving America’s public lands and expanding access for all Americans. The caucus will build upon the trusted working relationship between Vasquez and Zinke, forged over the past two years partnering on conservation legislation, along with the momentum of a new Congress and a new generation of Western lawmakers to bring a new voice to the conversation around public lands.

The Public Lands Caucus is founded on the belief that public lands are “for the benefit and enjoyment of the people.” It will bring lawmakers from both sides of the aisle to advance practical, consensus-driven public lands policy that conserves natural resources while supporting recreation, local economies, and public access. Caucus members are committed to bridging ideological divides and advancing pragmatic solutions to protect and manage public lands.

“I follow the Theodore Roosevelt motto that public lands are ‘for the benefit and enjoyment of the people,’ and that means making sure we both conserve and manage those lands to ensure public access for the next generation,” said Rep. Ryan Zinke. “Public lands aren’t red or blue issues, it’s red white and blue. The bipartisan Public Lands Caucus brings together lawmakers who don’t agree on much, but we agree on and are ready to work together to promote policies that advance conservation and public access. I look forward to working with Co-Chair Vasquez, the vice chairs, and all the members of this caucus so future generations can enjoy the same opportunities to hunt, hike, fish, make a living and enjoy our uniquely American heritage.”

“Public lands are where I learned to fish, hunt, and connect with my family and culture—and those experiences shaped who I am,” said Vasquez. “These lands don’t belong to one party or one group of people; they belong to all of us. The Public Lands Caucus is about protecting that birthright—bringing Democrats and Republicans together to preserve access, defend conservation, and invest in the outdoor economy that powers rural communities like mine in southern New Mexico. This is personal for me, and I’m proud to lead this bipartisan effort to keep our public lands in public hands.”

“We should be focusing on expanding public access to federal lands, not auctioning them off,” said Rep Dingell. “And we should be investing in our National Parks System and National Wildlife Refuges, not making it harder for Americans to visit these special places. I’m proud to be Vice-Chair of the bipartisan Public Lands Caucus because conservation has historically been, and should continue to be, a priority regardless of party. I look forward to working with my colleagues on both sides of the aisle to protect our precious natural resources, federal lands, and beloved species.”

“Idahoans live in Idaho because we love our public lands,” said Rep. Simpson. “This trend is common across the West, where public lands are a part of our daily lives. As a lifelong Idahoan and Chairman of the House Interior and Environment Appropriations Subcommittee, I remain committed to preserving access to our public lands and defending our way of life. Being named Vice Chair of the Public Lands Caucus is an honor, and I look forward to working with my colleagues to ensure future generations can enjoy the same benefits that we do today. I’m thankful to Rep. Zinke for his leadership here.”

“As someone born and raised in the Coachella Valley, I know how sacred our public lands are. Places like Joshua Tree and the new Chuckwalla National Monument are more than landscapes—they’re part of our identity, history, and culture,” said Rep. Raul Ruiz (D-CA-25) Conserving public lands means protecting cultural heritage, preserving critical ecosystems, and expanding access to nature’s healing power, especially for underserved communities. I’ll continue fighting to ensure every family—no matter where they live—can experience the beauty, health, and enjoyment that public lands offer.”

“Public land access is integral to Montana,” said Congressman Troy Downing (MT-02). “Montanans rely on the Treasure State’s more than 30 million acres of public lands to hunt, fish, recreate, graze their livestock, and so much more. I applaud Co-Chairs Zinke and Vasquez for their efforts and look forward to working with my colleagues to find common sense solutions that preserve my constituents’ access to this fundamentally American resource.”

“As a representative of Coastal Virginia, I know how vital our public lands and waters are to our economy, our culture, and our quality of life – from supporting tourism and outdoor recreation to sustaining jobs and protecting natural habitats,” said Congresswoman Kiggans. “I’m proud to join the bipartisan Public Lands Caucus to bring a balanced, commonsense approach to protecting these resources. From our shorelines to our forests, we must ensure that future generations can enjoy and benefit from healthy and accessible public lands across the country for years to come.”

“Having served as Chairman of the Congressional Western Caucus for four years, I understand firsthand the importance of common-sense conservation policies that protect our precious lands while guaranteeing public access,” said Congressman Newhouse. “The bipartisan Public Lands Caucus will elevate practical land management policies that support our shared commitment to unlocking our natural resources, boosting surrounding local economies, and supporting safe recreation for all to enjoy. I thank Reps. Zinke and Vasquez for their leadership, and I look forward to working closely with the caucus this Congress.”

Caucus Leadership

Co-Chairs

Rep. Gabe Vasquez (D-NM-02)
Rep. Ryan Zinke (R-MT-01)

Vice Chairs

Rep. Debbie Dingell (D-MI-06)
Rep. Mike Simpson (R-ID-02)

Members Include

Rep. Raul Ruiz (D-CA-25)
Rep. Chuck Edwards (R-NC-11)
Rep. Joe Neguse (D-CO-02)
Rep. Jen Kiggan (R-VA-02)
Rep. Emily Randall (D-WA-06)
Rep. Troy Downing (R-MT-01)
Rep. Steven Horsford (D-NV-04)
Rep. Dan Newhouse (R-WA-04)
Rep. Susie Lee (D-NV-03)
Rep. Juan Ciscomani (R-AZ-06)

Organizational Support

“Public lands are the backyard of the little guy, demonstrating our commitment to leaving the world a better place for our children than the one we inherited from our parents,” said Chris Wood, President and CEO of Trout Unlimited. “On behalf of Trout Unlimited members across the nation, I thank Congressmen Zinke and Vasquez and the members of the newly minted bipartisan Public Lands Caucus for their leadership upholding our legacy of public lands. Preventing large-scale transfer or sale of federal public lands helps to maintain access to some of the best places to fish and hunt on the planet. We look forward to working with the caucus to keep it that way.”

“On both sides of the aisle, Americans cherish our public lands,” said Joel Pedersen, president and CEO of the Theodore Roosevelt Conservation Partnership. “From the Northern Rockies of Montana to the Gila Mountains of New Mexico, these lands and waters provide invaluable opportunities to millions of hunters and anglers. We join our nation’s sportsmen and women in thanking Representatives Zinke and Vasquez for their leadership in forming the bipartisan Public Lands Caucus which will continue to advance America’s outdoor legacy.”

Whitney Potter Schwartz, Senior Vice President, Outdoor Recreation Roundtable: “The creation of the Public Lands Caucus is a significant and welcome step forward in protecting and expanding access to our public lands and waters that power America’s $1.2 trillion outdoor recreation economy and enrich the lives of millions of Americans. Keeping public lands public is a business imperative. There couldn’t be a more important time to stand up for America’s best return on investment and keep public land selloff out of reconciliation. ORR thanks Representatives Gabe Vasquez and Ryan Zinke for their leadership and all the bipartisan members of the Caucus who have come together to champion public lands access, stewardship, and infrastructure investments. We look forward to working with the Caucus to ensure that public lands remain public and continue to be a foundation for outdoor experiences, local economies, and healthy communities for generations to come.”

“Public lands are essential to the emotional and economic well-being of our nation,” said Phil Ingrassia, President of the national RV Dealers Association. “RVDA applauds the creation of the Public Lands Caucus and its commitment to enhancing access and expanding the infrastructure that supports millions of Americans who enjoy these shared spaces.”

“America Outdoors applauds Representatives Vasquez and Zinke for their leadership in launching the bipartisan Public Lands Caucus,” said Caryn Short, America Outdoors. “Continued access to our public lands is vital to the health of the outfitting industry, rural economies, and the millions of Americans who rely on these landscapes for connection, livelihood, and adventure.”

Public lands are part of the shared national identify of Americans,” said Rachel Franchina, Executive Director, Society of Outdoor Recreation Professionals. “They are treasured places – both close to home and in iconic protected areas – for people to spend time with family and friends, recharge themselves and reconnect with nature. The Society of Outdoor Recreation Professionals supports Representatives Ryan Zinke (R-MT) and Gabe Vasquez (D-NM)’s Bipartisan Public Lands Caucus. High-quality experiences on public lands are something the vast majority of American value and their commitment to ensuring access to our shared heritage is more important now than ever.”

“Public lands make hunting, fishing, and other outdoor recreation activities accessible for millions of Americans,” said Kellis Moss, Managing Director of Federal Affairs for Ducks Unlimited. “Some of our most critical conservation programs, such as NAWCA, invest in habitat on public lands. We’re glad to see Congress prioritize conserving America’s natural places for the next generation of outdoorsmen and women, and we’re happy to support the Public Lands Caucus in this effort.”

“The NWTF extends deep gratitude to Congressmen Vasquez and Zinke for their leadership in founding the bipartisan Public Lands Caucus,” said Jason Burckhalter, Co-CEO, National Wild Turkey Federation. “This crucial effort bolsters the unique American public trust, ensuring our public lands—vital habitats for wildlife, cornerstones of our hunting heritage, and cherished spaces for outdoor recreation—remain a shared resource, held in trust for all citizens, preserving their accessibility and stewardship for future generations.”

“America’s upland hunters and grassland advocates applaud today’s launch of the bipartisan Public Lands Caucus,” said Ariel Wiegard, Vice President of Government Affairs, Pheasants Forever and Quail Forever. “We stand ready to work with Reps. Vasquez, Zinke, and the other Caucus members to advance public land conservation policies, increase and improve habitat and access, and energize and engage the upland conservation community. America’s grassland and sagebrush shrub-steppe ecosystems are among the most at-risk environments in the world. We are confident this Caucus will help ensure our treasured public lands deliver the promise of more wildlife and more hunters, alongside other natural resource and quality of life benefits, to the American people.”

“Backcountry Hunters & Anglers strongly supports the creation of the Public Lands Caucus and thanks Representatives Vasquez and Zinke for bringing together a bipartisan force to defend against ongoing threats to sell or transfer our wild public lands,” said Devin O’Dea, Western Policy & Conservation Manager, Backcountry Hunters & Anglers. “Our public lands define who we are as Americans — places where anyone, regardless of background, can hunt, fish, camp or explore. The Public Lands Caucus is a crucial step in ensuring our wild public lands, waters, and wildlife endure.”

“According to the American Horse Council’s latest economic impact study, 39 million U.S. households include a horse enthusiast, with recreational trail riders representing the largest segment of the equine industry — underscoring the critical need for access to public lands,” said Julie M. Broadway, President, American Horse Council & American Horse Council Foundation. “Conserving public lands, supporting local economies, and ensuring access for all Americans is essential to the equine community, and we strongly applaud the creation of this congressional caucus as a step toward protecting these shared resources.”

“The Western Landowners Alliance applauds the formation of the bipartisan Public Lands Caucus to protect our public lands and thanks Representatives Vasquez and Zinke for their leadership on this issue,” said Lesli Allison, Chief Executive Officer, Western Landowners Alliance. “Care for our public lands is a priority across party lines and fence lines in the West. Western Landowners Alliance members steward tens of millions of acres of private and public land, and recognize the challenges facing federal land management and budgets. We are also acutely aware of the nation’s real housing deficit. But disposal of federal land is not a practical solution to either problem.”

“Public lands are the source of clean drinking water for millions of Americans,” said Tom Kiernan, CEO, American Rivers. “The rivers that flow across our national parks, forests, and rangelands provide recreation and awesome scenic beauty to our country. We are excited to continue working with Congress to support the protection of these lands and rivers on behalf of all Americans. Thank you to Representatives Vasquez and Zinke for launching this caucus.”

Watch the full launch event here.

Access photos from the event here.

###

MIL OSI USA News –

May 8, 2025

MIL-OSI Russia: Steering through the Fog: The Art and Science of Monetary Policy in Emerging Markets

Source: IMF – News in Russian

(As prepared for delivery)

May 7, 2025

Good afternoon. It is a pleasure to be with you here at this critical juncture for the global economy. Since early April, the US effective tariff rate has increased to levels last seen over a hundred years ago, and the uncertainty surrounding trade policy and geopolitics has surged.

The economic effects of these developments are expected to be sizeable. Our World Economic Outlook ‘reference scenario’ projects that tariffs will reduce both global and emerging market (EM) output growth by roughly 0.5 percentage points relative to our forecast prior to the April tariffs. Countries imposing high tariffs, or those that are heavily dependent on trade with those countries, will be hit the hardest. But no country is likely to emerge unscathed: we have downgraded our forecasts for 127 countries that account for 86 percent of global GDP.

The impact on inflation is more varied. For countries facing higher tariffs on their exports, the tariffs are expected to mainly operate as a negative demand shock and exert mild downward pressure on inflation. For countries imposing much higher tariffs, notably the United States, the tariffs will likely act more as an adverse supply shock, boosting inflation while lowering growth.

There are several reasons why economic outcomes could be much worse than our WEO reference scenario. As of now financial conditions have not tightened much, including in emerging markets, and many EM currencies have remained surprisingly resilient against the dollar. If, however, trade policy discussions do not yield lower tariffs soon, financial conditions could tighten abruptly, with major effects on capital flows to EMs. Knightian uncertainty abounds as the global economic order transforms. How should central banks in emerging markets steer through this fog? I will address this question in today’s lecture.

EM central banks have developed much stronger monetary policy frameworks since the late 1990s, often in the context of adopting inflation targeting. They have benefited from major improvements in governance, with clear mandates focused on price stability. Their operational independence has also increased substantially — both de jure and de facto — and they have strengthened their public accountability, as well as transparency. These advancements were invaluable in helping them respond quickly both to COVID and to the subsequent inflation surge, raising interest rates sharply in the latter case to contain inflation and keep inflation expectations anchored.

Even so, significant differences remain between EMs and AEs, especially regarding the strength of the exchange rate channel and the degree to which global factors influence monetary transmission. Several features deserve particular attention:

Transmission of policy actions and shocks differs in EMs

First, monetary policy transmission appears noticeably weaker in EMs than in AEs, and dependent both on global financial conditions and on the reliance of EM banks on external financing. In advanced economies, an easing of policy rates quickly translates into lower market rates — which is what matters for the borrowing decisions of households and firms — and this boosts the economy.

By contrast, my research with Sebnem Kalemli-Özcan and Pierre De Leo (De Leo, Gopinath and Kalemli-Özcan, 2024) shows that when EM central banks loosen policy, the transmission to short-term market rates depends critically on what happens to global financial conditions. If global financial conditions tighten enough – as often follows a surprise tightening in US monetary policy – then domestic market rates may even rise when the EM central bank lowers policy rates. The implicit rise in the risk spread facing borrowers clearly blunts the effectiveness of monetary policy and makes it harder for EMs to cushion the effects of shocks. This is particularly relevant at the current juncture where trade shocks could play out as negative demand shocks in many EMs, calling for looser monetary policy. At the same time, they could play out as negative supply shocks in the US and call for tighter US monetary policy.

The changing mix of EM external financing also raises new vulnerabilities. EMs have become more dependent on external financing from foreign nonbank financial institutions, including insurance companies and investment funds, with their share of external portfolio financing growing to about 40 percent. While nonbanks help diversify emerging market funding sources and reduce borrowing costs, these types of capital flows are also very sensitive to the global financial cycle.[1] At times of financial stress, investment funds—such as exchange traded funds and open-end mutual funds in particular—are more susceptible to investors withdrawing their money, which in turn causes investment funds to withdraw from the riskiest markets. Consequently, the volume and speed of exit of capital flows have increased over time, as was evident at the start of Covid-19.

This sensitivity of EMs to global stress may also increase given that crypto assets are playing a larger role in cross-border financial intermediation and payments, often spurred by the desire to achieve cost-efficiencies, but also to circumvent capital flow restrictions in some cases. In most EMs, crypto asset use doesn’t yet appear high enough to present imminent systemic risks. Even so, crypto assets are growing rapidly in many EMs, and overall usage has become a noticeable share of GDP in some EMs with high inflation and lower macroeconomic stability. For example, Cerutti, Chen and Hengge (2024) find that several EMs in Latin America and Eastern Europe fall in the upper quartile of countries in terms of the magnitude of their bitcoin inflows as a share of GDP, with monthly inflows in the range of 0.1 to 0.8% of GDP. Focusing on a wider set of crypto assets, Cardozo, Fernández, Jiang and Rojas (2024) find that cross-border crypto outflows have reached as much as a quarter of gross portfolio outflows in Brazil.

Use of crypto requires a careful understanding of the risks. Crypto may increase capital flow volatility and exacerbate financial stress, including by allowing investors to easily shift their deposits out of domestic banks into foreign exchange-denominated stablecoins. If crypto flows grow large enough, such disintermediation from the banking system and associated capital outflows could cause financial conditions to tighten and the exchange rate to weaken, and potentially spur a significant economic downturn.

Weaker policy credibility complicates monetary policy trade-offs

A second difference between AEs and EMs is the relatively weaker credibility of EM monetary policy to deliver low inflation. While EMs have improved their frameworks substantially, inflation expectations still tend to be less well-anchored than in AEs. Consequently, there is a higher passthrough of cost shocks to inflation, as they feed through much more into inflation expectations as well as through other channels such as wage indexation. Oil price shocks tend to impact core inflation more than twice as strongly in a sample of emerging market economies, relative to advanced ones.[2] This high passthrough makes dealing with external shocks particularly difficult for EM central banks, as second-round effects could be sizeable, including from ongoing shocks to trade policy that could disrupt supply chains and raise input costs.

Inflation expectations also tend to be more sensitive to fiscal policy and debt in EMs. This likely reflects increased risks of fiscal dominance and political interference in central bank decisions, which can undermine the public’s confidence in the central bank’s ability to fight inflation. A surprise increase in government debt tends to boost medium-term expected inflation in EMs significantly, while having little effect in advanced economies.[3]

Exchange rates have a much larger imprint on price and financial stability

A third critical distinction between EMs and AEs is that the exchange rate has a much larger imprint on price and financial stability in EMs. While passthrough of exchange rate changes to inflation has declined considerably for many EMs, it remains significantly higher than in advanced economies. A 10 percent depreciation of EM currencies against the dollar causes EM price levels to rise by about 2 percent, several times larger than in advanced economies.[4]

The presence of foreign exchange mismatches increases the financial stability risks from exchange rate depreciation. While many EMs have reduced FX mismatches – or lowered the risk through the development of derivatives markets that allow for better hedging — reliance on dollar funding within the financial system remains an important source of fragility for some EMs. This weakens monetary transmission, as lowering interest rates causes the balance sheets of corporates with unhedged FX liabilities to deteriorate and financial conditions to tighten, which offsets some of the stimulus from easing. EMs that have shifted to relying more on local currency financing also can experience sharp increases in currency premia and local borrowing costs when foreign investors exit these shallow markets. This makes it harder for EMs to deal with an environment of bigger external shocks: even if a tariff abroad would look like a demand shock from the standpoint of an AE economy, the exchange rate depreciation it induces raises risk spreads and makes it harder for the EM central bank to cushion the impact on the economy.

Steering through the fog: How should policy respond?

Having outlined some of the unique challenges emerging market central banks face in the current global context, I will next lay out some broad principles that can help steer through the fog. EMs clearly will differ in how they respond to the shocks and the uncertainty depending on their cyclical conditions and on structural features such as the extent of their exposure to trade and financial disruptions.

This said, and despite the fog, EM central banks should respond forcefully to upside inflation risks if they materialize to ensure that high inflation does not get embedded into inflation expectations. While I’ve noted that we see the current configuration of tariffs as likely to be slightly disinflationary for many EMs in our reference scenario, there is a significant risk that inflationary pressures could emerge — from supply chain disruptions and higher input cost pressures in a fragmenting world or from exchange rate depreciations.

Given the high passthrough of both exchange rate changes and cost shocks to inflation in EMs, a major risk is large and persistent second round effects, especially if inflation has been running persistently above target and the fiscal position is weak. History has shown that once inflation becomes embedded in expectations—often through wage and price indexation mechanisms—it becomes significantly more difficult to reverse. If the risk materializes, timely and firm action is critical to keep inflation expectations anchored and reassure the public of the central bank’s unwavering commitment to sound monetary policy and price stability.

Foreign exchange intervention should be used prudently

Second, in a more turbulent external environment, foreign exchange intervention (FXI) can help address disorderly market conditions that undermine financial stability. The Fund’s Integrated Policy Framework is helpful in identifying conditions when it may be possible to improve tradeoffs facing central banks using FXI and other tools (IMF, 2023; Basu, Boz, Gopinath, Roch and Unsal, 2023).

Notably, central banks can reduce exchange rate pressures by selling FX during episodes of capital flight when FX markets are shallow, allowing central banks not to have to hike policy rates sharply. This can improve macroeconomic outcomes as well as lower financial stability risks.

However, it is important that FXI is not used to reduce exchange rate volatility per se, or to target a particular level of the exchange rate, as such misuse could easily weaken confidence in the central bank’s commitment to stabilizing inflation. Moreover, given the finite level of reserves, the bar for FXI should be high to ensure that FX liquidity can be provided when it is really needed. As of now financial conditions have tightened in an orderly manner, which means that when it comes to FXI the advice is to keep the powder dry.

Build financial and fiscal resilience

Third, efforts to build financial resilience through strengthening prudential policies are also desirable. As I have emphasized, EM financial systems remain quite exposed to geopolitical shocks and face growing risks from heightened external finance from foreign nonbanks and potentially crypto. Prudential policies can help them build adequate buffers as well as reduce vulnerabilities arising from high leverage, volatile capital flows, and FX mismatches. On the crypto side, it will be important to develop comprehensive legal, regulatory and supervisory frameworks for crypto assets, including through cooperative global efforts given their cross-border nature (IMF, 2023b). The authorities should also ensure that capital flow management measures, when appropriate, remain effective and not undermined by the use of crypto. And EMs should continue to strengthen macroeconomic frameworks to reduce the risk of currency and asset substitution into crypto assets (often called “cryptoization”).

Fiscal policy also plays a critical role in helping ensure macroeconomic stability. Uncertainty shocks have much bigger effects on sovereign spreads when EM debt servicing costs are relatively high. Ensuring that tax and spending policies adjust to keep debt on a sustainable path helps provide buffers to respond to downturns and lowers financial stability risks.

Improve central bank communication, governance, and policy strategy

Lastly, there is a high premium on further strengthening policy frameworks to continue building resilience in a more shock-prone environment.

Clarity of communication has become more critical than ever. Effective communication about the central bank’s reaction function –in qualitative terms – is likely to be useful in helping better anchor inflation expectations and thus improve tradeoffs.

Improved governance – including to strengthen central bank independence – can increase public confidence that the central bank will have latitude to achieve its objectives. Central banks will inevitably make mistakes—no forecast is perfect. But what must be clear is that any deviation from target is the result of uncertainty, not political interference.

EM central banks, as for their AE counterparts, must also adapt their policy strategies to focus more on the distribution of outcomes rather than the modal outlook, and to take more account of risk management considerations. Monetary policy must navigate a world shaped by a multiplicity of shocks—some persistent, some temporary, and some with offsetting effects on inflation where it is difficult to assess the net impact.

Accordingly, many central banks should continue to take steps to revise their frameworks to move away from excessive reliance on central forecasts. This can be facilitated by increasing use of scenario analysis in decision-making.

Conclusion

To conclude, EMs have made major strides in improving their monetary policy frameworks, and this has enabled several of them to respond effectively to unprecedented shocks like the pandemic. They are now being tested again as the global economic order is reset and Knightian uncertainty prevails. This uncertainty does not, however, imply gradualism in all matters. If inflation pressures rise, EM central banks will need to respond quickly using policy rates to prevent higher inflation from getting entrenched as they did during COVID. We must recognize that the road ahead may have many unforeseen turns, which calls for further strengthening financial and fiscal resilience and navigating with monetary policy clarity, credibility, and discipline.

References

Baba, C., and J. Lee. 2022. “Second-round effects of oil price shocks – implications for Europe’s inflation outlook”. IMF Working Paper no. 2022/173.

Basu, S.S., Boz, E., Gopinath, G., Roch, F., and F.D. Unsal. 2023. “Integrated monetary and financial policies for small open economies”. IMF Working Paper no. 2023/161.

Brandão-Marques, L., Casiraghi, M., Gelos, G., Harrison, O., and G. Kamber. 2024. “Is high debt constraining monetary policy? Evidence from inflation expectations”. Journal of International Money and Finance 149(C).

Brandão-Marques, L., Górnicka, L., and G. Kamber. 2023. “Exchange rate fluctuations in advanced and emerging economies: Same shocks, different outcomes”, in Shocks and Capital Flows, edited by Gaston Gelos and Ratna Sahay, IMF.

Cardozo, P., Fernández, A., Jiang, J., and F.D. Rojas. 2024. “On cross-border crypto flows: Measurement, drivers, and policy implications“. IMF Working Paper no. 2024/261.

Cerutti, E.M., Chen, J., and M. Hengge. 2024. “A primer on Bitcoin cross-border flows: Measurement and drivers“. IMF Working Paper no. 2024/85.

Chari, A. 2023. “Global risk, non-bank financial intermediation, and emerging market vulnerabilities”. Annual Review of Economics 15: 549-572.

De Leo, P., Gopinath, G., and S. Kalemli-Özcan. 2024. “Monetary policy and the short-rate disconnect in emerging economies”. NBER Working Paper no. 30458.

IMF. 2023. “Integrated Policy Framework – Principles for use of foreign exchange interventions”. IMF Policy Paper no. 2023/061.

IMF. 2023b. “Elements of effective policies for crypto assets”. IMF Policy Paper no. 2023/004.

https://www.imf.org/en/News/Articles/2025/05/07/sp050725-science-of-monetary-policy-in-emerging-markets-gita-gopinath

MIL OSI

MIL OSI Russia News –

May 8, 2025

MIL-OSI Canada: CleanBC review launched to strengthen climate action, results for people

Source: Government of Canada regional news

Merran Smith

Merran Smith is president of New Economy Canada, bringing decades of leadership and partnership with industry, government and community to create economic solutions to society’s most pressing challenges. She is broadly recognized as an advocate and national thought leader in advancing Canada’s clean economy, with career highlights including founding Clean Energy Canada and her leadership in the landmark Great Bear Rainforest agreement.

Smith was a board member of BC Hydro, and co-chair of B.C.’s Climate Solutions Council, which advised the B.C. government on CleanBC. She has won numerous awards for her leadership in the clean economy, including most recently the King Charles III’s Coronation Medal awarded to a diverse group of individuals who have made significant contributions to British Columbia.

Dan Woynillowicz

Dan Woynillowicz is an accomplished leader focused on the development and implementation of effective energy and climate policies. As principal of Polaris Strategy + Insight, he blends policy expertise with an understanding of technology innovation and market transformation to help clients navigate the energy transition. He is a volunteer adviser to Urban Climate Solutions and the Clean Economy Fund, and from 2020-25 served as board chair of the B.C. Centre for Innovation and Clean Energy (CICE).

Woynillowicz also served as an external expert adviser to the BC Hydro Task Force, which positioned BC Hydro to meet the province’s fast-growing demand for clean electricity. He is frequently called to testify before regulatory and legislative bodies, quoted in media, and regularly publishes commentary in Canada’s leading publications.

MIL OSI Canada News –

May 8, 2025

MIL-OSI USA: VIDEO: After Pressure from Pressley, Treasury Secretary Says Ending Tariffs on Essential Baby Products “Under Consideration”

Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

Pressley Slammed Trump’s Chaotic Tariff War, Highlighted Harmful Impact on Families With Babies and Young Children

Video (YouTube)

WASHINGTON – In a House Financial Services Committee hearing, Congresswoman Ayanna Pressley (MA-07) pressed Treasury Secretary Scott Bessent about the harmful impact of Trump’s tariffs on families with young children and asked if he would support an exemption to tariffs on baby products and other items that parents need to care for their kids, such as car seats. In response to her sharp questioning, Secretary Bessent conceded that such an exemption was “under consideration.”

Congresswoman Pressley also underscored the harm felt by small business owners, parents, and other constituents in the Massachusetts 7^th who are dealing with rising costs due to Trump’s tariffs and urged the Trump Administration to immediately reverse course.

Last month, Congresswoman Pressley joined 45 colleagues in sending a Congressional letter to the Trump Administration imploring them to end tariffs on essential baby goods.

A full transcript of her line of questioning is available below and the full video is available here.

Transcript: After Pressure from Pressley, Treasury Secretary Says Ending Tariffs on Essential Baby Products “Under Consideration”
House Financial Services Committee
May 7, 2025

REP. PRESSLEY: Secretary Bessent, you have heard from Democrats publicly and I’m certain you’ve heard from Republicans privately that this administration’s reckless and chaotic tariff policy is wreaking havoc on our economy.

Rather than delivering stability for our country, this Trump tariff tantrum has been inconsistent, counterproductive, and disconnected from reality.

In my district, the Massachusetts 7th, I am hearing it from everyone.

Small business owners are reeling from the unpredictable on-again, off-again tariffs. They’re holding back on expansion, delaying hiring, and bracing for the impact.

Local and state officials are telling me about the effect tariffs will have on our state budget. Simultaneously, Massachusetts will see energy bills increase while revenue from tourism will decrease.

But I want to focus on the constituent outreach that I’ve received from everyday families who are just fighting to make ends meet.

Yes or no. Mr. Secretary, do you know what a car seat is?

SEC. BESSENT: I have two children, yes.

REP. PRESSLEY: I figured as much, it’s correct you and your husband have two children.

So I am sure you know that car seats are absolutely essential for families when traveling with babies and toddlers to school, to worship, to doctor’s appointments, just everyday living.

But not only are car seats essential, they are the law of the land. It’s the law of the land in 50 states. So there’s no getting around that.

Mr. Secretary, what’s your estimate of how many babies are born in the United States each year?

SEC. BESSENT: I’m gonna guess 2-3 million.

REP. PRESSLEY: Well, while the number fluctuates, there have consistently been more than 3.5 million babies born in the United States. That means millions of families in this country are doing what? Buying a car seat, because it’s essential and it is the law of the land in all 50 states.

But now, that cost is going up because Trump has announced up to 145% tariffs on Chinese imported products.

Approximately, 9 out of every 10 car seats in the U.S. come from China. That’s a steep cost, a steep cost hike for families all over the country. The price is up in Republican districts and in Democratic districts.

And it’s not just the car seats that are impacted. We’re talking about strollers, cribs, high chairs. No family is exempt from the harm of these Trump tariffs on essential baby products.

But don’t just take my word for it.

Mr. Chair, I would like to enter into the record a Yahoo Finance article from May 2025 entitled, “First Year Baby Expenses Already Top $20,000 and Tariffs Are Adding to the Bill As China Dominates Key Imports.”

CHAIR: Without objection.

REP. PRESSLEY: Look, I support improving manufacturing in America, but that is not going into effect overnight, like these tariffs are. There needs to be an exemption to help America’s families.

Trump has used his power for tariff exemptions on thermoplastics, semiconductors, but what about baby products?

Mr. Secretary, do you support an exemption to tariffs on items that parents need to care for their kids? Yes or no?

SEC. BESSENT: Congresswoman, what you’re referring to are—

REP. PRESSLEY: Yes or no.

SEC. BESSENT: What you’re referring to are–

REP. PRESSLEY: I’m reclaiming my time because I don’t want you to filibuster and give me some macroeconomic answer. Families at home are hurting … just give me a direct answer.

SEC. BESSENT: I am going to agree with you.

REP. PRESSLEY: So yes, you do support an exemption on tariffs for products that are essential for families for their babies?

SEC. BESSENT: We are considering exemptions on E-4 items, which…

REP. PRESSLEY: I’m sorry I have to reclaim my time. I’m reclaiming my time.

Mr. Chair. I am reclaiming my time. Give me my time back. I’m reclaiming my time.

I just want a simple yes or no: do you support an exemption to tariffs on items that parents need to care for their kids? Because you all claim you’re pro-family.

I cannot hear the words you say because I see the things that you do, every day. So clear it up.

Yes or no. Do you support an exemption to tariffs on items that parents need to care for their babies?

SEC. BESSENT: It is under consideration.

REP. PRESSLEY: Great. Good.

I don’t know what’s stopping an exemption from going into effect today, so do it now.

In Donald Trump’s America, yesterday’s price is not today’s price. Costs are going up. Everyone is suffering, especially our families with young children.

Mr. Secretary, I’m making an appeal to you on behalf of the people of this country. Please tell occupant Trump to reverse course and stop hurting America’s families.

I yield back.

###

MIL OSI USA News –

May 8, 2025

MIL-OSI USA: AG Labrador Announces Victory in Lawsuit Opposing California’s Electric-Truck Mandates

Source: US State of Idaho

Home Newsroom AG Labrador Announces Victory in Lawsuit Opposing California’s Electric-Truck Mandates

BOISE – Attorney General Raúl Labrador announced today that California has agreed to repeal its electric-truck mandates that reach well beyond California’s borders. Nebraska led a coalition of 17 states and the Nebraska Trucking Association in challenging a suite of California regulations called Advanced Clean Fleets in the Eastern District of California. Among other things, Advanced Clean Fleets would have required certain trucking companies to retire internal-combustion trucks and transition to more expensive and less efficient electric trucks. The rule targeted any fleet that operated in California regardless of where the fleet is headquartered. Given California’s large population and access to international ports, this rule would have had nationwide effects on the supply chain. In the settlement announced today, however, California has agreed not to enforce the rule and to outright repeal it.
“California’s attempt to dictate trucking standards for the entire country was a blatant overreach that would have devastated industries far beyond its borders,” Attorney General Labrador said. “This is a win for Idaho’s truckers and for the families and businesses who rely on them. Our truckers should not be forced to comply with mandates dreamt up by regulators in Sacramento. I’m proud to have joined this successful coalition, and I will continue fighting for policies that protect Idaho’s economy and constitutional rights.”
As part of the settlement, California regulators pledged to commence rulemaking proceedings to formally scrub the rule from the books. California regulators also conceded that they cannot enforce California’s 2036 ban on the sale of internal-combustion trucks unless and until the ban receives a Clean Air Act preemption waiver from the U.S. Environmental Protection Agency. Previously, Attorney General Labrador joined a 24-state coalition led by Nebraska in successfully opposing California’s request for a waiver. In addition to Attorney General Labrador, attorneys general from the following states joined the lawsuit against California regulators: Alabama, Arkansas, Georgia, Indiana, Iowa, Kansas, Louisiana, Missouri, Montana, Nebraska, Oklahoma, South Carolina, Utah, West Virginia, and Wyoming. Also joining the lawsuit were the Nebraska Trucking Association and the Arizona State Legislature.
Read the settlement here.

MIL OSI USA News –

May 8, 2025

MIL-OSI USA: Cortez Masto, Boozman Push for Necessary Updates to Veteran Home Improvement Program

US Senate News:

Source: United States Senator for Nevada Cortez Masto
Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and John Boozman (R-Ark.) introduced the bipartisan Autonomy for Disabled Veterans Act, which would help disabled veterans and their families make accessibility and safety improvements to their homes. Specifically, this bipartisan bill would help disabled veterans build accessible bathrooms, widen their doors, and install wheelchair ramps, grab bars and handrails in their homes.
“After making countless sacrifices in service to our country, disabled veterans deserve to live in their own home with more freedom and dignity,” said Senator Cortez Masto. “That’s why I’m proud to work alongside Senator Boozman to provide them the resources they need to make improvements to their homes for accessibility and safety. I will continue working across the aisle to stand up for Nevada veterans and their families.”
“Arkansas veterans have sacrificed tremendously in service to our nation,” said Senator Boozman. “One of the most important ways we can support our former servicemembers is to ensure those living with a disability feel safer in an accessible home with a greater sense of independence and quality of life. I am pleased to champion commonsense improvements that will better serve those who have worn our nation’s uniform.”
“VA’s Home Improvements and Structural Alterations grant program provides modifications to a veteran or service member’s primary residence. However, years of inattention have diminished the effectiveness of this program, and it is long past time to update grant rates to realistic levels. We appreciate the efforts of Senator Cortez Masto and Senator Boozman to correct that by increasing grant rates and tying them to a formula, so they remain current for years to come,” said Heather Ansley, Chief Policy Officer of Paralyzed Veterans of America.
The Department of Veteran Affairs’ Home Improvements and Structural Alterations (HISA) program offers funds to help eligible disabled veterans with service-related medical issues make alterations to their homes to accommodate their medical needs. But HISA grants have not kept up with the current cost of materials and building. The Autonomy for Disabled Veterans Act would improve HISA by:
Increasing the HISA grant from $6,800 to $10,000 for veterans with disabilities who apply after the bill becomes law, helping to cover the true cost of home improvements like accessible bathrooms.
Raising the grant from $2,000 to $6,800 for veterans with non-service-connected disabilities who applied before the bill is enacted, ensuring they also get better support.
Requiring the VA to adjust the grant amounts annually based on the cost of residential construction, so the funding stays relevant as prices change.
The Autonomy for Disabled Veterans Act has been endorsed by Paralyzed Veterans of America. A similar bill will be introduced in the House of Representatives by Reps. Eric Sorensen (D-Ill.-17), Nicole Malliotakis (R-N.Y.-11), and Mark Takano (D-Calif.-39).
Read the full bill here.
Senator Cortez Masto is a champion for our service members and veterans. Cortez Masto helped pass the PACT Act to ensure veterans suffering from toxic exposure in the line of duty get the medical care they need, and she worked across the aisle to get legislation helping veterans exposed to Agent Orange and expanding benefits for women veterans signed into law. The Senator sent a letter to U.S. Department of Veterans Affairs Secretary Collins demanding he provide answers on the mass terminations of personnel across the VA, specifically those in Nevada, and how those terminations would impact services to Nevada veterans.

MIL OSI USA News –

May 8, 2025

MIL-OSI USA: Sens. Shaheen and Rounds, Reps. Kiggans and Courtney Introduce Bipartisan, Bicameral Bill to Strengthen Civilian Defense Workforce

US Senate News:

Source: United States Senator for New Hampshire Jeanne Shaheen
**Bipartisan Defense Workforce Integration Act would streamline the hiring of individuals who are medically ineligible for military duty to civilian careers in the defense and national security workforce**
(Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH) and Mike Rounds (R-SD), senior members of the U.S. Senate Armed Services Committee (SASC), alongside U.S. Representatives Jen Kiggans (R-VA-02) and Joe Courtney (D-CT-02), members of the U.S. House Armed Services Committee, today led the introduction of the Defense Workforce Integration Act – bipartisan, bicameral legislation that seeks to bolster the civilian defense and national security workforce. The bipartisan bill—which is co-sponsored in the Senate by SASC members Senators Tim Kaine (D-VA), Angus King (I-ME) and Kevin Cramer (R-ND) and in the House by U.S. Representatives Jimmy Panetta (D-CA-19) and Don Bacon (R-NE-02)—would leverage existing programs and best practices within the Department of Defense to retain the talent and motivation of those who desire to serve in uniform but are found to be medically disqualified to address persistent workforce shortages.
“Oftentimes, the U.S. Department of Defense will invest significant time and resources into military recruits’ training – only for those recruits to be taken out of consideration for medical reasons, many of which do not prohibit them from working to keep our nation safe and secure,” said Senator Shaheen. “Our bipartisan, bicameral bill provides opportunities for these individuals—who have already stepped up to serve their nation—to still contribute to America’s national security by increasing awareness and accessibility of careers in the civilian defense workforce. Especially as employers like the Portsmouth Naval Shipyard face recruitment and retention challenges for vital roles, we should be doing all we can to fill vacancies that bolster our national security.”
“Medical issues might prevent some patriotic Americans from active military service, but it doesn’t have to prevent them from finding other ways to serve our country,” said Senator Rounds. “The Defense Workforce Integration Act would help individuals who want to serve their country but are disqualified from military service for medical reasons transition into federal civilian roles within the Department of Defense.”
“Every year, tens of thousands of young Americans are turned away from military service – not because they aren’t willing to serve, but because of medical disqualifications that may have no bearing on their ability to contribute,” said Congresswoman Kiggans. “The Defense Workforce Integration Act ensures that these patriotic individuals still have a path to serve their country through meaningful civilian careers that support our national security. This bipartisan, bicameral bill strengthens our workforce, preserves talent, and reinforces our commitment to the defense industrial base at a time when global threats are growing by the day.”
“Hiring and retaining a skilled defense workforce is critical to our national security. From manufacturers in the defense industrial base to the Defense Department’s civilian workforce at military bases across the country and at the Pentagon, these are patriotic careers that make our national security mission possible,” said Congressman Courtney. “Creating pathways into those jobs for former servicemembers and individuals who want to serve but cannot is a smart way to grow our defense workforce with people committed to this mission. I’m glad to introduce this bipartisan, bicameral bill as a part of Congress’ continuing work to boost defense careers and maintain a strong industrial base.”
As defense workforce shortages grow in crucial areas like manufacturing, cybersecurity and defense logistics, the Defense Workforce Integration Act would activate a pool of candidates who are ineligible for military service to fill vacant positions that contribute to America’s national security.
For applicants who cannot join the military, the legislation directs DoD to enable military personnel managers to provide individuals that are medically disqualified with information about civilian employment opportunities in the following areas: the defense industrial base, cybersecurity, intelligence, research and development of defense technologies, national emergency and disaster preparedness and any other non-military role the Secretary of Defense considers in the national security interest.
For servicemembers disqualified early in their careers, the legislation expands on existing Air Force best practices by establishing Army and Navy personnel management programs to execute “warm hand-offs” to DoD civilian hiring authorities for personnel who become medically disqualified during their initial accession and training pipelines.
For personnel leaving the military after serving honorably, the legislation leverages existing Navy transition assistance programs to expand awareness of critical civilian roles at Military Sealift Command and workforce training programs for shipbuilders to enhance our civilian maritime workforce.
Click here for bill text.

MIL OSI USA News –

May 8, 2025

MIL-OSI USA: As Big Tech Fights Antitrust Enforcement in the Courts, Warner, Colleagues Reintroduce Bipartisan Legislation to Encourage Competition in Social Media

US Senate News:

Source: United States Senator for Commonwealth of Virginia Mark R Warner
WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA), Vice Chairman of the Senate Select Committee on Intelligence, reintroduced the Augmenting Compatibility and Competition by Enabling Service Switching (ACCESS) Act, legislation that would encourage market-based competition between major social media platforms by requiring the largest companies make user data portable – and their services interoperable – with other platforms, and to allow users to designate a trusted third-party service to manage their privacy and account settings.
“As social media and online platforms continue to become a larger part of our society, we’ve seen a handful of companies completely dominate the marketplace, giving consumers no real option to shift platforms without losing years’ worth of data and interactions,” Sen. Warner said. “By making it easier for social media users to easily move their data or to continue to communicate with their friends after switching platforms, startups will be able to compete on equal terms with the biggest social media companies. Interoperability and portability are powerful tools to promote innovative new companies and limit anti-competitive behaviors. This legislation will create long-overdue requirements that will boost competition and give consumers more power.”
Joining Warner in introducing the legislation are Sens. Josh Hawley (R-MO) and Richard Blumenthal (D-CT).
Online platforms have become vital to our economic and social fabric, but network effects and consumer lock-in have solidified a select number of companies’ dominance in the digital market and enhanced their control over consumer data, even as the social media landscape continues to change by the day and platforms’ user experiences become more and more unpredictable. The ACCESS Act would increase market competition, encourage innovation, and increase consumer choice by requiring large communications platforms (products or services with over 100 million monthly active users in the U.S.) to:
Make their services interoperable with competing communications platforms.
Permit users to easily port their personal data in a structured, commonly used and machine-readable format.
Allow users to delegate trusted custodial services, which are required to act in a user’s best interests through a strong duty of care, with the task of managing their account settings, content, and online interactions.
Sen. Warner first introduced the ACCESS Act in 2019 and, as a former tech entrepreneur, has been one of Congress’s leading voices calling for accountability in Big Tech. He has introduced several pieces of legislation aimed at addressing these issues, including the SAFE TECH Act, which would reform Section 230 and allow social media companies to be held accountable for enabling cyber-stalking, online harassment, and discrimination on social media platforms; the Honest Ads Act, which would require online political advertisements to adhere to the same disclaimer requirements as TV, radio, and print ads; and legislation requiring that the prominent social media platform TikTok divest from China-owned parent company ByteDance. Sen. Warner continues to advocate for the sale of the app to a company not beholden to a U.S. adversary.
Full text of the ACCESS Act is available here.

MIL OSI USA News –

May 8, 2025

MIL-OSI USA: Cassidy Introduces Bill to Lower Costs for Caregivers

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) introduced the Lowering Costs For Caregivers Act to allow people to use their tax-free health savings accounts and flexible spending accounts on medical expenses for their parents. Currently, adult children may not take advantage of these tax-free accounts to cover expenses they incur on behalf of their aging parents, unless their parents are classified as dependents for tax purposes.
“Over 11 million Americans are unpaid caregivers for their loved ones,” said Dr. Cassidy. “Let’s give back by making life a little more affordable for them.”
Cassidy was joined by U.S. Senator Jacky Rosen (D-NV) in introducing the legislation.
“As parents age, their children often step up as caregivers and take on extra costs and responsibilities. Nevada families continue to be squeezed by rising prices, and we must do everything we can to make it easier to take care of loved ones,” said Senator Rosen. “I’m proud to introduce this bipartisan bill to lower costs for caregivers by allowing them to use tax-free accounts to cover the medical expenses of their aging parents.”
This legislation is supported by the AARP.

MIL OSI USA News –

May 8, 2025

MIL-OSI USA: Cassidy, Rosen Introduce Legislation to Protect Sensitive Federal Data from DeepSeek, Adversarial AI Technologies

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Jacky Rosen (D-NV) introduced the Protection Against Foreign Adversarial Artificial Intelligence Act of 2025 to prohibit federal contractors from using DeepSeek, an artificial intelligence (AI) platform with direct ties to the Chinese Communist Party (CCP), to fulfill contracts with federal agencies. DeepSeek poses a significant potential national security threat and is required by Chinese law to share the data it collects with the government of the People’s Republic of China and its intelligence agencies. Several U.S. states and allied nations have already moved to block DeepSeek from government devices due to critical security concerns.
“AI is a powerful tool which can be used to enhance things like medicine and education. But in the wrong hands, it can be weaponized. By feeding sensitive data into systems like DeepSeek, we give China another weapon,” said Dr. Cassidy.
“The U.S. must take steps to ensure Americans’ data and our government systems are protected against cyber threats from foreign adversaries,” said Senator Rosen. “This bipartisan legislation would prevent federal contractors from using Deepseek, a CCP-linked AI platform, when carrying out government work. I will continue working across party lines to bolster our national security and protect Americans’ data.”
Specifically, the Protection Against Foreign Adversarial Artificial Intelligence Act of 2025 would:
Prohibit federal contractors with an active federal contract from using DeepSeek, and any successor application developed by High-Flyer, for the fulfillment, assistance, execution, or otherwise support to complete, or support in part, a contract with an agency of the U.S. federal government.
Allow the U.S. Secretary of Commerce, in consultation with the U.S. Secretary of Defense, may provide a waiver, if necessary, on a case-by-case basis for national security-related or research purposes.
Include a report to Congress from the U.S. Secretary of Commerce, in consultation with the U.S. Secretary of Defense, on the national security and economic espionage threats posed by AI platforms from adversarial nations, such as China, North Korea, Iran, and Russia.
Background
Cassidy has been a consistent champion for online privacy and user data protection. Earlier this year, he introduced legislation to protect U.S. servicemembers’ data from adversarial nations like China and has worked to ensure that Americans can delete their personal data collected by private data broker companies.

MIL OSI USA News –

May 8, 2025

MIL-OSI Global: No matter who the next pope is, US Catholics stand ‘at a crossroads’ − a sociologist explains

Source: The Conversation – USA – By Maureen K. Day, Research Fellow, Center for Religion and Civic Culture, University of Southern California

Parishioners attend a memorial Mass in honor of Pope Francis at the Cathedral of Our Lady of the Angels in Los Angeles on April 21, 2025. Patrick T. Fallon/AFP via Getty Images

More than 130 cardinals entered the Sistine Chapel on May 7, 2025. With the announcement “Extra omnes” – “all out” – the doors have been closed and the cardinals sequestered to elect the next leader of the Catholic Church. They will vote, confer, pray and vote again until a candidate acquires the two-thirds majority needed to become pope.

Ten of the men voting this week are from the United States. The Conversation U.S. asked Maureen Day, a researcher at the University of Southern California who has written several books about the contemporary church, to explain what Catholicism looks like in the U.S. at this high-stakes moment.

How is Catholic identity and practice in the U.S. changing, compared with a generation ago?

In 1987, the year of the first American Catholic Laity survey, nearly half of American Catholics said that faith was “the most” or “among the most” important parts of their life. Now, only 37% say the same.

Others are leaving the Catholic Church completely. The General Social Survey, a national survey conducted every year or two since the 1970s, asks people about the faith they grew up with, as well as their present religious identity. According to our analysis of its data, in 1973 only 10% of Americans who grew up Catholic had changed religions, and another 7% had left religion altogether. By 2018, each of those percentages had increased to 18%.

A Pew Research Center study conducted in 2024 found that for every American who converts to Catholicism, another 8.4 leave. The only reason that Catholicism is able to maintain a relatively steady share of the U.S. population – about 20% – is due to the high percentage of immigrants and migrants who are Catholic.

So my co-authors and I chose the title of our 2025 book, “Catholicism at a Crossroads,” quite intentionally. The church has been facing a variety of challenges for decades, both nationally and across the globe. It’s not just about disaffiliation, but also issues such as the sexual abuse crises and bishops’ decreasing influence on lay Catholics’ personal decisions.

The Rev. Athanasius Abanulo celebrates Mass in Lanett, Ala., in 2021. Many international clergy, like Abanulo, are helping to ease a shortage of priests in the U.S.
AP Photo/Jessie Wardarski

In response, church leaders have mostly offered minor adjustments, such as encouraging parishes to become more family- or young adult-friendly. They have not yet made larger shifts that could substantially alter some of those trend lines.

Some of your work focuses on what you call ‘cultural Catholics’ − defined as Catholics who attend Mass less than once per month. How would you describe cultural Catholicism in the U.S. today?

A big concern of Catholic leaders right now is decreasing Mass attendance, as weekly Mass is an important precept of the Catholic Church. Sunday Mass is a place for Catholics to participate in the sacraments, strengthen their faith and build relationships with other Catholics.

One of the things Catholic leaders tend to attribute this drop in attendance to is a broader trend of secularism. There might be some merit to this, but it can’t be the whole story. In our analysis of General Social Survey data, for example, the percentage of Protestant Christians who say they attend worship services weekly was 35% in 1950 and 40% in 2023. Among Catholics, however, weekly Mass attendance has declined from 63% to 30% in these same years.

“Cultural Catholics” who say they attend Mass “a few times a year” or “seldom or never” account for 53% of U.S. Catholics. Many of them demonstrate strong ties to Catholic teachings in other ways. For example, around 70% to 80% of cultural Catholics say that it is “essential” or “somewhat essential” to Catholicism to help the poor, have a devotion to Mary and practice daily prayer.

There are findings that can lend themselves to either a “glass half empty” or “glass half full” interpretation. For instance, it might be heartening to Catholic leaders to know that 62% of cultural Catholics say it is important that future generations of their family are Catholic – although this is much lower than the 89% among those who attend Mass frequently.

Sister Maris Stella Vaughan teaches a religion class at St. John Paul II Catholic School in Phoenix, Ariz., in 2020.
AP Photo/Dario Lopez-Mills

And when these cultural Catholics imagine future generations of their family being Catholic, what does that mean? Perhaps it entails simply a few milestones, like receiving baptism, First Communion and possibly Confirmation – the three sacraments that initiate a person into the Catholic faith. The way many cultural Catholics are loosely tethered to the church, without much involvement in parish life, is a great concern for many Catholic leaders.

What main challenges do you see for the American church under the next pope?

I would argue that the American church’s biggest challenge is how to heal the factionalism within itself.

On the one hand, there is a great deal of common ground among the most active Catholics, even with the diversity still found here. According to our analysis, 20% of Catholics are “high commitment”: those who say they attend Mass weekly, are unlikely to leave the faith, and that the church is very important to them. These Catholics are more likely to depart from their political party’s position on an issue if it does not align with Catholic teachings. For example, high-commitment Catholic Republicans are much more likely to support the bishops’ position on making the immigration process easier for families. High-commitment Catholic Democrats, meanwhile, are more likely to be against abortion than are their moderate- or low-commitment counterparts.

In other words, these high-commitment Catholics tend to be less polarized and could find common cause with one another.

Catholics pray during Mass at Benedictine College on Dec. 3, 2023, in Atchison, Kan.
AP Photo/Charlie Riedel

However, there are more extreme pockets – such as those who called into question the legitimacy of Francis’ papacy – that are more militant about their vision of Catholicism. While these Catholics are few in number, they are very vocal. There are fringe groups that mobilized to try to change the direction of the Catholic Church after Francis’ papacy, which they saw as a series of liberal reforms.

Within more mainstream Catholicism, there are divides over styles of worship, with media attention on some young Americans flocking to more conservative or traditional parishes. However, sociologist Tim Clydesdale and religion scholar Kathleen Garces-Foley found that young adult Catholics are split: While some are attracted to churches with pastors who demonstrate “orthodoxy,” a similar number prefer “openness.”

What do you wish more people understood about Catholicism in the U.S.?

I think the “missing piece” for many is the incredible diversity of U.S. Catholicism, from race and ethnicity to politics and practice. Many Americans tend to associate the religion with one or two issues, such as abortion and same-sex marriage, and assume that Catholics are fairly monolithic, both in their demographics and their politics.

Catholics themselves can also forget – or never learn – that their small slice of Catholicism is not the whole of Catholicism.

Recognizing and elevating what unites this vast family of Catholics, both personally and collectively, is going to be critical as the church moves forward.

The work mentioned in this article was funded largely by the Louisville Institute. Her previous research has received funding from many sources, including the United States Conference of Catholic Bishops.

– ref. No matter who the next pope is, US Catholics stand ‘at a crossroads’ − a sociologist explains – https://theconversation.com/no-matter-who-the-next-pope-is-us-catholics-stand-at-a-crossroads-a-sociologist-explains-255177

MIL OSI – Global Reports –

May 8, 2025

MIL-OSI USA: Reps. Vasquez and Zinke Launch Bipartisan Public Lands Caucus to Champion Conservation and Access

Source: US Representative Gabe Vasquez’s (NM-02)

WASHINGTON, D.C. – Today, U.S. Representatives Gabe Vasquez (D-NM-02) and Ryan Zinke (R-MT-01) announced the launch of the bipartisan Public Lands Caucus, a bipartisan congressional coalition focused on conserving America’s public lands and expanding access for all Americans. The caucus will build upon the trusted working relationship between Vasquez and Zinke, forged over the past two years, partnering on conservation legislation, along with the momentum of a new Congress and a new generation of Western lawmakers to bring a new voice to the conversation around public lands.

The Public Lands Caucus is founded on the belief that public lands are “for the benefit and enjoyment of the people.” It will bring lawmakers from both sides of the aisle to advance practical, consensus-driven public lands policy that conserves natural resources while supporting recreation, local economies, and public access. Caucus members are committed to bridging ideological divides and advancing pragmatic solutions to protect and manage public lands.

WATCH: Public Lands Caucus Press Conference

“Public lands are where I learned to fish, hunt, and connect with my family and culture—and those experiences shaped who I am,” said Rep. Gabe Vasquez (D-NM-02). “These lands don’t belong to one party or one group of people; they belong to all of us. The Public Lands Caucus is about protecting that birthright—bringing Democrats and Republicans together to preserve access, defend conservation, and invest in the outdoor economy that powers rural communities like mine in southern New Mexico. This is personal for me, and I’m proud to lead this bipartisan effort to keep our public lands in public hands.”

“I follow the Theodore Roosevelt motto that public lands are ‘for the benefit and enjoyment of the people,’ and that means making sure we both conserve and manage those lands to ensure public access for the next generation,” said Rep. Ryan Zinke (R-MT-02). “Public lands aren’t red or blue issues, it’s red white and blue. The bipartisan Public Lands Caucus brings together lawmakers who don’t agree on much, but we agree on and are ready to work together to promote policies that advance conservation and public access. I look forward to working with Co-Chair Vasquez, the vice chairs, and all the members of this caucus so future generations can enjoy the same opportunities to hunt, hike, fish, make a living and enjoy our uniquely American heritage.”

“We should be focusing on expanding public access to federal lands, not auctioning them off. And we should be investing in our National Parks System and National Wildlife Refuges, not making it harder for Americans to visit these special places,” said Rep. Debbie Dingell (D-MI-06). I’m proud to be Vice-Chair of the bipartisan Public Lands Caucus because conservation has historically been, and should continue to be, a priority regardless of party. I look forward to working with my colleagues on both sides of the aisle to protect our precious natural resources, federal lands, and beloved species.”

“Idahoans live in Idaho because we love our public lands,” said Rep. Mike Simpson (R-ID-02). “This trend is common across the West, where public lands are a part of our daily lives. As a lifelong Idahoan and Chairman of the House Interior and Environment Appropriations Subcommittee, I remain committed to preserving access to our public lands and defending our way of life. Being named Vice Chair of the Public Lands Caucus is an honor, and I look forward to working with my colleagues to ensure future generations can enjoy the same benefits that we do today. I’m thankful to Rep. Zinke for his leadership here.”

“As someone born and raised in the Coachella Valley, I know how sacred our public lands are. Places like Joshua Tree and the new Chuckwalla National Monument are more than landscapes—they’re part of our identity, history, and culture,” said Rep. Raul Ruiz (D-CA-25) Conserving public lands means protecting cultural heritage, preserving critical ecosystems, and expanding access to nature’s healing power, especially for underserved communities. I’ll continue fighting to ensure every family—no matter where they live—can experience the beauty, health, and enjoyment that public lands offer.”

“Public land access is integral to Montana,” said Rep. Troy Downing (R-MT-02). “Montanans rely on the Treasure State’s more than 30 million acres of public lands to hunt, fish, recreate, graze their livestock, and so much more. I applaud Co-Chairs Zinke and Vasquez for their efforts and look forward to working with my colleagues to find common sense solutions that preserve my constituents’ access to this fundamentally American resource.”

“As a representative of Coastal Virginia, I know how vital our public lands and waters are to our economy, our culture, and our quality of life – from supporting tourism and outdoor recreation to sustaining jobs and protecting natural habitats,” said Rep. Jen Kiggans (R-VA-02). “I’m proud to join the bipartisan Public Lands Caucus to bring a balanced, commonsense approach to protecting these resources. From our shorelines to our forests, we must ensure that future generations can enjoy and benefit from healthy and accessible public lands across the country for years to come.”

Caucus Leadership

Co-Chairs

Rep. Gabe Vasquez (D-NM-02)
Rep. Ryan Zinke (R-MT-01)

Vice Chairs

Rep. Debbie Dingell (D-MI-06)
Rep. Mike Simpson (R-ID-02)

Members Include

Rep. Raul Ruiz (D-CA-25)
Rep. Chuck Edwards (R-NC-11)
Rep Joe Neguse (D-CO-02)
Rep. Jen Kiggans (R-VA-02)
Rep. Emily Randall (D-WA-06)
Rep. Troy Downing (R-MT-01)
Rep. Steven Horsford (D-NV-04)
Rep. Dan Newhouse (R-WA-04)
Rep. Susie Lee (D-NV-03)
Rep. Juan Ciscomani (R-AZ-06)

Organizational Support

“On both sides of the aisle, Americans cherish our public lands,” said Joel Pedersen, president and CEO of the Theodore Roosevelt Conservation Partnership. “From the Northern Rockies of Montana to the Gila Mountains of New Mexico, these lands and waters provide invaluable opportunities to millions of hunters and anglers. We join our nation’s sportsmen and women in thanking Representatives Zinke and Vasquez for their leadership in forming the bipartisan Public Lands Caucus which will continue to advance America’s outdoor legacy.”

Whitney Potter Schwartz, Senior Vice President, Outdoor Recreation Roundtable: “The creation of the Public Lands Caucus is a significant and welcome step forward in protecting and expanding access to our public lands and waters that power America’s $1.2 trillion outdoor recreation economy and enrich the lives of millions of Americans. Keeping public lands public is a business imperative. There couldn’t be a more important time to stand up for America’s best return on investment and keep public land selloff out of reconciliation. ORR thanks Representatives Gabe Vasquez and Ryan Zinke for their leadership and all the bipartisan members of the Caucus who have come together to champion public lands access, stewardship, and infrastructure investments. We look forward to working with the Caucus to ensure that public lands remain public and continue to be a foundation for outdoor experiences, local economies, and healthy communities for generations to come.”

Phil Ingrassia, President of the national RV Dealers Association (RVDA): “Public lands are essential to the emotional and economic well-being of our nation. RVDA applauds the creation of the Public Lands Caucus and its commitment to enhancing access and expanding the infrastructure that supports millions of Americans who enjoy these shared spaces.”

Julie Sutton, Senior Director Government Affairs, VF Corporation: VF Corporationand our portfolio of iconic outdoor brands applaud Representatives Ryan Zinke (R-MT) and Gabe Vasquez (D-NM) for their bipartisan leadership in establishing the Public Lands Caucus. This caucus has an opportunity to improve management of public lands, protect and conserve our natural resources and maintain access for everyone to enjoy the outdoors. We thank you for your commitment to our public lands.

Myke Bybee, Senior Director of Federal Relations, Trust for Public Land: “Trust for Public Land strongly commends Representatives Ryan Zinke (R-MT) and Gabe Vasquez (D-NM) for their bipartisan leadership in launching the Public Lands Caucus and introducing legislation — The Public Lands in Public Hands Act — which affirms the importance of our shared national landscapes. With Congress and the Administration considering proposals to sell off federal land, and as Americans visit public lands in record numbers—to hike, hunt, and connect with nature—their leadership could not come at a more critical time.”

Jenn Dice, President & CEO, PeopleForBikes: “Public lands are an important part of the American experience and critical to the outdoor recreation economy, including the bicycle industry. We applaud the leaders of the Public Lands Caucus who are committed to protecting, managing, and staffing our most treasured natural spaces that are a source of our national pride.”

Caryn Short, America Outdoors: “America Outdoors applauds Representatives Vasquez and Zinke for their leadership in launching the bipartisan Public Lands Caucus. Continued access to our public lands is vital to the health of the outfitting industry, rural economies, and the millions of Americans who rely on these landscapes for connection, livelihood, and adventure.”

Rachel Franchina, Executive Director, Society of Outdoor Recreation Professionals: “Public lands are part of the shared national identify of Americans. They are treasured places – both close to home and in iconic protected areas – for people to spend time with family and friends, recharge themselves and reconnect with nature. The Society of Outdoor Recreation Professionals supports Representatives Ryan Zinke (R-MT) and Gabe Vasquez (D-NM)’s Bipartisan Public Lands Caucus. High-quality experiences on public lands are something the vast majority of American value and their commitment to ensuring access to our shared heritage is more important now than ever.”

Mary Ellen Sprenkel, President & CEO, The Corps Network: “Americans love our public lands. Hundreds of millions of people visit our national parks, forests, and grasslands every year, helping drive local economies. The Corps Network proudly represents 150 Corps programs across the country that work with resource management agencies on critical maintenance projects that keep our public lands safe and open for all to enjoy. Through service on public lands, thousands of Corps participants every year gain invaluable work experience for the modern workforce. We appreciate the goal of the Public Lands Caucus to ensure Americans have access to the Great Outdoors.”

Julie M. Broadway, President, American Horse Council & American Horse Council Foundation: “According to American Horse Council’s latest economic impact study, 39 million U.S. households include a horse enthusiast, with recreational trail riders representing the largest segment of the equine industry — underscoring the critical need for access to public lands. Federal data supports this: the Bureau of Land Management estimates three million annual horseback riding visitors, along with 46,000 participating in pack use; the U.S. Forest Service cites 206,000 horseback riders, and the National Park Service reports 1.6 million. Conserving public lands, supporting local economies, and ensuring access for all Americans is essential to the equine community, and we strongly applaud the creation of this congressional caucus as a step toward protecting these shared resources.”

Dan Mahoney, Government Affairs Manager, American Prairie: “American Prairie applauds Representatives Ryan Zinke and Gabe Vasquez for launching this bipartisan caucus to protect our country’s public lands. These lands are a cherished piece of America’s heritage, and one that American Prairie is committed to conserving and expanding access to in Montana. This new caucus’s dedication to the same is worth celebrating and so are the members of Congress leading the way to do so.”

Jordan Schreiber, Director of Government Relations, The Wilderness Society: “The Wilderness Society celebrates this bipartisan caucus’s commitment to protecting public lands and access to them, which starts with keeping them in public hands. We look forward to working with members to ensure that any future efforts to sell off these national treasures to the highest bidder are defeated.”

Tom Cors, Senior Director of Legislative Affairs, The Nature Conservancy: “Public lands need to be kept in public hands. They are not just picturesque selfie backdrops. People across America depend on them for jobs, to recharge their internal batteries, and to clean our water and air. Also, wildlife depend on them for food and shelter. Through this caucus, Representatives Ryan Zinke and Gabe Vasquez are ensuring our public lands will last forever, giving life to us all.”

David Feinman, Vice President of Government Affairs, Conservation Lands Foundation: “Conservation Lands Foundation applauds Representatives Gabe Vasquez and Ryan Zinke for working across the aisle to launch the bipartisan Public Lands Caucus, which will hold Congress accountable to protect access to America’s public lands and ensure they remain in public hands. Our nation’s public lands contain remarkable and irreplaceable ecological, historical and cultural resources that reflect thousands of years of human connection to lands and waters, and we look forward to the Public Lands Caucus reflecting the overwhelming bipartisan support across America for keeping public lands in public hands.”

Maite Arce, President and CEO, Hispanic Access Foundation: “Hispanic Access Foundation applauds the launch of the bipartisan Public Lands Caucus and the leadership of Representatives Vasquez and Zinke. Public lands are essential to our way of life—they support local economies, provide space for recreation and reflection, and contribute to the health and well-being of communities across the country. This caucus is an important step toward protecting these treasured places and ensuring they remain accessible and well-managed for future generations.”

Chris Wood, President and CEO, Trout Unlimited: “Public lands are the backyard of the little guy, demonstrating our commitment to leaving the world a better place for our children than the one we inherited from our parents. On behalf of Trout Unlimited members across the nation, I thank Congressmen Zinke and Vasquez and the members of the newly minted bipartisan Public Lands Caucus for their leadership upholding our legacy of public lands. Preventing large-scale transfer or sale of federal public lands helps to maintain access to some of the best places to fish and hunt on the planet. We look forward to working with the caucus to keep it that way.”

Athan Manuel, Director of Sierra Club’s Lands Protection Program: “Our public lands are part of what makes this country great. They preserve critical habitat, provide our communities with clean air and water, and exploring these places has been a rite of passage for countless generations of Americans. It is more critical than ever that these treasured landscapes remain in the hands of we the people. The Public Lands Caucus will play an important – and bipartisan – role in ensuring Congress does its part to keep it that way.”

Tom Kiernan, CEO, American Rivers: Public lands are the source of clean drinking water for millions of Americans. The rivers that flow across our national parks, forests, and rangelands provide recreation and awesome scenic beauty to our country. We are excited to continue working with Congress to support the protection of these lands and rivers on behalf of all Americans. Thank you to Representatives Vasquez and Zinke for launching this caucus.

Joel Pedersen, President and CEO, Theodore Roosevelt Conservation Partnership: “On both sides of the aisle, Americans cherish our public lands. From the Northern Rockies of Montana to the Gila Mountains of New Mexico, these lands and waters provide invaluable opportunities to millions of hunters and anglers. We join our nation’s sportsmen and women in thanking Representatives Zinke and Vasquez for their leadership in forming the bipartisan Public Lands Caucus which will continue to advance America’s outdoor legacy.”

Lesli Allison, Chief Executive Officer, Western Landowners Alliance: “The Western Landowners Alliance applauds the formation of the bipartisan Public Lands Caucus to protect our public lands and thanks Representatives Vazquez and Zinke for their leadership on this issue. Care for our public lands is a priority across party lines and fence lines in the West. Western Landowners Alliance members steward tens of millions of acres of private and public land, and recognize the challenges facing federal land management and budgets. We are also acutely aware of the nation’s real housing deficit. But disposal of federal land is not a practical solution to either problem.”

Paul Hendricks, Executive Director, The Conservation Alliance: “Conservation has been supported by folks from both political parties and nearly all demographics for generations – America’s best and most durable public lands protections have come from members of Congress working together across party lines. Yet many of those places are now at risk of losing those protections, which would be detrimental to our nation’s economy. Safeguarding nature creates jobs, supports local economies as well as the $1.2 trillion outdoor recreation economy, and ensures these benefits exist for future generations. The Conservation Alliance and our 200 business members are excited to see the launch of the Public Lands Caucus and thank Representative Vasquez and Representative Zinke for taking the lead.”

Devin O’Dea, Western Policy & Conservation Manager, Backcountry Hunters & Anglers: “Backcountry Hunters & Anglers strongly supports the creation of the Public Lands Caucus and thanks Representatives Vasquez and Zinke for bringing together a bipartisan force to defend against ongoing threats to sell or transfer our wild public lands. Our public lands define who we are as Americans — places where anyone, regardless of background, can hunt, fish, camp or explore. The Public Lands Caucus is a crucial step in ensuring our wild public lands, waters, and wildlife endure.”

Ariel Wiegard, Vice President of Government Affairs, Pheasants Forever and Quail Forever: “America’s upland hunters and grassland advocates applaud today’s launch of the bipartisan Public Lands Caucus, and we stand ready to work with Reps. Vasquez, Zinke, and the other Caucus members to advance public land conservation policies, increase and improve habitat and access, and energize and engage the upland conservation community. America’s grassland and sagebrush shrub-steppe ecosystems are among the most at-risk environments in the world, resulting in the decline of our most cherished grassland species and fewer places to hunt on high-quality habitat—we are confident this Caucus will help ensure our treasured public lands deliver the promise of more wildlife and more hunters, alongside other natural resource and quality of life benefits, to the American people.”

Jason Burckhalter, Co-CEO, National Wild Turkey Federation: “The NWTF extends deep gratitude to Congressmen Vasquez and Zinke for their leadership in founding the bipartisan Public Lands Caucus. This crucial effort bolsters the unique American public trust, ensuring our public lands—vital habitats for wildlife, cornerstones of our hunting heritage, and cherished spaces for outdoor recreation—remain a shared resource, held in trust for all citizens, preserving their accessibility and stewardship for future generations.”

Louis Geltman, Vice President for Policy and Government Relations, Outdoor Alliance: “Outdoor Alliance is grateful to Representatives Gabe Vasquez and Ryan Zinke for their leadership in creating the Public Lands Caucus. Public lands need champions, and we look forward to working with members of the caucus to protect public lands and waters and outdoor recreation experiences. Outdoor recreation is a bipartisan value and benefits the millions of Americans who get outside each year. We look forward to building momentum for the caucus’s work to support outdoor recreation, public lands and waters, and conservation.”

Caroline Gleich, professional athlete, advocate and former candidate for U.S. in Utah: “As someone who has spent my life exploring and advocating for public lands, I’m thrilled to support the launch of the Public Lands Caucus. These lands are more than lines on a map—they’re where we connect with nature, with each other, and with something larger than ourselves. I applaud Representative Vasquez for his leadership in creating a space in Congress to prioritize conservation, recreation, and access for all. At a time when public lands are under threat from extractive industries and political indifference, this caucus sends a clear message: our lands are not for sale. They belong to the people—and we’re here to protect them.”

America Fitzpatrick, Conservation Program Director, League of Conservation Voters: “We applaud the establishment of the bipartisan Public Lands Caucus led by Representatives Vasquez and Zinke. The bipartisan nature of this caucus underscores how public lands unite us. Public lands across the country provide countless recreational, cultural, health, and economic opportunities. Proposals like the dark-of-night amendment to sell-off public lands in Utah and Nevada during last night’s House Natural Resources Committee markup have no place in the Budget Reconciliation process and we look forward to working with the caucus to ensure our lands and waters are protected for generations to come.”

Kellis Moss, Managing Director of Federal Affairs for Ducks Unlimited: “Public lands make hunting, fishing, and other outdoor recreation activities accessible for millions of Americans. Some of our most critical conservation programs, such as NAWCA, invest in habitat on public lands. We’re glad to see Congress prioritize conserving America’s natural places for the next generation of outdoorsmen and women, and we’re happy to support the Public Lands Caucus in this effort.”

###

MIL OSI USA News –

May 8, 2025

MIL-OSI USA: Luján, Colleagues Introduce Bipartisan Legislation to Improve AI Testing and Evaluation Systems, Safeguard Americans Against Risks

US Senate News:

Source: US Senator for New Mexico Ben Ray Luján

Washington, D.C. – Today, U.S. Senators Ben Ray Luján (D-N.M.), Marsha Blackburn (R-Tenn.), Dick Durbin (D-Ill.), Jim Risch (R-Idaho), and Peter Welch (D-VT) introduced the Testing and Evaluation Systems for Trusted Artificial Intelligence (TEST) AI Act of 2025, legislation to improve the federal government’s capacity to test and evaluate Artificial Intelligence (AI) systems to drive innovation, protect national security, and build trust and confidence for Americans utilizing AI systems.

The TEST AI Act aims to ensure that AI systems used by federal agencies are trustworthy, secure, and objective, and lays the groundwork for broader national AI evaluation standards through a transparent and collaborative approach. The TEST AI Act would direct the collaboration between the National Institute for Standards and Technology (NIST) and the Department of Energy (DOE) to establish a testbed pilot program to develop and refine measurement standards for evaluating AI systems.

“AI has reached every sector in our country and driven innovation, but we cannot ignore the vulnerabilities and risks that come with it. While these systems have the power to change lives, they can also fall short – providing inaccurate or biased data – and are at risk of malicious attacks or misuse by our adversaries,” said Senator Luján. “The TEST AI Act addresses these shortcomings by creating government testbeds to better evaluate AI systems. This will help leverage the talent of our National Laboratories and strengthen the federal government’s ability to implement responsible guardrails that protect our national security and the American people.”

“Innovation at the Department of Energy, our National Laboratories, and the National Institute of Standards and Technology has significantly advanced the boundaries of scientific discovery, but we need to ensure there are safeguards in place to prevent the misuse of AI,” said Senator Blackburn. “The TEST AI Act would direct these teams to establish safeguards, enabling AI to evolve while lowering the risk of manipulating this technology.”

“While AI holds enormous positive potential, this new technology must be tested thoroughly to ensure that it is used responsibly,” said Senator Durbin. “With the TEST AI Act, we can direct the Department of Energy and the National Institute of Standards and Technology to develop AI testbeds, allowing us to safely explore the boundaries of AI, establish necessary guardrails, and protect against misuses.”

“While AI offers an opportunity to revolutionize American research and innovation, we must be cognizant of bad actors and potential threats to privacy and national security,” said Senator Risch. “The Idaho National Laboratory is already a leader in AI, national security, and cybersecurity, and the TEST AI Act will use the National Labs’ capabilities to establish safeguards to prevent misuse of this growing technology.”

“Artificial Intelligence brings limitless potential to every industry, from agriculture to green energy and small businesses. To harness the full power of AI, we need to develop tools and safeguards that manage its risks. That includes supporting federal research at our nation’s higher education institutions that give us a better understanding of AI’s full potential,” said Senator Welch. “The bipartisan TEST AI Act will ensure everyone can reap the full benefits of new and emerging AI technologies safely and responsibly.”

“The TEST AI Act is a step towards transparency and accountability in artificial intelligence,” said Americans for Responsible Innovation (ARI) President Brad Carson. “Right now, AI systems are being deployed in high-stakes environments without independent oversight or clear standards. By building federal capacity for rigorous AI evaluations, this bill helps ensure AI tools are secure, effective, and ready for deployment.”

Specifically, the TEST AI Act would:

Codify the ongoing collaboration between NIST and DOE to evaluate AI models;
Improve public-private partnerships through an AI Testing Working Group to guide standard development related to performance, reliability, security, privacy, and bias; and
Direct the development of a public strategy for testing, construction of testbeds, and compilation of a report to Congress on the results and recommendations for future standards development.

Senators Luján, Durbin, Blackburn, and Risch are co-leads of the Senate National Labs Caucus. The caucus works to identify legislative opportunities that elevate the National Labs’ visibility and meet national energy and security objectives. This caucus also helps identify bipartisan initiatives to maintain and extend U.S. leadership in critical scientific sectors.

Full text of the bill is available here.

MIL OSI USA News –

May 8, 2025

MIL-OSI USA: Wicker, Merkley Lead Bipartisan, Bicameral Resolution Celebrating National Nurses Week

US Senate News:

Source: United States Senator for Mississippi Roger Wicker

WASHINGTON – U.S. Senators Roger Wicker, R-Miss., and Jeff Merkley, D-Ore., introduced a bipartisan, bicameral resolution recognizing National Nurses Week from May 6 through May 12, 2025. U.S. Representatives Dave Joyce, R-Ohio-14, Suzanne Bonamici, D-Ore.-01, Lauren Underwood, D-Ill.-14, and Jen Kiggans, R-Va.-02, introduced a companion resolution in the House of Representatives.

The National Nurses Week resolution honors and celebrates the important contributions of America’s nurses to safe, high-quality care and the invaluable role that nurses have. The resolution also highlights the extra care nurses provide in treating injured and sick patients during wartime, natural disasters, and public health emergencies.

“Nurses are essential to our nation’s health care system,” said Senator Wicker, Co-Chair of the Senate Nursing Caucus. “They ensure patients receive timely and quality care, and their dedication is unmatched. Our country needs more of these heroes, and I hope more young people will consider joining the nursing profession. This resolution is a small token of our gratitude for their service.”

“As the husband of a nurse, I’ve seen up-close how difficult nurses’ jobs are and how important they are to patients,” said Senator Merkley, Co-Chair of the Senate Nursing Caucus. “In every corner of Oregon, nurses offer vital care, support, and advocacy to patients and their families during challenging times. Let’s pause this week to express gratitude and honor the nurses in our communities for their unwavering commitment and compassion. We must remain dedicated to providing them with the support necessary to continue their life-saving work.”

As of 2025, there are nearly 4.9 million registered nurses in the United States. However, despite this substantial number, the nursing sector faces pressing challenges, including a continuing shortage of nurses, mental health struggles, and the need for safer working conditions. According to the 2024 National Nursing Workforce Study released by the National Council of State Boards of Nursing, more than 138,000 nurses left the workforce since 2022 due to stress, burnout, and retirement. This same study also outlined that by 2029, almost 40 percent of nurses intend to leave the workforce.

This week’s resolution is a timely acknowledgment of the indispensable role nurses play in delivering quality care, advancing medical research, providing services to all communities and individuals, increasing access to nursing care, promoting healthy behaviors, and much more. The lawmakers’ bipartisan resolution encourages Americans to recognize and celebrate National Nurses Week this year and to support our nursing workforce today and every day.

Full text of the resolution can be found here.

MIL OSI USA News –

May 8, 2025

MIL-OSI USA: Baldwin, Warren, Markey, Merkley Blast Trump Plan to Cut 988 Suicide and Crisis Line For LGBTQ+ Youth

US Senate News:

Source: United States Senator for Wisconsin Tammy Baldwin

WASHINGTON, D.C. – Today, U.S. Senators Tammy Baldwin (D-WI), Elizabeth Warren (D-MA), Edward Markey (D-MA), and Jeff Merkley (D-OR) led their colleagues in slamming the Trump Administration’s plan to take away lifesaving mental health services at the 988 Suicide and Crisis Lifeline from LGBTQ+ youth, who face a higher risk of mental health challenges than their peers. Last week, reports surfaced that President Trump intends to slash 988’s LGBTQ+ Youth Specialized Services program, which has received over 1.2 million crisis contacts since 2022, with a spike over the last several months.

“Given the Administration has claimed addressing youth mental health as a priority, elimination of specialized services specifically designed for at-risk youth is irresponsible,” wrote the Senators in a letter to Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. “We urge you to reconsider and support continued funding for the program.”

The proposed cuts come at a time when LGBTQ+ youth continue to experience higher risk for depression, suicidal ideation, and attempted suicide compared to other youths. A 2024 survey by The Trevor Project reported that nearly 40 percent of LGBTQ+ young people seriously considered attempting suicide in the previous year, and 12 percent of LGBTQ+ young people attempted suicide – rates much higher than those present among non-LGBTQ+ youth.

After a successful pilot program, both Republicans and Democrats in Congress expanded the LGBTQ+ Youth Specialized Services program to 24/7 operation in fiscal year 2023 before increasing funding from $7.2 million for the pilot to $33.1 million in fiscal year 2024 on a bipartisan basis. Like specialized services available to veterans, the line connects LGBTQ+ youth with specially trained crisis counselors. Since its inception in 2022, the Lifeline’s LGBTQ+ Youth hotline has received over 1.2 million crisis contacts, spiking in use over the last several months.

“While we strongly disagree with the many actions taken by the Trump Administration targeting LGBTQ+ individuals, we believe that suicide prevention should be a nonpartisan issue. Elimination of services that help keep youth alive is reckless, and we urge you to reconsider your proposal to eliminate this lifeline,” concluded the Senators.

In addition to Senators Baldwin, Warren, Markey, and Merkley, the letter is also co-signed by Senators Ron Wyden (D-OR), Alex Padilla (D-CA), and Jack Reed (D-RI). A full version of this letter is available here and below.

Dear Secretary Kennedy:

We write with grave concerns regarding reports that the draft FY26 Department of Health and Human Services’ (HHS) budget proposes defunding the LGBTQ+ youth suicide and crisis hotline. The 988 Suicide and Crisis Lifeline’s (the Lifeline) LGBTQ+ Youth Specialized Services program provides lifesaving services to LGBTQ+ youth, who face a higher risk of significant mental health challenges and barriers to receiving care than their peers. Given the Administration has claimed addressing youth mental health as a priority, elimination of specialized services specifically designed for at-risk youth is irresponsible. We urge you to reconsider and support continued funding for the program.

As you know, the LGBTQ+ youth specialized services pilot program was created in fiscal year 2022 to provide services to LGBTQ+ youth, who are at a disproportionately high risk for depression, suicidal ideation, and attempted suicide compared to other youths. A 2024 survey by The Trevor Project reported that nearly 40 percent of LGBTQ+ young people seriously considered attempting suicide in the previous year, and 12 percent of LGBTQ+ young people attempted suicide – rates much higher than those present among non-LGBTQ+ youth.

After a successful initial phase, Congress recognized the importance of providing specialized services for LGBTQ+ youth and directed the Substance Abuse and Mental Health Services Administration to expand beyond the pilot to 24/7 operation in fiscal year 2023. To ensure that youth would be able to access the Lifeline by phone, text, or chat whenever they needed it, Congress also increased the program’s funding from $7.2 million for the pilot to $33.1 million in fiscal year 2024 on a bipartisan basis. These specialized services are similar to other dedicated programs for veterans and service members, disaster survivors, individuals who are deaf or hard of hearing, and people with neurodivergence. This specialized intervention connects LGBTQ+ youth with specially trained crisis counselors, who can provide understanding, empathetic, and confidential support. Despite the requirement for an operating plan for fiscal year 2025, HHS has provided no information about how or whether it plans to use funds for specialized services or the 988 Suicide Lifeline in general.

Since its inception in 2022, the Lifeline’s LGBTQ+ Youth hotline has received over 1.2 million crisis contacts and utilization of the Lifeline’s LGBTQ+ Youth program has spiked over the last several months. While we strongly disagree with the many actions taken by the Trump Administration targeting LGBTQ+ individuals, we believe that suicide prevention should be a nonpartisan issue. Elimination of services that help keep youth alive is reckless, and we urge you to reconsider your proposal to eliminate this lifeline.

Sincerely,

MIL OSI USA News –

May 8, 2025

MIL-OSI Russia: The Chinese Red Cross Society has formed more than 1,000 rescue teams.

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

BEIJING, May 7 (Xinhua) — The Red Cross Society of China (RCSC) has formed more than 1,000 specialized rescue teams with a total of about 100,000 members to carry out emergency rescue operations, the RCSC said at a press conference on Wednesday.

These teams work in eight areas, including disaster relief, medical assistance, water supply, public health, emergency transportation, psychological support, search and rescue, and water rescue.

CRCC Vice Chairman Wang Bin said that in 2024, the organization carried out 565 emergency response measures and distributed 775,000 units of emergency aid.

The KOKK intends to continue to actively use its network of local branches and volunteers, implement technological solutions to enhance rescue capacity and coordinate with emergency management agencies to promptly provide emergency assistance to populations affected by natural disasters.

Bei Xiaochao, chairman of the board of the China Red Cross Foundation, stressed that the foundation uses a closed system that covers all areas of activity, from fundraising and resource allocation to monitoring compliance with accepted standards.

According to him, the fund provides updated information on rescue operations and distribution of funds in real time and in accordance with legal regulations, publishes reports on the receipt and expenditure of donations, as well as audit reports. –0–

MIL OSI Russia News –

May 8, 2025

MIL-OSI USA: Huizenga Introduces “Made in America Motors Act” to Make Car Interest Tax Deductible

Source: United States House of Representatives – Congressman Bill Huizenga (MI-02)

Today, Congressman Bill Huizenga (R-MI) announced the introduction of H.R. 3191, the Made in America Motors Act. This bill establishes a new federal tax deduction on auto loan interest for American-made cars. The Made in America Motors Act is based on a major policy priority proposed by President Trump in the run up to the 2024 election. Car ownership is essential for many American families, especially those living in rural or suburban areas. The Made in America Motors Act directly lowers the cost of financing a vehicle—often a household’s second-biggest expense after housing. This tax deduction can save taxpayers hundreds of dollars each year, regardless of whether they use the standard deduction or itemize.

“The Made in America Motors Act is a win for American taxpayers, autoworkers, and Michigan,” said Congressman Bill Huizenga. “Making interest on car loans tax deductible was a key campaign promise made by President Trump. The Made in America Motors Act delivers on this promise by giving individuals and families a financial incentive to buy American, which in turn supports good-paying automotive jobs in Michigan and across the nation.”

“As America’s top auto producer, we’re grateful to work with Congressman Huizenga on policies that grow the American auto industry. The Made in America Motors Act will help Americans purchase a car and gain the freedom to move, while supporting American auto workers, “ said Ford Motor Company.

Specifically, the Made in America Motors Act would:

Create a new above-the-line tax deduction of up to $2500 annually for interest paid on auto loans
Make the deduction available to taxpayers, including those who take the standard deduction
Apply only to vehicles with final assembly in the United States

The full text of the Made in America Motors Act is available here.

MIL OSI USA News –

May 8, 2025

MIL-OSI USA: Rep. Bera, Democratic Doctors Caucus Hold Press Conference Slamming Republican Efforts to Gut Medicaid

Source: United States House of Representatives – Representative Ami Bera (D-CA)

Today, U.S. Representative Ami Bera, M.D. (CA-06) joined fellow members of the Democratic Doctors Caucus to call out Republican efforts to gut Medicaid funding and rip health care coverage away from millions of Americans.

The Republican budget framework passed earlier this year instructs the House Energy and Commerce Committee to cut $880 billion—a number impossible to reach without gutting Medicaid, which provides health care coverage to approximately 80 million Americans, including 37 million children.

“I’m proud to stand with my fellow Democratic Doctors in the fight to save Medicaid,” said Representative Ami Bera, M.D. “Republicans need to understand that Medicaid is more than a health care program—it’s a lifeline for working families, seniors and children across this country. We’re going to fight tooth and nail to protect this care—not gut it just to hand out tax breaks to Elon Musk and Jeff Bezos.”

New analysis conducted by the nonpartisan Congressional Budget Office (CBO) finds that millions of Americans stand to lose coverage under Republican proposals to cut Medicaid. The report concludes that states would be forced to reduce enrollment, scale back benefits or cut provider payments in response to deep federal funding cuts—jeopardizing access to care for families, seniors and children across the country.

Background on the Democratic Doctors Caucus

All six Democratic physicians serving in the U.S. House of Representatives joined together this year to launch the first-ever Democratic Doctors Caucus. The caucus is dedicated to promoting the health and well-being of Americans, advancing pragmatic health care policy and providing fellow Members with insights on critical health issues.

Members of the Democratic Doctors Caucus include:

Ami Bera, M.D. (CA-06) – Internal Medicine
Herb Conaway Jr., M.D. (NJ-03) – Internal Medicine
Maxine Dexter, M.D. (OR-03) – Pulmonary & Critical Care
Kelly Morrison, M.D. (MN-03) – Obstetrics & Gynecology
Raul Ruiz, M.D. (CA-25) – Emergency Medicine
Kim Schrier, M.D. (WA-08) – Pediatrics

Recently, the caucus urged Senators to oppose the nomination of RFK Jr. for Secretary of Health and Human Services and condemned his proposed mass layoffs at the Department of Health and Human Services, the FDA and the CDC, warning of devastating consequences for public health and safety.

MIL OSI USA News –

May 8, 2025

MIL-OSI USA: UConn Health Disparities Institute is Breaking the Silence Around Menopause

Source: US State of Connecticut

On May 3 , the UConn Health Disparities Institute (HDI), in partnership with the Commission on Women, Children, Seniors, Equity and Opportunity (CWCSOEO); the Farmington

May 3, 2025 menopause awareness event at Legislative Office Building.

Valley (CT) Chapter of The Links, Incorporated; the Aurora Foundation for Women and Girls; and the UConn Institute for Collaboration on Health, Intervention, and Policy, kicked off Women’s Health Month by welcoming over 100 women to the Legislative Office Building in Hartford. Attendees gathered to learn, share, and connect around a natural life transition that impacts all women but is rarely discussed: menopause.

The event began with a screening of The (M) Factor: Shredding the Silence on Menopause, a PBS documentary that explores menopause through personal stories, expert insights, and powerful truths. A lively and candid panel discussion followed, moderated by Melvette Hill, executive director of CWCSOEO. Panelists included:

Ivy M. Alexander, UConn School of Nursing, expert in midlife women’s health
Jessica Kluewer-D’Amico, UConn Health psychiatrist and geriatric mental health specialist
Feier Liu, UConn Health psychiatrist with expertise in women’s mental and holistic health
Carla Rae-Gunn Samson, OB-GYN and Director of Women’s Health at Community Health Services

Together with the audience, the panel explored the medical, psychological, and cultural dimensions of menopause, emphasizing the racial and ethnic disparities in care, symptoms, and treatment access.

In addition to the film screening and panel, resource tables from local organizations and our partners were present. These tables offered valuable information, support, and tools related to menopause and women’s health, giving attendees access to practical resources and care pathways.

“We weren’t just talking. We were learning, laughing, and loving ourselves and our bodies,” said Dr. Linda Sprague Martinez, director of UConn Health Disparities Institute. “Menopause is a natural part of women’s development that has been both overlooked and pathologized for far too long. If we don’t talk about it, we can’t address it and certainly won’t understand it. All women experience menopause, and it has implications for family and community health. Yet despite its widespread impact, it remains under-researched, underfunded, and widely misunderstood.”

Each year, approximately two million women enter menopause. This natural transition brings physical and emotional changes that can profoundly affect a woman’s well-being, relationships, and quality of life. Yet many women go through it alone, suffering in silence without access to the health information, care, or support they need.

Research shows that racial and ethnic disparities affect both the experience of menopause, and the quality of care received. For example, the early onset of menopause—more common among Black and Hispanic women—has been linked to an increased risk of heart disease later in life. Additionally, hot flashes and night sweats tend to last longer than expected, especially for women of color:

Black women: 10.1 years
Latinas: 8.9 years
Non-Hispanic white women: 6.5 years
Chinese American women: 5.4 years
Japanese American women: 4.8 years
(Source: Pausitive Health)

Yukiyo Iida, associate director of Parent Leadership and Family Engagement with the Connecticut General Assembly’s CWCSOEO with UConn Health Disparities Institute’s Trisha Pitter and Dr. Linda Sprague Martinez.

“We know health care inequities are pervasive and that women’s health has not been a priority,” said Trisha Pitter, director of Community Learning and Engagement at HDI. “Providers aren’t getting the training they need to understand and support women fully across the life course. This is a problem. We’re prioritizing menopause and menopause education to break the silence and address health care inequities.”

Real Stories, Real Support

The heart of the event came from the attendees themselves. Many women bravely shared personal stories about managing symptoms like hot flashes, sleep disruptions, mood swings, and joint pain, experiences that have often been both physically and emotionally overwhelming.

Audience members expressed deep gratitude for having a space to finally speak openly.

Notably, men also attended to support their partners. One participant shared: “This event helped me understand what my wife is going through, and how I can support her instead of standing on the sidelines.”

As the event came to a close, a collective call to action was clear: “Carry what you’ve learned back into your communities. Let’s keep the conversation going, so no one has to face this natural transition alone.”

HDI and its partners are committed to expanding their efforts through:

Raising awareness and education about menopause across Connecticut
Advocating for inclusive, research-informed policies that prioritize women’s health based on their lived experiences
Hosting a statewide Menopause Celebration in October to honor and empower women in this life stage

“We’re committed to breaking the silence and ending the disparities,” said Dr. Sprague Martinez. “This is just the beginning.”

About the UConn Health Disparities Institute
HDI was formed in 2011 through a legislative mandate.

Our vision is equitable health, education, and economic opportunity for all in Connecticut.

Our mission is to advance systemic change by tackling root causes of health inequities and implementing sustainable solutions through interdisciplinary community-based participatory research partnerships, data-driven community action, and workforce development efforts with communities disproportionately impacted by inequities.

MIL OSI USA News –

May 8, 2025

MIL-OSI Security: Lower Brule Man Sentenced to 27 Months in Federal Prison for for Possessing a Firearm While Using Drugs

Source: Office of United States Attorneys

PIERRE – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Eric C. Schulte has sentenced a Lower Brule, South Dakota, man convicted of Possession of a Firearm by a Prohibited Person. The sentencing took place on May 6, 2025.

Stephen Biviano Zapata, age 28, was sentenced to two years and three months in federal prison, followed by three years of supervised release. He was also ordered to pay a $100 special assessment to the Federal Crime Victims Fund.

Zapata was indicted by a federal grand jury in September 2024. He pleaded guilty on January 27, 2025.

This conviction stems from a traffic stop on March 27, 2024, in Lower Brule, in the Lower Brule Sioux Indian Reservation. Law enforcement was aware Zapata had an outstanding tribal arrest warrant. Upon his arrest officers searched Zapata’s person and vehicle locating three baggies containing methamphetamine, other drug paraphernalia, and an AR-style semi-automatic rifle with two magazines containing 48 rounds of ammunition. Zapata admitted to being a methamphetamine user and submitted a sample for urinalysis testing that was positive for methamphetamine. Zapata is prohibited from possessing firearms based on his drug use.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

This case was investigated by the FBI, the Bureau of Indian Affairs-Office of Justice Services, Lower Brule Agency, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives. Assistant U.S. Attorney Meghan Dilges prosecuted the case.

Zapata was immediately remanded to the custody of the U.S. Marshals Service.

MIL Security OSI –

May 8, 2025

MIL-OSI Security: Justice Department Announces Results Of Operation Restore Justice: 205 Child Sex Abuse Offenders Arrested in FBI-Led Nationwide Crackdown, Including 4 in the Western District of New York

Source: Office of United States Attorneys

BUFFALO, NY – Today, the Department of Justice announced the results of Operation Restore Justice, a coordinated enforcement effort to identify, track and arrest child sex predators. The operation resulted in the rescue of 115 children and the arrests of 205 child sexual abuse offenders in the nationwide crackdown. The coordinated effort was executed over the course of five days by all 55 FBI field offices, the Child Exploitation and Obscenity Section in the Department’s Criminal Division, and United States Attorney’s Offices around the country.

“The Department of Justice will never stop fighting to protect victims — especially child victims — and we will not rest until we hunt down, arrest, and prosecute every child predator who preys on the most vulnerable among us,” said Attorney General Pamela Bondi. “I am grateful to the FBI and their state and local partners for their incredible work in Operation Restore Justice and have directed my prosecutors not to negotiate.”

“Every child deserves to grow up free from fear and exploitation, and the FBI will continue to be relentless in our pursuit of those who exploit the most vulnerable among us,” said FBI Director Kash Patel. “Operation Restore Justice proves that no predator is out of reach and no child will be forgotten. By leveraging the strength of all our field offices and our federal, state and local partners, we’re sending a clear message: there is no place to hide for those who prey on children.”

“These arrests should send a clear message that, together with our law enforcement partners at all levels, we will track down and prosecute those who target our children,” stated U.S. Attorney Michael DiGiacomo. “Our office will never stop doing all that we can to protect children from these harmful predators.”

“Operation Restore Justice’ sends a powerful message: the FBI is unwavering and united in its fight to protect our children,” said Matthew Miraglia, the Special Agent-in- Charge of the FBI’s Buffalo Field Office. “These arrests demonstrate the unwavering dedication of the FBI and our law enforcement partners. Our work does not stop here. The FBI is committed to holding predators accountable and pursuing justice for victims.”

Arrested in the Western District of New York and charged with possession of child pornography are:

Brian Keith, 68, of Niagara Falls, NY. During the execution of a search warrant on March 13, 2025, at Keith’s residence, Niagara Falls Police officers seized a DVR, laptop, five hard drives and two tablets. A review of the electronic devices recovered images of child pornography. Keith is a registered Level 3 sex offender.

Matthew Kowalski, 25, of Kenmore, NY. In October 2024, he was sentenced to 10 years’ probation for Possessing a Sexual Performance of a Minor, a New York State Penal Law violation. On April 11, 2025, during an unannounced home visit by Erie County Probation Officers, a cellular phone with an SD card was found, which Kowalski was not permitted to possess. A search of the phone and SD card recovered multiple images and videos of suspected child pornography.

Samari Thompson, 20, of Buffalo, NY. On November 4, 2024, investigators executed a search warrant at Thompson’s residence, seizing electronic devices, including a cellular telephone. A search of the cell phone recovered 48 images and 16 videos of suspected child pornography. Some of the images and videos depicted infants.

Jamie R. Anderson, 25, of Buffalo, NY. In January 2022, Anderson was sentenced to 10 years’ probation for Possessing a Sexual Performance of a Minor, a New York State Penal Law violation. On July 3, 2024, the social media application Kik reported to the National Center for Missing and Exploited Children that 13 video and image files of apparent child pornography were uploaded to their server. Subsequent investigation traced the uploaded files to Anderson. The investigation also determined that Anderson was the subject of two other tipline reports.

Others arrested around the country are alleged to have committed various crimes including the production, distribution, and possession of child sexual abuse material, online enticement and transportation of minors, and child sex trafficking. In Minneapolis, for example, a state trooper and Army Reservist was arrested for allegedly producing child sexual abuse material while wearing his uniforms. In Norfolk, VA, an illegal alien from Mexico is accused of transporting a minor across state lines for sex. In Washington, D.C., a former Metropolitan Police Department Police Officer was arrested for allegedly trafficking minor victims.

In many cases, parental vigilance and community outreach efforts played a critical role in bringing these offenders to justice. For example, a California man was arrested about eight hours after a young victim bravely came forward and disclosed their abuse to FBI agents after an online safety presentation at a school near Albany, N.Y.

This effort follows the Department’s observance of National Child Abuse Prevention Month in April and underscores the Department’s unwavering commitment to protecting children and raising awareness about the dangers they face. While the Department, including the FBI, investigates and prosecutes these crimes every day, April serves as a powerful reminder of the importance of preventing these crimes, seeking justice for victims, and raising awareness through community education.

The Justice Department is committed to combating child sexual exploitation. These cases were brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

The Department partners with and oversees funding grants for the National Center for Missing and Exploited Children (NCMEC), which receives and shares tips about possible child sexual exploitation received through its 24/7 hotline at 1-800-THE-LOST and on missingkids.org.

The Department urges the public to remain vigilant and report suspected exploitation of a child through the FBI’s tipline at 1-800-CALL-FBI (225-5324), tips.fbi.gov, or by calling your local FBI field office.

Other online resources:

Electronic Press Kit

Violent Crimes Against Children

How we can help you: Parents and caregivers protecting your kids

Arrests in the Western District of New York are the result of investigations by the Federal Bureau of Investigation Child Exploitation Task Force, the New York State Police, the Town of Tonawanda Police Department, the Niagara County Sheriff’s Office, the Erie County Probation Department, and the Niagara Falls Police Department.

An indictment is merely an allegation. The defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

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MIL Security OSI –

May 8, 2025

MIL-OSI Security: Two Mexican men arrested for illegal re-entry

Source: Office of United States Attorneys

BUFFALO, N.Y. – U.S. Attorney Michael DiGiacomo announced today that Israel De La Cruz San Juan, 29, and Candido De La Cruz San Juan, 34, both citizens of Mexico, were arrested and charged in separate criminal complaints with illegal re-entry of a removed alien, which carries a maximum penalty of two years in prison and a $250,000 fine.

Assistant U.S. Attorney Sasha Mascarenhas, who is handling the case, stated that according to the complaint, on April 27, 2025, Buffalo Border Patrol Station agents were conducting plain clothes surveillance, when they spotted an out-of-state work truck with construction equipment inside in Tonawanda, NY. It was determined that the registration on the truck had expired in September of 2024 and a traffic stop was conducted. Records checks determined that all three occupants, including Israel De La Cruz San Juan and Candido De La Cruz San Juan, were illegally present in the United States. Israel De La Cruz San Juan and Candido De La Cruz San Juan were taken into custody. Israel De La Cruz San Juan was previously removed from the United States in November 2017, and Candido De La Cruz San Juan was removed from the United States in May 2012, and July 2013.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime.

The defendants made an initial appearance before U.S. Magistrate Judge H. Kenneth Schroder, Jr. and were detained.

The complaint is a result of an investigation by U.S. Border Patrol, under the direction of Patrol Agent in Charge Juan Ramirez.

The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.

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MIL Security OSI –

May 8, 2025

MIL-OSI Security: Cabell County Man Pleads Guilty to Federal Drug Crime

Source: Office of United States Attorneys

CHARLESTON, W.Va. – Henry Rogers, 65 of Barboursville, pleaded guilty today to possession with intent to distribute a controlled substance.

According to court documents and statements made in court, on February 17, 2023, law enforcement officers conducted a traffic stop of a vehicle driven by Rogers on U.S. Route 19 in the Birch River area of Nicholas County. As part of his guilty plea, Rogers admitted that he possessed a controlled substance containing methamphetamine seized by officers during the traffic stop. Rogers further admitted that officers executed a search warrant of his vehicle following that seizure and found an additional quantity of methamphetamine and a .380-caliber pistol in the trunk.

Rogers is scheduled to be sentenced on August 21, 2025, and faces a maximum penalty of 20 years in prison, at least three years of supervised release, and a $1 million fine.

Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the West Virginia State Police.

United States District Judge Thomas E. Johnston presided over the hearing. Assistant United States Attorney D. Keith Randolph is prosecuting the case.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:24-cr-80.

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MIL Security OSI –

May 8, 2025

MIL-OSI Security: Tooele County Man Indicted After Allegedly Assaulting Two Motorcyclists for “Trespassing”

Source: Office of United States Attorneys

SALT LAKE CITY, Utah – A federal grand jury returned an indictment today charging a Utah man with multiple violent crimes after he allegedly zip-tied, kidnapped, and assaulted two motorcyclists who were riding their bikes in Tooele County, Utah, when they unknowingly crossed onto the Skull Valley Indian Reservation.

Russell Allen, 50, of Tooele County, Utah, was charged by complaint on April 28, 2025.

According to court documents, on April 26, 2025, Allen and another person allegedly assaulted the victims and told them they were trespassing on Indian land. The victims were allegedly ordered to the ground facedown, zip-tied, kicked and threatened with a knife. Allen and the other person allegedly took the victims’ belongings, including their motorcycles, purportedly as an impound for trespassing. Law enforcement later recovered the motorcycles in a maintenance shed on Skull Valley Indian Reservation Road. However, a search warrant later showed that many of the stolen items (camera equipment, cash, gift cards, wallets, and cell phones) were not recovered. The victims were then transported in a truck traveling at an estimated 100 mph to a remote desert area. The victims were then released without any of their property and had to walk over 10 miles for help from the Dugway gate guards in a hike believed to have taken six or seven hours.

Allen is charged with kidnapping, assault, and theft while within Indian Country. His initial appearance on the indictment is May 7, 2025, at 3:00 p.m. in courtroom 8.4 before a U.S. Magistrate Judge at the Orrin G. Hatch United States District Courthouse in downtown Salt Lake City.

Acting United States Attorney Felice John Viti for the District of Utah made the announcement.

The case is being investigated by the FBI Violent Crimes Task Force.

Assistant United States Attorney Sam Pead of the United States Attorney’s Office for the District of Utah is prosecuting the case.

An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

May 8, 2025

MIL-OSI Security: Hopkinsville, Kentucky Man Sentenced to 30 Years in Federal Prison for Methamphetamine and Fentanyl Trafficking Conspiracy and Money Laundering

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

Paducah, KY – A Hopkinsville, Kentucky man was sentenced yesterday to 30 years in federal prison for his role in a methamphetamine and fentanyl trafficking conspiracy and money laundering. The sentence follows a conviction on all counts after a three-day jury trial earlier this year.

U.S. Attorney Michael A. Bennett of the Western District of Kentucky, Special Agent in Charge Jim Scott of the DEA Louisville Field Division, U.S. Postal Inspector in Charge Lesley Allison of the of the Pittsburgh Division, Special Agent in Charge Karen Wingerd, Cincinnati Field Office, IRS Criminal Investigation, Special Agent in Charge John Nokes of the ATF Louisville Field Division, and Chief Jason Newby of the Hopkinsville Police Department made the announcement.

According to court documents, Robert Blaine, 46, was sentenced to 30 years in federal prison, followed by 10 years of supervised release, for one count of conspiring to distribute controlled substances and 7 counts of money laundering.

Blaine was on supervised release for a federal drug trafficking conviction at the time he committed the instant offenses.

According to court documents and evidence presented at trial, between May 20, 2020, and January 22, 2022, Blaine conspired with Roderick Tutt, 36, of Hopkinsville, Kentucky, and Jessica Ochoa, 40, of Phoenix Arizona, to possess with the intent to distribute over 50 grams of methamphetamine and over 400 grams of a fentanyl mixture. During that time frame, Blaine wired money to Ochoa as payment for the drugs and in furtherance of the overall conspiracy. Blaine also mailed a box containing $36,960 in U.S. currency to Ochoa that he obtained from proceeds of illegal drug sales. On January 21, 2022, Blaine arranged for Tutt to travel to Arizona to pick up fentanyl and methamphetamine from Ochoa. Tutt was supposed to bring the drugs back to Blaine in Hopkinsville. Tutt was arrested on the way back to Hopkinsville with 2,059 fentanyl pills and approximately 8 kilograms of methamphetamine.

Blaine has previously been convicted of the following drug trafficking crimes.

On or about June 13, 2008, in Fulton Circuit Court, Blaine was convicted of trafficking in marijuana, greater than 5 pounds.

On or about January 6, 2009, in Caldwell Circuit Court, Blaine was convicted of first-degree trafficking in a controlled substance – cocaine.

On or about August 27, 2009, in Christian Circuit Court, Blaine was convicted of first-degree trafficking in a controlled substance – cocaine.

On or about October 14, 2014, in the United States District Court for the Western District of Kentucky, Paducah Division, Blaine was convicted of three counts of manufacturing, distributing, or dispensing a controlled substance, cocaine.

Tutt and Ochoa previously pled guilty and were sentenced.

On March 25, 2025, Tutt was sentenced to 2 years in prison, followed by 3 years of supervised release, for conspiring with Blaine to possess with the intent to distribute over 50 grams of methamphetamine and 400 grams of a mixture and substance containing fentanyl.

On March 25, 2025, Ochoa was sentenced to 7 years and 4 months in prison, followed by 5 years of supervised release, for conspiring with Blaine to possess with the intent to distribute over 50 grams of methamphetamine and 400 grams of a mixture and substance containing fentanyl and seven counts of money laundering.

There is no parole in the federal system.

This case was investigated by the DEA Paducah Post of Duty, the United States Postal Inspection Service Bowling Green Office, the Internal Revenue Service Criminal Investigation Division Bowling Green Office, the ATF Bowling Green Field Office, and the Hopkinsville Police Department, with assistance from the FBI Louisville Field Division, the Tonto Apache Police Department, the DEA Phoenix Division, and the United States Postal Inspection Service Phoenix Division.

Assistant United States Attorney Leigh Ann Dycus, of the U.S. Attorney’s Paducah Branch Office, prosecuted the case with assistance from paralegal Cristy Crockett.

This case was sentenced under Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

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MIL Security OSI –

May 8, 2025

Category: Transport

Transmission of policy actions and shocks differs in EMs

Weaker policy credibility complicates monetary policy trade-offs

Exchange rates have a much larger imprint on price and financial stability

Steering through the fog: How should policy respond?

Foreign exchange intervention should be used prudently

Conclusion

References

Caucus Leadership

Co-Chairs

Vice Chairs

Members Include

Organizational Support